1<201 IAffjA I 0[c KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH (Incorporating The lan Macdonald Memorlal Fund) UNAUDITED ACCOUNTS for the year ènded 31st MARCH, 2024 E, Forrester Boyd ¢IIAttfERED ACCOUNT ANTS
KING EDWARD VI ALMSHOUSE, SCHOOL AND EOUCATIONAL CHARITY AT LOUTH {Incorporating The lan Macdonald Momorlal Fund) UNAUDITED ACCOUNTS for th• y•ar end•d 31¥t MARCH. 2024 INOEX Pag• •r•nc• and •dmlnl•tr•Wv• d•t•ll• knnu•l R•port 34 Ind•p•nd•nl Ey•mln•¢• R•port Ac¢ount•nt•' R•port B•l•nc• Shwt 8al•nc• Sh•Bt •nalyB•d tw••n Fund• Stat•m•nt of Fln•nclal AC¥111?• 10-11 Not•• to th• Accounts 12.20
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorpgratln9 Th• lan MD¢donald M•morlal Fund) REFERENCE AND ADMINISTRATIVE DETAILS for th• onded 31•t MARCH. 2024 Reglstration numb•r- 220158 l•rk Mrg. S. Ne8dham Addr•*•: MaTh)r Fami, G¥yton-le-Wold. Louth, Llno)Inshlre. LN11 ORA Ex4>tllclo G¢Mrnor• Hlgh Staw8rd Repres¢ntatSve Mr8. S. Oenn15 Choirm8n, Klng Eoknrd Vl Grammar School Govemor8 Mr. R. M8ltman Nomlnatlv• Gov•rnorn LlnEoln•hlr• County Councll Rèmoved 24th June, 2019 and replaced by a Co-optatlve Govomor. Louth Ttxyn Councll (4 yè#rs from 13th August, 2018 Mr. A. Leonard 14 ya8r8 frorn 13th Augu6t, 20211 Mr. D, Hobson 14 years from 20th Marth. 20241 Mr5. J. Makin8on&unders
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH (incorporating The lan Macdonold M•morfal Fund) REFERENCE AND ADMINIsTRATr DETAILS for the year onded 31st MARCH. 2024 Continued..... C(FOpta¥• Governors Mrs. E. Ballard (Warden) 15 years from 28th June. 20211 Mrs. S. E. Locklng IDopLrty W8rdenl 15 year3 from 28th March, 20221 Mr. J. Walk8r 15 years frorn 17th February, 20231 Mr8. J. B8rton IS years from 26th Jun6. 20231 Mrs. S. H8wson 15 years from 18t September, 20231 Mr. l. Trow8dale 15 yeor9 from 25th Morch, 20241 The Scheme w05 approved and saaled by thè Charilles Cornmis6k)n on 7th August, 1986. and omended 181tt AuEu8t, 2008, 2$ Aprti, 2014, 26th Septernb8r. 2018 Jnd as 8men(Jed by r•solulion doted 24th June. 2019. The enclosed Accounts have been preparnd under the provl8lon$ of thal Schem•. Prof•••lonal Advl•or• 8•nkern: TS8 Henry Duncan Housè, 120 G8orge Street. Edlnburgh EH42 4LH Independent Ex•mln•r'. Forrester Boyd Ch8rt8d Accountants 139 Ea8tgat8, Louth, Lincolnshire. LN11 9QQ
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporatlng The l•n Mocdonold M•morlal Fund) ANNUAL REPORT FOR THE YEAR ENDED 31*t MARCH, 2024 The Govemors prnt thdr r8port and the finanual slalemenls forthe ye8f endad 31st March. 2024 obhgctll and Actlvltlgs The tsbl8ctlve8 ol the Gharily are.. Mthln charlty to provide acLornmod8tlon for th& benefit of the naoded In the Louth ?rtsa In thg Alff6hou$85 of the Charlty. io prtsvlde rellef elther generally or Indivldually for per30ng rasldent in tho P8ri8h of North Somercnt88 who are In condllions of need, hordship or distrèss by maklng gr8nts of money or providing or paying lor Iterns, 8ervlc8s or lacilities talculated lo rUC• the neod, hbrrjshlp or dlslre85 01 suth pèrsons. 