REGISTERED CHARITY NUMBER: 526315 The Lytham Schools Foundation Report of the Trustees and Audited Financial Statements for the Year Ended 31 December 2024 Mcmillan & Co LLP Chartered Accountants and Slatutory Audiloi 28 Eaton Avenue Maliix Office Park Buckshaw Village Chorley Lancashire PR7 7NA
The Lytham Schools Foundation Contents of the Financial Statements for the year ended 31 December 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 9 Statement of Financial Activities 10 Balance Sheet 11 Notes to the Financlal Statements 12 10 19
The Lytham Schools Foundation Report of the Trustees forthe year ended 31 December 2024 The CorFiorate Trustee presents tts report with the financial slatemenis ol the charity for the year ended 31 December 2024. The Iruslee has adopted the provision5 of the Charities Slalement of Recommended Practice ISORPI FRS 102 'Accountsng and Reporting by Charib"e5' effective 1 January 2019. OBJECTIVES AND ACTV411TIES Objectives and aims The objects of the charity are for the public benefit lo advance education in or near Lytham Sl Annes including by. but not Iimiled lo, the provision of land. building5 and other facilities for the purposes of a school or schools and the provision of means-lesled bursarie5 and other financial awards lo children and young people residing in or near Lytham St Annes in need of financial assistance for the puitx)se ol assisting with the costs ol their education (including extra-cufflcular aclivilies undertaken for eduCatnal purposes). Public benefit The main activities undertaken lo further the charivs purwses for Ihe public benefit are financial SUPFX)rt for groups and projects that advance the educabon of children and young people in the area of operation. The corporate Ifuslee confirms that il has referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives. Grant making The grant making policy is lo rnake grants to local schc#)Is and educatK)nal groups. Grants are made lo Heyhouses Endowed CO Primary School aThY Lytham CofE Primary School both Voluntary Aided Schools, the sites of which belong lo the Foundation. lo meet the Governors, contribution ol 100/0 for major repairs and capiial expenditure in line with the Department for Education's criteria for Voluntary Aided Schools. The charity Coastsl Collective provides resources, including personnel, lo w)rk in the FY8 poslcode area with families with emotional, social and mental health needs which adversely impact their ability lo access education. The corporate Iruslee has undertaken to fund Coastal Colleclive's activities in the sum of £300.000 per 2nnum for a period of 5 years from September 2023. subject to regular monitoring ol the outcomes of the work. AKS Lylham Independent School can support indwidual applications for lee support where a young person would benefit particularly from the opportijnilies available there and not reajily obtainable elsewhere. Grants lo all other schools and educational gri)ups. and lo individua15. are Considered on their merits upon receipt ol a duly completed application form. The aim is to provide faalities and resour5 giving the widest possible educational benefit where other lunding is not available. ACHIEVEMENTS AND PERFORMANCE Charitable activities Charitable Activities As the Foundation is no longer responsible for ¥unning the former King Edward Vll and Queen Mary school. the Corporale Trustee is able lo focus on a widei use of ils resources. The Corporate Trustee has agreed that the AKS Lylham Independent School will provide means lesled bursarial support equivalent lo 100/0 of the annual fee income. in lieu of rent for their sile and buildings lo the Foundation. The amount for the year including supplementary bursaries was £196.50212023'. £194,725). With reference lo the primary schools, we do have some commitments by which we meet a proportion of quasi capital repair bills on behalf of the Governors based on the Departtnenl for Education criteria for voluniary aided schools. Whilst we do not have a commitment lo any major pital expenditure, we may support projects if considered in line wlh oui objectives_ In addition lo the above, in 2024 £512,322 12023." £113,688) has been allocated by way of grants for educational projects in the Lyiham Sl. Annes area as detailed in the Finanual Slalemenls. Page 1
