REGISTERED CHARITY NUMBER.. 52631S The Lytham Schools Foundation Report of the Trustees and Audited Flnanclal Statements for the Year Ended 31 December 2023 Mcmillan & Co LLP Chartered Accountants and Slalulory Audiloi 28 Ealon Avenue Matrix Office Park Buckshaw Village Chorley LanGashire PR7 7NA
The Lytham Schools Foundation Contents of the Financial Statements for the year ended 31 December 2023 Page Report of the Trustees Report ofthe Independent Auditors 7 to 10 Statement of Financial ActNities 11 Balance Sheet 12 Notes to the Financial Statements 13 to 20
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2023 The Corporate Trustee presents ils port wilh the financial statements of the charity loi the year ended 31 December 2023. The Iruslee has adopted the provisions oflhe Charities Slalernenl of Recommended Practice ISORPI FRS 102 Accounling and Reporting by Chanties. effective 1 January 2019. OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the charity are for the publi¢ benefrt to advance education in or near Lyiham St Annes including by, bul not limited lo. the provision of land, buildings and olher facilities for the purposes of a sch¢x)l 01 schools and the provision of means-tesled bursaiies and olher financial awards lo children and young people residing in or near Lylham Sl Annes in need of financial assistance for the purpose of assisting wilh the costs of their education (including exiia-curticular activities undertaken for educational purposes). Public benefit The main aclivilies undertaken to furthei the charity's purposes for the public benefit are financial support for groups and projects that advance the educatior) of children and young people in the area of operation. The corporate Iruslee corbfirms that il has referfed lo the guidanGe contained in the Charity Commission's gerieral guidance on public benefit when VIewIng the Cha¥ity's aims and objectives. Grant making The granl making policy is lo make giants lo local schools and educational groups. A grant is made lo AKS Lylham - IndepÈndenl Sch(1 lo support bursaries. Grants are made to certain primary Sch15 lo meet the Governors 10°A Ikgbilty, currently onty applied lo capital or large repairs lovei £2,000). Grants lo local schools and educalK)nal groups are conSided on their merit, having ceiVed a duly completed application. The aim is lo provide facilrties giving the widest possible benefrt where other funding cannot be Sought or found. Individuals also apply using a prescribed application form, and support would be given where there 15 obvious benefit which the family cannot themselves provide- musi¢ and Ihe arts are likely lo be such candidates. The Charity also considers where a young person is eligible for a bursary al AKS, and would benefit particularly from the opportunitie5 available there and not readity obtainable elsewhère, and United Learning Trust do not have the resources to fully fund them themselves. ACHIEVEMENT AND PERFORMANCE Charitable activities As the Foundalion is no longer re5POllsible for the running of the old KEQMS school the corporate trustee is able lo focus on a widei use ol ils reSoUrs. However. at AKS the corporale trustee has negolialed that the school will provide bursarial support, i.e. subject lo a means test, that will provide that at least 10 /0 ol all pupils can be educated al no cost. This fee support will probably lolal over £600,000 pa, which will include our donation lo AKS for this year of £156,480 {2022-. £135.4081. With reference to the primary schools, we do have sorne commitments by which we meet a proportion of quasi capital repair bills on behalf of the Govemors based on the Department for Education criteria for Voluntary aided 50hools, and in the pa51 have also insured all the buildings. Whilslwe do not have a commilment to any major capital expenditure. we may support proiecls rf consered Kn line with our objeclNes. Turning lo the Foundations new wider support opportuntiies, in addition lo the above, £151.932 {2022'. £199,872) of grants have been allocated for educational projects in the Lytham Sl. Annes area over the last twelve months. Page 1
