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_
2024. 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:
-
- residue grants for promo�ng the educa�on (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�me a�ended schools specified in the Scheme.
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:
-
- 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 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:
- select suitable accoun�ng policies and then apply them consistently;
- observe the methods and principles of the Chari�es SORP (FRS 102);
- make judgments and accoun�ng es�mates that are reasonable and prudent;
- state whether applicable UK Accoun�ng Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- will con�nue in business.
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**
- so far as that Trustee is aware, there is no relevant audit informa�on 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 informa�on and to establish that the charity's auditor is aware of that informa�on.
## **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).
- applica�on of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accoun�ng Prac�ce; and
- have been prepared in accordance with the requirements of the Chari�es Act 2011.
## **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:
- statements; or
-
-
- we have not received all the informa�on and explana�ons we require for our audit.
## **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: ………………………..
Page 12
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