REGISTERED CHARITY NUMBER: 527654
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2024
for
Leeke Educational Foundation
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Leeke Educational Foundation
Contents of the Financial Statements for the Year Ended 31 August 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
Leeke Educational Foundation
Report of the Trustees for the Year Ended 31 August 2024
The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Aims and Objectives
The Foundation seeks to promote the academic, technical, social, moral and physical education of young people in Lincoln.
- The Scheme provides for payment of grants for educational benefit to the Proprietors of any independent Direct Grant School in the City of Lincoln, the objects of which are legally charitable, in which religious instruction is given in accordance with the doctrines of the Church of England and which provide for the education of a sufficient number of pupils; also to the Governors or Managers of any Voluntary Aided or Special Agreement School in the City of Lincoln in which religious instruction is given in accordance with the doctrines of the Church of England, for the purpose of enabling the said Governors or Managers to comply with their obligations under the Education Acts 1944 to 1967 and the Regulations made thereunder.
The trustees recognise that much of the first criterion is no longer applicable, but the governing document does not contain powers to amend the scheme and to write a new scheme is prohibitively expensive.
-
The Scheme also provides for payment of grants for the benefit of children and young persons under the age of twenty-five years who, or whose parents, are resident in the City of Lincoln and who, in the opinion of the Trustees, are in need of financial assistance for the following purposes:
-
Exhibitions, Grants or Maintenance Allowances, tenable at any secondary school, training college for teachers, university or other institution of further (including professional and technical) education, approved by the Trustees, to be awarded under rules to be made by the Trustees, including rules as to the value and period of tenure of the exhibition, and the qualifications and method of ascertainment and selection of candidates.
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Financial assistance, outfits, clothing, tools, instruments or books to help beneficiaries on leaving school, a university or any other educational establishment, to prepare for or enter a profession, trade or calling.
-
Helping and educating beneficiaries through their leisure time activities so as to develop their physical, mental, moral and spiritual capacities that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved.
-
Otherwise promoting the education of beneficiaries.
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Leeke Educational Foundation
Report of the Trustees for the Year Ended 31 August 2024
OBJECTIVES AND ACTIVITIES
Significant activities
The Trust contacts city secondary schools and institutions of Further and Higher Education and community education centres annually in order to make staff and students aware of the grants and actively encourages the staff of those institutions to act as trustees of the charity.
Currently there are two main deadlines on grants each academic year so that applications can be considered at the same time. Awards can then be made in the full knowledge of those in the greatest need over the year, rather than decisions being made as applications come in. Applications submitted after the deadline are occasionally considered individually if judged to be appropriate.
The criteria for the distribution of grants is now well established and considered fit for purpose. The application form and associated documents are updated annually, with particular attention being paid to the application criteria. The current procedure is for awards to be ratified by the full committee following a sub-committee meeting which extends the time before applicants are informed of the outcome. Trustees are unanimous that the board has a collective responsibility to make the final decision, thus retaining oversight of the budget, questioning decisions and making recommendations.
Applications for grants from the fund are now accepted exclusively by email. Following the introduction of the payment of bursaries by BACS in 2017-2018, all recipients are now paid by this method.
An 11 point scale of awards currently ranges from £110 to £530 per term. The termly amounts determined each year take into account the annual income of the Leeke Educational Foundation and trustees are mindful of the potential for an increase in applications to result in an increase in expenditure. The Termly figure is determined in September for the forthcoming academic year (e.g. September 2023 for Academic year 2023-24). The agreed figure is awarded three times a year for the duration of the course being studied and it is anticipated that, once a grant amount has been determined, the grant will not reduce. However, recipients are informed that the amount is subject to appropriate progress being made, their financial circumstances remaining the same and the Charity having sufficient funds. The grant may increase subject to available funds. New applicants, each academic year, may receive less per point than the previous year.
Grants for one-off events range from £250 - £410 with specific criteria applied to each application. Anomalies are dealt with on a case by case basis, with the amount awarded at the discretion of the grants' committee. An example may be a contribution to one-off passport expenses, visa expenses etc.
To accommodate the increasing diversity of applications it is necessary to keep the forms and criteria under constant review. The number of sixth form students applying for grants in recent years has increased markedly, to around 50% of applications. The trustees felt that these students needed to be considered on a different basis to other students who are at university, work or on apprenticeships and decided to introduce a new point on the scale of awards, 0, to allow for Sixth Form students to be paid at a base rate (£110 per term in 2022-23). Applications showing a greater need were still considered on the main scale of awards.
Public benefit
The trustees have recognised the need to act for the public benefit, within the constraints of the fund and taking into account guidance issued by the Charity Commission.
