Charity number: 1060330
Loriners Charitable Trust
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 October 2023
Loriners Charitable Trust Contents Page For the year ended 31 October 2023
| 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 |
Loriners Charitable Trust Report of the Trustees
For the year ended 31 October 2023
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 October 2023. 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 (£28,689) (2022: (£184,986)). The Balance Sheet at the year end remains satisfactory with total funds of £1,718,815 (2022: £1,747.504), of which £395,638 (2022: £403,384) 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.
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Loriners Charitable Trust Report of the Trustees Continued
For the year ended 31 October 2023
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, Crispin Lockhart.
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:
·select suitable accounting policies and then apply them consistently;
·observe the methods and principles in the Charities SORP;
·make judgements and estimates that are reasonable and prudent;
·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.
Direction to Trustees:
When the Fitz Fund was added to the LCT the amount equated to 27% of the total LCT. Subsequent direction was approved by the Trustees in October 2023.
- Growth: Growth within the overall LCT can be achieved either by donations/legacies etc or by Capital/Income Growth in the investments. Any such growth (unless specifically articulated to the contrary) is to be split 73% to 27%. - Costs: Likewise any costs should be borne on an equitable split of 73% to 27%.
Working on the direction that all Growth and Costs are borne equally during the year this means that at the end of the year the Fitz Fund should still be 27% of the LCT.
In order for the Objects of the Fitz Fund to be complied with, 27% of the Donations each year need to be exclusively for charitable purposes particularly for the 'horse world'. For 2024 the conservative estimate is that this has been 51%.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity Loriners Charitable Trust Charity registration number 1060330 Principal address Argent Manor Farm
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Loriners Charitable Trust Report of the Trustees Continued For the year ended 31 October 2023
Stutton Ipswich Suffolk IP9 2SY
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Dr G Anderson Miss M Atkinson (Resigned: 31 January 2023) Mr C Walton (Resigned: 25 January 2023) Mr J Mayhew (Resigned: 31 January 2023) Mr C Gurley (Appointed: 23 January 2023) N Bensted-Smith Mr AJ Morton (Appointed: 31 January 2023) Mr RI Wingfield (Appointed: 31 January 2023) Independent examiners Chippendale and Clark First Floor, Absol House Ivy Road Industrial Estate Chippenham SN15 1SB Approved by the Board of Trustees and signed on its behalf by ............................................................................. Mr C Gurley
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Loriners Charitable Trust
Independent Examiners Report to the Trustees
For the year ended 31 October 2023
I report to the trustees on my examination of the accounts of the charity for the year ended 31 October 2023.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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
14 March 2024
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Loriners Charitable Trust
Statement of Financial Activities
For the year ended 31 October 2023
| Notes Income and endowments from: Donations and legacies 2 Investments 3 Total Expenditure on: Charitable activities 4/5 Other expenditure Total Net losses on investments Other recognised gains/losses Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 8,612 34,866 43,478 (42,790) (10,216) (53,006) (11,415) (20,943) 1,344,120 1,323,177 |
Restricted funds £ 3,185 12,896 16,081 (15,826) (3,779) (19,605) (4,222) (7,746) 403,384 395,638 |
2023 £ 11,797 47,762 59,559 (58,616) (13,995) (72,611) (15,637) (28,689) 1,747,504 1,718,815 |
2022 £ 10,580 46,248 |
