iuol /AMI EM IGMG KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorpovatlng Thg lan MaGdonald Memorial Fund) UNAUDITED ACCOUNTS for the year ended 31st MARCH, 2025 L, Forrester Boyd CIIAR TERED ACCOiI¥TANTS
KING EDWARD V] ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorpor•tSng The lan Macdonald Memorial Fund) UNAUDITED ACCOUNTS for th¢ year ended 31•t R¢H, 2025 INDEX P•9• R•for•n¢• and •dmlNl•trntfv• d•l•l Annual Report Ind•p•nd•nt Eumlnerf• R•port A¢count•nts' R•port B•l•nca Shmt Balanc• Sho•t •naly•ed b•ts¥•en Fund• 8tatem•nt of Flnanclal Actr¥ltl8 10.11 Notgs to the Ac¢ounts 1&20
KING EDWARD VI ALMSHOUSE, ScH(L AND EDUCATIONAL CHARITY AT LOUTH Iln¢orporatlng Tho lan MaEdoMld Memorial Fundl REFERENCE AND ADMINISTRATIVE DAlL8 for the yo•r ellded 31st MARCH, 2025 Rtglfytr¥tlon number. 220158 Cl•rk Mrs. S. Nèedham AddM••: Manor F8m, Gaylon•la-Wold, Louth, Lincolnshire. LN11 ORA EXffICI Gov•morn High Steward R6pros6ntativè Chalrman. Kinq Edward Vl Grammir School Governors Mr, R. Maltm8n Nomlnatlv• Governorn Llncoln•hlr• County Cotsncll Romoved 241h June. 2019 and replaced by 8 CtNoptalfvg G¢verngr. Louth Town councll 14 year5 from 13th Augu$l, 20221 Mr, A. Leonard 14 year8 from 13th August. 20211 Mr. O. Hobson 14 Yea from 20th March. 20241 IArs. J. Makin8on-Saunder8
KING ÉDWARO VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARifY AT LOUTH (Incorporang The l•n macdorld Memorial Fundl REFERENCE AND AOMINISTRATIVE DETAILS forthe y•ar ended 318t MARCH, 1025 Continued... Corf*ptstlv8 Gov•rnor8 Mrs. E. BalL4rd Iwardenl 15 year8 from 28th June. 20211 Mrs. S. E. Locking (Deputy W8rdonl 15 years from 28th March, 20221 Mr. J. Walkèr 16 years from 17th F8bru•ry, 20231 hATS. J. Barton IS y8ar5 from 261h Jun•. 20231 Mrs. S. Hawson 15 yaar8 from 1st Sepièmb•r, 20231 Mr. l. Trowsda IS yearu trom 318t March. 202SI The Schame was approv8d and Sealèd by the Charill88 Commission on 7th August, 1986. gnd amanded 161h Av9U81. 2008, 2nd April. 2014, 26th Septémber. 2016 and a8 amended by resolution dalod 24th June, 2019. Th• endo8ed Accounts hava baen prepared under the prèvislgn$ of that Schernè. Prolfr••lonal Advl•orn B#nkor#'. TSB Henry Duncan Hous8, 120 George Str88t, Edinburgh EH42 4LH Ind•pendent Examlner: Forre51er Boyd Charterod Accountants 139 Easlgate, Loulh, Lincolnshire. LN11 9QQ
KING EDWARD VI ALPASHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporatlng Th• lan Macdonald Memorial Fund) ANNUAL REPORT FOR THE YEAR ENDED 31•t MARCH, 2026 Th• Governor8 present thelr report and th8 financial slaternents for the year 8nded 31st March, 2025. Objectives and Activitle• The objectives ol Ihe charity 8re'. Main ¢harlty to provid4 accommatIon for Ihe benafbt of the n88d8d Sn the Loulh aroa in the Almshou$8s of the Charity. lo provlde relf either generally or indlvldu811y for pèrson$ r08id8nt In Ihg Parish ol North Somer¢ole8 who are In condllSon5 of need. hard5hlp or di51re$s by making grants of monay or Providing or paying lor items, ¥8ivKe$ or facililiès calculated lo reduce tha need, hardship or distress of such persons. lo providè the $ch¢ol b8neflts ol any klnd not nomally prevlded by the local vJduc8tion 8vlhorily a5 may from tim• lo time be agr¢¢d by tho Governors and th• $¢hool Governors aftèr ¢on8ullation with the local •uthority. to promote in Juch ways as the Governor8 Ihink fSt the atiOn of chlldren attending tha school who ar• in n88d ol1Sn8ncial as¥lstance. to promola by the &xhibitions er Scholarships at InstUOni of hloher or lurther gducailon and in iuth other ways 8$ the Governors think fit the educallon of parsons und¢r tha oge of 25 y•ar8 who have allendod the school and who ora In n8ed ol fi'nancial a$8islanc•. The l#n Ma¢donald Memorfj•l Fund 10 promote (ln suth way8 a$ the Trustaes think frt) the education of persons und8r the