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2024-06-24-accounts

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

Charity number: 224098

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 24 JUNE 2024

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

CONTENTS
Page
Reference and administra�ve details of the charity, its trustee and advisers 1
Trustee's report 2 - 7
Independent auditor's report on the fnancial statements 8 - 10
Statement of fnancial ac�vi�es 11
Balance sheet 12
Statement of cash fows 13

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 24 JUNE 2024

Trustee The Lady Elizabeth Has�ngs' Chari�es Trustee Limited
Charity registered number 224098
Principal ofce C/o Carter Jonas
82 Micklegate
York
YO1 6LF
Independent auditor Safery LLP
10 Wellington Place
Leeds
LS1 4AP
Bankers Barclays Bank plc
Level 27
2 Church Place
London
E14 5RB
Solicitors Grays
Duncombe Place
York
YO1 7DY
Clerk and agent Mr Andrew Fallows
C/o Carter Jonas
82 Micklegate
York
YO1 6LF
Investment managers Waverton Investment Management Limited
16 Babmaes Street
London
SW1Y 6AH
CCLA
1 Angel Lane
London
EC4R 3AB

Page 1

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE’S REPORT FOR THE YEAR ENDED 24 JUNE 2024

  1. The trustee has adopted the provisions of the Statement of Recommended Prac�ce (SORP) “Accoun�ng and Repor�ng by Chari�es” (FRS 102) in preparing the annual report and financial statements of the charity.

and comply with the charity's governing document, the Chari�es Act 2011 and Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (effec�ve 1 January 2019).

The Trustee

The Trustee who served the charity during the period was The Lady Elizabeth Has�ngs' Chari�es Trustee Limited, whose purpose is to act as a trust corpora�on, to undertake and perform the office and du�es 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

of benefit, knowledge of the clergy, financial, legal and property experience. A review of the relevant experience is carried out annually. Induc�on for new Directors is carried out by the Clerk and appropriate Trustee training is provided.

Objec�ves and ac�vi�es

a. Policies and objec�ves

The Lady Elizabeth Has�ngs 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 discre�on over the alloca�on of funds between the Educa�on Founda�on and Non-Educa�onal Charity.

In the current year the Lady Elizabeth Has�ngs Educa�on Founda�on received 49% of the net income distributed by the Estate Charity and allocates this in accordance with the Scheme, mainly by way of:

Page 2

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2024

Objec�ves and ac�vi�es (con�nued)

In the current year the Lady Elizabeth Has�ngs Non-Educa�onal Charity received 48% of the net income distributed by the Estate Charity and makes grants in accordance with the Scheme, mainly by way of:

Whilst the number of grants decreased in the educa�onal and increased in the non-educa�onal chari�es, with 105 educa�onal applica�ons and 190 of non-educa�onal applica�ons supported, the Charity has increased its grant-making (£648,235) in 2023/24 by £187,320, an increase of 40% (2022/23: £460,915).

Major grants made included Lady E Has�ngs Primary School, Thorp Arch (£40,209), and Collingham Village Hall (27,600).

The Directors reported in the 2023 accounts that they were “preparing for an increased demand for grants both educa�onal and non-educa�onal in the coming year as school and churches start to deal with associated pressures on finances and clergy and pupil wellbeing”. This statement was evidenced by the increase in grant giving to both the Educa�onal and Noneduca�onal Chari�es.

public benefit in se�ng the objec�ves and planning the ac�vi�es of the organisa�on. Further details on how the charity has carried out its ac�vi�es for public benefit are given in the sec�on on Achievements and Performance below.

b. Restric�ons in the way in which the Chari�es can operate

c. Investment policy

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

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

1. Property

To obtain appropriate professional advice on property decisions, and to maintain the condi�on of its property por�olio 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 par�cular, taking advice from the Church of England Ethical Investment Advisory Group (EIAG) to ensure a dis�nctly Chris�an approach to investment.

