The Matthew Ludlam Foundation - Charities report

REGISTERED COMPANY NUMBER: 09971407 (England and Wales)

REGISTERED CHARITY NUMBER: 1184719

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

THE MATTHEW LUDLAM FOUNDATION

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

13

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the charity are to advance such charitable purposes for the public benefit (according to the law of England and Wales) as the Trustees may see fit, in particular (though not limited to):

(a) the advancement of education, citizenship, the arts, culture, heritage, science, amateur sport, and environmental protection or improvement.

(b) the prevention or relief of poverty.

(c) the relief of those in need by reason of age, youth, ill-health, disability, financial hardship or another disadvantage.

Significant activities

The Matthew Ludlam Scholarships are grants awarded to the best and brightest students, as identified by The University of Manchester, to enable them to access a world class education regardless of their financial situation or social background.

Public benefit

The trustees meet regularly to plan the charity's activities for the year. The charity has made a significant public benefit by supporting disadvantaged students at The University of Manchester in accordance with the charity's objectives.

The trustees have given due regard to the guidance on public benefit published by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Matthew Ludlam Foundation is a charity registered with the Charity Commission of England and Wales which was set up by family and friends of Matthew Ludlam who died in June 2015 aged 33. Matthew was an accomplished town who was awarded a First-Class Honours degree by the University of Manchester; the Heywood Medal for graduating with the highest overall average marks and the RTPI (Northwest) Moss Madden Award for the best final year project work by an undergraduate student in the Northwest Planning Schools. He became a member of the RTPI in 2014.

The Trustees of the Foundation set out to create a lasting legacy for Matthew, having regard to his passion about urban planning and regeneration and social justice. A long-term funding source has been established which enables support for various Scholarships, grants and awards in Matthew’s name. The major element of this has been supporting students at the University of Manchester in the Planning School and latterly more widely throughout the University to students who have been in the care system.

The funds are allocated annually on a flexible basis to enable adaptation to changed circumstances and availability of suitable recipients. The funds are administered by the University Division of Development and Alumni Relations, in consultation with the Trustees.

Initially, individual scholarships were awarded to 3 qualifying students at the School of Planning for the duration of their undergraduate course. They were required to meet the criteria of the Widening Participation Programme which aims to encourage and enable participation of higher education for students being disadvantaged by low family income or other barriers. However, the effects of Covid in the education system adversely impacted some of the students and it became apparent that different types of awards would have a greater overall impact.

In 2022, following negotiations with the University, the Foundation provided Bursaries to a total of 13 Undergraduate Students, in the School of Planning, who qualified under the Widening Participation Programme.

In 2023, a full scholarship was awarded to Jokotola Adenuga who initially intended to study Town Planning at the University of Manchester, but following exceptional A-level results was able to take-up a place at UCL.

In 2024 the scheme was broadened to establish a Grant Fund available to any students who had been in the care system and required funds to meet emergency expenses.

Our sponsored student, from Edgeley, has continued her studies at University College London, she is producing excellent results and is halfway through her second year. During her holidays she has been employed by Stockport Council Planning Department and is highly regarded. We will continue to provide funding for her studies.

The annual review of donations to The Friends of Marie Louise Gardens concluded that this funding is worthwhile for public amenity and will continue.

A funding model for supporting care experienced students from across Greater Manchester at Manchester University negotiated during 2024 has been finalised and adopted in January 2025 and is called The Matthew Ludlam Fund. It will provide emergency support funding to the qualifying students, administered by the University with oversight through regular reports and ultimate control from the Foundation. It is due to continue until January 2029 dependent upon its effectiveness.

Funding applications have been received from various individuals and charities, during the past 12 months, but have not met the funding criteria of the Foundation.

Fundraising activities

The charity has received donations from private individuals amounting to £385 in the year to January 2025. Donations are raised from a network of contacts and no fundraising events were held in the year.

The Matthew Ludlam Foundation's approach to fundraising and donations will not change in the forthcoming year. The objectives remain the same as stated in the Articles of Association dated 26th January 2016.

Valuable vintage vehicles valued at £70,000 and a Mitsubishi L200 valued at £16,000 were gifted to the charity by a trustee. The value of these will be redeemed upon the contributors death or earlier following discussion with the contributor.

FINANCIAL REVIEW

Financial position

The material investments of the charity have been held in a residential property at 5 Parkfield Road South in the high-value residential area of West Didsbury. Property prices in the area have increased historically over a long period of time and have seen a considerable rise in the last few years.The property is revalued annually by independent estate agents.

The charity purchased the property in November 2016 using a loan from Ms K Lowe (a trustee of the charity). The charity paid the interest on this loan.The total loan of £356,941 was repaid to Ms K Lowe following the sale of The Poppet House.

The rental income from this property provides a steady income stream for the charity together with further private donations from individuals and companies from time to time.

Reserves policy

Variable reserves are held which are built up on an annual basis to fund the scholarships/bursaries which are awarded at the start of each academic term. The charity also distributes funds to the wider community in line with its aims and objectives.

