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2025-06-24-accounts

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

Charity number: 224098

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 24 JUNE 2025

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

CONTENTS
Page
Reference and administratve 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 actvites 11
Balance sheet 12
Statement of cash fows 13

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 24 JUNE 2025

Trustee The Lady Elizabeth Hastngs' Charites 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 W1 Investment Management Limited
16 Babmaes Street
London
SW1Y 6AH
CCLA
1 Angel Lane
London
EC4R 3AB
Investment Advisor Christe Investment Consultants Ltd (CIC)
44 Radnor Walk
London
SW3 4BN

Page 1

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE’S REPORT FOR THE YEAR ENDED 24 JUNE 2025

The Trustee presents the annual report together with the audited financial statements of the charity for the year to 24 June 2025. The trustee has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2022 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019).

The Trustee

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

The Directors of the Trustee Company were as follows: Rev Canon C Wilton

Mr C M P Granger Mr P J Warry Mr J E Sharp Mr S J Hartley Mr S Close Ven P K Townley Ms D Younge

The Directors are each appointed based upon a skills audit specifically with knowledge of the community within the areas of benefit, knowledge of the clergy, financial, legal and property experience. A review of the relevant experience is carried out annually. Induction for new Directors is carried out by the Clerk and appropriate Trustee training is provided.

Objectives and activities

a. Policies and objectives

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

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

In the current year the Lady Elizabeth Hastings Education Foundation received 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: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2025

Objectives and activities (continued)

In the current year the Lady Elizabeth Hastings Non-Educational Charity received 51% of the net income distributed by the Estate Charity and makes grants in accordance with the Scheme, mainly by way of:

The number of grants decreased overall with a decrease in educational and a decrease in non-educational, with 86 educational applications and 179 of non-educational applications supported, the Charity has decreased its grant-making (£394,013) in 2024/25 by £254,222, a decrease of 40% (2023/24: £648,235). The reduction in grant giving represents a return to a more normal level of grant giving following an exceptional year that included high ecclesiastical and educational grants focussed on building repairs and improvements.

Major grants paid within the year included The Vicarage at Ledston of £65,222, however this was accrued for and expensed in the prior period accounts.

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

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

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

c. Investment policy

Investment in land, property or Stock Exchange securities are subject to the provisions of the Scheme dated 10 April 2012, the Trustees Investment Act 2000 and the relevant provisions of the Charities Act 2022.

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

1. Property

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

2. Other Investments

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

Page 3

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2025

Objectives and activities (continued)

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

Achievements and performance

a. Main achievements of the charity

The Non-Educational Charity made individual grants to 179 members of the clergy and their dependents totalling £211,926, including fixed yearly payments, grants to the Churches and grants to the poor (2024: 190 totalling £326,384).

The Educational Foundation made 86 individual grants totalling £182,086 including fixed yearly payments and grants to schools (2024: 105 grants totalling £321,851).

Investment income for the year ended 24 June 2025 was £684,407 compared with £656,487, in the previous year, an increase of 3%.

Within investment income, the total income from investment properties was £354,095 (2024: £316,418), an increase of £37,677. The investment property yield calculated using the simple average of opening and closing property values was 3.0% (2024: 3.0%). The accounts also reflect an additional dilapidations settlement in respect of one property that is included within expenditure in the year.

Income from listed investments decreased by 2.6% to £328,827 (2024: increase by 14.0% to £337,685). The investment yield on these investments, again calculated using the simple average of opening and closing investment values, was 2.5% (2024: 2.7%). The current year figure for total investment income less costs of generating funds and governance costs was £363,437 (2024: £341,484). Calculated as a proportion of the simple average of opening and closing total investment values this gives a return of 1.5% (2024: 1.5%).

After completion of the charitable activities for the year the Charity showed a deficit of £67,584 (2024: deficit of £342,296) before gains/(losses) on investment assets. Gain on investments were £1,945,852 (2024: £1,555,401). After taking account of these the overall surplus for the year is £1,878,268 (2024: £1,213,105).

