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2024-03-25-accounts

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

Charity number: 311306

BISHOP LANEY'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report on the financial statements 7 - 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 24

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, IT'S TRUSTEES AND ADVISERS FOR THE YEAR ENDED 25 MARCH 2024

Trustees

B M Ashton Esq, Chairman H C H Ross Esq L Every G Fisher Esq I M Sutherland Esq Doctor N G Mumford

Charity registered number

311306

Registered Office

c/o Millard Consultants The Beeches, 79 Ely Road Little Downham Ely Cambridgeshire CB6 2SN

Clerk to the Trustees

Jennifer Millard

Registered Auditor

Peters Elworthy & Moore Salisbury House Station Road Cambridge CB1 2LA

Bankers

Lloyds Bank PLC Minster Place Ely Cambridgeshire CB7 4LR Solicitors Ward Gethin Archer Archer House Market Place Ely Cambridgeshire CB7 4QN

Bishop Laney's Charity is also known as The Bishop Laney Foundation

Page 1

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 25 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the 26 March 2023 to 25 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The Charity applies money received from rents and other income in one or more of the following ways, based on the original Will of Bishop Laney and subsequent changes as approved by the Charity Commission:

a) In providing financial assistance, outfits, clothing, tools, instruments or books to enable beneficiaries on leaving school, university or other educational establishment, to prepare for or assist their entry into a profession, trade or calling.

b) in awarding Exhibitions or Grants tenable at any Secondary School, College of Education or University or other institution of further (including professional and technical) education.

c) In otherwise promoting the education (including social and physical training) of beneficiaries. Beneficiaries means young persons who have not attained the age of 25 years.

d) The primary beneficial area is for those young people residing in the Parishes of Ely and Soham.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Trustees have advertised the availability of grants at the Local Authority Schools and Academies attended by young people in the principal beneficial area. Applications are considered by the Chairman and one other Trustee and their decision is ratified at the Trustees' meetings, or alternatively approved at the Trustees' meetings. Where possible, grants are approved for the duration of the course, apprenticeship or further education so that proof of achievement is sufficient to trigger the payment of the next instalment. There have been no major changes in the policies during the year.

c. Activities undertaken to achieve objectives

The Trustees established a web page and are entering other advertising portals to increase the number of applicants to further the Charity's purpose for public benefit.

Page 2

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2024

Achievements and performance

a. Review of Activities

As students have found it harder to obtain grants for further education, the Trustees have endeavoured to publicise the availability of the Charity in the principal areas where help can be given.

The Trustees attended four events promoting the activities at local schools and the cathedral.

Both the land and investments are held with a view to earning an income from which the grants and running expenses can be paid. Capital growth is encouraged in the case of the stocks and shares. The Trustees are considering various ways to spend more of the income within the terms of the Charityand to manage the capital growth of the portfolio to provide for future beneficiaries of the Charity.

b. Designated Chorister Fund

The Designated Chorister Fund provides support for a Kings School Chorister scholarship. No grant was awarded in the year so the total fund value increased from £209,821 to £220,624.

The Trustees have not been able to find a new chorister to support in 2024 and have advised the cathedral that this can be extended to people of all genders. The Trustees will review the use of this designated fund going forward.

c. Investment policy and performance

The Trustees continually review the investment policy and records of the main investor and are satisfied with the achievement of M & G in their Charifund portfolio. M & G have been instructed to invest the funds in accordance with the mandate determined by the Trustees.

Financial review

a. Going concern

After making appropriate enquiries and considering the expenditure planned for the following periods and reserves as set out below, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for at least twelve months from the approval of these accounts. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2024

b. Reserves policy

The Charity has an agreed reserves policy which is reviewed by the Trustees on an annual basis. Current commitments for future grants total £51,200, however as best practice, a minimum level of £75,000 is kept in an easy access bank account, based on 12 months expenditure, should any additional applications be received which the Trustees felt were correct to support. The Trustees retain enough cash reserves to meet the day to day requirements of the Charity and ensure that sufficient funds are retained to cover future grant applications.

The Designated Chorister Fund has been invested to produce an income and support the training of a chorister in the Kings School. As at 25 March 2024 this fund totalled £220,624 (2023 - £209,821).

