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Charity number: 1060330
Loriners Charitable Trust
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 October 2020
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Loriners Charitable Trust Contents Page For the year ended 31 October 2020
| Report of the Trustees | 1 to 3 |
|---|---|
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 |
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Loriners Charitable Trust Report of the Trustees
For the year ended 31 October 2020
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 October 2020. 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Charity are to apply its income to one or more charitable purposes as the Trustees shall direct from time to time to City of London based charities, to equestrian education organisations by way of direct payments for education, bursaries, prizes and sponsorship and to equine related charities. Income from the Seear & Spaul investments is firstly to be applied to the well-being of Liverymen and their families in distress or need and, if there is no such priority claim, then the earnings are to be available as unrestricted funds in any year.
The Trustees have complied with the duty in section 17 of the 2011 Charities Act and have given consideration to the Charity Commission's general guidance on public benefit.
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
FINANCIAL REVIEW
The Trustees report that the net movement in funds for the year was a (deficit)/ surplus of £(78,507) (2019: £68,969). The Balance Sheet at the year end remains satisfactory with total funds of £1,703,058 (2019: £1,781,564), of which £386,443 (2019: £401,039) are restricted as they relate to the Rodney Fitzgerald Fund..
The results for the year have enabled the Charity to continue its equestrian education programme and other charitable grant giving.
There are no restrictions on the Charity's power to invest. The investment strategy is set by the Trustees annually and takes account of any demands for funds and the quality of applications. The Trustees consider the income requirements, the risk profile and the investment manager's view of the market prospects in the future. This strategy is set within an overall policy, which states that the investments should be medium low risk with a view to ensuring that capital appreciation exceeds inflation whilst maintaining a consistent income stream. This strategy is reviewed annually with the investment managers.
Reserves
The Trustees consider this to be primarily an investment fund held to generate income and ensure the stability of their grant making programme. The Trustees' investment objective is therefore to give priority to preserving and, where prudent, enhancing the income from investments so as to provide full scope for charitable giving, while seeking at least to maintain the value of the capital.
Going concern
The Trustees have examined the major strategic, business and operational risks which the Charity faces, considered the vulnerability of the Charity to factors which could seriously impair its ability to achieve its objectives and ensured that the Charity's systems enable these risks to be managed. The main income sources are donations, including Gift Aid tax recovery, and investment and interest income. The ability of the Charity to make grants at the current level is dependent on members of the Worshipful Company of Loriners continuing to maintain their value of giving and on the stream of investment income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Loriners Charitable Trust is a registered Charity (Charity No. 1060330) constituted under a Trust Deed dated 20 August 1962.
The Charity operates under the direction of the trustees. The trustees are appointed by the Court of the Worshipful Company of Loriners, on the basis of experience, interest and commitment.
The trustees recognise their duty to keep up to date with the developments in charity law. Each year they make a declaration that they are competent to act as Trustees. They act appropriately in relation to any conflict of interest arising during the year. New Trustees receive an induction pack describing the activities of the Charity and Trustees' responsibilities.
Connected Companies are the Worshipful Company of Loriners and The Loriners Investment Company Limited. This Charity incorporates the Seear and Spaul Charity.
The trustees have delegated day to day management of the trust to the clerk, Honor J Page.
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Loriners Charitable Trust Report of the Trustees Continued
For the year ended 31 October 2020
Recruitment and appointment of trustees
The Charity's Trustees are responsible for preparing the Trustees Annual 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 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 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
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explained in the Financial Statements;
· 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 proper 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 and the Charity (Accounts and Reports) Regulations 2008. The Trustees 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.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity Loriners Charitable Trust Charity registration number 1060330 Principal address 30 Elm Park Royal Wootton Bassett Swindon Wiltshire SN4 7TA
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Independent examiners
Miss M Atkinson Miss S Douthwaite Mr C Walton Mr P Clyne Mr P English Mr J Mayhew Chippendale and Clark First Floor, Absol House Ivy Road Industrial Estate Chippenham SN15 1SB
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Loriners Charitable Trust Report of the Trustees Continued For the year ended 31 October 2020
Approved by the Board of Trustees and signed on its behalf by
............................................................................. Miss M Atkinson
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Loriners Charitable Trust
Independent Examiners Report to the Trustees
For the year ended 31 October 2020
I report to the trustees on my examination of the accounts of the charity for the year ended 31 October 2020.
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 2011 Act').
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiners 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 that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts 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.
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.
