AKS LYTHAM FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Compar*y Registration No. CE023995 IEngland and Wales)
AKS LYTHAM FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION TTLEStees Mr C R Dickso MT D Cowburn Mr D R Cartmell Ms J Cooper Mr P Owen Charty number 1191646 Company number CE023995 Registered office AKS Lytham Indèpendent School Clifton DrÈve South Lytham Sl Annes Lancashire 81DT Independent examiner Champion Accountsnts LLP Unil 2 Olympi¢ Court INhilehills Business Park Bl3¢kpool Lancashire FY4 5GU
AKS LYfHAM FOUNDATION CONTENTS Page Trustees, reporl Independent examinerfs report Statement of financAal activities Balance Set Notes lo the fmanclal statements 6-12
AKS LYTHAM FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Thg Iruslees wesenl their annual report attd financial statements for the year ended 31 August 2024. Thè financial slat8tnents have b8en prepèreij in accordance with the accounting policies sel out in note I to the rinancial statements and comply with the charitvs governing documenl the Charities Act 2011 and 'AccoLsnting and Reporting by ChaTilies'. Statement ol Recommended Piact¥¢e applicabl¢ lo charilies preparing Ihetr accounts i accordance with the Financtal Reporting Standard appbcable in the UK and Republic ol Ireland IFRS 1021" leffe1ve 1 January 20191. Objectives and activities The objects OF th8 charÉty ar6 to advance the education of boys and girts by way of providing bursary awards subject to parental means testing, thereby widening auess lo AKS School.. and to improve the tnfrastiucture of AKS Lytham or such oth@r 8rea of benefit within which the charity twstees decide lo benefrt. Public benefit The trustees have p8id duo regard to guidance issued by (he Charity Commission in deciding wh81 actvilies th8 charty should undertake. Activilie5 The ppriod from 1st September 2023 to 31 st August 2024 mated a significanl milestone as the lirsl ftjll year of fundraising activity alÉgned with Ihe Year 2 Oeliveiy Plan of the Fundraising and Engagetnent Strategy. This year saw strong progress in building awareness, cultivating community engagement. and securing financial support tor the f oundaÉion's objectives. A major highlight of the year was Ihe launch of #AKSDonationW8ek24, th8 FoundatÈon'8 inaugural DDnation Week. held from 28th Aprsl to 3rd May 2024. Thls week-lon9 IFlltiatNe was Flltroduced lo showcasE the arnbilions of the AKS Lytham Foundatitin and to inspire collecttvÈ participation. It begat) with the Ch8nge Their World Charity Walk, sgtting the lone for a powerful cafnpaign. The event resorbated widely across the school and broader community, raising an impressive £30,272. Throughout Donation Week, the Developynent Office was heartened lo receive enthusiastic engag8fTTr8nt from alumni and the wider local community. Many individyals reached oul wtth messages of encouragement and made pledges in support of the Bursary Fund, furiher strenglhening our mission lo widen access lo Iransfom)atÉonal educational opportunities. Thanks to the generosity of donor5 thfoughoul the year, the Foundation w85 prtmjd to support its first-evei cohort of fully-funded Iransformational bursary r8cipientg. who joined the Sixth Form in September 2024. This achievement stands as a testament to the collective impact of our ¢ommunEty and marks th8 beginnTrng of a lasting legacy ol life- changing support. Financial review The ch8rity has recewed donations and carried out fund raising events during the yeaT. During the year, Ihree bursaries wwe granted and aft8r minim81 overhead expenditure, the surplus lor the year anKTrunled to £76,41912023'. £57,0411- The reserve5 carried fOard to next year are £133,460 12023.. £57,041), comprlsing nstriCted funds of £56,035 and reslricteij funds of £77,425. Resenf8s poli¢y It is the policy of the charity Ihat unrestricted funds which have not been desÉgnated for 8 speeilie use should be matntained al a level equlvalent to between three and six month's expenditure. Th8 trus¢88$ consid8r that reserves at this level will ensure that, in th8 8veTIt of 8 Slgnificant drop in funding. Ihey will be able tc* continue Ihe charity's current activities while consideralion is given lo ways in which addilional fund5 tTray b8 raised. This level of reserves has be8n maintained tfirou9hout the year.