The Lytham Schools Foundation Report of the Trustees for thè yèar ended 31 December 2023 ACHIEVEMENT AND PERFORMANCE Investment performance The Foundation has property inveslmenls, including Ihe schoob, valued in thesè accoltnls al £11.5 million 12022.. £11.5 millionl and sijbstantial shareholding inveslmenis. valued at £5.7 mi1110n {2022.' £5.3 million) in these accounts. The income from these investmenls can be used to meel Uie Foundation's objeGlwe5. FINANCIAL REVIEW Investment policy and objectives The Foundation hold5 investments of £17,513.000 {2022' £17,194,000) which is split as £5,679.00012022'. £5,336.0001 In tradable se¢urrties, a loan balance of £301.000 (2022.. £325.0001 and £11,533.000 12022.. £11,533.0001 in investment properties. The corporatè trustee has the p(Mei to invest iri such 51oGks, share5. investments and property in the UK as they see fil and in accordance Vth the Charities, legislation. In addition lo the inveslmenls Ihere is also Gash held by inveslmenl managers of £131,00012022.' £268,000). Canaccord Genuity manage the investment portfolio on a bespoke basis. bul broadty in line with the WMA Balanced Index. Depending upon markel condilions and the relative attiacliveness ol diffeTenl asset classe5 the weightings may deviate fiom WMA if deemed lo be in the best interests ol the Foun(6ation. The portfolio will generally be invesled in dife¢l holdings via a mix of blue chip equities latthough permilled lo invest in FTSE 250 as medium risk}, prefeience shares and bonds. CCLA'S mulli-assel funds are aclivety managed to achieve their largel benchmark. Over lifne, they aim lo achieve an average lolal return beforè ¢osts of inflation. as measured by the consumer price Index. plus 50/.. To keep the informalion leVant the comparator benchmark is adjusled from time to time to refiect changes in long leim felufn expectations and any structural changès lo the fund. These alleralions are reviewed and approved by the COIF board before they are implemenled. The investment ObjectVe is lo provide sufficient growth lo protect the fund against the effects of inflation in the medium lo long lemi. This is subject to change should there be any requirement for large capital outlay. The Trustees accept that lo achieve the long lemi capital growth and a real return ovei inflation the fund musl be subjected lo the risks associated with assèt backed investments and investing in business through loans and equity holdings. The corporate trltstee is not averse lo the concept of an dement of investment risk bul wish the funLI lo be balanced lo reduce the overall effect of that risk_ The assets held by the investment managers were invesled al the year end a5 follows.. CancOrd 31.17/ 59.560A CCLA 7.84/. 71.45010 UK and inlernalional fixed interesl UK and inl&rnational equitie5 Inliasliuclure and operating assets Other assets Cash 7.22D 2.05/ 7.61 D/. 4.76/. 11 should be noted Ihal in arriving at the above, the corporate Injstee and investment managers are awa that The Lytham Schools Foundation holds further cash for ils short term neéds and invèstm&nl pioperties. The investment properties are held both to provide income Ihrough the rents and also for their kjng term capital growth. Page 2
The Lytham Schools Foundation Report of the Trustees foi the year ended 31 D6cembar 2023 FINANCIAL REVIEW Reserve5 policy The aim is lo keep sufficient reserves lo generatè an income sufficient lo albw future Chantable grant making aclivilies. 11 is anlicipaled that the level of grant making expenditure wll increase as the aims of the Charity become more widety known. The funds in the financial statemenls are defined as-.- General Fund and Investment Asset Fund These funds are unreslricled and are used for all charitable purposes without feslficlion in accordance with the governing documents. Amounts held in these funds as al 31 DeGember 2023 were £4.646,358 and £11,533,31012022: £4.410,182 and £11,533,310) respeclivety. Restricted Fund - AKS This fund is for provision ol support for the seven funds and trusts for the Spe¢rf benefit ofAKS Independent School. The amount held in this fund as at 31 De¢ember 2023 was £1,146,32312022" £1,042,628). Endowment Fund-AKS This fund is for the capital amounts from which the income is allocated to the Reslricled Fund above. The amount held In this fund as at 31 December 2023 was £231.54712022". £217.798). Further details of restricted funds are include(l in note 14. Review of the year The Charity had nel income after realised and unrealise(I gains on inveslmenl assets of £353,620 12022.. £1,057.363 nel expendilure). Invèstmènt performance The listed investments increased in value by 6.4°A12022.' de¢aSe 17.1. FUTURE PLANS Further grant applicalions for educational projects in the Lytham Sl. Annes area have been approved bul not yet paid. The truste&5 are excited al the future prospects foi supporting education. From September 2023 £1.5 Million has been pledged over 5 year5 from capital reserves to open the way lo the selling up of Coastal Collective a new charity. The new charity will provide resources and employ people to work in Ihe FY8 poslcode area with families and children wth emotional. swial. and mental health needs and aims lo be a source of support within the community. The Charity has future grant commitments the nèxt 12 monlhs ot Coastal Collective Sundry Giants AKS Bursaries Heyhouses C of E Nursery School £300,000 £11.146 £14.616 £11.508 All such commitments have been provided for in these financial slalements. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is governed by a Scheme dated 11 November 2011 {as amended by an order of Ihe First Tier Tribunal (Charity) dated 31 ALsgusl 2012, a resolulion of the Truslee dated 4 October 2012 and a resolution ol the Trustee dated 21 September 20221. Page 3
