Charity number: 224098 

## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

**TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 24 JUNE 2022** 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## CONTENTS 

||Page|
|---|---|
|**Reference and administrative details of the charity, its trustee and advisers**|1|
|**Trustee's Report**|2 - 8|
|**Independent Auditor's Report on the Financial Statements**|9 - 12|
|**Statement of Financial Activities**|13|
|**Balance Sheet**|14|
|**Statement of Cash Flows**|15|
|**Notes to the Financial Statements**|16 - 29|





## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS _FOR THE YEAR ENDED 24 JUNE 2022_ 

|**Trustee**|The LadyElizabeth Hastings' Charities Trustee Limited|
|---|---|
|**Charity registered number**<br>224098<br>**Principal office**<br>C/o Carter Jonas<br>82 Micklegate<br>York<br>YO1 6LF<br>**Independent auditor**<br>BHP LLP<br>Statutory Auditor<br>Rievaulx House<br>1 St Mary's Court<br>Blossom Street<br>York<br>YO24 1AH<br>**Bankers**<br>Barclays Bank plc<br>Level 27<br>1 Churchill Place<br>London<br>E14 5HP<br>**Solicitors**<br>Grays<br>Duncombe Place<br>York<br>YO1 7DY<br>**Clerk and agent**<br>Mr Andrew Fallows<br>C/o Carter Jonas<br>82 Micklegate<br>York<br>YO1 6LF<br>**Investment manager**<br>Waverton Investment Management Limited<br>16 Babmaes Street<br>London<br>SW1Y 6AH<br>**Investment manager**<br>CCLA<br>Senator House<br>85 Queen Street<br>London<br>EC4V 4ET||



Page 1 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## TRUSTEE'S REPORT 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

The Trustee presents the annual report together with the audited financial statements of the charity for the 25 June 2021 to 24 June 2022. The trustee has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. 

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019. 

The Trustee 

The Trustee who served the charity during the period was The Lady Elizabeth Hastings' Charities Trustee Limited, whose purpose is to act as a trust corporation, to undertake and perform the office and duties of trustee, and is the sole trustee of the Charity. 

The Directors of the Trustee Company were as follows: Rev Canon C Wilton Mr C M P Granger Mr P J Warry Mr J E Sharp Mr S J Hartley Mr S Close Ven P K Townley Ms D Younge 

The Directors are each appointed based upon a skills audit specifically knowledge of the community within the areas of benefit, knowledge of the clergy, financial, legal and property experience. A review of the relevant experience is carried out annually. Induction for new Directors is carried out by the Clerk and appropriate Trustee training is provided. Despite the constraints imposed by the Coronavirus restrictions, the Directors continued to meet regularly during the period via the use of technology. 

## _**Objectives and activities**_ 

## **a. Policies and objectives** 

The Lady Elizabeth Hastings Estate Charity holds and manages all the property and Stock Exchange investments, and collects the income and pays the expenses of management, property repairs, maintenance and insurance. 

The Trustee has the discretion over the allocation of funds between the Education Foundation and Non-Educational Charity. 

In the current year the Lady Elizabeth Hastings Education Foundation received 44% of the net income distributed by the Estate Charity and allocates this in accordance with the Scheme, mainly by way of: 

- specified grants to schools and other recipients; and 

- residue grants for promoting the education (including social and physical training) of persons who in the opinion of the Trustee are in need of financial assistance and who are either resident in the area of benefit or have at any time attended schools specified in the Scheme. 

Page 2 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

TRUSTEE'S REPORT (CONTINUED) 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **Objectives and activities (continued)** 

In the current year the Lady Elizabeth Hastings Non-Educational Charity received 56% of the net income distributed by the Estate Charity and makes grants in accordance with the Scheme, mainly by way of: 

- specified grants to individuals and organisations; and 

- residue grants principally for the maintenance of specified churches, the relief of need of clergy and their dependents in the areas of benefit, the maintenance of specified clergy residences or the relief of persons in need, hardship or distress in defined parishes. 

Whilst the number of grants decreased in both the educational and the non-educational charities, with 119  educational applications supported and 120  of non-educational applications, the Charity has increased its grant-making (£447,784) in 2021/22 by £143,389, a increase of 47% (2020/21: £304,395). 

Major grants made included Shadwell Primary School (£21,000), Lady Hastings' School, Collingham (£15,306), Lady E Hastings' Primary School, Ledston (£21,385) and The Wheler Foundation (£50,000). 

The Directors are preparing for an increased demand for grants both educational and non-educational in the coming year as school and churches start to come out of the pandemic, with associated pressures on finances and clergy and pupil wellbeing. 