AKS LYfHAM FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Plans for fijture periods Ssn its foitnal launch on 5th May 2023, th8 Foundation has raised £142,067.62 which has been allocated to the Change Their World Iransforrnational buTsary furvj. Through the Change Their World ButsaryAppealthe Foundatlon's first goal is lo raise funds for 10 transformational bursaries, allowing talented children from disadvantaged b8ckgrounds the opportunity to join AKS Lytham from Senior School lo Sixth Form (ages 11 to 181. Recognising financial pressures on local disa(fvantaged communities, AKS aims lo Identify talented. local chihyren whose Iwes could be positsvety transformed by accessing education at the school. Alongside the Change Thelr World Bursary Appeal, the Foundation will also communicate with supporteTS its vi510ll to support various facility impFovement5 at AKS as part of a longer-temi strate9y. Slructvre, govÈrnance and management Th8 charty was established on 5 October 2020 and is a charitable incorporated aTrisation. To achiev8 th8 objects, nsiderable ineome must be generaled. The charity do8s not itself ralse funds,. rather this is the responsibility of AKS Lythom IAKSI, who will aim to achieve this by generating donations lo the charity from alumni and other supporters of AKS and also seeking grant funding opporiunities. The charity trustees met three times during the year, to receive PTogress reports from AKS on their WOTk to enhanc the development actÉvili85 to deal with statutory matters. Th8 Iruslees who served during the year and up to Ihe dat& of sign2tEJr8 of the financial statements were.. Mr C R Dickson MrPOwe Mr D Cowbum Mr D R Cartrnell Ms J Cooper Recruitment and appoifttment of trustees Generally the trustees are appointed for 2 3 year term, and are selecled wilh regard to the skills, knowledge 8nd 8xperience needed for the effective administralv)n of the charÈty. Tfustees can be reappolnled for a maximum 013 consecutive terms. Non8 of the trustees has any beneficial interest in the comparly. All of th8 tiustees are members ol the company and guarantee lo cgnlribule £1 in the event ol a wtnding up. The trustees. report was approved by the Board of Trustees. Mr C R Dickson TrLEStèt Date.. 13, June 2025
AKS LYTHAM FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AKS LYTHAM FOUNDATION I rert to the Irustees on my examination of the firiar>¢Sal statements of AKS Lwham Foundation Ithe charity) for the year ended 31 August 2024. Re5ponsibiliti85 and basls of report As the trustees ol the d)arily you are r8sponsibl8 fr>r Ihe preparation of the financial statgtnenis iFh accordance with th8 reqvirements DI the Chartties Act 2011. I reporl in Tespe¢l of my examination of the charity's h)ancial statements carried out under section 145 of Ihe Charifles Act 2011. In catryrng out my examin8lion I have ft)Ilowed the Directions given by the Charity Commissii un¢Jer section 145<5llbl of the Chaiities Act 2011. Independent examinerfs statement Your attention is diawn to the lact Ihal the charity has wepared the financial ststements in accordanco with th8 relevanl version of the Slalement of Recofflmended PractSce applicable lo chafities preparÈng their finarKial statemenls ifi accordance with the Financtal Reporiing S12ndard applicabk in the UK and Republic of Iroland IFRS 1021 In preference to th8 Accounling and Reporting by Charities.. Statemenl of Recommend8d Practice issued on l April 2005 which is ferred to in the extant regulations but has now been withdrawn. l und¢r5tand Ihat this has been done in order for the finandal statements to provide a true and fair vi8w in accordance wth UK Generally Acceptod Aocounting Practice_ I have compl8ted my exsmination. I conflrm that no matters hav8 coTn8 to my 8tt8ntion in eonnection with the 8xamirFation givtng me catJse to believe that Iri any matsrial respect.. accounting iecords were I1 kept in respect of the charrty as required by sec¢ion 130 01 the Charitles Act 2011. Ihe financial statements do not accord with those records.. or Ihe financial statements do ftot comply with the applicable requirements concerning th8 fo and content of financial statements set out in the Gharthes (Accounts and Reports) l£egulations 2008 other thar* any iequirement that the Ilnancial statements give a true arKI fair view, which is not a tnatter considered as part of an independent examination. I havo no conoems and have come across no other matters in conn8clion with the examinatlon tc¢ whlch allenlion should be drawn in th report In order to en8bl8 a proper understsndlng of the financial statements to b8 reached. ChorY4) sC¥l ALCaLLktst1 LLP Champion Accountants LLP Unit 2 Olytnpic Court WhKehills Business Park Blad(pool Lancashire FY4 5GU Dale..
