REGISTERED CHARITY NUMBER: 285524
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
RML Taylor FCCA 1 Carnegie Road Newbury Berkshire RG14 5DJ
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024
| Page | Page | Page | |
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
REPORT OF THE TRUSTEES For The Year Ended 31 December 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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)
OBJECTIVES AND ACTIVITIES
Objectives and aims
Lambourn Church of England School House Trust is an unincorporated charity established by a Deed of Trust, whose purpose is 'the advancement of the education of children in the parish of Lambourn'.
The Trust aims to fund grants and donations each year with the total value determined by investment returns and the availability and eligibility of projects/activities to fund.
The trustees apply the funds at their discretion and in accordance with the charitable purposes and object of the charity. Any decision whether to award a grant or donation remains solely the responsibility of the trustees.
Public benefit
The focus of the trust is on supporting projects and activities that are outside the core education provision and that are beneficial in meeting the specific needs of the children in the parish.
The Charity's Trustees have had due regard to the Charity Commission's guidance on Public Benefit.
ACHIEVEMENT AND PERFORMANCE
Achievements and Performance
In 2024 the trust distributed grants/ donations to the value of over £29,000. Grants were made to the local school towards the lease of minibus and coach travel expenses. Additional grants were made to the school for the installation of educational wall art, the purchase of books to upgrade the library reading lists, the purchase of a real time reading assistant app and various out of school experiences. Other organizations to benefit were Lambourn's Youth Club, Brownies, Guides and Rainbows. The trust also provided funding for approximately 50 pre-school children in the Lambourn postcode area to receive 1 reading book per month from the Imagination Library Scheme.
FINANCIAL REVIEW
Financial position
The Trust does not carry out any fund-raising activities. It funds its grant-making activities with income derived from a tangible asset in the form of a residential property which provided a modest annual income and assets held in investment funds at the lower end of the risk spectrum.
Reserves policy
The Trust holds a proportion of funds in readily accessible accounts to ensure it can meet its annual obligations for grants and make provision for the maintenance of the residential property.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The appointment of Trustees is governed by the Deed of Trust of the Charity. They are subject to being 3 in number. Each serve a 4 year term. The Trustees are specified in the Deed of Trust to be:
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The Vicar of the Parish of Lambourn.
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Appointed by the Parochial Church Council of the Parish of Lambourn.
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Appointed by Excalibur Academies Trust and be from the Parish of Lambourn.
Organisational structure
The Charity was established on 1 August 1982 and is administered by the Trustees. All decisions are made by the Trustees having taken appropriate third party advice where deemed necessary.
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
REPORT OF THE TRUSTEES For The Year Ended 31 December 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. A Grants and Donations Policy sets out the criteria for awarding grants. Payment of the grant is made retrospectively upon receipt of evidence that the activity or project has taken place in accordance with the grant's terms.
The Trust has an Investment Policy and the Trustees review the investments on a regular basis with the assistance of professional advisors. This ensures that any relevant risks are identified and monitored and managed in the appropriate manner.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
285524
Principal address
13A Oxford Street Lambourn Hungerford Berkshire RG17 8XS
Trustees
C Harris Rev J Mintern Ms A L Webster
Independent Examiner
RML Taylor FCCA 1 Carnegie Road Newbury Berkshire RG14 5DJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................
C Harris - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
Independent examiner's report to the trustees of Lambourn Church of England School House Trust
I report to the charity trustees on my examination of the accounts of Lambourn Church of England School House Trust (the Trust) for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
RML Taylor FCCA 1 Carnegie Road Newbury Berkshire RG14 5DJ
Date: .............................................
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | - | 1 | |
| Investment income | 2 | 52,919 | 47,754 |
| Total | 52,919 | 47,755 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable expenditure | |||
| 32,660 | 31,796 | ||
| Net gains on investments | 25,080 | 94,227 | |
| NET INCOME | 45,339 | 110,186 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 1,817,945 | 1,707,759 | |
| TOTAL FUNDS CARRIED FORWARD | 1,863,284 | 1,817,945 |
The notes form part of these financial statements
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
BALANCE SHEET 31 December 2024
| Notes FIXED ASSETS Investments Investments 8 Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
2024 2023 Unrestricted Total fund funds £ £ 1,120,838 1,095,758 525,000 525,000 1,645,838 1,620,758 55 101 218,632 198,267 218,687 198,368 (1,241) (1,181) 217,446 197,187 1,863,284 1,817,945 1,863,284 1,817,945 1,863,284 1,817,945 1,863,284 1,817,945 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. C Harris - Trustee
The notes form part of these financial statements
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Overall risk to operations
Following the year end, there have been no substantial developments that would affect the Charity's ability to remain in surplus. The Charity has therefore determined that there are no post balance sheet events and accordingly, the financial position as at, and results of the operations for, the year ended 31 December 2024 have not been adjusted to reflect their impact.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
Grant and Donations:
The Trustees apply the funds of the School House Trust at their discretion and in accordance with the charitable purposes and objects of the Charity.