Page 3

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2024

Objec�ves and ac�vi�es (con�nued)

A separate Investment Commi�ee reports to the Board of Directors in respect of the investment policy. The commi�ee has overseen the introduc�on 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 commi�ed 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 infla�on in the sums available for distribu�on. The individual por�olio managers report quarterly to the Board of Directors and personally address the Board once a year. The Directors have appointed an independent advisor with substan�al investment experience to review the balance and performance of the investment por�olio over the coming year.

Achievements and performance

a. Main achievements of the charity

yearly payments, grants to the Churches and grants to the poor (2023: 172 totalling £265,134).

schools (2023: 110 grants totalling £195,781).

Investment income for the year ended 24 June 2024 was £656,487 compared with £637,042, in the previous year, an increase of 3%.

Within investment income, the total income from investment proper�es was £316,418 (2023: £333,015), a decrease of £16,597. The investment property yield calculated using the simple average of opening and closing property values was 3.0% (2023: 3.1%). The accounts also reflect an addi�onal dilapida�ons se�lement in respect of one property. A propor�on of this se�lement will be used to fund repairs to the building during the next financial year and £nil has been allocated to the extraordinary repairs fund, some to costs directly related to the nego�a�on of the se�lement and the balance contributes to the increase in net income.

Income from listed investments increased by 14.0% to £337,685 (2023: decrease by 7.6% to £296,102). The investment yield on these investments, again calculated using the simple average of opening and closing investment values, was 2.7% (2023: 2.6%). The current year figure for total investment income less costs of genera�ng funds and governance costs was £305,939 (2023: £393,812). Calculated as a propor�on of the simple average of opening and closing total investment values this gives a return of 1.3% (2023: 1.8%).

before gains/(losses) on investment assets. Gain on investments were £1,555,401 (2023: £228,425). A�er taking account of these the overall surplus for the year is £1,213,105 (2023: £268,822).

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 Commi�ee.

b. Fixed assets

The Charity's freehold and leasehold investment proper�es were revalued on 24 June 2020 on an open market basis by Stru� & Parker LLP. The next quinquennial valua�on is due on 24 June 2025.

Page 4

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2024

Achievements and performance (con�nued)

c. Commitments

At 24 June 2024 under the Scheme of the Charity, the Educa�onal Founda�on and Non-Educa�onal Charity make yearly payments to specified recipients out of the income for each year.

The yearly payments of the Educa�onal Founda�on 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 (2023: £17,250).

The yearly payments of the Non-Educa�onal 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 (2023: £6,600).

d. Informa�on on fundraising prac�ces

The Charity does not carry out any direct fundraising ac�vity.

Financial review

a. Going concern

The Trustee con�nues to review the asset base with regard to the wider economy with a view to achieving a balanced por�olio.

The Trustee has reviewed the performance of their asset base against their obliga�ons and do not believe there are any concerns in adop�ng the going concern basis.

b. Reserves policy

Funds carried forward at 24 June 2024 are £24,301,566 (2023: £23,088,461) of which £817,143 (2023: £1,122,900) are restricted funds and £23,484,423 (2023: £21,965,561) 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 distribu�on to the Educa�onal Founda�on and the Non-Educa�onal Charity. This provides sufficient funds to cover management and administra�on and support costs and to fund the Educa�onal Founda�on and the Non-Educa�onal Charity. The trustee is sa�sfied that these levels can be sustained for the future. The Educa�onal Founda�on and the Non-Educa�onal 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 applica�ons arise. At 24 June 2024 the Educa�onal Founda�on's reserves were £85,953 (2023: £219,265). The Non-Educa�onal Charity reserves were £76,576 (2023: £150,029).

c. Grant making policy

The Charity invites applica�ons for funding. The applica�ons are reviewed against the criteria as set out in the Deed in quarterly mee�ngs. In the current year the Trustee has awarded grants in exercise of their discre�on.

Page 5

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2024

d. Risk management

The trustee has assessed the major risks to which the charity is exposed, in par�cular those related to the opera�ons and finances of the charity, and are sa�sfied that systems and procedures are in place to mi�gate our exposure to the major risks. The major risk is the management of the chari�es' investment por�olios. The trustee manages this risk by the appointment of a professional clerk and agent and experienced investment advisors. The trustee has taken the posi�ve step of spli�ng the investment por�olio between two investment managers in order to manage and mi�gate risk to the Charity.

