LETCHWORTH EDUCATIONAL SETTLEMENT
TRUSTEES REPORT AND EXAMINED FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Registered Charity in England and Wales: 311085
THE
SETTLE.
MENT

LETCHWORTH EDUCATIONAL SE￿LEMENT
CONTENTS
Page
General information
Trustees, report
¢>12
Independent examinerfs report
13
Statement of financial activities
14
Balance sheet
15
Notes to the financial statements
16-22

LETCHWORTH EDUCATIONAL SErrLEMENT
REFERENCE AND ADMINISTRATIVE DETAILS
Charity name
Letchworth Educational Settlement
Also known as the Settlement
Charity number
311085
Governing Instrument
Committee
Amended Constitution adopted 22 November 2022
Chalr
Hilary Kemp
Stephen Charles
Marian Adams
Vlce Chair
Secretary
Treasurer
Alan Higbey
Other Committee
members
Katherine Alcock
Marine Boulter
Nigel Carrick
Colin Connelly
Collette Hoefkens
Natalie Maguire (to 7 November 2024)
Nick Skinner, Manager (ex-officio)
Principal address
229 Nevells Road
Letchworth Garden City
SG6 4UB
Independent Examiner
Roger Mclntyre Brown. FCA
Glebe House
Garth Road
Letchworth Garden City
SG6 3NG

LETCHWORTH EDUCATIONAL SETTLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024
Structure
overnance and mana
ement
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 practi￿ 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.
Appolntment 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 govemance and administration of the
Settlement. The Trustees form the Committee.
Under the terms of the Constitution:
Trustees serve for a period of three years, with one third of Ihem retiring at every AGM.
Those trustees retiring by rotation are eligible to stand for r8•election. This provides
greater continuity for the Settlement as it reduces the likelihood of a complete change in
the membership of the Committee every year. It helps to maintain the Settlement's
strategic direction and redU￿S the administrative burden with less "re-inventing the
wheel"
The Officers are appointed by the Trustees from among their number. They must have
the necessary knowledge, skills and experience to carry OLrt the duties of their office.
The Settlement Manager is a Trustee by virtue of their office, unless they choose
othen4vise, with full voting rights on the Committee.
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 Ihe Constitution and ils Membership policy (available on the Settlement's
website) and pay the annual subscription applicable to ordinary Members or other class of
membership as the Committee at tts discretion. may create, including honorary fellowships.
who will not be liable to any subscription.
Committee
The Constitution provides for a minimum of three and a maximum of twelve Trustees.
including the OffI￿rS. 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 AGM,
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 declaratlon of
interests is a standing agenda item for all Committee meetings. If a Trustee receives

LETCHWORTH EDUCATIONAL SEThLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 (contlnued)
payment from the Settlem8nt for professional or other services, the amount is detailed in
note 14 to the financial statements.
The Trustees who were serving on the date this report was approved by the Committee are
listed on page 3.
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, Nick Skinner and his
staff, Assistant Managers Julie Butcher and Carly Simmons. They work with us to ensure
the Settlement's objectives are achieved.
The Settlement's activities have continued to grow during the year. The Easter and Summer
Schools are now established more new courses have been introduced. Towards the end of
the year we also implemented a new website and database to support our activities and to
reduce the administrative burden on the Settlement office.
We are On￿ again very grateful to Nick, Julie and Carly for their commitment and
enthusiasm to ensuring the smooth running and development of the Settlement. With such a
small staff team, their willingness to go the extra mile is much appreciated.
We are also very grateful for the support of all users of the Settlement - our learners, hirers,
our tutors, including the new ones we have welcomed during the year and those who have
left us. Additionally, we would like to acknowledge the work of the small but hardworking
group of volunteers who support the Settlement in many different ways on a regular basis.
Without all these different people, Ihe Settlement would not continue to exist, and equally
importantly, look forward to the future.
ctives and activities
In setting the S8ttlement'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 almosphere.
The Settlement achieves its objectives by:
Providing courses to meet some of the educational requirements and interests of adults
living in Letchworth Garden City and the surrounding area.
Providing facilities and teaching for the creative arts and other humanities and language
courses.
Arranging a diverse programme of workshops, lectures, talks and other events.
Liaising locally and more widely with other parties involved in education and the creative
and performing arts. Matters of common concem include provision of local facilities,
meeting local needs and heritage issues.
Providing a meeting place for local organisations.

