The Foundation Castle Square Ludlow of Ludlow College Shropshire SYS IGD 01584 872846 Ballards LLP Chartered Accountants Kingswood Road Hampton Lovett Droilwich Worcestershire WR9 OQH 29 May 2024 D&ar Sirs The following representations are made on the basi5 of enquiries of management and staff with levant knowledge and experience such as we consider necessary in conneth'on with your report on the charity's financial statements for the year ended 31 March 2024. These enquiries have included inspection of supporting documentation where appropriate. All representations are made lo the best of our knowledge and belief. GENERAL We acknowledge that the work performed by you is sub5tsntially less in scope than an audit performed in accordance with Inlemalional Standards on Auditing {UK and Ireland) and that you do not express an audit oplnion. We confimi thal the charity wa5 entitled to exemption under section 144 of the Charities Act 2011 the requirement lo have its financial statements for the financial year ended 31 March 2024 audited. We also confim that the members have not required the company lo obtain an audit of its financial ststements for the financial year in accordance with section 476 of the Companies Act 2006. We have fulfilled our responsibilities as trustees as set out in the temis of your engagement letter under the Charities Act 2011, for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generalty Acceptefl Accounting Practice), for being satisfied that they give a true and fair vi. All the transactions undertaken by the charity have been property reflected and recorded in the accounting cords. All the accounting records and related financial infomiation, induding minutes of all management and trustee meetings and coespOndence with The Ch8rf1y Commission have been made available to you for the purpose of your work. ASSETS AND LIABILrriES The charity has satisfactory tille to all assets and there are no liens or encumbrances on the charity'5 assets, except for those that are disckjsed as applicable in the nirtes lo the finanryal ststemenls. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or dlsclosed as applicable. We have no plans or inlenlions that m8y mgtedalty alter the carying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial slalements. Regtstered Charity 528401
The Foundation Casde Square Ludlow of Ludlow College Shropsbire SY8 IGD 01584 872846 LOANS AND ARRANGEMENTS The charity has not granted any advances or credits to, or made guarantees on behalf of, any ttuslees other than those disdosed in the financial stalemenls. LEGAL CLAIMS We have disdosed lo you all daims in connection with litigation that have been. or are expected to be. received and such matters, as appropriate, have been propedy accounted for 8nd disclosed as applicable in the financial statements. LAWS AND REGULATIONS We have disclosed to you all known instances of non-compliance or suspected non-compliance wlh laws and regulations whose effects should be considered when preparing the financial slalements. RELATED PARTIES Related paty relationships and transactions have been appropriatety accounted for and disclosed as applicable in the financial statements. We have disclosed lo you all relevant infomiation conceming such relationships and transactions and are nol awaTe of any other matters which require disclosure in order lo comply