GISTERED CHARITY NUMBER: 528401 REPORT OF THIL'fRUSTlI ES AND UNAUDITED FANCIAL STATEMENTS FOR TIIE YEAR ENDJLD 31 MARCH 2025 FOR FOUNDATION OF LUDLOW COLLEGE Ballards LLP I Ic Killgswood Road HamptOD Lovett Droitwich Worcestershire WR9 OQII
FOUNDATION OF Ltn)LOW COLLEGE CON'I'EI NTS ofi THE fiINANCIAL STATfi MENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees Indepeiideiit Examln¢i"s Report Stalement ofFinan¢lal Aetivities Balance Slieet Notes to tlic fiinaneiAI stateents 7 to 13 F)et#iled Statem¢nt of Flnaiicial Aetlylties 14
FOUNDATION of4 LUDLOW COLLEI GE REPORT ofi 'l'HE TRUSTfi.fi S riOR THI YEI AR EINDC4 D 31 MARCH2025 The trustees presenttheirreport with the financial statements of Ihecharity foT tIL¢ year ended 31 Mai'¢h 2025. The trustees have adopted the pi'ovisions of Accounting and Reporting by Charities.. stateent of Recomsnended Pr2CtiCE applicable to chaiities pyeparing th¢ir accounts in a¢coi'daiice with the Financial Reportiiig Slandai'd appliGdble in the UK and Republic of trelond (FRS 102) (¢ffective l January 2019). OBJiccfivES AND ACTIvrriEs Objeetives and aim5 The Jnain obje¢livcs of lh¢ ¢hai'ity are the provision of ktetns, services and facilsties foi. Ludlow College or any Higher or Further Education College conducted in Ludlow on the property of tti¢ tlmrity, and ¢1)6 education of its students. SigiiificAnt actlvities The chgrity pursues Its objectives by providing facilities for Ludlow College. Publ1¢ bey)efit The Iruslees have ¢omplied with their duty to have due regard to publi¢ b¢nefi¢ guidancE published by the Charity Commission. The trustees consÉdEr that the cjiarkty tneets Ilje public bEn¢fit requiremeiits of the Charities A¢t 2011 by carrying out ils Dornial activities. ACHI£4 VEMENT AND PERftORMANCE Cliaritablc aotivitie The Foundation Scholarship scheme ¢eased dwing the prior period with the fjnal existing ¢ommitmcnts having been liolloured and tbe awal'ding of new scholarships suspended. A 4ftt of £0 (2024.. £36,426) was madc to the college towards the refiJrbi5h¢nt of the refectory. A grant of £1,50012024-. £nil) wos made to the ¢olle8e towards & project looking to improve outdoor SPAC¢. A5 at 3 1st March 2025 no amoullts were outstanding in respect of rental reteivable for the main buildings. The rental, of £36,300 this year wa5 granted back to the college. The ¢ollege confitms tIMt this tnon¢y has been spent on students, educatioll. FINANCIAL REVIEW FiNancial positioll The trustees consider Ilje pcrfomjance of the Ghwity durin8 the yeai. under revi¢w has been satssfactory. As artlIng of new s¢bolarship5 had been 8U5pettded, tliere are no Th¢w liabilities in this area. As w£ll os the grallt mentiOTLed above, bursaries to sthdtnts of a total of £395 (2024.. £803) were nde. The total ]llarket value of tht fioancial YeStMentS at 3 1st March 2025 was £1,217,885 {2024.. £1,251,034). Ivhilst the ov¢rall value olthe illvestments has decreascd du¢ lo volatility in the financial markets, they are still at a level to ellable the chAI'Lty to continu¢ to meet it5 objectives for the for¢seeable fi]ture. Curient assets WEre £135,118 (2024.. £120,040). Reserves policy Keseryes arc Guttently standing at a Satisfactory level #nd are generating a consi5tellt level of income to fimd donations,activities for charitabl¢ objectÈvts to meet the general administration ¢osts of the charity. STRUCTURI. GOVERNANCE AND MANACEMIiNT Govertlillg document The charity is ¢ontrolled by its goverlling document, a deed of tnjst and constitutes an uninGotporated ¢harity- The charity Is Controlled by its governing documents, a Scheme dated 19107r2002 as amended by a Scheme dated 1910312004 and as amended by a S¢heme data 0511212013. During the period expenditure ountIng to £15.119 (2024.. £nil) was in¢llrred witl) a fimi of professiollal advisers who undcrtook a review of tkne charity's gov¢ming documents. This review idejitified tliat the fre¢hold propety held by the charity along with one of the investment funds should b¢ treated as PErmanent endoweTht. Thes¢ Accounts and the COTnparatives Contained therein have been updated to refle¢t the rding5 of this review by way of a priw p¢riod adjustment. Full details of the adjustment are included note l. Pag¢ I
FOUNDATION ofi LUDLOW COLLEG£ REI PORT OF THE TllUS'rJrJLs FOR THE YEAR ENDED 31 MARCH 2025 STRucfuRE. GOVJLRNANCE AND MANAGEMENT Recruitment aiid appolntinent of new tl'U5tec5 The appollittnent of trustees is govciThEd by the S¢h¢me goyeming the Foundation. Rlsk tThaiiagement The ttwslees have a duty to id¢nlify and review tlierisks to which the charity is exposed and to ensure appix>priate controls are ill pla¢e to provide itasonable assurance ainSt fraud and or. REI fi ERENCE AND ADMINISTRATIVE DETAILS Registej'ed Chrity numbei. 528401 Pi'incipal 2ddj.ess Castle Square Ludlow SIux>pshir6 SY8 IGD Ti'uqtee$ R E Meredith {rEsigned 28.11.24) A Powis A Salwey Dr E Carson V Ain5woI"Ih J Evons A Minton-Beddoes M Hogan (resied 5.6.24) Dr D Butt (i'esigned 5.6.24) R M SWITC W Shuttleworth A J Layng H Gittos (appointed 5.6.24) G Read (appointed 5.6.24) Tndepcndtnt Ex2111111el' M A Skellum FCA Ballards LLP I Ir Kingswood Road Hampton Lovett DIDitwith Woire5tershirE WR9 OQH tnvestment Bi'oker5 CCLA. Senator Elouse, 85 Queen Victoria Street, London EC4V 4ET M&G Chai'ities. PO Box 9038 Che]n)sford CM99 2x5 Page 2
FOUNDATION Oil LUDLOW COLLEGE xri,PORT ofi THE TRTI.STCI ES FOII I'IIE Y£4 AR ENDEID 31 MARCH 2025 Approved by order of the board of tNslees oll.... and Siled tsii its behalf by.. A Salwey- Tmstee Page 3