10 provlde Ihe SGhool b8nefits ol any kind nol nomially provided by the loc81 education authority 85 may from tlmo lo tlme be agreed by the Govemors ané the s¢hool Governors after consullalion wth the local •uthority, lo promote in such ways 85 tha GovemorB thlnk fil the 8duc8tlorn ol children attendlng the school wh) are 8 ol fln8nGlal 8S616tanc•. to promote by lh8 8xhlbitlons or seholarBhips at InstUtIOnS ol hiqheror further educallon and In such other Vrny8 as th• Governors think Ilt the educallon of P8fson6 undor the 898 of 25 Yr4 who ttave otlended ttte school and who 8re In need of Ilnancial 88818tance. Th• lan Macdonald Momorl•l Fund to promote Iln 8uch w8ys as Ihè Twslees Ihink lit) the educatlon of p?r80ns undar tho 09è of 22 years who aro rssit1ent Sn Louth and Dlslrict. to 8S51St sirnll8r per8on8 vkno Bre preparlng lor, or engwjad In any prolessth or trade. by provldlng them with ouffits, or by paylng fees, trwalliro or rnaintenbnce expenses, or other dlsryetlonary benef. lo provid8 support ol forilitles for recraatlon and olh8r lelBure tlme oc¢up8tions for simllar young persons. to make grants lo any volunlary Charitable organisation in Louth and Di5trfct, the objects of which include the prornouon of the 8ducation of persons under the agè of 22, are In need ol finan81 assist8nc8, or the provision In lh8 interests of facilities for recreation and other1gi5ure lime occupations lor such person8. Wlthin the latter objectlv86. social welfare Inter05ts and the potential irnprovemanl of th8 cundltions of life for young p8r50ns will be (xjnslderab'ons tD whith ¢he Trustees rnu5t attath scme importance. In shaping our oblectSves for the year and planning our 8ctivStles, lh$ &)vernor5' have Ix)nsidered the Charity Commlssion's guidance on public ben8frt. rontinued
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH {Incorporatlno The l•n Macdon8ld Mernryll Fund) ANNUAL REPORT FOR THE YEAR ENDED 31st MARCH, 2024 cOnnued..... R•sults The net movamant in funds for the y88r amounted to £70,62312023.. £1 $6,017). £42,763 of this relatgd to restrf¢t8d fund5, £8,000 lo permanent endowment188vlng E19,860 attrfbutable to general reSe$, %thich now stsnd al £110,565. Futur• •trJtsgy The chsrtty plans lo wntlnue Ihg avItIeS as oullined above in th8 lorthcoming year8 yublèct to $8tlslactory fundlng arrangernent. The balance of funds av&llabl8 15 £31.164.38 for thè schcol to ut1118e In Ihe future th the Gov8mors approv81. Outlln8 planning pomiis81on Is being sought for Crowtree House wlh the Inlentlon to Incwase the as8•t for potenti818ale. Fee$ lo d8t& ore £6,540 (reports, 8ppllc4llon Bnd arnded plan81. R•••Th••llnw•tm•nt Pollcy Th• Governors h8V• astabllshed a pollcy to rnalntoln o level of fr8• roserves li8. UnrtrICted fund5 not committad or invest8d in tenglblg fixed assetBI 8uch that when th• liquld 83set5 01 the Chgrity ar8 invègted In wall 86tabllBh8d low rfsk fundB they wlll genera18 8uffScSenl incoma to enable the Charhty lo meet Ils obiecllvg8. Aftor tAking profes5ion81 advice Irom F8 Wealth Management Lid the charlty opened In August, 2020 an account with DynBmic ¢86h m8n8gemènt. unlortunatdy th18 rnPany ended investments in Seplembtr 2021 and recommend1 FIAgslone Investrnents. Balances from Clo8 8r05 and Buckingham BS We tr8n3leffed to th8 charitr An account was opened with Flagstone 8nd totBlled In¥e81od Is £525,7 The investment continues to perfomi wel Tha lan MaeOon4ld Momorlal Fund Thère wa8 one benaflclary during this perlod. Oorothy Klng Ch•rftsbh Fund This15 a fund adrninl5t8 by tho Charity under Ihe toms ol th8 will of Ihg late Mlss tk¥mthy 9. The appliCatn process for grants was est8blished and ten wem aw8rded in acLordance wlth the wndltions of wshe$. Chrlatln• Vlllkln8on The charity has agr8ed to 8drnini5ter a bwueBt undor the MiS of the will of the18t8 Mrg Christine Wllkin50n (died 231011221. £155.000 was deposited with the ¢hartty In the ye8r 8nt18d 31st March, 2023, £50,000 in April, 2023 and balance of £8,744.20 was depo8118d wth tho charity in March 2024. Rlsk revl•w The Governors have conducted tr8ir reviow ol the rnajor rSsks to thich th8 charty is exposed and 5ySterns have been estsblished to mity'gate those ri8ks. ..conts"nu8d
