TRUSTEES REPORT FOR THE YEARENDED 31ST MARCH 2024 Thetrustee8 have pleasure in submitting theirAnnual Report and Financial Statements forthe ycarended 3 1st mOh 2024, which have been prepared in accordance with the chltieS Act and regulations made thcreunder, togetber with the Charity Coztllni58ion Statement of RQuIended Practice on Accounting for Chatities (The SORP). Structurej governance and management The Lewes Exhibition Fund is regislcred with the Charity Con]mission No. 306970 8nd constituted by a scbemc dated 12th August 1885 as altcred by schemcs dated 12th September 1890 Bnd 26th May 1955. It was r¢gistcrcd with th¢ Charity Comtlli¥sion on l¥t August 1963. ObJecdve8 and &cdvltleJ of the chArlty Thc objective of tbe charity 18 to provide a5S15tanc¢ for high¢r cducation by m¢arLS of scholar8hips, bursarles or n]aintcnance allowances to enable belleficiaries to prepare for, or to enter a trad¢• prof¢iiyion or calling. Achievements and perforniance Totsl incoming resources were £26,454. Edational &ry8nts of £384 were paid during thc year, The uute5tricted funds callied forward were £13,519 aDd iestsictcd rcs¢rv¢s raTricd forward wcrc £996.604. Reserv¢8 Building work8 to njeet the requirements of fe regulations for the letting of the flats at 171a and 1728 High Street resulted in expenditure of over £120,000 from reserves. As a result it was agreed that the governors would Set aslde s/0 of illcome for reserves against ttIre buildings ¢osts witil reserves were again built up lo at least £150.000 as the building8 are our only sole source of income and their maintenance 18 an absolute priority. Invertment Pollcy In ordcr to safe&ward agaiDSt risks all investments are made into COIF fund8 which are specifi¢ally d¢sign¢d for cbaritie8. Plans for the Future The Trustees are satisfied that th¢ir currcnt polici¢8 arc 8ufficient to meet their objectives and do not feel that th¢8¢ will be amended in the for¢sceable future. They will continuc to r¢vi¢w th¢ position. Public benefit The Trustees confirm that they hav¢ referred to the guidance cont&ined in the Clwity Comnllssions, gelleral guidance on public benefit when revlewing the cbarity's aims and objectives and in sctting th¢ gTant making policy. Page., 2
LEWES EXHIBITION FUND TRiJSTEES REPORT FOR YEAREIYDED 31ST MARCH 2024 Statement of Trustee&, Responslbllltle The TTUStees are responsible for prcparing the financial stat¢m¢nts in accordanc¢ with applicable law and United Kingdom G¢Derally kn¢"cptcd Accounting Practice. Under charity law. the Tntee8 shall prepare financiaI statements for each year which show a true and fair vicw of the structurc, aims, objectivc¥, activitics and perforn]anc¢ of the Charlty. In pr¢paring tbose financial Statements. generally accepted accounting practic¢ cntai18 that thc Tte¢s. select suitable accounting policies and then apply them consistently* make judgements and e8timate8 that are reasonable and prwleni stats whether applicable accounting 8tandards and Btatements of recommended practice have been followed, subject to ally material departures disclosed and explained in the fitwicial statements. prcpare the financial statenL¢nts on the going concern basi8 unl¢ss it is inappropriat¢ to presume that the Chlty will continue its activities. The Tr$teeS Are required to act in accordance with the ttust deed and the rule8 of the charity within the framcwork of tnL8I law. They are re8ponsible for keeping pioper occounting records, sufficient to disc108e at any time with reasonAbl¢ accuracyi the financial position of the charity at that time and enable the lThstees to ensure that where ally statements of account are prepared by them under the Charities Act, those statements will comply with the requirements of regulatiotLq under that provision. They baye general responsibility for taking such steps as arc r¢a8onably open to them to Bafcg)uard the asse¢s of th¢ charity and to prevent and detect fraud and otlwirre8ularitle8. Approved by the board of trustees Dr G Mayhew JP (Chairn]an) Date: 20th January 2025 Page.. 3
LEWES EXHIBITION FUND
CHARITY NUMBER: 306970
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