age of 22 y&ar8 who arè reBldenl in Louth and Di$lri¢l. lo assist similar per80ns who are Prepang for, or engaged in any prole6$ion or trade, by proYK1ing thèm wlth ouifils, or by pawng foes. travelling or moinlenance tyn&es, or olhar dis¢rFJtlonary banoflts. to provida support of facllllie8 lor recreation and other leisur8 lime occupation$ for similar young persons. to mak& grants to any voluntary charitable organisalion Sn Louth and District, the object8 of which In¢lvrJe the promob'on of the education of persons under the age of 22. who are in need ol lin¥n¢ial 88SlStance, or the provnion In the int8rtst$ of facilities lor recreation and other leisure kn'm8 occupallon$ for suth persons. Within the latter two objectives. 5¢xlal wear0 Interests and the potential improvernent of the conditions of life for youno per80ns will be consid8raDoD$ to which th8 TruE18e5 must attach some importanc8. In shaping our obj8Ctwes for the yaar and planning our aclivits'e5, the Governors, have c4)nsider¢d the Charity Commission's guidance on public benefit. ..conts"nued
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH IlnGorporallng Th•12n Macdonzld Mernorial Fund) ANNUAL REPORT FOR THE YeAR ENDED 31at MARCH, 2026 Continued.......-. The nel movement in funds for the year amounted lo £114,337112023". £70,623). £123,396) of thls related to re61rKied lund8, £8,000 to pemianent endowment leaving £1.059 ottributsble to 9on8ral reserv88, which now 8tand al £113,842. Futur& str8t8gy The charily plan$ lo continue the aclivlles as oulllned above in the forthcoming y8arn 8ubject te 8ati818Ctory funding 8rrang$menl. Th8 balance of fund6 available Ss £31,164.38 for the school 10 Utili in the future wbth the Govgmors approval. Oulllne plannlng permi8$ion is being Sought for Crowtrea Hou88 with th? inlenllon lo increa8e the a5$et for potsniial Sale. Faas to date are £6,340 (reports, applicallon and amended plansl, Re¥•NesllThv8blm•nt Poll¢y The Governors have 8913b115h8d a poIY lo rnalntgin 8 lev•1 of liee re5arves lie. unreslrided fund5 not comrnitted or Inve$led in langiblo fixad asselsl such Ihal when the liquid assets of the CharSly are inve&t8d in well e$tab116h•d low risk lund$ they will generate suNia8nl income lo $nable the Charity to m881 ils objectNes. Aftèr lakln9 pfDf858ional advice from F8 Weath Management Ltd the Charity opened in August, 2020 an account with Dynamic cash management. unfortunately thi8 wmpany anded Investments in September 2021 and commendod F5sgslone Investm8nl8. Balances from Clos Bros and Bu¢kingham BS wer8 Iiansferred lo the ehari15 An account was eponod wlth Flagstone and lotalltrd irtvest8d is £547,813. The inveètrn•nt continues lo perfom woll The lan Macoonald M•morl•l Fund Ther8 was on& beneficiary during this period. Dorothy Klng Ch8ritabl• Fund This is a fund admini81ered by the Charity under the terms of th¢ wlll of Ihe late Miss Oorothy King. The applicabon proce55 lor grant¥ wa5 establi5h8d gnd twelve have been 10 date awarded in accordanc8 vrilh the conditions of wish$$. ChrfstlDe Wlkln80Th The Charily recoived a gacY under the term8 of thè will of thè late Mr8 Chri$tine Wilkinson {dd 231011202213nd agreed to admini51er Ihl$18gacy in èc¢ordanc& wth the wish*s of Mrs Wikinson. Th8 legacy amouniod to £213.744.20 and the monies dlstribuled so far under the terms ol the will had amounted lo £S.044.21 by 315t March 2025. Risk review The Governors hav8 conducted théir review cf the major nsks lo which the charity 1$ exp059d and systems .conlinued