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees The Lylham Schools Trustee Limited is the corporate trustee for The Lylham Schoo15 Foundation and the directors ol that company musl ensure that the corporate Injslee follows the best practice of a charity trustee for the Foundation. Marjorie Towers is Ihe chairman of the company and Clive Bames is the VI chairman. The direclors of The Lyiham Schools Tfustee Limited are appointed in a¢cc*dan¢e w7th the Memorandum and Articles of Association of that company. The Charity continues lo k)ok foi appropriate people wilh relevant experience lo be direclors of The Lylham Schools Trustee Limited. Organlsatlonal structure The Lylham Schools Foundation. which was founded over 300 years ago, has as 115 primary objective the provision of education for those in the Lytham Sl. Annes area (based on the ancient parish of Lyihaml.11 owns three schools- AKS (the old KEQMS school) which in 2011 it leased lo United Learning Trust, and two primary Schools - Lylham C of E and Hèyhouses Endowed C of E, which are run by the Blackbum Diocesan Boaid of Education and Lancashiie Education Committee. The Foundation now therefore has no involvement in the day lo day running of these schools. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 526315 Principal address Bank HoLJse 9 Di¢¢onson Terrace Lylham Lytham Sl Annes Lancashire FY8 5JY Trustees The Lyiham Schools Trustee Limrted Auditors Mcmillan & Co LLP Chartered Accounlanls and Slalulory Auditor 28 Ealon Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA Page 4
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2023 REFERENCE AND ADMINISTRATIVE DETAILS Solicitors Dickinsons Solicitors 24 Park Road St. Anne5-on-Ihe-Sea Lythatn Sl. Annes Lancashire FY81PA Veale Wasborouuh Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA Bankers HSBC Bank plc l Newhouse Road OxFord Square Blackpool Laricashire FY4 4YH Stockbrokers Cana¢¢ord Genuity Talisman House Boardmans Way Blackpool Lancashire FY4 5FY Fund managers CCLA Investment Management Limited One Angel Lane London EC4R 3AB Page S
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Corporate Trustee is iesponsible for preparing the Report ol the C¢xporale Trnslee and the financial slalemenls in accordance with applicable law and Unrted Kingdom Accounting Standards {Uniled Kingdom Generally AcGepled Accounting Praclicel. The law applicable lo charrties in England and Wales. the Charities Act 2011. Charity (Accounts and Reports) Regulations 20L18 and the provisions of Ihe twst deed iequiies the Iruslee lo prepare finan¢ial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and ol the incoming resources and application of rèsour¢es. including the income and expeltUre, of the charity for that peiiod. In preparing those financial slalements, the corporate trustee is requiied lo Select siiilable accounting policies and then appty them consistently.. observe the methods and principles in the Charity SORP. make judgements and estimates thal are reasonable and pnident.. slate whether appliGable accounting standards have been followed, subject to any matellal departures disclosed and explained ia the financial statements. prepare the financial slalemenls on the going concein basis unless it is inappropriate lo presume that the charity will continue in business. The corporate trustee is responsible for keeping proper accounting records which disclose with reasonakile accuracy al any lime the financial posrtion of the charity and lo enable Ihem lo ensure that the financial slalemenls comply with the charitS Act 2011, the Chariiy {A¢counts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguardiog the a5seis of the charty and hence for taking reasonable steps for the prevention and detection ol fraud anc5 other itregularilies. Approved by order of the Board of Diieclors of the Corporate Tstee on 12 September 2024 and signed on its behalf by-. TheL am Sch Trustee Limiled- Trustee Page 6
