Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
Charity number: 1185057
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
THE LETHERHEAD INSTITUTE
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
THE LETHERHEAD INSTITUTE
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
THE LETHERHEAD INSTITUTE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2024
Trustees
Mr P Harrison, Chairman Mrs H Porter Mr J M Hickey Mr G J Clifford Mr M Cole
Charity registered number 1185057 Principal office 67 High Street Leatherhead Surrey KT22 8AH Accountants Menzies LLP Chartered Accountants Ashcombe House 5 The Crescent Leatherhead Surrey KT22 8DY Bankers National Westminster Bank Plc Leatherhead Branch Independent examiner Janice Matthews FCA Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
THE LETHERHEAD INSTITUTE
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2024
The Trustees present their annual report together with the financial statements of the charity for 01 June 2023 to 31 May 2024.
The Trustees all served for the whole year.
Trustees are appointed on the basis of their interest in the local community, as reflected in the Institute’s Trust Deed Objects, with particular regard to their expertise in contractual and construction matters.
Objectives and Activities
Policies and objectives
The objects of the Charity are twofold. Firstly, to maintain the Institute building for the benefit of the local community in accordance with the wishes of the benefactor, Abraham Dixon, who presented the building (but provided no endowment) to the local community in 1892 for social, leisure and educational purposes. Secondly, to promote the use of the building for these purposes for the benefit of the inhabitants of Leatherhead and District. A substantial part (70%) of the building now houses the Leatherhead Community Association (Charity No. 1142164) whose purpose is to promote these latter activities.
Main activities undertaken to further the charity's purposes for public benefit
The Trustees have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charity and in planning future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives set.
The Trustees have met to conduct business on five occasions during the year. Richard Cunningham of Cunningham Eves of Leatherhead has offered to act as solicitor at cost to the Letherhead Institute.
The Trustees’ meetings are also attended by the Chairperson and Treasurer of the Leatherhead Community Association. This forms a very worthwhile relationship for both charities and ensures co-ordination and co-operation on a wide range of issues.
The Chairman and the Treasurer meet regularly to discuss current matters. There is a part-time administrator and a full-time caretaker. The decisions relating to expenditure are reported and agreed by the Trustees. Expenditure can be seen, as bookkeeping is kept up to date on a monthly basis and is readily available to all Trustees. Bank balances are noted at each meeting.
Financial review
The year produced a deficit of £21,599 (2023: deficit of £14,429). The performance of the charity is satisfactory to the Trustee's expectations.
Review of activities
In the absence of financial endowment, the Trustees continue to lease seven suites of rooms in the building to tenants in order to provide income for the maintenance of the Institute building and for necessary or desirable improvements, maintenance and running costs. The remaining rooms, including the main Abraham Dixon Hall (able to seat 160 people), the Small Hall, the Library and five other areas, are leased to the LCA. The LCA pays 70% of the expenses in relation to the rooms that they occupy and 70% of the running costs of the lift and the common parts.
The LI have renewed the leases of Meadows Wye and Logathas who are long standing tenants for a period of six years. All other rooms remain let with a significant waiting list should tenants vacate.
We record our grateful thanks to Mole Valley District Council for their historic financial support for our major maintenance projects, namely the restoration of the external stonework/brickwork and the replacement of the single glazed Victorian windows with factory made timber double glazed windows of identical pattern.
We had previously secured grants during the preceding financial year totalling £57,000.00 from Mole Valley District Council to expend during the 2023/2024 financial year for stonework/brickwork repair and window replacement on the front elevation with the balance of monies coming from our own funds for which we had made previous allocation. The stonework and brickwork to the front elevation was cleaned via extensive scaffolding during the summer of 2023. At the same time much needed high level external decoration and roof repairs in these areas was carried out from the scaffold. The replacement
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Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
THE LETHERHEAD INSTITUTE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
windows were installed in January 2024. Upon completion of the works, the grant monies from Mole Valley District Council were paid. The front garden upon which the scaffold had been located was restored by myself over several weekends with some replacement planting and a thick layer of bark mulch.
In July 2023, Max Watson was appointed as the new caretaker following the departure of Graham Thorburn. Immediately prior to his appointment, the caretaker’s cottage underwent significant internal refurbishment as it had been 20 years or more since any work had occurred. The work involved the complete internal redecoration, electrical work, window repairs, new appliances and new floor finishes.
At the end of 2023, it became apparent that the second floor windows facing the access drive to the car park were in an advanced state of decay and required immediate replacement. These windows were replaced in April 2024.