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Investment performance The Foundation has property investments. including the schools, valued in these accounts at £11.5 million 12023". £11.5 million) and subslanlial shareholding inveslmenls. valued al £5 3 million 12023." £5.7 million) in these aecounls. The income from these investments can be used to meet the Foundation's objectives. FINANCIAL REVIEW Investment policy and objectives The Foundation holds investments of £17, 148,000 12023." £17,513,0(K)) which is split as £5,338,000 12023.. £5,679,000) in tradable securities. a loan balance of £277.000 12023.. £301,000) and £11,533,000 12023.. £11,533,000) in investment properties The corporate trustee has the power lo invest in such stocks, shares, investments and propety in the UK as they see fit and in accordance wlh the Charities. legislation. In addition to the investments there is also cash held by investment managers of £165,00012023". £131.0001. Canaccord Genuity manage the investment portfolto on a bespoke basis. bul broadly in line with the WMA Balanced Index. Depending upon market conditions and the relative attraclivene55 of different asset classes the weightings may deviate from WMA if deemed to be in the best interests of the Foundation. The porffolio will generally be invested in direct holdings via a mix of blue chip equities lalthough permitted lo invest in FTSE 250 as meditjm risk}, preference shares and bonds. CCLA'S mulli-assel funds are activety managed to achieve their target benchmark. Overtime, they aim lo achieve an average lolal return before costs of inflab"on. as measured by the consumer price index, plus 5.10. To keep the infomialion relevanl the comparator benchmark is adjusted from lime to time to reflect Changes in long term return expectations and any slruclural changes to the fund. These alteration5 are reviewed and approved by the COIF board before they are implemented. The investment objective is to provide sufficient growth to protect the fund against the effects of inflalion in the medium lo long term. This is subject lo change should there be any requirement for large capilal outlay. The Trustees accept that lo achieve the long term capital growth and a real return over inflation the fund musl be subjected to the risks associated with asset backed investments and investing in business through loans 2nd equity holdin95. The corporate Iruslee is not avetse lo the concept of an element of investment risk bul wish the fund lo be balanced lo reduce the overall effect of that risk. The assets held by the investment managets were invested al the year end in accordan with the followng profile.. Canaccord CCLA 7.690/. UK and International fixed interest UK and international equities Infraslruclure and operating assets Other assets Cash 61.450 3.82° 4.68% 9.43 /0 302/0 11 should be noted that in arriving al the above. the corFK)rale Iruslee and investment managers are aware that The Lylham Schools Foundation holds further cash for ils short term need5 and investment properties. The investment properties are held both lo provide income through the rents and also for their long term capital growth. Page 2
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2024 FINANCIAL REVIEW Reserves policy The aim is lo keep sufficient reserves 10 generate an income sufftcienl lo allow future charitable grant making aclivilies. 11 is anlicipaled that the level of gcant making expenditure will increase as the aims of the Charity become more widely known. The funds in the financial statements are defined a5'.- General Fund and Investment Asset Fund These funds are unreslricled and are used for all charitable pu1$eS wilhoul restriction in accordance with the governing documenls. Amounts held in these funds as at 31 December 2024 were £4,325,218 and £11,533,31012023 £4,646,358 and £11.533.310} respectively Restricted Fund - AKS This fund Is for provision of support for the seven funds and trusts for the specific benefit of AKS Independent School. The amount held in this fund as al 31 December 2024 was £1,203.74412023.' £1,146,323). Endowment Fund - AKS This fund is for the capital amounts from which the income is allocaled lo Ihe Resiiicted Fund above. The amount held in this fund as al 31 December 2024 wa5 £235,67412023". £231,547). Further details of restricted funds are included in note 14. Review of the year The Charity had nel expenditure after realised and unrealised gains on investment assets of £259,592 12023.. £353,620 net income}. Investment performance The listed investments increased in value by 3.4°kn 12023.. increase 6.40/01, however the overall value of the investments has decreased as a result of the capital withdrawal as sel oul in note 9. FUTURE PLANS Further grant applications for educaliorEal projects in the Lytham Sl. Annes area have been approved but not yel paid. The trustees are excited at the future prospects for supporting education. From September 2023 £1.5 Million has been pledged over 5 years from capital reserves to open the way lo the setting up of Coastal Collective a new charity. £1.1 million remains payable. The Charity has pledged grant commitments over the nexl 12 months of". Coastal Collective Other grants £300.000 £201.473 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charily is governed by a Scheffle dated 11 November 2011 las amended by an order of the First Tier Tribunal Icharilyl dated 31 August 2012, a resolution of the Trustee dated 4 October 2012 and a resolution of the Trustee dated 21 September 20221. Page 3