Grantmaking
The trustees' current policy is to prioritise grants to individual students in need. It is agreed that schools may apply for funds as they see fit. Trustees have also defined financial need as those students from families on low income, minimum wage, state benefits, with a single parent or living independently.
The criteria for awarding grants are reviewed and updated annually. Where applicants are applying for financial assistance with a programme or period of study, examples of criteria considered are distance/location of study, financial need, specialist equipment and severe hardship. This relates to Section 19 (1) (a) of the Scheme.
Separate criteria are applied in respect of applications for assistance with a one-off event e.g. gap year, attending a conference, Camp America, working with a charity/developing country project, summer schools, university open days, contribution to one-off passport expenses, visa expenses and travel costs.
This category reflects applications which are consistent with Section 19 (c) (ii) provisions of the Scheme relating to calling/vocation.
The points awarded reflect the contribution of the event to the individual applicant, altruistic intent and/or intent to share the benefit of the event with others and so contribute learning to society.
The grants committee may refuse a one-off application and advise the applicant to apply for a termly grant.
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Leeke Educational Foundation
Report of the Trustees for the Year Ended 31 August 2024
ACHIEVEMENT AND PERFORMANCE Charitable activities
During the accounting period, no grants were made to schools and one hundred and forty-six grants were paid to recipients. Grants paid totalled £50,320. The commitment for 2023-2024 for the 17 returning students is £24,480.
Feedback from recipients during the course of the year identified, amongst others, benefits such as support with rent, payment of bills, enabling participation in additional activities, purchasing extra equipment, joining a gym to support with mental health, reducing burden on parent/carers and therefore reducing stress.
The last full survey of recipients' thoughts and opinions took place in 2015 -2016, with the outcomes informing practice. It was agreed in May 2022 that a formal survey would serve little purpose at this time but that feedback from all grant recipients should be requested by email and that any matters arising would be considered and acted upon if necessary.
The Foundation's policies (Complaints, Data Protection, Financial and Safeguarding) were reviewed in May 2024; a further review of the Data Protection Policy is due in January 2025, with all policies to be reviewed in May 2026.
FINANCIAL REVIEW
Principal funding sources
The Foundation's income comes from rent received on property and interest on savings and investments. These assets are, or are derived from, the original foundation of the charity and represent the endowment fund.
The Foundation does not actively fundraise but focuses on protecting and enhancing the charitable work desired by Canon Leeke through careful governance of its existing resources.
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Leeke Educational Foundation
Report of the Trustees for the Year Ended 31 August 2024
FINANCIAL REVIEW
Investment policy and objectives
It is the trustees' policy to maintain its income from property and investments, whilst safeguarding the Foundation funds for future distribution. Net income is to be retained for grants to students.
Previously, the dividend on the CBF Church of England investment fund was to be used for any monies awarded; however, during 2020-21 and 2021-22 trustees agreed to retain this money for building maintenance. These amounts were transferred into the CBF deposit fund, the balance on which now represents the new designated fund for property maintenance.
In 2023-2024 the market value of investments in the CBF Church of England Investment Fund increased by £22,954 to £294,985, an increase of 8.44%. The trustees consider in the light of the current economic climate these investments are still performing in a satisfactory manner.
The property was valued for accounting purposes in August 2024 at £825,000 by Mr P Banks of Banks, Long & Co. This is considered to be an appropriate valuation of the property by the trustees. The property on which rental income is received is a Grade II listed building within a conservation area with the original part dating from the seventeenth century. The tenants are responsible for general maintenance, and the Leeke Foundation is responsible for long standing structural repairs. Insurance for the building is provided by the tenant, and on examination during 2023-24 was agreed to be more than sufficient. The insurance is checked on a yearly basis.
Following a comprehensive Building Survey undertaken by Banks, Long & Co (now part of Eddisons), the tenant has completed a programme of works, mainly to the exterior of the building. This included replacing all the flat roofs including adding insulation, replacing damaged brick and stonework, cleaning and repointing large areas or brick and stone, repairing or replacing rainwater goods and windows and redecorating the whole exterior. The Trustees agreed to help fund these, in line with their commitment in the lease to be responsible for long standing structural defects. The Trustees offered donations of £25,000 towards structural stonework repairs to the front elevation and £25,000 towards repairs and insulation of the flat roofs. These donations have now been paid and were subject to the approval of the works by Simon Bridges of Eddisons and to the satisfaction of the Trustees. In particular, the Trustees preferred contractor for the stonework, Paul Booth, was contracted. All the works were undertaken under the auspices and approval of Lincoln City Council (LCC) Building Control and Sarah Harrison, LCC Conservation Officer. The Trustees now consider the exterior of the building to be in good condition and able to be maintained in that condition by the tenant. The Trustees also believe the improvements have made a considerable positive difference to the area of Christ's Hospital Terrace in the historic part of Lincoln.
