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2024-03-31-accounts

Charity Number

526956

KELSICK'S EDUCATIONAL FOUNDATION

Trustees' Report and Financial Statements For the year ended 31 March 2024

KELSICK'S EDUCATIONAL FOUNDATION

Trustees' Report and Financial Statements For the year ended 31 March 2024

CONTENTS

CONTENTS
Page
Trustees' annual report
-
Reference and administrative details		 1
-
Structure, governance & management		 2
-
Objectives and activities		 2
-
Achievements and performance and plans for future periods		 3
-
Public benefit		 6
-
Financial review		 6
-
Trustees' responsibilities		 8
Independent Auditors' report 9
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2024

The Trustees present their report together with the audited financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

REFERENCE AND ADMINISTRATIVE DETAILS

The registered name of the Charity is Kelsick’s Educational Foundation. The registered charity number is 526956.

Trustees who served during the year and those who were Trustees at the date of this report are as follows:

Nominated

By Lakes Parish Council (Term of 4 years) Mr N Martin (Chairman) Mr M Blackburn Mrs L Dixon (Vice Chairman) (resigned February 2024) Mr L Johnson

Co-opted (Term of 5 years) Mr N Hutchinson Mrs A J Renouf Mr P B Edmondson Dr P Davies Mr J Cunningham (re-appointed June 2024) Mrs L Britnell (appointed February 2024)

By Westmorland and Furness Council (Term of 4

years) Mr W Clark

Ex officio (Vicar of Ambleside)

Revd. A Smith (appointed November 2023)

By University of Cumbria (Term 4 years) Dr E Mallabon (appointed August 2023)

Clerk to Trustees and Kelsick Centre Manager

Mr M Seaton

Principal Office

Kelsick Centre St Mary’s Lane Ambleside Cumbria LA22 9DG

Surveyors and Property Consultants

GSC Grays (acquired Carter Jonas) Unit 9, Underley Business Centre Kearstwick Kirkby Lonsdale Cumbria LA6 2DY

Bankers

Barclays Bank PLC Crescent Road Windermere Cumbria LA23 1EA

Auditors

Xeinadin Audit Limited 100 Barbirolli Square Manchester M2 3BD

Solicitors

Progression Solicitors 5 Crescent Road Windermere LA23 1EA

Investment Advisors

Castlefield Investments 1 Portland Street Manchester M1 3BE

CCLA Senator House 85 Queen Victoria Street London EC4V 4ET

Page 1

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2024

STRUCTURE, GOVERNANCE & MANAGEMENT

Kelsick’s Educational Foundation is a registered Charity (charity number 526956) and is governed by a Scheme dated 13 November 2001, reference N165/01(s), as amended by resolution dated 20 August 2009, made by the Charity Commissioners for England and Wales under the power given in the Charities Act 2011.

The Trustees are appointed under the Scheme as follows:

All new Trustees are required to undertake an induction programme and undergo a structured introduction to the operation of the Foundation.

Trustee meetings are held 4 times per year to review and agree major area of policy or at such other times as considered necessary.

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 Foundation and are satisfied that systems are in place to mitigate exposure to major risks.

OBJECTIVES AND ACTIVITIES

The Objects of the Charity are:

  1. The provision of special benefits, of any kind not normally provided by the Local Education Authority, for any Voluntary Schools and Academies that were formerly Voluntary Schools serving the area of benefit, with preference being given to Voluntary Schools and Academies that were formerly Voluntary Schools within Ambleside.

  2. In promoting the education (including social and physical training) of persons under the age of 25 who are resident in the area of benefit and in need of financial assistance.

  3. Any surplus income may be applied for the above objects in Patterdale Ward and the former County of Westmorland.

Strategies for achieving the Objects of the Charity

  1. Maintaining appropriate levels of income from

  2. i. properties with regular rent reviews and oversight by agents, Carter Jonas.

  3. ii. investments through investment managers, Castlefield Investments.

  4. Informing potential beneficiaries through

  5. i. Kelsick Brochure sent to all households

  6. ii. our web-site: www.kelsick.org.uk

  7. iii. annual advertisements in the 3 Parish Magazines going to all households iv. direct contact with schools by visits by the Trustees.

