Lady Lumley's Educational Foundation Trustees, Report and Unaudited Financial Statements For the Year Ended 31 March 2024 Charity Number 529625
LADY LUMLEY?S EDUCATIONAL FOUNDATION CONTENTS FOR THE YEAR ENDED 31 IVIARCH 2024 Page Officers and Professional Advisors Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts
Lady Lumley's Educational Foundation Officers and Professional Advisors For the Year ended 31 March 2024 Independent Examiners Hallgarth Accountants Ltd 2 Hallgarth Pickering N Yorkshire Bankers National Westminster Bank PIC 27 Yorkersgate Malton N Yorkshire Stockbrokers Messrs Brewin Dolphin 4 Floor, Wellington Place Leeds LSI 4AN Surveyor I Valuer Messrs Cundalls 15 Market Place Malton N Yorkshire Solicitors Messrs Hague and Dixon 12 Smiddy Hill Pickering N Yorkshire
LADY LUMLEY'S EDUCATIONAL FOUNDATION ANNUAL REPORT ST YEAR ENDED 31 MARCH 2024 Lady Lumley's Educational Foundation was constituted by Deed Poll by Viscountess th Elizabeth Lumley in 1657. It is governed by a Charitable Scheme dated 20 October 1959 as amended by a Scheme dated 6 September 1990. The Trustees are incorporated as a body under the name "The Governors of Lady Lumley's Educational Foundation" The Foundation is a registered charity, No.529625, and its address is c/0 Clerk to the Governors, Roxby Hill, Pickering Road, Thornton Dale. Pickering, North Yorkshire, Y018 7LH. Governors The Govemors during the Year to 31 March 2024 were: Mr. C..M. CooDer- (Chair) Co-ODted Mr. G. Acomb (Vice-chair) - Appointed by Thornton Dale Parish Council Cllr. J. Andrews- Appointed by North Yorkshire Council Dr. J.S. Coppack- Co-opted (Appointed November 2023) Mrs. C. Eade Appointed by tlie Local Governing Body of Lady Lumley's School Ms. C. Foden - Appointed by the Govemors of Lady Lumley's School Mrs. A. Nightingale- Appointed by Sinnington Parish Council Mr. A. Ross - Appointed by the Local Governing Body of Lady Lumley's School Ms. E. Steadman - Appointed by Pickering Town Council Mr R.J. Towler- Co-opted (Retired July 2023) Governors are appointed for a term of five years in accordance with the Charitsble Scheme of the charity. Governors are nominated by those bodies whose names appear alongside their name above. The nominated Governors appoint co-opted Governors. The Clerk to the Governors is D.C. FitzGerald, Esq., B.Sc., of Roxby Hill, Pickering Road, Thornton Dale, Pickering, North Yorkshir¢ YOI 8 7LH. Thc Independent Examiners are Hallgarth Accountants Ltd of 2 Hallgarth, Pickering, North Yorkshire The Bankers ar¢ National Westminstcr Bank plc of Yorkersgate, Malton, North Yorkshire. Thc Stockbrokers are Messrs. Brewin Dolphin of 10 Wellington Place, Leeds, West Yorkshire. The Surv¢yorlValuer is Messrs. Cundalls, 15 Market Place, Malton, North Yorkshire. The Solicitors are Messrs. Hague and Dixon of 12 Smiddy Hill, Pickering, North Yorkshire YOI 8 7AN.