The impact of Covid became evident with the requests the Charity received, a lot of outside space had been neglected. 

The Clerk and Director Dawn Younge (Director assigned to Schools) visited Lady Elizabeth Hastings, Ledston School, Shadwell School and Lady Elizabeth Hastings, Collingham School before making grant awards, all three schools had requested substantial amounts for assistance with regards to developing outside space. Their funds have been used for additional cleaning and supply staff, because Covid.   A visit to Thorp Arch School to reach out to the new head starting in September 2022, to explain where the Charity could help with resources.  The school has been struggling in recent years with several changes of staff. The Chair, Chris Wilton and Vice Chair, Jonathan Sharp attended the opening of the newly refurbished outside space at Lady Elizabeth Hastings, Ledston School. 

As we slowly emerged from lockdown and communities were able to meet again, we had two community grant requests and made contributions of £5,000 to Shadwell Tennis Club in need of major refurbishment and Shadwell Cricket Ground needed to replace nets. 

The Charity has also supported a few individuals including a teenager and paid for therapy and counselling. 

A tour of the agricultural estate for the Directors took place in May. 

The Trustee confirms that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit in setting the objectives and planning the activities of the organisation. Further details on how the charity has carried out its activities for public benefit are given in the section on Achievements and Performance below. 

## **b. Restrictions in the way in which the Charities can operate** 

Areas of benefit are in accordance with the Scheme and grants are allocated at the discretion of the Trustee. 

Page 3 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## TRUSTEE'S REPORT (CONTINUED) 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **Objectives and activities (continued)** 

## **c. Investment policy** 

Investment in land, property or Stock Exchange securities are subject to the provisions of the Scheme dated 10 April 2012, the Trustees Investment Act 2000 and the relevant provisions of the Charities Act 2011. 

## **d. Investment policy** 

To take a long term view with regard to investment policies in order to maintain and increase capital values while at the same time increasing the income specifically, and reflecting professional advice on the balance between property and other investments. 

## 1. Property 

To obtain appropriate professional advice on property decisions, and to maintain the condition of its property portfolio in a good state of repair and where appropriate to make capital improvements to maintain or increase value and rental income in accordance with professional advice. 

## 2. Other Investments 

To obtain appropriate professional advice on investment decisions, in particular, taking advice from the Church of England Ethical Investment Advisory Group (EIAG) to ensure a distinctly Christian approach to investment. 

A separate Investment Committee reports to the Board of Directors in respect of the investment policy. The committee has overseen the introduction of two separate investment managers who are both specialists in the field of charity investment and the development of appropriate mandates for the advisors. Whilst committed to its origins as a land based charity, the Board monitor the balance between land and financial instruments with a view to obtaining both sustainable capital growth and keeping pace with inflation in the sums available for distribution. The individual portfolio managers report quarterly to the Board of Directors and personally address the Board once a year. The Directors have appointed an independent advisor with substantial investment experience to review the balance and performance of the investment portfolio over the coming year. He oversaw the change of one independent manger following a competitive exercise in conjunction with the Investment Committee. 

Page 4 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## TRUSTEE'S REPORT (CONTINUED) 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## _**Achievements and performance**_ 

## **a. Main achievements of the charity** 

Investment income for the year ended 24 June 2022 was £665,326 compared with £627,582 in the previous year, a increase of 6%. 

Within investment income, the total income from investment properties was £344,522  (2021: £317,990), an increase of £26,532. The investment property yield calculated using the simple average of opening and closing property values was 3.3% (2021: 3.2%). 

Income from listed investments increased by 3.7% to £320,338 (2021: decrease by 4.9% to £308,974). The investment yield on these investments, again calculated using the simple average of opening and closing investment values, was 2.7% (2021: 2.6%). The current year figure for investment income less costs of generating funds and governance costs was £473,521 (2021: £354,161). Calculated as a proportion of the simple average of opening and closing total investment values this gives a return of 2.1% (2021: 1.6%). 

The Educational Foundation made 119  individual grants totalling £255,184 in addition to the fixed yearly payments and grants to schools (2021: 145  grants totalling £126,656). 

The Non-Educational Charity made individual grants to 120  clergy and their dependents totalling £192,600 in addition to fixed yearly payments, grants to the Churches and grants to the poor (2021: 132 totalling £177,739). 

After completion of the charitable activities for the year the Charity showed a surplus on restricted funds of £25,737 (2021: surplus of £49,766) before gains/(losses) on investment assets. Loss on investments were £692,008 (2021: Gain of £1,776,001). After taking account of these the overall deficit for the year is £666,271 (2021: Surplus of £1,825,767). 