KING EDWIARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARrrY AT LOUTH Ilncorporating The larb Macdonald Memt>rial Fund) ANNUAL REPORT FOR THE YEAR ENDED 31$t MARCH, 2025 Conlinued.....-.... Mana9•m4nt and Oovernanca Arrangem•nts The Trust Deed provides for a minlmum of Iwo Ex-offi¢io Gov•rnors, three Nominative GovernorJ and six Colloplaliv8 Governor$. Wh8r8 there is a r8qulremÉnl for new Gov8rnors. these would be Identified and appointed by the famaining Go¥ernor8. The remaining Gevernors are responsible for the Induction of any Governor whiGh involves awarene88 of a Governo¢s r65ponsibilit5, tha govarnlng decumon( adminlstrativ& procedur88, the history and philosophical appro8ch of tha Charity. Achl•vements and P•rfomian¢• During lh6 year the Charity has been abls lo meet its objéc¥08 ond haB conlinu8d'.- lo prov• 115 SUPPOrt for the School. lo provide ac¢omrnodation for the benefit of the needy In tho Louth srta. and rèllay genarally in the Par15h ol North Som8rcotes who ar8 in haidship or distre$s. to provide $upporl in the educ8tlon of p8r8ons under the a9e of 25 whcl are reBident In Louth statement of Govornor•' re•pon6lbllrtk• The Gov?rnars are re8pon8ible for preparing iha Governors, Annu81 Report and the finoncial slalemen18 in accordance wllh applicable law and Unit4d Kingdom AGcounling Slandèr4$ Iunittsd Kingdom Generally Accepted Accounting Practic81. The law applicable to Charities in England & Wal08 requires the Governors to Preparè finan¢ial slalemenls for each financi81 year whlch 9iv8 a trua and falr view ol the stale of ¥lfalr$ of the charity for that period. In preparing thesa fin8ncl81 $lalemen18, the Iru61e88 aro required le,. sel8d suitable 8ccounting polici88 and then apply them con51slenlly,' observe the rnethods and principles in tha Charities SORP IFRS1021 make judgernenls and e81imaie$ that are reasonable and prudent., &tat8 whether applicabk accounting $land8r4s have bean followed. $ubj8cI lo any alerial departures di$clo8ed and explained In th8 financlal slalements.. prèpare the financial slatemanls on the going con¢8rn basiu urtl888 il is Inappropriale to pSuMe that Iha Charity will continue in operation. The Gov8rnor5 ar8 responsSble for k8aping proper ac¢ounting record$ th81 dlsdose with reasonable accuracy al any tim¢ Ihe financlal position Df the Charity and lo enoble them to ensurg that the finaThal statements comply with the Charikn'e5 Ad 2011 and Accounting and Raporting by Ch8rthes.' Slalement of R6comm8nded Pra¢ti¢e applicabl6 lo chari118$ preparing their accounts in accordance with the Financial Reporknng SlandaTd applicable in Ihg UK and Republic Of Ireland published in Odober 2019 and the provisions of the trust deéd. They aro also Tespon5ib1e for safeguarding the a$Éet8 of the Charity, and hence for taking reasonable 8teps for the prevention and d&tection ol fraud and other irregularities. Approved by the Governor5 on 29th September, 2025 and svJned on their behalf by." Mr5. E. Balla
INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCAnONAL CHARITY AT LOUTH Ilncorporalng The ian Macdonald Memorlal Fundl ON THE UNAUDITED ACCOUNTS for the year ended 316t MARCH. 2025 I report lo the ¢harily's governors on my examinallon of the accounts of the charity for the year ended 31st March, 2025, which are Bot out on pa9es 8 10 20. R8•pon8lbllltles and ba818 of r¢port A$ tha tharity's govemers. you 8re responsible for the Pfepaiatson of the a¢counts in a¢cordsncA with the requir6ments of th& Charities Act 2011 (the Acll. I report in r86pe¢l of my exarnlnotion of thè ¢harity's aCGounls carrled out under Section 145 of thé Act and In carrying out my 8xaminalion I h8v• followad all the applicable Diractbns given by the Charity Commission under section 145lSllbl of the Aci. Indop•nd•#t ex•mlnor's •tatgm8nt I have ¢omplet8d my axaminalion. I confirm that no mater1 rngtters h8va comg lo my att6ntion In connecllon with the 8X8mlnalion 9iving me ¢3use lo believe that in any material respect.. accountin9 records wer¢ not kept in re8P8cI ol Iha charity required by section 130 01 th8 Act.. or the gccouni$ do not