The Memorandum of Rent Review was signed in May 2020, agreeing that the rent on Christ's Hospital Terrace be increased to £55,000 backdated to 1 October 2018. The signing of the reversionary lease took place in August 2020, the delay being partly due to the situation with Covid 19. The start date of the renewal lease is 1 October 2023, and the end date 30 September 2033. First year of rent set at £60,000.
During the discussions around the lease renewal it was discovered that a strip of land giving access to the car park at the property was still owned by the University of Lincoln. This was deemed to be an oversight when the roadway to the car park was constructed many years ago, followed by the sale of the adjacent property by the university. Negotiations for the purchase of this strip, around 70 square meters, from the university have continued. It was agreed that the trustees and the Diocesan Trust and Board of Finance (LDTBF) Limited would each contribute 50% towards the cost of a valuation of this strip and Lambert Smith Hampton were duly appointed. Their valuation was £5000, and the university have offered the land to the trustees for this amount, but with restrictive covenants upon it. Peter Banks, of Eddisons advised against accepting these covenants and discussions continue. A further complication arises in that The Lincoln Diocesan Trust and Board of Finance (LDTBF) Limited is named as the legal proprietor of the property and acts as a custodian trustee. It was decided to ask LDTBF Ltd to transfer the property to the Trustees so that it, together with the strip of land can be combined as one property under the proprietorship of The Leeke Foundation. Full access rights would be granted to the LDTBF Ltd, to enable them to reach and repair the adjacent Edward King House, which they occupy.
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Leeke Educational Foundation
Report of the Trustees for the Year Ended 31 August 2024
FINANCIAL REVIEW
Reserves policy
The trustees aim to hold unrestricted reserves sufficient to honour all commitments to pay grants in the future. As these commitments are recognised in the financial statements, this means that unrestricted reserves should be greater than £nil. Since the commitments recognised cover some grants which will not be until the next financial year, this leads to a build-up of cash held apart from the endowment investments. Previous years included commitments for up to three or four years, but the trustees took the decision to only commit to long-term students for one financial year whilst declaring the expectation that they would be able to continue to support the student for the duration of the course, subject to appropriate progress being made, their financial circumstances remaining the same and the charity having sufficient funds.
As noted above, the trustees decided to designate total funds held in the CBF deposit fund for maintenance of the property. This fund forms part of unrestricted reserves.
At the year end, the charity had unrestricted reserves of £84,064 including a designated fund of £83,970 (2023: £73,626, designated fund £72,500) and endowment funds of £1,119,985 (2023: £1,172,031).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The governing document of the charity is a scheme made by the Secretary of State for Education and Science under S.18 Charities Act 1960 dated 28 July 1967.
Recruitment and appointment of new trustees
The body of Trustees consist of 11 persons, although we currently have 12 persons to ensure smooth succession of trustees.
THREE Representative Trustees to be appointed:
One by the Bishop of Lincoln One by the Dean and Chapter of Lincoln Cathedral One by the Lincoln Diocesan Board of Education
And EIGHT (NINE currently in place) other Trustees to be appointed by resolution of the Trustees for the time being in office, at least one of whom should, where possible, contribute to the work of pastoral care in the local community. Representative Trustees shall be appointed for a period of 5 years, renewable according to the normal practice of the appointing body.
Organisational structure
The full body of trustees meet a minimum of three times a year. Day-to-day activities are co-ordinated by the Clerk and by a sub-committee appointed by the trustees from their number. The sub-committee has clear delegation of responsibility for decision making with regard to the allocation of grants to students and meet a minimum of twice a year. A final application date is set for the start of the academic year, with a further opportunity afforded to those starting courses in January. The inclusion of specific application dates enables improved management of funds.
