Charity Number: 527637
John Laughton Educational Foundation
Trustees’ Report and Financial Statements
For the year ended 5 April 2024
John Laughton Educational Foundation
CONTENTS
| Trustees Report | 1 - 4 |
|---|---|
| Independent Examiners’ Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements |
8 – 12 |
John Laughton Educational Foundation Report of the Trustees for the year ended 5 April 2024
The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
Objectives and Activities for the Public Benefit
The purposes of the Trust are as follows:
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a) To provide such benefits of any kind not normally provided by the local education authority for any school in the Borough of Boston as constituted on the 31 March 1974;
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b) To promote the religious instruction in accordance with the doctrines of the Church of England by means of the distribution of Bibles or other religious books or in such other ways as the trustees think fit.
The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year.
Grant Making Policy
The Trust has established its grant making policy to achieve its objects for the public benefit. The Trust’s aim is to improve the education and promote religious instruction for children within the Borough of Boston. We review the grant making policy annually to ensure that it reflects the charity’s objects and thereby advances public benefit.
The Trust invites applications for local educational establishments and churches. Applicants submit a summary of their proposals to the Trustees in a specific format, these are reviewed against the criteria established by the Trustees and our grant objectives.
Details of how to apply for grants, together with the relevant forms are available from the Trust on request.
A Review of our Achievements and Performance: How our Grant Programmes delivered Public Benefit
The Trustees are pleased that the achievements and performance of the Trust, as set out below, demonstrate continued progress.
Grants to Educational Establishments
The Trust has continued to fund projects which meet the Trustees criteria and the foundations objectives. During the year projects were approved for seven different educational establishments covering the entire age range of children in education.
The largest single grant was a £4790 grant awarded to Boston College towards the cost of a Thermomix kitchen appliance, a Raizer M lifting chair and a gas testing kit.
The diverse nature of the project funded is shown by the award of £1300 to St Nicholas CE Primary School towards the cost of a mural to reflect the tapestry of the school family.
Page 1
John Laughton Educational Foundation Report of the Trustees continued
Grants to Churches
A grant of £3875 was awarded to St Botolphs towards the costs of musical equipment.
Financial Review
The Trust’s work is entirely reliant on income from investment returns from its investments. Following the financial uncertainty in the UK and leading economies, the value of the investments has increased by £42355 with income generated of £26248.
The Trust holds one years investment income less costs as a reserve 2024 £18850 (2023 £17405). This figure is the amount the Trustees seek to make in grants the following year to suitable projects meeting the Trusts criteria.
Investment Policy and Performance
Our investment advisors Charles Stanley & Co Ltd are instructed to invest to maximise the total return on funds within the constraints of a medium to low risk investment portfolio. Their review of the year is as follows:
“In the year to 5 April 2024 the investment portfolio produced a total positive return of +10.3%, this compares with the benchmark indices performance over the same period with the MSCI Pimfa Private Inv income returning +10.32%. A return, £26248 of investment income was produced, so a balance between income generation and capital growth has been met.
These returns were generated from a well-balanced multi-asset portfolio with 21.2% held in fixed income investments, 28.4% in UK Equities, 37.7% in International Equities, and the balance in Alternative Investments and Cash.
While there remains considerable uncertainty around the World, we believe the current asset allocation and underlying investments are in a suitable position consistent with a medium-low risk portfolio aiming for a balanced return between income generation and capital growth and should continue to produce a stable income stream and capital growth over the medium to long term.”
Risk Management
The principal risks faced by the Trust lie in the performance of investments and operational risks from ineffective grant making and the capacity of the Trust to make effective grants.
The Trustees consider variability of investment returns on the permanent endowment to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
The operational risk from ineffective grant awards is managed by firstly retaining Trustees of sufficient skill and expertise and secondly through the quality of the institutions and people who we support.
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John Laughton Educational Foundation Report of the Trustees continued
Structure, Governance and Management
The John Laughton Educational Foundation was established as a registered charity (527637) on 14[th] March 1989. The governing document is the scheme of 14[th] March 1989 and resolution made under section 74(2)(A) of the charities act 1993.
The Trust does not actively fundraise and seeks to continue the charitable work desired through the careful stewardship of its existing resources.
The body of Trustees shall consist of eight competent persons being two Ex-Officio Trustees, one Nominated Trustee and five Co-opted Trustees.
The Co-opted Trustees shall be persons who through residence, occupation or employment have special knowledge of the area of benefit.
New Co-opted Trustees are appointed by the existing Trustees and serve for five years after which they may put themselves forward for re-appointment.
The Ex-Officio Trustees shall be the Vicar of St Botolph’s and the Mayor of the Borough of Boston.
The Nominated Trustee shall be appointed by Lincolnshire County Council as local education authority.
At the six monthly Trustees meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, 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 Trustees is delegated to the clerk.
Key Management Personnel Remuneration
The Trustees consider the board of Trustees and the clerk as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year.