Throughout my time as chairman (since 2016), in addition to the planned maintenance works there are frequent unplanned remedial and repair works particularly to the external fabric, the drains and services. By the collaboration with the LCA (Leatherhead Community Association), the Trustees fulfil their own obligations to the community as required by the terms of the Institute’s Trust Deed and enable the LCA to achieve its own charitable objectives
The LCA have a 10 year lease which commenced in May 2017 with a break clause after 5 years requiring 12 months’ notice with a rent of £15,000 per annum. The Covid-19 pandemic commencing in early 2020 severely affected the activities of the LCA to the extent that little income was generated due to shutdowns and the imposition of Government health requirements. Due to the drastic reduction of income of the LCA, the LI trustees agreed that that the five year break clause be replaced by a rolling twelve month notice period. In 2021, there was a gradual returning of their hirers which accelerated through 2022 - 2024 to the extent that the LCA revenues are now in excess of their pre-pandemic levels. The two LCA office staff have worked very hard during the year to attract a diverse range of hirers.
We continue to liaise with the LCA over operational matters. Their chairperson (Fran Fleming) and treasurer (David Hanson) attend our trustees’ meetings (five a year). In addition, there is regular communication via email with the LCA and their office staff. The co-operation of the Chairman of the LCA and her team of LCA Trustees, was much appreciated and continues as a strong link between the Leatherhead Community Association and the Trustees.
The LCA contract with a commercial firm to carry out the cleaning of all the building except Tenants’ offices. There is a charge from the LCA to the Trustees for this service in respect of the common parts. The Trustees employ the caretaker who lives on site for security reasons in a 2-bed cottage as part of his employment. The LCA contributes towards his salary, pension and NI costs.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Reserves policy
The charity has designated funds of £84,000 for future infrastructure projects which leaves a balance of £16,742 in free reserves.
All surplus monies are committed to ongoing maintenance and restoration projects on the Victorian building.
Structure, governance and management
Constitution
The charity was founded on 21 March 1995 and is governed by the Trust Deed sealed on 21 March 1995, and has the registered charity number 1150587. Until that date the Institute had functioned for community charitable purposes under a Trust Deed of 1892 set up under the authority of the Literacy & Scientific Institutions Act 1854.
Method of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
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THE LETHERHEAD INSTITUTE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
Risk management
The Trustees have considered the major risks faced by the charity and, after review and evaluation, have ensured that systems are in place to manage these.
Trustees' responsibilities statement
The Charity’s Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditures of the charity for that period.
In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Mr P Harrison Trustee Date: 21-Jan-2025
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THE LETHERHEAD INSTITUTE
INDEPENDENT EXAMINERS' REPORT
Independent examiner's report to the Trustees of The Letherhead Institute ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 May 2024.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
21-Jan-2025 Signed: Dated:
Janice Matthews FCA
Menzies LLP
Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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THE LETHERHEAD INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
| Note Income from: Donations and legacies 2 Charitable activities 3 Investments Total income Expenditure on: Raising funds 4 Charitable activities 5,6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 62,000 - - 62,000 - 62,000 62,000 - - - - |
Unrestricted funds 2024 £ - 112,513 686 113,199 2,856 131,942 134,798 (21,599) 973,534 (21,599) 951,935 |
Total funds 2024 £ 62,000 112,513 686 175,199 2,856 193,942 196,798 (21,599) 973,534 (21,599) 951,935 |
Total funds 2023 £ - 95,822 1,716 |
|---|---|---|---|---|
| 97,538 | ||||
| 1,572 110,395 |
||||
| 111,967 | ||||
| (14,429) | ||||
| 987,963 (14,429) |
||||
| 973,534 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 17 form part of these financial statements.
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THE LETHERHEAD INSTITUTE
BALANCE SHEET AS AT 31 MAY 2024
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
5,505 108,528 114,033 (13,368) |
2024 £ 851,270 851,270 100,665 951,935 - 951,935 951,935 |
5,011 130,216 135,227 (13,001) |
2023 £ 851,308 |
|---|---|---|---|---|
| 851,308 122,226 |
||||
| 973,534 | ||||
| - 973,534 |
||||
| 973,534 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Mr P Harrison Trustee Date: 21-Jan-2025
The notes on pages 8 to 17 form part of these financial statements.