Structure, governance and management

a. Cons�tu�on

The Charity was founded by a Deed on 14 December 1738 and comprises three dis�nct chari�es, The Lady Elizabeth Has�ngs Estate Charity, The Lady Elizabeth Has�ngs Educa�on Founda�on, and The Lady Elizabeth Has�ngs Non-Educa�onal Charity.

The Chari�es are now governed by a Scheme dated 10 April 2012.

b. Methods of appointment or elec�on 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 ar�cles of associa�on of the company.

Plans for future periods

The Trustee plans to con�nue to review the balance between the property and investment por�olios in order to ensure the income poten�al is maximised to enable them to meet their future charitable obliga�ons.

Educa�onal Founda�on and the Non-Educa�onal Charity.

Page 6

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2024

Statement of Trustee's responsibili�es

and United Kingdom Accoun�ng Standards (United Kingdom Generally Accepted Accoun�ng Prac�ce).

which give a true and fair view of the state of affairs of the charity and of its incoming resources and applica�on of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustee is required to:

transac�ons and disclose with reasonable accuracy at any �me the financial posi�on of the charity and enable them to ensure that the financial statements comply with the Chari�es Act 2011, the Charity (Accounts and Reports) Regula�ons 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 preven�on and detec�on of fraud and other irregulari�es.

Disclosure of informa�on to auditor

Auditor

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 Has�ngs' Chari�es Trustee Limited 18 October 2024

Date: ……………………………

Page 7

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

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

2024, which comprise the statement of financial ac�vi�es, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accoun�ng policies. The financial repor�ng framework that has been applied in their prepara�on is applicable law and United Kingdom Accoun�ng Standards, including Financial Repor�ng Standard 102 The Financial Repor�ng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accoun�ng Prac�ce).

Basis for opinion

We conducted our audit in accordance with Interna�onal Standards on Audi�ng (UK) (ISAs (UK)) and applicable law. Our responsibili�es under those standards are further described in the auditor responsibili�es for the audit of the financial statements sec�on 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibili�es 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 rela�ng to going concern

the prepara�on of the financial statements is appropriate.

that, individually or collec�vely, may cast significant doubt on the charity’s ability to con�nue as a going concern for a period

Our responsibili�es and the responsibili�es of the trustees with respect to going concern are described in the relevant sec�ons of this report.

Other informa�on

our auditor’s report thereon. The Trustee is responsible for the other informa�on contained within the Trustee's report. Our opinion on the financial statements does not cover the other informa�on 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 informa�on and, in doing so, consider whether the other informa�on 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 iden�fy 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 informa�on, we are required to report that fact.

We have nothing to report in this regard.

Page 8

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

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

Ma�ers on which we are required to report by excep�on

We have nothing to report in respect of the following ma�ers in rela�on to which the Chari�es (Accounts and Reports) Regula�ons 2008 requires us to report to you if, in our opinion:

Responsibili�es of trustee

As explained more fully in the Trustee's responsibili�es statement set out on page 7, the trustee is responsible for the prepara�on of the financial statements and for being sa�sfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the prepara�on of financial statements that are free from material misstatement, whether due to fraud or error.

concern, disclosing, as applicable, ma�ers related to going concern and using the going concern basis of accoun�ng unless the trustees either intends to liquidate the charity or to cease opera�ons, or have no realis�c alterna�ve but to do so.

We have been appointed as auditor under the Chari�es Act 2011 and report in accordance with regula�ons made under that Act.

misstatement, whether due to fraud or error, and to issue an auditor’s 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

Irregulari�es, including fraud, are instances of non-compliance with laws and regula�ons. We design procedures in line with our responsibili�es, outlined above, to detect material misstatements in respect of irregulari�es, including fraud. The extent to which our procedures are capable of detec�ng irregulari�es, including fraud is detailed below:

Iden�fying and assessing risks related to irregulari�es

including through discussions with the trustee, discussions within our audit team planning mee�ng, upda�ng our record of internal controls and ensuring these controls operated as intended. We evaluated possible incen�ves and opportuni�es for fraudulent manipula�on of the financial statements. We iden�fied laws and regula�ons that are of significance in the context of the charity by discussions with the trustee and upda�ng our understanding of the sector in which the charity operates.