KING EDWARD 111 ALMSHOUSE. SCHOOL AND EDUCAThONAL CHARITY AT LOUTH (Incorporatlng The l•n MB¢don•ld Memorlal Fund) ANNUAL REPORT FOR THE YEAR ENDED 31t MARCH. 2024 Conlinued..... M8nao•m•nt and Govgfflan Arrangom•nt• The Tru Deed providès lor a minimum of Ex-officio Govemor8. thr88 Nomin8tSve Governors and six Co-OPtativ& Govemors. Where the is a requirernent for new Governors, th8se would bg identified and appointed by the remaining Govarnors. The rernaining Governors are Tespon8iblg for th& induction of any Governorwhich involves awareness of a Govemorfs rasponsibllttleg, the govarning document. administr8tlve proceduras, the history and ph1kjsophic818pproh of the Charity. Achl•vem•nts and Performanc During thè y8ar the Charlly ha6 b88n able lo meet Its objecllv•9 and has ConnUed..- ¢0 provldg Its 8upport for the school, to provlde 8ccommod8tlon for the b8n81il tsl the needy in the Louth area. and follef ggnerally In ihe Parish of North Somercoles who are In hardship or d18tr86s. - to Pfovldg support in the education of persons under the oge of 25 who 8re r8sldent In Louth Oislrlct. 3t•t•m•nt of G0mor•. r•JJpon•lbllltl•• The Governors are responsSble for preparing the Govemors. Annu81 Report and th8 finand815tbtem8nts in accordance wth 8ppllcable1ow and Unlted Klnodtsm Accounting Standord6 Iunlled Klngdom Generally Accepted AcLountlng Pr8etlcel. Th8 law appllc8ble to Ch8rltleg in England & W8188 réqulres th• Governor8 to prepara financl81 statoments lor eoch fin8nelal year which glve a true and lalr view of the st8te o18ffair8 of the charlty for that p•riod. In pr8padng th•se lln8ncl81 statements, the tnJstee8 Are required to.. $elect Bultable accounting pollcles and then 8ppW thèm cong1st8ntly', obB8rve th6 method5 and principles in the Charitias SORP IFRS1021 make ludgem8ntB and •stima189 Ihal are reasonable and prudent.. State whether applicable accounting standards have been followed. Subject any material departures disclosed and explainod in the financial 518tements,' prepare lh6 financi81 slaternents on the going concern b89ig unless it is inapproprlate to presume that the Charlty wll continue in operation. The Govemors aro responsible for keeping proper 8ccounling records that discloB8 with re8sonable accuracy at any time the financial p051tion ol tho Charity and to enablt them to ensure that ltte Ilnanclal statements fnply wth the Chorltios Act 2011 and Ac(x)unilng and R8w)rting by Charili95'. Sta18m8nt ol Rewrnmended Practice applicable to th8rSties preparing thdr accounts in accordonce wth the Financlal Reporting Stsndartl appllcable in the UK and Republic of Iland published in October 2019 and the provision5 ts1 the trust deed. They are also responsible Iof safeguarding the assets ol the Charity, and henc8 for taking reasonabl& steps lor the pwention and detection of fraud and other irregularities. Approved by the Govemors on ... and signed on thelr behalf by". Mrs. E. Ballar
INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH lin¢orpornting The ln Macdonald Mgmorlal Fund} ON THE UNAUDITED ACCOUNTS for tha ygar dad 31st MARCH, 2024 I report tts the ¢h8rWs govemors on rny examination ol the acrA)unts of the chadty for the year ended 31st March. 2024, whkh 8ra sot out on page$ 8 to 20. R•8ponslbllltle •nd basls ol report As the charity's govèmors, you are ponsIble for th• preparthlon of Ihe acc¥Junts in accor(5ance wth the requiremants ol the Charlt1e8 Act 2011 Ithe Act). I report In respeet ol my exarnination of the charity's aGcounts carrled out under s8EUon 145 of Ihe Act and In carylng out my ex8mlnalion I have followed 811 the applicable Olrectlons glven by th Charfty Commission under $gdion 14515llbl of Ihe Acl. Indep•nd•nt •xamln•r'• •tatern•nt I have complel8d my examinalSon. l nflrrn that no materfBI motter8 have corne to my 8ttenllon In connedion with the 8xBrninBtion glvlng me c8USe to belleve that in any material respect.. • OCLountirG r8e4rds were not kept In respect of thè eharfly 88 required by gedlon 130 of thè Act,. or the accounts do rnt Accord th those records.. or the accounts do not corrply vAth the applicable requirnm8nts ncernIng th& forrn and L¥)nlent of aCunt6 801 Out In the Ch&ritles IAceoun16 8nd Raportsl Rogul8tlon$ 2008 othèr Ihan any wuir•menl th•1 Itt8 accounts glve a'tN8 ond fair view whlch18 not a motter con$ld•r•d as part 01 on Independènl eKBrnlnatlon. I hovo no o)ncems and have com8 acro88 no other rnatterB vlth the examinallon lo which ?ttantion sksuld be drawn In thig Wport In ordèr to enablg a proper undarBt8néing of th8 accounts to be reached. A. Mlllson ACA Forre5ter Boyd Chartered Accountants 139 E8Stgate Loulh Lincolnshsr8 LN11 9QQ DATE." 11 fvJL)J<*fv4SoL ?L
CHARTEREO ACCOUNTANTS, REPORT TO THE GOVERNORS OF KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH lincorpornting The lan Macdonald M¢morlal Fund) ON THE UNAUDITED ACCOUNTS tor tha y••r endod 31t MARCH, 2024 In actordance wth the engagement letter dated 9th August. 2023 we havè compliad the financial informatK)n of Kiro Edw8rd Vl Almshou88, School and Educallonal Charity at Louth from the Coun1lng re(x)rd8 and information an¢J expl8n8tions you have giv8n to us. Thls report is m8d• lo you. In accordanc8 th the18rms of our eng8unent. Our work has been undartaken 80 that we might compile the accounts that We have been 8ng8ged to compilè, report lo you thal we hav• ¢k)n8 so, ond stale those mallers th81 we have agreed to 8tale lo you in thls raport 8nd for no other purpose. To Ihg lullesl extent permilled by law, we do not aePt or assume wsponslbllity to anyone other than you, for our work, or for Ihl8 rèport. We have carried out this engagement In accordonce t tgchnlc81 guidance18SU8d by the In8titute Of Ch8rtered Accounlants in Eng18nd & Wales and have complled wlh ethlcal guidanee laid down by the Institute. You have approved tho accoun¢8 for th8 yaar ended 31st Mard). 2024 and h8vo acknowl8dged your reBpon3ib11ity for them. for Ihe appropriateness of the accounting bAsls and lor provldlng 811 inlorrnatlon 8nd explanatlonB necessary for Its compllation. We h8ve not v8rilietJ the accur8cy or eomplelenesB ol the accounllng r8c¥)rds or inforrnollon and explanallon you h8v• given to US and w8 do not, therefore, exprass any opinkjn on the financial Information. Forr85ter Boyd Chartered Ac(£Juntant 139 Easlgate Loulh Lincolnshlre LN11 9QQ