Risk management
The trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems are in place to enable regular reports to be produced so that necessary steps can be taken to reduce these risks. They are particularly aware of the vulnerability of many of the Foundation's clients and have a policy on the Safeguarding of Vulnerable Beneficiaries. Additionally, the committee is aware of their legal obligation to report any serious incidents to the Charity Commission. Guidelines from the Information Commissioner's Office on Data Protection are followed with appropriate confidentiality protocol being adhered to with regard to sensitive information. Of the sensitive, personal data, as specified in the data protection act, the one relevant to the Leeke Educational Foundation is physical/mental health. The data protection policy was reviewed and amended in response to the GDPR which came into effect in May 2018. Trustees take cognisance of the Charity Commission's Compliance Toolkit which is used to evaluate the charity's performance against legal requirements and good practice recommendations. Consideration is given to managing the risks of financial crime and abuse; purchase and payments; payment by cheque protocol and payment of expenses and reimbursement.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
527654
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Leeke Educational Foundation
Report of the Trustees for the Year Ended 31 August 2024
Principal address
Sharon Edgar Leeke Educational Foundation 21 Station Road, Timberland Lincoln LN4 3SA
Trustees
Ms J Arnold Mr M Marsden Mr S Rudman Mrs H Cadogan Rev P Green (resigned 6.2.24) Mrs J Jones Dr D Whiteoak Mr C Rawding Mr M Edgar Mr M Snee Mrs R L Knowles Canon P Mullins Mr P Brewster (appointed 7.5.24)
Previous name of charity
The charity was previously known as 'Leeke Church Schools and Educational Foundation'.
Independent Examiner
Paul Colcomb FCCA Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Approved by order of the board of trustees on 9 December 2024 and signed on its behalf by:
Mr M Edgar - Trustee
Page 6
Independent Examiner's Report to the Trustees of Leeke Educational Foundation
Independent examiner's report to the trustees of Leeke Educational Foundation
I report to the charity trustees on my examination of the accounts of Leeke Educational Foundation (the Trust) for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Colcomb FCCA
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
9 December 2024
Page 7
Leeke Educational Foundation
Statement of Financial Activities for the Year Ended 31 August 2024
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grants to individuals Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 71,470 960 60,072 61,032 - 10,438 73,626 84,064 |
Endowment fund £ - - - - (52,046) (52,046) 1,172,031 1,119,985 |
2024 Total funds £ 71,470 960 60,072 61,032 (52,046) (41,608) 1,245,657 1,204,049 |
2023 Total funds £ 65,251 51,200 49,316 100,516 (4,947) (40,212) 1,285,869 1,245,657 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 8
Leeke Educational Foundation
Balance Sheet
31 August 2024
| Notes FIXED ASSETS Fixed asset investments Fixed asset investments 8 Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ - - - 86 114,568 114,654 (30,590) 84,064 84,064 84,064 |
Endowment fund £ 294,985 825,000 1,119,985 - - - - - 1,119,985 1,119,985 |
2024 Total funds £ 294,985 825,000 1,119,985 86 114,568 114,654 (30,590) 84,064 1,204,049 1,204,049 84,064 1,119,985 1,204,049 |
2023 Total funds £ 272,031 900,000 1,172,031 86 99,663 99,749 (26,123) 73,626 1,245,657 1,245,657 73,626 1,172,031 1,245,657 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 December 2024 and were signed on its behalf by:
Mr M Edgar - Trustee
The notes form part of these financial statements
Page 9
Leeke Educational Foundation
Notes to the Financial Statements for the Year Ended 31 August 2024
1. 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 102) '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 (FRS 102) (effective 1 January 2015), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants promised for the next 12 months have been accrued as committed expenditure and are shown as creditors in note 11. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus of deficit arising from changes in market value is recognised within the Statement of Financial Activities for the year it attributes to.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Endowment funds represent the gift on which the Charity was founded. The capital of this fund must be preserved and gains (or losses) in value of investments including property are added to the fund. The income arising from the endowment fund is to be spent in accordance with the objectives of the Charity but is not otherwise restricted so is classed as unrestricted
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed asset investments
Investments 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.
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continued...
Leeke Educational Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 August 2024
2. INVESTMENT INCOME
| Rents received Deposit account interest 3. RAISING FUNDS Property maintenance costs Property repairs Property maintenance costs 4. GRANTS PAYABLE Grants to Individuals Grants paid in the period Movement in grant commitments Grants payable 5. SUPPORT COSTS Grants to individuals |
2024 £ 59,583 11,887 71,470 2024 £ - 960 960 |
2024 £ 59,583 11,887 71,470 2024 £ - 960 960 |
2023 £ 55,000 10,251 65,251 2023 £ 50,000 1,200 51,200 |
|
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| 50,320 | 47,670 | |||
| 4,050 | (4,310) | |||
| 54,370 | 43,360 | |||
| Governance costs £ 5,702 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
7. INDEPENDENT EXAMINATION FEES
| INDEPENDENT EXAMINATION FEES | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Independent examiners fees | 925 | 925 |
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continued...