Objects, Organisation and Activities The Foundation's activities are restricted to the town of Pickering and the parishes of Sinnington and Thornton le Dale in North Yorkshire. All of its property and investments, except D¢signated Funds, are permanent ¢ndowment. Apart from a sum of £410, th¢ income from which is us¢d for the Daniel Warin Memorial Prize, all the Foundation's funds are unrestricted. The Foundation was established to provide financial assistance to Lady Lumley's School, Pickering and to beneficiaries residing in the area of its activities. Out of the annual income certain payments, termed Statutory Payments in the Accounts, are made to almshouses foundations in Thornton Dale, Aldgate and Bishopgate (London) and to NACRO as successor to York Debtors, Prison. The amount of these payments is fixed by the Charitable Schenie. A further payment is made to Sinnington School Charity. This amount is fixed by the Governors and is currently £500 per annum. Th¢ Charitabl¢ Sch¢me provides that the net income of the Foundation be applied in any one or more of the following ways:_ (i) in providing special benefits of any kind not norn]ally provided by the LEA for Lady Lumley's School. (li) in awarding to benefiLidries Scliolarships. Bursaries or Maintenance Allowances tenable at any School, University or other place of learning. (iii) in providing financial assistance, outfits, clothing, tools, instruments or books to enable beneficiaries on leaving school, university or other educational establishment to prepare for, or to assist their entry into, a profession, trade or calling. (iv) in awarding Scholarships or Maintenance Allowances to enable beneficiaries to travel abroad to pursue their education" (v) in providing, or assisting the provision of, faLilities, of any kind not normally provided by the LEA, for recreation and social and physical training, including coaching in athletics, sports and games, for beneficiaries who are receiving primary> secondary or further education. and (vi) in providing financial assistance to enable beneticiaries to study music or other arts. "Beneficiaries" are d¢fined as persons who have not attained the age of twenty- five years who. or whose parents, are resident in the Urban District of Pickering or in either of the Parishes of Thornton le Dale and Sinnington, or who are attending or have attended as pupils at Lady Lumley's School, and who, in the opinion of the Governors, are in need of financial assistance. The Foundation is run by the Governors who meet at least thr¢e times a year assisted by the part-time Clerk. At their meetings the Governors make decisions on the management of the Foundation's property and investments and resolve on applications for grant aid. By a separate cliaritable scheme, known as "The Sinnington School Charity" the Governors of the Foundation are also the Trustees of this charity and when appropriate resolve on business relating to it.
Review of Progress, Achievements and Financial Activities Governors learnt that following the discovery of RAAC in many schools in the UK, it is unlikely that the School's bid for funding from th¢ D¢partment of Education School Re-building Programme will be finalised in the near future. Governors were disappointed but look forward to hearing a favourable outcome in due course. During the year Governors awarded 32 grants to individual benefioiaries totalling £9,733, compared with 50 grants awarded last year to a total of £11,473. Following the retirement of the School's Finance Officer and the introduction of a different system for dealing with grants delegated to the School, this year's figure is lower than last year as it does not include a number of grants awarded but not paid in the financial period covered by this report. The grants applied for covered many different areas.. books and equipment for higher and further education courses. travel grants to further beneficiaries, education. tools for those students entering apprenticeships. assistance with the cost of Duke of Edinburgh expeditions and residential cour5es' and educational trips organised through ihe school. Th¢ Foundation provides three minibuses for the use of the school and assists with tTrie running costs- road fund IRcence' insurance. MOT tests; etc. The Clerk to the Governors announced his intention to retire in July 2025 when h¢ will have completed forty years in the role. Steps to recruit a replacement were commenced with a view to them being in place in July 2024 to work alongside the Clerk before taking over in 2025. Public Benefit The objects of the Foundation are the promotion of education and assisting young people into work. The area of benefit is defined in the Charitable Scheme which governs the Foundation. The Trustees have referred to the Charity Commission guidance on public b¢n¢fit when r¢viewing the aims and objectivcs of the charity, and when awarding grants to beneficiaries. Risk Management The Governors actively review the major risks that may affect the Foundation on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of fJnancial controls, will provide sufficient resources in the event of adverse conditions. The Governors have a duty to ideiitify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Reserves Policy It is the policy of the Foundation to maintain unrestricted funds at a level which equates to approximately 12 months unrestricted expenditure. This provides sufficient funds to cover miinagement and administration and grant costs. Unrestricted funds are maintained at least to this level throughout the year.
