Charity number: 1016178
LIMOGES CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
LIMOGES CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Auditors' Report on the Financial Statements | 6 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 21 |
| Appendix I - Grants payable | 22- 23 |
LIMOGES CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022
| Trustees | Judy Ann Dyke |
|---|---|
| Andrew Richard Milner | |
| Martin Hamilton Dyke | |
| Charity registered number 1016178 Principal office C/o Tyndallwoods Independent auditors MHA MacIntyre Hudson Chartered Accountants Rutland House 148 Edmund Street Birmingham B3 2FD Bankers TSB Bank Business Banking PO Box 1000 BX4 7SB Solicitors Tyndallwoods 29 Woodbourne Road Edgbaston Birmingham B17 8BY Investment Manager Quilter Cheviot Two Snowhill Birmingham B4 6GA |
Page 1
LIMOGES CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 5 April 2022.
Objectives and activities
Activities undertaken to achieve objectives
The principal activity of the charity is to hold the Trust and the income therefrom on trust to pay or apply trust monies to or for such charitable objects in such manner and in such proportions as the Trustees shall from time to time determine.
In considering applications the Trustees are mindful of the guidance on Public Benefit published by the Charity Commission. The Trustees' intention in making any donation to an organisation is that the funds will be applied for the benefit of the public. There is no restriction on the applicants considered but there is a preference for institutions and charities operating locally.
Achievements and performance
Review of activities
During the year the Trustees agreed and granted 60 (2021: 58) donations totalling £375,354 (2021: £86,415). Details are given regarding grant payments made in note 6 to the financial statements.
The Trustees continue to grant new donations in line with the objects of the charity. The ability of the Trust to make these donations is dependent on the performance of the investment portfolio which is kept under regular review.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves policy
Unrestricted funds are needed:
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a) to provide funds for donations and grants
-
b) to cover administration costs without which the charity could not function
The Trustees consider it prudent that unrestricted reserves should:
- a) include sufficient cash to cover donations, grants and support costs b) avoid the necessity of realising investments held for the charity's use
The level of reserves is monitored and reviewed by the Trustees on a regular basis. The unrestricted funds stand at £606,495 including the investment portfolio. The Trustees consider this to be sufficient to meet the objectives above.
Page 2
LIMOGES CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Material investments policy
The objectives are:-
a) to maintain adequate liquidity b) to maintain the security of any investments
Risk management
The Trustees believe that the charity is not exposed to significant external risk. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Performance
Investment income generated from the investment portfolio increased on the previous year from £24,003 to £41,308. The total income for the year was £44,308 compared to £1,465,917 in the previous year due to legacies bequeathed to the charity in the prior year.
Total expenditure for the year, including the donations referred to above totalled £421,437 (2021: £133,019) resulting in a net deficit for the year, before gains/losses on the revaluation of investments, of £377,129 (2021: surplus of £1,332,898).
The funds at the year end, represented primarily by investments, stood at £2,094,387 (2021: £2,395,365) of which £1,487,892 (2021: £1,669,548) is restricted.
Structure, governance and management
Constitution
Limoges Charitable Trust is a charitable trust established on 5 August 1991 and registered as a charity on 11 January 1993.
The charity was established under a Deed of Trust that established the objects and powers of the Trust.
Methods of appointment or election of Trustees
New Trustees are appointed in accordance with the Deed of Trust. The current Trustees are shown on page 1.
Organisational structure and decision-making policies
The charity is an unincorporated body registered with the Charity Commission. Regular Trustee meetings review requests for grants and donations, decisions are made for expending trust monies and to review the Trust's investments and their performance.
Related party relationships
As detailed in note 15, all of the Trustees hold senior positions with advisors to the Charity as permitted by the constitution. Any benefit they derive from the Trust is purely incidental to their work.
Page 3
LIMOGES CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Plans for future periods
The Trustees intend for future periods to continue the principal activity of the Charity namely to hold the trust and the income therefrom on trust to pay or apply trust monies to or such charitable objects in such manner and in such proportions as the Trustees shall from time to time determine.