INDEPENDENT EI XAMJNE4 R'S REPORT TO THE TRUSTEES OF FOUNDATION ofi J,UDLOW COLLECL Independent examiiiei 5 I'epoi't to tlie (i'llstee5 of Foundation of Ludlow College I repoil to tlje cliai'ity tru5tee% on my exanilliation of the a¢¢ounls of Foulldation of Ludlow College (the Tnt) for th¢ year ended 31 March 2025. Responsibilitie5 and b*sis of report As tbe cliai'ity trustees of the Trust you are responsible for the preparation of tbe account5 in aiGDI'don¢¢ with tlie reqllirements of the Charities Act 2011 I'llie A¢l'). I repoil in respect of my txaTnination of the Tw5t's ac¢ounts Carried out der Section 145 of the Act and caiTying out my ¢xamiiiatioii I have followed all applieable Diiections given by the Clwity Co]nmis$ion undei. Section 145(5)(b) of the Act. Iiidcp¢ndent examinei. 5 $t#tenieikt I have completed tny exJtninats011. I confilln tbat no mateyial matters have coth¢ to tny attention in connection with tbe examination givllig nic rause to believe that in any illateyial respect.. accounting records WPA'e not kept ill rcsPECt of tlie Trust as required by Section 130 of the Act., or the a¢counts do not aGcDrd will) Ihosc recoi'd5', or tkne aG¢OUnts do not coinply with the applicable requircm¢nts concerning tlie fo and ¢onteiit of accoujits set out tlie Cliarities (AcColts and Reports) Regiilation5 2008 otlier than any requirejnent that the ac¢ourtts gtve a true al fair view whi¢h is llot a matter considered as pait of independent examijjation. I have no concerns and have come 8CI'OS5 no othei. matters in connection witli the exaniinatioll to which att¢ntion should be diawn in this repoit in order to enable a proper understanding of the accouiit5 to b¢ reaclled. MA SkelIu FCA Ballaids LLP I Ic Kingswood RD&d 'oitwic Woi'cestershirs WR9 OQH Date.. Page 4
FOUNDATION OF LUDLOW COLLEG]L STATEI MEI NT OF fiINANCIAL ACTIVITIES FOR THEI YE4 AR LI M)Ei D 31 MARCH 2025 31.3.25 Total 31.3.24 Total funds Unrestt'ieted nds Ke5ttided fund Endowment funds Notes INCOME AND ENDOWMLINTS fiROM DonatlOTIS and legacies 50 50 50 Investment inGome 87.083 85.404 Total 80.485 85,454 EXPENDITUR[I ON C1141'1t8ble activitlLs Grants Support costs 36,300 5,576 41,876 22,094 83.100 2.117 Total 85,217 Net gainsl(losses) on investments 10 629) 40 649) 86,114 NEIT JJYCOMEI(IIXPENDITURE, ) Traiisfers bctivten lullds (11.021) 4,164 (10,629) {17,486) 86,351 Net movement ITL funds {18,521) 4,164 (3.129) (17.486) 86,351 RECONCILIATION OF FUNDS Total funds brought forward 1,002,061 145,892 4,714,700 5,862,6S3 5,776,302 TOTAL fiUNDS CAIUUED FORWARD 983,S40 ISQ,056 4711 S71 5,845 167 5,862 653 The OteS forni part of tbes¢ fmancial $tate¢llts Page S
FOUNDATION ofi LUDLOW COLLEGI4 BALANCC SHEET 31 MARCH 2025 31.3.25 Total fund5 31.3.24 Total funds A5 re51ated Unr¢stri¢t¢d fvnds Restt'icted nd Endowment funds Notes FJXIID ASS]£TS Tatigiblc assets Investments 4,494,275 217,296 4,494375 1217 885 4,494,275 1,251,034 858 312 142 277 858,312 142,277 4,711,571 5,712,160 5,745,309 CURR1 NT ASSETS Cash at bank 127,339 7,779 135,118 120,040 CREDITORS Amounts fullijig due withit] Olle (2,111) (2,111) (2,696) NKT CURREI NT ASSETS 125.228 7,779 133 007 117.344 TOTAL ASSEI TS LESS CUIiREIYT LIABILITlliS 983,540 150,056 4,711,571 5,845.167 5,862,653 NET ASSETS 983 540 150.056 4711 S71 5 845 167 5.862,653 FUNDS Uiir&stri¢ted funds Rests"icted funds Endowment fiinds 983,540 150,056 4711571 1,002,061 145,892 4,714.700 TOTAL FUNDS 5,845,167 5,862,653 25 "SvTh¢ 2025 The financi81 statements were approved by the Board of TtU3tees and authorised for issue on............................................. and weiE signed on it5 behalf by: A Salwey- Trustee Th¢ notes forni part of these FUe1a[ 51ate]nenls Page 6
IOUNDATION OF LUDLOW COLLfi G NOTfi S TO THE fiJNANCIAL STATEMEI Lwrs FOR THE YEI ARf5NDEID 31 MARC14 2025 ACCOUNTING POLICIES Basis of pJ'¢p&riiJg tlie financial 51atemcllts Thc f]nancial stateinents of the ¢hai'ity, which is a public benefit entity und. FRS 102. have been prepared in aceoixlanG¢ with tlie ChaTiiies SORP (FRS 102) 'Accounting and R¢porting by Cliai"ities.' Statemeiit of Recommended Pi?bticeapplicablE to Ghai"iti¢8pI'eparing tliell. aCCOUnts in a¢¢ordance ivitli Ilic FinallGial R¢poi"lin8 Standai'd applicable in the UIC and Republic of b.eland IFRS 102) leffeclive l JaTLuary 2019),, Finaiicial Reporting Staiidai'd 102'The Financial Repoiti]ig Sialldard appliGable ui the UK and Rcpubli¢ of Ir¢land' ajid the ChaYiti¢s Act 2011. The fi)nCIal 8lal¢m¢iiL% l)ave beeji piEpared undei. Ihe historical cost coiJveniion. with the exception of investments which are includcd at market value, as lliodified by the revaluation of certain assets. Th¢ r]nancial statemertls have been prcyared to give a'ttwe and fair" view and liave departed from the Chai'ilies (Accouiits and Keport5) R¢gulations 2008 ollly to tlie exteiit I'equiiEd to providB a "trne and fau view. This depailure has involved folluwing A¢¢ountiii£ and Kepoi1ing by Cliarities pi'epari]ig tl)cii' a¢¢ounts accordanc6 witli the Fiinancial Reportllig Standard £tpplicable in tlic UK aiid Reput>lie of Irelalld {FKS 102) issued on 6th July 2014 rather tlian Ihe Accounting alld Reporting by Charities.. Statement of Re¢ommended PractLGt effective from l April 2005 which has since been witlidrawn. Prloi. period adjustment During the y¥ai' the trustees undertook a detailed review of th¢ Gharity's govMIng docuineThts witli the assistance of exterjial advisors. Th2s review identified that tlie frecliold pn)peity owned by the charity aiid one of the investment funds previously included within restri¢ted funds should in5t¢ad have been includcd as an ¢ndowment fund. Dlle to th¢ impact on the prior puiod fJnanc%al statements, the trustees havs COiT¢Cted this via a prior period adju8ttnE¥Lt. The maiti change5 are as folloivs.. 2024.. Before 2024.. After Restatement Restatement 2024.. K¢stat¢ment Net IncoThe Unr¢stricted fi]nd5 liestticleEI funds Elldownent funds £63,339 £23,012 £0 £63,339 £4.698 £18.314 (£18,314) £18,314 Net Mov¢mtnt Én Funds Unrestricted fund5 Restritted funds Endowtn¢nt fvnds £55.839 £30,512 £0 £55,839 £4,698 £25.814 £0 (£25.814) £25,814 Closing Funds Bolanees Unrestricted fullds Restt'L¢ted funds Endowment fvnds £1.002,061 £4,860,592 £0 £1,002,061 £145,892 £4,714,700 £0 (£4,714.700) £4,714,700 Incom¢ All income is recogni5ed lll the Statement of Financial Activities once the Charity has entitlenLent ta the funds, it is probabl¢ that the ill¢ome will be received and th¢ amount can be e*sred reliably. I xpetiditure Liabilities are re¢ogttised as cxp¢nditllre as soon as there is o legal or constructive obligation committiThg the ¢harity to that expettditvre, it Is probable that a tran8feT oleconomic benefits will be Tequired iii settlement and the amount of the obligation can be measured reliably. ExpenditUT¢ is acrounted for on an accruals basis and has been elassified under headings that &ggate all cost related to th¢ Category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the us¢ of resources. Page 7 continued...
