GISTERED CHARITY NUMBER: 528401
REPORT OF THIL'fRUSTlI ES AND
UNAUDITED F￿ANCIAL 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 state￿ents
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.. state￿ent 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 n￿de.
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 endow￿eTht. Thes¢ Accounts and the
COTnparatives Contained therein have been updated to refle¢t the r￿ding5 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 a￿inSt fraud and ￿or.
REI fi ERENCE AND ADMINISTRATIVE DETAILS
Registej'ed Ch￿rity 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 (resi￿ed 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 Si￿led 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 Tn￿t) 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 (AcCol￿ts 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
CURR￿1 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 FU￿￿e1a[ 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 gov￿MIng 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*s￿red 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 &g￿gate 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 fi￿d, 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.
CoMPARAT￿Es fioR THEI STATEI MENT OF FINANCIAL AcfiviTifi S
Unr¢stTiCt¢d
Restricted
fvnds
fvnd
As re51ated
Endowment
funds
As fE5tated
Total
fi￿dS
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
FI￿ED ASS14T INVESTMENTS- toiltinued
There were no i￿Vest￿ent 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
fi￿d
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 Permallc￿t 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 Fll￿d
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 fi￿d$ to endowment fll￿dS 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 leE￿cleS
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 F￿ANCIAL 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 state￿ents
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.. state￿ent 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 n￿de.
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 endow￿eTht. Thes¢ Accounts and the
COTnparatives Contained therein have been updated to refle¢t the r￿ding5 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 a￿inSt fraud and ￿or.
REI fi ERENCE AND ADMINISTRATIVE DETAILS
Registej'ed Ch￿rity 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 (resi￿ed 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 Si￿led 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 Tn￿t) 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 (AcCol￿ts 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
CURR￿1 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 FU￿￿e1a[ 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 gov￿MIng 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*s￿red 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 &g￿gate 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 fi￿d, 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.
CoMPARAT￿Es fioR THEI STATEI MENT OF FINANCIAL AcfiviTifi S
Unr¢stTiCt¢d
Restricted
fvnds
fvnd
As re51ated
Endowment
funds
As fE5tated
Total
fi￿dS
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
FI￿ED ASS14T INVESTMENTS- toiltinued
There were no i￿Vest￿ent 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
fi￿d
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 Permallc￿t 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 Fll￿d
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 fi￿d$ to endowment fll￿dS 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 leE￿cleS
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
DrO1￿1¢h
Worcestershire
WR9 OQH
Dear Sirs
The following representations are made on the basis of enquiries of management and staff with relevant
knOw￿dge and experience such as we consider ne￿SSary 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 representat￿nS 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 A￿pted 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 t￿e 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 Intent￿nS 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 conS￿ered 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 wh￿h 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