LEWES EXHIBITION FUND
INDEX TO THE FINANCIAL STATEMENTS
| Page | |
|---|---|
| 1 | General Information |
| 2 - 3 | Trustees’ Report |
| 4 | Independent Examiner’s Report |
| 5 | Statement of Financial Activities |
| 6 | Balance Sheet |
| 7 - 8 | Notes to the Financial Statements |
| 9 - 11 | Schedule of Investments |
LEWES EXHIBITION FUND
GENERAL INFORMATION
Trustees: Dr G Mayhew (Chairman) Mr Michael Chartier (Vice Chairman) Mr Ron Cook Mr Mike Keeping Mrs S Murray Mr Paul Mockford Cllr Janet Baah The Mayor Councillor Imogen Makepeice ExOfficio Principal Office: Lewes Town Hall High Street Lewes East Sussex BN7 2QS Charity Number: 306970 Independent Examiner: VMR Anderson BA (Hons) FCA DChA Clark Brownscombe 2 St Andrews Place Lewes East Sussex BN7 1UP
Page: 1
LEWES EXHIBITION FUND
TRUSTEES REPORT
FOR THE YEAR ENDED 31ST MARCH 2024
The trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 31st March 2024, which have been prepared in accordance with the Charities Act and regulations made thereunder, together with the Charity Commission Statement of Recommended Practice on Accounting for Charities (The SORP).
Structure, governance and management
The Lewes Exhibition Fund is registered with the Charity Commission No. 306970 and constituted by a scheme dated 12th August 1885 as altered by schemes dated 12th September 1890 and 26th May 1955. It was registered with the Charity Commission on 1st August 1963.
Objectives and activities of the charity
The objective of the charity is to provide assistance for higher education by means of scholarships, bursaries or maintenance allowances to enable beneficiaries to prepare for, or to enter a trade, profession or calling.
Achievements and performance
Total incoming resources were £26,454. Educational grants of £384 were paid during the year. The unrestricted funds carried forward were £13,519 and restricted reserves carried forward were £996,604.
Reserves
Building works to meet the requirements of fire regulations for the letting of the flats at 171a and 172a High Street resulted in expenditure of over £120,000 from reserves. As a result it was agreed that the governors would set aside 50% of income for reserves against future buildings costs until reserves were again built up to at least £150,000 as the buildings are our only sole source of income and their maintenance is an absolute priority.
Investment Policy
In order to safeguard against risks all investments are made into COIF funds which are specifically designed for charities.
Plans for the Future
The Trustees are satisfied that their current policies are sufficient to meet their objectives and do not feel that these will be amended in the foreseeable future. They will continue to review the position.
Public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commissions’ general guidance on public benefit when reviewing the charity’s aims and objectives and in setting the grant making policy.
Page: 2
LEWES EXHIBITION FUND
TRUSTEES REPORT
FOR THE YEAR ENDED 31ST MARCH 2024
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Under charity law, the Trustees shall prepare financial statements for each year which show a true and fair view of the structure, aims, objectives, activities and performance of the Charity. In preparing those financial statements, generally accepted accounting practice entails that the Trustees:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are required to act in accordance with the trust deed and the rules of the charity within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time with reasonable accuracy, the financial position of the charity at that time and enable the trustees to ensure that where any statements of account are prepared by them under the Charities Act, those statements will comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
Approved by the board of trustees
Dr G Mayhew JP (Chairman)
Date: 20th January 2025
Page: 3
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF LEWES EXHIBITION FUND
I report on the financial statements of the Trust for the year ended 31st March 2024, which are set out on pages 5 to 11.
