TRUSTEES REPORT FOR THE YEARENDED 31ST MARCH 2024 Thetrustee8 have pleasure in submitting theirAnnual Report and Financial Statements forthe ycarended 3 1st mO￿h 2024, which have been prepared in accordance with the ch￿ltieS Act and regulations made thcreunder, togetber with the Charity Coztllni58ion Statement of R￿QuI￿ended 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. Ed￿ational &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 f￿e 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 Tn￿tee8 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 T￿￿te¢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 Ch￿lty 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; - make judgements and estimates that are reasonable and prudent; - 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 - 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: - (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or - (2) the financial statements do not accord with those records; or - (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 exami￿lon 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 ¢x￿n[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 l￿d 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