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2022-10-31-accounts

DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Charity number: 1060330

Loriners Charitable Trust

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 October 2022

DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Contents Page For the year ended 31 October 2022

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

DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Report of the Trustees

For the year ended 31 October 2022

The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 October 2022. 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 (£184,986) (2021: £229,432). The Balance Sheet at the year end remains satisfactory with total funds of £1,747,504 (2021: £1,932,490), of which £403,384 (2021: £449,533) 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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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Report of the Trustees Continued

For the year ended 31 October 2022

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:

· state whether applicable accounting standards have been followed, subject to any material departures disclosed and 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 (Resigned: 20 January 2022) Mr C Walton Mr J Mayhew Mr C Gurley N Bensted-Smith (Appointed: 20 January 2022) Chippendale and Clark First Floor, Absol House Ivy Road Industrial Estate Chippenham SN15 1SB

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Report of the Trustees Continued For the year ended 31 October 2022

Approved by the Board of Trustees and signed on its behalf by

............................................................................. 10 March 2023 Mr C Walton

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Independent Examiners Report to the Trustees For the year ended 31 October 2022

I report to the trustees on my examination of the accounts of the charity for the year ended 31 October 2022.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

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

  3. 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

28 February 2023

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Statement of Financial Activities

For the year ended 31 October 2022

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
£
10,580
33,761
44,341
(40,534)
(14,628)
(55,162)
(128,016)
(138,837)
1,482,957
1,344,120		 Restricted
funds
£
-
12,487
12,487
(11,287)
-
(11,287)
(47,349)
(46,149)
449,533
403,384		 2022
£
10,580
46,248
56,828
(51,821)
(14,628)
(66,449)
(175,365)
(184,986)
1,932,490
1,747,504		 2021
£
13,280
40,584
53,864
(47,108)
(10,990)
(58,098)
233,666
229,432
1,703,058
1,932,490

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Statement of Financial Position As at 31 October 2022

Notes
Fixed assets
Investments
10/11
Current assets
12
Debtors: amounts falling due within one year
Debtors: amounts falling due after more than one year
12
Investments
13/14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Restricted income funds
16
Unrestricted income funds
16
Total funds		 £
2022
1,588,478
1,588,478
2,765
105
61,818
99,338
164,026
(5,000)
159,026
1,747,504
1,747,504
403,384
1,344,120
1,747,504		 £
2021
1,783,997
1,783,997
2,810
305
56,254
89,124
148,493
-
148,493
1,932,490
1,932,490
449,533
1,482,957
1,932,490

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Mr C Walton Trustee

10 March 2023

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Notes to the Financial Statements

For the year ended 31 October 2022

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

2022 2021
£ £
Unrestricted funds
Donations received 10,580 13,280
10,580 13,280

3. Investment income

Unrestricted Restricted 2022 2021
funds funds
£ £ £ £
Income from listed investments 29,410 10,878 40,288 36,740
Bank interest receivable 4,351 1,609 5,960 3,844
33,761 12,487 46,248 40,584

4. Costs of charitable activities by fund type

To support equine and City of
London related charities
Support costs		 Unrestricted
funds
£
31,015
9,519
40,534		 Restricted
funds
£
11,287
-
11,287		 2021
2022
£
£
38,445
42,302
8,663
9,519
47,108
51,821

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust

Notes to the Financial Statements Continued For the year ended 31 October 2022

5. Costs of charitable activities by activity type

Support
costs
Activities
undertaken
directly
£
£
Support costs
To support equine and City of
London related charities
9,519
42,302
nalysis of support costs
To support equine and City of London related charities
Administration
Governance costs		 2022
£
51,821
2022
£
5,000
4,519
9,519		 2021
£
47,108
2021
£
5,000
3,663
8,663

6. Analysis of support costs

7. Net income/(expenditure) for the year

This is stated after charging/(crediting):

Accountancy fees
Gain on disposal of fixed asset investments
articulars of employees
Employees		 2022
£
1,657
(40,756)
2022
0
0		 2021
£
3,240
(109,811)
2021
0
0

8. Particulars of employees

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust

Notes to the Financial Statements Continued

For the year ended 31 October 2022

9. Comparative for the Statement of Financial Activities

Unrestricted Restricted 2021
funds funds
£ £ £
Income and endowments from:
Donations and legacies 13,280 - 13,280
Investments 29,626 10,958 40,584
Total 42,906 10,958 53,864
Expenditure on:
Charitable activities (36,150) (10,958) (47,108)
Other expenditure (10,990) - (10,990)
Total (47,140) (10,958) (58,098)
Net gains on investments 170,576 63,090 233,666
Other recognised gains/losses
Net movement in funds 166,342 63,090 229,432
Reconciliation of funds
Total funds brought forward 1,316,615 386,443 1,703,058
Total funds carried forward 1,482,957 449,533 1,932,490

Investments

10. Analysis of movement of commercial investments

Market value at 01
November 2021
Additions to
investment at cost
Disposals at carrying
value
Net gain/(loss) on
revaluation
Amounts written off
Market value at 31
October 2022		 Listed
investments
£
1,513,756
335,562
(314,961)
53,728
393
1,588,478

