REGISTERED COMPth'Y NUMBER: 09971407 (England and Wales) REGISTERED CHARITY NUMBER: 1184719 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 FOR THE MATTHEW LUDLAM FOUNDATION P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ
THE MATTHEW LUDLAM FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 Page Report of the Trustees Independent Examiner's Report Statement of Financlal Activlties Balance Sheet Notes to the Flnanclal Statements 7 to 10 Detailed Statement of Financial Activities
THE MATTHEW LUDLAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objectives of the charity are to advance such charitable purposes for the public benefit (according to the law of England and Wales) as the Trustees may see fit, in particular (though not limited to): (a) the advancement of education, citizenship, the arts, culture, heritage, science, amateur sport, and environmental protection or improvement. (b) the prevention or relief of povety. (c) the relief of those in need by reason of age, youth, ill-health, disability, financial hardship or another disadvantage. Signlficant activitfies The Matthew Ludlam Scholarships are grants awarded to the best and brightest students, as identified by The University of Manchester, to enable them to access a world class education regardless of their fu]ancial situation or social background. Publfic benefit The trustees meet regularly to plan the charity's activities for the year. The charity has made a significant public benefit by supporting disadvantaged students at The University of Manchester in accordance with the charity's objectives. The trustees have given due regard to the guidance on public benefit published by the Charity Commission. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles The charity made grants of £9,000 for student support at The University of Manchester in the year to 31 January 2022. The charity continued with it's aim of achieving the target of supporting 3 students via an annual scholarship during this period. Although I student has continued to receive scholarship support (now studying for a master's degree), the effect of the Covid-19 pandemic meant there was still a lack of suitable candidates. The funding approach was changed to provide one-off bursary payments to 13 students who were identified through the Widening Participation Programme. Inforniation regarding the impact the grants have made are published on the Matthew Ludlam Foundation website (www.tmlf.co.uk). Fundraising activitles The charity has received donations from private individuals and companies of £50,155 in the year. Donations were raised from a network of contacts and no fundraising events were held in the year. The Matthew Ludlam Foundation's approach to fundraising and donations will not change in the forthcoming year. The objectives remain the same as stated in the Articles of Association dated 26th January 2016. The charity continued with it's aim of achieving the target of supporting 3 students via an annual scholarship during this period. Although I student has continued to receive scholarship support (now studying for a master's degree), the effect of the Covid-19 pandemic meant there was still a lack of suitable candidates. The funding approach was changed to provide one-off bursary payments to 13 students who were identified through the Widening Participation Programme. Page I
THE MATTHEW LUDLAM FOUINDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022 FINANCIAL REVIEW Flnanclal posltlon The material investments of the charity have been held in a residential property at 5 Parkfield Road South in the high-value residential area of West Didsbury. Propety prices in the area have incr¢ased historically over a long period of time and have seen a considerable rise in the last few years.The propety is revalued annually by independent estate agents. The charity purchased the property in November 2016 using a loan from Ms K Lowe (a trustee of the charity). The charity pays interest on this loan.The total loan of £356,941 is repayable to Ms K Lowe at the end of the loan period in November 2023 or on completion of the sale of the propety if a sale occurs prior to that date. The rental income from this propety provides a steady income stream for the charity together with further private donations from individuals and companies from time to time. Over the last few years the gardens of the property have been cultivated and work has been done to build The Poppet House" in the gardens. This has provided an additional income stream for the charity as The Poppet House has been made available for ad hoc rentals. At the time of this report the trustees are in the process of considering an offer for The Poppett House and adjacent land. The charity once again provided scholarship support to undergraduates to the tune of £9,000 in the financial year to 31 January 2022. The students are selected in conjunction with The University of Manchester Widening Participation Programme. These are all students who might otherwise be unable to pursue a degree course due to financial constraints. Reserves pollcy Variable reserves are held which are built up on an annual basis to fund the scholarships/bursaries which are awarded at the start of each academic tern] of The University of Manchester Golng concern There are no uncertainties about the charity as a going concern. The loan made to the charity is from a private individual and is not secured against the assets of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFEREIYCE AND ADMINISTRATIVE DETAILS Reglstered Company number 09971407 (England and Wales) Registered Charity number 1184719 Registered office 99 Palatine Road Manchester M20 3JQ Trustees R Mawdsley R Kendrick K Lowe S McNerney Page 2