FOUNDATION OF LUDLOW COLL]4G NOTES TO THII IIINANCIAL STATII MENTS- coiittiiued IOR THL YEAR ENDED 31 MARCH 202S ACCOUNTING POLICIES - continued Tatlgible fixed assets Depreciation is pj'ovided at thc following annual rates in oi'dei. to write off eath asset over its estimated usefi]I life. Freeliold property not provided T8X2tio The charity 15 exetnpt frotn tax oii its ¢haritable a¢tiYiLies. riulld accountlng Unrcstsirted fvnds cat) be used in accordancc wilh the chai'itable objeGtives at the dis¢r¢tion of the trustees. liestsi¢ted fvnds can only be used for particular re5tt'icted purpose5 Wlthin tlie object5 of th¢ ¢liarity. Restrictions arise when spEGified by the donoi. oi. when fvnds are raised foi. particular restricted purposes. Perjnatient eiidownient tunds be r¢lain¢d by th¢ ¢harity, with only the income generated available to be used in fui1herance of tkne charitable objeclivcs. at thE di%Gr¢tion of the tt'ustees. The charity's fi'echold pi'operty is held as funGlional pemaijeiit endowment, while the rE¢oupment fid, whiGh is subj¢¢t lo Ili¢ terms of a Charity Commission Ordei. dated 15 Suiie 2006, is held as invE5tment P¢Tman¢nt endowment. Further explanation of the nature and putposc of eacli fund IB included the notes to the fsnart¢ial slat¢m¢nts. INVEI STMENT COmE 31.3.25 31.3.24 Rents received Inveslmetjt dividends Deposit account interest Equities investment fttnd 42,300 28,522 3,809 42.300 29,111 2,161 11,832 87,083 85,404 TRUSTEES, REMUNfi IIATION AND BCI WITS Thcrc W.¢ no tn)$tses' remuneration or otlier benefits foi. the year ended 31 MarGh 2025 nor for the y¢ar ended 31 March 2024. Ti-ustees, expenses Tliere were no trusteEs' expensEs pAid foi. the year ended 31 Mairh 2025 nor for the year ended 31 MarGh 2024. CoMPARATEs fioR THEI STATEI MENT OF FINANCIAL AcfiviTifi S Unr¢stTiCt¢d Restricted fvnds fvnd As re51ated Endowment funds As fE5tated Total fidS As restated INCOME ALW ENDOWMENTS fiROM DoDations and legacies so 50 Jnvestment intome 79.089 6,315 85,404 Total 79,139 85.454 EXPENDITURE ON Cli&ritllble Activitie5 Grants 77.160 5,940 83,100 Page 8 continued...
FOUNDATION ofi LUDLOW COLLEGE NOTES TO THfi Fll%ANCIAJ. STATEMfi NTS- totiliiiued FOR THE Yfi AR fi.NDED 31 MARCH 2025 COIWARATIVES FOR 1'14L STATJLMENT OIY FLYANCIAL ACTIVITIEI S- coiitinued Unresli'icted Restricted Endowment nds nd fuiids A5 restated As restated Total funds As iEStated Sllppoit costs 2,117 2,117 Total 5,940 85,217 Net gaiDS on investments 63,477 NET INCOME TraJ15fers betiveetl funds 63,339 4,698 18.314 86,351 Net movemeiit iii (und$ 55,839 4,698 25,814 86.351 RECONCtLIATION OF FUNDS Total funds brought foiward 946,222 141,194 4,6¥8,886 5,776,302 TOTAL FUNDS CARRIED FORWARD 1002,061 145.892 4,714.700 5 862 653 TANGIBLE FIXED ASSJLTS Freehold property COST At l April 2024 and 31 Mar¢h 2025 4 494 275 NET BOOIC VALUE At 31 March 2025 4 494,275 Al 31 March 2024 4.494,275 The Frechold Land and Building5 are legally owned by th¢ Found&tson, although Iliey are uscd exclusively by Hereford and l.udlow College. Market value is not available as the trustec5 consider the cost ol ¢aTrying out a professional valuation to be excessive compared to the limited additional benefit derived by tbe users of the a¢¢ounts. FIXED ASSET INVESTMENTS Listcd iiiVe5tments MARIIEI T VALU At l April 2024 Addition5 Revaluations 1,251,034 7.500 40.649 At 31 Mar¢h 2025 1217 885 NET BOOIC VALUE At 31 Marcb 2025 1217 885 At 31 March 2024 1251.034 Page 9 colltinued...
FOUNDATION OF LUDLOW COLLEGE NOTES TO THE filNANC.IAL STATEIVIENTS- coiitinued FOR THEI YEAR fi NDLID 31 MARCH 2025 FIED ASS14T INVESTMENTS- toiltinued There were no iVestent assets outside the UK. The following itLV¢Stmenls subsisted during th¢ year.. Unrc8triGted Fujid Restricted Fund Elldowment Fund 2025 2024 COIF Income Units Eqilitirs tnvestment Fllnd for ChaiitL¢S 760,008 31,685 217,296 1,008,989 1.050.698 98,304 110592 208,896 200.336 858,312 142,277 217,296 1217.885 1,25 1,034 CASH AT BANK 31.3.25 Total funds 31.3.24 Total funds Uill'estt'icted fulld Rests'i¢ied fid Lloyds current account COIF deposit accounts 47,825 79,514 6,596 1,183 54,421 43,152 76,888 Total 127 339 7,779 135 118 120,040 CREDITORS: AMOUNTS FALLING DUE WITHllY ONE YEI AR 31.3.25 31.3.24 Other ¢redito¥s 2,IAI 2.696 MOVI4M]4NT fiUNDS Transfers betwee nds At 31.3.25 At 1.4.24 As restated in futkd8 Uni'estricted funds Umrstri¢t¢d 1,002,061 (11,021) (7,500) 983,540 R¢strÈcted fuiids Restricted fund 145,892 4,164 150,056 Endowment lunds Functional Pernianent Endowment Fund tnvestment Permallct Endowmcnt Fund 4,494,275 220 425 4,494,275 217.296 00 4 714,700 7,500 4711571 TOTAL FUNDS 5 862.653 17.486) 5 845.167 Page 10 colltillued...
FOUNDATION OF LUDLOW COLLICGE NOTEI.S TO THI filNANCIAL STATfi MCI NTS - contillued roR THEYCIAR ENDED 31 MARCH 2025 MOVEI MENT IN IIUNDS- tontiiiued Net tnov¢metit in funds, in¢luded in the above aF¢ as follows.. IncoTning resource5 Resources expended Gains and losses Moveinent in funds Unrestj'ictcd funds Unre5triGted fviid 80,d85 {58,394) (33,112) (11,021) Restrict¢d funds R651ti¢ted fuiid 6,648 (5,576) 3.092 4,164 I ndowment funds Inveshneiit PeArnanent Endowment Fund (10,629) 110,629) TOTAL FUNDS 63,970) 40 649) Co]npai'#tlve5 for move]ncnt funds Net movement in ndS As iEstated Transfers behveen llds As restated At 31.3.24 A5 re5tAted At 1.4.23 A5 r¢slated UDrestrictcd fitnds Unrestri¥ted fund 946,222 63.339 (7,500) 1,002,061 Restricted fund¥ Restricted fvnd 141,194 4,698 145,892 EThdowment fund5 Fullrtional Permanent Endowmetit fiund tnvestment Pernianent Endowmellt Fund 4,494,275 194,611 4,494,275 220 425 18,314 4 688,886 7,500 4 714,700 TOTAL FUNDS 5,776,302 86,351 5,862,653 ComparaÉiv¢ net movement in llds, included in the abov¢ are as follows.. Incorning Resowres resourcB5 expended Gains and losses Mov¢ttLent ) fund5 Unrestricted funds Unrestricted fund 79,139 (79.277) 63.477 63.339 Restricted funds RE5tri¢ted 6.315 (5,940) 4,323 4.698 Endowment funds tnvestment Ptrmaiient Ertdowment Flld 18.314 18,314 TOTAL FUNDS 85,217) 86,114 86,351 Page 11 ontinued...