KING EDWARD W ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporatln9 Th• lan Ma¢donald M•morlal Fund) 8ALANCE SHEET ASAT 31st MARCH, 2024 2024 2023 FIXED ASSETS Freehold property Property, plant and equlprnent Inv8Stments 2b 523,370 569,951 1,093,321 522,698 539,404 1.062,102 CUPREMT ASSETS Debtor8 Cash at bank 218 1,206 $32,g95 So3,7 604,185 534,201 CURRENT LIA81LITIES Cfedltors 13,932) 13,8991 NET CURRENT ASSETS 600,253 530,302 NET ASSETS 1,693,574 1.592,404 PERMANENTLY ENDOWED FUN08 Capllal RecDupmenl8 du$ 1,2C6,884 172,0001 1,185,674 180,0001 1,134,884 1,105,674 INCOME FUNDS Re51r+cted funds Unrestrieled funds 448.125 397,732 10 Other charllable funds 110,565 $58,690 486,730 1,693,574 1,592,404 The balance sht IS 8n8lysed ov8r thè vodouB funds on the follwng page. Thtr financial stat8rn8rit5 have bean pre wer8 approve(I by the Govemors on .. ared In accordance th th¢ FTnanclal Reporting Standard 102 and 8nd sign8(l on their behalf by.. Mrs. E. 88ll8rd Mr. J. Walker Governor Govemor
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporating The lan Macdonald M•mortal Fund) 8ALANCE SHEET ASAT 31•t MARCH. 2024 ANALYSED BETWEEN FUNDS Anal1¥ of n•t b•lw••n fund• P•rmon•nt Endowm•nt Unr•8trlct•d Daslgn•t•d Oth•r 2024 Total (Not• 81 (Not• 91 (Not• 10) INot• 101 Flxed asset8 (notè 21 Investrnents Inoto 31 Debtor6 Inole 41 Cash at bank Inote 51 Credllors Inole 61 523,370 463,811 523.370 569,951 218 52,987 53.153 218 61,126 13,9321 147,703 395.138 603,967 13,9321 1,134,884 448,125 110,565 1,693,574 Fund• P•rnMn•nt End*)wm•nt Ro•trlct•d {Not• 81 INol• 91 Unr••trlet•d Oth•r {N¢)t• 101 20Z4 D••lgnat•d (Not• 101 Total Gouldlng, Johnson and Tenny8Dn scholarship fund lison Coveryla18 scholarship fund Prlz8s fund Miss W. G. Howell'¥ bequest fund Extraordinary rgpair fund Gener81 charity fund Miss. Dorothy King Charitable Tw8t Mrs. Christine Wilkinson b8qUÈSt Th8 lan Macdonald Morn0ri81 Fund 37,687 40.327 35.513 16,975 20,519 12.8781 54,662 60.846 32,635 8,427 28.240 8,427 28.240 1.089,858 133,545 218,399 86,962 979,293 110,565 133,545 218.399 24.898 42,064 1,134.884 448.125 110.565 1,693,574
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporatin9 The lan Macdonald Mernorlal Fund) STATEMENT OF FINANCIAL ACTIVITIES for the ye8r •nded 31st MARCH, 2024 2024 2023 R•8trl¢tsd Unrestrlc¢•d P•miangnt fund$ fund8 Endowm•nts (Noto 111 (Not• 12) Total Total Inoi• 81 INCOMING RESOURCES Donations and grfts Inveslmonl Inme 58,744 5,054 59,024 20,243 39,692 155,280 8,202 36,578 15.189 39,692 Rents 8nd eontrlbullons rec¥ivad Total Incomlng mourco8 63.798 55,161 118.959 200,060 RESOURCES EXPENDED Chwltsbl• Grant• p•y•bl• In furthgr*nc• ol tho ¢harlty• obl•cil¥•• B8dtshou88 residents 250 250 250 Priz85 Gfont8 to SndlvldualB 2,595 1B,914 2,595 18,914 24,165 21,509 250 21,759 24.415 Co•t• of •etl¥ltl•• In furtheranu of th• charfty• ObCtIV0• ProptY malnton8n¢• G¥rage repaiTS 8nd no 27 Property management lees Insurance 9,621 1,235 420 9,621 1.235 420 5,621 276 2,623 973 1571 2,623 973 1571 1,642 Water rates LvJht and heal 506 14,815 14,815 9,782 Totsl costg In furth•ranc• of th• ch#rill obJ•ctlv•o 21.509 15,C65 36,574 34.197 ..contlnued -11
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH (Incorporan9 Tho lan Pllacdonald Momori•l Fund) STATEMENT OF FINANCIAL ACTIVITIES for the yoar end•d 31st MARCH, 2024 2024 2023 Re•trlcted Unre8trlct•d P•m)an•nt fvnds fund• Endowm•nts {Noto 111 INote 121 {noto 81 T¢*Jl Toial Contlnu8d.. Oth•r •xp•ndltur• Gov•rnanc• cos Clerks Balary Sub$ulption8 Posta, stalionery and advertising Sundries 6,000 343 6,000 8,OLY) 12 46 56 50 Accountancy Legal and profe8s1onal f M8nagernenl fee 3,C4)0 2,096 265 3,000 2,098 265 3.090 454 Total 90MIne• ¢o•ts 11,762 11,762 9,846 TOTAL RESOURCE8 EXPENDEO 21,509 26,827 48,338 44.043 NET INCOMINGIIEXPENOED} RESOURCES 42,289 28,334 70,623 156,017 Tran•f•rn 474 18.4741 8,000 NET MOVEMENT IN FUNOS 42,763 19,860 8.000 70,623 156,017 Oaln•lllo¥g••1 on fixed a#t¥ Unreall8ed gaSng on Snve51mènts 7,630 1,707 21.21D 30,547 17,1651 50,393 21,567 29.210 101.170 148.852 Fund balances brought forymrd 397.732 88,998 1.105.674 1,592,404 1.443,552 Fund balance• carrfed fprw•rd 448.125 110,565 1.134,884 1,693.574 1,592.404 -11-