AKS LYTHAM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unre5tri¢t¢d Rtstricted funds funds 2024 2024 Tot21 Unrestricted R8stricted fLEnds funds 2023 2023 Total 2024 2023 Notès Incom• from: Donations and legactes other trading activities 200 6,271 128.362 128,562 6,271 51,g91 2.905 2.670 54,661 2.905 Total income 6,471 128,362 134.833 54,896 2,670 57,566 Expen(IbluiE DTI- Raising funds Charilable activities 4.026 781 4.026 54.388 525 53.607 525 Toial expenditure 4,807 53,607 58,414 525 525 Net income and movement In funds 1.664 74,755 76.419 54,371 2.670 57.041 Reconciliation of fund5= Fur>d balances at 1 September 2023 54,371 2,670 57.041 Fund balances at 31 August 2024 56,035 77,425 133,460 54.371 2,670 57,041 The statement of financial 8ctiiryti8s includes all gains and losses rewgfkised in the year. All incorne and exp8nditure deitvè from continuing activ¢ties.
AKS LYTHAM FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notès Current assets Debtot5 Cash at bank and in hand 12 8.797 125.269 3,517 53,914 134,066 57.431 Creditors.- amounts falling due within onp year 13 16061 13901 Net current assots 133,460 57,041 The funds Df the charity Restricted income funds UreStre funds 14 15 77.425 56.035 2,670 54,371 133.460 57,041 Th8 financial 5tal¢ments were approved by the trustees on .12"..ne.202S. Mr C R Dick50n Trustee
AKS LYTHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcl&s Charity information AKS Lytharn Foundation 15 a charitable incorporated Organisan. 1.1 Accounting convention The financtal statefflents havB been prepared in accL>rdancp with the charitvs governing document, Ihe Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the iIK and Republic of Ireland and the ChaTlties SORP "Accounling and Reporting by Gharities.- Statement of Recommended Practice applKabSe lo eh81ilies prepartng Iheii account5 in accordance with the Financial Reportln9 Stand<ird applicable in the UK ar)d Republic of Ireland IFRS 1021" The charity Fs a Publ(c 8enefit Enbty Ès defined by FRS 102. The char*ly has taken advantage of lh& provisions in Ihe SORP for charities not ID pr8P2re a statement of cash flows. The financial statements have departed from the Charit8 (Accounts and Reports) Regulalions 2008 only lo the exlent required lo provide a tru8 and fair view. This departure h8s involved followlng the Statement of Recotnmended Pitidice foi charities applying FRS 102 ralher thar7 the version of the Statement of Recommended Practice which is referred to in the RegLblations but which has since been withdrawn. Tho financial slalements are prepared in st8rltng, which is the fLFnctional currency of th8 charity. Monetary amounts in these financial statements are rounded to Ihe nearest £. The financial st8temes)ts have been prepared under the historical cosl convention. The principal accounting policies adopted are set out below. 1.2 Going concern At th8 time of approving the financial statements, the tr¢Jstees have a reasonable expectation that the charity has adequalo Tesources to continlte operational existence for the foreseeable fuluie. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unreslricted funds are available for use at the discretion of the tTLlStees in furtherance ol their charitable objecllves. Restrided funds ao subject to specific conditions by donors or grantors as to how they may be used. The Purposes and uses of Ihe Teslrioled funds ar8 s8t out in the notes lo the fivtancial st8tetnents. 1.4 Income Income is recognised when the charity is leg8lly entitled to il affer any perforTnance nditionS have beeTr met, the amotsnts can be measured reliably, and it is probable that income will be received. Cash donations are r8cognised on ie¢eipl. Other donations aTe recognised once the charity ha5 been nottfied of Ihe don8litsn. unless performance condiuons requlre deferral of the amoLEnt. Income tax recoverable I reklion lo donations re¢eNed under Gift Aid or deeds of covenant is recognised at the tim8 of the donation. Leoacies are recognised on receipt or otherwise if the Charity has b8en nolif18d of an impending distrÈbution, th8 amount Is known, and receipt expeEted. If the atnount is not knowtt, the legacy is treated as a contingent asset.