The Charity maintains sufficient cash resources to enable its obligations to be met as needed. The use of a second investment manager provides a visible measure of performance providing benchmarking against industry standards and agreed policies on revenue and capital growth as agreed by the Investment Committee. 

## **b. Fixed assets** 

The Charity's freehold and leasehold investment properties were revalued on 24 June 2020 on an open market basis by Strutt & Parker LLP. The next quinquennial valuation is due on 24 June 2025. 

The Charity purchased 119 acres of agricultural land at Bardsey in 2021 and subsequently let the land at a market rent, maintaining the balance in the portfolio and offsetting previous disposals. The investment also strengthens the connection with the community at Bardsey. 

## **c. Commitments** 

At 24 June 2022 under the Scheme of the Charity, the Educational Foundation and Non-Educational Charity make yearly payments to specified recipients out of the income for each year. 

The yearly payments of the Educational Foundation are detailed in Clause 11(1)(b/c/d/e) of the Scheme; subject to the availability of funds the amount due for payment next year is £17,250 (2021: £17,250). 

The yearly payments of the Non-Educational Charity are detailed in Clause 13(1)(c/d/e) of the Scheme; subject to the availability of funds the amount due for payment next year is £6,600 (2021: £6,600). 

Page 5 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## TRUSTEE'S REPORT (CONTINUED) 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **Achievements and performance (continued)** 

## **d. Information on fundraising practices** 

The Charity does not carry out any direct fundraising activity. 

## _**Financial review**_ 

## **a. Going concern** 

Covid-19 has impacted upon the commercial rents received and the investment income received. The Directors anticipate greater pressure on their retail commercial investments although their exposure to food retail is not considered to be under pressure. Dividend income will also be under pressure however the nature of the CCLA investment makes this income stream less vulnerable. The Directors continue to review the asset base with regard to the wider economy with a view to achieving a balanced portfolio. 

The Directors have reviewed the performance of their asset base against their obligations and do not believe there are any concerns in adopting the going concern basis. 

## **b. Reserves policy** 

Funds carried forward at 24 June 2022 are £22,819,639 (2021: £23,485,910) of which £1,063,239 (2021: £1,062,896) are restricted funds and £21,756,400 (2021: £22,423,014) are endowment funds. The charity does not have any unrestricted funds. Restricted funds represent funds generated by the Estate Charity, from rentals and investments, for distribution to the Educational Foundation and the Non-Educational Charity. At 24 June 2022 these funds together with the Extraordinary Repair fund amounted to £1,063,239 (2021: £1,062,896). This provides sufficient funds to cover management and administration and support costs and to fund the Educational Foundation and the Non-Educational Charity. The trustee is satisfied that these levels can be sustained for the future. The Educational Foundation and the NonEducational Charity retain a minimum level of reserves only, as the Scheme states that all of their income should be distributed by way of grants as applications arise. At 24 June 2022 the Educational Foundation's reserves were £145,117 (2021: £243,263). The Non-Educational Charity reserves were £207,742 (2021: £194,266). 

## **c. Grant making policy** 

The Charity invites applications for funding. The applications are reviewed against the criteria as set out in the Deed in quarterly meetings. In the current year the Trustee has awarded grants in exercise of their discretion. 

## **d. Risk management** 

The trustee has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The major risk is the management of the charities' investment portfolios. The trustee manages this risk by the appointment of a professional clerk and agent and experienced investment advisors. The trustee has taken the positive step of splitting the investment portfolio between two investment managers in order to manage and mitigate risk to the Charity. 

Page 6 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## TRUSTEE'S REPORT (CONTINUED) 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## _**Structure, governance and management**_ 

## **a. Constitution** 

The Charity was founded by a Deed on 14 December 1738 and comprises three distinct charities, The Lady Elizabeth Hastings Estate Charity, The Lady Elizabeth Hastings Education Foundation, and The Lady Elizabeth Hastings NonEducational Charity. 

The Charities are now governed by a Scheme dated 10 April 2012. 

## **b. Methods of appointment or election of Trustee** 

The management of the charity is the responsibility of the directors of the trustee company, who are appointed under the terms of the articles of association of the company. 

## **Plans for future periods** 

The Trustee plans to continue to review the balance between the property and investment portfolios in order to ensure the income potential is maximised to enable them to meet their future charitable obligations. 

The Trustee will continue to try raise awareness of the availability of support to qualifying potential beneficiaries via the Educational Foundation and the Non-Educational Charity. 

## **Statement of Trustee's responsibilities** 

The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustee is required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) 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 business. 

The Trustee is 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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. 