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

b. Fixed assets

The Charity's freehold and leasehold investment properties were revalued on 24 June 2025 on an open market basis by Strutt & Parker LLP. The next quinquennial valuation is due on 24 June 2030.

Page 4

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2025

Achievements and performance (continued)

c. Commitments

At 24 June 2025 under the Scheme of the Charity, the Educational Foundation and Non-Educational Charity make yearly payments to specified recipients out of the income for each year.

The yearly payments of the Educational Foundation are detailed in Clause 11(1)(b/c/d/e) of the Scheme; subject to the availability of funds the amount due for payment next year is £17,250 (2024: £17,250).

The yearly payments of the Non-Educational Charity are detailed in Clause 13(1)(c/d/e) of the Scheme; subject to the availability of funds the amount due for payment next year is £6,600 (2024: £6,600).

d. Information on fundraising practices

The Charity does not carry out any direct fundraising activity.

Financial review

a. Going concern

The Trustee continues to review the asset base with regard to the wider economy with a view to achieving a balanced portfolio.

The Trustee has reviewed the performance of their asset base against their obligations and does not believe there are any concerns in adopting the going concern basis.

b. Reserves policy

Funds carried forward at 24 June 2025 are £26,179,834 (2024: £24,301,566) of which £730,752 (2024: £817,143) are restricted funds and £25,449,082 (2024: £23,484,423) are endowment funds. The charity does not have any unrestricted funds. Restricted funds represent funds generated by the Estate Charity, from rentals and investments, for distribution to the Educational Foundation and the Non-Educational Charity. This provides sufficient funds to cover management and administration and support costs and to fund the Educational Foundation and the Non-Educational Charity. The trustee is satisfied that these levels can be sustained for the future. The Educational Foundation and the Non-Educational Charity retain a minimum level of reserves only, as the Scheme states that all of their income should be distributed by way of grants as applications arise. At 24 June 2025 the Educational Foundation's reserves were £53,721 (2024: £85,953). The Non-Educational Charity reserves were £24,290 (2024: £76,576).

c. Grant making policy

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

Page 5

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2025

d. Risk management

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

Structure, governance and management

a. Constitution

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

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

b. Methods of appointment or election of Trustee

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

Plans for future periods

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

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

Page 6

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 24 JUNE 2025

Statement of Trustee's responsibilities

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

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

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

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

Auditor

During the year, Saffery LLP were reappointed as auditor to the charity.

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

The Reverend Canon Christopher Wilton

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

11 November 2025

Date: ……………………………

Page 7

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

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

We have audited the financial statements of Lady Elizabeth Hastings' Estate Charity (the ‘charity’) for the year ended 24 June 2025, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

Page 8

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

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

Matters on which we are required to report by exception

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

Responsibilities of trustee

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

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

Auditor’s responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 the basis of these financial statements.

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

Identifying and assessing risks related to irregularities

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with the trustee and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance to the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Page 9

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

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

Audit response to risks identified

We considered the extent of compliance with these laws and regulations 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 regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description 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 Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP

Statutory Auditor 10 Wellington Place Leeds LS1 4AP

25 November 2025 Date……………………..

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 10

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 24 JUNE 2025

Restricted
funds
2025
Income and endowments from:
Note
£
Investments
2
684,407
Total income and endowments
684,407
Expenditure on:
Raising funds
3
298,064
Charitable actvites
4
453.927
Total expenditure
751,991
Net (expenditure) before net
gains/(losses) on investments
(67,584)
Net gains/(losses) on investments
(18,807)
Net movement in funds
(86,391)
Reconciliaton of funds:
Total funds brought forward
817,143
Net movement in funds
(86,391)
Total funds carried forward
12, 13
730,752		 Endowment
funds
2025
£
-
-
-
-
-
-
1,964,659
1,964,659
23,484,423
1,964,659
25,449,082		 Total
funds
2025
£
684,407
684,407
298,064
453.927
751,991
(67,584)
1,945,852
1,878,268
24,301,566
1,878,268
26,179,834		 Restated
Total
funds
2024
£
656,487
656,487
292,097
706,686
998,783
(342,296)
1,555,401
1,213,105
23,088,461
1,213,105
24,301,566

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

All income and expenditure derive from continuing activities.

