THE LEIGH EDUCATIONAL FOUNDATION (CHARITY REGISTRATION NUMBER: 701462) ANNUAL REPORT AND FINANCIAL STATEMENT 31 DECEMBER 2023 Page 1 THE LEIGH EDUCATIONAL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their Report and Accounts for the year ended 31 December 2023. Legal and administrative details Principal address 3 Barford Woods Barford Road Wa￿iCk CV34 6SZ Prlnclpal advisors Independent Examiners Burgis & Bullock 23-25 Waterloo Place Leamington Spa CV32 SLA Bankers Lloyds Bank 73 Parade Leamington Spa CV32 4BB Investment Managers EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN Pa%2 THE LEIGH EDUCATIONAL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Trusts The Charity of Thomas Lord Leigh The Charity of Thomas Lord Leigh The Charity of the Honourable Ann Leigh Dated 24 December 1740 Dated 26 October 1710 Dated 12 August 1731 The scheme for the adrninistration and management of the above charities as one charity under the title The Leigh Educational Foundation was approved by the Charity Commissioners on 13 January 1989. Trustees The Trustees serving during the year comprise the following.. One Ex-officio Trustee Lord Leigh Two Nominative Trustees Mrs K Kingston Mr J Astle Four Co-optative Trustees Mr R Coates Mr P Jones Mrs M S Wallis Miss S Woolf (Chairman) The clerk to the Trustees is Mr J F Johnson OBE. The ex-officio trustee shall be The Lord Leigh for the time being. The nominative trustees shall be appointed by the Parish Councils of Stoneleigh and Ashow and of Leek Wootton and Guy's Cliffe and shall hold office for a period of four years. The co-optative trustees shall be appointed by the Trustees and shall hold office for a period of five years. The trustees have been appointed for a number of years and receive ad hoc training as necessary. Page 3 THE LEIGH EDUCATIONAL FOUNDATION TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and Actlvities Capital The Charity Commissioners scheme of 13 January 1989 does not impose any restrictions on the investment or use of capital. Income Income to be used for the following purposes.. 1) To defray the expenses of the administration of the Trust. 2) To apply the income in promoting the education of persons under the age of 25 years who or whose parents are normally resident in the area of benefit, being the Civil Parishes of Stoneleigh, Ashow, Leek Wootton and Burton Green. Public Benefit The trustees have applied the guidance from the Charities Commission relating to public benefit when assessing grant applications. Public benefit is inherent in the objects of the charity. Pollcies The Trustees invite applications for grants from eligible individuals and institutions and these are considered at the meetings of the Trustees. Investment Pollcy The charity has a policy of keeping any surplus liquid funds in short term deposits which can be accessed readily. Risk Revlew The trustees consider their investment strategy appropriate to a charity of its size and nature, Reserves Policy The charity has a policy that unrestricted funds should enable them to cover the previous yearfs total outgoing resources to ensure continuity of the operation of the project. Page 4 THE LEIGH EDUCATIONAL FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and Future Plans The Board were pleased to be able to increase the number of grants paid to beneficiaries during the year and hope to see a continuance in this upwards trend. Flnanclal Review The income for the year ended 31 December 23 was £241,058 (2022.. £251,883) . Management expenses amounted to £5.162 (2022.. £4,452) and grants were made amounting to £42,596 (2022: £27,225). Purchases of investments reached £134,210 (2022.. £250,647). The value of the funds held on 31 December 2023 was £1,064,000 (2022 as restated: £1,061,969). Of this a total of £903,251 (2022 as restated.. £960,310) were investments stated at current market value which are under the management of EFG Harris Allday. For and On Behalf of the Trustees Dated: 2J(Al 24 Page 5 THE LEIGH EDUCATIONAL FOUNDATION YEAR ENDED 31 DECEMBER 2023 UNRESTRICTED FUND RECEIPTS AND PAYMENTS ACCOUNT 2023 2022 DR CR DR CR RECEIPTS Investmènt Income 51,926 42,228 Sales of Inv8Stments 189,132 209,655 Total Receipts 241,058 251,883 PAYMENTS Purchases of Investments 134,210 250,647 Grants Returned Grants Independent Examinerfs Fee Honorarium to Clerk Secretary, Travel Expenses & Printing 42,596 27.225 630 570 4,375 156 3,700 182 47,757 31,677 Total Payments 181,967 282,324 Excess of Re¢elpts over Payments 59,091 130,441) Cash balance brought forward on 1 Jan 101,658 132.099 Cash balance ¢arrfed forward on 31 Dec 160,749 101,658 Page 6 THE LEIGH EDUCATIONAL FOUNDATION STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023 2023 2022 Restated Unrestricted Fund Balance brought forward Excess of receipts over payments for the year Realized & unrealized gains on investments Proceeds less sale of investments 1,061,969 59,091 4,660 (61,7201 1,064,000 1,173,742 (30,441) 1118,7801 37,448 1,061,969 Represented By: Investments at market value EFG Harris Allday Client Deposit AJC EFG Harris Allday Client Income AJC 903,251 60,161 3,506 960,310 5,239 3,505 Current Assets Lloyds Bank Current Account 97,082 1,064,000 92,915 1,061,969 The flnanclal statements on pages 1 to 6 were approved by the Trustees on Date: 2.q(J.1.24 Trustee:................ Trustee: ....................... Page 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LEIGH EDUCATIONAL FOUNDATION I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 thich are Set out on the preceding pages. Responslbllitles and basls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirement5 of the Charities Act 2011 {'the Act'l. I report in respect of my examination of the charty's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14516)(b) of the Act. Independent examlner's statement I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of Ihe listed bodies. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me 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 2. the accounts do not accord with those records. I have no concems and have corne 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 ofthe accounts to be reached. Wende Ann Hubbard FCCA Burgis & Bullock 23-25 Waterloo Place, Leamington Spa CV32 SLA