Charity Registration No. 1045650
THE LYONS CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE LYONS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
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| Trustees | MrJonathan Gibbon |
|---|---|
| Mr Gareth Read | |
| Mr Robin Worby | |
| Mrs Sarah Eaves | |
| Charity number | 1045650 |
| Principal address | 1st Floor |
| Nicholas House | |
| River Front | |
| Enfield | |
| Middlesex | |
| EN1 3FG | |
| Independent examiner | Paul Phillips FCA |
| Chase Green House | |
| 42 Chase Side | |
| Enfield | |
| Middlesex | |
| EN2 6NF | |
| Bankers | National Westminster Bank Plc |
| Kingsland Branch | |
| 74 Kingsland High Street | |
| London | |
| E8 2QU | |
| Investmentmanagers | Investec Wealth & Investment |
| 30 Gresham Street | |
| London | |
| EC2V7QN |
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THE LYONS CHARITABLE TRUST
CONTENTS
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|---|---|
| Page | |
| Trustees’ report | 1-2 |
| Independent examiner's report | 3 |
| Statement offinancial activities | 4 |
| Balance sheet | 5 |
| Notestothefinancialstatements | 6-12 |
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THE LYONS CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021 aamma
The Trustees present their report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Declaration of Trust, the Charities Act 2011 and "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)" (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities In planning our activities for the year, we kept in mind the Charity Commission's guidance on public benefit. The object of the Foundation is to make grants to organisations focussing upon medical research, the homeless and education. The Trustees have decided that the most effective method of applying the Foundation's resources is to make distributions to known charitable organisations. The trustees have periodic discussions and meetings during which details of grants awarded are reviewed in addition to the processing of new applications for funding.
Achievements and performance
During the year the Foundation conferred two grants totalling £15,000.
Financial review The general policy of the Foundation is for the capital fund to be maintained at a level that will generate future income sufficient to maintain a broadly constant level of financial support to its preferred beneficiaries. The unrestricted funds as at 5 April 2021 were £2,395, 162 (2020: £1,981,017).
The Trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Charity is governed by a Declaration of Trust dated 2 March 1995 and a Deed of Enlargement dated 24 December 2018.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr Jonathan Gibbon Mr Gareth Read Mr Robin Worby Mrs Sarah Eaves
Post Balance Sheet Events
The Trustees have considered the potential impact of the Covid-19 pandemic, and the various measures taken to contain it. Whilst the investments held by the Charity declined by more than 10% during the year ended 5 April 2020, as at 5 April 2021 the investments held have increased in value by 20%, The adverse impact upon the Charity and its future income is impossible to determine at this stage, however, the Trustees do not see the long term viability of the Charity and its operations as likely to be unduly affected.
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THE LYONS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
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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 and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
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 in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards 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 operation.
The Trustees are responsible for keeping sufficient accounting records that 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.
The Trustees’ report was approved by the Board of Trustees.
dwar, 170 Mr Jonathan Gibbon TrusteeDated: wed le L0Z2.
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THE LYONS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LYONS CHARITABLE TRUST ee ee ee eee
| report to the Trustees on my examination of the financial statements of The Lyons Charitable Trust (the Charity) for the year ended 5 April 2021.
Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
| report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 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 now been withdrawn.
| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. | have no concerns and have come across no other matters in connection with the examination to which attention should be d4wn in this report in order to enable a proper understanding of the financial statements to be reached.
Paul Phillips FCA Independent Examiner Brian Paul Limited Chase Green House 42 Chase Side | Enfield Middlesex EN2 6NF Dated: ..24s..!...2992
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THE LYONS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
ES
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investment income | 2 | 48,175 | 69,753 |
| Expenditure on: Raisingfunds |
3 | 20,052 | 20,076 |
| Charitable activities | 4 | 21,903 | 63,823 |
| Total resources expended | 41,955 | 83,899 | |
| Netgains/(losses) on investments | 9 | 407,925 | (270,377) |
| Netmovement infunds | 414,145 | (284,523) | |
| Fund balances at6April 2020 | 1,981,017 | 2,265,540 | |
| Fundbalancesat5April2021 | 2,395,162 | 1,981,017 |
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE LYONS CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2021 | AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2021 | AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2021 | AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2021 | AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2021 |
|---|---|---|---|---|
| a a |
||||
| 2021 | 2020 | |||
| Notes | £ £ |
£ | £ | |
| Fixed assets Investments |
10 | 2,298,789 | 1,796,550 | |
| Current assets Cash atbank and in hand Cash with investmentmanagers |
66,456 40,279 |
45,956 151,653 |
||
| 106,735 | 197,609 | |||
| Creditors: amounts falling due within oneyear |
11 | (10,362) | (13,142) | |
| Netcurrentassets | 96,373 | 184,467 | ||
| Total assets lesscurrent liabilities | 2,395,162 | 1,981,017 | ||
| Income funds Unrestricted funds |
2,395,162 | 1,981,017 | ||
| 2,395,162 | 1,981,017 |
|
The financial statements were approved by the Trustees on AG, cote
r Jonathan Gibbon Trustee
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THE LYONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
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4Accounting policies
Charity information The Lyons Charitable Trust is an unincorporated charity whose principal address is 1st Floor, Nicholas House, River Front, Enfield, Middlesex, EN1 3FG.