FOUIYDATION OF LUDLOW COLLEG]£ NOTEI S TO THE filNANCIAL S'I'A'I'II MEI NTS - conlinued FOR THEI Y£1 AR bNDfi D 31 tvtARCII 2025 LVIOVEMENT fiUNDS- eoiitiiiued A current year 12 months and prior year 12 months cotnbijjed p051tion is as follows.. Net movement in thiids As i%staled Tiansf¢rs betw¢eii fiind5 As Testated At 31.3.25 As restated At 1.4.23 As restatEd Uni'estyicted lunds Unrestt'icted fund 946,222 52,318 (15,000) 983.540 Restricted fiindb Re5triGted fi]nd 141,194 8,862 150,056 IlndoivtneDt funds FunctioiiRI Pc]ThatL¢nt Endowineiit fui)d Inveslment Permanent Endowment Fund 4,494,275 194,611 4.494.275 217296 7.685 15,000 4,688 886 7,68S 15.000 4,711,571 TOTAL FUNDS 5,776,302 5 845.167 A turrent year 12 ]nonths and prior year 12 months combined llet movement in funds, included in th¢ above are as follows.. ITILOTning r¢sour¢es Kcsourres expeiided Gaijjs and losses Movernent lli filnds Uni'estl'LCted funds UE]restrirt¢d fut]d 159,624 (137,671) 30,365 52.318 Restricted Éuiid5 Restt'icted fvnd 12,963 {11,516) 7.415 8,862 Endowment fullds Investment Permanent Endowm6nt Fund 7,685 7,685 TOTAL FUNDS 172.587 (149,187) 45,465 Unrestricted fvnds can be used in accordanee with the charitable objeets at the di8crction of the trustees. The following r¢stri¢ted funds are ILeld by the charity.. Harley Bequest- to suppl¢m¢nt teachers, salaries Melsom¢ Trust- to provide annual s¢ience and technology grants Nasli Award- to provide annual grant to a fortner Ludlow College student studying at Bristol Ulliversity Curry Prize, M¢r¢dith Prize, Mills Prize, Student Prize- the income from these funds is now used lor the general fijnding of prizes Transfrrs between fvnd5 Thc transfer of £7,500 fitsm unrestricted fid$ to endowment flldS is th¢ amoutit set aside from tlie charity's inGom¢ and invested in rcstricted COIF hnvestmcnts as detailed in tlotc I l. Page 12 continued...
FOUNDATION OF LUDLOW COLLEGE NO'fEI S TO TIifi FINANCIAL ST ATEMEI NTS- contitilled IIOR THE Yfi AR ENDED JI MARCH 2025 io. CONTINGIQNT LIABILITIES Si¥nifJcant contribiitiot]s have bcen ojade by the gov¢mm¢nt kn developing niaiiy of the buildlligs and should any of these as8cls be sold the charity Inay be liable, und¢i' Iljc tEiTrS of the fijiancial m¢mo¥anduJn with the Council, to 5ufftnder & propoilion of the proceeds. ii. CAprrAL COlVtMITMENTS 31.3.25 31.3.24 ConttaGted buÉ Not piyjvided foi. in the finan¢ial ststejnents The Millichope Arts Centre was financed using £357.000 from the peTm&nent endownient of Ili¢ chai'ity, bei]ig the proceeds of property sold in 2005 and 2006. This was authorised by tlie Charity Commission in an orderdated 15 Jui)e 2006. Under the terms of the order the cliarity musi replace tliis sum by setting aside each year far 50 year5 a 1150th part of tli¢ $um frotn the charity's incojne, which tnust be invested as permaneiit elldowment of the charity. 12. RELATEI D PARTY DISCLOSURES Thcie were no related party transactions for the year ellded 31 March 2025. Page 13
FOIJNDATION OF LUDLOW COLLCI GIL DETAILEI D STATEI MENT ofi rtlNANCIAL ACTIVITIES FOR Tl.tr Yri AR fiNDlI D 31 MARCH 2025 31.3.25 31.3.24 INCOME AND ENDOWMEI NTS DoJ]ation5 Yliid leEcleS Donations 50 50 Investtiieiit iiJcDme Rents i'eceived lllvestsnent dividends Deposit accoutit intejrst Equities inveslni¢i)t fvnd 42,300 28,522 3,809 42,300 29,111 2,161 85,404 Total iRCOTning resources 87,133 85,4S4 EXPENDITURE CliarStal)le a¢tivlti Foiindation sclio12r5hips Bursarieslpi'izes )d presentatioll evenings Payjnents to staff of Ludlow College Grants to tollege Student refectory Outdoor ai'ea (20) 4.454 5,940 36,300 36,426 2,399 5,576 36,300 45,775 83,100 Suppoi't costs Man#gemellt Professional charges 2.117 Total resources expended 85,217 Net Incom¢ 231 Tbi5 page doc5 not For part of the statutory r]nallcial statements Page 14
GISTERED CHARITY NUMBER: 528401 REPORT OF THIL'fRUSTlI ES AND UNAUDITED FANCIAL STATEMENTS FOR TIIE YEAR ENDJLD 31 MARCH 2025 FOR FOUNDATION OF LUDLOW COLLEGE Ballards LLP I Ic Killgswood Road HamptOD Lovett Droitwich Worcestershire WR9 OQII
FOUNDATION OF Ltn)LOW COLLEGE CON'I'EI NTS ofi THE fiINANCIAL STATfi MENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees Indepeiideiit Examln¢i"s Report Stalement ofFinan¢lal Aetivities Balance Slieet Notes to tlic fiinaneiAI stateents 7 to 13 F)et#iled Statem¢nt of Flnaiicial Aetlylties 14
FOUNDATION of4 LUDLOW COLLEI GE REPORT ofi 'l'HE TRUSTfi.fi S riOR THI YEI AR EINDC4 D 31 MARCH2025 The trustees presenttheirreport with the financial statements of Ihecharity foT tIL¢ year ended 31 Mai'¢h 2025. The trustees have adopted the pi'ovisions of Accounting and Reporting by Charities.. stateent of Recomsnended Pr2CtiCE applicable to chaiities pyeparing th¢ir accounts in a¢coi'daiice with the Financial Reportiiig Slandai'd appliGdble in the UK and Republic of trelond (FRS 102) (¢ffective l January 2019). OBJiccfivES AND ACTIvrriEs Objeetives and aim5 The Jnain obje¢livcs of lh¢ ¢hai'ity are the provision of ktetns, services and facilsties foi. Ludlow College or any Higher or Further Education College conducted in Ludlow on the property of tti¢ tlmrity, and ¢1)6 education of its students. SigiiificAnt actlvities The chgrity pursues Its objectives by providing facilities for Ludlow College. Publ1¢ bey)efit The Iruslees have ¢omplied with their duty to have due regard to publi¢ b¢nefi¢ guidancE published by the Charity Commission. The trustees consÉdEr that the cjiarkty tneets Ilje public bEn¢fit requiremeiits of the Charities A¢t 2011 by carrying out ils Dornial activities. ACHI£4 VEMENT AND PERftORMANCE Cliaritablc aotivitie The Foundation Scholarship scheme ¢eased dwing the prior period with the fjnal existing ¢ommitmcnts having been liolloured and tbe awal'ding of new scholarships suspended. A 4ftt of £0 (2024.. £36,426) was madc to the college towards the refiJrbi5h¢nt of the refectory. A grant of £1,50012024-. £nil) wos made to the ¢olle8e towards & project looking to improve outdoor SPAC¢. A5 at 3 1st March 2025 no amoullts were outstanding in respect of rental reteivable for the main buildings. The rental, of £36,300 this year wa5 granted back to the college. The ¢ollege