LETCHWORTH EDUCATIONAL SETTLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 {contlnued)
Achievements
The number of courses planned for Ihe year ended 31 July 2024 was 277 (2023: 237) but 39
(2023.24), representing 140/0 (2023: 10 /0), were cancelled due to low take up. The 238
(2023: 213) courses delivered were broken down belween:
In person
95
60
73
228
Online
Total
104
60
74
238
Arts and crafts
Languages
Humanities
Total
10
Please note that during the year special interest and creative writing courses were combined
and reclassified as Humanities. The comparatives for th8 previous year have been restated
accordingly.
The Can￿lIatIOn rate is higher than we would like but it is not financially viable for us to run
classes without a minimum number of leamers. We do however run a few language courses
as small classes where the learners are happy to pay an increased fee. We have also
introduced shorter courses to reduce the financial outlay for learners.
The totsl number of courses delivered increased by 12 % including 10 online ones, 9 of
which were related to arts and crafts (2023.. 16 of which 50O/D were related to arts and crafts).
We will to continue to deliver some selected online courses if there is the demand.
Enrolments on the courses were 2,104 (2023: 1,872), representing a 120/0 increase over the
previous year. Enrolments were broken down between:
2024
867
482
755
2,104
2023
886
401
585
1,872
Arts and crafts
Languages
Humanities
Tot21
Increased enrolments have resulted in more courses running at greater or full capacity so at
the very least they break even in terms of costs.
In addition to courses, there were 59 (2023: 60) workshops and other events, broken down
as follows:
2024
39
2023
40
Arts and crafts
Languages
Humanities
Total
19
59
18
60
The total number of workshops and lectures was marginally lower than in the previous year.
They were all in person. Two thirds of them were related to arts and crafts.

LETCHWORTH EDUCATIONAL SEThLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 20241conlinued)
Enrolments on workshops and lectures were 587 (2023: 618), representing a 5./0 decrease
over the previous year. Enrolments were broken down between:
2024
338
2023
303
Arts and crafts
Languages
Humanities
Total
249
587
315
618
The small decrease reflects reduced take up for the Easter and Summer Schools and we will
be reviewing what is on offer to lry to increase take up again next year.
Guided learning hours (active teaching hours) for courses and workshops amounted to
4,158 hours (2023: 3,821), representing an 9 % increase over the previous year. The hours
were broken down between:
2024
2,277
964
917
4,158
2023
2,149
861
811
3,821
Arts and crafts
Languages
Humanities
Total
We feel that guided learning hours are the best indicator of the success of the Settlement's
offer as it is a consistenl measure for all of the courses and workshops, regardless of their
length.
We review the data on the Settlement's activities on a termly basis. We now have a set of a
consistent data which will be maintained going forward. This data helps us to measure the
success of what we offer and make decisions about our future activities.
During the year we continued the 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, and provides joint
markeling opportunities. For the second successive year we were also a venue HVA'S Open
Studios in September.
To enrol on a course, a learner must be a Member. The Settlement was Set up as a
rnembership organisation in 1920 and this requirement is enshrined in its Constitution.
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, as well as providing opportunities for learners who work or have other
family responsibilities.
Membership numbers at 31 July 2024 were 774 (2023: 772), the same as in the previous
year. 72 % (2023: 71 % ) of Members are concessions (60 years and over). 71 % (2023:
71 % ) of Members live in the Settlement's local community. the LetchworthlBaldocklHitchin
postcode area. Although the majorty 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 communily organisation.
The Settlement's "Little Theatre. is home to the Settlement Players. The Players were
founded in 1923, three years after the Settlement itself, and they celebrat8d their centenary