Regula�ons 2008 and guidance issued by the Charity Commission for England and Wales.

Page 9

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

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

We considered the extent of compliance with these laws and regula�ons as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regula�ons, minutes of mee�ngs and correspondence with relevant authori�es to iden�fy poten�al material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regula�ons with members of management responsible for compliance.

During the planning mee�ng with the audit team, the engagement partner drew a�en�on to the key areas which might involve non-compliance with laws and regula�ons or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regula�ons or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by tes�ng the appropriateness of journal entries and iden�fying any significant transac�ons that were unusual or outside the normal course of business. We assessed whether judgements made in making accoun�ng es�mates gave rise to a possible indica�on of management bias. At the comple�on stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scep�cism and thus the capacity to iden�fy non-compliance with laws and regula�ons and fraud.

There are inherent limita�ons in the audit procedures described above and the further removed non-compliance with laws and regula�ons is from the events and transac�ons reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detec�ng a material misstatement due to fraud is higher than the risk of not detec�ng one resul�ng from error, as fraud may involve deliberate concealment by, for example, forgery or inten�onal misrepresenta�ons, or through collusion.

A further descrip�on of our responsibili�es is available on the FRC's website at: www.frc.org.uk/auditorsresponsibili�es. This descrip�on forms part of our auditor’s 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 Chari�es (Accounts and Reports) Regula�ons 2008. Our audit work has been undertaken so that we might state to the charity’s trustee those ma�ers we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permi�ed by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Statutory Auditor 10 Wellington Place Leeds LS1 4AP 25 October 2024 Date……………………..

Page 10

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 24 JUNE 2024

Restricted
funds
2024
Income and endowments from:
Note
£
Investments
2
656,487
Other income
3
-
Total income and endowments
656,487
Expenditure on:
Raising funds
4
323,450
Charitable ac�vi�es
5
669,678
Total expenditure
993,128
Net income/(expenditure) before net
gains/(losses) on investments
(336,641)
Net gains/(losses) on investments
30,884
Net movement in funds
(305,757)
Reconcilia�on of funds:
Total funds brought forward
1,122,900
Net movement in funds
(305,757)
Total funds carried forward
14, 15
817,143		 Endowment
funds
2024
£
-
-
-
5,655
-
5,655
(5,655)
1,524,517
1,518,862
21,965,561
1,518,862
23,484,423		 Total
funds
2024
£
656,487
-
656,487
329,105
669,678
998,783
(342,296)
1,555,401
1,213,105
23,088,461
1,213,105
24,301,566		 Total
funds
2023
£
637,042
107,500
744,542
222,061
482,084
704,145
40,397
228,425
268,822
22,819,639
268,822
23,088,461

The Statement of Financial Ac�vi�es includes all gains and losses recognised in the year.

All income and expenditure derive from con�nuing ac�vi�es.

Page 11

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

BALANCE SHEET

AS AT 24 JUNE 2024

Note
Fixed Assets
Intangible assets
9
Investments
11
Investment property
10
Current assets
Debtors
12
Cash at bank and in hand
17
Creditors: amounts falling due within one year
13
Net current assets
Total net assets
Charity funds
Endowment funds
14, 15
Restricted funds
14, 15
Total funds		 2024
2023
£
£
-
5,655
13,471,939
11,946,094
10,643,452
10,643,452
24,115,391
22,595,201
27,209
28,298
368,759
568,682
395,968
596,980
(209,793)
(103,720)
186,175
493,260
24,301,566
23,088,461
23,484,423
21,965,561
817,143
1,122,900
24,301,566
23,088,461		 2023
£
5,655
11,946,094
10,643,452
23,088,461
21,965,561
1,122,900
23,088,461

The Reverend Canon Christopher Wilton

Signed on behalf of The Lady Elizabeth Has�ngs' Chari�es Trustee Limited

18 October 2024

Date: ………………………..