|---|---|---|---|---|
| 56,828 | ||||
| (51,821) (14,628) |
||||
| (66,449) | ||||
| (175,365) | ||||
| (184,986) | ||||
| 1,932,490 | ||||
| 1,747,504 |
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Loriners Charitable Trust Statement of Financial Position As at 31 October 2023
| 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 |
£ 2023 1,622,225 1,622,225 5,281 5,320 59 85,930 96,590 - 96,590 1,718,815 1,718,815 395,638 1,323,177 1,718,815 |
£ 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 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Mr C Gurley Trustee
6 of 13
Loriners Charitable Trust Notes to the Financial Statements
For the year ended 31 October 2023
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
| Donations received nvestment income Income from investment properties Income from listed investments Bank interest receivable |
Unrestricted funds £ 8,612 8,612 Unrestricted funds £ 232 22,602 12,032 34,866 |
Restricted funds £ 3,185 3,185 Restricted funds £ 86 8,360 4,450 12,896 |
2023 £ 11,797 11,797 2023 £ 318 30,962 16,482 47,762 |
2022 £ 10,580 |
|---|---|---|---|---|
| 10,580 | ||||
| 2022 £ - 40,288 5,960 |
||||
| 46,248 |
3. Investment income
4. Costs of charitable activities by fund type
| osts of charitable activities by fund type | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | 2023 | 2022 | |
| funds | funds | |||
| £ | £ | £ | £ | |
| To support equine and City of | 32,642 | 12,073 | 44,715 | 42,302 |
| London related charities | ||||
| Support costs | 10,148 | 3,753 | 13,901 | 9,519 |
| 42,790 | 15,826 | 58,616 | 51,821 |
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Loriners Charitable Trust Notes to the Financial Statements Continued
For the year ended 31 October 2023
5. Costs of charitable activities by activity type
| Support costs Activities undertaken directly £ £ Support costs To support equine and City of London related charities 13,901 44,715 nalysis of support costs To support equine and City of London related charities Administration Governance costs |
2023 £ 58,616 2023 £ 10,000 3,901 13,901 |
2022 £ 51,821 2022 £ 5,000 4,519 |
|---|---|---|
| 9,519 |
6. Analysis of support costs
Administration costs in 2023 are higher than the previous year due to support costs for 2017 also being included. This figure is likely to reduce in future years
7. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Accountancy fees | 2,304 | 1,657 |
| (Gain)/Loss on disposal of fixed asset investments | 31,430 | (40,756) |
8. Particulars of employees
| Employees | 2023 0 0 |
2022 0 |
|---|---|---|
| 0 |
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Loriners Charitable Trust
Notes to the Financial Statements Continued
For the year ended 31 October 2023
9. Comparative for the Statement of Financial Activities
| Unrestricted | Restricted | 2022 | |
|---|---|---|---|
| funds | funds | ||
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 10,580 | - | 10,580 |
| Investments | 33,761 | 12,487 | 46,248 |
| Total | 44,341 | 12,487 | 56,828 |
| Expenditure on: | |||
| Charitable activities | (40,534) | (11,287) | (51,821) |
| Other expenditure | (14,628) | - | (14,628) |
| Total | (55,162) | (11,287) | (66,449) |
| Net losses on investments | (128,016) | (47,349) | (175,365) |
| Other recognised gains/losses | |||
| Net movement in funds | (138,837) | (46,149) | (184,986) |
| Reconciliation of funds | |||
| Total funds brought forward | 1,482,957 | 449,533 | 1,932,490 |
| Total funds carried forward | 1,344,120 | 403,384 | 1,747,504 |
Investments
10. Analysis of movement of commercial investments
| Market value at 01 November 2022 Additions to investment at cost Disposals at carrying value Net gain/(loss) on revaluation Market value at 31 October 2023 |
Listed investments £ 1,588,478 420,970 (402,829) 15,606 |
|---|---|
| 1,622,225 | |
9 of 13
Loriners Charitable Trust Notes to the Financial Statements Continued For the year ended 31 October 2023
11. Analysis of investments between funds as at year ended 31 October 2023
| 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 |
2023 £ 1,622,225 1,622,225 2023 £ 1,915 3,366 5,281 5,320 5,320 |