AKS LYTHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢counling policbes (Continued) 1.5 Expenditure Exp8nditure is recognised once there is a legal or constwclive obligation to transfer economic benefit to a third parly. il is probable thal a transfer of econoTllFC benefils wlll be required in settlement, and the amounl 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 cosls and shared costs, including support costs involved in undertaking each activity. Direct costs 8tlribul8ble to a single activity ale allocated directly to that activity. Shareij costs which contrlbute to more than one activity and support cosls which are not altribtjlable to t single activily re apportioned betwee those activities on a basis CO$1$tent with the use ol resources. Central st2ff costs are allocated on the basts ol time spent, and depreciation charges ale allocated on the portiorE of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash In hand, deposits held at call with banks, other short-term liquid FnvesttTrents with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown wTrthin borrowtngs in current liabilttie5. 1.7 Financial instruments The charity has elected lo apply the prov?sions of Section 11 'Basic Financial InstfUTnents' &nd Section 1? 'Other Fln2ncial Instnjments Issues, of FRS 102 to all of ils financtal inslrurnents. Financial instruments are recognised in the charilfs balance sheet when the charity beco¥nes patty to the contractual pmisions of the instrument. Financial assets and liabilities are offset, wtlh the net amounts presented in the finanoial statements. when Ihere is a legally enforceable light to set off Ihe recoyn¢sed amounts and there is an intention to setlle on a net basis or to realpse the asset and selllo the liability strrnultaneously. Basic financial assets Basic fin8rkcial assets, which include debtors and cash and bank balances. are initially measured at transaction prKe including transaclion costs and awe subsequently rartied at amortised cost using the effKtive interest method unless the arrangement constitutes a financing transaction, where the transaction measured at the presgnt value of the future receipts dtscounted at a market Tate of interest. Financial assEts classified as receivable within one year are not amortised. Baslc flnanclal Ilabilitles Basic linanctal liabilities. including crediloTS and bank loan5 8rg initially Tecognised 81 transaction pricp unless the airangement constTrtutes a financing transaction, where the debt instrumenl is measured at the pr8sent value of the fvtur8 payments diswur>led at 8 maTket Tate of interest. Financtal li3bilities classifEd a5 payabte thirE one year ale not amortlsed. Debt instruments are subsequently carried al amcFrlised cost, using th8 effective inlgresl rale welhod. Trade creditors are obligation5 to pay for goods or servlces Ihat have been acquired in the ordinary course of operations trom supplrers. Amounts payablg arè classified as current liabilities if paytnent is due within one year or less. If not. they are presented as non<ur¥ent liabÈlities. Trade cred4tOTS 2re recognised initially at trans8clion pri¢9 and subsequently measured at amofused cost using Ihe effective interest method. DecOgnItion of financi81 Ilabilitles Financial liabilities are derecognised when the charity'5 contractual obligations gxpire or are dischaTged ur cancelled.