The Main Endowment Fund is an expendable endowment fund that is used for the general running of the charity and for meeting the objectives of the Charity. As at 25 March 2024 this fund totalled £8,042,816 (2023 - £7,113,532). The Trustees retain enough cash reserves to meet the day to day requirements of the Charity and ensure that sufficient funds are retained to cover future grant applications

c. Financial Review

The Trustees met on six occasions during the year, to authorise grant payments in excess of £45,000 (2023 - £38,000) as well as future grants of approximately £51,200 (2023 - £27,550). These are contingent on the apprentices or students reaching the necessary standards. Income increased by approximately £24,000 whilst property and administrative expenses increased by approximately £15,000. The actual payment of grants (after taking into account refunds and cancelled grants) increased from £35,915 to £44,557 comprising of 133 (2023 - 98) separate grants

Structure, governance and management

a. Constitution

The Charity is constituted by the Will of Bishop Laney who died in 1674. The charity is registered with the Charity Commissioners under Charity Number 311306. The Trust Deed has been amended in subsequent years; the latest one being in 1988.

b. Methods of appointment or election of Trustees

The Trustees are required to be "six substantial freeholder inhabitants in Ely, Soham or environs". When one Trustee resigns another is appointed from the same town such that there are always three Trustees from each town. New Trustees are appointed by the Chairman and Trustees and always approved at a meeting. They are required to have experience of the potentail beneficiaries/families.

Trustees follow Charity Commission guidance regarding the appointment and induction of trustees. The induction process includes presentation of copies of schemes, previous accounts, estate visits, introduction to stakeholders and advisors, together with any continued professional development as required.

c. Organisational structure and decision-making policies

There are six Trustees, three from the parish of Ely and three from the Parish of Soham. The day to day administration is handled by the Clerk to the Trustees, who consults with the Chairman and one other Trustee before drawing cheques for their signature. The chairman is elected from among the Trustees and holds the position for two years. The funds are invested in land from which rental is received and in approved stock amd shares. The land and rents are organised by local Estate Agent, Messrs Cheffins and the investment by M & G Investments. The Trustees rely on their expert knowledge whilst inputting their own personal experience.

Page 4

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2024

Structure, governance and management (continued)

d. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The Trustees consider income receipts to be a principal risk particularly in relation to return on investment from cash investment and the wider estate and mitigate this through regular review of investment policy and performance. Trustees are in the process of reviewing the wider Risk Assessment and Risk Policy, which will then be monitored annually.

Plans for future periods

The Trustees are aware of the charity funds increasing and are looking at ways to award more grants. They are aiming to review the constitution during the next year so that opportunities to provide further financial assistance may be possible.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

Page 5

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2024

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

B M Ashton Esq

Trustee

Date: 24 January 2025

Page 6

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BISHOP LANEY'S CHARITY

Opinion

We have audited the financial statements of Bishop Laney's Charity (the 'charity') for the year ended 25 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 7

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BISHOP LANEY'S CHARITY (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 8

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BISHOP LANEY'S CHARITY (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

To address the risk of fraud through management bias and override of controls, we:

Page 9

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BISHOP LANEY'S CHARITY (CONTINUED)

In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Peters Elworthy & Moore

Salisbury House Station Road Cambridge CB1 2LA Date: 24 January 2025

Peters Elworthy & Moore are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 25 MARCH 2024

Note
INCOME AND ENDOWMENTS
FROM:
Investments
2
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
3
Charitable activities
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE NET GAINS/(LOSSES) ON
INVESTMENTS
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
13
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Endowment
funds
2024
£
294,490
294,490
2,947
-
2,947
291,543
722,560
1,014,103
(84,639)
929,464
7,113,352
8,042,816		 Unrestricted
funds
2024
£
10,294
10,294
-
84,639
84,639
(74,345)
506
(73,839)
84,639
10,800
284,824
295,624		 Total
funds
2024
£
304,784
304,784
2,947
84,639
87,586
217,198
723,066
940,264
-
940,264
7,398,176
8,338,440		 Total
funds
2023
£
280,832
280,832
2,847
69,274
72,121
208,711
(242,597)
(33,886)
-
(33,886)
7,432,062
7,398,176

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 24 form part of these financial statements.

