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2023-07-31-accounts

LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES REPORT AND EXAMINED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

Registered Charity in England and Wales: 311085

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LETCHWORTH EDUCATIONAL SETTLEMENT

CONTENTS Page
General information
Trustees’ report
Independent examiner's report
Statement of financial activities
Balance sheet 15
Notestothefinancialstatements 16-22

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LETCHWORTH EDUCATIONAL SETTLEMENT

REFERENCE AND ADMINISTRATIVE DETAILS

Charity name Letchworth Educational Settlement Also known as the Settlement

Charity number 311085 Governing instrument Amended Constitution adopted 22 November 2022

Committee

Chair Hilary Kemp

Vice Chair Stephen Charles Secretary Marian Adams Treasurer Alan Higbey Other Committee Katherine Alcock members Marine Boulter (from 22 November 2022) Nigel Carrick Colin Connelly (co-opted 30 March 2023) Collette Hoefkens (co-opted 30 March 2023) Natalie Maguire

Abigail Huffer (to 22 November 2022) Shauna Miller (to 22 November 2022, co-opted 8 December 2022 to 26 January 2023)

Nick Skinner, Manager (ex-officio) (from 22 November 2022)

Principal address 229 Nevells Road Letchworth Garden City SG6 4UB

Independent Examiner Roger McIntyre Brown, FCA Glebe House Garth Road Letchworth Garden City SG6 3NG

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management

Letchworth Educational Settlement (“the Settlement”) was established in 1920 and moved to its current address in 1925. In 2020 the Settlement celebrated its Centenary.

The Constitution was amended at the Annual General Meeting (“AGM”) on 22 November 2022. Prior to that it was last amended at the 2017 AGM. The Constitution approved at the 2022 AGM (“the amended Constitution) is based on the Charity Commission’s model constitutions so ensures good practice and governance. It provides greater protection to the Settlement, Members and Trustees, and clarifies powers, responsibilities and the actions to be taken in specific situations.

The Settlement is a registered charity in England and Wales.

Appointment of Trustees

.

Under the Constitution Trustees are elected by the Members at the AGM. To be eligible for election, a candidate must be a Member of the Settlement. The Committee (or “we’”’) is the title and designation of the body responsible for the governance and administration of the Settlement. The Trustees form the Committee.

Under the terms of the amended Constitution:

Members

Any person is deemed to be eligible for the membership of the Settlement by the Committee providing they support the Settlement’s aims and objects, abide by the Settlement’s rules as set out in the Constitution and pay the annual subscription applicable to ordinary Members or other class of membership as the Committee at its discretion, may create, including honorary fellowships, who will not be liable to any subscription.

Committee

The amended Constitution provides for a minimum of three and a maximum of twelve Trustees, including the Officers. There is no maximum period for which a Trustee can serve, or upper age limit.

The Committee can co-opt any Member onto the Committee to serve until the next Annual General Meeting, although not in the capacity of a Trustee until formally elected at the next AGM.

The Committee meets at least four times a year.

The Trustees receive no remuneration or other benefit as Trustees. The declaration of interests is a standing agenda item for all Committee meetings. If a Trustee receives

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

payment from the Settlement for professional or other services, the amount is detailed in note 13 to the financial statements.

The Trustees who were serving on the date this report was approved by the Committee are listed on page 3, together with those who had served during the year ended 31 July 2023.

During the year two Trustees, Abigail Huffer and Shauna Miller, stood down for personal reasons. We would like to thank them for their contribution to our work.

To help the Committee to be as effective as possible, we have a number of Sub Committees covering specific areas of our work. Each Sub Committee has its own terms of reference and a report from each one is a standing agenda item for Committee meetings. These Sub Committees carry out detailed work in their areas of responsibility and then report and make recommendations to the Committee. The Sub Committees can invite non Trustees to join them if appropriate, for example, to provide additional or specific support and expertise.

Management

We delegate the day to day running of the Settlement to the Manager and his staff, who work with us to ensure the Settlement’s objectives are achieved.

Nick Skinner, the Manager, has now been with us for 18 months. During this time he has got to grips with the many responsibilities his position involves. Much has been achieved so far, not least establishing the Easter and Summer Schools and introducing new courses. Although Nick would be the first to acknowledge that there is still more to do, considerable progress has been made since the dark days when the Settlement closed because of the Covid-19 pandemic.