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Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 24 JUNE 2024

Note
Cash fows from opera�ng ac�vi�es
Net cash used in opera�ng ac�vi�es
16
Cash fows from inves�ng ac�vi�es
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by inves�ng ac�vi�es
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
17		 2024
(885,966)
656,487
1,411,700
(1,382,144)
686,043
(199,923)
568,682
368,759		 2023
(698,230)
744,542
1,710,732
(1,737,931)
717,343
19,113
549,569
568,682

Page 13

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

1. Accoun�ng policies

Lady Elizabeth Has�ngs' Estate Charity is an unincorporated charity registered in England and Wales. The address of the principal office is given in the charity informa�on on page 1 of these financial statements. The nature of the charity's opera�ons and principal ac�vi�es are on page 2 and 3.

and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec�ve 1 January 2019), the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) and the Chari�es Act 2011.

Chari�es (Accounts and Reports) Regula�ons 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce effec�ve from 1 April 2005 which has since been withdrawn.

financial statements are presented in sterling which is the func�onal currency of the charity, and rounded to the nearest £1. The financial statements are prepared under the historical cost conven�on modified to include certain items at fair value.

1.2 Going concern

based on income forecasts, that the charity can con�nue to meet its liabili�es as they fall due and will con�nue in opera�onal existence for the foreseeable future.

1.3 Income

All income is recognised once the charity has en�tlement 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 rela�on to investment income is recognised at the �me the investment income is receivable.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not prac�cable to iden�fy investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon no�fica�on of the interest paid or payable by the ins�tu�on with whom the funds are deposited.

Page 14

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

1. Accoun�ng policies (con�nued)

1.4 Expenditure

third party, it is probable that a transfer of economic benefits will be required in se�lement and the amount of the obliga�on can be measured reliably.

Costs of raising funds are costs incurred in a�rac�ng investment income.

Charitable ac�vi�es and governance costs are costs incurred on the charity's opera�ons, including support costs and costs rela�ng to the governance of the charity appor�oned to charitable ac�vi�es.

condi�onal, such grants being recognised as expenditure when the condi�ons a�aching are fulfilled. Grants offered subject to condi�ons which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 Foreign currencies

Foreign currency transac�ons are ini�ally recognised by applying to the foreign currency amount the spot exchange rate between the func�onal currency and the foreign currency at the date of the transac�on.

Monetary assets and liabili�es denominated in a foreign currency at the balance sheet date are translated using the closing rate. Exchange gains and losses are recognised in the Statement of Financial Ac�vi�es.

1.6 Taxa�on

The Charity is a registered charity and as such is a charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the Charity is poten�ally en�tled to tax exemp�on under part 11 of the Corpora�on Tax Act 2010 or sec�on 256 of the Taxa�on of Chargeable Gains Act 1992 in respect of income and gains arising. Given this, no tax charge arises on the charity.

1.7 Intangible assets and amor�sa�on

or value of the asset can be measured reliably.

Intangible assets are ini�ally recognised at cost. A�er recogni�on, under the cost model, intangible assets are measured at cost less any accumulated amor�sa�on and any accumulated impairment losses. Amor�sa�on 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.

Amor�sa�on is provided on the following basis:

Land En�tlements - 7 years

the BP scheme.

Page 15

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

1. Accoun�ng policies (con�nued)

1.8 Investments

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 Ac�vi�es.

Investment proper�es, which are proper�es held to earn rentals and/or for capital apprecia�on, are measured using the fair value model and are stated at their fair value at the repor�ng date. The surplus or deficit on revalua�on is recognised in the Statement of Financial Ac�vi�es.

1.9 Debtors

Prepayments are valued at the amount prepaid net of any trade discounts due.

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 acquisi�on or opening of the deposit or similar account.

1.11 Liabili�es and provisions

Liabili�es are recognised when there is an obliga�on 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 se�lement, and the amount of the se�lement can be es�mated reliably.

Liabili�es are recognised at the amount that the charity an�cipates it will pay to se�le the debt or the amount it has received as advanced payments for the goods or services it must provide.

1.12 Financial instruments

Basic financial instruments are ini�ally recognised at transac�on value and subsequently measured at their se�lement value.