Page 11

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

BALANCE SHEET AS AT 25 MARCH 2024

2024 2024 2023
Note £ £
FIXED ASSETS
Investments 9 7,715,056 7,158,342
7,715,056 7,158,342
CURRENT ASSETS
Debtors 10 350,136 55,487
Cash at bank and in hand 309,057 204,451
659,193 259,938
Creditors: amounts falling due within one
year 11 (35,809) (20,104)
NET CURRENT ASSETS 623,384 239,834
TOTAL NET ASSETS 8,338,440 7,398,176
CHARITY FUNDS
Endowment funds 13 8,042,816 7,113,352
Unrestricted funds 13 295,624 284,824
TOTAL FUNDS 8,338,440 7,398,176

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

B M Ashton Esq

(Chair of Trustees)

Date: 24 January 2025

The notes on pages 13 to 24 form part of these financial statements.

Page 12

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Bishop Laney's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

After making appropriate enquiries and considering the expenditure planned for the following periods and reserves as set out below, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for at least twelve months from the approval of these accounts. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

1.3 Income

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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. The main activity of the charity is grant giving and support costs are allocated to grants to individuals and moieties based on the level of expenditure.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes investment management costs. The costs of managing the investment portfolio are included within the underlying funds and cannot be separately identified.

Expenditure on charitable activities relates to grants payable to individuals and institutions, as well as any associated support costs.

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

1. Accounting policies (continued)

1.4 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investment property is initially recognised at its purchase price and subsequently measured at fair value at the Balance sheet date. Gains or losses are recognised in the Statement of financial activities. Further information on judgments and estimates is given in Note 9.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

1. Accounting policies (continued)

1.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Endowment funds are expendable funds given to establish and maintain the Charity and which may be used for an purpose. The costs of raising and administering such funds are charged against the specific fund.

Investment income, gains and losses are allocated to the appropriate fund.

2. Investment income

Income from UK Investment properties
M & G Securities
Bank Interest receivable		 Endowment
funds
2024
Unrestricted
funds
2024
£
£
31,422
-
262,305
10,294
763
-
294,490
10,294		 Total
funds
2024
£
31,422
272,599
763
304,784

Page 15

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

2. Investment income (continued)

Income from UK Investment properties
M & G Securities
Bank Interest received		 Endowment
funds
2023
£
33,812
236,450
172
270,434		 Unrestricted
funds
2023
£
-
10,398
-
10,398		 Total
funds
2023
£
33,812
246,848
172
280,832

3. Investment management costs

Rent collection
Insurance
Rent collection
Insurance		 Endowment
funds
2024
£
2,712
235
2,947
Endowment
funds
2023
£
1,792
1,055
2,847		 Total
funds
2024
£
2,712
235
2,947
Total
funds
2023
£
1,792
1,055
2,847

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

4. Analysis of grants

Grants to individuals
Moieties
Refunds
Cathedral Careers Event
Grants to individuals
Moieties
Refunds
Centre 33
Cathedral Careers Event
King's School Choristers		 Grants to
Institutions
2024
£
-
-
-
600
600
Grants to
Institutions
2023
£
-
-
-
5,000
600
4,403
10,003		 Grants to
Individuals
2024
£
33,200
12,257
(1,500)
-
43,957
Grants to
Individuals
2023
£
13,400
14,890
(2,378)
-
-
-
25,912		 Total
funds
2024
£
33,200
12,257
(1,500)
600
44,557
Total
funds
2023
£
13,400
14,890
(2,378)
5,000
600
4,403
35,915

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

5. Analysis of expenditure by activities

Grants to Individuals
Moieties
Refunds
Cathedral Careers Grant
Grants to Individuals
Moieties
Refunds
Centre 33
Cathedral Careers Grant
King's School Chorister		 Grant
funding of
activities
2024
£
33,200
12,257
(1,500)
600
44,557
Grant
funding of
activities
2023
£
13,400
14,890
(2,378)
5,000
600
4,403
35,915		 Support
costs
2024
£
29,274
10,808
-
-
40,082
Support
costs
2023
£
15,800
17,559
-
-
-
-
33,359		 Total
funds
2024
£
62,474
23,065
(1,500)
600
84,639
Total
funds
2023
£
29,200
32,449
(2,378)
5,000
600
4,403
69,274

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Secretarial expenses
Professional fees
Other expenses		 Total
funds
2024
£
19,024
16,212
4,846
40,082		 Total
funds
2023
£
16,792
14,538
2,029
33,359

6. Independent auditor's remuneration

2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 14,400 14,400

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 25 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

8. Staff Costs

The charity has no employees other than the Trustees, who did not receive any remuneration (2023 - £NIL)

