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
Page 2
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.
Page 3
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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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Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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
Page 5
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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.
Page 6
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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.
Page 7
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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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Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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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Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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_|
|||||
Page 10
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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_|
|---|---|---|---|
|||||
Page 11
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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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Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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.
Page 13
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## THE LETHERHEAD INSTITUTE
## 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_|
Page 14
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## THE LETHERHEAD INSTITUTE
## 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**|
Page 15
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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_|
Page 16
Docusign Envelope ID: 1D388750-BB4A-4FD3-AFDC-B70B65645471
## 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.
Page 17