with the requirements of company 2nd charity law or ac¢ountlng standards. SUBSEQUENT EVENTS All events subsequent to the date of the financial statements leh require adjustment or disclosu have been propedy accounted for and discjosed as applicable. GOING CONCERN We believe that the thaiity's financial statements should be pr8pared on a going concem basis on the grounds that cuent and fvlure sources of funding or support will be more than adequate for the charity's needs. We have considered a period of twelve months from the date of approval of the financial slatemenls. We believe that no further disclosures relating to the charity's ability lo continue as a going concern need lo me made in the financial statements. GRANTS AND DONATIONS All grants. donations and other income. the receipt of which is subject to speafic lenns or conditions, have been notified to you. There have been no breaches of terms or conditions in the appliGalion of such income. Yours fait Dale.. Signed on behalf of the board of Iruslees Registered Charity 528401
REGISTERED CHARITY NU1BR. 528401 REPORT OF TH TRUSTEES AND UNAUDJTED FINANCIAL STATE ENTS FQR THE YEAR ETriDED 31 MARCH.21124 FOR FOUNDATJON OF. LUDLOW COLLEGE MA Skellum FCA Ballards LLP I Ic KIng5,00d Road Hamplon Lovett Droitwich WorLesicrshire WR9 OQH
FOUNDATIO OF LUDLOW COLLEGE cor4TENTS OF THE FINANCIAL STATEflENTS FOR TIIEY R ENDED 31 2024 Page Reporl of the Tru$l¢es lodependent Ex#mintr's Reporl Statemenl of Fin4nei21 Attivitie$ Balance Sheet Notes to the Fin¥n¢ll Statement5 6 10 12 ]kt4lled Statemeni of FIDAncl%l Actiiryties 13
FOUNDATIOIY OF LUDLOW COLLEGE REPORT OF THE TRUSTEES FOR THF YEA_R F.NDF.D-31 MARCH 2024 The tnJstee5 Prescnt their rewn with ihc financial $iatcni¢Jis of Ihc charity for thc year cnded 31 Mar¢h 2024. The m15te¢s have advpled Ihe provision8 of Accuunling and Reporting by Chariiic5.' Staiemenl of Re¢ummcnd¢d Practicc applicable io charilies prcparitt8 Ihcir accounts in accordance wilh the Fbnancial R¢]x)rtit)g Siandard applicablc it) thc UK and R¢public of Ireland {FRS 102) leffeclive l January 2U191. UBJEcfivES AND ACTIVITIES Objectii'es #nd 9ims The main objc£tives of the Lharity th¢ provision of items, services and facilities for Ludlow Colleg¢ i)r any Higher or Funhcr Education College condu¢ied in Ludlow on the property of the charity. and Ihc education of its studcnls. SlgnificAnt ¢t1tIes Th¢ charity pursues its objetlivcs by providing fa¢ililies for Ludlow College. Public btn¢fit The tnJst¢es have complied wilh iheir duty to ve due regard io public bencfÈt guidatKe published by the c.harity CotnDii.%sii)n. The IrustC¢5 ¢1)nsÉdeT ihai thc charity Inects Lhe public benefil requirements of ihc Chariiics Act 2011 by ¢arryin8 Out ils nonnal aciivities. ACHIEVEMENT AND PERFORMANCE Ch#rit#hle aetivltSes The Foundjiion Scholarship scheme ceased during ihe periud with the fjnal existing eommitmenis having teen honoured and the awarding of new s¢holaTships $uspend¢d. A grant of £36.42612023.. £12.060} was made io the eoll¢ge itswards the refurbishment of the refeciory. As at 3 Isl March 2024 no amounts were L)UtslandiN¥ in re5pe¢i of rentsl rcccivable for the main buildings. The rentsl, of £36,300 ihis ycar, Is paid back to the colleg¢ without passing through ihe bank a¢couni. Thc collegc confiTms ihat this moncy has becn 5peni on students, education. FtNANCIAL REVIEW Fi1n¢11 