LETCHWORTH EDUCATIONAL SETTLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 {contlnued)
in December 2023. Our relationship with the Players continues to be of mutual benefit and
the Kincaid Hall has again been the venue of Ihree suc￿Ssful productions during the year-
The Games Afoot or Holmes For The Holidays, Twelfth Night and Absent Friends.
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, Events during the year included the ever
popular quiz and varied musical events ranging from Flanders and Swann (also known as
Peter Chapman and Mike Rollins), the Apex Jazz Band and Cut the Mustard. Once again
we also welcomed local crafts people to our Christmas Fayre. We are very grateful to the
volunteers who organise all of these events and those who support them.
Financlal review
The Settlement had a net surplus of £4,713 for the year ended 31 July 2024 (2023: £469)
before an accounting adjustment of £18,660 relating to the write off of fixed assets. We are
very pleased with this result which is due to both the increased number of courses and
enrolments and tight control of overheads where possible. It has also been achieved
following investment in a new database and website, some of the cost of which has been
capitalised.
Income from charitable activities, comprising fees from courses, membership fees and
hirings was £325,032 (2023: £267,438), a 220/9 increase on the previous year, This increase
reflects both higher rates for our course and hiring fees with effect from 1 September 2023
and the increase in our offer as noted in Achievements.
Donations were £3,089 (2023: £26,308 of which £10,000 was a legacy and £7,000 was a
grant). a decrease of 88 % on the previous year. We hope to attract more grant funding in
the future.
Total expenditure was £346,354 (2023: £315,814), a 10 % (2023: 200/ts) increase on the
previous year. It is pleasing to note Ihat the year on year percentage increase has reduced.
Some of the Settlement's expenditure is incurred directly as a result of the activities that it
offers but costs like those for staffing, premises and IT provision are ongoing.
The main contributors to the increase in expenditure were:
Tutor fees due to the increased number of courses;
Premises costs including energy and repairs and maintenance. and
Support costs including the running costs of the new database and further improvements
in the IT infrastructure to improve efficiency and security.
New boiler
During the year we replaced the boiler which was coming to the end of its useful life. We
took the opportunily of reviewing the heating system as a whole to see ff improvements
could be made to its efficiency and to deal with known issues, such as the difficulty in
heating the Garden Room. The cost of the new boiler has been capitalised and will be
depreciated over 15 years, as disclosed in the notes to the financial statements.

LETCHWORTH EDUCATIONAL SETTLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 (continued)
New Settlement database and website
Another major investment during the year was in our new database and website. We had
identified the need to replace both of them some considerable time ago as they were
becoming obsolete and it was only a matter of time before they failed completely. Initial
work on their replacement was noted in last yearfs annual report.
Our requirements for the new systems included robust and secure data management,
managing the Settlement's activities and improved management and financial reporting.
We also needed to reduce the administrative burden on the Settlement office and put in
place proper support arrangements to deal with any operational issues and ensure systems
were updated to meet technological and regulatory changes. As a small charity with limited
staff and other resources, these were essential to help secure the Settlement's future as it
would ensure our existing resources could be used to maximum potential.
We knew that both the database and website needed to be implemented simultaneousty so
we did not waste resources linking the new database to an already failing website. We also
knew that as far as the Settlement's activities were concemed there was no good time to do
this work.
We therefore made the decision that we needed to have the new systems in place lo go live
before the end of the Summer term so that it did not impact adversely on enrolments for the
Autumn term. This was a challenging deadline but one we met. We were fortunate that two
of the trustees with relevant professional experience, Stephen Charles and Marian Adams.
were happy to devote their time (which has been considerable and at no cost to the
Settlement) to helping us manage the implementation, together with invaluable support from
our database provider and website designer. We would like to record our thanks to all
involved.
The new systems went live on 15 July. We ensured there was as much support as possible
available during the first few weeks after the go live date. Although there were a few
problems, overall we were very pleased with how well the implementation went. We would
like to record our Ihanks to all of our users for bearing with us, embracing the changes and
using the website. It has helped enormously to reduce the burden on the Settlement office
and allowed staff to focus on taking the Settlement forward.
We are also grateful for the feedback frorn users. This has already resulted in helping us to
improve the search functionality on the website and the experience for mobile phone users.
The implementation costs of the new database and website have been capitalised and will
be depreciated over 3 years, as disclosed in the notes to the financial statements. The
ongoing running and support costs will form part of our support costs.
Fees
As noted in past annLJal reports. 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.
We are pleased that we have achieved a slightly higher surplus this year but it is still only a
small one. We need to maintain the motnentum of doing better than breaking even in the
face of the continuing increase in overhead cosls. We have little control over some of these
increases. for example, energy costs. The Settlement building, although much loved, is old
and not energy efficient. It is exp8nsive to both heat and maintain it to what we consider an
a¢￿ptable standard. We have therefore again taken the decision to increase our course
and hiring fees with effect from 1 September 2024, although we hope to be able to hold them
at the new rate for the following year. Fees will remain at the existing rates for both stsndard