Page 7 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

TRUSTEE'S REPORT (CONTINUED) _FOR THE YEAR ENDED 24 JUNE 2022_ 

## **Disclosure of information to auditor** 

The  Trustee at the time when this Trustee's Report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. 

## **Auditor** 

The auditor, BHP LLP, has indicated their willingness to continue in office. The designated Trustee will propose a motion reappointing the auditor at a meeting of the Trustee. 

Approved by order of the members of the board of Trustee and signed on their behalf by: 

## **The Reverend Canon Christopher Wilton** 

Signed on behalf of The Lady Elizabeth Hastings' Charities Trustee Limited 

Date: 7 October 2022 

Page 8 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF LADY ELIZABETH HASTINGS' ESTATE CHARITY 

## **Opinion** 

We have audited the financial statements of Lady Elizabeth Hastings' Estate Charity (the 'charity') for the year ended 24 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 24 June 2022 and of its incoming resources and application of resources including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. 

Page 9 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF LADY ELIZABETH HASTINGS' ESTATE CHARITY (CONTINUED) 

## **Other information** 

The other information comprises the information included in the Trustee's report, other than the financial statements and our auditors' report thereon. The trustee is responsible for the other information contained within the Trustee's report. Our opinion on the Trustee's report does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Trustee's reports; or 

- the charity has not kept adequate accounting records 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustee** 

As explained more fully in the Trustee's responsibilities statement, the trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustee determine is necessary to enable the preparation of Trustee's report that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. 

Page 10 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF LADY ELIZABETH HASTINGS' ESTATE CHARITY (CONTINUED) 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the charity through discussions with management and from our knowledge and experience of this charity; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, GDPR, health and safety and landlord/tenancy reviews; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

- we assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risks of fraud through management override controls, we: 

- performed analytical procedures to identify any unusual or unexpected variances; 

- tested journal entries to identify unusual transactions; and 

- investigated the rationale behind significant or unusual transactions 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; and 

- enquiring of management as to actual and potential litigation and claims. 

Page 11 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF LADY ELIZABETH HASTINGS' ESTATE CHARITY (CONTINUED) 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditors' report. 

## **Use of our report** 

This report is made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustee, as a body, for our audit work, for this report, or for the opinions we have formed. 

## **BHP LLP** 

Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH 

Date: 13 October 2022 

BHP LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 12 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## STATEMENT OF FINANCIAL ACTIVITIES 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

|**Note**<br>**Income and endowments from:**<br>Investments<br>2<br>**Total income and endowments**<br>**Expenditure on:**<br>Raising funds<br>3<br>Charitable activities<br>4<br>**Total expenditure**<br>**Net income/(expenditure) before net**<br>**(losses)/gains on investments**<br>Net (losses)/gains on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**665,326**<br>**665,326**<br>**171,800**<br>**466,577**<br>**638,377**<br>**26,949**<br>**(26,606)**<br>**343**<br>**1,062,896**<br>**343**<br>**1,063,239**|**Endowment**<br>**funds**<br>**2022**<br>**£**<br>**-**<br>**-**<br>**1,212**<br>**-**<br>**1,212**<br>**(1,212)**<br>**(665,402)**<br>**(666,614)**<br>**22,423,014**<br>**(666,614)**<br>**21,756,400**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**665,326**<br>**665,326**<br>**173,012**<br>**466,577**<br>**639,589**<br>**25,737**<br>**(692,008)**<br>**(666,271)**<br>**23,485,910**<br>**(666,271)**<br>**22,819,639**|Total<br>funds<br>2021<br>£<br>627,582|
|---|---|---|---|---|
|||||627,582|
|||||256,895<br>320,921|
|||||577,816|
|||||49,766<br>1,776,001|
|||||1,825,767|
|||||21,660,143<br>1,825,767|
|||||23,485,910|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

The notes on pages 16 to 29 form part of these financial statements. 

Page 13 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## BALANCE SHEET 

_AS AT 24 JUNE 2022_ 

|**Note**<br>**Fixed assets**<br>Intangible assets<br>8<br>Investments<br>10<br>Investment property<br>9<br>**Current assets**<br>Debtors<br>11<br>Cash at bank and in hand<br>Creditors: amounts falling due within one year<br>12<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Endowment funds<br>13<br>Restricted funds<br>13<br>**Total funds**|**27,554**<br>**549,569**<br>**577,123**<br>**(98,273)**|**2022**<br>**£**<br>**6,867**<br>**11,760,836**<br>**10,573,086**<br>**22,340,789**<br>**478,850**<br>**22,819,639**<br>**21,756,400**<br>**1,063,239**<br>**22,819,639**|44,555<br>539,495<br>584,050<br>(62,903)|2021<br>£<br>8,079<br>12,399,978<br>10,556,706|
|---|---|---|---|---|
|||||22,964,763<br>521,147|
||||||
|||||23,485,910|
|||||22,423,014<br>1,062,896|
||||||
|||||23,485,910|



The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by: 

## **The Reverend Canon Christopher Wilton** 

Signed on behalf of The Lady Elizabeth Hastings' Charities Trustee Limited 

Date: 7 October 2022 

The notes on pages 16 to 29 form part of these financial statements. 