1.13 Fund accoun�ng

Endowment funds represent those assets which must be held permanently by the charity, principally the property and investments allo�ed to the charity on it's founda�on, adjusted to reflect addi�ons, 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.

or which have been raised by the charity for par�cular 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

Page 16

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

1.14 Cri�cal accoun�ng es�mates and judgements

In the applica�on of the charity's accoun�ng policies, the Trustee is required to make judgements, es�mates and assump�ons about the carrying amount of assets and liabili�es that are not readily apparent from other sources. The es�mates and associated assump�ons are based on historical experience and other factors considered to be relevant.

The es�mates and underlying assump�ons are reviewed on an ongoing basis. Revisions to accoun�ng es�mates are recognised in the period in which the es�mate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

On review, the Trustee deems that there are no accoun�ng es�mates and judgements that could give rise to a material change within these financial statements.

2. Investment income

3.

Income from UK investment proper�es
Income from listed investments
Bank interest receivable
Total 2023
Other income
Dilapida�ons se�lement in respect of Old Star Inn
Total 2023		 Restricted
funds
2024
£
316,418
337,685
2,384
656,487
637,042
Restricted
funds
2024
£
-
107,500		 Total
funds
2024
£
316,418
337,685
2,384
656,487
637,042
Total
funds
2024
£
-
107,500		 Total
funds
2023
£
333,015
296,102
7,925
637,042
Total
funds
2023
£
107,500

Page 17

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

4. Expenditure on raising funds

Investment por�olio management fees
Investment property management fees
Educa�onal Founda�on clerical fees
Non-Educa�onal Charity clerical fees
Repairs
Insurance
Rates, light and heat
Legal and professional
Amor�sa�on
Loss on disposal of fxed assets
Total 2023		 Restricted
funds
2024
£
40,689
38,074
18,504
18,504
95,342
29,643
9,955
72,739
-
-
323,450
220,849		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
1,212
4,443
5,655
1,212		 Total
funds
2024
£
40,689
38,074
18,504
18,504
95,342
29,643
9,955
72,739
1,212
4,443
329,105
222,061		 Total
funds
2023
£
33,406
58,724
18,504
18,504
27,845
24,103
13,752
26,011
1,212
-
222,061

5. Expenditure on charitable ac�vi�es

Grants (non-educa�onal charity) (note 6)
Grants (educa�onal founda�on) (note 6)
Expenditure on governance (note 7)
Total 2023		 Restricted
funds
2024
£
326,384
321,851
648,235
21,443
669,678
482,084		 Total
funds
2024
£
326,384
321,851
648,235
21,443
669,678
482,084		 Total
funds
2023
£
265,134
195,781
460,915
21,169
482,084

Page 18

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

6. Grants expenditure

Grants (non-educa�onal charity)
Yearly payments (clause 13(1)(c,d,e))
Grants (clause 13(1)(a))
Grants (clause 13(1)(b)(i to iv)
Grants (cause 13(b)(v))
Grants (educa�onal founda�on)
Yearly payments (clause 11 (1)(b,c,e))
Special benefts (clause 11(1)(d))
Scholarships and grants (clause (11)(1)(a))
School leavers bibles
Total
Total 2023		 Individuals
£
-
-
222,537
5,275
227,812
-
-
47,300
2,716
50,016
277,828
286,384		 Ins�tu�ons
£
12,200
86,372
-
-
98,572
14,300
17,700
239,836
-
271,836
370,408
174,531		 2024
£
12,200
86,372
222,537
5,275
326,384
14,300
17,700
287,135
2,716
321,851
648,235
460,915		 2023
£
11,430
19,800
231,804
2,100
265,134
13,200
16,500
164,445
1,636
195,781
460,915

7. Governance costs

Audit fees (note 8)
Accountancy fees (note 8)
Ofce costs
Website and domain charges
Costs of trustee mee�ngs and rent days
Total 2023		 Restricted
funds
2024
£
11,400
6,000
593
108
3,342
21,443
21,169		 Total
funds
2024
£
11,400
6,000
593
108
3,342
21,443
21,169		 Total
funds
2023
£
9,120
6,120
2,895
108
2,926
21,169

Page 19

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

8. Net income/(expenditure)

This is stated a�er charging:

Auditor's remunera�on - audit
Auditor's remunera�on - accountancy		 2024
£
11,400
6,000
17,400		 2023
£
9,120
6,120
15,240

During the year, no Trustee received any reimbursement of expenses (2023 - £nil).