LETCHWORTH EDUCATIONAL SEThLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 (contlnued)
and concessionary membership fees. We are aware of the financial impact that these
increases have on our learners and users but we feel Ihat our courses and facilities still offer
value for money.
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 increases in energy costs, which also impact 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:
a) three months, operating expenses based on our phased annual budget. This allows for
some timing differences in forecast incorne and expenditure and for any action to be
taken if income levels fall below those budgeted by either reducing expenditure levels
andlor finding other sources of funding.
b) other short term commitments agreed by us as required.
c) the cost of closing the Settlement which could be achieved within three months if
required.
Restricted funds are not included in the resenies policy.
In the year ended 31 July 2021 we set up a fund to meet the cost of future property
repairslrnaintenance 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 tenns 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 2024 was
£20.000 (2023: £15,000),
In the year ended 31 July 2023 we set up a second designated fund, with a one-off
allocation of £10,000, to cover the excess on the Settlement's buildings Insuran￿ 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 2024, the level of free reserves was £106,437 (2023.. £120,307). As at this date
the amount required in accordan￿ with the reserves policy was £65,500.
Plans for the future
During th8 year we finalised our business plan which outlines our vision for the future. By the
year 2029 our aim is that the Settlement will:
Be a thriving and diverse community, provlding a wide range of non-vocational
educational courses and workshops;
Have an exciting Arts and Crafts centre for Letchworth Garden City and the wider local
area" and
10

LETCHWORTH EDUCATIONAL SEThLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 (continued)
Be the first-choice meeting place for local community groups.
We have set ourselves a challenging agenda to achieve our vision:
Expanding and enhancing the existing offer to deliver a wider range of courses and
workshops, additional tutors and teaching hours, and increasing enrolments.
Continuing to develop partnerships with other organisations for mutual benefit.
Improved and targeted marketing to reach both our existing audience and a wider
diverse demographic.
Continuing to review and improve the efficiency and effectiveness of our governance and
administration.
Successful completion of the proposed extension to the arts and crafts accommodation.
We are currently in the process of drawing up a detsiled action plan to meet this agenda.
We do not underestimate the challenges ahead but we feel that we now have a more solid
foundation on which to take the Settlement forward.
During the year we finalised plans to refurbish the Kincaid Hall and improve the technology
available there and in our other meeting rooms. We have committed the funds held in
reserves arising from the Save Our Settlement Appeal in 2020 to meet these costs. We felt
that this was an appropriate use of these funds as it would help to improve our facilities for
the future. The commitment is disclosed in note 12 to the financial statements. The bulk of
this work has now taken place and its cost, most of which will be capitalised, will be reflected
in the financial statements for the year ending 31 July 2025.
As noted in the Financial Review, w& have increased course and hiring fees with effect from
1 September 2024. Assuming there are no unforeseen circumstances, we will hold the feels
at this level for two years before reviewing them again.
The success of the Settlement depends in no small part on its staff. Improvements in our IT
provision, including the new database and website, will allow our staff more time to focus on
areas such as marketing and premises management. During the year we will continue to
review our processes and we also plan to undertake a review of our how we plan and
promote our programme of courses, both to make it more efficient and to get best value for
money.
Our Fundraising Sub Committee has already planned an increased number of social events
for the coming year, two of which have already taken place. The income from these will
continue to provide us with much needed additional funds which we can re-invest in the
S8tt1ement. We hope as many people as possible will attend these events to support us -
and to enjoy the newly refurbished Kincaid Hall.
We feel that we have achieved a great deal during the year, a lot of which has been in our
plans for some considerable time. We look forward to achieving even more in the coming
years.

LETCHWORTH EDUCATIONAL SETTLEMENT
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 (continued)
Statement of Trustees, res
onsibilities
Charity law requires the Trustees to prepare financial statements for each financial year that
show a 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:
Select suitable accounting policies and then apply them consistently;
Make judgments and estimates that are reasonable and prudent.
State whether applicable accounting standards and statements of recommended
practice have been followed, subject to any 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 in operational existence.
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 7 November 2024
and signed on their behalf by..
Hilary Kemp
Chair
12