Trustees are required to disclose all relevant interests and register them with the clerk and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
The pay of the charity’s clerk is reviewed annually.
Reference and administrative Information
Business Address
75 High Street, Boston, Lincs PE21 8SX
Trustees
Brian Wookey – Co-opted Judith Cammack – Co-opted – died 28 July 2021 (Vacant Position) Peter Lawson – Co-opted Stuart Green – Co-opted Barbara Charity – Co-opted Vicar of St Botolphs Church Boston – Ex-Officio Mayor of Boston – Ex-Officio Stephen Woodliffe of Lincs CC – Nominated Investment Managers
Charles Stanley & Co Ltd, Mercury Place, St George Street, Leciester LE1 1QG
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John Laughton Educational Foundation Report of the Trustees continued
Trustees’ Responsibilities in Relation to the Financial Statements
The charity Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to:
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select suitable accounting policies and then apply then consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the Trustees on and signed on their behalf by:
Brian Wookey Trustee
Page 4
John Laughton Educational Foundation
Independent Examiner’s Report to the Trustees on the Unaudited Financial Statements of John Laughton Educational Foundation
I report on the accounts of John Laughton Educational Foundation for the year ended 5 April 2024 as set out on pages 2 to 12.
Respective Responsibilities of Trustees and Independent Examiner
As the charity’s trustees you are responsible for the preparation of the accounts, you consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act, to follow the procedures laid down in the General Directors given by the Charity Commission under section 145(5)(b) of the 2011 Act, and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
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(i) Which gives me reasonable cause to believe that in any material respect the requirements: - to keep proper accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
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have not been met; or
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(ii) To which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Nicola Lenton FCCA Dexter & Sharpe The Old Vicarage Church Close Boston Lincolnshire PE21 6NA
Page 5
John Laughton Educational Foundation
Statement of Financial Activities
For the year ended 5 April 2024
| Endowment Funds Notes £ Income and Endowments Income and Endowments from: Investment Income 2 26248 __ Total Income 26248 _ Expenditure Costs of Raising Funds: Accountancy Fees 450 Investment Management Costs 4548 _Charitable Activities Grants Payable 3 17405 Staff Costs 4 2400 _ Total Expenditure 24803 Net Income before other Gains and Losses on Investments 1445 Gains/(Losses) on Investment Assets 41660 Net Movement in Funds 43105 Total Funds Brought Forward 665370 Total Funds Carried Forward 708475 ___ |
2024 Total £ 26248 __ 26248 _ 450 4548 17405 2400 24803 1445 41660 43105 665370 708475 ___ |
2023 Total £ 24919 __ 24919 _ 420 4694 14640 2400 22154 2765 (69262 ) (66497 ) 731867 665370 ___ |
|---|---|---|
The Statement of Financial Activities includes all Gains and Losses in the year and therefore a separate statement of total recognised Gains and Losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 8 to 12 form an integral part of these Financial Statements Page 6
John Laughton Educational Foundation
Balance Sheet
As at 5 April 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments | 6 | 668756 | 625213 | ||
| Current Assets | |||||
| Cash at Bank and in Hand | 59944 | 52767 | |||
| ______ | ______ | ||||
| 59944 | 52767 | ||||
| Creditors: amounts falling | |||||
| due within one year | 7 | (20225 ) | (12610 ) | ||
| ______ | ______ | ||||
| Net Current Assets | 39719 | 40157 | |||
| ______ | ______ | ||||
| Net Assets | 708475 | 665370 | |||
| ______ | ______ | ||||
| Funds | 8 | ||||
| Endowment Funds | 708475 | 665370 | |||
| ______ | ______ | ||||
| Total Funds | 708475 | 665370 | |||
| ______ | ______ |
The Financial Statements were approved by the Trustees on and signed on its behalf by:
Brian Wookey Trustee
The notes on pages 8 to 12 form an integral part of these financial statements
Page 7
John Laughton Educational Foundation
Notes to the Financial Statements for the year ended 5 April 2024
1. Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
1.1 Basis of Accounting
The Financial Statements are prepared under the historical cost convention and in accordance with 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 (FRS102) issued on 16 July 2014, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS102.
The Trustees consider the there are no material uncertainties about the Trust’s ability to continue as a going concern.
1.2 Reconciliation with Previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.
1.3 Cashflow
The Charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.
1.4 Income Recognition
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as income from donations when they are sold.
Income from investments is included in the year in which it is receivable.
1.5 Expenditure Recognition
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Page 8
John Laughton Educational Foundation
Notes to the Financial Statements continued
- 1.5 Expenditure Recognition continued Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
1.6 Fixed Asset Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
1.7 Investment 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 their opening carrying value or their purchase value if acquired subsequent to the first day of the financial 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 Statement of Financial Activities.
1.8 Allocation of Support and Governance Costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to accountancy and legal fees together with an apportionment of overhead and support costs.
