THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST (A Charitable Company Limited by Guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Charity Registered No: 287694 Company Registered No: 01724197
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Contents
| Page | |
|---|---|
| Trustees' Report | 1-4 |
| Accountants' report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025
The Trustees (who are also the company’s directors) present their report (which, for the purposes of company law, includes the strategic report and the directors’ report), together with the financial statements of the charity, for the year ended 31 August 2025. These financial statements have been prepared in accordance with the requirements of the Companies Act 2006, the Charities Act 2011 and the Charities SORP (FRS 102).
REFERENCE AND ADMINISTRATIVE INFORMATION
The company was incorporated in 1983 to assume responsibility for St Francis’ College, Letchworth (‘the College’), which has been educating girls since 1933. In view of the significant challenges associated with running an independent girls’ school in the modern world, three years ago the trustees, as Governors at that time, sought and identified a new owner for the College who would safeguard its future and enable it to continue providing the best possible education and opportunities for pupils and staff. On 12 May 2022, the College was sold to a company owned by Amit Mehta and so joined the family of independent schools run by Inspired Learning Group (‘ILG’), a specialist provider of independent education in the UK (see www.inspiredlearninggroup.co.uk).
The company’s charity registration number is 287694 and its company registration number is 01724197. Following the sale of the College, the registered office and principal address were changed to Broad House, 1 The Broadway, Old Hatfield, Hertfordshire AL9 5BG.
In consequence of the sale, the charity changed its name on 3 August 2022, from St Francis’ College Trust to The Letchworth Garden City Educational Trust, to make it clear that it was no longer associated with the College.
Trustees
The Trustees at the date of this report and those who served during the year are as follows:
Mr A W Goodwin (Chairman) Miss E Ismay Mrs A J Aldridge (resigned 4 August 2025) Mr M J Dingemans Mr G D Ritchie
Secretary and Professional Advisers
Company Secretary: Miss E Ismay Principal Bankers: Barclays Bank PLC, 5/6 High Street, Hitchin, Herts SG5 1BH Solicitors: Veale Wasborough Vizards, Narrow Quay House, Narrow Quay, Bristol BS1 4QA Accountants: Keelings Limited, Broad House, 1 The Broadway, Hatfield, Herts AL9 5BG
Page 1
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025
Structure, governance and management
The charity is a company limited by guarantee, with no share capital, and is governed by its Memorandum and Articles of Association.
Organisational Management
Following the Sale, the Trustees meet as and when required to administer the Trust. Once the Trustees finish dealing with matters associated with the Sale, they intend to distribute the funds available to them in accordance with the charity’s objects.
Governing Body
The appointment, induction and retirement of Trustees are conducted in line with policies approved by the Board in March 2010. Nominations are usually received from Trustees; new Trustees may be elected at any general meeting and are selected because of the expertise they bring to the Board. New Trustees are provided with induction training and all Trustees have the opportunity to attend further training as necessary.
Objects and activities
In accordance with its Memorandum of Association, the purpose of the charity is to promote and provide for the advancement of the education of children in the United Kingdom and elsewhere, such education to be designed to give a sound Christian and moral basis to all children. Following the Sale, the charity was unable to meet its objectives directly and so has amended its articles of association to enable it, with effect from 22 December 2023, to make appropriate educational grants and donations.
.
Page 2
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025
STRATEGIC REPORT
Future plans
The Trustees are considering options as to how best, going forward, the Trust can fulfil its educational charity purposes. Options currently being considered include collaboration or merger with another educational charity in the North Hertfordshire area or alternatively recruitment of more trustees with a wider range of skills and expertise to help the Trust in making awards for educational purposes.
Financial review and results for the year
The charity is reporting a surplus of £47,837 this year (2024: £7,701).
Over the year, cash fell by £807,050, (2024: rose by £5,828) to £301,091. The main reason for the fall is the investment in LGT Wealth Management portfolio of £800,000; with the reinvestment of income generated in the portfolio, together with capital growth, the market value of the portfolio rose to £832,000 at the year-end. The charity ended the year with net assets (which were all net current assets) of £1.130m (2024: £1.083m).
Reserves policy
Reserves are that part of a charity's unrestricted funds that is freely available to spend on any of the charity's purposes. As the charity is winding down and will not incur any material liabilities in the future, the Trustees do not have a policy as regards Reserves.