The notes on pages 14 to 28 form part of these financial statements.

A full comparative statement of financial activities is shown at note 18.

Page 11

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

BALANCE SHEET

AS AT 24 JUNE 2025

Note
Fixed Assets
Investments
9
Investment property
8
Current assets
Debtors
10
Cash at bank and in hand
15
Creditors: amounts falling due within one year
11
Net current assets
Total net assets
Charity funds
Endowment funds
12, 13
Restricted funds
12, 13
Total funds		 2025
2024
£
£
13,312,006
13,471,939
12,705,500
10,643,452
26,017,506
24,115,391
38,787
27,209
230,149
368,759
268,936
395,968
(106,608)
(209,793)
162,328
186,175
26,179,834
24,301,566
25,449,082
23,484,423
730,752
817,143
26,179,834
24,301,566		 2024
£
13,471,939
10,643,452
24,301,566
23,484,423
817,143
24,301,566

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

The Reverend Canon Christopher Wilton

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

11 November 2025

Date: ………………………..

The notes on pages 14 to 28 form part of these financial statements.

Page 12

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 24 JUNE 2025

Note
Cash fows from operatng actvites
Net cash used in operatng actvites
14
Cash fows from investng actvites
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by investng actvites
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
15		 2025
(866,754)
684,407
975,737
(932,000)
728,144
(138,610)
368,759
230,149
2024
(885,966)
656,487

1,411,700

(1,382,144)

686,043
(199,923)
568,682

368,759

Page 13

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

1. Accounting policies

1.1 General information and basis of preparation of financial statements

Lady Elizabeth Hastings' Estate Charity is an unincorporated charity registered in England and Wales. The address of the principal office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are on page 2 and 3.

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Lady Elizabeth Hastings' Estate Charity meets the definition of a public benefit entity under FRS 102. The financial statements are presented in sterling which is the functional currency of the charity, and rounded to the nearest £1. The financial statements are prepared under the historical cost convention modified to include certain items at fair value.

1.2 Going concern

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

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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

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 practicable to identify 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 notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 14

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

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

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

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

All expenditure is inclusive of irrecoverable VAT.

1.5 Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities 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 Activities.

1.6 Taxation

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 potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising. Given this, no tax charge arises on the charity.

1.7 Investments

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

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and are stated at their fair value at the reporting date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 15

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

1. Accounting policies (continued)

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.12 Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.13 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 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 accounting estimates and judgements that could give rise to a material change within these financial statements.

Page 16

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

2. Investment income

Income from UK investment propertes
Income from listed investments
Bank interest receivable
Total 2024		 Restricted
funds
2025
£
354,095
328,827
1,485
684,407
656,487		 Total
funds
2025
£
354,095
328,827
1,485
684,407
656,487		 Total
funds
2024
£
316,418
337,685
2,384
656,487

3. Expenditure on raising funds

Investment portolio management fees
Investment property management fees
Repairs
Insurance
Rates, light and heat
Bad debt provision
Legal and professional
Dilapidatons
Amortsaton
Loss on disposal of fxed assets
Total 2024		 Restricted
funds
2025
£
44,598
42,633
38,812
40,330
12,866
65
93,760
25,000
-
-
298,064
286,442		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
-
-
-
5,655		 Total
funds
2025
£
44,598
42,633
38,812
40,330
12,866
65
93,760
25,000
-
-
298,064
292,097		 Restated
Total
funds
2024
£
40,689
38,074
95,342
29,643
9,955
-
72,739
-
1,212
4,443
292,097

Page 17

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

4. Expenditure on charitable activities

Grants (non-educatonal charity) (note 5)
Grants (educatonal foundaton) (note 5)
Clerical fees
Expenditure on governance (note 6)
Total 2024		 Restricted
funds
2025
£
211,927
182,086
394,013
37,008
22,906
453,927
706,686		 Total
funds
2025
£
211,927
182,086
394,013
37,008
22,906
453,927
706,686		 Restated
Total
funds
2024
£
326,384
321,851
648,235
37,008
21,443
706,686

Clerical fees are adjudged to be split equally between the non-educational charity and the educational foundation. In the current year, these fees are included within expenditure on charitable activities, in the prior year the fees were included in expenditure on raising funds. The prior year comparatives have been restated to reflect this change as shown above.