Page 14 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

STATEMENT OF CASH FLOWS _FOR THE YEAR ENDED 24 JUNE 2022_ 

|**Note**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>15<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Purchase of investment property<br>Purchase of intangible assets<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>16|**2022**<br>**£**<br>**(586,007)**<br>**665,326**<br>**-**<br>**-**<br>**5,307,651**<br>**(5,376,896)**<br>**596,081**<br>**10,074**<br>**539,495**<br>**549,569**|2021<br>£<br>(585,680)<br>627,582<br>(1,242,047)<br>(8,483)<br>2,411,847<br>(1,412,616)<br>**376,283**<br>**(209,397)**<br>748,892<br>539,495|
|---|---|---|



The notes on pages 16 to 29 form part of these financial statements 

Page 15 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **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) (issued in October 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 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 issued 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. 

Lady Elizabeth Hastings' Estate Charity meets the definition of a public benefit entity under FRS 102. The financial statements are presented in sterling which is the functional currency of the charity, and rounded to the nearest £. 

## _**1.2 Going concern**_ 

The financial statements are prepared on the going concern basis. The Trustee has reasonable expectation based on income forcasts, that the charity can continue to meet its liabilities as the fall due and will continue in operational existence for the forseeable future. 

## _**1.3 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. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

## _**1.4 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. 

Costs of raising funds are costs incurred in attracting investment income. 

Charitable activities and governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 

Page 16 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **1. Accounting policies (continued)** 

## _**1.4 Expenditure (continued)**_ 

All expenditure is inclusive of irrecoverable VAT. 

## _**1.5 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. 

## _**1.6 Taxation**_ 

The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## _**1.7 Intangible assets and amortisation**_ 

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. 

Amortisation is provided on the following basis: 

Land entitlements - 7 years 

## _**1.8 Investments**_ 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. 

## _**1.9 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. 

Page 17 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **1. Accounting policies (continued)** 

## _**1.10 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. 

## _**1.11 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. 

## _**1.12 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. 

## _**1.13 Fund accounting**_ 

Endowment funds represent those assets which must be held permanently by the charity, principally the property and investments allotted to the charity on it's foundation, adjusted to reflect additions, disposals and changes in market value. Income arising on the endowment funds can be used in accordance with the objects of the estate charity fund and is included as restricted income. 

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. 

Page 18 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **2. Investment income** 

|Income from UK investment properties<br>Income from listed investments<br>Bank interest receivable<br>Total 2021|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**344,522**<br>**320,338**<br>**466**<br>**665,326**<br>627,582|**Total**<br>**funds**<br>**2022**<br>**£**<br>**344,522**<br>**320,338**<br>**466**<br>**665,326**<br>627,582|Total<br>funds<br>2021<br>£<br>317,990<br>308,974<br>618|
|---|---|---|---|
||||627,582|
|||||



## **3. Investment management costs** 

|Investment portfolio management fees<br>Investment property management fees<br>Educational Foundation clerical fees<br>Non-Educational Charity clerical fees<br>Repairs<br>Insurance<br>Rates, light and heat<br>Bad debt provision<br>Legal and professional<br>Amortisation<br>Total 2021|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**29,433**<br>**41,184**<br>**18,504**<br>**18,504**<br>**33,097**<br>**31,395**<br>**6,576**<br>**(32,469)**<br>**25,576**<br>**-**<br>**171,800**<br>256,491|**Endowment**<br>**funds**<br>**2022**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,212**<br>**1,212**<br>404|**Total**<br>**funds**<br>**2022**<br>**£**<br>**29,433**<br>**41,184**<br>**18,504**<br>**18,504**<br>**33,097**<br>**31,395**<br>**6,576**<br>**(32,469)**<br>**25,576**<br>**1,212**<br>**173,012**<br>256,895|Total<br>funds<br>2021<br>£<br>31,553<br>35,876<br>18,504<br>18,504<br>64,396<br>28,715<br>3,492<br>32,469<br>22,982<br>404|
|---|---|---|---|---|
|||||256,895|
||||||



Page 19 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **4. Expenditure on charitable activities** 

|Grants (non-educational charity) (note 5)<br>Grants (educational foundation) (note 5)<br>Expenditure on governance (note 6)|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**192,600**<br>**255,184**<br>**447,784**<br>**18,793**<br>**466,577**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**192,600**<br>**255,184**<br>**447,784**<br>**18,793**<br>**466,577**|Total<br>funds<br>2021<br>£<br>177,739<br>126,656|
|---|---|---|---|
||||304,395<br>16,526|
||||320,921|



All grants and governance costs incurred in the prior year are restricted. 