Data Protection Governors considered the implications of the new data protection regulations (GDPR) and ensured that the Foundation was compliant with these. Statement of Governors, Responsibilities The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the Foundation's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements. the Governors are required to: a) sel¢ct suitable accounting policies and apply them consistently. b) observe the methods and principles in the Charities SORP c) make judgements and estimates that are reasonable and prudent. d) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements. e) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. The Governors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Governors have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charitv Commission, including public benefit guidance. Approval This report was approved by the Governors on the and signed on their behalf. 101 C M Cooper Chair of Governors
LADY LUMLEY'S EDUCATIONAL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LADY LUMLEY'S EDUCATIONAL FOUNDATION We report to the trustees on our examination of the accounts of Lady Lumley's Educational Foundation for the year ended 31, March 2024, which are set out on pages 7 to 13. Responsibilities and basls of report As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). We report in respect of our examination of the Trustees, accounts carried out under s¢¢tion 145 of the 2011 Act and in carrying out our examination we have followed all of the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement We have completed our examination. We can confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or the accounts do not accord with those records. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. +1 Accaa Lkj Mrs H Raine ACA Hallgarth Accountants Ltd Chartered Accountants 2 Hallgarth Pickering N Yorkshire Y018 7AW Dated: 171 , ..l.L.c!.i(è...............
LADY LUMLEY'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR TEIE YEAR ENDED 31" MARCH 2024 Notes Restricted Funds Endowed Funds Tot#1 2024 Totsl 2023 INCOME Investment Income Income from Property Inv¢stment Income and Interest 10,683 10,683 10,247 20 Total lllcome 20 EXPENDITURE Charitable Expenditure Educational Benefits Slatutory Payments Other Expenditure Management & Administration 20 51,736 750 51,756 750 96,747 750 Total Expenditure 20 116542 Net Income and net movement in funds before gains and losses on investments 15,535 15,535 (28,188) Net gainsl (losses) on investments 230 008 230 008 200 743 Net Movement in Funds Reconciliation of Funds: Total funds brought fonvard 12 410 3.757 29 3 757 639 3 585 084 Total fiinds carried forward 12 There are no recognised gains or losses for 2023 and 2024 other than those included in the Statement of Financial Activities. Thc notes on pages I I to 15 fortn a part of these accounts.
LADY LUMLEY'S EDUCATIONAL FOUNDATION BALANCE SIIEET AS AT 31$t MARCII 2024 Notes Total 2024 Total 2024 Total 2023 Total 2023 FIXED ASSET INVESTMENTS Investment Properties Investments 926,860 2 813 162 3,740,022 959,860 2 546.512 3,506,372 CURRENT ASSETS Cash in Ballk & In Hand Debtors 268,374 350 256,146 io CREDITORS Amounts falling due within l year. Net Current Assets 263 160 251267 Total Assets Less Current Liabilities FUNDS Restricted Funds 12 410 410 Endowed Funds 12 4 002 772 3 757.229 Approved by the Tru tees and signed on their behalf: C M Cooper
LADY LUMLEY'S EDUCATIONAL FOUNDATION NOTES TO TIIE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024 ACCOUNTJNG POLICIES Ba515 of Preparation and A5se5sment of Going Concern The financial statements have been prepared under the historical cost convention wilh items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) with FRS102 and with the requirements of the Charitie5 Act 2011. The trustees consider that there are no material uncertainties about the Charlty's ability to continue &s a going concern. There are no material uncertainties affeLting the current year's accounts. Income Recognition All income is recogp.ised once the charity has entitlement to the income. Iriterest on funds held on deposit is included wFben receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure Recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity io that expenditure. All expenditure is accounled for on an accruals b&sis. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient. Fixed Asset Jnvestments Investments are included at closing market value using the bid price at the balance sheet date. Gains and losses on disposal and revaluation of investments are charged or credited to the SOFA. Investment Property and Income Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arlsing from the clianges in market value is transferred to the endowment fund. Investment Income is accounted for in the period in which the charity is entitled to receipt. Value Added Tax Value Added Tax is not recoverable by the charity, and as such, is included in the Televant COSts in the Statement of Financial Activities.