  8. v. Kelsick Office open each weekday morning

  9. vi. all board meetings reported in the Westmorland Gazette

Page 2

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2024

  1. Meetings of the full Board of Trustees 4 times a year. At the quarterly meetings, the Trustees agree the broad strategy and areas of activity for the Foundation, including the consideration of grant making, property maintenance, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the Board of Trustees is delegated to the Clerk to the Trustees. Meetings of sub-committees for Finance, Grants, Property and Publicity are convened as required. The Board keeps the skill requirements of the Trustee body under review in the event a Trustee permanently retires, and new Trustees are required.

  2. Circulating Solicitors with the Kelsick brochure in request of potential donations.

Grant making policy

The Foundation invites applications for grants from individuals, voluntary schools and groups by informing potential beneficiaries as stated on page 2. Applicants submit a summary of their requirements in specific format which is reviewed against criteria established by the constitution. The Trustees approve the grants at quarterly meetings.

Details of how to apply for grants, together with the relevant forms are available on the charity’s website and on application to the Foundation office.

ACHIEVEMENTS AND PERFORMANCE AND PLANS FOR FUTURE PERIODS

The Kelsick’s Education Foundation continues to flourish, providing support for the three local schools, and young people living within the parishes.

Grants

On Table B, for the financial year 2023-24, it shows an decrease from £282,769 in 2022-23 to £233,195. Grants to individuals are still marginally lower than pre covid levels but are starting to recover.

The decrease reflects the cessation of a non-recurrent grant to support the Educational Health Care Plan (“EHCP”) and a one-off grant of £12,000 paid in 2022-23 in recognition of the increased cost pressures in that period.

Table A

– - Higher Education Degree, HND Number of Applicants

Academic Year 1st Year 2nd Year 3rd Year 4th& 5th Year
Total
2012-13 13 15 17 7 52
2013-14 15 10 8 6 39
2014-15 15 6 6 9 36
2015-16 14 12 7 6 39
2016-17 8 13 8 8 37
2017-18 10 9 15 13 47
2018-19 13 4 8 7 32
2019-20 9 9 6 7 31
2020-21 11 11 8 9 39
2020-22 9 10 6 8 33
2022-23 9 14 9 4 36
2023-24 15 4 11 5 35

Page 3

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2024

Table B

Categories of grant awards and comparison with 2022-23

2023-24 2023-24 2022-23 2022-23
Category Grant for
Category		 As % of total
grant		 Grant for
Category		 As % of total
grant
Primary – individuals £14,323 6.14% £12,775 4.52%
Secondary and Further
Education – Individuals		 £22,605 9.69% £26,434 9.35%
Higher Education £36,369 15.60% £29,598 10.47%
Schools £155,122 66.52% £212,962 75.31%
Special needs £2,591 1.11% £1,000 0.35%
Clubs & Associates £2,185 0.94% £0 0.00%
TOTAL £233,195 100.00% £282,769 100.00%

Table A. This table should be read diagonally in order to see how the numbers of a given entry in a given year are maintained throughout a course.

Table B. This table shows the grant distribution between different categories.

Property maintenance

GSC Grays are our advisers on our properties, rent, valuation, repairs and improvements. Our agent is Suzie Barron and our meetings with Suzie have gone well.

We are continuing the rolling program of property maintenance and upgrading as required. We incurred expenditure of £62,514 on maintenance and repairs during the year compared to a total of £99,480 in 2022-23. The decrease reflects the availability of contractors and timing of works over the summer period.

General

Mike Seaton is our Clerk and Kelsick Centre Manager, and Helen Ramsay our Accounts Administrator.

I’d like to offer my sincere thanks to Mrs Linda Dixon who has served as a Trustee for 44 years.

The trustees have given support to me and the Foundation, without which we could not go forward. I would like to thank them all. Thank you.

Page 4

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2024

300[th] Anniversary

2023 marked the 300[th] anniversary of the Kelsick Educational Foundation. In November 2023, more than 100 people from the local community attended a special event to celebrate the 300[th] anniversary of the Kelsick Educational Foundation.

As we plan for the future we will be reviewing our grant-making policies and procedures, and looking to expand the use of the Kelsick Centre as a key resource for the community.

Page 5

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2024

PUBLIC BENEFIT

The Trustees of Kelsick’s Educational Foundation believe they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Principle 1. There must be identifiable benefits

Principle 2. Benefit must be to the public, or a section of the public.

FINANCIAL REVIEW

The two main funding sources are income from property and income from investments.

Activities and results

The net operating surplus for the year was near break-even at £2,621. There was a gain in the value of our investment portfolio of £99,776 providing a total increase in funds of £102,397.