## **5. Grants expenditure** 

||**2022**|2021|
|---|---|---|
||**£**|£|
|**_Grants(non-educational charity)_**|||
|Yearly payments(clause 13(1)(c,d,e))|**10,425**|9,224|
|Grants(clause 13(1)(a))|**21,500**|16,352|
|Grants(clause 13(1)(b)(i to iv)|**158,785**|151,263|
|Grants (clause 13(b)(v))|**1,890**|900|
||**192,600**|177,739|
|**_Grants(educationalfoundation)_**|||
|Yearly payments(clause 11(1)(b,c,e))|**12,000**|8,571|
|Special benefits(clause 11(1)(d))|**15,000**|14,433|
|Scholarships andgrants(clause 11(1)(a))|**226,227**|101,542|
|School leavers bibles|**1,957**|2,110|
||**255,184**|126,656|



Page 20 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **6. Governance costs** 

|Audit fees (note 7)<br>Accountancy fees (note 7)<br>Office costs<br>Website and domain charges<br>Costs of trustee's meetings and rent days<br>Total 2021|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**7,800**<br>**5,640**<br>**2,961**<br>**108**<br>**2,284**<br>**18,793**<br>16,526|**Total**<br>**funds**<br>**2022**<br>**£**<br>**7,800**<br>**5,640**<br>**2,961**<br>**108**<br>**2,284**<br>**18,793**<br>16,526|Total<br>funds<br>2021<br>£<br>7,320<br>5,280<br>2,710<br>108<br>1,108|
|---|---|---|---|
||||16,526|
|||||



## **7. Net income/(expenditure)** 

This is stated after charging: 

||**2022**|2021|
|---|---|---|
||**£**|£|
|Auditor's remuneration - audit|**7,800**|7,320|
|Auditor's remuneration - accountancy|**5,640**|5,280|



During the year, no Trustee received any remuneration or other benefits (2021 - £nil). During the year, no Trustee received any reimbursement of expenses (2021 - £nil). 

Page 21 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **8. Intangible assets** 

|**_Cost_**<br>At 25 June 2021<br>At 24 June 2022<br>**_Amortisation_**<br>At 25 June 2021<br>Charge for the year<br>At 24 June 2022<br>**_Net book value_**<br>At 24 June 2022<br>At 24 June 2021|**Land**<br>**entitlements**<br>**£**<br>**8,483**|
|---|---|
||**8,483**|
||**404**<br>**1,212**|
||**1,616**|
||**6,867**|
||8,079|



Page 22 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **9. Investment property** 

|**_Valuation_**<br>At 25 June 2021<br>Additions<br>At 24 June 2022|**Freehold**<br>**investment**<br>**property**<br>**£**<br>**10,556,706**<br>**16,380**|
|---|---|
||**10,573,086**|



The valuations were made by Strutt & Parker on 24 June 2020, on an open market value for existing use basis. The historic cost of investment property held as at the year end is £3,718,734 (2021: £3,702,354). 

Included in the above are the following investment properties which account for more than 5% of the total portfolio value: 

|Moor End Farm, Boston Spa<br>Lilac Farm, Collingham<br>Land at Bardsey|**2022**<br>**£**<br>**1,731,600**<br>**1,091,124**<br>**1,220,000**<br>**4,042,724**|2021<br>£<br>1,731,600<br>1,091,124<br>1,220,000<br>4,042,724|
|---|---|---|



## **10. Fixed asset investments** 

|**_Cost or valuation_**<br>At 25 June 2021<br>Additions<br>Disposals<br>Revaluations<br>At 24 June 2022|**Listed**<br>**investments**<br>**£**<br>**11,795,873**<br>**5,360,516**<br>**(5,121,152)**<br>**(692,007)**<br>**11,343,230**|**Cash held in**<br>**investment**<br>**portfolio**<br>**£**<br>**599,975**<br>**-**<br>**(186,499)**<br>**-**<br>**413,476**|**Other fixed**<br>**asset**<br>**investments**<br>**£**<br>**4,130**<br>**-**<br>**-**<br>**-**<br>**4,130**|**Total**<br>**£**<br>**12,399,978**<br>**5,360,516**<br>**(5,307,651)**<br>**(692,007)**|
|---|---|---|---|---|
|||||**11,760,836**|



Page 23 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **10. Fixed asset investments (continued)** 

The historic cost of listed investments as at the balance sheet date is £9,915,540 (2021: £7,324,068), cash held in the investment portfolio is £413,476 (2021: £599,975) and other investments is £4,130 (2021: £4,130). 