KING EDWARD VI ALMSHOUSE, SCHOOL
AND EDUCATIONAL CHARITY AT LOUTH
Iln¢orporntlng Th• lan Mocdonald Mamortal Fund)
NOTES TO THE ACCOUNTS
for th• year end•d
31•l MARCH, 2024
Aecountlng pollclos
Accountlng convention
The charity Gonstilute8 a public benelit entlly as defined by FRS 102. The Ilnanrial statements have
been prepared in accordance wlh Ac
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporatlnq The lan Macdonald Memorial Fund} NOTES TO THE ACCOUNTS for the y•ar end•d 31st MARCH, 2024 Fre•hold property The following property is owned by the charty but Is rKJt shom in the AQun._ 1. The Lodge and Sohool, Edward Slre8tlCrowtre8 Lane. LDUth 2. SchcK)l and pramises, East sidg, Schoolhouse Lone, Louth 3. 8 acr85 playing fi8ld5. in and near Crowiree Lane, Louth lof which 1 Ocre Is leasehold expidng 11th April, 23721 4. The Bede hou. Gospelgate, Loulh 5. 27 Gospelgate, Louth 6. G8rdgas and stor88, Gogpdgate. Louth 7. Foundation House (The Olé Louth and Dlstrfct H05pitsII. Crowtrne L8n&. Louth Propertl88 Included under 1 10 3 and 7 8bovè a v98d by King Edw8rd Vl Gr8mmar School at Louth as xhool pr8mi8es In furtherance ol a primary obje¢Uve of the charbty. Propertl88 Included under Item 4. abov8 ara ocLupled by the needy in further8nee of 8 primary obJ8CtSv8 ol the ch8rlty. In th• oplnlon ol the tru$le¢s all IheBe propertW8 may be property consldared to b• in8llenable, It would d+fiicult and c0811y to attribute 8 CO8t or value lo tho In1,$ properties. These assèts have baen excluded frorn th8 Balance Sheet aB'. rdiable cost Inlomallon and date of acquiBltion18 not ovallable. The approxlmate datts of acquisition of the freehold property is 1986, ond Snifir8nt c#)sls would be Involved whSch would bo onerous ¢omp8red wlth 8ny 8¢JdltlonÈ1 benefit derived by the usèrs of the coUnt9 In aB88ssing Ihg irust8es' $18wardship ol the 8BSgts. The replac8m8nt co&t valueg used in r&8ped of tha above 85581s for insurance purp08es are as folk)ws.' Kiry Edw8rd Vl School and bulldlngs Almshouses and 27 Cknpolgalg, Louth Gar8oes and Storeriy)m, G05pelgate. Louth 9,043.KlQ 1.800,000 463,235 £11,307,135 2b Prop•rty. plant and •quipm•nt Op•nlng co•t Cloglng colt Additions Improvements, 27 G05pelgale. Louth CrOwte House, 39 Crowtrèa Lane, Louth Planning reports and application 64,496 452.334 5,868 522.698 64,496 452,334 6.540 523.370 672 672 Pemanent enth)vm8nt5 522,698 672 523,370 -13-
KING EDWARD VI ALMSHOUSE. SCHI)OL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporating Th• lan Ma¢don4ld Momorfal Fund) NOTES TO THE ACCOUNTS for tho year endad 31¥t MARCH, 2024 Inv•stments 8urplu•l ID•llclt) on Valu• at Addbtlon•l dl8pog•11 31st March, Olspo•al8 r•valuatlon 2024 Valu• at 1st Aprll, 2023 Nomlnal Miln charlty Ch8dllo8 oificlal InveBlm8nt funds Accurnul8llon shares 666.840 129,903 15,812 145,715 ChBrtty UK Equtty A awumulallon account Charffund accumulatK)n units Charfund Income unlls National Assoclalion ol Almshou¥es corn1n Investment fun(J - Incorna unlts COIF Investmgnt Fund Income Sh8rn8 COIF Flxed Inlgr&sl Fund Incom& 5h8Te8 2,396.933 890.040 58,080 262,252 75,523 3,785 11,275 11,3791 61,865 273,527 74,144 5,092.OC4) 267.OLKI 243 527.540 9,884 896 10,779 2,991.250 3,523 155 3,678 539,404 30,547 569,951 PgrrnBnont enilownènts 442,601 21,210 T,630 463.811 52,987 Restricted lund8 UnrestTlcted funds: Designatad funds Other charitablè fund8 49,920 1,707 53.153 539,404 30.547 569.951 -14-