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

9. Fixed asset investments

Cost or valuation
At 26 March 2023
Additions
Disposals
Revaluations
At 25 March 2024		 Charifund
Investments
£
4,469,855
400,000
-
15,201
4,885,056		 Land
£
2,688,486
-
(100,000)
241,514
2,830,000		 Total
£
7,158,341
400,000
(100,000)
256,715
7,715,056

Valuation

The last full valuation of the land took place in September 2021 by Cheffins, professional valuers in Ely. The land is held at fair value and a professional valuation will take place every 5 years with a desktop review undertaken where the change in value is considered material. The Trustees review the position annually and where necessary undertake an informal valuation in the intervening years. A desktop review was undertaken by Cheffins in 2024 and the value of the land updated accordingly.

Land Sale

When the charity is contacted about the sale of land, all steps are taken to ensure the best price is obtained and it is within the remit of the charity.

Material Investments

The Statement of Financial Activites shows the net gain on investments and land of £481,552 (2023 - net loss of £242,597). This is represented by the unrealised gain on the share revaluation of £15,201 (2023 unrealised loss £334,083) and the unrealised gain on the land valuation of £241,514 (2023 - £91,486)

10. Debtors

Due within one year
Trade debtors
Other debtors		 2024
£
10,079
340,057
350,136		 2023
£
13,965
41,522
55,487

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

11. Creditors: Amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 35,809 20,104

Grants committed but not accrued at 25 March 2024 were £51,200 (2023 - £27,550). The majority of funding is for two years with some commitments spanning three years. All commitments are considered when setting the reserves policy

12. Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure
Financial assets measured at amortised cost		 2024
£
7,382,057
350,136
7,732,193		 2023
£
7,158,342
55,487
7,213,829

Financial assets measured at fair value through income and expenditure comprise of fixed asset investments (note 8)

Financial assets measured at amortised cost comprises of: Trade debtors (note 9) Other debtors (note 9)

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

13. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
chorister fund
General
commitment
fund		 Balance at
26 March
2023
£
209,824
75,000
284,824		 Income
£
10,294
-
10,294		 Expenditure
£
-
(84,639)
(84,639)		 Transfers
in/out
£
-
84,639
84,639		 Gains/
(Losses)
£
506
-
506		 Balance at
25 March
2024
£
220,624
75,000
295,624

Unrestricted Funds

The unresticted fund comprises of the Designated Chorister Fund, which provides support for a King's School Chorister scholarship. No grant was paid this year and consequently the fund increases in value by approximaetely £10k.

The general commitment fund is maintained at £75,000 as described in the Trustees' report.

Endowment funds

Endowment
Fund
Total of funds		 7,113,352
7,398,176		 294,490
304,784		 (2,947)
(87,586)		 (84,639)
-		 722,560
723,066		 8,042,816
8,338,440

Endowment Funds

The endowment fund provides support for all the activities of the Charity.

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Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
chorister fund
General
commitment
fund
Endowment
funds
Endowment
Fund
Total of funds		 Balance at
26 March
2022
£
218,448
75,000
293,448
7,138,615
7,432,063		 Income
£
10,398
-
10,398
270,434
280,832		 Expenditure
£
(4,403)
(64,871)
(69,274)
(2,848)
(72,122)		 Transfers
in/out
£
-
64,871
64,871
(64,871)
-		 Gains/
(Losses)
£
(14,619)
-
(14,619)
(227,978)
(242,597)		 Balance at
25 March
2023
£
209,824
75,000
284,824
7,113,352
7,398,176

14. Analysis of net assets between funds Analysis of net assets between funds - current period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
Unrestricted
funds
2024
£
£
7,529,165
185,891
549,460
109,733
(35,809)
-
8,042,816
295,624		 Total
funds
2024
£
7,715,056
659,193
(35,809)
8,338,440

Page 23

Docusign Envelope ID: D1393617-6588-4AAA-8510-98F65213C48F

BISHOP LANEY'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2024

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2023
£
6,948,517
164,835
-
7,113,352		 Unrestricted
funds
2023
£
209,825
95,103
(20,104)
284,824		 Total
funds
2023
£
7,158,342
259,938
(20,104)
7,398,176

15. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 25 March 2024.

Where a grant is given to a related beneficiary who meets the conditions of the grant, the related trustee is not involved in the approval of the grant. Such grants awarded during the year valued £400 (2023 - £NIL).

Page 24