LETCHWORTH EDUCATIONAL SEfTLEMENT
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LETCHWORTH EDUCATIONAL SEThLEMENT
I report to the Trustees on my examinalion of the financial statements of Letchworth
Educational Settlement for the year ended 31 July 2024.
Responslbllltles 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.).
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 Acl.
The charity's gross income exceeded £250,000 and l am qualified to undertake the
examination by being a Fellow of the Institute of Chartered Accountants in England and
Wales.
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 which gives me cause to believe that in, any
material respect:
the accounting records were not kept in accordance wtth section 130 of the Charities Act;
or
the financial statements do not accord with the accounting records" or
the financial statements do not comply with the applicable requirements conceming the
form and content of accounts set out in the Charities (Accounts and Reports)
Regulations 2008 other than any requirement that the accounts give a 'true and fairf view
which is not a matter considered as part of an independent examination. or
the financial statements have not been prepared in accordance with the methods and
principles of the with the Statement of Recommended Practice: Accounting and
Reporting by Charities applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.
Roger Mclntyre Brown, FCA
Glebe House
Garth Road
Letchworth Garden City
SG6 3NG
Dated: 11 November 2024
13

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LETCHWORTH EDUCATIONAL SEThLEMENT
BALANCE SHEET AS AT 31 JULY 2024
Notes
2024
2023
Fixed Assets
Tangible Assets
99,666
96,354
Current Assets
Debtors
Cash at Bank and in hand
10
7,488
160,847
168,335
19,489
176,177
195,666
Credltors: amounts falling due wlthln one year
(5.426)
(15,498)
Net Current Assets
162,909
180,168
Total Net Assets
262,575
276,522
Represented by:
Unrestricted funds
Designated
Restricted funds
12
12
12
176,103
30,000
56,472
262,575
191,661
25,000
59,861
276,522
The notes at pages 16 to 22 form part of the financial statements.
The flnancial statements were approved by the Truslees on 7 November 2024 and signed
on their behalf by
Hilary Kemp
Chair
Alan
Treasurer
15

LETCHWORTH EDUCATIONAL SETTLEMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024
Accounting policies
a. Basis of preparation
The accounls have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otherwise ststed in the relevant
note(s) to these accounts. The financial statements have been prepared in
accordance with the Statement of Recommended Practi￿. Accounting and
Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Stsndard 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 Acl 2011.
The Settlement constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no malerial 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.
The Trustees reviewed the depreciation rates during the year and confirmed the
existing deprecation rates. They also agreed that, in future, to reflect more realistic
useful lives for specific items:
Electrical appliances should be depreciated over 5 years rather than 10 years for
other fixtures and fittings.
The new boiler (included in building improvements) installed during the year
should be depreciated over 15 years rather than 20 years for the one replaced.
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 lrfe, as follows:
Fixtures and fittings: non
electrical appliances
Fixtures and fittings-
electrical appliances
Office equipment,
database and website
Property improvements
Building improvements
slraight line over 10 years
slraight line over 5 years
straight line over 3 years
straight line over 3 years
straight line over 15, 20. 27, 29 and 30 years
Income recognition
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.
16

LETCHWORTH EDUCATIONAL SETTLEMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 (continued)
d. Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive
obligation committing the charity to that expenditure, il 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.
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 sel 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 charilable objects.
f. Pensions
Qualifying employees of Ihe 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 outstsnding contribulions at the year end. The costs of the
scheme are included in costs and charged to the unrestricted funds of the charlty.
Taxation
Letchworth Educational Settlement is a registered charity and accordingly 15 exempt
from taxation on its income and gains where they are applied for its charitable
purposes.
Donations and legacles
Unrestricted Restrlcted
2024
2024
Total
2024
Totsl
2023
Donations and legacies
Grants
3,089
3,089
19,308
7,000
26.308
3,089
3,089
Donations include related Gift Aid.
Donations for 2023 included a legacy of £10,000.
There were no grants received during the year (2023: £7,000).
17

LETCHWORTH EDUCATIONAL SETTLEMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 (continued)
Income from charitable activities
Total
2024
Totsl
2023
Fees for courses
Membership fees
Hirings
268,555
10,142
46,335
325,032
215,693
10,777
40,968
267,438
Membership fees include related Gift Aid.
Other income
Total
2024
Total
2023
other income
18.046
18,046
20.054
20,054
Other income includes the sale of refreshments, the Christmas Fayre, the Prize Draw
and other fundraising activities.
Investment income
Total
2024
Total
2023
Bank interest
Other interest
4,810
90
4,900
2,482
2,483
18