1.1 Accounting convention The financial statements have been prepared in accordance with the Charity's Declaration of Trust, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The Trustees have considered the potential impact of the Covid-19 pandemic, and the various measures taken to contain it. Whilst the investments held by the Charity declined by more than 10% during the year ended 5 April 2020, as at 5 April 2021 the investments held have increased in value by 20%, The adverse impact upon the Charity and its future income is impossible to determine at this stage, however, the Trustees do not see the long term viability of the Charity and its operations as likely to be unduly affected.
1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
- 1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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THE LYONS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2021 ee eee re gg i a te ACEI AAO, 1 Accounting policies (Continued)
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
- 1.5 Expenditure Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. They are recognised when there is a legal or constructive obligation to pay for expenditure.
Grants and donations payable are charged to the Statement of Financial Activities in the period in which they have been approved and committed.
Governance costs represent those costs associated with meeting the constitutional and statutory requirements of the charity.
1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
- 1.7. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE LYONS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2021
a 1Accounting policies (Continued)
Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Investment income
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Income | from listed investments | 48,171 | 69,734 |
| Interest | receivable | 4 | 19 |
| 48,175 | 69,753 |
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THE LYONS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED5 APRIL 2021
TN
| 3 | Raising funds | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Investmentmanagement | 20,052 | 20,076 | |
| 20,052 | 20,076 |
4 Charitable activities
|
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Grantfunding ofactivities (see note 5) Governance costs (see note 6) |
15,000 6,903 |
58,000 5,823 |
| 21,903 | 63,823 |
5 Grants payable
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Grants to institutions (2 grants): Alzheimer's Research |
- | 15,000 |
| Street Smart | - | 5,000 |
| MacMillan Cancer Support MIND |
- - |
10,000 5,000 |
| Headway Shelter Arthritis Research FoodCycle Trussell Trust CentrepointSoho |
5,000 - 10,000 - - - |
3,000 5,000 - 5,000 5,000 5,000 |
| 15,000 | 58,000 |
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THE LYONS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
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|---|---|---|---|---|---|---|---|
|6Support and|governance|costs|
|Support Governance|2021|Support|Governance|2020|
|costs|costs|costs|costs|
|£|£|£|£|£|£|
|Administration|fees|-|4,613|4,613|-|4,771|4,771|
|Accountancy|and|
|Independent|Examiner's|
|fees|-|1,260|1,260|-|1,260|1,260|
|Bank charges|-|4|4|-|5|5|
|Profit on|foreign|
|exchange|oof|1,026|1,026|-|(213)|(213)|
|||-|6,903|6,903|-|5,823|5,823|
|Analysed|between|
|Charitable|activities|-|6,903|6,903|-|5,823|5,823|
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7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year except as disclosed in note 14.
8 Employees
There were no employees during the year.
9 Net gains/(losses) on investments
Revaluation of investments
==> picture [113 x 83] intentionally omitted <==
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|||
|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2021|2020|
|£|£|
|407,925|(270,377)|
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THE LYONS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
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10 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At6April 2020 Additions Valuation changes Disposals |
1,796,550 665,635 407,925 (571,321) |
| At 5April 2021 | 2,298,789 |
| Carrying amount At 05April 2021 |
2,298,789 |
| At05April2020 | 1,796,550 |
The historic cost of the investments at 5 April 2021 was £1,963,754 (2020: £1,858,266)
141 Creditors: amounts falling due within one year
| 141 | Creditors: amounts falling due within one year | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 10,362 | 13,142 | |
| 12 | Analysis of netassets between funds | Unrestricted | Unrestricted |
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fund balances at 5April 2021 are represented by: Investments Current assets/(liabilities) |
2,298,789 96,373 |
1,796,550 184,467 |
|
| 2,395,162 | 1,981,017 |
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THE LYONS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
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13 Related party transactions
Mr R E Worby, a Trustee, is also a director of Moore Northern Home Counties Limited. During the year the Charity became liable to pay sums to Moore Northern Home Counties Limited relating to accountancy services of £4,613 (2020: £4,771).
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