At the end of the financial year money held in the Banks came to £218,646 (2023 - £226,643) representing a decrease of £7,997 in the amount held compared with last year.

Our overall income for the year was £411,338 (2023 - £406,341) and expenditure £408,717 (2023 - £481,624).

Income from UK Investments was £51,906 (2023 - £57,685) and rental income from our property portfolio £359,182 (2023 - £348,656).

The increase in property income during the year reflects a number of rent reviews. More reviews will be undertaken throughout 2024-25 which will further increase this revenue.

It is a continuing sign of our financial health and resilience that we can continue to fund grant applications and have money available for emergency grant aid and for property maintenance. We now receive many letters from grant recipients, particularly in Higher Education, expressing their gratitude for the money they receive and stating how important it is in their being able to continue courses under considerably less financial stress.

Page 6

KELSICK’S EDUCATIONAL FOUNDATION

Trustees’ Annual Report

For the year ended 31 March 2024

Fixed Asset investments

The Trustees have appointed professional advisors (as noted on page 1) to assist them in the management of the property and investment portfolios. The net returns from the respective investments, after taking account of all directly attributable costs were 2.6% (2023 – 2.2%) for the property portfolio and 1.6% (2023 – 1.9%) for the investment portfolio.

Reserves policy

Unrestricted funds are needed:

The target level of free reserves is circa £200,000 which is based on six months unrestricted running costs together with a fund for property maintenance. This is reviewed by the Trustees through quarterly management accounts and an annual budget taking into consideration the ongoing costs and property maintenance program. Free reserves as of 31 March 2024 were £197,456 (2023 - £185,636).

Page 7

KELSICK'S EDUCATIONAL FOUNDATION Trustees, Annual Report For the year ended 31 March 2024 TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Annual Report and the financlal statements In accordance with appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. The law applicable to charities in En8land & Wales requires the Trustees to prepare flnancial statements for each financial year which give a true and fail view of the state of aflairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the I rustees are required to.. al select suitable accountin8 poliaes and appty them conslstently; bl obxèNe thè methods and principles in the Charities JOnP- cl make jud8menis and accounting estimates that are reasonable and prudent; dl state whether applicable accountbng standards have been followed. subject to any materlal departures disclosed and explained in the financial statements,. el prepare the financial statement5 on the goin8concern basls unless it is inapproprlate to presume thal the Charity will continue in opeiation. The Trustees are re5ponsSble IOT keepin8 proper accounting records that dlsclose with reasonable accuracy at any tlme the financial position of the charity and enable them to ensure that ihe financial statements comply with the Charities Act 2011. the Chafity IAccounts and Reports) Regulations 2C08 and the provi5ion5 tsf the trust deed. They are also responsible foi safeguarding the assets of the charity and hence lor takin8 reasonable steps for the prevenllon and detectiofi ol fraud and other lireBularStles. In so far as the Trustees ère aware.. Ihere is no relevant audlt Information of which the charitvs audltOT 15 unaware,. the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and io est8blish that the audFior is aware of that information. The Trustees. report was approved and was 5i8ned on behaw of the Trusiees by- Mr N Martln Chalrman 15 August 2024 Page 8

KELSICK'S EDUCATIONAL FOUNDATION

Independent Auditor's Report to the Trustees For the year ended 31 March 2024

Opinion

We have audited the financial statements of Kelsick's Educational Foundation (the ‘Charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, 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).

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 Auditor’s 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 UK, including the FRC’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 Charitable Company'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.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' report other than the financial statements and our auditor’s report thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report

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

Page 9

KELSICK'S EDUCATIONAL FOUNDATION

Independent Auditor's Report to the Trustees For the year ended 31 March 2024

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 6, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.

Auditor’s 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 auditor’s 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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and noncompliance with laws and regulations we have considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue recognition and the impact of COVID-19. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Charitable Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, Charities Act, Health and Safety Laws and Environmental Regulations.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Page 10

KELSICK'S EDUCATIONAL FOUNDATION

Independent Auditor's Report to the Trustees For the year ended 31 March 2024

Audit response to risks identified

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s 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 the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

100 Barbirolli Square Manchester M2 3BD

Michael Garrett (Senior Statutory Auditor) For and on behalf of Xeinadin Audit Limited