The number and value of grants is necessarily limited to the amount of funds that are available for distribution each year. The trustees have determined that the current priorities for funding grants are:
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Facilitating extra-curricular activities for children aged 5-11 in areas of arts, sport and culture.
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Encouraging pre-school children to attain basic skills in literacy and speaking and listening.
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Enabling children to achieve their full potential in literacy.
The trustees will only consider applications for grants from organisations, not individuals, within the Parish of Lambourn.
Applications for grants received not in-keeping with the priorities for support will only be considered under exceptional circumstances.
The trustees will allocate a portion of the fund each year for small donations of up to £500.
Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
The overall investment objective is to produce the best financial return with an acceptable level of risk.
Long-term funds:
continued...
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024
1. ACCOUNTING POLICIES - continued
Investments
Are used to generate a fairly high level of income while minimising the risk of capital losses. The income and capital gains will aid in protecting the Charity's capital from the impact of inflation.
The charity uses the Consumer Price Index (CPI) as an inflation measure and the target return on investment is inflation plus 5%.
Short-term funds:
The Charity will use short term investments with a minimum A-credit rating, to achieve a competitive rate of interest on cash balances, with the main aim being to have readily accessible funds in the case of unexpected expenditure or low value capital projects.
Ethical Policy:
The Charity expects funds to be invest and managed in accordance with the Church of England's Ethical Investment Advisory Group and the UK Stewardship code.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
| INVESTMENT INCOME Rents received Investment income Deposit account interest GRANTS PAYABLE Charitable expenditure The total grants paid to organisations during the year was as follows: |
2024 £ 12,386 40,346 187 52,919 2024 £ 29,161 |
2024 £ 12,386 40,346 187 52,919 2024 £ 29,161 |
2023 £ 12,036 35,468 250 47,754 2023 £ 29,691 |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Lambourn Church of England Primary School | 18,562 | 27,606 | |
| Other institutions | 10,600 | 2,085 | |
| 29,162 | 29,691 | ||
2.
3. GRANTS PAYABLE
continued...
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024
4. INDEPENDENT EXAMINERS' REMUNERATION
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Independent examiners' remuneration | 546 | 522 |
| Independent examiners' remuneration - Non Independent examination | 696 | 660 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
6. STAFF COSTS
The Trust did not employ any staff in the current or the preceding year.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable expenditure Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricte fund £ 1 47,754 |
|---|---|
| 47,755 | |
| 31,796 | |
| 94,227 | |
| 110,186 1,707,759 |
|
| 1,817,945 |
continued...
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2024 Revaluations At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 There were no investment assets outside the UK. Cost or valuation at 31 December 2024 is represented by: Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost 9. INVESTMENT PROPERTY FAIR VALUE At 1 January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Fair value at December 2021 is represented by: Valuation in 1998 Valuation in 2007 Valuation in 2014 Valuation in 2017 Valuation in 2020 Valuation in 2022 Cost |
Listed investment £ 1,095,758 25,080 1,120,838 1,120,838 1,095,758 Listed investment £ 93,091 142,066 (133,626) 94,227 25,080 900,000 1,120,838 £ 525,000 525,000 525,000 169,960 255,000 35,000 (40,000) 55,000 50,000 40 525,000 |
|---|---|
The cost represents the original cost of the land on which the property is now situated. There is no supporting documentation available to determine the costs incurred when erecting the property.
The Trustees obtained a professional valuation of the investment property during the year ended 31 December 2022. The valuation was conducted by Marc Allen Estate Agents and is considered to be a fair estimate of the market value.
continued...
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 12. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 1,817,945 TOTAL FUNDS 1,817,945 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 52,919 (32,660) TOTAL FUNDS 52,919 (32,660) Comparatives for movement in funds At 1.1.23 £ Unrestricted funds General fund 1,707,759 TOTAL FUNDS 1,707,759 |
2024 £ 55 2024 £ 1,241 Net movement in funds £ 45,339 45,339 Gains and losses £ 25,080 25,080 Net movement in funds £ 110,186 110,186 |
2023 £ 101 2023 £ 1,181 At 31.12.24 £ 1,863,284 1,863,284 Movement in funds £ 45,339 45,339 At 31.12.23 £ 1,817,945 1,817,945 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 47,755 | (31,796) | 94,227 | 110,186 |
| TOTAL FUNDS | 47,755 | (31,796) | 94,227 | 110,186 |
continued...
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LAMBOURN CHURCH OF ENGLAND SCHOOL HOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.23 £ 1,707,759 1,707,759 |
Net movement in funds £ 155,525 155,525 |
At 31.12.24 £ 1,863,284 1,863,284 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 100,674 | (64,456) | 119,307 | 155,525 |
| TOTAL FUNDS | 100,674 | (64,456) | 119,307 | 155,525 |
13. RELATED PARTY DISCLOSURES
Alison Webster is a Trustee appointed by Excalibur Academies Trust who are responsible for Lambourn Church of England School which receives donations from the Trust.
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