Report of the Independent Auditors to the Trustees of The Lytham Schools Foundation Opinion We have audited the financial slalemen15 of The Lytham Schools Foundation Ilhe 'charity'l foi Ih@ year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet. Ihe Cash Flow Slalemenl and notes to the financial slatemenls. including a summary of signifan1 accounting policies. The financial rèporting framework that has beèn applied in Iheii preparation is applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generalty Accepted Accounting Piacticel. In our opinion the financial slalements.. give a true and fair view of the slate of the charity's affairs as al 31 December 2023 and of ils incoming resources and applicalion of resources, for Ihe year then ended., have been properly prepared in accordance wilh United Kingdom Generalty Accepled Accounting Practice. and have been prepared in accordance wrth the Iwuirernents of the Charilies Ad 2011. Basls for opinion We condu¢led our auilit in accordance wilh Inlernalional Stsndards on Altrditing IUKI IISAS IUK}l and applicable law. Our responsibilities undei those slandaids are further de5¢ribed 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 ale relevant lo ou¥ audrt of the Iirbancial statements in the UK, including the FRC'S Ethical Standard. and we have fullilled our other ethical responsibilrties in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Iruslees. use of the going concern basis of accounting in the preparation of (he financial slalemenls is appropiiale. Based on the work we have performed, we have not identified any material uncertainlies relaling lo events or conditions that, individually or colleclNely, may cast significant doubl on Ihe charily's abilily to ¢onlinue as a going conrn for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Iwslees with respect lo wing concem ara described in the relevant sections of this report. Other information The Corpoiale Trustee is responsible for the other infofmalion. The other infomalion comprises the inlormalion included in the Annual Report. other than the financial slalements and our Report of the Independent Auditors Ihereon_ Our opinion on the financial statements d$ not cover the other Inromiatn and, except to the extent otherwise explicitly slated in our feport, we do not express any fom of assurance condusion Ihereon. In connection with our audit of the financial slalements, our responsibility is lo lead the other information and, in doing so. consider whether the other infom)alion is malerialty inconsistent with the financial slalements or our knowledgè obtained in the audil or othèrnise appears to be materially misstated. If we identify Such material inconsislencies or apparent material misstatemenls. we are required to determine whether this gives rise lo a material misslalemenl in the financial slalemenls Ihemselves. If. based on Ihe work we have performed. we conclude that there is a material mi5slalemenl ol thi5 Othei inforrnation, we afè required lo report that lacl. We have nothing to report in this regard. Matters on which we are required to report by Èxception We have nothing lo report in respect of the following matters where the Charities (A¢coynls and Report51 Regulations 2Q08 requires us lo report lo you tf, in our opinion-. the information given In the Report of the Corporate Tluslee 15 inconsi51enl in any malefial respecl with th@ financial statements.. or suffi¢ienl a¢¢ounting re¢ords have nol been kept.. or the financial slalemenls ale not in agieemenl with Ihe accounting records and returns,. or - we have not received all the infoTmalion and explanations we require lof our audil. Page 7
Report of the Independent Auditors to the Trustees of The Lytham Schools Foundation Responsibilities of trustees As explained more fully in the Slalement of Truslee5' Responsibilities, Ihe Corporate Tru51ee is iesponsible for the preparation ol the financial slalemenls which give a true and fair view, and for such internal control as the trustees determine is neSSary to enable the preparation of financial slalemènts that are free from maleiial mi55lalemenl, whether due to fraud or error. In preparing the financial slalemenls. the Cotpofale Tru51ee is responsible for assessing the Gharily's ability lo continue as a going concern, disclosing, as applicable. matters related lo goin9 concern and using the going concern basis of accounting unless the Iruslees either intend lo IUale the charily or lo cease operation5, or havè no realistic alternative bul to do so_ Page 8