15 August 2024

Page 11

KELSICK'S EDUCATIONAL FOUNDATION

Statement of Financial Activities

For the year ended 31 March 2024

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2024 2024 2024 2023
£ £ £ £
INCOME
Investment income 3
- Income from properties 359,182 - 359,182 348,656
- Income from investments 51,906 - 51,906 57,685
Other income 4 250 - 250 -
Total income 411,338 - 411,338 406,341
EXPENDITURE
Costs of raising funds
Investment property costs 8 151,272 - 151,272 175,613
Investment management costs 8 11,149 - 11,149 10,466
Expenditure on charitable activities
Education 8 233,195 - 233,195 282,769
Governance costs 8 13,101 - 13,101 12,776
Total expenditure 408,717 - 408,717 481,624
Net income (expenditure) and net
movement in funds before gains and losses
on investments 2,621 - 2,621 (75,283)
Gains (losses) on revaluation and
disposal of investments 99,776 - 99,776 (140,036)
Net movement in funds 102,397 - 102,397 (215,319)
Fund balance at 1 April 2023 10,290,344 500 10,290,844 10,506,163
Fund balance at 31 March 2024 10,392,741 500 10,393,241 10,290,844

Page 12

KELSICK'S EDUCATIONAL FOUNDATION Statement of Financial Position As at 31 March 2024 Noie 2024 2023 FLYed asstts Investment propertSes Investments 7.620.( 2.575.785 7,620,LMJ) 2.485,208 io 10.195.785 10.105.208 Current atsets Dpbtors Cash at bank and in hand li 13.933 218.646 690 226.643 232.579 227.333 Credltors: amounts lalll due wlthln one year 135.1231 141,6971 Net current ￿￿ets 197.456 185,636 Net 4s5et5 10.393,241 10,290,844 FUNDS Re5trlded funds 500 Unrestrided funds General lunds 15 10392.741 10,290,344 Totsl funds 10,393,241 10,290,844 The flnanclal siatements on pales li 10 20 were approved by the Boafd of Tfustees and SiRned on its behalf by.. Mr N Mardn Chalr Mr J Cunnlr4ham T￿￿ ondcholrmon oJFlnonce 15 Au8USt 2024 Pa8* 13

KELSICK'S EDUCATIONAL FOUNDATION

Statement of Cash Flows

For the year ended 31 March 2024

Net cash generated from operating activities
Cash flow from investing activities
Purchase of investments
Disposals of investments
Net cash flow from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consists of:
Cash at bank and in hand
Net cash generated from operating activities
Depreciation
(Increase) decrease in debtors
(Decrease) increase in creditors
Net movement in funds before gains and
losses on investments		 2024
2023
£
£
(17,196)
(64,083)
(106,615)
(472,849)
115,814
487,081
9,199
14,232
(7,997)
(49,851)
226,643
276,494
218,646
226,643
218,646
226,643
2,621
(75,283)
-
-
(13,243)
8,267
(6,574)
2,933
(17,196)
(64,083)

Page 14

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements For the year ended 31 March 2024

1 General information

Kelsick’s Educational Foundation is a registered Charity (charity number 526956) and is governed by a Scheme dated 13 November 2001, reference N165/01(s), as amended by resolution dated 20 August 2009, made by the Charity Commission for England and Wales under the power given in the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) issued 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

2 Accounting policies

i. Basis of preparation

The accounts financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The accounts 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 relevant version of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

ii. Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value. UK quoted securities are valued at the mid-market price quoted by the London Stock Exchange at the year end date. Unit trusts are at the middle of the prices prevailing on that date. The SoFA includes the net gains and losses arising on the revaluation and disposals throughout the year.

Investment properties are not depreciated. They are valued periodically by Carter Jonas, Chartered Surveyors on an open market basis.

Depreciation is provided on associated fixtures used in the investment properties at rates calculated to write off the cost of each asset over its expected useful life as follows:

Fixtures, fittings and equipment 20% straight line

iii. Funds

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable

Restricted funds are funds which have been given for a particular purpose. Details of the nature and purpose of the restricted fund is set out in note 14 to the financial statements.

Designated funds comprise those funds which the trustees periodically set aside for investment property refurbishments and other designated purposes.

Page 15

Notes to the Financial Statements (continued) For the year ended 31 March 2024

2 Accounting policies (continued)

iv. Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the monetary value of income can be measured reliably.

Investment income is earned through holding assets for investment purposes including property and quoted securities. It includes rent, dividends and interest. Income from quoted securities is stated gross of tax and is included in the SOFA in the year in which it is receivable. Rental income is recognised when the Charity's right to payment is established.

The Charity funds its activities almost entirely through its investment income.

v. Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure (including irrecoverable VAT) is accounted for on an accruals basis.