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH lincorporoting The lan Macdonald M•morlal Fund) NOTES TO THE ACCOUNTS for th• ar endod 31AI MARCH, 2024 4 Dobtor• Unrnztrlct•d D••lgnatsd Oth•r PornMn•nt 2024 2023 Rè*trlct•d Endowm•nt Totsl Totsl Rent8- Garage Conlributlon- Bed8hou888 52 166 1,040 166 Tt>tsl d•btor• 218 218 1,206 C••h #t fik Unr••trlct•d P•mian•nt R••trlct•d Endowm•nt 2024 Total 2023 DMlgnat•d Total Cash at bank 61.126 395,138 147,703 603,967 532,995 B Cr•dltorn Unr••trfctod D••+gnat•d Oth•r Parm•n•nt 2024 Tot•1 2023 R•strfctsd Endowment Totsl Accxjuntancy Light and heat Water rates 3,0(M) 300 3,000 300 2,970 245 150 150 150 52 482 Recelpts in &lvanc Othor Total credltorn 3,932 3,932 3,899 -15-
KING EDWARD VI ALMSHOUSE, SCHOOL ANO EDUCATIONAL CHARITY AT LOUTH Ilncorporatlnq lan Macdonald M•morlal Fund) NOTES TO THE ACCOUNTS for the year ended 31•t MARCH, 2024 Recoupment• B•dohouts• Total r8developm•nt Origlnal advanc 200,C(N) 200.000 Recouped to 318l March. 2023 RecOuprnI In ye8r 120,)0 8.OLKI 120.000 8,000 Recouped to 31st March, 2024 128,000 128,OCrfJ R8coupmenl out8tandlng al at 31st March, 2024 72.000 72,0 Annual r8couprnent 8.Th)0 8.OC4J P•rmon•nt ondowm•Tht• Th8 lund8 ol the charity Indude the follcrtlng pemanent O%nant8.. 841c* Funds ond Balon¢• N•t chJry• flxod •88•t• In valu¢ of Recouprn•nt• donat•d to th• 31•t March Inv•stm•nt trpnsfèrr•d b•n•ficlarl• 2024 Inoto 31 Inots 71 2023 Gouldlng, Johnson and TennyBon Scholarship fund Allison Coverdale Scholarship lund Proes fund General chanty fLJnd The lan Macdon81d Memorfal Fund 36.978 39,566 34,845 953.011 41.272 37.687 40,327 35,513 979.293 42,064 T59 668 18,282 792 1,105,674 21,210 1,134.884 -1
KING EDWARD VI ALMSHOUSE. SCHOOL ANO EDUCATIONAL CHATy AT LOiJTH Ilncorporatihg Tho lan M•¢donqld kl6morl•l Fund) NOTES TO THE ACCOUNTS forthe yr •fitsd 31•t MARCH. 2024 R•8trlct•d fvnd8 The Income fvnds of the th8rtty Sndude mtrlct8d frJnL18 0)mprfslng the followlng Unexpded bolanc¢8 hdd on tru$ts lo be appli8d for 8p8dfic purposts. B•linc• asat 1st Awll 2023 N•t N•t chango mov•m•nt In ¥alu• ol In fund# Invg•tm•nt• •#at 31•t M4r¢h 2024 (Not• 111 INots Jl Ml¥&. W. G. HowdV$ 8wuostfund Gouldlng, John8cn & Tènnyson &o18r8hlp fvnd Ilson Co¥erfJle Scholar8hlp fund Prfzes lund Extraordln•ry rep8lr fund Ml&$ Dorothy King Ch8rftable Trust hArB. chrI8n0 Wllklnson btyueBI The lan MJcdonald Memodol Fund 8,181 10,479 19.921 12731 26,240 147,808 155,000 24,578 188 1331 1871 1821 8,427 16.975 20,519 12,8781 28,240 133,546 218,399 24,898 225 271 338 409 12.5991 2,000 116,4891 80,862 3,032 3,184 06 leo81 16371 397,732 44.289 7.830 1,526 448.125 10 Unr•¥trlct•d fund• The Inrxmne funds of the charity Indude unr061fieted fund• •¢paratwJ for 8dminiBlr8tion purpJ8e8 and ec¢npdbe thè follong uneypended bolance8'.- a•lnc• B•lanc• N•t N•t ehanq• mrn•nt In v4lu• ot In fundi I#trn0t• 1•t *4>rll 2023 31Jt March 2024 Tr•nif•r (Nots 121 {Nolg 31 D••lgnatsd fund• oth•r Charl1ab fvnds: Gonorol chadty SeenI 88.998 18,334 1,707 1.526 110.565 Such o transfer was rnade fr¢m reslricted funds to Q8neral th8rlty to represent the charge hr admin8tr8ts.on and managernent of funds.