Informed by past experience the Trustees might expect to receive additional capital amounts to be dealt with as above.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, MHA MacIntyre Hudson, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Page 4
LIMOGES CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Approved by order of the members of the Board of Trustees and signed on their behalf by:
................................................ Judy Ann Dyke Trustee
................................................ Andrew Richard Milner Trustee
................................................ Martin Hamilton Dyke Trustee Date: 30 January 2023
Page 5
LIMOGES CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIMOGES CHARITABLE TRUST
Opinion
We have audited the financial statements of Limoges Charitable Trust (the 'charity') for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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LIMOGES CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIMOGES CHARITABLE TRUST (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 7
LIMOGES CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIMOGES CHARITABLE TRUST (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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enquiry of those charged with governance around actual and potential litigation or claims;
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enquiry of those charged with governance around any instances of non-compliance with laws and regulations;
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performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
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reviewing minutes of meetings of those charged with governance.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Page 8
LIMOGES CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIMOGES CHARITABLE TRUST (CONTINUED)
MHA MacIntyre Hudson Statutory Auditors Birmingham, United Kingdom Date: 30 January 2023
MHA MacIntyre Hudson are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
LIMOGES CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ - 25,373 25,373 1,587 248,000 249,587 (224,214) 42,558 (181,656) 1,669,548 (181,656) 1,487,892 |
Unrestricted funds 2022 £ 3,000 15,935 18,935 2,489 169,361 171,850 (152,915) 33,593 (119,322) 725,817 (119,322) 606,495 |
Total funds 2022 £ 3,000 41,308 44,308 4,076 417,361 421,437 (377,129) 76,151 (300,978) 2,395,365 (300,978) 2,094,387 |
Total funds 2021 £ 1,441,914 24,003 1,465,917 |
|---|---|---|---|---|
| 8,096 124,923 133,019 |
||||
| 1,332,898 186,509 1,519,407 |
||||
| 875,958 1,519,407 2,395,365 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 21 form part of these financial statements.
Page 10
LIMOGES CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2022
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Creditors: amounts falling due after more than one year 12 Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
122,501 44,488 166,989 (127,301) |
2022 £ 2,228,866 2,228,866 39,688 (174,167) 2,094,387 1,487,892 606,495 2,094,387 |
1,319,739 30,740 1,350,479 (34,100) |
2021 £ 1,078,986 |
|---|---|---|---|---|
| 1,078,986 1,316,379 - |
||||
| 2,395,365 | ||||
| 1,669,548 725,817 |
||||
| 2,395,365 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Judy Ann Dyke Trustee
................................................ Andrew Richard Milner Trustee
................................................
Martin Hamilton Dyke Trustee
Date: 30 January 2023
The notes on pages 12 to 21 form part of these financial statements.
Page 11
LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. General information
Limoges Charitable Trust is an unincorporated charity registered with the Charity Commission in England and Wales. The Charity's registered number is 1016178 Its principal address is Tyndallwoods, 29 Woodbourne Road, Edgbaston, Birmingham B17 8BY.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Limoges Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include governance costs and other costs incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Expenditure on raising funds are costs associated with the management of investments.
Page 12
LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
2. Accounting policies (continued)
2.3 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when 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.
2.5 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 13
LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2.12 Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wihtin the next financial year are the valuation of investments.