Costs of raising funds represents costs relating to activities where the primary aim is to raise funds and consists of expenditure relating to the management of investments.

Charitable activities comprise of those costs incurred by the charity where the primary aim is the delivery of activities and services within the objects of the charity. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable include all expenditure incurred on grants awarded or on other schemes run in the pursuance of the Foundation's objectives. Grants are accounted for when the Foundation has a legal or constructive commitment.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

vi. Support costs allocation

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. staff time or estimated usage as set out in Note 7.

vii. Gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value or cost in the year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the SoFA.

viii. Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

ix. Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

x. Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Page 16

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2024

3
Investment income
Income from UK property
Rents receivable
Room hire
Income from UK investments
Interest and dividends
Bank interest receivable		 2024
2023
£
£
350,483
339,598
8,699
9,058
359,182
348,656
49,058
56,841
2,848
844
51,906
57,685

4 Other income

This represents the proceeds from the sale of a small parcel of land.

5
Staff costs
Salaries and wages
Social security costs
The average number of part time employees during the year was
Administration support staff
Cleaner		 2024
2023
£
£
32,300
36,509
-
-
32,300
36,509
Number
Number
2
2
1
1
3
3

No employee received remuneration amounting to more than £60,000 in either year.

None of the Trustees received any remuneration or expenses during either of the above two years.

Staff costs include a cleaner engaged on a contract basis.

6 Taxation

The Foundation is a registered charity and does not pay income tax.

7
Grants payable
Grants awarded to voluntary schools and organisations
Ambleside Primary School
Grasmere Primary School
Langdale Primary School
Grants awarded to individuals		 2024
2023
£
£
56,685
80,070
56,558
65,498
41,879
67,394
155,122
212,962
78,073
69,807
233,195
282,769

Page 17

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued)

For the year ended 31 March 2024

8 Total resources expended

2023
Total		 £ 69,807 212,962 10,466 8,299 99,480 13,267 1,952 - 3,963 7,500 3,324 - 8,645 36,509 5,450 481,624
2024
Total		 £ 78,073 155,122 11,149 9,723 62,514 16,134 4,606 - 9,188 4,043 4,452 - 13,390 32,300 8,023 408,717
Governance £ - - - - - - 4,606 - - 4,043 4,452 - - - - 13,101
Education £ 78,073 155,122 - - - - - - - - - - - - - 233,195
Investment property
costs		 £ - - - 9,723 62,514 16,134 - - 9,188 - - - 13,390 32,300 8,023 151,272
Investment
management costs		 £ - - 11,149 - - - - - - - - - - - - 11,149
Basis of allocation Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Staff Time Usage
Costs directly allocated to activities Grants to individuals Grants to voluntary schools and organisations Investment management fees Rates and services Maintenance and repairs Insurance Legal and professional fees Bad debts Sundry expenses Auditors' fees - audit services Auditors' fees - other services Depreciation Property management costs Support costs allocated to activities Staff costs Office costs

Page 18

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2024

9
Investment properties
Cost / Valuation
At 1 April 2023
Additions
Revaluation
At 31 March 2024
At cost
At valuation
Depreciation
At 1 April 2023
Disposals
Charge for the year
At 31 March 2024
Net book value :
At 31 March 2024
At 31 March 2023		 Fixtures,
Freehold land
fittings and
and buildings
equipment
Total
£
£
£
7,620,000
70,319
7,690,319
-
-
-
-
-
-
7,620,000
70,319
7,690,319
-
70,319
70,319
7,620,000
-
7,620,000
7,620,000
70,319
7,690,319
-
70,319
70,319
-
-
-
-
-
-
-
70,319
70,319
7,620,000
-
7,620,000
7,620,000
-
7,620,000

The freehold land and buildings belonging to the Foundation were revalued at an open market value for existing use basis on 1 June 2022 by Carter Jonas, Chartered Surveyors.