Nick is ably supported by Julie Butcher and Carly Simmons. They, amongst other duties, keep the Settlement office running smoothly.

We are very grateful to Nick, Julie and Carly for their commitment and enthusiasm as we are conscious that at times working at the Settlement can be quite a challenge, particularly around enrolment time. With such a small staff team, their willingness to go the extra mile ensures the smooth running of the Settlement.

We are also very grateful for the support of all users of the Settlement — our learners and hirers, our tutors (including the new ones we have welcomed during the year), and the small but hardworking group of volunteers who support the Settlement in many different ways on a regular basis. Without all these different people, the Settlement would not continue to exist and grow.

Objectives and activities

In setting the Settlement’s objectives and planning its activities we give careful consideration to the Charity Commission’s public benefit guidance.

The Settlement’s objectives are to provide a centre for education, recreation and social activities open to all Members, other users and visitors attending events. We aim to provide a friendly, accessible and supportive atmosphere.

The Settlement achieves its objectives by:

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

Achievements

The number of courses planned for the year ended 31 July 2023 was 237 (2022:277) but 24 (2022:54), representing 10% (2022: 19%), were cancelled due to low take up. The 213 (2022: 223) courses delivered were broken down between:

Arts and crafts In person
90		 Online
8		 Total
98
Special interest 34 2 36
Creative writing 24 6 30
Languages . 49 mer1 49
Total 197_ 16 213

The total number of courses delivered decreased by 4% due to the reduction of 93% in the number of online courses (2022: 25) as learners returned to in person classes following the pandemic. However, we will to continue to deliver selected online courses if there is the demand.

Enrolments on the courses were 1,872 (2022: 1,831), representing a 2% increase over the previous year. Enrolments were broken down between:

2023 2022
Arts and crafts 886 677
Special interest 360 648
Creative writing 225 241
Languages 401 265
Total 1,872 1,831

Although there was a small reduction in the number of courses delivered, enrolments increased so more of them were running at greater or full capacity. There was also a reduction in the number of course cancellations due to low take up. Both of these trends are in line with our objective to make sure what we offer is attractive to learners and will at the very least break even in terms of costs.

In addition to courses, there were 60 (2022:47) workshops and lectures, broken down as follows:

2023 2022
Arts and crafts 40 27
Special interest 13 14
Creative writing 5 2
Languages 2 4
Total 60 47

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

The total number of workshops and lectures delivered increased by 28% and were all in person (2022: 4 online). Two thirds of the workshops and lectures related to arts and crafts.

Enrolments on the workshops and lectures were 618 (2022: 394), representing a 49% increase over the previous year. Enrolments were broken down between:

2023 2022
Arts and crafts 303 226
Special interest 230 101
Creative writing 85 11
Languages 0 56
Total BiB Sn 394

The large increase in workshops and lectures is partly due to the successful introduction of the Easter and Summer Schools.

Guided learning hours (active teaching hours) for courses and workshops amounted to 3,821 hours (2022: 3,196), representing an 20% increase over the previous year. The hours were broken down between:

2023 2022
Arts and crafts 2,149 1,769.0
Special interest 452 452.5
Creative writing Jog 332.0
Languages 861_ 642.5
Total he 3,821 3,196.0

We feel that guided learning hours are the best indicator of the success of the Settlement’s offer as it is a consistent measure for all of the courses and workshops, regardless of their length.

We now review the data on the Settlement’s offer on a termly basis. We are building up a set of a consistent and timely data which helps us to measure the success of what we offer and make decisions about the future.

During the year we entered into a partnership with Herts Visual Arts (HVA). This collaboration brings together HVA’s 300+ Hertfordshire artists and craftspeople with the Settlement’s place as a venue for arts and crafts and its teaching facilities. The partnership has already introduced a number of new tutors to our offer. We were also a venue HVA’s Open Studios in September. Additionally we benefit from joint marketing opportunities.

To enrol on a course, a learner must be a Member. However, membership is not required to enrol on workshops and lectures, including those which are offered as part of the Easter and Summer Schools, as these are one off activities. We hope that these activities will serve as taster sessions and some participants will then enrol on a course.

Membership numbers at 31 July 2023 were 772 (2022: 736), representing a 5% increase over the previous year. 71% (2022: 75%) of Members are concessions (60 years and over). 71% (2022: 71%) of Members live in the Settlement’s local community, the Letchworth/Baldock/Hitchin postcode area. Although the majority of Members have joined the Settlement to enrol on a course, there are also those who continue to be Members because they want to support a local and valued community organisation.