confitms tIMt this tnon¢y has been spent on students, educatioll. FINANCIAL REVIEW FiNancial positioll The trustees consider Ilje pcrfomjance of the Ghwity durin8 the yeai. under revi¢w has been satssfactory. As artlIng of new s¢bolarship5 had been 8U5pettded, tliere are no Th¢w liabilities in this area. As w£ll os the grallt mentiOTLed above, bursaries to sthdtnts of a total of £395 (2024.. £803) were nde. The total ]llarket value of tht fioancial YeStMentS at 3 1st March 2025 was £1,217,885 {2024.. £1,251,034). Ivhilst the ov¢rall value olthe illvestments has decreascd du¢ lo volatility in the financial markets, they are still at a level to ellable the chAI'Lty to continu¢ to meet it5 objectives for the for¢seeable fi]ture. Curient assets WEre £135,118 (2024.. £120,040). Reserves policy Keseryes arc Guttently standing at a Satisfactory level #nd are generating a consi5tellt level of income to fimd donations,activities for charitabl¢ objectÈvts to meet the general administration ¢osts of the charity. STRUCTURI. GOVERNANCE AND MANACEMIiNT Govertlillg document The charity is ¢ontrolled by its goverlling document, a deed of tnjst and constitutes an uninGotporated ¢harity- The charity Is Controlled by its governing documents, a Scheme dated 19107r2002 as amended by a Scheme dated 1910312004 and as amended by a S¢heme data 0511212013. During the period expenditure ountIng to £15.119 (2024.. £nil) was in¢llrred witl) a fimi of professiollal advisers who undcrtook a review of tkne charity's gov¢ming documents. This review idejitified tliat the fre¢hold propety held by the charity along with one of the investment funds should b¢ treated as PErmanent endoweTht. Thes¢ Accounts and the COTnparatives Contained therein have been updated to refle¢t the rding5 of this review by way of a priw p¢riod adjustment. Full details of the adjustment are included note l. Pag¢ I
FOUNDATION ofi LUDLOW COLLEG£ REI PORT OF THE TllUS'rJrJLs FOR THE YEAR ENDED 31 MARCH 2025 STRucfuRE. GOVJLRNANCE AND MANAGEMENT Recruitment aiid appolntinent of new tl'U5tec5 The appollittnent of trustees is govciThEd by the S¢h¢me goyeming the Foundation. Rlsk tThaiiagement The ttwslees have a duty to id¢nlify and review tlierisks to which the charity is exposed and to ensure appix>priate controls are ill pla¢e to provide itasonable assurance ainSt fraud and or. REI fi ERENCE AND ADMINISTRATIVE DETAILS Registej'ed Chrity numbei. 528401 Pi'incipal 2ddj.ess Castle Square Ludlow SIux>pshir6 SY8 IGD Ti'uqtee$ R E Meredith {rEsigned 28.11.24) A Powis A Salwey Dr E Carson V Ain5woI"Ih J Evons A Minton-Beddoes M Hogan (resied 5.6.24) Dr D Butt (i'esigned 5.6.24) R M SWITC W Shuttleworth A J Layng H Gittos (appointed 5.6.24) G Read (appointed 5.6.24) Tndepcndtnt Ex2111111el' M A Skellum FCA Ballards LLP I Ir Kingswood Road Hampton Lovett DIDitwith Woire5tershirE WR9 OQH tnvestment Bi'oker5 CCLA. Senator Elouse, 85 Queen Victoria Street, London EC4V 4ET M&G Chai'ities. PO Box 9038 Che]n)sford CM99 2x5 Page 2
FOUNDATION Oil LUDLOW COLLEGE xri,PORT ofi THE TRTI.STCI ES FOII I'IIE Y£4 AR ENDEID 31 MARCH 2025 Approved by order of the board of tNslees oll.... and Siled tsii its behalf by.. A Salwey- Tmstee Page 3
INDEPENDENT EI XAMJNE4 R'S REPORT TO THE TRUSTEES OF FOUNDATION ofi J,UDLOW COLLECL Independent examiiiei 5 I'epoi't to tlie (i'llstee5 of Foundation of Ludlow College I repoil to tlje cliai'ity tru5tee% on my exanilliation of the a¢¢ounls of Foulldation of Ludlow College (the Tnt) for th¢ year ended 31 March 2025. Responsibilitie5 and b*sis of report As tbe cliai'ity trustees of the Trust you are responsible for the preparation of tbe account5 in aiGDI'don¢¢ with tlie reqllirements of the Charities Act 2011 I'llie A¢l'). I repoil in respect of my txaTnination of the Tw5t's ac¢ounts Carried out der Section 145 of the Act and caiTying out my ¢xamiiiatioii I have followed all applieable Diiections given by the Clwity Co]nmis$ion undei. Section 145(5)(b) of the Act. Iiidcp¢ndent examinei. 5 $t#tenieikt I have completed tny exJtninats011. I confilln tbat no mateyial matters have coth¢ to tny attention in connection with tbe examination givllig nic rause to believe that in any illateyial respect.. accounting records WPA'e not kept ill rcsPECt of tlie Trust as required by Section 130 of the Act., or the a¢counts do not aGcDrd will) Ihosc recoi'd5', or tkne aG¢OUnts do not coinply with the applicable requircm¢nts concerning tlie fo and ¢onteiit of accoujits set out tlie Cliarities (AcColts and Reports) Regiilation5 2008 otlier than any requirejnent that the ac¢ourtts gtve a true al fair view whi¢h is llot a matter considered as pait of independent examijjation. I have no concerns and have come 8CI'OS5 no othei. matters in connection witli the exaniinatioll to which att¢ntion should be diawn in this repoit in order to enable a proper understanding of the accouiit5 to b¢ reaclled. MA SkelIu FCA Ballaids LLP I Ic Kingswood RD&d 'oitwic Woi'cestershirs WR9 OQH Date.. Page 4
FOUNDATION OF LUDLOW COLLEG]L STATEI MEI NT OF fiINANCIAL ACTIVITIES FOR THEI YE4 AR LI M)Ei D 31 MARCH 2025 31.3.25 Total 31.3.24 Total funds Unrestt'ieted nds Ke5ttided fund Endowment funds Notes INCOME AND ENDOWMLINTS fiROM DonatlOTIS and legacies 50 50 50 Investment inGome 87.083 85.404 Total 80.485 85,454 EXPENDITUR[I ON C1141'1t8ble activitlLs Grants Support costs 36,300 5,576 41,876 22,094 83.100 2.117 Total 85,217 Net gainsl(losses) on investments 10 629) 40 649) 86,114 NEIT JJYCOMEI(IIXPENDITURE, ) Traiisfers bctivten lullds (11.021) 4,164 (10,629) {17,486) 86,351 Net movement ITL funds {18,521) 4,164 (3.129) (17.486) 86,351 RECONCILIATION OF FUNDS Total funds brought forward 1,002,061 145,892 4,714,700 5,862,6S3 5,776,302 TOTAL fiUNDS CAIUUED FORWARD 983,S40 ISQ,056 4711 S71 5,845 167 5,862 653 The OteS forni part of tbes¢ fmancial $tate¢llts Page S