Report of the Independent Auditors to the Trustees of The Lytham Schools Foundation Our responsibilitie5 for the audit of the tinancial slatements We have been appointed as auditors undef Section 144 01 the Charities Act 2011 and report in accordance with the Act and relevant iegulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the finanual slalemenls as a whole are flee from material mis51alement, whelheT dLFe to fiaud or eiror. and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assuTance, bul is not a guarantee Ihal an audit conducted in accordance with ISAS IUKI will afways detect a material misslalemenl when il exists. Misslalemenls can arise from fcaud or error and are considered material il, individually or in thè aggregate, they could reasonably be expected lo influence the economic de¢ision5 of users taken on the basis ol these financial statements. The extent lo which our procedures are capable of delecling iriegularilies. including fraud is detailed below.. Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non•complianGe with laws and regulalFons, was as fdl(pNs.' the engagement partner ensuied that the engagement team collectNely had the appropriate competence. capabilities and skills to idenlify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the company through discuSSiDns with directors and other managemenl, and from our commercial knowledge and experien ol the sector., we focused on specific laws and regulations whsch we consideied may have a dired material effect on the financial slalemenls or the opeialions of the company. including the Companies Act 2006. taxation legislation and data protection. anli-bribery. employment. enviionmenlal and health and safely legislation,. we asse55ed Ihe exienl of compliance with the laws and regulalions identified above through making enquiries of management and inspecting legal correst)ondence," and identified laws and regulations wefe communicated within the audit team regularty and Ihe team remained alert lo instances ol non-compliance throughout the audii. We assessed the sus¢eplibilrty of the company's financial statements lo material misstalemenl, including obtaining an understanding of how fraud Mh1 (Kcur. by- making enquiries of management as lo wheie they conSered there wa5 Susceptibility lo fraud, their knowledge ol actual. suspected and alleged Iraud". and eon5idering the internal conlrols in place to miligate risks of fraLMI and non-compliance with laws and regulation5. To address the risk of fraud through management bias and override of controls, we-. perfomied analytical piocedufes lo idenlify any unusual or unexpected rela1)nShIPS,. and lesled journal entries lo idenlrfy unLFsual transaclions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were nol limited lo: agreeing financial slalemenl disclosures to underlying supporting do¢umenlalion- reading the minutes 0% meetings ol those chaTged with goveman¢e- enquiring of management as lo actual and potential liligalion and claitns", and reviewing correspondence wllh HMRC. relevant re9ulalocs induding the Health and Safety Executive, and the company's legal advisors. There are inherent limitation5 in our audit procedures described above. The more removed that law5 and regulations are from financial Iransaclions. the less likefy il is that we would become aware of non-compliance. Auditing standards also limit Ihe audit procedures iequired lo identify nonMplIanceIh law5 and regulations lo enquiry of the directors and other management and the inspection ol regulatory and legal coiresponden¢e, if any. A further description of our responsibilities for the auilit of Ihe financial $tatemenls is located on the Financial Reporting Council's website al wvm.frc.org.uklaudilorsre5ponsibililies. This descfiplion forms part of our Report ol the Independenl Audrtors. Page 9
Report of the Independent Auditors to the Trustees of The Lytham Schools Foundation Use of our report This report Is made solely to the charity's corrate TrLtslee in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit WO has been undertaken so Ihal we might slate lo the charity's Corporate Tru51ee Ih05e matters wè ale requiied to slate to Ihern in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charivs Corporate Trustee for our al¢ work, for this ieport, Of for the opinions we have formed. Mcmillan & Co LLP Chartered Accountants and Slalulory Auditoi Datè.. Pa9e 10
The Lytham Schools Foundation statement of Financial Activities for the year ended 31 Dècember 2023 2023 Total funds 2022 Total funds Unreslricled funds Restrtcled Endth¥ment funds funds Notes INCOME AND ENDOWMENTS FROM Investment income 264.275 814 294,131 238,634 EXPENDITURE ON Raising funds 10.064 6,130 16.194 17.590 Charitable activities Education 323.S31 323.S31 366.722 Other 3.630 3,744 Total 337 225 6.130 388 056 Nel gainslllossesl on investments 309,126 80,783 12.935 402.844 905.9411 NET INCOMEIIEXPENDITURE) 236.176 103,695 13.749 353,620 11,057,363) RECONCILIATION OF FUNDS Tolal funds brought fofward 15.943,492 1.042,628 217.798 17.203,918 18,261.281 TOTAL FUNDS CARRIED FORWARD 16,179.668 1,146,323 231.547 17.557,538 17,203,918 The notes fom part of these financial statements Page11