accord with th058 re¢oids.' or th8 accounts do not comply with the 8pplic8bl6 requireménli concomlng the form and Gonlenl of accounts sel out in th• Ch8rlliè8 IAc¢ounls and Reports) Regul8li¢n8 2008 other than any reqviramenl that Ihe account& giv4 &'twe and fair whlch 1$ noi a mattér onildered as part ol an indap6ndent exzminalion. I hav6 no concern5 and h8ve come 8croJ$ n¢ othor matt8r$ with thè ex3minatbn lo which attentlon ¥hould be drawn in this repert In order lo en4ble A propèr understanding of the a¢untI to b8 reach8d. A. Millson ACA Forrester 8oyd Chartered Accountants 135 Ea8tg8te Louth Lincolnshir$ LN11 9QQ DATE.. 7th October. 2025
HARTERED ACCOUNTANTS, REPORT TO THE GOVERNORS OF KING EDWARD VI ALMSHOUSE, SCHOOL AND EOUGATIONAL CHARITY AT LOUTH lincorpor¥tlng Th8 ian Macdonald Memoyial Fund) ON THE UNAUDITED ACCOUNTS fof the year 8nd•d 316t MARGH, 201$ In accordance with the ongagement lettèr dotsd 9th Augubt, 2023 wo have cornplied tha financial infomialion of Kin9 Edward Vl Am8hous8, S¢hool and Educ)li¢n81 Charity at Louth IrLXf the accounting records and ¢nfom8lion and oxplanali¢n$ you have given to us. Th18 wporl18 made to you, in accordance with the term8 of our engagement. Our work h9$ been undortakan No Ihatwe might MplIe the accounts that wa hav8 been engaged lo ¢ompiie. Mporl to you that we have done $0, and stste tho$e mallers that W8 havè agreed lo slate lo you in IhSs reFK>rt and for no other purp088. To the fulk$l extenl ptsrmilted by law, we do not 8¢cepl or a88ume re8ponsibllity ie anyone other than you. ror ourwork. or lor this repert. We havg carried out thi8 0ng3gem?nl in accordance with technic41 guldance IS&U8d by th? Ins1Slute of Chartored A¢counlant5 in England & Walas and have Gomplied with the ethic81 guidance laid down by the Institute. You have approved the account8 for thè year ended 31$1 March, 2025 and h?vè acknowledged your respon$ibilily for them, Igr th8 appropri21enes6 el th8 8¢¢ounling basis and lor Pfoviding all Inforrnalion and explanallon$ nac865ary for lis compilslion. Wa have not v8rifi8d th& accuracy or compl8len•s8 of the aceounling racords or inform8Wtsn and explanalions you have givan to U8 and we do not, therefore. éxpress any opinion on Ihe flnanclal infomialion. ¥LSJ Forr85tar Boyd Chartered Accountsnts 139 East9ale Louth Lincolnshire LN119ao DATE." 7th OctDb&r. 2025
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Iln¢orporatln9 Th• lan Macdonald MornorlAI Fund) BALANCE SHEET ASAT 31•t WIRGH. 202S Nots 2026 2024 FIXED AS8ETS Freehold property Property. plant and equlprnent Invè6tmen¢s 2b 523,370 603,918 1.127,288 523,370 569,951 1.093.321 CURRENT ASSETS Debtors Cgsh at bank 144 $89,794 218 803.s67 589,938 604.185 CURRENT LIABILITIES Creditor8 14.0221 13,9321 NET CURRENT A5SET8 585,916 800,253 NET ASSETS 1,713.204 1.693.574 PERMANENTLY ENDOVRD FUNDS 1,229,646 164,0001 1,208,884 172,0001 Recoupments due 1,165,846 1.134.884 INCOME FUNDS RèBtri¢t¢d funds Unreslricted funds Othor charilabla funds 433,716 448.125 10 113,842 110,SS5 547,558 558.ego 1.713,204 1,693.574 The balanee Sheet is analysgd over the various funds on tha lolkjwing page. Thè financial 5tstem8nts have been prepared in accordance wth the Fina eporting Standard 102 and were approved by the Govemors on 29th S8Ptember, 2025 and $ on thair behalf by.. Mr5. E. Ballard Mr. J. W8lker Govemor Governor