Respective responsibilities of trustees and examiner
As the charity trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the financial statements do not accord with those records; or
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(3) the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
VMR Anderson BA (Hons) FCA DChA Clark Brownscombe Chartered Accountant 2 St Andrews Place LEWES East Sussex BN7 1UP
Date: 20th January 2025
Page: 4
LEWES EXHIBITION FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2024
| Notes Unrestricted Funds Restricted Funds £ £ INCOME Investments - Rental income - 24,915 - Listed investments 84 1,744 - Bank interest 11 - Total income 95 26,659 EXPENDITURE Charitable activities - Grants 384 - Honorarium - 1,500 - Legal fees - - - Accountancy fees 1,440 - - Bank charges - 41 - Building costs - 38,836 Total expenditure 1,440 40,761 (1,345) (14,102) Gains/(losses) on investment assets (1,587) 1,767 Net movement in funds (2,932) (12,335) Fund balances at 1st April 2023 16,451 1,008,939 Fund balances at 31st March 2024 13,519 996,604 |
Total 2024 £ 24,915 1,828 11 26,754 384 1,500 - 1,440 41 38,836 42,201 (15,447) 180 (15,267) 1,025,390 1,010,123 |
Total 2023 £ 17,491 2,267 - 19,758 185 2,200 1,980 720 - 8,119 13,204 6,554 (2,822) 3,732 1,021,658 1,025,390 |
|---|---|---|
Page: 5
LEWES EXHIBITION FUND
BALANCE SHEET
AS AT 31ST MARCH 2024
| Note FIXED ASSETS Tangible assets 3 Investments 3 CURRENT ASSETS Debtors 4 Cash at bank and in hand CREDITORS:Amounts falling due within one year 5 NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY Restricted funds 7 Unrestricted funds 6 |
2024 £ £ 941,443 52,717 994,160 1,294 21,996 23,290 (7,327) 15,963 1,010,123 996,604 13,519 1,010,123 |
2023 £ 941,443 62,538 |
|
|---|---|---|---|
| 1,003,981 - 22,129 22,129 (720) 21,409 |
|||
| 1,025,390 | |||
1,008,939 16,451 1,025,390 |
These financial statements were approved by the Trustees and authorised for issue on 20th January 2025 and signed on their behalf by:
Dr G Mayhew JP - Trustee
Page: 6
LEWES EXHIBITION FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared on an accruals basis in accordance with the Charities Act and regulations made thereunder, together with the Charity Commission Statement of Recommended Practice on Accounting for Charities (SORP). The accounting policies adopted are regularly reviewed to ensure that they remain the most appropriate for the circumstances of this Charitable Trust. The financial statements have been prepared under the historical cost convention, except for investments that are included at valuation.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
Assets
Assets are initially accounted for under the historical cost convention. Investment assets are recorded at market value at the balance sheet date.
Income
Income is recognised on a receivable basis.
Dividends are included within the financial statements when they are due.
Expenditure
Expenditure is recognised on an accruals basis, being included when the liability has been incurred.
Grants are recognised on an accruals basis, being included when the Trustees have resolved to make such donations.
Amounts included within governance costs are those incurred in relation to the general running of the Charity and the support it requires. They are not related to the direct management function.
Page: 7
LEWES EXHIBITION FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
| 2. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds 2023 Restricted Funds 2023 £ £ INCOME Investments - Rental income - 17,491 - Listed investments 496 1,771 Total income 496 19,262 EXPENDITURE Charitable activities - Grants - 185 - Honorarium - 2,200 - Legal fees - 1,980 - Accountancy fees 720 - - Building costs - 8,119 Total expenditure 720 12,484 (224) 6,778 (Losses) on investments (456) (2,366) Net movement in funds (680) 4,412 Fund balances at 31st March 2022 17,131 1,004,527 Fund balances at 31st March 2023 16,451 1,008,939 |
2023 Total £ 17,491 2,267 19,758 185 2,200 1,980 720 8,119 13,204 6,554 (2,822) 3,732 1,021,658 1,025,390 |
|---|---|
3. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Land and | |
| buildings | |
| £ | |
| Cost/valuation | |
| As at 1st April 2023 and 31st March 2024 | 941,443 |