5. Grants expenditure

Grants (non-educatonal 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))		 Individuals
£
-
-
172,145
2,200
174,345		 Insttutons
£
12,520
25,062
-
-
37,582		 2025
£
12,520
25,062
172,145
2,200
211,927		 2024
£
12,200
86,372
222,537
5,275
326,384

Page 18

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

5. Grants expenditure (continued)

Grants (educatonal foundaton)
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 2024		 -
-
46,200
2,583
48,783
223,128
277,828		 14,470
18,093
100,740
-
133,303
170,885
370,407		 14,470
18,093
146,940
2,583
182,086
394,013
648,235		 14,300
17,700
287,135
2,716
321,851
648,235

6. Governance costs

Audit fees (note 7)
Accountancy fees (note 7)
Ofce costs
Website and domain charges
Costs of trustee meetngs and rent days
Total 2024		 Restricted
funds
2025
£
12,000
6,300
521
114
3,971
22,906
21,443		 Total
funds
2025
£
12,000
6,300
521
114
3,971
22,906
21,443		 Total
funds
2024
£
11,400
6,000
593
108
3,342
21,443

7. Net income/(expenditure)

This is stated afer charging:
Auditor's remuneraton - audit
Auditor's remuneraton - accountancy		 2025
£
12,000
6,300
18,300		 2024
£
11,400
6,000
17,400

Page 19

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

7. Net income/(expenditure) (continued)

During the year, no Trustee received any remuneration or other benefits (2024- £nil). During the year, no Trustee received any reimbursement of expenses (2024 - £nil).

8. Investment property

Valuaton
At 25 June 2024
Revaluaton
At 24 June 2025		 Freehold
Investment
property
£
10,643,452
2,062,048
12,705,500

The valuations were made by Strutt & Parker on 24 June 2025 on an open market value for existing use basis. The historical cost of investment property held as at the year end is £3,789,100 (2024: £3,789,100).

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

Moor End Farm, Boston Spa
Lilac Farm, Collingham
Land at Bardsey		 2025
£
1,920,000
1,350,000
1,140,000
4,410,000		 2024
£
1,731,600
1,091,124
1,220,000
4,042,724

Page 20

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

9. Fixed asset investments

Cost or valuaton
At 25 June 2024
Additons
Disposals at Market Value
Realised Gains
Revaluatons
At 24 June 2025		 Listed
investments
£
13,187,112
770,318
(975,737)
173,091
(289,287)
12,865,497		 Cash held in
investment
portolio
£
280,697
161,682
-
442,379		 Other fxed
Asset
investments
£
4,130
-
-
-
4,130		 Total
£
13,471,939
932,000
(975,737)
173,091
(289,287)
13,312,006

The historical cost of listed investments as at the balance sheet date is £10,828,647 (2024: £10,846,443).

The only non-UK investment assets are non-UK equities with a market value at the balance sheet date of £4,781,054 (2024: £4,652,379).

There are no listed investments that account for more than 5% of the total portfolio value at 24 June 2025.