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Letherhead Institute meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
| Freehold property | - No depreciation charge |
|---|---|
| Fixtures and fittings | - 10% |
| Computer equipment | - 30% |
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities 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.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which 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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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 costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations and legacies
| Restricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Grants | 62,000 | 62,000 | - |
3. Income from charitable activities
| Rental Income Other Income Total 2023 |
Unrestricted funds 2024 £ 112,513 - 112,513 95,822 |
Total funds 2024 £ 112,513 - 112,513 95,822 |
Total funds 2023 £ 95,507 315 |
|---|---|---|---|
| 95,822 | |||
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
4. Expenditure on raising funds
Costs of raising voluntary income
| Rent and rates Light and heat Insurance Telephone Total 2023 |
Unrestricted funds 2024 £ 290 982 1,511 73 2,856 1,572 |
Total funds 2024 £ 290 982 1,511 73 2,856 1,572 |
Total funds 2023 £ 55 460 878 179 |
|---|---|---|---|
| 1,572 | |||
5. Analysis of expenditure on charitable activities
Summary by fund type
| Expenditure on charitable activities Total 2023 |
Restricted funds 2024 £ 62,000 - |
Unrestricted funds 2024 £ 131,942 110,395 |
Total 2024 £ 193,942 110,395 |
Total 2023 £ 110,395 |
|---|---|---|---|---|
6. Analysis of expenditure by activities
| Expenditure on charitable activities Total 2023 |
Activities undertaken directly 2024 £ 193,942 110,395 |
Total funds 2024 £ 193,942 110,395 |
Total funds 2023 £ 110,395 |
|---|---|---|---|
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Charitable activities 2024 £ Repairs and renewals 136,636 Caretaker salaries and NIC 17,159 Pension 331 Light and heat 8,868 Insurance 8,507 Depreciation 38 Telephone 414 Printing, postage & stationery - Cleaning 8,184 Rent and rates 161 Governance costs 13,644 193,942 Total 2023 110,395 7. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2024 £ 136,636 17,159 331 8,868 8,507 38 414 - 8,184 161 13,644 193,942 110,395 2024 £ 3,760 |
Total funds 2023 £ 56,842 15,679 302 3,927 7,899 56 1,611 2 10,700 900 12,477 |
|---|---|---|
| 110,395 | ||
| 2023 £ 3,900 |
8. Staff costs
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Institute staff | 3 | 3 |
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
8. Staff costs (continued)
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charity are deemed to be the Trustees due to their close involvement in the running of the charity. During the current and preceeding year, Trustees received no remuneration for their role as key management personnel.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 May 2024, no Trustee expenses have been incurred (2023 - £NIL) .
10. Tangible fixed assets
| Cost or valuation At 1 June 2023 At 31 May 2024 Depreciation At 1 June 2023 Charge for the year At 31 May 2024 Net book value At 31 May 2024 At 31 May 2023 |
Freehold property £ 851,193 851,193 - - - 851,193 851,193 |
Computer equipment £ 8,199 8,199 8,084 38 8,122 77 115 |
Total £ 859,392 |
|---|---|---|---|
| 859,392 | |||
| 8,084 38 |
|||
| 8,122 | |||
| 851,270 | |||
| 851,308 |
The Freehold property is not depreciated as its market value is deemed to be in excess of the carrying value, and the building is maintained such that its estimated useful life would render depreciation charges to be immaterial.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
11. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2024 £ 417 5,088 5,505 |
2023 £ 354 4,657 |
|---|---|---|
| 5,011 |
12. Creditors: Amounts falling due within one year
| Other taxation and social security Accruals and deferred income |
2024 £ 210 13,158 13,368 |
2023 £ 137 12,864 |
|---|---|---|
| 13,001 |
13. Accruals and deferred income
| Deferred income at 1 June 2023 Resources deferred during the year Amounts released from previous periods Deferred income at 31 May 2024 |
2024 £ 8,923 9,172 (8,923) 9,172 |
2023 £ 8,267 8,923 (8,267) |
|---|---|---|
| 8,923 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
| 14. Statement of funds Statement of funds - current year Unrestricted funds Designated funds Designated Funds General funds General Funds - all funds Total Unrestricted funds Restricted funds Restricted Fund Total of funds |
Balance at 1 June 2023 £ 84,000 889,534 973,534 - 973,534 |
Income £ - 113,199 113,199 62,000 175,199 |
Expenditure £ - (134,798) (134,798) (62,000) (196,798) |
Balance at 31 May 2024 £ 84,000 |
|---|---|---|---|---|
| 867,935 | ||||
| 951,935 | ||||
| - | ||||
| 951,935 |
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
14. Statement of funds (continued)
| Statement of funds - prior year Balance at 1 June 2022 £ Unrestricted funds Designated funds Designated Funds - all funds 90,000 General funds General Funds - all funds 897,963 Total Unrestricted funds 987,963 15. Analysis of net assets between funds |
Income £ - 103,710 103,710 |
Expenditure £ - (118,139) (118,139) |
Transfers in/out £ (6,000) 6,000 - |
Balance at 31 May 2023 £ 84,000 |
|---|---|---|---|---|
| 889,534 | ||||
| 973,534 | ||||
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Total Analysis of net assets between funds - prior period Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 851,270 114,033 (13,368) 951,935 Unrestricted funds 2023 £ 851,308 135,227 (13,001) 973,534 |
Total funds 2024 £ 851,270 114,033 (13,368) |
|---|---|---|
| 951,935 | ||
| Total funds 2023 £ 851,308 135,227 (13,001) |
||
| 973,534 |
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THE LETHERHEAD INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
16. Related party transactions
Trustees received no remuneration nor reimbursed expenses during either the current or preceding year.
WLA Architecture
P Harrison is a partner in this firm and also a trustee of the charity. He is responsible for a multitude of repair works for which he makes no charge to the charity.
Buchanan & Curwen (Leatherhead) Limited
J Hickey is a director in this company and also a trustee of the charity. During the year, the charity paid the company £Nil in respect of electrical repair and improvement works (2023 - £3,728). At the year end there was a balance of £Nil due to the charity.
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