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Iln¢orpc+fdtlng Tho lan Macdonald Memovial Fund) BAL4NCE SHEET ASAT 31$t MARCH, 2025 ANALYSED 8ETWEEN FUNDS Analy•l$ of n•t Bsset8 bolwe•n fund• P•mn0nt Unr•8trfcted Dg•ign4tod Othèr 202S Totsl Endowmont Rostrlct•d INote 81 (Note 91 INot• 101 INot• 101 Flxad a56•ts Inolo 21 Inve81menls Inole 31 Debtor5 Inole 41 Cash at bbnk Inole 51 Cr•ditor6 Inote 81 523,370 486.573 523,370 603,918 144 60.184 57.181 155,703 373,552 60.539 14,0221 589.794 14,0221 1,165,646 433,716 113.842 1,713,204 Fund P•rnianont Unr••trkl•d 2026 Endowmont (Noto 81 R•otrlctsd (Not• 91 Dofjlgnated INotè 101 Othèr INote 101 Totsl Goulding. Johnson and Tennyson Scholarship fund Allison Coverdale 8cholar8hlp fund PrK86 fund Mlss. W. G. Howall'$ bequest fund Extraordinary repairftjnd General tharfty fund Miss. Dorothy King Ch3rntab Trust Mrs. Christine Wilkinson bequest The lan Macdonald Memorial Fund 38,443 41.136 36,225 17.626 21,308 14,4991 56,069 62,444 31,726 8,750 30,240 8,750 30.240 1.120.776 115,185 220,751 67.283 1,006,934 113,842 115.18S 220,751 24,355 42.908 1,165,646 433.716 113.842 1,713.204
KING EOWARD M ALMSHOUSE. SCHOOL AND eDUCATIONAL CHARITY AT LOUTH Iln¢orporating The lan Macdonald M¢morfal Fund) STATEMENT OF FINANCLAL ACTIVITIES for the yoai ended 3191 MARCH, 2025 2025 2024 R••¢ri¢t8d Unrt•trl¢tod PemMnent fundi lunds Endowments Total Total INots 111 INot• 121 Inot? 81 INGOMING REsouftces Donations and gitt8 Inve$lmenl income 280 24,884 39,379 280 33,835 39.379 59,024 20,243 39,692 8.951 Ronts and contributions recèlved Totsl Incomlng r••our¢o• 8,951 64.543 73,494 118,959 RESOURCES EXPENDED Charltsbl• Grant• payable In furthorine• of tha ¢hrlty' objè¢tlv•• BedehOu r¢Jidénl8 250 250 250 Pre8 Donailon to KEVIS Irepairsl Grants lo indlvidua18 1.500 8.044 24.993 1,500 6,044 24,993 2,595 18,914 32,537 250 32.787 21.75 Costs of a¢t5vltl•• Sn lurth•ranc• of th• ¢h•rbty's obi•¢tbv•• Property malnknanr Garage repalr& and no 27 Property management fee8 Insurance Water rale$ 5,171 37,551 5,171 37,SSI 9,821 1,235 420 2,215 1841 383 2,215 1841 383 2.623 972 Llghl and heat 1571 45.236 45.236 14.815 Totsl costs In lutthoran¢o of th• charltl85 tsblo¢tlves 32.537 45,486 78.023 36,574 ..¢onlinu8d .1(
KINC EDWARD VI ALMSHOUSE. SCHOOL AND EOUCATIONAL CHARITY AT LOUTH (IncoOrating Th• lan Maedonald M8mrf41 Fundl STATEMENT OF FINANCIAL ACTMTIES for tho year ended 31$t MARCH, 2025 202S 2024 R8¥trl¢t•d Unr•strl¢ted Pennan•nt lund8 Éndowm8nts (Nots 111 (Note 121 Total Continued.......... other •xp•ndltur¢ Govoinan¢• co•ts Clèrks salary sub8criplion$ Pootsg¢. 8latlonèry and advertlsing Sundries 6,000 353 6,OCQ 353 ,oDo 343 12 138 138 46 AccounlAncy Legal and proféssional feel Manag8mént1888 3,090 3,090 3,000 2,096 265 22e 220 Tot•1 gov8rnan¢• ¢o•ts 9,808 9,806 11.762 TOTAL RESOURCES EXPENDED 32.537 55,294 87.831 48,336 NET INCOMINGIIEXPENDEDI RESOURCES 123.5861 9,249 114.3371 70,823 Transf•r• 190 18.1901 8,000 NeT MOVEMENT Ihl FUNOS 123,3981 1,059 8,000 114,3371 70,623 G•ln•lllo58eo1 on fl¥¢d a•8Vt• Unro8lls8d gains on invo$trnent8 8,987 2.218 22,762 33,987 30,547 114.4091 3,277 30.762 19.630 191.170 Fund balances brought ffoard 448,125 110,565 1,134.884 1.893.574 1,592,404 Fund balan¢¢s carrlod 1¢*ard 433,716 113.842 1.165.646 1,713,204 1,693,574
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporating The lan Mo¢donatd Momtsdal Fund) NOTÉS TO THE ACCOUNTS lor the y•ar ended 31st MARCH, 2025 Accountlng polScie8 A¢counting conventlon Thts charfty conslitule5 a publlc b8n8fil entSty as d6fined by FRS 102. The finandal staiemenls have b8en pr8pared in ac¢ordance with Accounting and Reporting by Charlli85. Ststemanl of Recommended Pra¢li¢è applicable le charities preparing their account$ in accordanc& with the Financial Reporting Slandard applieab5e in the UK and Republt of Ireland issued in Oclob8r 2019. the Financial Reporting Standard appli¢able in the United Kingdom and Republic of Ireland IFRS 1021. the Chadtle$ Ad 2011. and UK Gen8r811y Accèpted Accounting Practic8. The financial slalemants dc not in¢lude a slalemenl of cashllows on the ground8 that it is a small Gharity. The linanei81 slalBments are presont8d in Jlerling whl¢h is the funcllonal currency of the Charity and