Investment policy
The Trustees have the power to invest the charity’s funds as they see fit and have invested surplus cash in interest-bearing deposits and an investment portfolio.
Risk Management
The Trustees are satisfied that the risks to which the charity is exposed are minimal, since the sale of the College.
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and their application, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis, unless it is inappropriate (as it is) to presume that the charitable company will continue in operation.
Page 3
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025
Statement of Trustees’ responsibilities (continued)
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Board of Directors at its meeting on 16 June 2026 and signed by order of the Board by:
…………………………..
Miss E Ismay Company Secretary
Page 4
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST
I report to the charity's trustees on my examination of the accounts of the company for the year ended 31 August 2025.
Responsibilities and basis of report
As the charity's trustees (and also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination which give me cause to believe that, in any material respect:
-
accounting records were not kept in accordance with section 386 of the 2006 Act; or
-
the accounts do not accord with the accounting records; or
-
the accounts do not comply with relevant accounting requirements of section 396 of the 2006 Act, 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; or
-
the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
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.
Alfonso Del Basso FCCA Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisers Broad House 1 The Broadway HatfThe charity is controlled by the Trustees. Hertfordshire AL9 5BG
16 June 2026
Page 5
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025
| Note INCOME: Interest receivable Dividends from Unit Trusts (Loss) on sale of investments Gain in market value of investments Total incoming resources EXPENDITURE: Charitable activities: Charitable administrative costs Total expenditure NET SURPLUS FOR THE YEAR Funds brought forward 1 September 2024 Funds carried forward 31 August 2025 6 |
Unrestricted Continuing Discontinued Unrestricted Continuing Discontinued Funds Operations Operations Total Funds Operations Operations Total 2025 2025 2025 2025 2024 2024 2024 2024 £ £ £ £ 5,151 5,151 0 5,151 14,537 14,537 0 14,537 21,773 21,773 21,773 (26) (26) (26) 11,387 11,387 11,387 |
Unrestricted Continuing Discontinued Unrestricted Continuing Discontinued Funds Operations Operations Total Funds Operations Operations Total 2025 2025 2025 2025 2024 2024 2024 2024 £ £ £ £ 5,151 5,151 0 5,151 14,537 14,537 0 14,537 21,773 21,773 21,773 (26) (26) (26) 11,387 11,387 11,387 |
Unrestricted Continuing Discontinued Unrestricted Continuing Discontinued Funds Operations Operations Total Funds Operations Operations Total 2025 2025 2025 2025 2024 2024 2024 2024 £ £ £ £ 5,151 5,151 0 5,151 14,537 14,537 0 14,537 21,773 21,773 21,773 (26) (26) (26) 11,387 11,387 11,387 |
Unrestricted Continuing Discontinued Unrestricted Continuing Discontinued Funds Operations Operations Total Funds Operations Operations Total 2025 2025 2025 2025 2024 2024 2024 2024 £ £ £ £ 5,151 5,151 0 5,151 14,537 14,537 0 14,537 21,773 21,773 21,773 (26) (26) (26) 11,387 11,387 11,387 |
Unrestricted Continuing Discontinued Unrestricted Continuing Discontinued Funds Operations Operations Total Funds Operations Operations Total 2025 2025 2025 2025 2024 2024 2024 2024 £ £ £ £ 5,151 5,151 0 5,151 14,537 14,537 0 14,537 21,773 21,773 21,773 (26) (26) (26) 11,387 11,387 11,387 |
|---|---|---|---|---|---|
| 38,285 38,285 0 38,285 14,537 14,537 0 14,537 |
|||||
| (9,552) 5,970 (15,522) (9,552) 6,836 7,259 (423) 6,836 |
|||||
| (9,552) 5,970 (15,522) (9,552) 6,836 7,259 (423) 6,836 |
|||||
| 47,837 1,082,683 |
32,315 15,522 |
47,837 1,082,683 |
7,701 7,278 423 |
7,701 1,074,982 |
|
| 1,130,520 | 1,130,520 | 1,082,683 |
The notes on pages 8 to 10 form part of these financial statements
Page 6
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST (COMPANY NUMBER: 01724197) BALANCE SHEET AS AT 31 AUGUST 2025
| Notes CURRENT ASSETS Investments Debtors 4 Cash at bank and in hand 5 FUNDS OF THE CHARITY: Unrestricted funds 6 TOTAL FUNDS 6 CREDITORS: Amounts falling due within one year NET CURRENT ASSETS NET ASSETS |
£ £ 832,108 620 301,092 1,133,820 3,300 1,130,520 1,130,520 1,130,520 1,130,520 2025 |
£ £ - 3,681 1,108,141 1,111,822 29,140 1,082,683 1,082,683 1,082,683 1,082,683 2024 |
£ £ - 3,681 1,108,141 1,111,822 29,140 1,082,683 1,082,683 1,082,683 1,082,683 2024 |
|---|---|---|---|
| 1,082,683 | |||
| 1,082,683 | |||
| 1,082,683 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.