po$itlo The trnsiees eonsider the perftsmiance of th¢ chariry during ihe year under revi¢w has been satisfa¢tory. As graniing of new scholarship5 has bcen suspended, Ihcre aTe no ne, liabilitses in this area. As well as ihe grant meniioned above. bursarics to siudenls of a ioial of £803 12023.. £1.095) wcrc made. The total markcl valuc of the financial inveslments at .1 l $1 MaTLh 2024 aS £1.251,034 12023.. £1,2O6,045}. cuAl assets wcre £120.040 12023.. £78,551). Thesc show an Èmprovcment since lasl ycar and should ct)able thc ch8riry to ¢onlinue to me¢1 its objecliV¢S for the foreseeable future. Reserve5 poIi¢y Reserv¢s are cuFr¢nily standing at a salisfacrory l¢vcl aDJ dre g¢D¢ralin8 3 ¢onsistenl level of income io fund donaiions, activities foi ¢haritable objcctiveb and to Tn¢ei the gyeneral adminisiration costs ofihc chaTity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is Controlled by ils 0verning do¢ument, a deed of Injst and constitutes an unincoJporal¢d charity. The charity is controlled by lis 8overnitJg document5. a Sclieme da1 19ffj7Q002 as amendcd by a Scheme da*d 1910312004 #nd as ameDded by J Scheme daia 0511212013. Reerultment and appointment of new trustees The appointment of ITusl¢es i.s govemed by the Scheme governing the Found81ion. Risk managemeni Thc Inlstces havc a duty io identify and review thc risks to which the charity is exwscd and lo th)sure appropriate ¢ontrols are in place ro PTovide reasonable assurance agatnst fraud and error. Pa8e I
FOUNDATIO OTr LUDLOW COLLEG.E RLPOR T OF THE TRIJ.STEF,f I MARCH 2Q24 FOR THF. YF.AR F.NDF.D L_ RF.FERENCE AND ADMIP41STRATIVE DETAILS Regislered Charity number 5284Ql Principal gddress Casile Square Ludlow Shropshire SYB IGD Trusfees R F. McTL.dith A Powis J Forsyth (resigned 21.6.23} A Salwey Dr E Carson V Ainsworth J F.vans A Minton-Beddoes M Hogart J Caird (Tesigned 21.6.23) DrDButt Ei M Swire C MozTiS (resigned 29.9.23) W Shuttleworth A J Layng (appointed l.6.231 Indeptndent Examiner MA Skcllum FCA Ballards LLP I Ic K2ng4wood Road H%mpion Lovett Dr()1lwich WorLe51¢rshir¢ WR9 OQH Ini'estmeni Brok¢rs CLA, S¢nator House. 85 Queen Victoria Sireei. Lond()n EC4V 4ET M&G Charities, PO Box 903¥ C.heln15ford CM99 2XF Approved by ordcr of the board ofirus1¢¢s .... and signed on 115 b¢haifby'. A Salw'c),. Tru5t¢e Page 2
INDEPENDF.NT fr.4lIN,ER,s RF.PORTT() THb TRUSTEES OF Fl)LSTr*DATIVN ()F I.IIDI.()W C.UI,LEC."E Independerst Ekanjhner's rtporl to tht fry51t¢s of Troulldailon of I,udlow College I i¢pon lo the charily Irusi¢es on my ¢xamsnatlOD of ihc accounls of Foundation ot. Ludlow LollegTe Ithe ITUStI foi Ihc ycar ended 31 March 2024. RespDn$lbkliil¢s and basis of report As the Charity tsUSlL¢S of Ihc TTUSt yoii arc resptknsible foi th¢ prcpaTalion i)f the aLcounls in aLcordanLe with the Tequiiem¢nts o(Ihc Charili¢s Aci 2011 I'th¢ Acl'l I rcport in rc%pett of my examination of Il)e Trusi's uccounis carried oui under Scciioii 145 of the Acl an4 En CaIng out n)y examinatii>n I Ive followcd 211 applicable Direcli<)ns given by ilie ('harily Conimissiiin undcr Sec120n 14515Kbl uf Ibe Aci. Independcnl txArnlDer'$ $taltmen¢ I have complcied my examinalion. l confim Iliai no material matter.1 liav¢ co#it lo niy 8iienliun IT) connection willi ihe ciaminaii(hll giving me causc lo believc ihal in any n)alcrial respeei.. a¢counting r¢coTds were tjoi kepl in resp¢cl of the TTr% a5 