LADY LUMLEY'S EDUCA'fioNAL FOUNDATION NOTES TO THL ACCOUNTS FOR THE YEAR ENDED 315t MARCH 2024 INCOME FIIOM PROPERTY 2024 2023 Rents and Wayleaves INVESTMENT INCOME 2024 2023 Kncome from Listed InvestmentsL Interest Receivable on Cash Deposits 72,946 75,393 EDUCATIONAL BENEFrrs 2024 2023 Lady Lumley's School: Departmental Requests Minibus Tax. Insurance & Maintenance School Prizes & Prize-giving Expenses Grants - Courses for Senior Pupils Year 8 Outdoor Education Sixth Form Interview Expenses Building Costs Grants to Individual Beneficiaries 15,668 12,000 6,060 2,000 6,000 61 16.102 6,000 2.000 6,000 1,064 54,864 STATUTORY PAYIVIENTS 2024 2023 Sinnington School Annual Payment Lady Lumley's Almshouses Charity Bishopgate Foundation & Aldgate Freedom Foundation NACRO 500 160 75 15 500 160 75 15 io
LADY LUMLEY'S EDUCATIONAL FOUNDATION NOTES TO TEIE ACCOUNTS FOR TIIE YEAR ENDED 315¢ MARCI12024 MANAGEMENT & ADMINlS'fRATION COSTS Administration Staff Independent Exarnination F¢es Other Adininistrative Costs 2024 2023 8,242 3,114 8,039 2,964 NET MOVEMENTS IN FUNDS FOR THE YEAR 2024 2023 The net movement in funds for the year is stated after charging:_ Independent Examination Fees No remuneration was paid to trustees in ihe year, nor was any expenses reimbursed to them. INVESTMFNT PROPERTIES Freehold Land & Buildings Valuation As at I 51 April 2023 Disposals Revaluation Net Book Value As al 3151 March 2024 959,860 (33.000) As at 31S1 March 2023 The investment properties were valued by professional valuer's on 31 sl March 2023. The Trustees are satisfied that the current open market value is not materially different from the value included within the financial stalements.
LADY LUMLEY*S EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 INVESTMENTS 2024 2023 Market value at i sl April 2023 Acquisitions at cost Disposals at opening book value Net Gain l (Loss) on revaluation at 31 March 2024 Market Valu¢ at 31 March 2024 2,546,512 257.663 (209,819) 218805 2,679,032 85,524 (93,502) 124 542 Investments at Market Value comprise Listed on UK stock exchange. (Historical Cost £481,431) Common Investment Funds 1,102,877 1710 284 1,020,488 1526 024 All ini'estmcnts are carried at their fair value. Investments in equffities and fixed inter¢st securilies are a]1 traded in quoted public markets, primarily the London Stock Exchange. Holdings in commor investment funds, unit trusts and open-ended investment companies are at bid price. The basis of fair value for quoted investments is equivalent to the market value using the bid price. Asset sales and purchases are recognised at the date of trade at cost. 10. DEBTORS 2024 2023 Rents Otlier debtOTS ii. CREDITORS: (Amounts falling due within l year) 2024 2023 Grants to Individual Beneficiaries Accruals 400 12
LADY LUMLEY>S EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR TIIE YEAR ENDED 31ST MARCH 2024 12. STATEMENT OF FUNDS Endowed Designated Funds General Reserve Fund Restrieted Funds Endowed Fund5 Building Miniblls Project Replacement Total Balance at ISI April 2023 410 3,298,523 20,000 406,706 32,000 3,757,639 Gain for the year 243,543 243,543 Transfers between funds 199 585 193 585 Balance at 31 $1 March 2024 Represented by: Investments 3,740.022 3,740,022 Net Current Assets 410 397 541 600 291 261.160 Balance at 31 Sl fvlarch 2024 Tile desi¥nated building projecr fund represents amounts put aside by the trustees for new building at Lady Lumley's school. The designated general reserves fund represents amounts put aside by the trustees in case of a situation where approved payments exceed income. The designated minibus replacement fund represents amounts Put aside by the trustees for the replacement of the minibus at Lady Lumley's School. The endowment fund represents those assets, which must be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investrnent management charges aiid legal advice relating to the fund are charged against the fund. The r¢stricted fund represents the amount held to fund the Daniel Warin Memorial Prize. 13