The Lytham Schools Foundation Balance Sheet 31 Dècembèr 2023 2023 Total funds 2022 Total funds Unrestricted funds Reslricled Endowment funds funds Notes FIXED ASSETS Investmènts Investments Investment property 4,680.787 10 11.533.310 1.092,610 206,637 5,980,034 5,661.189 11.S33,310 11,533,310 16.214,097 1.092.610 206.637 17.S13.344 17,194,499 CURRENT ASSETS Debtors Cash al bank 11 17.446 59,216 17,446 137.839 9.750 287,443 53.713 24.910 76.662 53,713 24,910 155,285 297,193 CREDITORS Amounts falling due within one year 12 1111.091) {111.0911 1287.7741 NET CURRENT ASSETS 34.4291 53.713 24.910 44.194 9,419 TOTAL ASSETS LESS CURRENT LIABILITIES 16,179,668 1.146.323 231.547 17.557.S38 17.203,918 NET ASSETS 16,179,668 1,146,323 231.547 17 557 538 17,203,918 FUNDS Unrestricted lund5 Reslricled funds Endowment funds 13 16.179,668 15.943,492 1.146.323 1.042,628 231,547 217,798 TOTAL FUNDS 17,557,538 17.203,918 The financial slalemenls were approved by the Board of Trustees and aulhorised for issue on I L .%¢Pk0A..20It.. and were signed on ils behalf by." J.we-<£ Trust The notes lomi part of these financial statements Page 12
The Lytham Schools Foundation Notes to the Financial Statements for the year ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalemen15 of the charity, which is a publiG benefit enljty under FRS 102, have been prepared in accordance wilh the Charities SORP (FRS 102} 'A¢couThling and Reporting by Charities.. Slalemenl of Recommen(6ed Praclice applicable to charities Pfeparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021 leffeclive 1 January 20391., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and Ihe Charilies Act 2011. The financial statements have been prepared under the historical c051 Gonvenlion, with the exception of investments which are included at market value, as rrK)dilied by the revaluation ol certain assets_ The presentational currency of the charity is pound slerlirbg (£1. The amounts in the financial slalements have been rounded to the nearest £1. There are no material uncertèinlies about the Chari$ abilty lo continue. The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland," the requiremenls of Section 7 Slalemenl of Cash Flo. Financial instruments Financial instruments are classtfied and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equty in51ruments. An equity instrument is any contract that evidences a residual interest in the assets of Ihe company after deducting all ol its Income All income is recognised in the Slalemenl of Financial A¢livi(ies once the charity has enlf(lemenl lo the funds, it is probable Ihal the income wll be received and the amunl can be measured reliably_ Expenditure Liabilities are recognised as expenditure as soon as there is a legal orconstruclive obligation committing the charity to that expenditure, il is probable that a transfer of economic benefits will be required in seltlement and the amotjnt ol Ihe obligation can be measured reliabfy. Expenditure is accounted for on an acGrua15 basis and has been classified under headings that aggregate all c051 related lo thè category. Where Costs cannot be dire¢lly altribuled to particular headings they have been allocated to activities on a basis consi51enl with the use of re50ur¢es. Grants offered subject to conditions which have not been met at the year end dale are noted as a commitment bul not a[lIed as expendiluie. Investment property Investment property is shown al m051 recent valuation. Any aggregate surplu5 or defiGII arising from changes in fair value 15 recognised in the Slalemenl of Financial ActNities. Taxation The chaiity is exempl from tax on ils Charitable activities. Fund accounting Unreslricled lunds can be used in accordance with Ihe charitsble objectives al the discretion of the trustees. Restricted fund5 can onty be used for particuEar restricted purposes within the objects of the charity. Reslriclions arise when specrfied by Ihe donor or when funds are raised for particular reslricled purposes. Page 13 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ènded 31 Dècèmbèr 2023 ACCOUNTING POUCIES- continued Fund accourbting Further explanation of the nature and purpose of each fund is wicluded in the notes lo the financial slalemenls_ Realised galn5 and losses All gains and losses are taken to the Statement of Financial A¢twibes as they arise. Realised gains and losses on investments are calculaled as the difference between 531es proceeds and