Lady Lumley's Educational Foundation Trustees, Report and Unaudited Financial Statements For the Year Ended 31 March 2025 Charity Number 529625
LADY LUMLEY'S EDUCATIONAL FOUNDATION CONTENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Officers and Professional Advisors Trustees, Report Independent Examiner's Report Statem¢nt of Financial Activities Balance Sheet Notes to the Accounts
Lady Lumley's Educational Foundation Officers and Professional Advisors For the Year ended 31 March 2025 Independent Examiners Hallgarth Accountants Ltd 2 Hallgarth Pickering N Yorkshire Bankers National W¢strninster Bank PIC 27 Yorkersgate Malton N Yorkshire Stockbrokers M¢ssrs Br¢win Dolphin th 4 Floor, Wellington Place Leeds LSI 4AN Surveyor / Valuer MessTS Cundalls 15 Market Place Malton N Yorkshirc Solicitors Messrs Hague and Dixon 12 Smiddy Hill Pickering N Yorkshir¢
LADY LUMLEY'S EDUCATIONAL FOUNDATION ANNUAL REPORT YEAR ENDED 31ST MARCH 2025 Lady Lurnley's Educational Foundation was constittited by Deed Poll by Viscounfrss th Elizabeth Lumley in 1657. It is governed by a Charitable Sch¢m¢ dat¢d 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 rcgistered charity, No.529625, and its address is c/0 Clerk to the Governors, Roxby Hill, Pick¢ring Road, Thornton Dale, Pickering, North Yorkshire, Y018 7LH. Governors The Governors during the Year to 31" March 2025 were: Mr. C.M. Cooper - (Chair) Co-opted 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 Ms. E. Daplyn (fornierly known as Ms. E. Steadman) - Appointed by Pickering Town Council ,Mrs. C. Eade Appointed by the Local Governing Body of Lady Lumley's School Ms. C. Foden - Appointed by the Local Governing Body of Lady Lumley's School Mrs. A. Nightingale Appointed by Sinnington Parish Council (Disqualified November 2024) Mr. A. Ross - Appointed by the Local Governing Body of Lady Lumley's School (Resigned July 2024) Mrs. H.G. Yeabsley - Appointed by the Local Governing Body of Lady Lumley's School (Appointed March 2025 One Vacancy Governors are appointed for a terni of five years in accordance with the Charitabl¢ 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. FitzGcrald, Esq., B.Sc., of Roxby Hill, Pickering Road, Thornton Dale. Pickering, North Yorkshire YO 18 7LH. The Assistant Clerk to the Governors is Ms. M. Curtis BA of Cliff Cottage, Wrelto Pickering. North Yorkshire YOI 8 8PJ The Independent Examiners are Hallgarth Accountants Ltd of 2 Hallgarth, Pickering. North Yorkshire The Bankers are National Westminster Bank pl¢ of Yorkersgate. Malton, North Yorkshire. The Stockbrokers are Messrs. Brewin Dolphin of 10 Wellington Place, Leeds, West Yorkshire.
The Surveyorlvaluer 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 Designated Funds, are pernjanent endowment, Apart from a sum of £410, the income from which is used 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, tenned Stattltory Payments in th¢ 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 Charitsble Scheme. A further payment is made to Sinnington School Charity. This amount is fixed by the Governors and is currently £500 per annum. The Charitable Scheme 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 nornially provided by the LEA for Lady Lumley's School. (li) in awarding to beneficiaries Scholarships, Bursaries or Maintenance Allowances tenable at any School, University or other place of l¢arning' (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, facilities, of any kind not nornially 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 fih¢r education. and (vi) in providing financial assistance to enable beneficiaries to study music or other arts. "Beneficiaries" are defined as peTsons 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 att¢nd¢d 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 three 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 charltable 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 during the past year that The Coast and Vale Learning Trust that the school had recently joined, was in negotiations with Delta Trnst, a large multi- academy trust based in Knottingly, West Yorkshire. The Trust operdtes 57 acadcrny schools in West, East and South Yorkshire, Lincolnshire and Nottinghamshir¢. A fonnal transfer of undertakings has started and is expected to be concluded by the start of Scptember this year. The School has been well supported through Delta enabling it to value the School's traditions but take advantage of the support and resources of a systems led trust. There is still no news about when or even if the School's bid to the DtE School's Re-building Progranllne will be finalised. During the year Governors awarded 42 grants to individual beneficiaries totalling £11,483.50, compared with 32 grants awarded last year to a total of£9,733. The grants applied for covered many different ar¢as.' 