The only non-UK investment assets are non-UK equities with a market value at the Balance Sheet date of £3,767,223  (2021: £2,321,208). 

There are no listed investments that account for more than 5% of the total portfolio value at 24 June 2022. 

## **11. Debtors** 

|**_Due within one year_**<br>Other debtors<br>Prepayments and accrued income|**2022**<br>**£**<br>**3,630**<br>**23,924**<br>**27,554**|2021<br>£<br>6,034<br>38,521|
|---|---|---|
||||
|||44,555|



## **12. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Rents in advance<br>Accruals and deferred income|**2022**<br>**£**<br>**44,431**<br>**8,657**<br>**45,185**<br>**98,273**|2021<br>£<br>23,788<br>2,125<br>36,990|
|---|---|---|
||||
|||62,903|



Page 24 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **13. Statement of funds** 

|**Statement of funds**||||||
|---|---|---|---|---|---|
|**Statement of funds - current year**<br>**Balance at 25**<br>**June 2021**<br>**£**<br>**_Endowment funds_**<br>Endowment Fund<br>**22,423,014**<br>**_Restricted funds_**<br>Estate Charity<br>**408,315**<br>Educational<br>Foundation<br>**243,263**<br>Non-Educational<br>Charity<br>**194,266**<br>Extraordinary<br>Repair Fund<br>**217,052**<br>**1,062,896**<br>**_Total of funds_**<br>**23,485,910**|**Income**<br>**£**<br>**-**<br>**665,326**<br>**-**<br>**-**<br>**-**<br>**665,326**<br>**665,326**|**Expenditure**<br>**£**<br>**(1,212)**<br>**(151,426)**<br>**(274,788)**<br>**(212,163)**<br>**-**<br>**(638,377)**<br>**(639,589)**|**Transfers**<br>**in/out**<br>**£**<br>**-**<br>**(402,281)**<br>**176,642**<br>**225,639**<br>**-**<br>**-**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**(665,402)**<br>**-**<br>**-**<br>**-**<br>**(26,606)**<br>**(26,606)**<br>**(692,008)**|**Balance at 24**<br>**June 2022**<br>**£**<br>**21,756,400**|
|**_Endowment funds_**<br>Endowment Fund<br>**_Restricted funds_**<br>Estate Charity<br>Educational<br>Foundation<br>Non-Educational<br>Charity<br>Extraordinary<br>Repair Fund<br>**_Total of funds_**||||||
||||||**519,934**<br>**145,117**<br>**207,742**<br>**190,446**|
||||||**1,063,239**|
||||||**22,819,639**|



Page 25 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **13. Statement of funds (continued)** 

|**Statement of funds - prior year**<br>Balance at<br>25 June 2020<br>£<br>**_Endowment funds_**<br>Endowment Fund<br>20,689,196<br>**_Restricted funds_**<br>Estate Charity<br>462,321<br>Educational<br>Foundation<br>183,240<br>Non-Educational<br>Charity<br>150,113<br>Extraordinary<br>Repair Fund<br>175,273<br>970,947<br>**_Total of funds_**<br>21,660,143|Income<br>£<br>-<br>627,582<br>-<br>-<br>-<br>627,582<br>627,582|Expenditure<br>£<br>(404)<br>(235,753)<br>(146,038)<br>(195,621)<br>-<br>(577,412)<br>(577,816)|Transfers<br>in/out<br>£<br>-<br>(445,835)<br>206,061<br>239,774<br>-<br>-<br>-|Gains/<br>(Losses)<br>£<br>1,734,222<br>-<br>-<br>-<br>41,779<br>41,779<br>1,776,001|Balance at<br>24 June 2021<br>£<br>22,423,014|
|---|---|---|---|---|---|
|**_Endowment funds_**<br>Endowment Fund<br>**_Restricted funds_**<br>Estate Charity<br>Educational<br>Foundation<br>Non-Educational<br>Charity<br>Extraordinary<br>Repair Fund<br>**_Total of funds_**||||||
||||||408,315<br>243,263<br>194,266<br>217,052|
||||||1,062,896|
||||||23,485,910|



Page 26 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **Description of funds** 

The Endowment Fund represents the UK investment properties and a large proportion of the listed investments for the purpose of generating sufficient income for the continuing of the charity's objects. 