THE MATTHEW LUDLAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022 REFERENCE AND ADMINISTRATTVE DETAILS Independent Examiner Mr Adam J. Syddall M.A., A.C.A. Institute of Chartered Accountants in England and Wales P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ Approved by order of the board of trustees on 25 November 2022 and signed on its behalf by: S McNerney - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MATTHEW LUDLAM FOUNDATION Independent examiner's report to the trustees of The Matthew Ludlam Foundation ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2022. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of coinpany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (%he 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 201 l Act. Independent examiner's statement I have completed my examination. I confirnl that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)), 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 eiiable a proper understanding of the accounts to be reached. Mr Adam J. Syddall M.A., A.C.A. Institute of Chartered Accountants in England and Wales P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ 25 November 2022 Page 4
THE MATTHEW LUDLAM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022 31.1.22 Unrestricted fund 31.1.21 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 50,155 57,098 Investment income 33,812 20,355 Total 83,967 77,453 EXPENDITURE ON Raising funds 8,007 13,889 Charitable activities Charitable activity 9,000 2,500 Other 15,643 16,150 Total 32,650 32,539 Net gains on investments 400,000 158,657 NET INCOME 451J17 203,571 RECONCILIATION OF FUNDS Total funds brought forward 342,814 139,243 TOTAL FUNDS CARRIED FORWARD 794,131 342,814 The notes forn] part of these financial statements Page 5
THE MATTHEW LUDLAM FOUNDATION BALANCE SHEET 31 JANUARY 2022 31.1.22 Unrestrlcted fund 31.1.21 Total funds Notes FIXED ASSETS Investment propety 1,100,000 700,000 CURRENT ASSETS Cash at bank 53,152 3,105 CREDITORS Amounts falling due within one year (359,021) (360,291) NET CURRENT ASSETS (305,869) (357,186) TOTAL ASSETS LESS CURRENT LIABILITIES 794,131 342,814 NET ASSETS 794,131 342,814 FUNDS Unrestricted funds 794,131 342,814 TOTAL FUNDS 794,131 342,814 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the stste of affairs of the charitable company as at the end of each fmancial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 25 November 2022 and were signed on its behalf by: S McNerney - Trustee The notes forni part of these financial statements Page 6
THE MATTHEW LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably, Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Taxatlon The charity is exempt from corporation tax on its charitable activities, Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. INVESTMENT INCOME 31.1.22 31.1.21 Rents received 33,812 20,355 Page 7 continued...
THE MATTHEW LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2022 TRUSTEES, REMUNERATION AIND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 January 2022 nor for the year ended 31 January 2021. Trustees, expenses There were no trustees, expenses paid for the year ended 31 January 2022 nor for the year ended 31 January 2021. INVESTMENT PROPERTY FAIR VALUE At l February 2021 Revaluation 700,000 400,000 At 31 January 2022 1,100,000 NET BOOK VALUE At 31 January 2022 1,100,000 At 31 January 2021 700,000 Fair value at 31 January 2022 is represented by: Valuation in 2021 Valuation in 2022 Cost 402,626 400,000 297J74 1,100,000 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.22 31.1.21 Other loanq (see note 6) Deposit held Accrued expenses 356,941 1,000 1,080 356,941 1,000 2,350 359,021 360,291 Page 8 continued...
THE MATTHEW LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2022 LOANS An analysis of the maturity of loans is given below: 31.1.22 31.1.21 Amounts falling due within one year on demand: Other loans 356,941 356,941 MOVEMENT IN FUNDS Net movement in funds At 31.1.22 At 1.2.21 Unrestrlcted funds General fund 342,814 451a17 794,131 TOTAL FUNDS 342,814 451,317 794,131 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 83,967 (32,650) 400,000 451J17 TOTAL FUNDS 83,967 (32,650) 400,000 451,317 Comparatives for movement in funds Net movement in funds At 31.1.21 At 1.2.20 Unrestricted funds General fund 139,243 203,571 342,814 TOTAL FUNDS 139,243 203,571 342,814 Page 9 continu¢d...