Philip Clark
ACMA Chippendale and Clark First Floor, Absol House Ivy Road Industrial Estate Chippenham SN15 1SB
08 April 2021
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Loriners Charitable Trust
Statement of Financial Activities
For the year ended 31 October 2020
| Notes Income and endowments from: Donations and legacies 2 Investments 3 Total Expenditure on: Charitable activities 4/5 Other expenditure Total Net gains/(losses) on investments Other recognised gains/losses Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 10,054 29,781 39,835 (51,000) (13,284) (64,284) (39,462) (63,911) 1,380,526 1,316,615 |
Restricted funds £ - 11,015 11,015 (11,015) - (11,015) (14,596) (14,596) 401,039 386,443 |
2020 £ 10,054 40,796 50,850 (62,015) (13,284) (75,299) (54,058) (78,507) 1,781,565 1,703,058 |
2019 £ 23,297 46,206 |
|---|---|---|---|---|
| 69,503 | ||||
| (65,928) (13,657) |
||||
| (79,585) | ||||
| 79,052 | ||||
| 68,970 | ||||
| 1,712,595 | ||||
| 1,781,565 |
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Loriners Charitable Trust Statement of Financial Position
As at 31 October 2020
| Notes Fixed assets Investments 9/10 Current assets 11 Debtors: amounts falling due within one year Debtors: amounts falling due after more than one year 11 Investments 12/13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets The funds of the charity Restricted income funds 15 Unrestricted income funds 15 Total funds |
£ 2020 1,534,470 1,534,470 1,919 14,731 82,684 69,254 168,588 - 168,588 1,703,058 1,703,058 386,443 1,316,615 1,703,058 |
£ 2019 1,615,579 |
|---|---|---|
| 1,615,579 | ||
| - 14,731 69,546 87,447 |
||
| 171,724 | ||
| (5,738) 165,986 |
||
| 1,781,565 | ||
| 1,781,565 | ||
| 401,039 1,380,526 |
||
| 1,781,565 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Miss M Atkinson Trustee
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Loriners Charitable Trust Notes to the Financial Statements
For the year ended 31 October 2020
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Charities Act 2011.
Loriners 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 note(s).
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties or risks exist. They have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.
2. Income from donations and legacies
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Unrestricted funds | ||
| Donations received | 10,054 | 23,297 |
| 10,054 | 23,297 |
3. Investment income
| Unrestricted | Restricted | 2020 | 2019 | |
|---|---|---|---|---|
| funds | funds | |||
| £ | £ | £ | £ | |
| Income from listed investments | 27,768 | 10,270 | 38,038 | 44,999 |
| Bank interest receivable | 2,013 | 745 | 2,758 | 1,207 |
| 29,781 | 11,015 | 40,796 | 46,206 |
4. Costs of charitable activities by fund type
| To support equine and City of London related charities Support costs |
Unrestricted funds £ 42,328 8,672 51,000 |
Restricted funds £ 11,015 - 11,015 |
2019 2020 £ £ 60,688 53,343 5,240 8,672 65,928 62,015 |
|---|---|---|---|
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Loriners Charitable Trust
Notes to the Financial Statements Continued
For the year ended 31 October 2020
5. Costs of charitable activities by activity type
| Support costs Activities undertaken directly £ £ Support costs To support equine and City of London related charities 8,672 53,343 nalysis of support costs To support equine and City of London related charities Administration Governance costs |
2020 £ 62,015 2020 £ 5,000 3,672 8,672 |
2019 £ 65,928 2019 £ 5,000 240 |
|---|---|---|
| 5,240 |
6. Analysis of support costs
7. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Accountancy fees | 3,240 | 240 |
| (Gain)/Loss on disposal of fixed asset investments | 9,621 | (18,961) |
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Loriners Charitable Trust
Notes to the Financial Statements Continued
For the year ended 31 October 2020
8. Comparative for the Statement of Financial Activities
| Unrestricted | Restricted | 2019 | |
|---|---|---|---|
| funds | funds | ||
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 23,297 | - | 23,297 |
| Investments | 33,730 | 12,476 | 46,206 |
| Total | 57,027 | 12,476 | 69,503 |
| Expenditure on: | |||
| Charitable activities | (55,928) | (10,000) | (65,928) |
| Other expenditure | (13,657) | - | (13,657) |
| Total | (69,585) | (10,000) | (79,585) |
| Net gains on investments | 57,708 | 21,344 | 79,052 |
| Other recognised gains/losses | |||
| Net movement in funds | 45,150 | 23,820 | 68,970 |
| Reconciliation of funds | |||
| Total funds brought forward | 1,335,376 | 377,219 | 1,712,595 |
| Total funds carried forward | 1,380,526 | 401,039 | 1,781,565 |
Investments
9. Analysis of movement of commercial investments
| Market value at 01 November 2019 Additions to investment at cost Disposals at carrying value Net gain/(loss) on revaluation Amounts written off Market value at 31 October 2020 |
Listed investments £ 1,615,579 423,396 (459,173) (44,436) (896) |
|---|---|
| 1,534,470 | |
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Loriners Charitable Trust Notes to the Financial Statements Continued
For the year ended 31 October 2020