Leeke Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
8. FIXED ASSET INVESTMENTS
| 8. | FIXED ASSET INVESTMENTS | |
|---|---|---|
| Investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 September 2023 | 272,031 | |
| Revaluations | 22,954 | |
| At 31 August 2024 | 294,985 | |
| NET BOOK VALUE | ||
| At 31 August 2024 | 294,985 | |
| At 31 August 2023 | 272,031 | |
| There were no investment assets outside the UK. | ||
| Cost or valuation at 31 August 2024 is represented by: | ||
| Investments | ||
| £ | ||
| Valuation in 2022 | 29,001 | |
| Valuation in 2023 | (4,948) | |
| Valuation in 2024 | 22,954 | |
| Cost | 247,978 | |
| 294,985 | ||
| 9. | INVESTMENT PROPERTY | |
| £ | ||
| FAIR VALUE | ||
| At 1 September 2023 | 900,000 | |
| Revaluation | (75,000) | |
| At 31 August 2024 | 825,000 | |
| NET BOOK VALUE | ||
| At 31 August 2024 | 825,000 | |
| At 31 August 2023 | 900,000 |
The property was valued at £825,000 on 31 August 2024 by Mr P Banks BSc FRICS IRRV of Banks, Long & Co Chartered Surveyors.
Fair value at 31 August 2024 is represented by:
| Fair value at 31 August 2024 is represented by: | |
|---|---|
| Valuation in 2021 Valuation in 2024 Cost |
£ 150,000 (75,000) 750,000 |
| 825,000 |
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Leeke Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|||
|---|---|---|---|
| Prepayments and accrued income 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Other creditors |
2024 £ 86 2024 £ 24,480 6,110 30,590 |
2023 £ 86 2023 £ 20,430 5,693 |
2023 £ 86 |
| 26,123 |
12. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Unrestricted funds General fund Property maintenance fund Endowment funds Endowment fund TOTAL FUNDS |
At 1.9.23 £ 1,126 72,500 73,626 1,172,031 1,245,657 |
Net movement in funds £ (1,032) 11,470 10,438 (52,046) (41,608) |
At 31.8.24 £ 94 83,970 |
| 84,064 1,119,985 |
|||
| 1,204,049 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 60,000 | (61,032) | - | (1,032) |
| Property maintenance fund | 11,470 | - | - | 11,470 |
| 71,470 | (61,032) | - | 10,438 | |
| Endowment funds | ||||
| Endowment fund | - | - | (52,046) | (52,046) |
| TOTAL FUNDS | 71,470 | (61,032) | (52,046) | (41,608) |
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continued...
Leeke Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Property maintenance fund Endowment funds Endowment fund TOTAL FUNDS |
At 1.9.22 £ (4,557) 113,448 108,891 1,176,978 1,285,869 |
Net movement in funds £ 5,683 (40,948) (35,265) (4,947) (40,212) |
At 31.8.23 £ 1,126 72,500 |
|---|---|---|---|
| 73,626 1,172,031 |
|||
| 1,245,657 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Property maintenance fund Endowment funds Endowment fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 54,999 (49,316) 10,252 (51,200) 65,251 (100,516) - - 65,251 (100,516) |
Gains and Movement losses in funds £ £ - 5,683 - (40,948) - (35,265) (4,947) (4,947) (4,947) (40,212) |
|---|---|---|
The general fund is available for expenditure by the trustees in accordance with the objects of the charity.
The designated fund has been created for expenditure on maintenance of the Christ's Hospital Terrace property.
The endowment fund consists of the assets with which the charity was founded and investments which have replaced the original foundation assets. Income from the endowment fund is immediately credited to the general fund.
13. RELATED PARTY DISCLOSURES
S Edgar was paid £4,000 (2023: £4,000) for services provided in the role of Clerk, Finance and Grants Officer and expenses of £98 (2023: £93). There was no additional payment in the current year. S Edgar is the spouse of trustee M Edgar.
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Leeke Educational Foundation
| INCOME AND ENDOWMENTS Investment income Rents received Deposit account interest Total incoming resources EXPENDITURE Property maintenance costs Property repairs Property maintenance costs Charitable activities Grants to individuals Support costs Governance costs Insurance Independent examiner Secretarial & meeting Total resources expended Net income/(expenditure) |
Detailed Statement of Financial Activities for the Year Ended 31 August 2024 |
2024 £ 59,583 11,887 71,470 71,470 - 960 960 54,370 388 1,110 4,204 5,702 61,032 10,438 |
2023 £ 55,000 10,251 65,251 65,251 50,000 1,200 51,200 43,360 363 1,380 4,213 5,956 100,516 (35,265) |
|---|---|---|---|
This page does not form part of the statutory financial statements
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