their opening carrying value or their purchase value if acquired subsequent lo the lifst day of the financial year. Unrealised gains and losses are calculated as the difference behveen the fair value al the year end and their carrying value. Realised and unrealised investment gains and losses are cixnbined in the Slalemenl of Financial Aclivilies. Investments The Investments are included al closing mid-mathel value al Ihe balance sheet dale. The cost of investments inclvde5 Gorrim155ion paid lo the investment managers. Any gatn or loss or ievalualion is taken lo the Slalement of Financial Activities. INVESTMENT INCOME 2023 2022 Rents receivable Investment income 161,698 132,433 140.583 96,051 294.131 236,634 RAISING FUNDS Investment management costs 2023 2022 Investment managerfs fees 16.194 17,590 CHARITABLE ACTIVITIES COSTS Granl funding of aclivilies {see note 51 Direct Costs Totals Education 308,413 323,531 Page 14 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2023 GRANTS PAYABLE 2023 2022 Education 308.413 335.080 The total grants paid lo institutions during the year as follows". 2023 2022 Heyhouses EnLlowed CofE Primary School.. Contribution towards Building Repairs Contribution to iefurbishment of Infant School Library Heyhouses Endowed CofE Nursery School Staffing and Support Grant towards Loan Inleresl - Grant towards Summer School Pod@Heyhouses CIO- Repairs Lylham ColE Primary School". Contribulion towards Building Repairs Nursery Subsidy AKS Lylham Independent School.. Bursaries Contra Rent - SLJpplementary But53ries Fylde District Scout Council- Equipment Coa51al Colleclwe Sel Up Costs Grant Lylham Sl Annes High School Contribution lo DofE Programme Contribution lo pastoral care Write off of Individual Grants Over Provision Sundry grants 16.717 10,000 5,158 39.105 4.891 22,338 9,500 568 2,150 7,209 127,8151 5,576 40,000 156,480 38.245 135,408 4,715 450 144.7331 42,081 110,OOa 26,225 35.800 15,6251 9.250 308,413 335,080 The charity has opted lo use the avaflable disclosure exemption provided by Charity law lo chaiilable trusls registered in England and Wales from providing the names of grant recipients and the amounts of such grants during the lifetime of the settlor who donated the funds from which the grants are paid or during the lifetime of any spouse or civil partner of the seluoi. Page 15 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2023 SUPPORT COSTS Governance costs Other resources expended 3.630 Auditors remuneration for the year was £3.630 (2022.. £3.7441. TRUSTEES. REMUNERATION AND BENEFITS During the year £nil12022." £20,221) was paid to Mr ME Gunson as clerk lo the Foundation, covèring all adminislralive ServIS provided. Mr ME Gunson is also a diredor and company secretary of The Lylham Schools Trustee Limited. Trusteos. ¢xp&nses There were no Iruslees, expenses paid for the year ende(131 December 2023 nor for the year ended 31 December 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Reslricled nds funds Endowment funds Total funds INCOME AND ENDOWMENTS FROM Investment income 216,950 19,684 236 634 EXPENDITURE ON Raising funds 11.358 6.232 17,590 Charitable activities Educalion 316,804 49.918 366,722 Other 3,744 3,744 Total 331.906 56,150 388,056 Nel gainslllossesl on invesbnenls 39,008) 87,0261 9,9071 905.9411 NET INCOMEIIEXPENDITUREI (853,964) 1123,4921 179.9071 11.057,363 RECONCILIATION OF FUNDS Total funds brought fotward 16.797,456 1,166,120 297,705 18.261,281 TOTAL FUNDS CARRIED FORWARD 15,943,492 1.042,628 217,798 17 203,918 Page 16 continued...
The Lytham Schools Foundation Notes to the Flnanclal Statements - continued for the year ended 31 December 2023 FIXED ASSET INVESTMENTS 2023 2022 Shares Loans 5.679.034 301.000 5,335.689 325.500 5 980.034 5,661,189 Listed investments MARKET VALUE At 1 January 2023 Addrtions Disposals Unrealised gains 5,335,689 296.482 1345,7401 392 603 At 31 Decernber 2023 5 679 034 NET BOOK VALUE At 31 December 2023 5,679,034 At 31 December 2022 5,335,689 Other loans Al 1 January 2023 Repayments in year 325,500 24,5001 Al 31 December 2023 301,000 The loan is repayable by quarterly instslmenls of £6,125. There were no investment assets outside the VK. The historical Gosl of listed investments al the year end 15 £3,863,696 {2022." £3.845,4821. 10. INVESTMENT PROPERTY FAIR VALUE Al 1 January 2023 and 31 December 2023 11,S33,310 NET BOOK VALUE Al 31 December 2023 11 533.310 Al 31 December 2022 11,533,310 The investment properties have been valued by Robert Pinkus & Co LLP Chartered Surveyois al matkel value al 18 October 2021. The corporate trustee believes Ihal the marfoel value ha5 not materially hanged since this valuation. Page 17 continued...