| Net Book Value | |
| As at 31st March 2024 | 941,443 |
| As at 31st March 2023 | 941,443 |
Page: 8
LEWES EXHIBITION FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
| 3. INVESTMENTS 2024 £ Market value at 1st April 2023 62,537 Acquisitions at cost - Disposals (10,000) Net gains/(losses) 180 Market value at 31st March 2024 52,717 4. DEBTORS 2024 £ Amounts due from CCLA 1,294 5. CREDITORS: AMOUNTS FALLING DUE WITIN ONE YEAR 2024 £ Rent deposits 5,167 Accruals and deferred income 2,160 7,327 6. UNRESTRICTED FUNDS Balance At 1st April 2023 Income Expenditure Other gains and losses £ £ £ Unrestricted Funds Building maintenance reserve 16,451 95 (1,440) (1,587) UNRESTRICTED FUNDS (Prior year) Balance At 1st April 2023 Income Expenditure Other gains and losses £ £ £ Unrestricted Funds Building maintenance reserve 17,131 496 (720) (456) |
|
|---|---|
Page: 9
LEWES EXHIBITION FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
7. RESTRICTED FUNDS
| Balance At 1st April 2023 Income Expenditure £ £ £ Blunts Charity 499,597 25,618 (40,377) Educational purposes fund 509,342 1,041 (384) 1,008,939 26,659 (40,761) |
Other gains and losses 794 973 1,767 |
Balance at 31st March 2024 £ 485,632 510,972 996,604 |
|---|---|---|
RESTRICTED FUNDS (Prior year)
| Balance At 1st April 2023 Income Expenditure £ £ £ Blunts Charity 492,478 18,300 (10,327) Educational purposes fund 512,049 961 (2,156) 1,004,527 19,261 (12,483) |
Other gains and losses (854) (1,512) (2,366) |
Balance at 31st March 2024 £ 499,597 509,342 1,008,939 |
|---|---|---|
8. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible Fixed Assets Investments Net Current Assets £ £ £ Unrestricted - - 13,519 Restricted - Blunts Charity 470,722 23,482 (8,572) - Educational purposes fund 470,721 29,235 11,016 941,443 52,717 15,963 |
2024 Total £ 13,519 485,632 510,972 1,010,123 |
2023 Total £ 16,451 499,597 509,342 1,025,390 |
|---|---|---|
Page: 10
LEWES EXHIBITION FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
8. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Prior year)
| ANALYSIS OF NET ASSETS BETWEEN FUNDS (Prior year) | |
|---|---|
| Tangible Fixed Assets Investments Net Current assets £ £ £ Unrestricted - 11,587 4,864 Restricted - Blunts Charity 470,722 22,688 6,548 - Educational purposes fund 470,721 28,263 10,718 941,443 62,538 22,130 |
2023 Total £ 16,451 499,957 509,702 |
1,026,110 |
Page: 11
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEWES EXHIBITION FUND I report on the financial statements of the Trust for th¢ y¢ar elld¢d 318t M4Tch 2024, which are set out on pages 5 to 11. Respecllve respon#ibi11th5 of trustees ond examiner A5 the charity trust¢¢s of the Thst you are responsible for the preparation of the financial statements in accordanc¢ with the iequircmcDts of th¢ Charities Act 201 I('th¢ Act,). I report in respect of my examilon of the charity's financial 8t&tements carria out under seeAion 145 of th¢ 2011 Act and in carrying out my examination I have follow¢d all th¢ applicablc directions givell by the Charity Conmiission under 8ection 145(5)(b) of th¢ 2011 Art. Independent exarnlner's statement I have completed My ¢xn[nation. I confmn that no material matters bave come to my attsntion in connection with the examination giving me cause to believe that in ally material respect: (l) accounting records wer¢ not kept in respect of the Th18t a$ r¢quired by s¢¢tion 130 of the Act. or (2) the fmancial 8tat¢mellts do not accord with those records: or (3) the financial Btstements do not comply with the applicable requircmcnts concerning the forni and content of fuwicial statements set out in the Charities (Accounts ld Report8) RegulatlOn5 2008 other tlwi ally requirement that the financial 8l&tcm¢nty give a 'true and fair view, which is not a matt¢r considered as part of an indcpcndent ¢xamination. I have no concerns and have come across no otbcr rnatters in connection with the examination to which attention should b¢ drawn ill thi8 report iti order to enable a proper understanding of the fmancial 8tatcments to be r¢arh¢d. VMR Anderson BA (Hons) FCA DChA Clark Brow]scornbe Cbartcrcd Accountant 2 St Andrews Place LEWES East Sussex BN7 IUP Date: 20th JaTUWy 2025 Page: 4