10. Analysis of investments between funds as at year ended 31 October 2020
| Unrestricted funds Listed investments 11. Debtors Amounts due within one year: Prepayments and accrued income Amounts due after more than one year: Amounts due by group and associated undertakings Current Asset Investments |
2020 £ 1,534,470 1,534,470 2020 £ 1,919 1,919 14,731 14,731 |
2019 £ 1,615,579 |
|---|---|---|
| 1,615,579 | ||
| 2019 £ - |
||
| - | ||
| 14,731 | ||
| 14,731 | ||
12. Analysis of movement of investments
| Market value at 01 November 2019 Additions to investments at cost Market value at 31 October 2020 |
Other investments £ 69,546 13,138 |
|---|---|
| 82,684 | |
13. Analysis of movement between funds as at year ended 31 October 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Unrestricted funds | ||
| Other investments | 82,684 | 69,546 |
| 82,684 | 69,546 |
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Loriners Charitable Trust
Notes to the Financial Statements Continued
For the year ended 31 October 2020
14. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors | 2020 £ - - |
2019 £ 5,738 |
| 5,738 |
15. Movement in funds
Unrestricted Funds
| Unrestricted Funds | |||||
|---|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Gains and | Balance at | |
| 01/11/2019 | resources | resources | losses | 31/10/2020 | |
| £ | £ | £ | £ | £ | |
| General | |||||
| General | 1,380,526 | 39,835 | (64,284) | (39,462) | 1,316,615 |
| 1,380,526 | 39,835 | (64,284) | (39,462) | 1,316,615 | |
| Unrestricted Funds - Previous year | |||||
| Balance at | Incoming | Outgoing | Gains and | Balance at | |
| 01/11/2018 | resources | resources | losses | 31/10/2019 | |
| £ | £ | £ | £ | £ | |
| General | |||||
| General | 1,335,376 | 57,027 | (69,585) | 57,708 | 1,380,526 |
| 1,335,376 | 57,027 | (69,585) | 57,708 | 1,380,526 |
Purpose of unrestricted Funds
General
To support Equine and City of London related charities
Restricted Funds
| The Cyril & Rodney Fitzgerald Fund |
Balance at 01/11/2019 £ 401,039 401,039 |
Incoming resources £ 11,015 11,015 |
Outgoing resources £ (11,015) (11,015) |
Gains and losses £ (14,596) (14,596) |
Balance at 31/10/2020 £ 386,443 |
|---|---|---|---|---|---|
| 386,443 |
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Loriners Charitable Trust
Notes to the Financial Statements Continued
For the year ended 31 October 2020
Restricted Funds - Previous year
| The Cyril & Rodney Fitzgerald Fund Purpose of restricted funds The Cyril & Rodney Fitzgerald Fund To support equestrian charities Analysis of net assets between funds Unrestricted funds General General Restricted funds The Cyril & Rodney Fitzgerald Fund Previous year Unrestricted funds General General Restricted funds The Cyril & Rodney Fitzgerald Fund |
Balance at 01/11/2018 £ 377,219 377,219 |
Incoming resources £ 12,476 12,476 |
Outgoing resources Gains and losses Balance at 31/10/2019 £ £ £ 401,039 (10,000) 21,344 (10,000) 21,344 401,039 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,534,470 (217,855) 1,316,615 - 386,443 386,443 1,534,470 168,588 1,703,058 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,615,579 (235,053) 1,380,526 - 401,039 401,039 1,615,579 165,986 1,781,565 |
Outgoing resources Gains and losses Balance at 31/10/2019 £ £ £ 401,039 (10,000) 21,344 (10,000) 21,344 401,039 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,534,470 (217,855) 1,316,615 - 386,443 386,443 1,534,470 168,588 1,703,058 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,615,579 (235,053) 1,380,526 - 401,039 401,039 1,615,579 165,986 1,781,565 |
Balance at 31/10/2019 £ 401,039 |
|---|---|---|---|---|---|
| 401,039 | |||||
| 1,534,470 168,588 1,703,058 |
|||||
| Investments Net current assets / (liabilities) Net Assets £ £ £ 1,615,579 (235,053) 1,380,526 - 401,039 401,039 |
|||||
| 1,615,579 165,986 1,781,565 |
16. Analysis of net assets between funds
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Loriners Charitable Trust Detailed Statement of Financial Activities
For the year ended 31 October 2020
| INCOME AND ENDOWMENT Donations and legacies Donations Investments Income from listed investments Bank interest receivable Total incoming resources EXPENDITURE Charitable activities Cost of direct charitable activity Other Other resources expended SUPPORT COSTS Administration Administration Governance costs Governance costs Total resources expended NET EXPENDITURE BEFORE GAINS AND LOSSES Other recognised gains and losses Unrealised Gains/(loss) on revaluation of investments Gains/(loss) on disposal of investments Net expenditure before gains and losses Net Expenditure |
£ 2020 10,054 10,054 38,038 2,758 40,796 50,850 (53,343) (53,343) (13,284) (13,284) (5,000) (5,000) (3,672) (3,672) (75,299) (44,436) (9,622) (54,058) (54,058) (78,507) |
£ 2019 23,297 |
|---|---|---|
| 23,297 44,999 1,207 |
||
| 46,206 | ||
| 69,503 (60,688) |
||
| (60,688) (13,657) |
||
| (13,657) (5,000) |
||
| (5,000) (240) |
||
| (240) | ||
| (79,585) 60,092 18,960 |
||
| 79,052 | ||
| 79,052 | ||
| 68,970 |
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This page does not form part of the statutory financial statements