The charity is controlled by the Trustees.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
-
(a) No remuneration or expenses was paid to any Trustee during the year, but the charity did pay £762 (2024: £762) for Trustees’ indemnity insurance.
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board and authorised for issue on 16 June 2026
A W Goodwin - trustee
GD Ritchie - trustee
The notes on pages 8 to 10 form part of these financial statements
Page 7
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. COMPANY INFORMATION
The Letchworth Garden City Educational Trust is a charitable company limited by guarantee and registered in England & Wales as company number 01724197; its registered office is at Broad House, 1 The Broadway, Old Hatfield, Hertfordshire AL9 5BG.
2. ACCOUNTING POLICIES
2.1 Basis of Preparation
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019). The charity meets the definition of a public benefit entity set out in FRS 102. Assets and liabilities are measured at their historical cost or transaction value, unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in pounds sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest pound.
2.2 Going concern
As a result of the disposal of the College by the charity on 12 May 2022, the scale of the charity’s operations has been materially curtailed. Consequently, the charity is no longer a going concern and so the financial statements have not been prepared on the going concern basis; however, no adjustment to any figure was required as a result of this change.
2.3 Significant judgements and estimates
In applying accounting policies, the Governors are required to make judgements, estimates and assumptions that effect the amounts reported as assets and liabilities at the balance sheet date and as revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The judgement with the most significant effect on these financial statements concerns the recoverability of debtors.
Page 8
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
2. ACCOUNTING POLICIES (continued)
The charity is controlled by the Trustees.
2.4 Incoming Resources
All incoming resources are included in the Statement of Financial Activities (SOFA) when the performance conditions attached to the income have been satisfied, receipt is probable, and the income receivable can be measured reliably.
No
2.5 Resources Expended
Expenditure is recognised when there is a legal or constructive obligation for a payment to a third party, settlement is probable and the amount of the obligation can be measured reliably. Value added tax is not recoverable and is therefore included in the relevant expense.
All expenditure is classified under headings that aggregate all costs related to the category; where costs cannot be attributed directly to particular headings, they are allocated to activities on a basis consistent with the use of the resources.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. They include the cost of board meetings, Trustees’ insurance and audit fees.
3. EXPENDITURE
The year’s net operating deficit is stated after charging:
| 4. DEBTORS 5. Trade creditors Due to buyer of College Accrued expenses Debtors re fees and lettings Accrued income CREDITORS: Amounts falling due within one year |
2025 £ 2025 £ - 620 620 2025 £ - - 3,300 3,300 |
2024 £ 2024 £ 156 3,525 |
|---|---|---|
| 3,681 | ||
| 2024 £ 15,366 10,774 3,000 |
||
| 29,140 |
Page 9
THE LETCHWORTH GARDEN CITY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
6. STATEMENT OF FUNDS
| Fund balances at 31 August 2025 were represented by: Current assets Creditors due within one year Balance at 1 September Incoming 2024 Resources £ £ 1,082,683 38,285 Unrestricted funds |
Unrestricted Funds £ 1,133,820 (3,300) 1,130,520 Resources Expended £ 9,552 - |
Total £ 1,133,820 (3,300) |
|---|---|---|
| 1,130,520 | ||
| Balance at 31 August 2025 £ 1,130,520 |
7. TAXATION
The company is a registered charity and is exempt from taxation on income arising from charitable activities; thus no liability for taxation has arisen during the year.
8. LEGAL STATUS OF THE CHARITY
The charity is a company limited by guarantee and has no share capital. The liability of each member, in the event of a winding-up, is limited to £1.
9. ULTIMATE CONTROLLING PARTY
The charity is controlled by the Trustees.
10. RELATED PARTY TRANSACTIONS
No remuneration or expenses was paid to any Trustee during the year, but the charity did pay £762 (2024: £762) for Trustees’ indemnity insurance.
Page 10