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

The Settlement’s “Little Theatre” is home to the Settlement Players. The Players were founded in 1923, three years after the Settlement itself, and will celebrate their centenary in December. The relationship between the Settlement and the Players has been further strengthened during the year, including sharing advertising which has been of mutual benefit. Since the year end, the Players won the Best New Play Award at the Cambridge Drama Festival 2023 for “Fake or Fortune”, written and directed by one of the Players. The play was “a comedy about the almost true tale of how the Settlement was saved!”. We would like to congratulate the Players on this achievement, as well as the other nominations they received at the Festival.

During the year the Settlement’s facilities also continued to be used by a large number of other hirers ranging from the Camera Club, the Dance Steps Academy and local organisations and clubs, including art, music, chess, table tennis and wine tasting.

Fundraising from other activities remains an important source of additional income for the Settlement, as well as providing the opportunity for social events and to engage with people who may not normally come to the Settlement. “The Beertles” concert in particular proved to be so popular that we had to add a second night! And the quiz evenings are always well received. It was also lovely to be able to welcome local crafts people to the Christmas Fayre again. We are very grateful to the volunteers who organise all of these events and those who support them.

Financial review

The Settlement had a small net surplus of £469 for the year ended 31 July 2023 (2022: net expenditure £40,089). We feel this is a very creditable result, although we do not under estimate the difficulty in maintaining a break even, or better, position in the future.

Income from charitable activities, comprising fees from courses, membership fees and hirings was £267,438 (2022: £189,214), a 41% increase on the previous year. This increase reflects both the higher rates for our course and hiring fees noted in the report for the year ended 31 July 2022, and the increase in our offer as noted in Achievements.

Donations were £26,308 (2022: £22,513) of which £10,000 was a legacy and £7,000 (2022: £15,734) was a grant for marketing from the Letchworth Garden City Heritage Foundation (“the Heritage Foundation”). Grants and any restrictions on them are detailed in note 3 to the financial statements. The marketing grant was fully expended during the year on raising awareness of the Settlement and its activities in local community publications, and for promoting the new Easter and Summer Schools. We are grateful to the Heritage Foundation for its support.

Total expenditure was £315,814 (2022: £263,629), a 20% increase on the previous year. Some of the Settlement’s expenditure is incurred directly as a result of the activities that it offers but the costs like those for staffing and premises are ongoing.

The main contributors to the increase in expenditure were tutor fees (an increase of £30,330) staff costs (an increase of £9,277) and general office costs (an increase of £8,977)

The increase of 33% in tutor fees was due to both an increase in the number of guided learning hours delivered, as noted in Achievements, and a small increase in some fee rates. The increase of 13% in staff costs reflects our investment in resourcing to keep the Settlement open by delivering an improved offer and extended opening times. It is also worth noting that staff costs (excluding redundancy costs) were 4% lower than those for the

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

year ended 31 July 2020, when the pandemic resulted in the temporary closure of the Settlement.

The increase of 38% in general office costs reflects the move to a more efficient and effective working environment, mainly with improvements in the IT infrastructure and support. This investment will continue in the current year. It also includes an increase of 82% in card processing fees. Payment by card is a much more efficient and cost effective means of payment for us as processing cheques and cash is time consuming. To keep card payment costs to a minimum we changed provider towards the end of the year.

Premises costs were again lower than in the previous year (a decrease of £1,449). The 3% decrease was due to lower cleaning costs and a fixed price contract for energy costs.

As noted in the annual report for the year ended 31 July 2022, the shortfall between the income from charitable activities and the cost of raising it, was an issue that we needed to address as a matter of urgency. The aim was at the very least to break even as soon as practicable. We are pleased that we have managed to achieve a break even position in the year. However, to maintain this position and to continue investing in efficiency improvements, we have again taken the decision to increase course and hiring fees from September 2023. We now feel that we are reaching a position where these fees are set at levels which cover the full cost of delivering the Settlement’s activities. We appreciate that these increases impact on our learners and users who are also under financial pressure from the cost of living crisis, but it is pleasing to note that the take up for the Autumn term has remained at a satisfactory level.

We continue to try to keep the running costs of the Settlement as low as possible. However, we believe our investment in staffing and other resources such as IT infrastructure is an important part of enabling the Settlement to achieve financial security for the future.