FOUNDATION ofi LUDLOW COLLEGI4 BALANCC SHEET 31 MARCH 2025 31.3.25 Total fund5 31.3.24 Total funds A5 re51ated Unr¢stri¢t¢d fvnds Restt'icted nd Endowment funds Notes FJXIID ASS]£TS Tatigiblc assets Investments 4,494,275 217,296 4,494375 1217 885 4,494,275 1,251,034 858 312 142 277 858,312 142,277 4,711,571 5,712,160 5,745,309 CURR1 NT ASSETS Cash at bank 127,339 7,779 135,118 120,040 CREDITORS Amounts fullijig due withit] Olle (2,111) (2,111) (2,696) NKT CURREI NT ASSETS 125.228 7,779 133 007 117.344 TOTAL ASSEI TS LESS CUIiREIYT LIABILITlliS 983,540 150,056 4,711,571 5,845.167 5,862,653 NET ASSETS 983 540 150.056 4711 S71 5 845 167 5.862,653 FUNDS Uiir&stri¢ted funds Rests"icted funds Endowment fiinds 983,540 150,056 4711571 1,002,061 145,892 4,714.700 TOTAL FUNDS 5,845,167 5,862,653 25 "SvTh¢ 2025 The financi81 statements were approved by the Board of TtU3tees and authorised for issue on............................................. and weiE signed on it5 behalf by: A Salwey- Trustee Th¢ notes forni part of these FUe1a[ 51ate]nenls Page 6
IOUNDATION OF LUDLOW COLLfi G NOTfi S TO THE fiJNANCIAL STATEMEI Lwrs FOR THE YEI ARf5NDEID 31 MARC14 2025 ACCOUNTING POLICIES Basis of pJ'¢p&riiJg tlie financial 51atemcllts Thc f]nancial stateinents of the ¢hai'ity, which is a public benefit entity und. FRS 102. have been prepared in aceoixlanG¢ with tlie ChaTiiies SORP (FRS 102) 'Accounting and R¢porting by Cliai"ities.' Statemeiit of Recommended Pi?bticeapplicablE to Ghai"iti¢8pI'eparing tliell. aCCOUnts in a¢¢ordance ivitli Ilic FinallGial R¢poi"lin8 Standai'd applicable in the UIC and Republic of b.eland IFRS 102) leffeclive l JaTLuary 2019),, Finaiicial Reporting Staiidai'd 102'The Financial Repoiti]ig Sialldard appliGable ui the UK and Rcpubli¢ of Ir¢land' ajid the ChaYiti¢s Act 2011. The fi)nCIal 8lal¢m¢iiL% l)ave beeji piEpared undei. Ihe historical cost coiJveniion. with the exception of investments which are includcd at market value, as lliodified by the revaluation of certain assets. Th¢ r]nancial statemertls have been prcyared to give a'ttwe and fair" view and liave departed from the Chai'ilies (Accouiits and Keport5) R¢gulations 2008 ollly to tlie exteiit I'equiiEd to providB a "trne and fau view. This depailure has involved folluwing A¢¢ountiii£ and Kepoi1ing by Cliarities pi'epari]ig tl)cii' a¢¢ounts accordanc6 witli the Fiinancial Reportllig Standard £tpplicable in tlic UK aiid Reput>lie of Irelalld {FKS 102) issued on 6th July 2014 rather tlian Ihe Accounting alld Reporting by Charities.. Statement of Re¢ommended PractLGt effective from l April 2005 which has since been witlidrawn. Prloi. period adjustment During the y¥ai' the trustees undertook a detailed review of th¢ Gharity's govMIng docuineThts witli the assistance of exterjial advisors. Th2s review identified that tlie frecliold pn)peity owned by the charity aiid one of the investment funds previously included within restri¢ted funds should in5t¢ad have been includcd as an ¢ndowment fund. Dlle to th¢ impact on the prior puiod fJnanc%al statements, the trustees havs COiT¢Cted this via a prior period adju8ttnE¥Lt. The maiti change5 are as folloivs.. 2024.. Before 2024.. After Restatement Restatement 2024.. K¢stat¢ment Net IncoThe Unr¢stricted fi]nd5 liestticleEI funds Elldownent funds £63,339 £23,012 £0 £63,339 £4.698 £18.314 (£18,314) £18,314 Net Mov¢mtnt Én Funds Unrestricted fund5 Restritted funds Endowtn¢nt fvnds £55.839 £30,512 £0 £55,839 £4,698 £25.814 £0 (£25.814) £25,814 Closing Funds Bolanees Unrestricted fullds Restt'L¢ted funds Endowment fvnds £1.002,061 £4,860,592 £0 £1,002,061 £145,892 £4,714,700 £0 (£4,714.700) £4,714,700 Incom¢ All income is recogni5ed lll the Statement of Financial Activities once the Charity has entitlenLent ta the funds, it is probabl¢ that the ill¢ome will be received and th¢ amount can be e*sred reliably. I xpetiditure Liabilities are re¢ogttised as cxp¢nditllre as soon as there is o legal or constructive obligation committiThg the ¢harity to that expettditvre, it Is probable that a tran8feT oleconomic benefits will be Tequired iii settlement and the amount of the obligation can be measured reliably. ExpenditUT¢ is acrounted for on an accruals basis and has been elassified under headings that &ggate all cost related to th¢ Category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the us¢ of resources. Page 7 continued...
FOUNDATION OF LUDLOW COLL]4G NOTES TO THII IIINANCIAL STATII MENTS- coiittiiued IOR THL YEAR ENDED 31 MARCH 202S ACCOUNTING POLICIES - continued Tatlgible fixed assets Depreciation is pj'ovided at thc following annual rates in oi'dei. to write off eath asset over its estimated usefi]I life. Freeliold property not provided T8X2tio The charity 15 exetnpt frotn tax oii its ¢haritable a¢tiYiLies. riulld accountlng Unrcstsirted fvnds cat) be used in accordancc wilh the chai'itable objeGtives at the dis¢r¢tion of the trustees. liestsi¢ted fvnds can only be used for particular re5tt'icted purpose5 Wlthin tlie object5 of th¢ ¢liarity. Restrictions arise when spEGified by the donoi. oi. when fvnds are raised foi. particular restricted purposes. Perjnatient eiidownient tunds be r¢lain¢d by th¢ ¢harity, with only the income generated available to be used in fui1herance of tkne charitable objeclivcs. at thE di%Gr¢tion of the tt'ustees. The charity's fi'echold pi'operty is held as funGlional pemaijeiit endowment, while the rE¢oupment fid, whiGh is subj¢¢t lo Ili¢ terms of a Charity Commission Ordei. dated 15 Suiie 2006, is held as invE5tment P¢Tman¢nt endowment. Further explanation of the nature and putposc of eacli fund IB included the notes to the fsnart¢ial slat¢m¢nts. INVEI STMENT COmE 31.3.25 31.3.24 Rents received Inveslmetjt dividends Deposit account interest Equities investment fttnd 42,300 28,522 3,809 42.300 29,111 2,161 11,832 87,083 85,404 TRUSTEES, REMUNfi IIATION AND BCI WITS Thcrc W.¢ no tn)$tses' remuneration or otlier benefits foi. the year ended 31 MarGh 2025 nor for the y¢ar ended 31 March 2024. Ti-ustees, expenses Tliere were no trusteEs' expensEs pAid foi. the year ended 31 Mairh 2025 nor for the year ended 31 MarGh 2024. CoMPARATEs fioR THEI STATEI MENT OF FINANCIAL AcfiviTifi S Unr¢stTiCt¢d Restricted fvnds fvnd As re51ated Endowment funds As fE5tated Total fidS As restated INCOME ALW ENDOWMENTS fiROM DoDations and legacies so 50 Jnvestment intome 79.089 6,315 85,404 Total 79,139 85.454 EXPENDITURE ON Cli&ritllble Activitie5 Grants 77.160 5,940 83,100 Page 8 continued...