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees The Lylham Schools Trustee Litniled is the corporate Iruslee for The Lytham Schools Foundation and the directors ol that company musl ensure that the corporate Iruslee follow5 the best practi of a charity Iruslee for the Foundation Mariorie Towers is the chaiman of the company and Clive Bames Is the vice chairman. The directors of The Lytham Schools Truslee Limited are appointed in accordance with the Mefflorandum and Articles of Association of that company. The Charity continues lo look for appropriate people with relevant exttrience lo be directors of The Lylham Schools Trustee Limited. Organisational structure The Lylham Schools Foundation, which was founded over 300 years ago, has as its primary objective the provision of education for those in the Lytham St. Annes area (based on the ancient parish of Lythaml. 11 owns three schools AKS Independent School (the old KEQMS Sch1) which in 2011 it leased lo United Learning Trust. and two primary schools - Lytham C of E and Heyhouses Endowed C of E, which are both Voluntary Aided run by the Blackburn Diocesan Board of Education and Lancashire Education Committee. The Foundation now therefore has no invofvement in the day to day running olthese schools. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 526315 Principal address Bank House 9 Dicconson Terrace Lylham Lylham St Annes Lancashire FY8 5JY Trustees The Lylham Schools Truslee Limited Auditors Mcmillan & Co LLP Chartered Accounlanls and Stalulory Audilor 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 310ecember 2024 REFERENCE AND ADMINISTRATIVE DETAILS Solicitors Dickinson Solicitors 24 Park Road Sl Annes-on-the-sea Lylham Sl. Annes Lancashire FY8 1PA Veale Wasborough Vizards Narrow Quay House Narrow Quay Bristol BS14QA Bankers HSBC Bank plc 1 Newhouse Road Oxford Square Blackpool Lancashire FY4 4YH stockbrokers Canaccord Genuity Talisman House Boardmans Way Blackpool Lancashire FY4 5FY Fund managers CCLA Investment Management Limited One Angel Lane London EC4R 3AB Page 5
The Lytham Schools Foundation Report of the Trustees for the year ended 31 December 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Coipoiale Trustee Is responsible for preparirbg the Report of the CorFMirale Trustee and the financial slalemenls in accordance with applicable law and United "ngdoM knounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales, the Charitses Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustee lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of iesour¢es, including the income and expenditure. of the charity for that period. In preparing those financial statements, the corporate trustee is required lo select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charity SORP", make judgements and estimates that are reasonable and prudent". slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on the going conrn basis unless il is inappropriate lo presume that the charity will continue in business. The corporate trustee is responsible for keeping proper accounting recoids which disclose with reasonable accuracy al any lime the financial FX)Sition of the charity and to enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity {Accounls and Reportsl 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. Approved by order of the Board of Direclofs of the Corporate Ttuslee on 11 September 2025 and signed on ils behalf by: Approved by order of the board of trustees on 11 September 2025 and sIgd on ils khalf by.. The Lylham Schools Trustee Lirnited - Trustee Page 6
Report of the Independent AudFtors to the Trustees of The Lytham Schools Foundation Opinion We have audited the financial statements of The Lytham Schools FoundatKsn Ilhe'charity.) for the year ended 31 December 2024 which comprise the Statement of Financial Aclivilies. the Balance Sheet, the Cash Flow Statement and notes lo the financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatiOn is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pfaclicel. In our opinion the financial slalemenls.. give a true and fair view of the stale of the chariws affairs a5 at 31 December 2024 and of its incoming resources and application of resources. for the year then ended", have been properly piepared in accordance with United Kingdom Generally ACpIed Aceounling Practice". and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibililies 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 wlh the ethical requiremenls that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our olhei ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for Our opinion. Conclusions relating to going concem In auditing the financial