Risk management

The biggest risk to the Settlement continues to be a financial one. Some of the risk is determined by external forces such as the cost of living crisis, which also impacts the Settlement’s users. The Settlement’s activities are also constrained by the buildings it occupies, although its historical importance and place in the local community is also an asset.

The Settlement is not an endowed charity and is reliant on the annual income it generates. We will therefore continue to look for ways to attract learners and users by enhancing and increasing what we offer and to make the greatest use of our facilities as possible.

Reserves policy

We consider it prudent that unrestricted reserves should be sufficient to cover:

Restricted funds are not included in the reserves policy.

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

In the year ended 31 July 2021 we agreed to set up a fund to meet the cost of future property repairs/maintenance to comply with the terms of the Settlement’s lease with the Heritage Foundation. The annual amount to be allocated to the fund will be £5,000 for 7 years, as under the terms of the lease there is a requirement to redecorate (interior and exterior) at least every 7 years. The amount held in this designated fund as at 31 July 2023 was £15,000 (2022: £10,000).

A second designated fund, with a one-off allocation of £10,000, was set up during the year to cover the excess on the Settlement’s buildings insurance following a change in arrangements agreed with the Heritage Foundation, the freeholder of the Settlement’s premises.

During the year we agreed there was currently no requirement to designate any other funds.

At 31 July 2023, the level of free reserves was £120,307 (2022: £99,034). As at this date the amount required in accordance with the reserves policy was £59,500.

Plans for the future

Our most immediate plans for the future continue to be on the development of the Settlement’s existing provision and looking at new initiatives, including offering new courses and formats, and increasing the use of the Settlement’s facilities in the evenings and weekends. Part of this will be introducing new tutors and activities and building on last year’s success of the Easter and Summer Schools.

We have also been reviewing the way we promote our offer and further work will be done on this in the coming year. For the first time we have produced a termly rather than annual brochure. This allows us to be provide more up to date information as we introduce new and additional courses and workshops.

As noted in the Financial Review, we have already increased course and hiring fees with effect from 1 September 2023. In future we will continue to review these fees annually. There has been no change the membership fee.

The success of the Settlement depends in no small part on its staff. We will continue to keep resourcing and support under review.

During the year a lot of work was done on identifying a new database. Our current database is a bespoke one and it has not been able to keep up with technological, reporting and other changes and it useful life is now limited. Important factors in deciding on a new provider included compliance with regulatory requirements, future proofing and support. We have chosen a new provider and an implementation plan is in place. We do not underestimate the work involved in making the implementation successful. We hope that it will be up and running at the beginning of 2024. Part of the implementation plan includes providing information to Settlement users.

Once the new database is implemented, we will start to plan the updating of the Settlement’s website to make it more attractive and easier to use and maintain.

Our Fundraising Sub Committee is also planning an increased number of social events for the coming year, including a couple of new ones. The income from these will provide us with much needed additional funds. We hope as many people as possible will attend these events to support the Settlement. The Sub Committee would welcome any new members and ideas.

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

As also noted in the annual report for the year ended 31 July 2022, one of the issues we have is that the Settlement’s current accommodation means that we cannot increase class sizes even if there is demand — our only option is to put on another class at a different time. Therefore, one of our longer term objectives continues to be an extension to our arts and crafts accommodation. More background work has been done on this during the year and will continue in the current one. Part of the work to date has included the preparation of a detailed business plan.

We feel that what has been achieved in the year provides a sound platform for the future, but there is no room for complacency. The challenges facing the Settlement previously noted remain the same but we now have far greater confidence that, with the help of all users, supporters and the local community, we will be able to meet them.

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LETCHWORTH EDUCATIONAL SETTLEMENT

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2023 (continued)

Statement of Trustees’ responsibilities

Charity law requires the Trustees to prepare financial statements for each financial year that showa true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which 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 1993. 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.

The Trustees have complied with the duty in Section 4 of the 2006 Charities Act having due regard to guidance published by the Charity Commission.

Approved by the Trustees on 2 November 2023

and signed on their behalf by:

Hilary Kemp Chair

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LETCHWORTH EDUCATIONAL SETTLEMENT

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF LETCHWORTH EDUCATIONAL SETTLEMENT

| report to the Trustees on my examination of the financial statements of Letchworth Educational Settlement for the year ended 31 July 2023.