FOUNDATION ofi LUDLOW COLLEGE NOTES TO THfi Fll%ANCIAJ. STATEMfi NTS- totiliiiued FOR THE Yfi AR fi.NDED 31 MARCH 2025 COIWARATIVES FOR 1'14L STATJLMENT OIY FLYANCIAL ACTIVITIEI S- coiitinued Unresli'icted Restricted Endowment nds nd fuiids A5 restated As restated Total funds As iEStated Sllppoit costs 2,117 2,117 Total 5,940 85,217 Net gaiDS on investments 63,477 NET INCOME TraJ15fers betiveetl funds 63,339 4,698 18.314 86,351 Net movemeiit iii (und$ 55,839 4,698 25,814 86.351 RECONCtLIATION OF FUNDS Total funds brought foiward 946,222 141,194 4,6¥8,886 5,776,302 TOTAL FUNDS CARRIED FORWARD 1002,061 145.892 4,714.700 5 862 653 TANGIBLE FIXED ASSJLTS Freehold property COST At l April 2024 and 31 Mar¢h 2025 4 494 275 NET BOOIC VALUE At 31 March 2025 4 494,275 Al 31 March 2024 4.494,275 The Frechold Land and Building5 are legally owned by th¢ Found&tson, although Iliey are uscd exclusively by Hereford and l.udlow College. Market value is not available as the trustec5 consider the cost ol ¢aTrying out a professional valuation to be excessive compared to the limited additional benefit derived by tbe users of the a¢¢ounts. FIXED ASSET INVESTMENTS Listcd iiiVe5tments MARIIEI T VALU At l April 2024 Addition5 Revaluations 1,251,034 7.500 40.649 At 31 Mar¢h 2025 1217 885 NET BOOIC VALUE At 31 Marcb 2025 1217 885 At 31 March 2024 1251.034 Page 9 colltinued...
FOUNDATION OF LUDLOW COLLEGE NOTES TO THE filNANC.IAL STATEIVIENTS- coiitinued FOR THEI YEAR fi NDLID 31 MARCH 2025 FIED ASS14T INVESTMENTS- toiltinued There were no iVestent assets outside the UK. The following itLV¢Stmenls subsisted during th¢ year.. Unrc8triGted Fujid Restricted Fund Elldowment Fund 2025 2024 COIF Income Units Eqilitirs tnvestment Fllnd for ChaiitL¢S 760,008 31,685 217,296 1,008,989 1.050.698 98,304 110592 208,896 200.336 858,312 142,277 217,296 1217.885 1,25 1,034 CASH AT BANK 31.3.25 Total funds 31.3.24 Total funds Uill'estt'icted fulld Rests'i¢ied fid Lloyds current account COIF deposit accounts 47,825 79,514 6,596 1,183 54,421 43,152 76,888 Total 127 339 7,779 135 118 120,040 CREDITORS: AMOUNTS FALLING DUE WITHllY ONE YEI AR 31.3.25 31.3.24 Other ¢redito¥s 2,IAI 2.696 MOVI4M]4NT fiUNDS Transfers betwee nds At 31.3.25 At 1.4.24 As restated in futkd8 Uni'estricted funds Umrstri¢t¢d 1,002,061 (11,021) (7,500) 983,540 R¢strÈcted fuiids Restricted fund 145,892 4,164 150,056 Endowment lunds Functional Pernianent Endowment Fund tnvestment Permallct Endowmcnt Fund 4,494,275 220 425 4,494,275 217.296 00 4 714,700 7,500 4711571 TOTAL FUNDS 5 862.653 17.486) 5 845.167 Page 10 colltillued...
FOUNDATION OF LUDLOW COLLICGE NOTEI.S TO THI filNANCIAL STATfi MCI NTS - contillued roR THEYCIAR ENDED 31 MARCH 2025 MOVEI MENT IN IIUNDS- tontiiiued Net tnov¢metit in funds, in¢luded in the above aF¢ as follows.. IncoTning resource5 Resources expended Gains and losses Moveinent in funds Unrestj'ictcd funds Unre5triGted fviid 80,d85 {58,394) (33,112) (11,021) Restrict¢d funds R651ti¢ted fuiid 6,648 (5,576) 3.092 4,164 I ndowment funds Inveshneiit PeArnanent Endowment Fund (10,629) 110,629) TOTAL FUNDS 63,970) 40 649) Co]npai'#tlve5 for move]ncnt funds Net movement in ndS As iEstated Transfers behveen llds As restated At 31.3.24 A5 re5tAted At 1.4.23 A5 r¢slated UDrestrictcd fitnds Unrestri¥ted fund 946,222 63.339 (7,500) 1,002,061 Restricted fund¥ Restricted fvnd 141,194 4,698 145,892 EThdowment fund5 Fullrtional Permanent Endowmetit fiund tnvestment Pernianent Endowmellt Fund 4,494,275 194,611 4,494,275 220 425 18,314 4 688,886 7,500 4 714,700 TOTAL FUNDS 5,776,302 86,351 5,862,653 ComparaÉiv¢ net movement in llds, included in the abov¢ are as follows.. Incorning Resowres resourcB5 expended Gains and losses Mov¢ttLent ) fund5 Unrestricted funds Unrestricted fund 79,139 (79.277) 63.477 63.339 Restricted funds RE5tri¢ted 6.315 (5,940) 4,323 4.698 Endowment funds tnvestment Ptrmaiient Ertdowment Flld 18.314 18,314 TOTAL FUNDS 85,217) 86,114 86,351 Page 11 ontinued...