statements. we have concluded that the trust*s' use of Ihe going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not idenlified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubl on the charity's ability lo conlinue as a going concern for a peri(xl of al least e1ve months from when the financial stslemenis are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections ol this report. Other information The trustees are responsible for the other information. The other inlormats'on comprises the information included in the Annual Report, other than the financial slatements and our Report of the Independent Auditors Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report. we do not express any fom of assuiance conclusion Ihereon. In connection with our audit of the financial statements. our responsibilty is to read the other information and, in doing so, consider whether the other informab'on is tnalerially incon51slenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated If we identify such material Inconsistencies or apparent material misstalemenls, we are requiied lo determine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude Ihal there is a material misslatemenl of Ihis olher infomalion, we are required to report that fact. We have nothing lo report in Ihis regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Report51 Regulations 2008 requires us lo report lo you if, in our opinion". the Information given in the Report of the Corporate Trustee is inconsistent in any material respect with the financial slalemenls", or sufficient accounting records have not been kept." or the financial slalemenls are not in agreement with the accounting records and relurn5' or wè have not received all the inloimalion alld explanations we iequire lor our audit. Page 7
Report of the Independent Auditors to the Trustees of The Lytham Schools Foundation Responsibilities of trustees As explained more fully in the Statement of Trustees. Responsibilities. the trustees are responsible for the preparation ol the financial 51alements which give a true and fair view. and lor such inlemal control as the Iruslees determine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial stalemenls. the Irustees are responsible for assessing the charity's ability to continue as 8 going concern, disclosing. a5 applicable, matters related lo going concern and using the going concern basis of accounting unless the Itustees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the charib.es Act 2011 and report in accordan with the Act and relevant regulations made or having effect Ihereunder Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl. whether due to fraud or error, and lo issue a Retx)rt of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will ayS detect a material misslalemenl when il exists. Misslatemenls can arise from fraud or error and afe considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis ol these financial slalemenls The extent to which our procedures are capable of detecbng IrregularitS, 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.. the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills lo identify or recognise non-cornpliance with applicable laws and regulations", we identified the laws and regulations applicable to the charity Ihiough discussions with Iruslees and management, and from our knowledge and experience of the sector". we focused on specific laws and regulations which we considered may have a direct material effect on the financial slalemenls or the operations of the charity, including the Charities and Companies Acts and the Charities SORP. laxalion legislation and data protection. anti-bribery. employrnenl, environmental and health and safety legislation. parts"culaty in relation lo the safe-guarding ol young persons", we assessed the extent of compliance with the laws and fegulalions idenb'fied above through making enquiries of Iruslees and management and inspecting legal correspondence,. and identified laws and regulations were communicated within the audit leam regularty and the team remained alert lo instances of non-complian throughout the alit. Page 8