reqLIIT¢é by Scclion 5 30 of the Acf. or lh¢ 2ccoun15 do not accord with Ihost records. or Ihc a¢counis do nol comply w'ilh Ihe appli¢a¥ile requirement4 conceming Ihe fomi and conieni of aceounis Sei oui in the Chariiies {Accovnls and Rels} Regulations 2008 oihcr tlian any requjrcment ihai the a¢¢ounL% 8ive true and fair wew which is nol a mailer considered a8 part of an independ¢nt examination. I have no concems and hal'c comc a¢ros5 nu oiher mallers in L(>nne¢iion willi the eKamÈnation lo which anention should b¢ dramm in this reporf iB order to enable a proper iindersianding of Ihe aC¢OUDls io be teached. MA Sk¢lluin FLA Ballard5 LLP I Ir "n8$wood Road Droitwich wortlershIrt WR4 OQII thte". ..... 6 June 2024
fr()liNJ)A TIIIN C)Tr I.IIDI.C)WI CI)I.l.F.C.F STA TEMEN7' OF FIN'ANC.'!AI_. ACTII'II'IES -FOB THF. YEAR F.NDE_D 31 MARC!12024 .11.3.24 1.otal fuDds 31.3.23 LlnrestriLl¢it funds R¢%irsLtcd fund INcolF. AID F,NDOII'.hlFKfS FRONI l)onalions and legacie 5.049 Inve.4lTiienl inci)mc 79,1189 6.315 S.404 83,879 79.139 88.928 EXPENDITURE ON Charltable a¢tivilie$ Gran15 Support costs 77.160 2,117 5,940 83,100 2.117 49.983 1,888 Toi 79277 5.940 8$217 N¢1 gain51lloss¢sl on inv¢stmcnis 63,477 22,637 86,114 160,6131 h'ET INCOMEIIEXPENDITURE) Transfer$ behYe¢n funds 63,339 {7,500) 23.012 7,500 86,351 123.5561 Nei movemenl ift funds 30,512 123,5501 RECONCILIATION OF FllTriDS TOL71 fi]nd.4 broii¥hi r()nvard 946,222 4.830,08U 8,776.3112 5.799.858 TOTAL FIINDS CARRIED FORW'ARD 1,002,061 4,560,$92 5,862.653 5.776,302 l-hc iioies fonn pan ot-lhesc f177anciul 51atcmi111S Pabic 4
FOUND&TIOF4 OF LUDLOW COLI.EGE BALA_NCE SHEET 31 I¥IARCH_2024 313.24 Total fund$ 31.3.23 T()tal funds Unre51tiried fi]nds Rcstricted nd Noies FIXED ASSETS Tangible assets Inwestmenis 4,494.275 359,609 4,494275 1,251,034 4.494.273 1,206,045 891A15 4,853,884 5,745J09 5.700,320 CURRENT ASSETS Cash at bank 111640 7,4110 120.040 78.551 CREDITORS Amounis falling due wirhin one year {2,0041 1692) (2.696) {2.569) NET CVRRENT ASSETS 110,636 6,708 117J44 75.982 TOTAI. ASSETS LE&$ CURRENr LIABILITIES 1,002,061 4,860,592 5,862,653 5,776.302 NET ASSETS 1,002,061 4,860,$92 5,862,653 5,776.302 FUNDS Unrestricted funds R¢stricied funds ,002,061 4,860,591 946,222 4,830,080 TOTAL FUNDS 5,862.653 5.776,302 The fit)ancial slatem¢nlS weTe approved by ihe Board of Twstecs and authoris¢d for issue and were Signed on ils behalf by.. on A Salwey- Tnjstce The notes forn) part of Ihese financial stat¢mcnts Page 5
FOUNDATIO OF LUDLOW COI.I.EGF. NOTES TO THE FINAYC.IAI. STAT_F.MENrs_ I MARCH 2024 FOR THE YEAR F.NDF_.P_L_ ACCOUNTING POLICIES BASIS of preparing the finanell statemtnts The financial siatemenlb of the chJTiry, which is a publsc trnefit eniiry under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accouniin& and Reporting by Charities.. Statement of Recommended Practic¢ applicable 10 chaTiiies prcparing their account5 in accordance I.1(h the Financial Reportin¥ Standard applicablc in the IJK and RepubliL of Ircland IFRS 1021 Icff¢cliv¢ l jaTjU( 20191., Financial Reporting Standard 102 'The Financial Reporting Siandard applicabl¢ in thc UK and Republic of Ir¢land' and th¢ Charitie5 Act 2011. The financial statemcnls have been prcparcd under th¢ historical Gosi convention, with the exception of investments which are included at morket value, as modified by the revaluatio of ¢ertaÈn