rounded to the nearest povnd. The financial 51alemÈnls cover Ihe Individual charity King Edward Vl Almshouse, School and Educational Charily al Louth. Incomlng R88ourc•s I Incoming 18souics ara in¢ludèd in full in the St81emenl of FlnAncio1 Acllvllitr5 Kvh¢n recalvable. T•nglblg flxed ai••ts The Charities gevernin9 document eontsln$ no power 018818 In rgspect of any el th¢ freehold propertias. The prop6&& Il&t8d in note. 2a ar8 Inalianabb and 11 15 not ¢onsider8d nèc8888ry for th?m lo be capilaliséd in tho accounts. No d8lall8 of historical ¢ost or dale DI acquhibon r• availabb and the Gout Invefvod in obtaining such infom8tion would b8 onèrous compared to any b¢nelbt derived Irom ony user of the aceounls. Land Is held al cost and Is not depreTh8tsd. Departur• Irom tha requlr•m•nt• of th• SORPIFR51021 Properly. plonl and equipment 8r8 518ted in th6 slat8menl of financial position at eosl. No depreciation has been ehargod on the Freehcld Properly as they Bre maintained to such a standard that their residual value is noi l&$$ thon their c05t. Tha c031 of tongityle a5sols Includes directly ottribulable increrneDtal cosls Incurred in Ih$ir acquisition and in8tallatien. R•#ource8 8xp•nded Charilable 6xpendilure is applied in direct pursull of the charity'6 obltsctive8. Olherdir8Ct and manag8rnenl oxpgndilur£ all arises frorn the day to day Dperalon of thè charity. Funds Restricted funds are lo bo used for 8P8f purpo8es as lald down by the donor. Expenditure whkh meals Ihase criteria is chawed to the fund. Unreslri¢led fund5 are donations and other incoming resources r8ceivable or generated for the obi&cts of Ihe charity wlhoul fvrlh8r specified purpose at)d are available as general purposos. Designaled funds are unrestricted fund$ earmathed by the Governors for particular purposes. Permanent endowment funds a wholly maintained on trust lo be retsined for th& benefit of the charity as a capital fund. Investments Inv8sbTeni$ are included at market value 8t the 8alanc8 Sheet dats and the gain or108S taken lo the Slalement of Financial Activities. -12-
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUCATIONAL CHARITY AT LOWH Iln¢orporatlng The lan M¥¢dDnald Memorial Fund) NOTES TO THE ACCOUNTS for tho yer ended 31st MARCH, 2025 Freehokl property The following property is owntsd by the chanty but is net shown in Ihe Accounts:_ 1. Th& Lodge and S¢hool, Edward Str8eVCrowtre8 Lane. Louth 2. School and pramisos, E85t Slde. Schoolhous8 Lane, Louth 3. 8 acres p18ying flelds, in and n8ar erowtre8 L8ne, Louth lol which 1 acrn is l&a$ehok axplring 11th Aprll, 23721 4. The B8d8 heu50$. G08pelgale, Louth 5. 27 Go8polgat8, Louth 6. GarageB and store$, G05pelgate, Louth 7. Foundation House (The Qld Louth and Oislriet H¢8pitoll, Cloree Lane, Loulh Properties included und8r 1 to 3 and 7 above are usad by King Edward M Gr8mrnar School al Louth aB scheel premi$a8 in furiheiance of a primary objective of the Charity. Properlie$ Included und8r item 4. above are occupied by the needy in furtherance ol a primary objective ol the charlty. In the opinion ol the truJt88s Ill th?58 prop&rt&S rnay be proporty cen8idered lo be inJli8nabl8. 11 would bo difflcult and costly lo allribute 8 CO81 or valu• lo the Iru81'i prop8rtiOS. Thasa 8siel• havo been excluded from lh8 Balance Shèét as.. re118bl8 cost inlormalon and dalo of acquiiltlon IJ not available. Th• approximAle dat• ol acquisition ol the freehold proporty18 1986, and $nllicant costs would b& involved which woukl enerou8 ¢ompar8d with any additional benelit derived by the users ol the accounts In a$$esslng the trustees, Stewardship of the a$$èls. The replacement ¢081 valuès used in re6pg¢1 of the above 8s$•ls for insurance purpose8 aré as follows.. King Eard Vl School and building8 Alm8heuB88 and 27 Gosp&lgate, Louth Garages and Storeroom, Go$p81gat8, Loulh 9,043.900 1.800.000 463.235 £11,307,135 2b Prop¢rty> plant equipment Op•nlng COAt CIo8lng Add08 Improvemen15, 27 Gosp&lgate. Louth Crowtree House, 38 Crcwlree Lana, Louth Planning r8ports and application 64,496 452,334 6.540 523.370 64.496 452.334 6,540 523,370 Parman8nt endowments 523.370 523.370 -13-