Report of the Independent Auditors to the Trustees of The Lytham Schools Foundation We assessed the susceptibility of the charity'5 financial statements to material misslatemenl, including obtaining an understanding of how fraud might occur, by". making enquiries of trustees and management as lo where they considered there wa5 susceptibility lo fraud, their knowledge of actual. suspected and alleged fraud.. and considering the internal controls in place to mitigate risks of fraud and non-eompliance wth laws and regulations. To address the risk of fraud through management bias and override of controls. we.. performed analytical prdureS to idenlfy any unusual or unexpected relationships.. lesled journal entries to identify unusual Iiansaclions. In response lo the risk of irregularities and non-compliance wilh laws and regulations, we designed procedures which included. but were not limited to". agreeing financial slalement disclosures to underlying SUPFK)rtirKJ ¢kscumentalion", reading the minutes of meetings of Ihose charged with governance., enquiring of trustees and management as lo actual and potential lits"galion and claims,. and reviewing correspondence with The Scout Association. Local &)vernmenl bodies. HMRC. relevant fegulalors includin9 the Health and Safety Execub"ve, and the charity's legal advisors. There are inherenl Iimilalions in our audit prOdureS desctibed aLK)ve. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit Ihe audit procedures required lo identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. A further description of our responsililities for the audit of the financial staiemÈnts is located on the Financial Reporting Council's website al www.frc.org.ukjaudilorsfesponsibililies. This description forms part of our Report of the Independent Auditors. 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 Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate lo the charily's Iruslees those mallers we are required to slate lo them in an auditors. report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body. for our audit work. for this report. or for the opinions we have formed. J CfQP Mcmillan & Co LLP Chartered Accountants and Slalutory Auditor 11 September 2025 Page 9
The Lytham Schools Foundation Statement of Financial Activities for the year ended 31 December 2024 2024 Total funds 2023 Tot81 funds Unreslricled funds Restricted Endtrwrnenl funds funds Note5 INCOME AND ENDOWMENTS FROM Inveslmenl income 281,614 33.968 315.582 294,131 EXPENDITURE ON Raising funds 9.472 6,513 15,985 16,194 Charitable activities Education 728.971 728.971 323,531 Other 3,960 3,960 3,630 Total 742.403 6.513 748,916 343,355 Nel gains on inveslmenls 139.649 29.966 4,127 173,742 402,844 NET INCOMEIIEXPENDITURE) {321,140) 57.421 4.127 {259.5921 353,620 RECONCILIATION OF FUNDS Total funds brought forward 16.179.668 1,146,323 231.547 17.557.538 17,203,918 TOTAL FUNDS CARRIED FORWARD 15,858.528 1.203.744 235,674 17,297,946 17,557,538 The notes form part of these financial stalements Page 10
The Lytham Schools Foundation Balance Sheet 31 December 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted Endowment funds funds Notes FIXED ASSETS Investments Investments Investment propety 4,264.953 10 11,533.310 1.132,835 217.298 5,615,086 11,533.310 5,980,034 11,533.310 15,798.263 1.132.835 217.298 17.148,396 17,513,344 CURRENT ASSETS Deblors Cash al bank 10,568 92,354 10,568 181,639 17,446 137.839 70.909 18.376 102,922 70.909 18.376 192,207 155,285 CREDITORS Amounts falling due within one year 12 142.657) 142,6571 1111,0911 NET CURRENT ASSETS 60,265 70,909 18.376 149,550 44,194 TOTAL ASSETS LESS CURRENT LIABILITIES 15.858.528 1.203.744 235,674 17.297.946 17,557,538 NET ASSETS 15.858.528 1,203,744 235,674 17,297,946 17,557,538 FUNDS Unreslricled funds Reslricled funds Endowment funds 13 15,858,528 16,179,668 1.203,744 1,146,323 235,674 231,547 TOTAL FUNDS 17.297,946 17,557.538 The financial slalemenls were approved by the Board of Trustees and aulhorised for issue on 11 September 2025 and were signed on its behalf by". Trustee The notes form part of these financial slalemenls Page 11
The Lytham Schools Foundation Notes to the Financial Statements for the year ended 31 Decernber 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Accounling and Reporting by Charities". Slalemenl of Recofflmended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial slalemenls have been prepared under the historical cost convention, with the exception ol investments which are included al market value. as modifEd by the revaluation of certain assels. The presenlalional currency of the charity is FK)und sterting l£)- The amounts in the financial statements have been rounded to the nearest £1. There are no material uncertainties about the charity's ability to continue. The charity has taken advantage of the following disclosure exernption in preparing these financial 51alemenls, as permitted by FRS 102 'The Financial Reporting Standafd applicable in the UK and Republic of Ireland the requirements of Section 7 Statement of Cash Flows. Financial instruments Financial instruments are classified and accounted for according lo the substance of the contractual arrangement as financial assets, financial liabilities or equity inslrumenls. An equity inslrumenl is any contract that eVIdenS a residual interest in the assels of the company after deducting all of ils Income All income is recognised in the Statement of Financial Activities once the charity has entillemenl to the funds, it Is probable that the income