At 31 January 2025 the charity had liquid reserves of £68,009 (2024: £73,109). This represents 2.5 years general expenditure. The trustees do not consider this unreasonable as maintaining the property to a high standard lead to unpredictable costs.

Going concern

The trustees believe there are no uncertainties about the charity as a going concern and so have prepared the accounts on the going concern basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

09971407 (England and Wales)

Registered Charity number

1184719

Registered office

99 Palatine Road

Manchester

M20 3JQ

Trustees

R Mawdsley

R Kendrick

K Lowe

S McNerney

Independent Examiner

Mr Adam J. Syddall M.A., F.C.A.

P B Syddall & Co

Chartered Accountants

Grafton House

81 Chorley Old Road

Bolton

Lancashire

BL1 3AJ

Approved by order of the board of trustees on 30 September 2025 and signed on its behalf by:

S McNerney - Trustee

Independent examiner's report to the trustees of The Matthew Ludlam Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I 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.

Mr Adam J. Syddall M.A., F.C.A.

The Institute of Chartered Accountants in England and Wales

P B Syddall & Co

Chartered Accountants

Grafton House

81 Chorley Old Road

Bolton

Lancashire

BL1 3AJ

30 September 2025

2025

2024

Unrestricted

Total

fund

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

386

2,491

Investment income

2

18,600

21,940

Other income

-

400,000

Total

18,986

424,431

EXPENDITURE ON

Raising funds

3

13,006

20,623

Charitable activities

Charitable activity

13,818

13,332

Other

-

(82

)

Total

26,824

33,873

NET INCOME/(EXPENDITURE)

(7,838

)

390,558

RECONCILIATION OF FUNDS

Total funds brought forward

1,251,979

861,421

TOTAL FUNDS CARRIED FORWARD

1,244,141

1,251,979

2025

2024

Unrestricted

Total

fund

funds

Notes

£

FIXED ASSETS

Tangible assets

6

8,212

10,950

Heritage assets

7

70,000

Investment property

8

1,100,000

1,178,212

1,180,950

CURRENT ASSETS

Cash at bank

68,009

73,109

CREDITORS

Amounts falling due within one year

9

(2,080

)

(2,080

)

NET CURRENT ASSETS

65,929

71,029

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,244,141

1,251,979

NET ASSETS

1,244,141

1,251,979

FUNDS

10

Unrestricted funds

1,244,141

1,251,979

TOTAL FUNDS

1,244,141

1,251,979

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 30 September 2025 and were signed on its behalf by:

S McNerney - Trustee

1.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

TAXATION

The charity is exempt from corporation tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	INVESTMENT INCOME

2025

2024

£

Rents received

18,600

21,940

3.	RAISING FUNDS

RAISING DONATIONS AND LEGACIES

2025

2024

£

Rent, rates and insurance

2,471

2,323

Repairs and maintenance

5,673

13,002

Light and heat

3,199

3,448

Service charge

1,629

1,850

Support costs

34

-

13,006

20,623

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

Depreciation - owned assets

2,738

3,717

Surplus on disposal of fixed assets

-

(400,000

)

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024.

6.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 February 2024 and 31 January 2025

16,000

DEPRECIATION

At 1 February 2024

5,050

Charge for year

2,738

At 31 January 2025

7,788

NET BOOK VALUE

At 31 January 2025

8,212

At 31 January 2024

10,950

7.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 February 2024 and 31 January 2025

70,000

NET BOOK VALUE

At 31 January 2025

70,000

At 31 January 2024

70,000

8.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 February 2024

and 31 January 2025

1,100,000

NET BOOK VALUE

At 31 January 2025

1,100,000

At 31 January 2024

1,100,000

Fair value at 31 January 2025 is represented by:

£

Valuation in 2021

402,626

Valuation in 2022

400,000

Valuation in 2023

297,374

1,100,000

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Deposit held

1,000

Accrued expenses

1,080

2,080

10.	MOVEMENT IN FUNDS

Net

movement

At

At 1.2.24

in funds

31.1.25

£

Unrestricted funds

General fund

1,251,979

(7,838

)

1,244,141

TOTAL FUNDS

1,251,979

(7,838

)

1,244,141

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

18,986

(26,824

)

(7,838

)

TOTAL FUNDS

18,986

(26,824

)

(7,838

)

Comparatives for movement in funds

Net

movement

At

At 1.2.23

in funds

31.1.24

£

Unrestricted funds

General fund

861,421

390,558

1,251,979

TOTAL FUNDS

861,421

390,558

1,251,979

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

424,431

(33,873

)

390,558

TOTAL FUNDS

424,431

(33,873

)

390,558

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.2.23

in funds

31.1.25

£

Unrestricted funds

General fund

861,421

382,720

1,244,141

TOTAL FUNDS

861,421

382,720

1,244,141

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

443,417

(60,697

)

382,720

TOTAL FUNDS

443,417

(60,697

)

382,720

11.	RELATED PARTY DISCLOSURES

The charity received rents in the year from Mr R Mawdsley (a trustee of the charity) of £1,550 per month. This is regarded by the trustees as a market rent carrying no undue benefit.