9. Intangible assets

Cost
At 25 June 2023
Disposals
At 24 June 2024
Amor�sa�on
At 25 June 2023
Charge for the year
Eliminated on disposals
At 24 June 2024
Net book value
At 24 June 2024
At 24 June 2023		 Land
en�tlements
£
8,483
(8,483)
-
2,828
1,212
(4,040)
-
-
5,655

Page 20

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

10. Investment property

Valua�on
At 25 June 2023
Addi�ons
At 24 June 2024		 Freehold
Investment
property
£
10,643,452
-
10,643,452

The valua�ons were made by Stru� & Parker on 24 June 2020, on an open market value for exis�ng use basis. The historic cost of investment property held as at the year end is £3,789,100 (2023: £3,789,100).

Included in the above are the following investment proper�es which account for more than 5% of the total por�olio value:

Moor End Farm, Boston Spa
Lilac Farm, Collingham
Land at Bardsey		 2024
£
1,731,600
1,091,124
1,220,000
4,042,724		 2023
£
1,731,600
1,091,124
1,220,000
4,042,724

11. Fixed asset investments

Cost or valua�on
At 25 June 2023
Addi�ons
Disposals
Revalua�ons
At 24 June 2024		 Listed
investments
£
11,584,322
1,382,144
(1,334,755)
1,555,401
13,187,112		 Cash held in
investment
por�olio
£
357,642
-
(76,945)
-
280,697		 Other fxed
Asset
investments
£
4,130
-
-
-
4,130		 Total
£
11,946,094
1,382,144
(1,411,700)
1,555,401
13,471,939

Page 21

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

11. Fixed asset investments (con�nued)

The historic cost of listed investments as at the balance sheet date is £10,846,443 (2023: £10,569,624).

The only non-UK investment assets are non-UK equi�es with a market value at the Balance Sheet date of £4,652,379 (2023: £3,893,521).

There are no listed investments that account for more than 5% of the total por�olio value at 24 June 2024.

12. Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
4,736
1,898
20,575
27,209		 2023
£
815
4,501
22,982
28,298

13. Creditors

Trade creditors
Rents in advance
Accruals and deferred income
Grants accrued		 2024
£
24,712
5,323
48,086
131,672
209,793		 2023
£
30,028
2,690
53,780
17,222
103,720

Page 22

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

14. Statement of funds

Statement of funds - current year

Endowment funds
Endowment Fund
Restricted funds
Estate Charity
Educa�onal
Founda�on
Non-Educa�onal
Charity
Extraordinary
Repair Fund
Total funds		 Balance at 25
June 2023
£
21,965,561
485,108
219,265
150,029
268,498
1,122,900
23,088,461		 Income
£
-
656,487
-
-
-
656,487
656,487		 Expenditure
£
(5,655)
(306,571)
(341,070)
(345,487)
-
(993,128)
(998,783)		 Transfers
in/out
£
-
(479,792)
207,758
272,034
-
-
-		 Gains/
(Losses)
£
1,524,517
-
-
-
30,884
30,884
1,555,401		 Balance at 24
June 2024
£
23,484,423
355,232
85,953
76,576
299,382
817,143
24,301,566

Page 23

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

14. Statement of funds (con�nued)

Statement of funds - prior year
Endowment funds
Balance at 25
June 2022
£
Endowment Fund
21,756,400
Restricted funds
Estate Charity
519,934
Educa�onal
Founda�on
145,117
Non-Educa�onal
Charity
207,742
Extraordinary
Repair Fund
190,446
1,063,239
Total funds
22,819,639		 Income
£
-
744,542
-
-
-
744,542
744,542		 Expenditure
£
(1,212)
(203,064)
(215,317)
(284,552)
-
(702,933)
(704,145)		 Transfers
in/out
£
-
(576,304)
289,465
226,839
60,000
-
-		 Gains/
(Losses)
£
210,373
-
-
-
18,052
18,052
228,425		 Balance at 24
June 2023
£
21,965,561
485,108
219,265
150,029
268,498
1,122,900
23,088,461

Page 24

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

Descrip�on of funds

The Endowment Fund represents the UK investment proper�es and a large propor�on of the listed investments for the purpose of genera�ng sufficient income for the con�nuing of the charity's objects.