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCATIONAL CHARITY AT LOUTH Ilncorporatlng Tha lan £donald Mtrnorlal Fund) NOTES TO THE ACCOUNTS for tho yo¥r ended 31st MARCH. 2025 Inve8tsnent¥ Surplusl (Dellcitl o dlspo8all 31¥1 March, Transfers rnv¥luation 2026 Valuo at 1st Aprfl. Additlon$l 2024 Dl•po8al8 VBlue at NomlnBI Maln ¢h•rtty Charltle$ ofElcial invéstment fundi Accumulallon $harg8 $66,840 145.715 61,865 273,527 74,144 12,8941 4,699 29,396 3,168 142,821 Charlly UK Equity A 8ccumulation aecount Charilund accumul81ion unrts 2,396.933 890.040 302,923 77,312 Chadfund income units Natlonal AS$0¢kn8On of Alm5hou$88 Comrnon Investment fund. Incorna units COIF Investment Fund 5,082.000 287.000 243 248 In¢orné Sharès COIF Fixed Inter881 Fund Incorna Sharèi 527.S40 10.779 15021 10,277 2,991.250 3,678 95 3,773 589.951 33,967 603.918 Pomian8nt •ndDwments Restrict•d lund$ Unr4$lricted fund$'. Designated funds Other charitsble funds 483.811 52,987 22.762 8,987 486,573 60.1e4 53,153 1.810 2,218 57,181 589.951 33.967 603,918 -14-
KING EDWARD VI ALMSHOUSE, SCHOOL AND EDUGATIONAL CHARITY AT LOUTH Ilncorporatlng Th8 lan Macdonald Memor1 Fund) NOTES TO THE ACCOUNTS for the y•ar ¢nd8d 31•t MARCH. 2035 4 Debtor• LJnt•8trlcted D•Blgnat•d Other plnanOnt 2025 2024 Ro•trictsd Endowment Total Total R•nls- Garages Contribution- eedehou$es 52 92 52 92 52 166 Totsl d•btoM 144 144 218 Ci•h at bank Unre•trlcted D••l9t)atod Oth?r Pemian•nt 2025 2024 Totsl R••trlctod Endowment Total Cash at bank 80,539 373.552 155.703 S89,794 603,987 6 credltorn UnM$trlctsd D••lgnat8d Othor Pomian8nt Re8trlGt•d Endowment 2025 Total 2024 Total Accountancy Llghl and hoat Wal8r rale$ 3,090 300 3,000 300 150 150 150 Receipts in advance other 482 482 482 Totsl crodiiors 4.022 4.022 3,932 -1
KING EDWARD VI ALMSHOUSE. SGHOOL AND EDUCATIONAL CHARITY AT LOUTH (Incorpora9 The lan Macdonald Memorlal Fund) NOTES TO THE ACCOUNTS lor the year 4nded 31t MARCH, 202S Re¢oupm¢nts B•dehous0 r•d•v01opnnt Total Original advanc6 200,000 200.OOQ Roc4Juped to 3151 March, 2024 Recoupm8nl in year 128.000 128.000 8.OlXI 8.000 Raeouped to 31¥t Mareh, 2025 136,000 136,000 Receupment outstsnding at 813181 March, 2025 64,000 64,000 Annual rtscoupment 8,000 8,000 P•man8nt endowment• The fundts of the chgrity include tha following pemi?n8nl endowmenti:. Balane• Funds and N41 ¢hang• flxed asset In valug of Rocoupm•nt• donated to tho Invo8tment tran•f•rrod b•n•flclari•• Inot• 31 {note 71 Balance a•at 318t March •$at 1st Aprll 2024 2025 Goulding, Johnson and T8nnyson Stholarship fund Allk50n Coverdale Scholarship fund Prize$ fund General charity fund The lan Macdonald Memorial Fund 37.687 40.327 766 38,443 41.136 36,225 1,006,934 42,908 809 35,513 979,293 42.064 712 19.841 8.000 1.134.884 22,762 8.000 1.165.646 -1
KING EDWARD VI ALMSHOUSE. SCHOOL AND EDUCAnoNAL CHARITY AT LOUTH 1Sn¢orporatlng Th• lan Macdonald Mfrmor181 Fund) NOTES TO YHE ACCOUNTS for the yr ended 31st MARCH. 2025 RestrlGt$d funds The Income fund5 of the charity includ8 restricted fund$ comprising th¢ followlng unexpend8d balan¢es held on trust8 lo be applled for spedfic purposes. Bolanc Balance N•t N•t Change mov¢mont In v)lue ol In funds Inv•stm•nt• (Nots 111 INote Jl aspt 31st March 1st Apill 2024 Tran•fer 2025 188. W. G. Howe11'8 Bequest fund Goulding, John50n & fenny&on Scholar$hlp fund Alllion Covardal8 Scholarship fund Prize5 fund EKlraordin8ry repalr fund M151 Dorothy Klng Charllable Trust Mrs. Chrillntr Wilkinson bequest The lan Macdonald Memorial Fund 8.427 179 1361 8,750 17,626 21,308 14,4991 30,240 115.18S 220.751 24.355 16,975 20.519 12,8781 28,240 123.545 381 363 438 439 1881 11.5601 2,000 120,64ei 11.3881 19701 2.8S8 4.87S 533 15721 19351 218,399 24,898 448,125 21.586 8.987 1,810 433.716 10 Unrestrlcted fund# The in¢om? funds of the charity include unre5trl¢led funds 8opar818d for adminlsllatlon purposes 8nd ccrnprlse th? follo%*ing unexpended balance$.'