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 courses; and educational trips organised through the school. The Foundation provides three minibuses for the use of tbe school and assists with the running costs - road fund licence. insurance. MOT tests. etc. In anticipation of the Clerk's retirement at the end of July 2025, the post of Assistant Clerk was advertised and Ms. Megan Curtis was appointed from the I, July 2024 to work alongside th¢ Clerk with a view to taking over upon his retirement. Public Benefit The objects of the Foundation are the promotion of education and assisting young people into work. The area of benefit is d¢fined in the Charitable Scheme which governs the Foundation. The Trustees have reterred to th¢ Charity Commission guidance on public benefit when reviewing the aims and objectives of the charity and when awarding grants to beneficiaries. Risk Management The Governors actively Teview 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 financial controls, will provide sufficient resources in the event of adverse condilions. The Governors have a duty to identify 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 ndS to cover management 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 Tegulations (GDPR) and ensured thal 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 stalements, the Governors are required to: a) select suitsble 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 maintsining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the fmancial 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 Ihe 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefjt guidance. Approval This report was approved by the Governors on the 5 November 2025 and signed on their behalf. C M Coop¢r Chair of Governors
LADY LUMLEY'S EDUCATIONAL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LADY LUMLKY'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 2025, which are set out on pages 7 to 13. Responsibilities and basis 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 Trustses, accounts carried out under section 145 of the 2011 Act arAd in carrying out our examination we have followed all of the applicable Dir¢ctions 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 confIrn] that no material matters have come to our attention in connection with thc cxamination giving us cause to believe that in any material respect. accounting records w¢r¢ not kept in respect of the Charity as required by section 130 of thc 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. Mrs H Raine ACA Hallgarth Accountants Ltd Chartered Accountants 2 Hallgarth Pickering N Yorkshire YOI 8 7AW
LADY LUMLEY'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCJAL ACTIVITIES FOR THE YEAR ENDED 31" I¥L4RCH 202S Notes Restricted Funds Endowed Funds Total 2025 Total 2024 INCOME Investment Income tncome from Property Investment In¢om¢ and Interest 9,751 9,751 10,683 20 Total Jneome 20 91.435 EXPENDJTURE Charitable Expenditure Educational Benefits Statutory Payments Other Expenditure Management & Administrdtion 20 52,519 750 52,539 750 51,756 750 Total Expenditure 20 Net Income and net movement in fund5 before gains and losses on investments 17,860 17,860 15,535 N¢t (loss¢s)/ gains on inv¢5tmcnts 230 008 Netimovement in Funds Reconeillation of Funds: Total fijnds brought forward 12 410 4 002 772 4 003 182 3 757639 Total funds carried forward 12 410 There are DO Tecognised gains or losses for 2024 and 2025 other than those included in the Statement of Financial Activities. The notes on pages I I to 15 forni a part of thes¢ accounts.
LADY LUMLEY'S EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 31" LRCH 2025 Notes Total 2025 Total 2025 Total 2024 Total 2024 FIXED ASSET INVESTMENTS Inv¢stmcnt Properties Investments 926,860 2 732 455 3,659,315 926,860 2 813 162 3,740,022 CURRENT ASSETS Cash in Bank & In Hand Debtors 295,823 268,374 350 .268 724 io CREDITORS Amounts falling du¢ wid]in l y¢ar. Net Current Assets 289 961 263 160 Total Assets Less Current Liabilities FUNDS Restricted Funds 12 410 410 Endowed Fund5 12 3 948 866 4 002 772 Approved by the Trustees and signed on their behalf: C M Coopcr Dated: 0511112025
LADY LUMLEY'S EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 311¢ MARCH 2025 ACCOUNTING POLICIES Basis of Preparatioll and Assessment of Going Concern The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unl¢ss otherwise stated in the relevant not¢(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Ac¢ounting and Reporting by Charities preparing their accounts in accordance with th¢ Financial R¢porting Stsndard applicable in the UK and Republic of Ir¢land (FRS102) with FRS102 and with the requircm¢nts of the Charities Act 2011. The trustc¢s consider that there are no material uncertainties about the Charity's ability to ¢ontinu¢ as a going concern. There are no material uncertainties affecting the current year's accounts. Income Recognition All income is recognised once ih¢ charity has ¢ntitlement to the income. Interest on funds held on deposit is included whcn receivable and the amount can be measured reliably by th¢ Charity. this is nornially upon notification of the interest paid or payabl¢ by the bank. Dividends are reCOlsed once the dividend has been declared and notificatlOD has been received of the dividend due. Expenditure Recognition Liabilities are recognised as expenditu as soon as there is a legal or ¢onstrucliv¢ obligation committing th¢ charity to that penditUTe, All expenditure is accounted for on an accruals basis. Grants payable are payments made to third parties in the furtb¢ran¢e 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 Investments 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 crcdited to the SOFA. Investment Property and Income Investment property is shown at tb¢ most re¢¢nt valuation. Any aggregate surplus or deficit arising from the changes in market value is tranSfe¢d to the endowment fund. Inv¢stm¢nt Incom¢ 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 &$ such, is included in the relevant Costs in the Stalement of Financial Activities.