LETCHWORTH EDUCATIONAL SEThLEMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 (continued)
Analysis of expenditure
Unrestricted Restrlcted
2024
2024
Totsl
2024
Total
2023
Provlslon of course and
other activities
Tutor fees
Other course costs
Costs of raising other income
Premises costs
Depreciation
Support costs
Governance costs
128,285
5.308
6,346
62,752
15,640
123,984
650
342,965
128,285
5.308
6,346
63,336
18,445
123.984
650
346,354
122,606
900
7,904
55,651
17,181
110,955
617
315,814
584
2,805
3,389
Support costs
Staff costs
General Offi￿ costs
82,548
41,436
123,984
82,548
41,436
123,984
78,506
110,955
Governance costs
Accountanvs fees
Independent examinerfs fee
Trustees liability insurance
Other
449
201
650
449
201
650
429
188
617
All of the expenditure was incurred on charitable activities. No costs were attributable
lo investment management.
For the years ended 31 July 2024 and 2023 the independent examination has been
carried out free of charge.
19

LETCHWORTH EDUCATIONAL SE￿LEMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 (Gontinued)
Staff costs
Total
2024
Total
2023
Remuneration paid to employees
Social security costs
Pension costs
78,638
1,629
2,281
82,548
75,366
1,251
1,889
78,506
The average number of employees, calculated on a full time
equivalent basis, was
There were no employee benefits.
There were no employees whose employee remuneration amounted to over £60,000.
In the years ended 31 July 2024 and 2023 Employer National Insurance contributions,
disclosed in social security costs. were offset in part by the Employment Allowance.
Tangible fixed assets
Flxtures
Office
& fittings equipment,
database
and
webslte
Building Property
Improve-
improve.
ments
ments
Totsl
Cost
At 1 August 2023
Additions
Disposals
At 31 July 2024
59.188
6,579
7,668
58,099
34,132
11,950
15,621
30,461
167,329
21,888
31,500
157.717
45,890
306,539
40.417
54,789
292,167
45.890
Depreciation
At 1 August 2023
Disposals
Charge for the year
At 31 July 2024
45,293
(4,175)
5.758
46.876
31.803
87,199
(15,621) (16.333)
6.312
6,375
22,494
77.241
45,890
210,185
(36,129)
18.445
192,501
45,890
Net book value
At 31 July 2024
11,223
7,967
80.476
99,666
At July 312023
13,895
2,329
80,130
96,354
20

LETCHWORTH EDUCATIONAL SErrLEMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 (continued)
10.
Debtors
Total
2024
Total
2023
Income tax recoverable (Gift Aid)
Accrued income
Other debtors
Prepayments
351
2,673
10,000
6,816
1.441
5.696
7.488
19,489
Accwed income in 2023 was 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
2024
Total
2023
Accruals and deferred income
5,426
15,498
12.
Commitments
The Trustees have committed expenditure of £40,000 towards the refurbishment of
the Kincaid Hall and improvements to the Settlement's audio-visual equipment.
£32,000 of this comrnitted expenditure relates to capital items. The committed
expenditure is in addition to £5,696 of prepaid expenditure (note 10 Debtors) relating
to the refurbishment of the Kincaid Hall and new audio-visual equipment.
The Trustees confirm that sufficient funds are available to meet the committed
expendilure, 750/0 of it should be expended within three months of the balance sheet
date.
21

LEfcHWORTH EDUCATIONAL SETTLEMENT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 (Gontinued)
13.
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 2024..
Property improvements To fund property improvements and is fully represented within
tangible fixed assets
To fund various specified expenditure for capital items (which,
where applicable, are included in tangible fixed assets) and to
support other costs
Bursary from an
individual donor
Expendlture
(Incl.
disposal
1085) Transfers
Balance at
1 August
2023
Balance at
31 July
2024
Income
Unrestricted funds
Unrestricted funds
Designated funds
191,661
25,000
216,661
351,067
361,625
{5,000)
5,000
176,103
30,000
206,103
351.067
361,625
Restrlcted funds
Propety improvements
Bursary
39,395
20.466
59,861
2,805
584
3,389
36,590
19,882
56,472
Total funds
276.522
351,067
365,014
262,575
The Iransfer from unrestricted funds to designated funds represents the agreed
annual allocation (£5,000) to meet future propety repair and maintenance costs.
Trustee remuneration and expenses
The Trustees received no remuneration or olher benefits (2023: £nil). One Trustee
re￿iVed payments totalling £10,623 (2023.. Three Trustees (two current and one
fonner) totalling £13,341) for professional or other services as a tutor for Settlement
courses. No Trustees received any expenses for travel and related costs (2023: £nil).
Related party transactlons
15.
There were no related party transactions.
22