REGISTERED COMPANY h'UMBER: 09971407 (EnglAnd and Wales) REGISTERED CHAIUTY NUMBER: 1184719 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 FOR THE MATTHEW LUDLAM FOUNDATION P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ
THE mAHEw LUDLAM FOUNDATION CONTENTS OF THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Page Report of the Trustees I to 3 Independent Examiner's Report Statement of Financial Activities Balance Sheet 6 to 7 Notes to the Financial Statements 8 to 12 Detailed Statement of Flnanclal Activities 13
THE MATTHEW LUDLAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2023 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 2023. 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). OBJEcfIvES AND ACTIVITIES Objeetives 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 fil 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 poverty. (c) the relief of those in need by reason of age, youth, ill-health, disability, financial hardship or another disadvantage. Significant activities 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 financial situation or social background. Public benefit The trustees meet regularly to plan the charity's activities for the year. The charity has made a significant public benefit by supporting disadvantsged 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 Charitable activities The charity made a grant of £2,500 for student support at The University of Manchester in the year to 31 January 2023. At the time of this report the trustees are pleased that the sponsored student has now graduated and obtained full-time employment within a Town Planning Consultancy in Manchester. Due to the change in funding structure at Manchester University the trustees are now looking at other avenues to deliver funding to students and has identified a number of students to receive a £500 bursary in the Comin8 year. This format will be reviewed every 12 months. The charity has been approached for funding by a few parties over the past 12 months, Each is &ssessed according to their declared needs and requirements. Inforniation regarding the impact the grants have made are published on the Matthew Ludlam Foundation website (www.tmlf.co.uk). Fundraising activities The charity has received donations from private individuals amounting to £950 in the year to January 2023. Donations are 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. Valuable vintage vehicles valued at £70,000 and a Mitsubishi L200 valued at £16,000 were gifted to the charity by a trustee. The value of these will be redeemed upon the contributors death or earlier following discussion with the contributor. Page I
THE MATTHEW LUDLAM FOUM)ATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2023 FINANCIAL REEw Financial position 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. Property prices in the area have increased historically over a long period of time and have seen a considerable rise in the last few years.The property 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 property 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. The Poppett House and adjacent land were sold after the year end in February 2023 and the proceeds were used to pay off the outstanding loan to Ms K Lowe. Reserves policy 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 terni. The charity also has plans to distribute funds to the wider community in line with its aims and objectives. Going concern The trustees believe there are no uncertainties about the charity as a going concern and so have prepared the accounts on the going concern basis. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing documen( a deed of trusL and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAIIS Registered 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 2023 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Mr Adam J. Syddall M.A,, A.C.A. 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 27 October 2023 and signed on its behalf by: S McNerney - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE mAHEw 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 2023. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 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 confirni 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 3 86 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 enable a proper understanding of the accounts to be reached. Mr Adam J. Syddall M.A., A.C.A. The Institute of Chartered Accountants in England and Wales P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ 27 October 2023 Page 4
THE mAHEw LUDLAM FOUNDATION STATEMENT OF FINANCJAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2023 31.1.23 Unrestricted fund 31.1.22 Total funds Notes COME AND ENDOWMENTS FROM Donations and legacies 86,950 50,155 Investment income 38,257 33,812 Total 125,207 83,967 EXPENDITURE ON Raising funds 33,293 8,007 Charftable activities Charitable activity 2,500 9,000 Other 22,124 15,643 Total 57,917 32,650 Net gains on investments 400,000 NET INCOME 67290 451,317 RECONCILIATION OF FUNDS Total funds brought forward 794,131 342,814 TOTAL FUNDS CARRIED FORWARD 861,421 794,131 The not¢s forn] part of thcse financial statements Page 5
THE MArrHEW LUDLAM FOUNDATION BALANCE SHEET 31 JANUARY 2023 31.1.23 Unrestricted fund 31.1.22 Total funds Notes FIXED ASSETS Tangible assets Heritage assets Investment property 14,667 70,000 1,100,000 I, i 00,000 1,184,667 I, i 00,000 CURRENT ASSETS Cash at bank 39J66 53,152 CREDITORS Amounts falling due within one year (359,021) (359,021) NET CURRENT ASSETS (319,655) (305,869) TOTAL ASSETS LESS CURRENT LIABILITIES 865,012 794,131 CREDITORS Amounts falling due after more than one year (3,591) NET ASSETS 861,421 794,131 FUNDS Unrestricted funds 861,42] 794,131 TOTAL FUNDS 861,421 794,131 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 ststements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial 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) The notes fonn part of these financial statements Page 6 continued...