The Estate Charity fund manages all the property and investments, and collects the income and pays the expenses of management, property repairs, maintenance and insurance. The Estate Charity also makes equal payments to the Educational Foundation and the Non-Educational Charity for application in accordance with those funds. 

The Educational Foundation receives income from the Estate Charity to be applied in accordance with the Scheme, mainly by way of grants to specific schools and to residents in the areas of benefit. 

The Non-Educational Charity receives income from the Estate Charity to be applied in accordance with the Scheme, mainly by way of grants to specific churches and to clergy and their dependents in the areas of benefit and to the poor in defined parishes. 

The Extraordinary Repair Fund is used for the extraordinary repair, improvement or rebuilding of the property of the charity. The trustees keep the size of the fund under review in the light of the demands which may be made upon it. 

## **14. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Intangible fixed assets<br>Fixed asset investments<br>Investment property<br>Current assets<br>Creditors due within one year<br>**_Total_**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**-**<br>**310,821**<br>**-**<br>**850,691**<br>**(98,273)**<br>**1,063,239**|**Endowment**<br>**funds**<br>**2022**<br>**£**<br>**6,867**<br>**11,450,015**<br>**10,573,086**<br>**(273,568)**<br>**-**<br>**21,756,400**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**6,867**<br>**11,760,836**<br>**10,573,086**<br>**577,123**<br>**(98,273)**<br>**22,819,639**|
|---|---|---|---|



Page 27 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **14. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior year** 

|Intangible fixed assets<br>Fixed asset investments<br>Investment property<br>Current assets<br>Creditors due within one year<br>**_Total_**|Restricted<br>funds<br>2021<br>£<br>-<br>337,426<br>-<br>788,373<br>(62,903)<br>1,062,896|Endowment<br>funds<br>2021<br>£<br>8,079<br>12,062,552<br>10,556,706<br>(204,323)<br>-<br>22,423,014|Total<br>funds<br>2021<br>£<br>8,079<br>12,399,978<br>10,556,706<br>584,050<br>(62,903)<br>23,485,910|
|---|---|---|---|



## **15. Reconciliation of net movement in funds to net cash flow from operating activities** 

## **16.** 

|Net (expenditure)/income for the year (as per Statement of Financial Activities)<br>**_Adjustments for:_**<br>Amortisation charges<br>Losses/(gains) on investments<br>Dividends, interests and rents from investments<br>Decrease/(increase) in debtors<br>Increase in creditors<br>**_Net cash used in operating activities_**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**_Total cash and cash equivalents_**|**2022**<br>**£**<br>**(666,271)**<br>**1,212**<br>**692,008**<br>**(665,326)**<br>**17,001**<br>**35,369**<br>**(586,007)**<br>**2022**<br>**£**<br>**549,569**<br>**549,569**|2021<br>£<br>1,825,767<br>404<br>(1,776,001)<br>(627,582)<br>(16,267)<br>7,999<br>(585,680)<br>2021<br>£<br>539,495<br>539,495|
|---|---|---|



Page 28 



## **LADY ELIZABETH HASTINGS' ESTATE CHARITY** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 24 JUNE 2022_ 

## **17. Analysis of changes in net debt** 

|Cash at bank and in hand|**At 25 June**<br>**2021**<br>**£**<br>**539,495**<br>**539,495**|**Cash flows**<br>**£**<br>**10,074**<br>**10,074**|**At 24 June**<br>**2022**<br>**£**<br>**549,569**|
|---|---|---|---|
||||**549,569**|



## **18. Related party transactions** 

Mr CMP Granger is a Director of the charity and is Chief Executive of Carter Jonas being based in London. He is a Director in an individual capacity due to his significant local knowledge of the history of the charity and his agricultural and property expertise and derives no financial benefit from the charity in his role as a Director. £90,604 was paid to Carter Jonas during the year (2021: £102,669) in respect of clerks, estate management and planning fees, of which £8,045 (2021: £9,382) are planning fees which have been capitalised. At the year end, fees of £23,262 (2021: £16,208) were due to Carter Jonas. 

Mr CMP Granger is a Trustee of The Wheler Foundation. During the year, the charity made a grant of £50,000 (2021: £nil) to the Foundation. 

In February 2022, Revd Canon Chris Wilton became the Vicar of All Saints Church, Ledsham and the parish received grants totalling £11,680. 

Page 29