assets. Thc financial 5taiements have been pr¢pJrcd lo give a 'lruc and fail" view and hai'e departed from the Charities (Accounts and Rcpi)rtsl Regulations 2008 only lo lh¢ extent required io provide a "In]e and fair" vicw. This departure has involved following Accounting alld Reporting by Charilies prepanng their aciounts in a¢¢ordance Wjih the Financial R¢portin8 Siandard applicabl¢ sn ihe UK and Republic of Ircland {FRS 1021 issued on 6ih July 2014 raiher than the Accounting and Reporting by Chariltes.. Stsiemenl of Recommended Practice effe¢iive from l April 2005 which hAs since been withdra5. Income All income is recogmiscd in the Sialemenl of Financial Activiiies once the charity has entitlem¢nt to the fvnds. it i% ptobable thai Ihe income will be Te¢eived and the amouni can be measured T¢liably. E%pendltsrt Liabiliiies are recognised as cxpcndiwie as soon as there is a legal or conslruLliWC obligation commining th¢ Chlty to th&1 expendiiure. il is probable thai a transfer of economic b¢nefilS will be requiT¢d in settl¢n]eni and Ihe amount of the obligatiotj can be measured reliably. Expenditure is accounied for on an accruals basis and has been classificd under hcading% that a¥gregate all eosl related to the caic80ry. Where ¢osis cannot be directly aiiribuled io particular headings the) hilvc been allocated 10 aciivitie5 1)n a ba9is consistent wilh th¢ use of T¢tsurccs. Tangible fiK¢d Assets Deprecialion 5$ provid¢d ai the folltswin8 allnual rates in order 10 write off ¢a¢h asset over lis tgiimaied useful Freehvld propetty noi provided Taxgtion The chariiy is exempi froin lax on ils Lhariidble activill¢S. Fund #¢¢fjunt5ng Unresliicied funds ran be used in a¢cordance with the charitable objecilV¢5 ai the di.4¢Teiion of the hwrees. ReslritlL'd funds can only be uscd f()T particular tcslricled purposcs within Ihc objects ofihe eharily. ResiriLliuns ari%e %4'hcn spccificd by thc d()nur or w,h¢n funds 4r¢ raised for particular r¢81ricled puryoses. Further explanalion of the nawre and pujpose ol'ea¢h fund i included in the notes io rhe fjnancial slat¢ments. Page 6 ¢onlinued...
FO_u.NDATlO OF LVDLOW COLL_EGE NOTES TQTHE FINANCIAL STATEMENTS- continued FOP_ TELF. YEAR F.NDED 31 MARCH 2024 INVESTMENT INCOME 31.3.24 31.3.23 R¢nis received Investsnent dividends Deposit a¢¢ount inieresi Equili¢s invesimeni fund 42JllO 29,111 2.161 IIW2 42.300 30,070 20 11,489 85,404 83,879 TRUSTEES, REMUNERATION AND BENEFITS There wcrc no ttustees, remuneration w other bcnefils lor the year ended 31 March 2024 nor for Ihc year ended 31 March 2023. Try$tees' expen5t$ TheTe were no trust¢es' expens¢s paid for the ytai ended 31 March 2024 nor for Ihe year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINA'cIAL ACTIVITIES Unre8tri¢ted funds Restriried fi]nd Total INCOME AND ENDOWMENTS FROM Donations ¥nd1¢8acies 5,049 5,049 Investm¢ni incom¢ 77,777 6.102 83,879 Total 82,826 6,102 88,928 EXPENDITURE ON Ch*ritable actiTr'ltlt$ Grat)Is Suppon cosls 44,383 1.888 5.600 49,983 1,888 Total 46,271 5,600 51,871 Nel ¥ainsll105sesl on investments {42,2221 118,391} 160,6131 NET INCOMEI(EXPENDITUREI Transfers between funds 15,667) 17,5001 117,889) 7,500 (23.556) Net movemeni ID funds {13,1671 110,3149) {23,5561 RECONCILIATION OF Fuf+4DS Tolal fuDds brought forward 959,389 4.840.469 5,799,858 TOTAL FUNDS CARRIED FORWARD 946.222 4,830.080 5,776,302 Page 7 ¢ontinued.,.