Page 21

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

10. Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
30,303
1,712
6,772
38,787		 2024
£
4,736
1,898
20,575
27,209

11. Creditors

Trade creditors
Rents in advance
Accruals and deferred income
Grants accrued		 2025
£
10,438
5,250
90,920
-
106,608		 2024
£
24,712
5,323
48,086
131,672
209,793

Page 22

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

12. Statement of funds

Statement of funds - current year

Endowment funds
Endowment Fund
Restricted funds
Estate Charity
Educatonal
Foundaton
Non-Educatonal
Charity
Extraordinary
Repair Fund
Total funds
Balance at 25
June 2024
£
23,484,423
355,232
85,953
76,576
299,382
817,143
24,301,566		 Income
£
-
684,407
-
-
-
684,407
684,407		 Expenditure
£
-
(318,875)
(201,842)
(231,274)
-
(751,991)
(751,991)		 Transfers
in/out
£
-
(348,598)
169,610
178,988
-
-
-		 Gains/
(Losses)
£
1,964,659
-
-
-
(18,807)
(18,807)
1,945,852		 Balance at 24
June 2025
£
25,449,082
372,166
53,721
24,290
280,575
730,752
26,179,834

Page 23

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

12. Statement of funds (continued)

Statement of funds - prior year
Endowment funds
Balance at 25
June 2023
£
Endowment Fund
21,965,561
Restricted funds
Estate Charity
485,108
Educatonal
Foundaton
219,265
Non-Educatonal
Charity
150,029
Extraordinary
Repair Fund
268,498
1,122,900
Total funds
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

Description of funds

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

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

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

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

The Extraordinary Repair Fund is used for the extraordinary repair, improvement or rebuilding of the property of the charity.

Page 24

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

13. 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
Analysis of net assets between funds - prior year
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Restricted
funds
2025
£
340,949
-
496,411
(106,608)
730,752
Restricted
funds
2024
£
359,756
-
667,180
(209,793)
817,143		 Endowment
funds
2025
£
12,971,057
12,705,500
(227,475)
-
25,449,082
Endowment
funds
2024
£
13,112,183
10,643,452
(271,212)
-
23,484,423		 Total
funds
2025
£
13,312,006
12,705,500
268,936
(106,608)
26,179,834
Total
Funds
2024
£
13,471,939
10,643,452
395,968
(209,793)
24,301,566

Page 25

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Actvites)
Adjustments for:
Amortsaton 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 operatng actvites
15.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
16.
Analysis of changes in net debt
At 25 June
2024
£

Cash at bank and in hand
368,759
368,759		 2025
£
1,878,268
-
-
(1,945,852)
(684,407)
(11,577)
(103,186)
(866,754)
2025
£
230,149
230,149
Cash fows
£
(138,610)
(138,610)		 2024
£
1,213,105
1,212
4,443
(1,555,401)
(656,487)
1,089
106,073
(885,966)
2024
£
368,759
368,759
At 24 June
2025
£
230,149
230,149

Page 26

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

17. Related party transactions

Mr CMP Granger is a Director of the Trustee Company and is a consultant for Carter Jonas. He is a Director in an individual capacity due to his significant local knowledge of the history of the charity and his agricultural and property expertise and derives no financial benefit from the charity in his role as a Director. During the year, £116,140 (2024: £95,724) was paid to Carter Jonas in respect of clerks, estate management and planning fees, of which £nil (2024: £nil) are planning fees which have been capitalised. At the year end, fees of £6,150 were due to Carter Jonas (2024: £5,555).

Revd Canon Chris Wilton is a Director of the Trustee Company and also the Vicar of All Saints Church, Ledsham. The parish received grants from the charity totalling £12,026 (2024: £3,670).

Page 27

Docusign Envelope ID: 53BEEC15-DD7F-45A1-8387-2550E2A032F4

LADY ELIZABETH HASTINGS' ESTATE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2025

18. Comparative statement of financial activities for the year ended 24 June 2024

Income and endowments from:
Investments
Other income
Total income and endowments
Expenditure on:
Raising funds
Charitable actvites
Total expenditure
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
Net movement in funds
Reconciliaton of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
656,487
-
656,487
286,442
706,686
993,128
(336,641)
30,884
(305,757)
1,122,900
(305,757)
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
292,097
706,686
998,783
(342,296)
1,555,401
1,213,105
23,088,461
1,213,105
24,301,566

Page 28