LADY LUMLEY'S EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" MARCH 2025 INCOME FROM PROPERTY 2025 2024 Rents and Wayl¢aves INVESTIVIENT INCOME 2025 2024 Income from Listed Inv¢stm¢nts Interest Receivable on Cash Deposits 77,442 72,946 EDUCATIONAL BENEFITS 2025 2024 Lady Lumley's School: Departmental Requests Minibus Tax, InsuTanc¢ & Maintenance School Prizcs & Prize-giving Expenses Grants - Courses for Senior Pupils Year 8 Outdoor Education Sixth Forni Interview Expenses Building Costs Grants to Individual Beneficiaries 20,895 6,000 6,060 2,000 6,000 15,668 12,000 6,060 2,000 6,000 61 STATUTORY PAYMENTS 2025 2024 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 FOUTrIDATIOI¥4 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" MARCH 2025 MANAGEMENT & ADMINISTRATION COSTS Administration Staff Independent Examination Fees Other Administrative Costs 2025 2024 13,075 3,324 8,242 3,114 NET MOVEMENTS IN FUNDS FOR THE YEAR 2025 2024 The net movement in funds for the year is stated after ¢h2rging".- Independent Examination F¢¢s No r¢muneration was paid to trnstces in th¢ year, nor was any expcns¢s reimburscd to INVESTMEIYT PROPERTIES Freehold Land & Buildings Valuation As at 1st April 2024 Disposals R¢valuation Net Book Value As at 31$t March 2025 926,860 26 As at 31" Marcb 2024 The investment properties were valued by professional valu¢T's on 3 1st March 2023. Th¢ Trustees are satisfied that the current open Maet value is not materially different from the value included within th¢ financial statements.
LADY LUMLEY'S EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 ItNVESTMENTS 2025 2024 Market value at 1st April 2024 Acquisitions at cost Disposals at opening book value Net Gain / (IA)ss) on revaluation at 31 Mawh 2025 Market Value at 31 March 2025 2,813.161 385,903 (394,843) 2,546,512 257,663 (209,819) 218 805 2 732 455 Investments at Market Value comprise Listed on UK stock cxchang¢. (Historical C05t £481,431) Con)mon Investment Funds 1,101,857 1630 598 1,102,877 1710284 All investments are c2rri¢d at their fair value. Invcstmcnts in equities and fixed int¢st securities are all traded in quoted public nrkets, primarily the London Stock Exchange. Holdings in commoi investment funds, unit trnsls and open-ended investment companies are at bid price. The basis of fair value for quoted investments is equivalent to the market value using th¢ bid price. Assct salcs and purchases are recogllised at the date of trade at cost. 10. DEBTORS 2025 21)24 Rents Other debtors 350 11. CREDITORS: (Amounts falling due within l year) 2025 2024 Grants to Individual Beneficiaries Accruals 500 400 12
LADY LUMLEY'S EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31- MARCH 2025 12. STATEMENT OF FUNDS Endowed Designated Funds Ceneral Reserve Fund Restricted Funds Endoived Funds Building Project Minibus Replacement Total Balance at 1st April 2024 410 3,344,480 20,000 600,291 38,000 4,003,181 Loss for the year (53,905) (53,905) TranSfS betwc¢n funds 220 000 Balance at 31, March 2025 Rcprcscntcd by: Invcstmcnts 3,659,315 3,659,315 Net Current Assets 410 588 740 814291 289 961 Balance at 3 1st March 2025 410 814 291 The designated building project 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 trustces in cas¢ of a situation where approved payments exceed income. The designated minibus replacement fimd represents amounts put aside by the trustees for the replacement of th¢ minibus at Lady Lumley's School. The endowment fund represents those assets, which must be held pennanently by the charity, principally invcstments. Income arising on th¢ endowm¢nt fimd can bc uscd in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losscs arising on the investments form part of th¢ fund. Investmcnt manag¢menl charges and legal advice relating to the fund are ¢harg¢d against the fund. The restricted fund represents the amount held to fund th¢ Dani¢l Warin Memorial Prize. 13