FOUIYDATION OF LUDLOW COLLEG]£ NOTEI S TO THE filNANCIAL S'I'A'I'II MEI NTS - conlinued FOR THEI Y£1 AR bNDfi D 31 tvtARCII 2025 LVIOVEMENT fiUNDS- eoiitiiiued A current year 12 months and prior year 12 months cotnbijjed p051tion is as follows.. Net movement in thiids As i%staled Tiansf¢rs betw¢eii fiind5 As Testated At 31.3.25 As restated At 1.4.23 As restatEd Uni'estyicted lunds Unrestt'icted fund 946,222 52,318 (15,000) 983.540 Restricted fiindb Re5triGted fi]nd 141,194 8,862 150,056 IlndoivtneDt funds FunctioiiRI Pc]ThatL¢nt Endowineiit fui)d Inveslment Permanent Endowment Fund 4,494,275 194,611 4.494.275 217296 7.685 15,000 4,688 886 7,68S 15.000 4,711,571 TOTAL FUNDS 5,776,302 5 845.167 A turrent year 12 ]nonths and prior year 12 months combined llet movement in funds, included in th¢ above are as follows.. ITILOTning r¢sour¢es Kcsourres expeiided Gaijjs and losses Movernent lli filnds Uni'estl'LCted funds UE]restrirt¢d fut]d 159,624 (137,671) 30,365 52.318 Restricted Éuiid5 Restt'icted fvnd 12,963 {11,516) 7.415 8,862 Endowment fullds Investment Permanent Endowm6nt Fund 7,685 7,685 TOTAL FUNDS 172.587 (149,187) 45,465 Unrestricted fvnds can be used in accordanee with the charitable objeets at the di8crction of the trustees. The following r¢stri¢ted funds are ILeld by the charity.. Harley Bequest- to suppl¢m¢nt teachers, salaries Melsom¢ Trust- to provide annual s¢ience and technology grants Nasli Award- to provide annual grant to a fortner Ludlow College student studying at Bristol Ulliversity Curry Prize, M¢r¢dith Prize, Mills Prize, Student Prize- the income from these funds is now used lor the general fijnding of prizes Transfrrs between fvnd5 Thc transfer of £7,500 fitsm unrestricted fid$ to endowment flldS is th¢ amoutit set aside from tlie charity's inGom¢ and invested in rcstricted COIF hnvestmcnts as detailed in tlotc I l. Page 12 continued...
FOUNDATION OF LUDLOW COLLEGE NO'fEI S TO TIifi FINANCIAL ST ATEMEI NTS- contitilled IIOR THE Yfi AR ENDED JI MARCH 2025 io. CONTINGIQNT LIABILITIES Si¥nifJcant contribiitiot]s have bcen ojade by the gov¢mm¢nt kn developing niaiiy of the buildlligs and should any of these as8cls be sold the charity Inay be liable, und¢i' Iljc tEiTrS of the fijiancial m¢mo¥anduJn with the Council, to 5ufftnder & propoilion of the proceeds. ii. CAprrAL COlVtMITMENTS 31.3.25 31.3.24 ConttaGted buÉ Not piyjvided foi. in the finan¢ial ststejnents The Millichope Arts Centre was financed using £357.000 from the peTm&nent endownient of Ili¢ chai'ity, bei]ig the proceeds of property sold in 2005 and 2006. This was authorised by tlie Charity Commission in an orderdated 15 Jui)e 2006. Under the terms of the order the cliarity musi replace tliis sum by setting aside each year far 50 year5 a 1150th part of tli¢ $um frotn the charity's incojne, which tnust be invested as permaneiit elldowment of the charity. 12. RELATEI D PARTY DISCLOSURES Thcie were no related party transactions for the year ellded 31 March 2025. Page 13
FOIJNDATION OF LUDLOW COLLCI GIL DETAILEI D STATEI MENT ofi rtlNANCIAL ACTIVITIES FOR Tl.tr Yri AR fiNDlI D 31 MARCH 2025 31.3.25 31.3.24 INCOME AND ENDOWMEI NTS DoJ]ation5 Yliid leEcleS Donations 50 50 Investtiieiit iiJcDme Rents i'eceived lllvestsnent dividends Deposit accoutit intejrst Equities inveslni¢i)t fvnd 42,300 28,522 3,809 42,300 29,111 2,161 85,404 Total iRCOTning resources 87,133 85,4S4 EXPENDITURE CliarStal)le a¢tivlti Foiindation sclio12r5hips Bursarieslpi'izes )d presentatioll evenings Payjnents to staff of Ludlow College Grants to tollege Student refectory Outdoor ai'ea (20) 4.454 5,940 36,300 36,426 2,399 5,576 36,300 45,775 83,100 Suppoi't costs Man#gemellt Professional charges 2.117 Total resources expended 85,217 Net Incom¢ 231 Tbi5 page doc5 not For part of the statutory r]nallcial statements Page 14
The Foundation Castle Square Ludlow of Ludlow College Shropshire SY8 IGD 01584 872846 Ballards LLP Chartered Accountants Kingswood Road Hampton Lovett DrO11¢h Worcestershire WR9 OQH Dear Sirs The following representations are made on the basis of enquiries of management and staff with relevant knOwdge and experience such as we consider neSSary in nneCts"On with your report on the charity's financial statements for the year ended 31 March 2025. These enquiries have included inspection of supporting documentatson where appropriate. AJI representatnS are made to the best of our knowledge and belief. GENERAL 1. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with Inlemational Standards on Auditing (UK and Ireland) and that you do not express an audit opinion. 2. We confimi that the chanty was entiued to exemption under section 144 of the Charities Act 2011 the requirement lo have its financial statements fof the financial year ended 31 March 2025 audited. We also confirm that the mernbers have not required the company to obtain an audit of its financial statements for the financi81 year in accordan section 476 of the Companies Act 201. 2. We have ftiffilled our responsibilit]es as tnjstees as set out in the lems of your engagement letter under the Charities Act 2011, for preparing financial ststemellts in accordance with applicable law and United lingdom Accounting Standards (UK Generally Apted Accounb'ng Practicel, for being satisfied that they give a true and fair view. 4. All the transactions undertaken by the chanty have been propedy reffecled and recorded in the accounting records. S. All the accounting Words and related finanaal informakn'on. including minutes of all management and trustee meetings and eorresp)ndence with The Chartty Comrnissbon have been made available lo you for the purpose of your work. ASSEfs AND LIABILITIES 6. The charity has satisfactory te to all assets and there are no liens or encumbrances on the charity's assets, except for those that are disclos as applicable in the notes lo the financial stslements. 7. All actual liabilibes, Contingent liabilities and guarantees gFven to third parties have been recorded or disclosed as applicable. Registered Cllarity 528401
The Foundation Castle Square Ludlow of Ludlow College Shropshire SY8 IGD 01584 872846 8. We have no plans or IntentnS that may materially alter the [ryIng value and where relevant the fair value measurements or classthcation of assets and liabilities re11ected in the financial statements. LOANS AND ARRANGEMENTS 9. The charrty has not granted any advances or credits to, or made guarantees on behalf of, any trustees other than those disclosed in the financial statements. LEGAL CLAIMS 10. We have disclosed to you all claims in conneth.on vAth lits"gab"on that have been, or are expected to be, received and such matters, as appropriate, have l)een propedy accounted for and disclosed as applicable in the financial statements. LAWS AND REGULATIONS 11. We have disclosed to you all known instances of non-compliance or suspected non-compliance wrth laws and regulations whose effects should be conSered when preparing the financial statements. RELATED PARTIES 12. Related party relationships and transactFons have been appropriately accounted for and disclosed as applicable in the financial statements. We have disclosed to you all relevant information conceming such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of company and Charity law or accounting standards. SUBSEQUENT EVENTS 13. Al events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed as applicable. Registered Ckwity 528401
The Foundation Castle Square Ludlow of Ludlow College Shropshire SY8 IGD 01584 872846 GOING CONCERN 14. We believe that the chaws financial statements shoukl te prepared on a going concem basis on the grounds that current and future sources of fvnding or supth)rt wll be more than adequate for the charity's needs. We have considered a period of twefve months from the dale of approval of the financial ststemenls. We believe that no further disclosures relating to the charity's abilrty to continue as 2 going concem need to me made in the financial statements. GRANTS AND DONATIONS 15. All grants, donatron5 and other income, the receipt of whh is subject lo specific lemis or conditions, have been nots.fied lo you. There have been no breaches of terms or conditions in the application of such income. Yours faithfully Signed on behalf of the board of trustees i.l.).Ili 2 Date RegÈstered Charity 528401