will be r1Ved and the amounl can be measured reliably. Expenditure Liabilities are re¢ognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particular headings they have been allo¢aled lo activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been mel at the year end dale are noted a5 a commitment bul not accrued as expenditure. Investrnent property Inveslrnenl propety is shown al most recent valuation Any aggregate surplus or deficit arising from changes in lair value is recognised in the Statement of Financial Aclivilies. Taxation The charity is exempl from lax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitsble objectNes at the discretion of the Iruslees. Reslricled fLJnd5 can only be used for particular reslricled purposes wilhin Ihe objects of the charity Restrictions arise when specified by the donor or when funds are raised for particular reslri¢led purposes. Page 12 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2024 ACCOUNTING POLICIES- continued Fund accounting Further explanation of the nature and purpose of each fund is included in the notes lo the financial statements. Realised gains and losses All gains and losses are tsken lo the Slalemenl of Financial A¢livities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying valLJe or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference baeen the fair value al the year end and their carrying value. Realised and unrealised investment gain5 and losses are combined in the Statement of Financial Aclivilies. Investments The investments are included al closing mid-markel value at Ihe balance sheet dale. The cost of investments includes commission paid to the investment manager5. Any gain or loss or revalLJalion is taken to the Slalemenl of Financial Activities. INVESTMENT INCOME 2024 2023 Rents re1vable Inveslmenl income 183.018 132,564 161,698 132,433 315.582 294,131 RAISING FUNDS Investment management costs 2024 2023 Investment manager's fees 15.985 16,194 CHARITABLE ACTIVITIES COSTS Grant funding of activities Isee note 51 Direct C0515 Totals Education 20.147 708.824 728,971 Page 13 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2024 GRANTS PAYABLE 2024 2023 Education 708,824 308,413 The lolal grants paid lo inslitulions during the year was as follows-. 2024 2023 Heyhouses Endowed CofE Primary SchTh)I'. Contribution towards Building Repairs ICT Equipment Contribution lo Library Sports kit Heyhouse5 Endowed CofE Nursery School Staffing and Support Grant towards Loan Interest Grant towards Summer School Grants towards Easter School Grant towards October half term School Lytham CofE Primary School.. Contribution towards Building Repairs Nursery Subsidy Coach Subsidy Contribution to EYFS Ould(x)i Area AKS Lylham Independent School". Bursaries Contra Rent Supplementary Bursaries - PEAKS Programme Fee Assistance Fylde District Scout Council - Equipment Coastal Collective Set Up Costs Grant Lytham Sl Annes High School Contribution to DofE Programme Contribution lo pasloral care St Bedes Calholio High School Contribution to pastoral care Lytham Cricket Club Contributions lo building new changing rooms The Fylde Rugby Community Foundation Park View 4U Contribution to New Education Centre Our Lady Star of the Sea Catholic Primary School Contribution lo Forest School st Thomas, C of E Primary School Contribution to Forest School Sl Peter's Catholic Primary School Contribution to OPAL Programme Sundry grants 7,640 10,616 1,000 700 16,717 44.508 22,705 8,750 1,486 2,175 5.158 39.105 4,891 7,209 (27,81 $1 {40,0001 240 14.450 177.800 14,616 3,000 4.086 156,480 38,245 15821 294.269 144,7331 42,081 7.365 26,225 35,600 32.000 10,000 6,750 55,000 4,800 5.000 8,000 12,450 9.250 708,824 308,413 Page 14 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2024 GFiANTS PAYABLE- continued The charity has opted lo use the available disclosufe exemption provided by Charity law to charitable trusts 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 Iroffl which the grants are paid or during the lifetime of any spouse or civil partner of the settlor_ SUPPORT COSTS Governance costs Other resources expended 3,960 Auditors remuneration for the year was £3,96012023." £3.630)- TRUSTEES. REMUNERATION AND BENEFITS Trustees. expenses There were no Iruslees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Reslricled Endowment funds funds funds Total funds INCOME AND ENDOWMENTS FROM Investment income 264,275 29,042 814 294,131 EXPENDITURE ON Raising funds 10,064 6.130 16.194 Charitable activities Education 323.531 323,531 Other 3,630 3,630 Total 337,225 6.130 343,355 Net gains on investments 309.126 80,783 12,935 402,844 NET INCOME 236.176 103,695 13,749 353,620 RECONCILIATION OF FUNDS Total funds brought forward 15,943,492 1.042.628 217,798 17,203,918 TOTAL FUNDS CARRIED FORWARD 16,179.668 1.146.323 231.547 17.557,538 Page 15 