FOUNDA TION OF LUDLOW COL.LEGE NOTES TO THE FI,ANCIAL S_TATEfENTS- continu¢d FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS FT¢thold propeny COST Al l April 2023 and 31 Mar¢h 2024 4.494275 NET BOOK VALUE Ai 31 March 2024 4A94275 At 31 March 2023 4,494.275 The Freehold Lat)d and Building8 are legally owned by ihe Foundation, although they are used exclusively by Hereford and Ludlow c.ollege. Maikd valuc is noi available as ihe Iruilees consideT th¢ CO of canying oul a profcssional valualioji to b¢ excessive conipdred io Ihe IitDiied additional benefit dcril-ed by the users of ihe a¢¢ounis. FJXED ASSET INVESTMENTS Lisicd investmeDI$ MARKET VALUE Ai l April 2023 Additions Disposal$ R¢valualions .206,045 7,51MI 148,625} Al 31 March 2024 1,2SJ,034 NET BOOK N'ALiIE Al 31 Morch 2024 J,251,034 At 31 March 2023 1.206,045 Ther¢ w¢rc no iT)vestment assets outside the UK. The fullowing inve51menls subsistcd dunng the ycaT'. Unr¢stricl Fund Restricted 2024 2023 C.OIF Income Units C.OIF Prvperty Unils Equittes Investrneni Fund for Charities Sto¢ks 2nd shar¢s 797,149 253.549 1.(tr50,698 952,421 49,561 204,06.1 94.276 106,060 2(KJ.336 891.425 359,609 1,251,034 1,206,045 Pa8¢ 8 continued...
FOUNDATION O.F.LUD_LOW C_OLLEGE O THE FINANCJAL STATEMENTS- tontin NOTES . FQR THE YF.AR ENDED 3J MARCH 2024 CASH AT BANK 31.3.24 Totsl funds 31.3.23 Total fidS Unrestricied fund Restiict¢d nd Lloyds currcnl aecounl COIF deposit accounts 36,879 75,761 6,273 1,127 43,152 76,888 77,449 1,102 Toial 112.640 7,400 120,040 78,551 CREDITORS: AMOUNTS FALLING DUE WITHlkY ONE YL4R 31.3.24 31.3.23 (hh¢r creditors Scholarships 1,889 680 2,696 2,569 MOVEMENT IN FUNDS Net tnovement n funds Transf¢TS beNveen fund5 At 1.4.23 31.3.24 UDrestTlded funds Unre$iricted fimd 946322 63 J39 (7.500) 1,001061 Restrl¢ted funds Re$irict¢d fund 4W,080 23,012 7,500 4,860,592 TOTAL FUNDS 5,776.302 86J51 5,862,653 N'et movcment in fun(Ib', includ¢d in the abvve are as follows". Incoming resources Resources expend Gains and losses Movement in funds Unr¢strict¢d fuDd5 Unre51ri¢ted fund 79.139 (79.277) 63,477 63J39 Restridtd fund$ Restri¢ied fvnd 6JiS {5,940) 22,637 23,012 TOTAL FUTr¥DS 85,454 {85,2171 8(114 8L151 Page 9 coniiDued...
FOUNDATIOli OF LUDLOW COLLEGE YOTES TO THE FINANCIAI. sTATEIEFr$- contknued FOR THE YEAR E.NDED JI MARC"H 2024 MOVEMENT IN FUNDS- continued C•mpgrAtivt$ lor movernent fvnds Nei movemeni In fwid TTansfers beTh¥een fijnds At 31.3.23 Ai 1.4.22 Unre5trirted funds Unresiricied fijttd 959,389 15.6671 17,51N)) 946,222 Restricted funds Restricted fvnd 4,840,469 117,8891 7.500 4,830.080 TOTAL FUNDS 5,799,858 (23,5561 5,776,302 cOmparatve net movemenl in funds. included in the above ar¢ as follows.. Incoming resources Resource8 Cxpendcd CTzins and losse8 Movcment in funds Unre$trlcted fund$ Unresiri¢ied fimd 82,826 146.2711 {42.2221 15,6671 R¢$trl¢t¢d funds R¢strict¢d fimd 6,102 15,61)01 118,391) {17,8891 TOTAL FUNDS 88.928 160.613) {23,5561 A Cuntnt year 12 monihs and prioryear 12 monihs combined posiiion is as follows.. Net m()vemeni in funds Transfers bclweLn fund5 Al 31.3.24 At 1.4.22 Unrestricted fund5 Unresiricied fvnd 959,389 57,672 115,(KK)) i.(X)2.061 Restrieted fllnds R¢siri¢ied fund 4,840,469 5.123 15.000 4,860.592 TOTAL FUNDS 5,799,858 62,7Y5 5,1162,653 Page 10 continued...