KING Et>WARD VI ALMSHOUSE. SCHOOL O EDUCAT1014AL CHAn AT LOUTH OncorporAlngThe lan Mu¢donold MemNl•l Fundl NOTES TOTHE COuNT8 for tho r •nded 31Bt PAARCH, 2024 11 An4b5 ol Incom• wd oxpendblur• x¢ount betsM•n r•8td¢t•d fvnd• INCOME MI. Goukllngl Dorothy John•on And Alll•on Ml•. W. G. Klnq Chrl•tln• Micdon&ld Extraordln•ry TwnDy•on Cov•rd•l• Howell'• Ch•rltsbl• %lllkln8w M•mor141 R•palr 8cholar•hlp 8cholornhlp Prlu• Baqut Tru•t b•qu••t Fund Th• lan 2024 2023 Total Tot•1 COIF dId•n3 37 92 70 Ch•nfund Inco 49 59 24 436 457 73 1.Oq8 781 Bank Inlefeol 172 20T 85 1,536 1,613 256 3,666 Logacyfrom Mrn. chrty Wilklnaon 58.744 58,744 155,000 22S 271 2.008 60.802 335 e3.798 158,502 EXPENOITURE 2,59S 2,595 18.914 Gtani8 to IndN4dufjl 18,49r 417 24,165 2.595 417 21,S09 24.165 NET INCOMEI IEXPENDITUREI 225 271 12.5991 116,4891 60,852 1821 42,289 132,337 Translor Irorn GO1 Charbty ACcrAl 2,0 2,000 NET MOVEMENT IW FUND 225 271 2.599 16,489 60,852 82 42.269 134,337 -18-
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CTriARITY AT LOUTH In¢orporatln9 Th• lan Matdonald Momorfal Fund) NOTES TOTHE ACGOUNrs fty tho )ar •nd•d 31At MARCH, 2024 12 Analy•l• of InMm• and •xp•nditur• aG¢ounl b•twoon unr••tri¢tsd lund¥ 2024 Total 2023 INCOME Ggn•ral cha1Y Totol Donqtion- Louth Unlied ChBrftb 88nk Interest Incorne from COIF lrtome from charilund W4ylea¥8 8edeheu8e wntrfbuucn R8nts- gar8g85 and strye$ 280 280 280 2,W1 314 11,612 278 11,fj12 278 3,294 3,294 3.480 25,814 13.878 55,161 25,814 13.878 55.161 22,874 13.704 43,558 TOTAL INCOME EXPENDITURE CHARrfABLE Qt•nts p•yabl• In furlhr4nr• olth• ch•rW¥ ob¢11• R83ldefit¥ Xm88 fund 250 250 250 250 250 250 oxts ol octlvltlm In furth•rnnc• olth• ch•rf1¥ obj•et 88d6hou8e wpalrs Gwr49o r8p81r8 and no 27 Propety mAnBo8mènt180s Injurance 9,621 1,235 420 9.821 1,235 420 8,621 278 1,008 1,642 72 2,023 973 57 14.815 2,623 973 571 14,815 15.065 Watsr ral88 Llght •nd heal- 8edoh¢u$08 9.782 TOTAL CHAIUTABLE EXPENDITURE GOVERNAPXE Clerk's &al&ry Post8go. staUDnery and 80v&81j Subscriptlons Accounlancy Legal 8nd profe88lonol lee PknnBg8m8nl fee$ Sundry expenses TOTAL MANAGEMENT EXPENOITURE 6.OOD o,Doo 12 343 6.000 343 3,000 3,000 2.0 3,090 265 265 454 50 11,762 11.762 9,846 TOTAL EXPENDrruRE 20,827 26,827 19.87e NET INCQMEIIEXPENDITUREI 28,334 28.334 23.680 Transfer lo Extraordinjry Repair Transfer tr> F8rn8n8nl EndowThènt 12,000} 18,0001 12.LKJOI 18,OWI 12.0001 IB,0001 NeT MOVEME1 IN FUND 18.334 18,334 13,680 -1
KING EDWARD VI ALhlSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH {incorporatlng The IHn Macdonald M•morfal Fund) NOTES TO THE ACCOUNTS for th8 y•ar ended 31st MARCH, 2024 13 Govarnorn. romun•ratlon The Gov8mor6 receivèd no remuneration12023'. £nlll 8nd worè not r8irnbur58d for any ol thalr expenses during Ihe y&ar12023'. £nill. 14 Control Th8 chgrfty Is controllad by the Govemorn. -20-