2022 £ 1,588,478 |
|---|---|---|
| 1,588,478 | ||
| 2022 £ 19 2,746 |
||
| 2,765 | ||
| 105 | ||
| 105 | ||
13. Analysis of movement of investments
| Analysis of movement of investments | ||
|---|---|---|
| Market value at 01 November 2022 Disposals at carrying value Market value at 31 October 2023 Analysis of movement between funds as at year ended 31 October 2023 Unrestricted funds Other investments |
2023 £ 59 59 |
Other investments £ 61,818 (61,759) |
| 59 | ||
| 2022 £ 61,818 |
||
| 61,818 |
14. Analysis of movement between funds as at year ended 31 October 2023
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Loriners Charitable Trust Notes to the Financial Statements Continued
For the year ended 31 October 2023
15. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Accruals and deferred income | 2023 £ - - |
2022 £ 5,000 |
| 5,000 |
16. Movement in funds
Unrestricted Funds
| Unrestricted Funds | |||||
|---|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Gains and | Balance at | |
| 01/11/2022 | resources | resources | losses | 31/10/2023 | |
| £ | £ | £ | £ | £ | |
| General | |||||
| General | 1,344,120 | 43,478 | (53,006) | (11,415) | 1,323,177 |
| 1,344,120 | 43,478 | (53,006) | (11,415) | 1,323,177 | |
| Unrestricted Funds - Previous year | |||||
| 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 |
Purpose of unrestricted Funds
General
To support Equine and City of London related charities
Restricted Funds
| The Cyril & Rodney Fitzgerald Fund |
Balance at 01/11/2022 £ 403,384 403,384 |
Incoming resources £ 16,081 16,081 |
Outgoing resources £ (19,605) (19,605) |
Gains and losses £ (4,222) (4,222) |
Balance at 31/10/2023 £ 395,638 |
|---|---|---|---|---|---|
| 395,638 |
11 of 13
Loriners Charitable Trust Notes to the Financial Statements Continued
For the year ended 31 October 2023
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 01/11/2021 £ 449,533 449,533 |
Incoming resources £ 12,487 12,487 |
Outgoing resources Gains and losses Balance at 31/10/2022 £ £ £ 403,384 (11,287) (47,349) (11,287) (47,349) 403,384 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,622,225 (299,048) 1,323,177 - 395,638 395,638 1,622,225 96,590 1,718,815 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 |
Outgoing resources Gains and losses Balance at 31/10/2022 £ £ £ 403,384 (11,287) (47,349) (11,287) (47,349) 403,384 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,622,225 (299,048) 1,323,177 - 395,638 395,638 1,622,225 96,590 1,718,815 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 |
Balance at 31/10/2022 £ 403,384 |
|---|---|---|---|---|---|
| 403,384 | |||||
| 1,622,225 96,590 1,718,815 |
|||||
| 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 |
17. Analysis of net assets between funds
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Loriners Charitable Trust Detailed Statement of Financial Activities For the year ended 31 October 2023
| INCOME AND ENDOWMENT Donations and legacies Donations Investments Income from investment properties 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 |
£ 2023 11,797 11,797 318 30,962 16,482 47,762 59,559 (44,715) (44,715) (13,995) (13,995) (10,000) (10,000) (3,901) (3,901) (72,611) 15,793 (31,430) (15,637) (15,637) (28,689) |
£ 2022 10,580 |
|---|---|---|
| 10,580 - 40,288 5,960 |
||
| 46,248 | ||
| 56,828 (42,302) |
||
| (42,302) (14,628) |
||
| (14,628) (5,000) |
||
| (5,000) (4,519) |
||
| (4,519) | ||
| (66,449) (216,121) 40,756 |
||
| (175,365) | ||
| (175,365) | ||
| (184,986) |
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This page does not form part of the statutory financial statements
Signature Certificate
Reference number: UZX8Z-LRWAF-FZ2BY-XEBKY
Signer
Timestamp
Signature
Colin Gurley
Email: colin.a.gurley@me.com
Sent: Viewed: Signed:
Recipient Verification:
✔ Email verified
09 May 2024 07:56:59 UTC 09 May 2024 08:02:38 UTC 09 May 2024 08:02:59 UTC
09 May 2024 08:02:38 UTC
IP address: 86.165.240.75 Location: Welling, United Kingdom
Document completed by all parties on: 09 May 2024 08:02:59 UTC
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