. 88lan¢• 8•lan¢e 088t 1s1 Aptll 2024 Net Net ch•ng8 movefflent In value ol In funds Inv•stments INote 121 INote 31 a6at 318t March 2025 Transler Deslgnated funds Other Gh•dtabla funds: General charity account 110,5S5 751 2,218 1,810 113,842 Such a transfer wa3 made from r8Stri¢ted fund5 10 general tharfty fund5 to represent the charye for adminstratn and managemant of fund5. -17-
KING EDWARD W ALM$HOUSI SCHOOL AND EDUCATIONAL CHARITY AT LQUTH Iln¢orparatln9 The lan M¢doMld Al•motr1•1 Fyndl NOTES TO THE ACCOUNTS for the yoar •nd•d 31¥t MARCH, 202S 11 AD•lyÉls of SnGom• •nd •xyndlture account b+1wl1 r••trlctsd fund INCOME Ml¥. Gouldlng Johnson and Amlion Extraordln•ry T•nny¥on Cov•rdal• R¢palr S¢hol•r¥hlp ScholrAhlp Prlz•A ODrothy Ml$•. W. G. Kln9 Chrl•tln• Mxdonald Howell'• Ch•rltabl• Wllklnion M•rrborf•l B8quoSt rryst b•quoit Fund Th• lan 2026 2024 Toui To1 COIF d1v1d8 33 55 105 92 artfund InGomÈ 49 eo 24 389 72 1.222 1.096 B8nk inter811 )06 373 1521 153 2,426 3,965 452 7,624 3,886 Log•Gy from Mrn. ¢hr1611r* IMlklnBon 58.744 361 438 60 179 2,847 4,656 530 8,951 e3,798 EXPENOITURE 1,5 1.SOO 24,993 0,044 2,595 18.914 Grant$ lo IndIdUllS Blology room repalrs 23.493 1.500 8,044 1,500 23.493 6.044 1.500 32.537 21,509 WET IMCOMEI IEXPENDITUREI 361 438 11.5801 179 120.6461 11,3881 19701 123.5861 42,289 rransferfrom Gernral Chaiity Awounl 2.000 2,DOD 2,000 NET MOVEMENT IN FUND 2,000 438 {1,660 179 20,6461 1,388 970 121,586 44.289 -18-
KING EOWARD VI ALMSHOUSE, SCHOOL AND ECUCATIONAL CHARITY AT LOUTH Ilncorporatlng The lan Macdonald MemorlaS Fundl NOTES TO THE ACCOUNTS ftsr the y8ar ended 318t MARCH, 2025 12 Analys1$ of Income and expendlture aGcount betsyeen vnre$trScl8d lunds 2026 2024 INCOME General chatlty Total Toial Oonatton- Louth Un118d Charltie8 ank inler8s1 Income from COIF Income from ch8rifund Wayleav¢ Bedehou5e ¢onlribution R8nts- garages and $lor8S TOTAL INCOME 280 280 280 21,189 293 21,189 293 3.397 11.612 278 3,397 3,294 26,972 12,407 e4,543 28,972 12.407 64.543 25,814 13,876 5S.161 EXPENDITURE CHARITABLE Granlo payable In furtheranG• ol the charl1 oblo¢¢lv•i Residenti Xmas fund 2S0 250 250 250 250 250 Costo of actlvltl•s In furth•r¥nc8 ol the Gharlty'• C*blectlv•• 88dahouse repalrs Gorage repairs and no 27 Property managemanl f¢e$ Insurance S,171 37.551 5.171 37.551 9.621 1.235 420 2,215 2,215 1841 383 2,823 973 Waler r8t98 Llghl ènd he81- Bedahous68 383 45,236 45.486 157 14,815 15.065 45,238 45,486 TOTAL CHARITABLE EXPENDITURE GOVERNANCE Cl8rk'5 salary Po&tage, s1otion8ry and advèrU$lng Subseriptions Accounlaney Legal and profe$$ional f•8$ Management fees Sundry expens6$ TOTAL MANAGEMENT EXPENDITURE 6.000 8,000 6,000 12 353 3S3 343 3.090 3,090 3,000 2,096 285 220 138 220 138 46 9.808 9.808 11,762 TOTAL EXPENDITURE 55,294 55.294 26,827 NET INCOMÉIIEXPENDITUREI 9.249 9.249 28.334 Tran51ei to Extraordinary Repair Fund Transfer to Peman8nl Endowment 12.0001 18,0001 12.0001 18.0001 12.0001 18.0001 NET MOVEMENT IN FUND {7511 17511 18.334 -1
KING EDWARD VI ALMSHOUSE. SCHOOL AND EOUCATIONAL CHARITY AT LOUTH Iln¢orpoiatin9 The lan Macdonald Memorfal Fundl NOTES TO THE ACCOUNTS for tho y¢ar ended 31st MARCH, 2025 13 Govornors, r•munoratlon Tha Govemor8 received no remuneratSon12024.. £nlll and wore not relmbursgd for ony of th8lr exp8ns8s durSn9 th8 ye8r12024.' £nill. 14 Control Th• charity is controlkd by th¢ Governor•. -2