The Lytham Schools Foundation Notes to the Flnancial Statements - contlnued for the year ended 31 December 2023 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors 17,446 9,750 CREDITORS.. AMOUNTS FALLING DUE W]THIN ONE YEAR 2023 2022 Other credi(ors 111,091 287,774 MOVEMENT IN FUNDS Net movement in f¢Jnds Al 31112123 At 111123 Unrestricted funds General fund 15,943,492 236,176 16.179.668 Rèstricted funds Funds designated exclusively for AKS 1.042,628 103,695 1,146.323 Endowmentfunds Capital accumulation fund 217,798 13,749 231.547 TOTAL FUNDS 17.203.918 353,620 17.557 538 t4et movement in funds, included in the above are as follows.. Irbcoming resources Resource5 expended Gain5 and losse5 Movement in funds Unrestricted funds General furid 264.275 1337,225) 309.126 236,176 Restrictèd funds Funds designated exclusively foi AKS 29.042 (6.1301 80,783 103,695 Endowment funds Capital accumulation fund 814 12.935 13.749 TOTAL FUNDS 294.131 343,3551 353,620 Page18 continued.
The Lytham Schools Foundation Notes to the Flnanclal Statements - continued for the year ended 31 Dècembèr 2023 MOVEMENT IN FUNDS- continued Comparative5 for movement in funds Nel movement in funds Al 33112122 At 111122 UnTestriGted funds General fund 16,797,456 1853.9641 15,943,492 Restricted funds Funds designated exclustvely for AKS 1,166.120 1123.4921 1,042,628 Endowment funds Capital accumulation fund 297,705 179.9071 217,798 TOTAL FUNDS 18,261.281 1,057.3631 17,203,918 Comparative net movement in funds. included in the above are as follows= Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 216,950 {331,9061 {739,008} 1853.9641 Restricted funds Funds designated exclusively for AKS 19.684 {56,150) 187,026) 1123.4921 Endowtnent funds Capital accumulation fund 179,907} 179,9071 TOTAL FUNDS 236,634 388.0561 905,9411 11,057 3631 Funds designated exclusively for AKS are made up as lollows.. 2023 Endowment 2023 2022 Restricted Endowment 2022 Reslricled Mellor Leclure Trust Mellor Scholarship Wolfson Scholarship Wollson Sixth Form Donovan Travel Fund Fred H Hill Fund Denys Ingham Travel Fund Tom Bleasdale Memorial Fund Prize Funds Jean Mary Robinson Memorial Fund 1.483 3.522 109.678 103.335 907 691 4.695 7.236 14.171 24,655 17.597 8.707 598 1.517 3,962 555 20,350 1.054.211 1.400 3.324 103.531 97,545 856 652 4,432 6.058 13,173 22,927 16,567 8,199 553 1,411 3,681 513 19,364 956,240 231.547 1.146.323 217,798 1,042,628 Page 19 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2023 14. RELATED PARTY DISCLOSURES There were no related party Iransaclions for the year ended 31 December 2023 or for the year ended 31 December 2022. 15. ENDOWED AND RESTRICTED FUNDS Endowed and ieslricled funds are to be applied a5 follows.. Mellor Lecture Trust and Mellor Scholarship Financial assistance to pupils undertaking extra-curricular aclivtties. Wolfson Scholarship and Wolfson Sixth Forrn Fund Assistan¢e lowards school fees in special Ciicumslances. Donovan Travel Fund Fred H Hill Fund Denys Ingham Travel Fund Assisiance towards expenses of educational visit5. Tom Bleasdale Memorial Fund Funds lo support and develop the game of Ru9by. Prize Funds PfEes and awards. Investment Asset Fund Funds invesled in land, buildings 2nd equipmenl. The Jean Mary Robinson Memorial Fund In 2021 the charity received a subslanlial legacy donatK)n £1.047,0(JJ from the eslale of the late Jean Mary Robinson, who was a foimer pupil ofQueen Mary's School and became a lifelong History lea¢her. H&r wishes in grantin9 the donation were for the funds lo be plad into a restricted fund for the sole use of AKS Lytham. She requesled Ihat the funds be used lo increase the number of bursaries or other educational projects lo bènefit the school and ils students in atiaining places and enriching their learning experiences. including a focus on history. Page 20