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LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
3. Income from donations and legacies
| Donations Legacies Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ - 3,000 - - - 3,000 1,441,914 - |
Total funds 2022 £ 3,000 - 3,000 1,441,914 |
Total funds 2021 £ - 1,441,914 1,441,914 |
|---|---|---|---|
4. Investment income
| Dividends - UK equities Dividends - foreign equities Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 24,563 14,162 810 1,773 25,373 15,935 4,385 19,618 |
Total funds 2022 £ 38,725 2,583 41,308 24,003 |
Total funds 2021 £ 15,456 8,547 24,003 |
|---|---|---|---|
5. Investment management costs
| Investment management fees Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 1,587 2,489 1,735 6,361 |
Total funds 2022 £ 4,076 8,096 |
Total funds 2021 £ 8,096 |
|---|---|---|---|
Page 15
LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
6. Analysis of grants
| Grants Total 2021 |
Grants to Institutions 2022 £ 375,354 86,415 |
Total funds 2022 £ 375,354 86,415 |
Total funds 2021 £ 86,415 |
|---|---|---|---|
Details of the grants made can be found on the attached appendix.
7. Analysis of expenditure by activities
| Charitable activities Total 2021 |
Grant funding of activities 2022 £ 375,354 86,415 |
Support costs 2022 £ 42,007 38,508 |
Total funds 2022 £ 417,361 124,923 |
Total funds 2021 £ 124,923 |
|---|---|---|---|---|
Analysis of support costs
| Tyndallwoods fees Accountancy fees Audit fees |
Activities 2022 £ 28,565 7,442 6,000 42,007 |
Total funds 2022 £ 28,565 7,442 6,000 42,007 |
Total funds 2021 £ 26,610 5,898 6,000 38,508 |
|---|---|---|---|
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LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
8. Staff costs
The charity has no employees.
No employee received remuneration amounting to more than £60,000 in either year.
9. Fixed asset investments
| Cost or valuation At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 |
Listed investments £ 1,078,986 2,204,381 (1,078,168) 23,667 |
|---|---|
| 2,228,866 |
10. Debtors
| Due within one year Amounts held by investment manager Other debtors Creditors: Amounts falling due within one year Accruals and deferred income Grants accrued - institutional |
2022 £ 122,501 - 122,501 2022 £ 18,118 109,183 127,301 |
2021 £ 71,102 1,248,637 |
|---|---|---|
| 1,319,739 | ||
| 2021 £ 18,250 15,850 |
||
| 34,100 |
11. Creditors: Amounts falling due within one year
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LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
12. Creditors: Amounts falling due after more than one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accrued grants payable to institutions | 174,167 | - |
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LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds CT Restricted Fund LPDK Restricted Fund SWG Restricted Fund EMI Restricted Fund Total of funds |
Balance at 6 April 2021 £ 725,817 218,867 8,008 194,036 1,248,637 1,669,548 2,395,365 |
Income £ 18,935 4,173 - 4,516 16,684 25,373 44,308 |
Expenditure £ (171,850) (4,751) - (156) (244,680) (249,587) (421,437) |
Gains/ (Losses) £ 33,593 10,222 - 9,460 22,876 42,558 76,151 |
Balance at 5 April 2022 £ 606,495 |
|---|---|---|---|---|---|
| 228,511 8,008 207,856 1,043,517 1,487,892 |
|||||
| 2,094,387 |
Restricted funds
Restricted funds are held by the Charity at the absolute discretion of the Trustees who are mindful however of any expressed wishes of the named donor thus the seperation into named Restricted Funds as follows:
CT Restricted Fund
These funds have been left to enable the Charity to make grants towards the care or recovery of "persons suffering from various forms of irrational behaviour, treatment not only to address substance abuse and alcohol dependency, but also other psychological issues such as anxiety, post traumatic stress disorder, depression and eating disorders among others." It is also indicated that particular account should be given to any applications that relate to the use of sport for such purpose.
LPDK Restricted Fund
These funds have been left to the Charity to support the West Midlands Police Benevolent Fund in consultation with their Treasurer.
SWG Restricted Fund
These funds have been left to the Charity with the request that the Trustees bear in mind the wish that such funds be used to benefit Hollytrees Animal Rescue Trust, Cramar Cat Rescue and the Alzheimer's Society.
EMI Restricted Fund
Guidelines to the Trustees are that the fund be paid:
(i) For the benefit of "the deaf" to explore the possibility of funding a post for an individual to maintain and supervise hearing aids for the elderley in residential or nursing homes.
