THE DUCHESS OF LEEDS FOUNDATION FOR BOYS AND GIRLS
YEAR TO 31 DECEMBER 2024
Registered Number: 313103
TRUSTEES' REPORT AND ACCOUNTS
THE DUCHESS OF LEEDS FOUNDATION FOR BOYS AND GIRLS
YEAR TO 31 DECEMBER 2024
THE TRUSTEES' ANNUAL REPORT
REFERENCE AND ADMINISTRATIVE DETAILS
TRUSTEES The Most Rev John Wilson (to March 2024) Mr Philip A N Noel Rev Graham Preston Mr Harry Scrope Mr Julian N Stourton Mrs Margaret M Waddingham CLERK TO THE TRUSTEES AND Mr John Sinfield NAMED CORRESPONDENT 19 Kenton Road, Harrow Middlesex. HA1 2BW GOVERNING DOCUMENT Charity Commission Scheme dated 24 October 1961. CHARITY REGISTRATION NO. 313103 INDEPENDENT EXAMINER Olayinka Tomori ACA DChA Longmeade Consult Ltd The Old Rectory Springhead Road Northfleet DA11 8HN BANKERS NatWest Bank plc PO Box 35 10 Southwark Street London SE1 1TT INVESTMENT ADVISERS CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET
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THE DUCHESS OF LEEDS FOUNDATION FOR BOYS AND GIRLS
YEAR TO 31 DECEMBER 2024
THE TRUSTEES' ANNUAL REPORT
OBJECTIVES, ACTIVITIES AND REVIEW OF THE YEAR
The net income of the Foundation, after the payment of administrative expenses, is applied to the award of exhibitions and other benefits to boys and girls attending Roman Catholic schools and who, being resident in England, Wales or the Channel Islands, have lost both parents, or are fatherless or whose fathers do not provide them with effective financial support. In the course of 2024, the Foundation supported 10 exhibitioners at a cost of £55,174 (2023: £60,341).
Annual rates for new awards are £4,500 for day-pupils and £6,501 for boarders. These rates were changed in the Autumn Term of 2021 and are reviewed annually. No changes were made in the year.
GOVERNANCE
The founding document provides for the appointment of the following trustees:-
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One ex officio Trustee, being the Roman Catholic Bishop/Archbishop of Southwark for the time being or during any vacancy of the See the Vicar Capitular exercising ecclesiastical jurisdiction therein; from April 1977 to June 2010 and since January 2024, the Archbishops have elected not to act in that capacity.
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Up to six Non-Official Trustees being members of the Roman Catholic Church, to be appointed for life (subject to the provisions of the Scheme) by resolution of the Trustees:
Provided that two of the Non-Official Trustees shall be persons in Holy Orders of the Roman Catholic Church and four who at the time of their appointment are in the lay state.
Any Non-Official Trustee who ceases to be a member of the Roman Catholic Church or who is absent from all meetings of the Trustees during a period of two years, or who is adjudicated a bankrupt, or who is incapacitated from acting, or who communicates in writing to the Trustees a wish to resign, shall thereupon cease to be a Trustee. The Trustees shall hold ordinary or stated meetings at least once in each year. A special meeting may at any time be summoned by any two Trustees upon fourteen clear days’ notice being given to the other Trustees of the matters to be discussed.
PUBLIC BENEFIT STATEMENT
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities undertaken by the Charity.
FUTURE PLANS
There are no plans to change significantly the activities of the charity.
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THE DUCHESS OF LEEDS FOUNDATION FOR BOYS AND GIRLS
YEAR TO 31 DECEMBER 2024
THE TRUSTEES' ANNUAL REPORT
FINANCIAL REVIEW
The Foundation continues to benefit from the benevolence of the Sir Harold Hood’s Charitable Trust. A donation of £32,000 were received in the year. Over the years, the Trust has made an annual donation to the charity but due to timing issues, there may be two receipts in a year, as was the case in 2023. Consequently, income from donations in the year was £32,000 compared to £60,000 received in the prior year. Investment income rose marginally to £27,313 (2023: £26,791). Total receipts amounted to £59,313 (2023: £86,791).
Expenditure was lower at £59,074 (2023: £64,211). This was almost entirely driven by the reduction in exhibitions awarded from 30 in 2023 to 27 in 2024. The total exhibitions paid for the year amounted to £55,174 (2023: £60,341). Other expenses were broadly unchanged. The net result was a small excess of Receipts over payments of £239 (2023: excess of Receipts over Payments of £22,580).
INVESTMENT REVIEW
The Foundation’s investments are held in a Common Investment Fund managed by CCLA. Total return (income +/- capital growth/losses) for the year +5.04% (2023: +12.3%). The substantial growth in 2023 followed the losses suffered in the aftermath of the Covid-19 pandemic and the onset of the war in Ukraine in 2022. Given prevailing conditions, the trustees found the return on investment to be satisfactory. The trustees continue to keep an eye on global events and on market performance to assess its impact on future distributions.