The Estate Charity fund manages all the property and investments, collects the income and pays the expenses of management, property repairs, maintenance and insurance. The Estate Charity also makes equal payments to the Educa�onal Founda�on and the Non-Educa�onal Charity for applica�on in accordance with those funds.

The Educa�onal Founda�on 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-Educa�onal 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.

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
£
359,756
-
667,180
(209,793)
817,143		 Endowment
funds
2024
£
13,112,183
10,643,452
(281,212)
-
23,484,423		 Total
funds
2024
£
13,471,939
10,643,452
395,968
(209,793)
24,301,566

Page 25

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

15. Analysis of net assets between funds (con�nued)

Analysis of net assets between funds - prior year

Intangible fxed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
-
328,873
-
897,747
(103,720)
1,122,900		 Endowment
funds
2023
£
5,655
11,617,221
10,643,452
(300,767)
-
21,965,561		 Total
Funds
2023
£
5,655
11,946,094
10,643,452
596,980
(103,720)
23,088,461

16.

Net income/expenditure for the year (as per Statement of Financial Ac�vi�es)
Adjustments for:
Amor�sa�on charges
Loss on disposal of fxed assets
(Gains)/losses on investments
Dividends, interests and rents from investments
(Increase)/decrease in debtors
Increase in creditors
Net cash used in opera�ng ac�vi�es
17.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2024
£
1,213,105
1,212
4,443
(1,555,401)
(656,487)
1,089
106,073
(885,966)
2024
£
368,759
368,759		 2023
£
268,822
1,212
-
(228,425)
(744,542)
(744)
5,447
(698,230)
2023
£
568,682
568,682

Page 26

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

18. Analysis of changes in net debt

Cash at bank and in hand At 25 June
2023
£
568,682
568,682		 Cash fows
£
(199,923)
(199,923)		 At 24 June
2024
£
368,759
368,759

19. Related party transac�ons

Mr CMP Granger is a Director of the charity and is a consultant for 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 exper�se and derives no financial benefit from the charity in his role as a Director. During the year, £95,724 (2023: £127,935) was paid to Carter Jonas in respect of clerks, estate management and planning fees, of which £nil (2023: £23,248) are planning fees which have been capitalised. At the year end, fees of £5,555 were due to Carter Jonas (2023: £3,084).

Revd Canon Chris Wilton is a Director of the charity and also the Vicar of All Saints Church, Ledsham. The parish received grants from the charity totalling £3,670 (2023: £23,015).

At the year end, the charity commi�ed to pay a grant of £65,222 to the Diocese of York as a contribu�on to the refurbishment of Ledston Vicarage. The Vicarage is occupied by the Venerable Peter Townley, a Director of the charity. He discharges his du�es in the parish of Ledsham.

During the year, the charity gave an educa�onal grant of £600 to the daughter of Stewart Hartley, a Director of the charity.

Page 27

Docusign Envelope ID: 1B19380D-39B5-41D6-B76D-0B68BEFA4714

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2024

Income and endowments from:
Investments
Other income
Total income and endowments
Expenditure on:
Raising funds
Charitable ac�vi�es
Total expenditure
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
Net movement in funds
Reconcilia�on of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
637,042
107,500
744,542
220,849
482,084
702,933
41,609
18,052
59,661
1,063,239
59,661
1,122,900		 Endowment
funds
2023
£
-
-
-
1,212
-
1,212
(1,212)
210,373
209,161
21,756,400
209,161
21,965,561		 Total
funds
2023
£
637,042
107,500
744,542
222,061
482,084
704,145
40,397
228,425
268,822
22,819,639
268,822
23,088,461

Page 28