FOIJNDATION OF. LUDLOW CO LEGE OTES TO THE FINAcIAL STA_T_EMENTS- contirtyed FOR THF. YF.AR FJ4DED 31 MARCH 2024 MOVEMENT IN FUNDS- eODtinued A ¢YJTenl ar 12 months and prior year 12 rnanihs combined net movemeni in funds, included in the above are as follows.. IoMIng resources Resources ¢xpendcd Gain5 and losses Movement in fimds Unrt5tricted funds Unreslncted fund 161,965 1125,548) 21,255 57,672 Restricted funds R¢8lricied fvDd 12,417 111.5401 4,246 5.123 TOTAL FUNDS 174.382 (137,0881 25.501 62,795 Unrcstricted funds can be used in a¢cordan¢¢ with the ¢haritsbl¢ objccts at the discretion of the ttustees. The following sIn¢l¢d funds w¢ held by the charity.. Harley Bequest Melsome Tst Nash Award io supplemenl leacher5' $21aries - to provide annual science and lechnology grants - io pro]de an annual grnnt to a fomier Ludlow College student studying ai Brsstol Univeiglry Cutry Prizc Mcredith Prize Mills Pri7E Studeni Prize l the income from the5¢ funds is now used for the general I funding of prize5 Transfers beiw¢en funds The trall5fer of £7.50Q from Ultricted fvnds to restricted funds is thc amount sct aside from the charity's Inrne and invested in str1¢t¢d COIF investments as detailed in tJot¢ I l. io. C.ONTINGENT LIABILITIES Significani ¢onthbuli0S have been madc by Ihc 8ov¢mment in developing many ot. the buildings and should any of th¢se assets be sold Ihe charity may bc liable, undcr the tern]s of the fall¢la1 memoranduTtJ with the Council. 10 5ufTender a propomion of the proceeds. Pagell oniinued...
FOUNDA Tiofi OF LUDLOW_COLLEGE NOTES TO TH£ FINAIX'CIAL STATETrIENTS- Continued FOR THF. I'EAR F.NDED 31 MARCH_21124 CAPITAL cOlmITMENTs 31.3.24 31.3.23 ConlTa¢*d bui not provtded for in the financial statem¢n15 The Millichope Arts Centre w&% financed ustng £357.000 from the pemianeni endowmenl of the charity. being thc proceeds of prop¢try sold Èn 2(K>5 and 2006. This was authorised by the Charity C.ommis5ion in an order daied IS Jun¢ 2006. Under ¢he M]S of the order th¢ ¢hdriiy must r¢place thi5 sum by sctling aside each year for 50 years a 1150th part of ihe gum from the Lharity's income, which musi he invcsted #s pernianeni endowment or thc chaTity, RELATED PARTY DISCLOSURES There ere no related party tran5aclions for ihe yearended 31 March 2024. Page 12
FOUNDATION_OF L_UDLOW COLLEGS DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR F.NDED 31 MARCH 2024 31.3.24 31.3.23 INCOME AND ENDOW.gENTs Donations and legacies Dcinalii)n* 5.049 Inv¢$tm¢nt In¢om¢ Rents received Investment dividends Deposil a¢¢owii Inieresi Equiiies investment fund 42 JOO 29,111 2,161 11.832 42,300 3Q.070 20 11,489 85,404 83.879 Total iDcomlng resourte$ 85,454 88,928 EXPENDITURE Ch#r5table aetlvltles Foundaiion scholarships Foundation bursaTi&prizcs Pa)Thenis to staff of Ludlow College Grnnls io ¢olleg¢ Student refeciory (201 4,454 5,940 36JOO 36,426 16,6801 2,795 5.6(X> 36,300 12,060 83,JOO 50,075 Support Costs Management PrOfC51onaI chargcs 2,117 1,796 Total resource5 expended 85,217 51,871 Iyet ineome 237 37.057 This pag¢ dueb nol ftsmi part vf the slatutury fJnaT)cial statemenls Page 13