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2024 FIXED ASSET INVESTMENTS 2024 2023 Shares Loans 5.338,586 276.500 5,679,034 301,000 5.615.086 5,980.034 Listed investments MARKET VALUE At 1 January 2024 Additions Disposals Uniealised gains 5.679,034 282,308 1816,9841 194,228 At 31 December 2024 5,338,586 NET BOOK VALUE At 31 December 2024 5,338,586 At 31 December 2023 5.679,034 other loans Al 1 January 2024 Repayments in year 301,000 124,5001 Al 31 December2024 276,500 The loan is repayable by quarterly instalmenls of £6,125. The listed investments are analysed below.. Fixed interest securities - UK Equities - UK Equities - Overseas Infrasliuclure and operating assels Olher investments Cash and near cash 1,129,512 828,951 2,691,159 204.641 302.949 181,374 21.16 15.53 50.41 3.83 5.67 3.40 Total overseas investments 2,691,159 50.41 Page 16 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2024 10. INVESTMENT PROPERTY FAIR VALUE Al 1 January 2024 and 31 December 2024 11.533.310 NET BOOK VALUE Al 31 December 2024 11.533,310 Al 31 December 2023 11,533,310 The investment properties have been valued by Robert Pinkus & Co LLP Chartered Surveyors 21 market value al 18 October 2021. The corporate Injslee believe5 that the market value has not materially changed since Ihis valuation. The next valuation is due in October 2026. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 10,568 17,446 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 42.657 111,091 13. MOVEMENT IN FUNDS Net movement in funds At 31112124 At 111r24 Unrestricted funds General fund 16,179,668 1321,1401 15,858,528 Restricted funds Funds designaled exclusively for AKS 1,146,323 57,421 1,203,744 Endowment funds Capital accumulation fund 231,547 4,127 235,674 TOTAL FUNDS 17.557,538 1259,5921 17,297,946 Page 17 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2024 13. MOVEMENT IN FUNDS- continued Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and k)sses Movement in funds Unrestrlcted funds General fund 281.614 1742.403) 139,649 1321,1401 Restricted funds Funds designated exclusively for AKS 33.968 {6.513) 29.966 57,421 Endowment funds Capital accumulation fund 4,127 4,127 TOTAL FUNDS 315.582 1748.916) 173.742 1259.5921 Comparatives for movement in funds Net movement in frjnds Al 31112123 At 111r23 Unrestricted funds General fund 15,943.492 236,176 16,179,668 Restricted funds Funds designated exclusively for AKS 1,042.628 103,695 1,146,323 Endowment funds Capital accumulation fund 217.798 13,749 231,547 TOTAL FUNDS 17.203,918 353,620 17,557,538 Comparative nel movement in funds, included in the atx)ve are as follows.. Incoming resources ResOUrS expended Gains and losses Movement in funds Unrestricted funds General fund 264.275 (337.2251 309.126 236,176 Restricted funds Funds designaled exclusively for AKS 29.042 16, 1301 80,783 103,695 Endowment funds Capital accumulation fund 814 12,935 13,749 TOTAL FUNDS 294,131 (343.355) 402,844 353,620 Funds designated exclusively for AKS are made vp as follows.. Page 18 continued...
The Lytham Schools Foundation Notes to the Financial Statements - continued for the year ended 31 December 2024 13. MOVEMENT IN FUNDS- continued 2024 Endowment 2024 2023 Restricted Endowment 2023 Reslricled Mellor Lecture Trust Mellor Scholarship Wollson 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 1,511 3.587 111.544 105,252 924 704 4,782 7.370 11,676 25,530 18.168 8,989 620 1,571 4.104 575 20,894 1,111,617 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 1,054,211 235,674 1.203,744 237,547 1,146,323 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024 or for the year ended 31 December 2023. 15. ENDOWED AND RESTRICTED FUNDS Endowed and resllicted funds are to be applied as ft)Ilows'. Mellor Lecture Trust and Mellor Scholarship Financial assistance to pupils undertaking extra-curricular activits. Wolfson Scholarship and Woltson Sixth Fomi Fund Assistance towards school fees in special circumStans. Donovan Travel Fund Fred H Hill Fund Denys Ingham Travel Fund Assistance towards expenses of educational visits. Tom Bleasdale Memorial Fund Funds lo support and develop the game of Rugby. Prize Funds Pryzes and awards. Investment Asset Fund Funds Invested in land, buildings and equipment. The Jean Mary Robinson Memorial Fund In 2021 the charity received a subslanlial legacy donation £1.047,000 from the estate of the late Jean Mary Robinson. who was a former pupil of Queen Mary's &hool and became a lifelong History leachei. Her wishes in granting the donation were lor the funds lo be plad into a reslri¢led fund for the sole use of AKS Lytham Independent School. She requested that the funds be used lo increase the number of bursaries or other educational projects lo benefit the school and ils students in allaining places and enriching their learning experiences. including a focus on history. Page 19