Page 9
John Laughton Education Foundation
Notes to the Financial Statements continued
2. Investment Income
| Endowment Funds £ Income from UK Listed Investments 16631 Income from non-UK Listed Investments 5630 Bank Interest Receivable 113 Other Interest Receivable 3874 __ 26248 ____ 3. Analysis of Grants Payable Grants to Institutions Grants to Educational Establishments Grants to Churches Support Costs Wages and Salaries 4. Employees Employment Costs Wages and Salaries |
2024 Total £ 16631 5630 113 3874 __ 26248 _ 2024 £ 13530 3875 17405 2400 2024 £ 2400 2400 ___ |
2023 Total £ 14963 6424 - 3532 __ 24919 _ 2023 £ 8640 6000 14640 2400 2023 £ 2400 2400 ___ |
|---|---|---|
No Employee received emoluments of more than £60,000 (2023: None).
Number of Employees
The average monthly numbers of employees (including the Trustees) during the year calculated on the basis of full time equivalents, was as follows:
| 2024 | 2023 |
|
|---|---|---|
| Number | Number |
|
| Trustee | - | - |
| ______ | ______ |
Page 10
John Laughton Education Foundation
Notes to the Financial Statements continued
| 5. Allocation of Support and Governance Costs Endowment 2024 Funds Total £ £ Governance Costs Professional – Accountancy Fees 450 450 Support Costs Staff Costs – Wages & Salaries 2400 2400 __ _ 2850 2850 6. Fixed Asset Investments Listed Investments £ Valuation At 6 April 2023 625213 Additions 35124 Disposals (33936 ) Revaluations 42355 _ At 5 April 2024 668756 __ Historical Cost as at 5 April 2024 557230 __ All Fixed Asset Investments are held within the United Kingdom. 7. Creditors: amounts falling due within one year 2024 £ Accruals and Deferred Income 2820 Accruals for Grants Payable 17405 _ 20225 ___ |
__ |
2023 Total £ 420 2400 __ 2820 _ Total £ 697310 56478 (66660 ) (61915 ) 625213 550404 2023 £ 2790 9820 12610 ___ |
|---|---|---|
| __ |
||
| __ |
Page 11
John Laughton Education Foundation
Notes to the Financial Statements continued
| 8. | Analysis of Net Assets between Funds | |||
|---|---|---|---|---|
| Endowment | Total | |||
| Funds | Funds | |||
| £ | £ | |||
| Fund Balances at 5 April 2024 as represented by: | ||||
| Investment Assets | 668756 | 625213 | ||
| Current Assets | 59944 | 52767 | ||
| Current Liabilities | (20225 ) | (12610 ) | ||
| ______ | ______ | |||
| 708475 | 665370 | |||
| ______ | ______ | |||
| 9. | Endowment Funds | |||
| At 6 April | At 5 April | |||
| 2023 | Income |
2024 | ||
| £ | £ |
£ | ||
| General Funds | 665370 | 43105 |
708475 | |
| ______ | ______ | ______ |
Page 12
John Laughton Educational Foundation
The following pages do not form part of the statutory accounts
John Laughton Educational Foundation
Detailed Statement of Financial Activities
For the year ended 5 April 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Investment Income | ||||
| Income from UK Listed Investments | 16631 | 14963 | ||
| Income from non-UK Listed Investments | 5630 | 6424 | ||
| Bank Interest Receivable | 113 | - | ||
| Other Interest Receivable | 3874 | 3532 | ||
| ______ | ______ | |||
| 26248 | 24919 | |||
| ______ | ______ | |||
| Total Income | 26248 | 24919 | ||
| ______ | ______ | |||
| Expenditure | ||||
| Costs of Raising Funds: | ||||
| Investment Management Costs | ||||
| Investment Management Fees | 4548 | 4694 | ||
| ______ | ______ | |||
| Total Investment Management Costs | 4548 | 4694 | ||
| ______ | ______ | |||
| Total Costs of Raising Funds | 4548 | 4694 | ||
| ______ | ______ |
John Laughton Educational Foundation
Detailed Statement of Financial Activities
For the year ended 5 April 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Charitable Activities | ||||
| Grants Payable | 7585 | 9820 | ||
| ______ | ______ | |||
| 7585 | 9820 | |||
| Grants Paid | 9820 | 4820 | ||
| ______ | ______ | |||
| 9820 | 4820 | |||
| ______ | ______ | |||
| Activity Total Expenditure | 17405 | 14640 | ||
| ______ | ______ | |||
| Total Charitable Activity Expenditure | 17405 | 14640 | ||
| ______ | ______ | |||
| Governance Costs | ||||
| Professional – Accountancy Fees | 450 | 420 | ||
| Support Costs | ||||
| Staff Costs – Wages & Salaries | 2400 | 2400 | ||
| ______ | ______ | |||
| 2850 | 2820 | |||
| ______ | ______ | |||
| Total Costs | 2850 | 2820 | ||
| ______ | ______ | |||
| Net Income for the Year | 1445 | 2765 | ||
| ______ | ______ |