10
Fixed Asset Investments
Fair value :
At 1 April 2023
Additions at cost
Disposal proceeds
Increase (decrease) in fair value
At 31 March 2024		 2024
2023
£
£
2,485,208
2,639,476
106,615
472,849
(108,124)
(487,081)
92,086
(140,036)
2,575,785
2,485,208

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets including the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

Page 19

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2024

10 Fixed Asset Investments (continued) Market Market
Cost Value Cost Value
2024 2024 2023 2023
Direct Property & Property Funds £ £ £ £
Mayfair Capital In Prop Inc Trust 25,986 24,102 25,986 25,740
First Sentier inv responsible listed infrastr 42,201 34,672 42,201 36,814
FP Foresight OEIC FP FRSGHT GBL REAL INFRS A 42,217 29,939 42,217 35,453
110,404 88,713 110,404 98,007
Fixed interest & fixed interest funds
Rathbone UT MGT Ethical Bond 58,327 50,956 48,235 38,337
Royal London Ethical Bond 58,205 50,642 49,435 39,968
RCB Bonds PLC 4.4% SNR 30/04/2027 17,825 17,369 17,825 17,175
RCB Bonds PLC 4.25% SNR 06/07/2028 14,625 13,800 14,625 13,525
Retail Charity BON 4.25% SNR 30/03/2028 GBP10 22,725 21,042 22,725 20,691
RETAIL CHARITY BON 4.25% SNR 20/06/28 GBP10 24,625 23,697 24,625 23,210
196,332 177,506 177,470 152,906
Global Equities & Equity Funds (ex UK)
CFP Castlefield FD CFP Castlefield Sust UK SML - - 80,478 134,537
Global Equities & Equity Funds
FUNDROCK PTNRS LTD FP WHEB SUST B GBP ACC 136,819 153,293 136,514 142,899
Conbrio FD PTN LTD CFP CFLD BEST SUST EURP GE 152,946 179,500 152,946 170,836
FIRST SENTIER INVR STEWART INV WWIDE SUSTA 151,120 169,126 151,120 161,726
LIONTRUST FUND PAR SUST FUTURE GBL GTH 2 A 92,670 110,864 92,670 92,164
SARASIN FUND MANAG SARSIN RESPONSIBLE GBL 75,737 84,307 75,737 76,759
609,292 697,091 608,987 644,384
Multi-Asset Funds
CCLA INVESTMENT MA INVESTMENT INCOME 23,785 566,389 23,785 517,068
23,785 566,389 23,785 517,068
Other assets
Capital for Colleagues Ord 0.40 43,605 64,074 43,605 45,089
CFP Castlefield FD CFP Real RTN GN 129,269 141,658 125,078 138,174
172,874 205,731 168,683 183,263
UK Equities & Equity Funds
Castlefield FD PTN BEST Income 83,256 143,184 - -
Castlefield FD PTN UK Smaller Cos Fund 565,464 697,171 593,110 755,043
648,720 840,355 593,110 755,043
TOTAL 1,761,407 2,575,785 1,762,917 2,485,208

Page 20

KELSICK'S EDUCATIONAL FOUNDATION

Notes to the Financial Statements (continued) For the year ended 31 March 2024

11
Debtors
2024
2023
£
£
Other debtors
13,933
690
13,933
690
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors and accruals
15,239
21,813
Other creditors
19,884
19,884
35,123
41,697
13
Analysis of net assets between funds
General
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Fixed assets
10,195,285
500
10,195,785
Current assets
232,579
-
232,579
Current liabilities
(35,123)
-
(35,123)
Net assets at 31 March 2024
10,392,741
500
10,393,241
14
Restricted funds
2024
2023
£
£
At 31 March 2024 and 31 March 2023
500
500
15
Unrestricted funds
2024
2023
£
£
Balance at 1 April 2023
10,290,344
10,505,663
Incoming resources
411,338
406,341
Resources expended
(408,717)
(481,624)
Investment (losses) gains
99,776
(140,036)
Balance at 31 March 2024
10,392,741
10,290,344
16
Leasing agreements
2024
2023
£
£
Witin one year
523-
Between one year and five years
1,962-
2,485
-
Lanty Brow was gifted to the Foundation by the executors of the estate of the late Mr Hymas in December 1990,
under a deed of covenant which stipulated that no building was to take place on the land.
Minimum lease payments under non-cancellable operaring
leases fall due as follows:		 2024
2023
£
£
13,933
690
13,933
690
2024
2023
£
£
15,239
21,813
19,884
19,884
35,123
41,697
General
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
10,195,285
500
10,195,785
232,579
-
232,579
(35,123)
-
(35,123)		 2024
2023
£
£
13,933
690
13,933
690
2024
2023
£
£
15,239
21,813
19,884
19,884
35,123
41,697
10,392,741
500
10,393,241
2024
2023
£
£
500
500
10,392,741
10,290,344
2024
2023
£
£
523-
1,962-
2,485
-

17 Control

There is no ultimate controlling party.

Page 21