THE MATTHEW LUDLAM FOUNDATION BALANCE SHEET- continued 31 JANUARY 2023 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 27 October 2023 and were signed on its behalf by: S McNemey - Trustee The notes form part of these financial statements Page 7
THE MATTHEW LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 JANUARY 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial ststements 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 fi)r 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 alloeAted 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. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, Motor vehicles 25 % on reducing balance 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. Taxation The charity is exempt from corporation tsx 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. Page 8 continued..
THE MATTHEW LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 JAIYUARY 2023 INVESTMENT INCOME 31,1.23 31.1.22 Rents received 38,257 33,812 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.1.23 31.1.22 Depreciation - owned assets 1,333 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022, Trustees, expenses There were no trustees, expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022. TANGIBLE FIXED ASSETS Motor vehicles COST Additions 16,000 DEPRECIATION Charge for year 1,333 NET BOOK VALUE At 31 January 2023 14,667 At 31 January 2022 HERITAGE ASSETS Total MARKET VALUE Additions 70,000 NET BOOK VALUE At 31 January 2023 70,000 At 31 January 2022 Page 9 continued...
THE MATTHEW LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 JANUARY 2023 INVESTMENT PROPERTY FAIR VALUE At l February 2022 and 31 January 2023 1,100,000 NET BOOK VALUE At 31 January 2023 1,100,000 At 31 January 2022 1,100,000 Fair value at 31 January 2023 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 31.1.23 31.1.22 Other loans (s¢e note l O) Deposit held Accrued expenses 356,941 1,000 1,080 356,941 1,000 1,080 359,021 359.021 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.1.23 31.1.22 Other creditors 3,591 10. LOANS An analysis of the maturity of loans is given below: 31.1.23 31.1.22 Amounts falling due within one year on demand: Other loans 356,941 356,941 Page 10 continued...
THE mAHEw LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2023 11. MOVEMENT IN FUNDS Net movement in funds At 31.1.23 At 1.2.22 Unrestricted funds General fund 794,131 67,290 861,421 TOTAL FUNDS 794,131 67,290 861,421 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 125207 (57,917) 67290 TOTAL FUNDS 125,207 (57,917) 67290 Comparatives for movement in funds Net movement in funds At 31.1.22 At 1.2.21 Unrestricted funds General fund 342,814 451,317 794,131 TOTAL FUNDS 342,814 451,317 794,131 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources exp¢nd¢d Gains and losses Movement in funds Unrestricted funds General fund 83,967 (32,650) 400,000 451,317 TOTAL FUNDS 83,967 (32,650) 400,000 451,317 Page 11 continued...
THE MAThHEW LUDLAM FOUNDATION NOTES TO THE FINANCIAL STATEMEwfs- continued FOR THE YEAR ENDED31 JANUARY 2023 11. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.1.23 At1.2.21 Unrestricted funds General fund 342,814 518,607 861,421 TOTAL FUNDS 342,814 518,607 861,421 A current year 12 months and prior year 12 months combined net movement in fLmds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 209,174 (90,567) 400,000 518,607 TOTAL FUNDS 209,174 (90,567) 400,000 518,607 12. RELATED PARTY DISCLOSURES The charity received rents in the year from Mr R Mawdsley (a trustee of the charity) of £1,670 per month. This is regarded by the trustees as a market rent carrying no undue benefit. The charity paid interest of £19,501 to The Market Harborough Building Society in respect of the interest only loan taken out by Ms K Lowe (a trustee of the charity). The balance of the loan owed by the charity to Ms K Lowe is £356,941 (2022: £356,941). The loan has subsequently been repaid following the sale of The Poppett House. Page 12
THE MATTHEW LUDLAM FOUNDATION DETAILED STATEIVIENT OF FINANCIAL ACTIvrriES FOR THE YEAR ENDED 31 JANUARY 2023 31.1.23 31.1.22 INCOME AND ENDOWIVtENTS Donations and legacies Gifts Donations 86,000 950 50,155 86,950 50,155 Investment Ancome Rents received 38,257 33,812 Total incoming resources 125,207 83,967 EXPENDJTURE Raising donations and legacies Ren( rates and insurance Repairs and maintenance 7,851 25,442 4,225 3.782 33293 8,007 Charitable activities Student sponsorship 2,500 9,000 Other Bank interest 19,501 14,463 Support costs Finance Depreciation of tangible fixed assets 1,333 Governance Costs Independent examination Legal fees 1,080 210 1,180 1,290 1,180 Total resources expended 57,917 32,650 Net income 67290 51,317 This page does not form part of the statutory financial statements Page 13