RESERVES POLICY
The charity maintains a Deposit Account of approximately £23,000, held as a reserve against the possibility that the grant income from Sir Harold Hood’s Charitable Trust might come to an end and make it necessary to curtail or cancel some exhibitions. The reserve enables at least one terms’ notice of such action to be given to beneficiaries and schools. The balance of funds are held in order to generate the level of income that the trustees anticipate will be required on an ongoing basis to meet the demand for exhibitions in future years. The level of funds and the income produced will be continuously monitored against applications for exhibitions to ensure its long-term sustainability.
Approved by the Board and signed on its behalf by:
……………………………. Philip A N Noel
9[th] April 2025
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THE DUCHESS OF LEEDS FOUNDATION FOR BOYS AND GIRLS
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| RECEIPTS | ||||||
| Voluntary Income | ||||||
| Special grants - Sir Harold Hood Charitable Trust | 32,000 | 60,000 | ||||
| Other donations received | - | - | ||||
| ------------------ | ------------------ | |||||
| 32,000 | 60,000 | |||||
| Investment Income | ||||||
| Dividends from investments | 26,174 | 25,814 | ||||
| Interest on deposits | 1,139 | 977 | ||||
| ------------------ | ------------------ | |||||
| 27,313 | 26,791 | |||||
| ------------------- | ------------------- | |||||
| Total Receipts | 59,313 | 86,791 | ||||
| ------------------- | ------------------- | |||||
| PAYMENTS | ||||||
| Charitable Activities | ||||||
| Exhibitions at rates between £1,500 and | £2,167 per | |||||
| term and other, single payment awards | paid to 10 | |||||
| (2023: 12) scholars. | 55,174 | 60,341 | ||||
| Other Expenditure: | ||||||
| Secretarial costs | 3,300 | 3,300 | ||||
| Independent Examination fee | 600 | 570 | ||||
| ------------------- | ------------------- | |||||
| 3,900 | 3,870 | |||||
| ------------------- | ------------------- | |||||
| 59,074 | 64,211 | |||||
| Additions to Investments | - | - | ||||
| ------------------- | ------------------- | |||||
| Total Payments | 59,074 | 64,211 | ||||
| ------------------- | ------------------- | |||||
| EXCESS OF |
RECEIPTS | OVER | ||||
| PAYMENTS/(PAYMENTS OVER RECEIPTS) | 239 | 22,580 | ||||
| CASH BALANCE AT BEGINNING | ||||||
| OF THE YEAR | 83,817 | 61,237 | ||||
| ------------------- | ------------------- | |||||
| CASH BALANCE AT END OF THE YEAR | £84,056 | £83,817 | ||||
| ========= | ========= |
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THE DUCHESS OF LEEDS FOUNDATION FOR BOYS AND GIRLS
STATEMENT OF ASSETS AND LIABILITIES AT 31 DECEMBER 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| ASSETS | ||||
| Monetary Assets | ||||
| Bank balance on current account | 61,323 | 61,084 | ||
| Deposit with COIF charity funds | 22,733 | 22,733 | ||
| ----------------- | ----------------- | |||
| 84,056 | 83,817 | |||
| Investment Assets | ||||
| Charities Official Investment Fund | ||||
| Opening value | ||||
| 47,382.39 Income shares at Market Value | 940,304 | 859,957 | ||
| Purchase/sale of units | - | - | ||
| Increase/(decrease) in value | 21,241 | 80,347 | ||
| ----------------- | ----------------- | |||
| Closing value | ||||
| 47,382.39 Income shares at Market Value | 961,545 | 940,304 | ||
| ----------------- | ----------------- | |||
| TOTAL ASSETS | £1,045,601 | £1,024,121 | ||
| ========= | ========= | |||
| LIABILITIES | ||||
| Accruals | ||||
| - Independent Examiner’s fee | £660 | £600 | ||
| - Honorarium - Clerk to the Trustees | £3,300 | £3,300 | ||
| ========= | ========= |
Approved by the Board and signed on its behalf by:
…………………………………….. Philip A N Noel
9[th] April 2025
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE DUCHESS OF LEEDS FOUNDATION FOR BOYS AND GIRLS
I report to the trustees on my examination of the accounts of the Duchess of Leeds Foundation for Boys and Girls (the Foundation) for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF THE REPORT
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”).
I report in respect of my examination of the Foundation’s accounts, carried out under section 145 of the 2011 Act, and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER’S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Foundation as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records.
I have no concerns and 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.
Olayinka Tomori ACA DChA Chartered Accountant
Longmeade Consult Ltd The Old Rectory Springhead Road Northfleet DA11 8HN
9[th] April 2025
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