(ii) To the Psychiatry Trust Camberwell.
(iii) To the Department of Psychiatry University of Birmingham.
(iv) To Queens University of Belfast to support their work in relation to mental health.
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LIMOGES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
13. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds CT Restricted Fund LPDK Restricted Fund SWG Restricted Fund EMI Restricted Fund Total of funds |
Balance at 1 April 2020 £ 682,881 184,069 9,008 - - 193,077 875,958 |
Income £ 19,618 4,159 - 193,503 1,248,637 1,446,299 1,465,917 |
Expenditure £ (117,784) (14,193) (1,000) (42) - (15,235) (133,019) |
Gains/ (Losses) £ 141,102 44,832 - 575 - 45,407 186,509 |
Balance at 5 April 2021 £ 725,817 |
|---|---|---|---|---|---|
| 218,867 8,008 194,036 1,248,637 1,669,548 |
|||||
| 2,395,365 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Restricted funds 2022 Unrestricted funds 2022 £ £ 1,600,559 628,307 131,540 35,449 (81,540) (45,761) (162,667) (11,500) 1,487,892 606,495 |
Total funds 2022 £ 2,228,866 166,989 (127,301) (174,167) 2,094,387 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2021 £ 380,278 1,289,732 (462) 1,669,548 |
Unrestricted funds 2021 £ 698,708 60,747 (33,638) 725,817 |
Total funds 2021 £ 1,078,986 1,350,479 (34,100) 2,395,365 |
|---|---|---|---|
15. Related party transactions
During the year Tyndallwoods, a firm in which two of the Trustees are directors, received fees of £28,565 (2021: £26,610) for management of the Trust; and Quilter Cheviot, of which another Trustee is a director, received investment management fees of £4,076 (2021: £8,096). These payments are permitted by the Trust Deed.
Trustees do not receive expenses, remuneration or benefits in kind other than those listed above.
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APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
________________
| Grants awarded in the year Young Careers Campaign Edward's Trust Ivor Gurney Society Birmingham Cathedral St George's Church Birmingham St Mary's Hospice Elgar School of Music Blue Coat School Wythall Community Association OHMI ACE Dance and Music Threads together Elm Ballet School W M Funders Network KEHS Bursary Appeal Hollytrees St Cassian's Church Christian Aid THSH Gumboots Portsmouth Cathedral St Ildierna's Church Help Harry Help Others Martineau Gardens KEHS (metal stamping project) Cramar Cat Rescue WMFN PCC St George's The Bromsgrove International Musicians Samaritans Birmingham Royal Shakespeare Company Birmingham Institute for the deaf Children in Need Birmingham Botanical Gardens Narthex Sparkhill Subtotal |
£ 7,245 7,000 5,000 5,000 5,000 5,000 5,000 5,000 3,000 3,000 3,000 3,000 3,000 2,500 2,500 2,500 2,225 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,574 1,500 1,500 1,500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 |
|---|---|
| 96,044 |
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APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
| _ | ____________ Brought forward subtotal Birmingham Civic Society Edward’s Trust Wythall Village Hall QAC St Basils Movember Royal British Legion Poppy Appeal Chaplaincy Plus BUDS - Better Understanding of Dementia for Sandwell Birmingham Heritage Dogs Trust Street League Wimborne Minster The Donkey Sancutary A1 Petline The Wildlife Trusts PDSA Dodford Childerns farm Dorothy Parkes Community Centre Crohn's & Colitis UK Kids Like Us Pledges Payable within one year and after one year W M Funders The Elgar School of Music Birmingham Cathedral Queen’s University Belfast Grand Total |
___ 96,044 1,000 1,000 1,000 1,000 1,000 560 500 500 500 500 500 500 500 500 500 500 500 400 350 250 250 3,000 15,000 5,000 244,000 375,354 |
|---|---|---|
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