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