Responsibilities and basis of report

As the charity's Trustees, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“the Act”). | 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, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. The charity's gross income exceeded £250,000 and | am qualified to undertake the examination by being a Fellow of the Institute of Chartered Accountants in England and Wales.

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Independent examiner's statement

| 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.

j 4 V “? Roger McIntyre Brown, FCA Glebe House Garth Road Letchworth Garden City SG6 3NG

Dated: 15 November 2023

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LETCHWORTH EDUCATIONAL SETTLEMENT

BALANCE SHEET AS AT 31 JULY 2023

Notes 2023 2022
£ Pa
Fixed Assets
Tangible Assets 9 : 96,354 113,535
Current Assets
Debtors
Cash at Bank and in hand		 10 19,489
176,177		 1,586
163,497
195,666 165,083
Creditors: amounts falling due within one year 11 (15,498) (2,565)
Net CurrentAssets 180,168 162,518
Total NetAssets 276,522 276,053
_
Represented by:
Unrestricted funds 12 191,661 209,553
Designated 12 25,000 10,000
Restricted funds 12 59,861 56,500
276,522 276,053

The notes at pages 16 to 22 form part of the financial statements.

The financial statements were approved by the Trustees on 2 November 2023 and signed on their behalf by

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Hilary Kemp / Alan Higbey ()
Chair Treasurer
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LETCHWORTH EDUCATIONAL SETTLEMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023

  1. Accounting policies

  2. a. Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Settlement constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Settlement’s ability to continue as a going concern.

b. Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs less estimated residual value of each asset over its expected useful life, as follows:

Fixtures and fittings straight line over 10 years Office equipment straight line over 3 years Property improvements straight line over 3 years Building improvements straight line over 20, 27, 29 and 30 years

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.

Investment income is recorded when receivable.

d. Expenditure recognition

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

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LETCHWORTH EDUCATIONAL SETTLEMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 (continued)

e. Funds structure

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

Designated funds are unrestricted funds which have been set aside by the trustees for an essential spend or future purpose. The designation has an administrative purpose only, and does not legally restrict the trustees’ discretion to apply the fund.

Restricted funds relate to amounts received in respect of expenditure used in fulfilling the charitable objects.

Qualifying employees of the charity are entitled to join a defined contribution 'money purchase’ scheme. The charity contribution is restricted to the contributions disclosed in note 6. There were no outstanding contributions at the year end. The costs of the scheme are included in costs and charged to the unrestricted funds of the charity.

2. Taxation

Letchworth Educational Settlement is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for its charitable purposes.

  1. Donations and legacies
Unrestricted Restricted Total Total
2023 2023 2023 2022
£ £ £ £
Donations and legacies 11,808 7,500 19,308 10,362
Grants ~ 7,000 7,000 12,151
11,808 14,500 26,308 22,513

Donations include related Gift Aid.

Donations for 2023 also include a legacy of £10,000 (note 10 Debtors refers).

Grants were made by the following:

Grant maker Unrestricted Restricted Total Purpose
£ £ £
Letchworth Garden City
HeritageFoundation		 7,000 7,000 Marketing

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LETCHWORTH EDUCATIONAL SETTLEMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 (continued)

4, Income from charitable activities

Total Total
2023 2022
£ £
Fees for courses 215,693 140,686
Membership fees 10,777 10,890
Hirings 40,968 37,638_
267,438 189,214
Membership fees include related Gift Aid.
Other income
Total Total
2023 2022
£ £
Other income 20,054 11,645
20,054 11,645

5. Other income

Other income includes the sale of refreshments, the Christmas Fayre, the Prize Draw and other fundraising activities.

6. Investment income
Total Total
2023 2022
£ £
Bank interest
2,483 131
Other interest - 37
2,483 168

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LETCHWORTH EDUCATIONAL SETTLEMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 (continued)

7. Analysis of expenditure
Unrestricted Restricted Total Total
2023 2023 2023 2022
£ £ £ £
Provision of course and
other activities
Tutor fees 122,606 - 122,606 92,276
Other course costs 900 - 900 -
Costs of raising other income 7,904 - 7,904 3,095
Premises costs 54,317 1,334 55,651 57,100
Depreciation 14,376 2,805 17,181 17,681
Support costs 103,955 7,000 110,955 92,701
Governance costs 617 ~ 617 776
304,675 11,139 315,814
Support costs
Staff costs 78,506 - 78,506 69,229
General office costs 25,449 7,000 32,449 23,472
103,955 7,000 110,955 92,701
Governance costs
Accountant's fees - - - -
Independent examiner's fee - - - -
Trustees liability insurance 429 - 429 417
Other 188 - 188 359
617 = 617 776

All of the expenditure was incurred on charitable activities. No costs were attributable to investment management.