AKS LYTHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 crttlcal accounting 8stimat85 and judgèmènts In the Èpplication of the charitys accounting policies, the trustees afe required lo make jLtdgemenls, estimg18s and assumplions about the carrying amounl ol assÈts and liabilities that ar8 not read¢ly apparent from other sources. The estimates and associated assumptions are based on histi)rical experience and other factors that ale consi(Jered to be relevanl. Aclual r8sults may differ from these estimates. The eslimates and underlying assurllplions are reviewed on att ongoing bdsss. Revissons lo accounting eslimates are recognised in the period in which Ihe estimate is revised where the revisitrn aflects only that period, or in the p¢riod ol th8 revision and future periods where the revision aflecis both ujrrenl and future peFtods. Income from donatlons and legaci&s Unrestri¢tÈd Re5trÉcted funds 2024 Total Unre5tri¢ted Restrictèd funds fvnds 2023 2023 Total funds 2024 2024 2023 Donattons grfts L8gaci85 128,362 128,562 28,003 23,988 2,670 30,673 23,988 200 128.362 128.562 51,991 2.670 54.661 Income from other Irading activitles Unrestrict8d Unrestrict8d funds funds 2024 2023 Fundraising events 6,271 2,905 ExpenditUTe on raising funds Unreslricted Unrestricted funds fund5 2024 2023 Fundralsbng and publicity Staging fundrèising events Advertisin9 3,799 227 4.026
AKS LYTHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on charitabl8 actiTrrities Charitable Charitable expenditure expenditure 2024 2023 Direct costs Bank charges 8tJrsaries gianted Educational trip support Software support 127 52,500 1.107 198 135 53.932 135 Share of support and governance costs (see note 81 GoveTn8nc 456 390 54,388 525 Analysis by fun Unrestricted funds Restricled funds 781 53,607 525 54,388 525 NÈt movement in funds 2024 2023 The nel movement tn funds is stated after chargIn{CredItingl'. Fee5 payable for the independent 8xamin8tion of th8 charty's financial ststeents 456 390 Support costs allocated to a¢tiviliès 2024 2023 Govern2nce CDSts 456 390 Anatysed between.. Challtable aetNities 456 390 Trustees None ol the trustees lor any persons connected with them) receivod 8Try reFnuneiation or benefils from the charily duTin9 the year.
AKS LYTHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 10 Employees The average monthly number Of Èmployees during the y88r was.. 2024 Number 2023 Number Total There were no employees whose annual remuneratk)n v4as more Ihan £60,000. Remuneration of key management personnèl There We Do employeos durin9 the year. 11 TaxalioD The ¢harty is exempt from taxaln on its activthes b8cau$8 all its incom8 IS applied for charitable purposes. 12 Debtors 2024 2023 Amounts falling du¢ within tsn¢ year: other debtors 8.797 3,517 13 Crèditors-. amounts falling due within one year 2024 2023 AccruaLs and deferred income 606 390 14 Restricted funds The restricted funds ol the charity Comprise the unexpended balanc8s of donations aTrd grants held on trust subject to specific conditions by donors as lo how they rrtay be used. A11 September 2023 Incoming resources Resource5 At 31 August expended 2024 Maplewood Tnjst Bursary Appea5 ind Change Their World 2.670 {1.1071 152.5001 1,563 75,862 128.362 2,670 128,362 {53.6071 77.425
AKS LYTHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Rèstricted funds Icontinued) Pr6vloLts year: At1 Septembe 2022 Incoming resources Re$our¢es At 31 August expended 2023 MapEewood Tnjst 2,670 2,670 Maplewood Trust- the purpoge of the fund is for edu¢altonal tr¢ps. Bursary Appeal & Change Thelr WoAd - the purpose ofthe fund is lo provide bursary's to attend AKS Lytham Sixlh Form lor talented chiklTen in the local area. 15 Unrestricted funds The unr8strKted lur)ds ol the ¢harily comprise the unexpended balances of donalic>n$ and giants which af8 not gubiect to speeifie conditions by donors and grantors as to how they may be used. These include d¢signated lunds whh have been sel aside out of UnStriC1ed funds by Ihe tTUStees ft)r specific purpos8S. At1 September 2023 Incomlng re50uice5 Resources At 31 August expended 2024 General funds 54,371 6,471 14,8071 56,035 PrgÉTiOUS year: Atl Seplember 2022 Incoming resource5 Resources At 31 August expended 2023 G8n8ral funds 54.896 15251 54,371 16 AnaFysis of net assets between fund5 Unrestricted fvnds 2024 Restrlcted funds 2024 Total 2024 At 31 AugLESt 2024.. CurTenl assetsllliabililiesl 56,035 77.425 133.460 56,035 77,425 133,460
AKS LYfHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Analysis of net assets between funds (Continuedl Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 August 2023= Current assetsllliabililiesl 54,371 2,670 57.041 54,371 2,670 57,041 17 Related party transactions There were disclosable related patty trsn58ctions dvring tho year12023- none). 12-