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Notes to the Financial Statements Continued For the year ended 31 October 2022

11. Analysis of investments between funds as at year ended 31 October 2022

Unrestricted funds
Listed investments
12. Debtors
Amounts due within one year:
Prepayments and accrued income
Other debtors
Amounts due after more than one year:
Amounts due by group and associated undertakings
Current Asset Investments
13. Analysis of movement of investments		 2022
£
1,588,478
1,588,478
2022
£
19
2,746
2,765
105
105		 2021
£
1,783,997
1,783,997
2021
£
-
2,810
2,810
305
305
Other
investments
£
Market value at 01 November 56,254
2021
Additions to investments at cost 5,564
Market value at 31 October 61,818
2022
Analysis of movement between funds as at year ended 31 October 2022
2022 2021
£ £
Unrestricted funds
Other investments 61,818 56,254
61,818 56,254

14. Analysis of movement between funds as at year ended 31 October 2022

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust

Notes to the Financial Statements Continued For the year ended 31 October 2022

15. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals and deferred income 2022
£
5,000
5,000		 2021
£
-
-

16. Movement in funds

Unrestricted Funds

Unrestricted Funds
Balance at Incoming Outgoing Gains and Balance at
01/11/2021 resources resources losses 31/10/2022
£ £ £ £ £
General
General 1,482,957 44,341 (55,162) (128,016) 1,344,120
1,482,957 44,341 (55,162) (128,016) 1,344,120
Unrestricted Funds - Previous year
Balance at Incoming Outgoing Gains and Balance at
01/11/2020 resources resources losses 31/10/2021
£ £ £ £ £
General
General 1,316,615 42,906 (47,140) 170,576 1,482,957
1,316,615 42,906 (47,140) 170,576 1,482,957

Purpose of unrestricted Funds

General

To support Equine and City of London related charities

Restricted Funds

The Cyril & Rodney
Fitzgerald Fund		 Balance at
01/11/2021
£
449,533
449,533		 Incoming
resources
£
12,487
12,487		 Outgoing
resources
£
(11,287)
(11,287)		 Gains and
losses
£
(47,349)
(47,349)		 Balance at
31/10/2022
£
403,384
403,384

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust

Notes to the Financial Statements Continued

For the year ended 31 October 2022

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
01/11/2020
£
386,443
386,443		 Incoming
resources
£
10,958
10,958		 Outgoing
resources
Gains and
losses
Balance at
31/10/2021
£
£
£
449,533
(10,958)
63,090
(10,958)
63,090
449,533
Investments
Net current
assets /
(liabilities)
Net Assets
£
£
£
1,588,478
(244,358)
1,344,120
-
403,384
403,384
1,588,478
159,026
1,747,504
Investments
Net current
assets /
(liabilities)
Net Assets
£
£
£
1,783,997
(301,040)
1,482,957
-
449,533
449,533
1,783,997
148,493
1,932,490		 Outgoing
resources
Gains and
losses
Balance at
31/10/2021
£
£
£
449,533
(10,958)
63,090
(10,958)
63,090
449,533
Investments
Net current
assets /
(liabilities)
Net Assets
£
£
£
1,588,478
(244,358)
1,344,120
-
403,384
403,384
1,588,478
159,026
1,747,504
Investments
Net current
assets /
(liabilities)
Net Assets
£
£
£
1,783,997
(301,040)
1,482,957
-
449,533
449,533
1,783,997
148,493
1,932,490		 Balance at
31/10/2021
£
449,533
449,533
1,588,478
159,026
1,747,504
Investments
Net current
assets /
(liabilities)
Net Assets
£
£
£
1,783,997
(301,040)
1,482,957
-
449,533
449,533
1,783,997
148,493
1,932,490

17. Analysis of net assets between funds

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DocuSign Envelope ID: D370D22D-7B1D-4C77-9FB0-218B83313ED3

Loriners Charitable Trust Detailed Statement of Financial Activities For the year ended 31 October 2022

2022 2021
£ £
INCOME AND ENDOWMENT
Donations and legacies
Donations 10,580 13,280
10,580 13,280
Investments
Income from listed investments 40,288 36,740
Bank interest receivable 5,960 3,844
46,248 40,584
Total incoming resources 56,828 53,864
EXPENDITURE
Charitable activities
Cost of direct charitable activity (42,302) (38,445)
(42,302) (38,445)
Other
Other resources expended (14,628) (10,990)
(14,628) (10,990)
SUPPORT COSTS
Administration
Administration (5,000) (5,000)
(5,000) (5,000)
Governance costs
Governance costs (4,519) (3,663)
(4,519) (3,663)
Total resources expended (66,449) (58,098)
NET EXPENDITURE BEFORE GAINS AND LOSSES
Other recognised gains and losses
Unrealised Gains/(loss) on revaluation of (216,121) 123,855
investments
Gains/(loss) on disposal of investments 40,756 109,811
(175,365) 233,666
Net expenditure before gains and losses (175,365) 233,666
Net Expenditure (184,986) 229,432

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This page does not form part of the statutory financial statements