For the years ended 31 July 2023 and 2022 the independent examination has been carried out free of charge.

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LETCHWORTH EDUCATIONAL SETTLEMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 (continued)

8. Staff costs

Total Total
2023 2022
x od
Remuneration paid to employees 75,366 67,307
Social security costs 1,251 692
Pension costs 1,889 1,230
78.506 69,229
The average number ofemployees, calculated ona full time
equivalent basis, was 2.5 2.3
Therewerenoemployeebenefits.

There were no employees whose employee remuneration amounted to over £60,000.

In the years ended 31 July 2023 and 2022 Employer National Insurance contributions, disclosed in social security costs, were offset in part by the Employment Allowance.

9. Tangible fixed assets

Fixtures Office Building Property Total
& fittings equipment improve- improve-
ments ments
£ £ £ £
Cost
At 1 August 2022 59,188 34,132 167,329 45,890 306,539
Additions - ” - ~ -
Disposals - - - i -
At 31 July 2023 59,188 34,132 167,329 45,890 306,539
Depreciation
At 1 August 2022 39,631 26,442 81,041 45,890 193,004
Disposals - - - - 0
Charge for the year 5,662 5,361 6,158 - 17,181
At 31 July 2023 45,293 31,803 87,199 45,890 210,185
Net book value
At 31 July 2023 13,895 2,329 80,130 - 96,354
AtJuly312022 19,557 7,690 86,288 - 113,535

20

LETCHWORTH EDUCATIONAL SETTLEMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 (continued)

10. Debtors

Total Total
2023 2022
£ £
Income tax recoverable (Gift Aid) 2,673 779
Accrued income 10,000 =
Other debtors 6,816 807
19,489 1,586
Accrued income is a legacy where the amount and entitlement were confirmed
before the year end. It was received in August 2023.
Creditors: amounts falling due within one year
Total Total
2023 2022
£ £
Accruals and deferred income ___ 15,498 2,565_

11. Creditors: amounts falling due within one year

12. Fund balances

Unrestricted funds are funds that are freely available to spend on any of the charity's purposes.

Designated funds are funds that the Trustees have set aside to meet future property repair and maintenance costs.

Restricted funds are funds subject to specific purpose(s) stipulated by the donor or grant maker. There are two restricted funds as at 31 July 2023:

Property improvements To fund property improvements and is fully represented within To fund property improvements and is fully represented within To fund property improvements and is fully represented within To fund property improvements and is fully represented within To fund property improvements and is fully represented within
tangible fixed assets
Bursary from an To fund various specified expenditure for capital items (which,
individual donor where applicable, are included in tangible fixed assets) and to
support other costs
Balance at Balance at
1 August 31 July
2022 Income Expenditure Transfers 2023
£ £ £ £ e
Unrestricted funds
Unrestricted funds 209,553 301,783 304,675 (15,000) 191,661
Designated funds 10,000 - - 15,000 25,000
219,553 301,783 304,675 - 216,661
Restricted funds
Property improvements 42,200 - 2,805 - 39,395
Bursary 14,300 7,500 1,334 - 20,466
Marketing - 7,000 7,000 - -
56,500 14,500 11,139 - 59,861
Totalfunds 276,053 316,283 315,814 - 276,522

21

LETCHWORTH EDUCATIONAL SETTLEMENT

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 (continued)

The transfer from unrestricted funds to designated funds represents the agreed annual allocation (£5,000) to meet future property repair and maintenance costs and a new one-off allocation (£10,000) to cover the excess on the Settlement’s buiidings insurance following a change in arrangements.

  1. Trustee remuneration and expenses

The Trustees received no remuneration or other benefits (2022: Enil). Three Trustees (two current and one former) received payments totalling £13,341 (2022: Two Trustees totalling £2,153) for professional or other services as tutors for Settlement courses. No Trustees received any expenses for travel and related costs (2022: Enil).

14. Related party transactions

There were no related party transactions.

22