Charity number: 1060330
## Loriners Charitable Trust
Report of the Trustees and Unaudited Financial Statements For the year ended 31 October 2024
Loriners Charitable Trust Contents Page For the year ended 31 October 2024
|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 2024
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 October 2024. 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 £207,330 (2023: (£28,689)). The Balance Sheet at the year end remains satisfactory with total funds of £1,926,145 (2023: £1,718,815), of which £451,617 (2023: £395,638) 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.
1 of 13
## Loriners Charitable Trust Report of the Trustees Continued For the year ended 31 October 2024
## **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%.
2 of 13
Loriners Charitable Trust Report of the Trustees Continued For the year ended 31 October 2024
Ipswich Suffolk IP9 2SY
Dr G Anderson (Appointed: 25 January 2024) Mr C Gurley N Bensted-Smith Mr AJ Morton Mr RI Wingfield **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
Dr G Anderson.............................................................................
02 / 05 / 2025
3 of 13
## Loriners Charitable Trust Independent Examiners Report to the Trustees For the year ended 31 October 2024
I report to the trustees on my examination of the accounts of the charity for the year ended 31 October 2024.
## **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
18 February 2025
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## Loriners Charitable Trust Statement of Financial Activities For the year ended 31 October 2024
|**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**
**£**
13,630
35,483|**Restricted**
**funds**
**£**
5,041
13,124|**2024**
**£**
18,671
48,607|**2023**
**£**
11,797
47,762|
|---|---|---|---|---|
||**49,113**|**18,165**|**67,278**|**59,559**|
||(51,801)
(10,607)|(19,159)
(3,923)|(70,960)
(14,530)|(58,616)
(13,995)|
||**(62,408)**|**(23,082)**|**(85,490)**|**(72,611)**|
||164,646|60,896|225,542|(15,637)|
||**151,351**|**55,979**|**207,330**|**(28,689)**|
||1,323,177|395,638|1,718,815|1,747,504|
||**1,474,528**|**451,617**|**1,926,145**|**1,718,815**|
5 of 13
## Loriners Charitable Trust Statement of Financial Position As at 31 October 2024
||**Notes**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
|**Fixed assets**||||
|Investments|10/11|1,808,844|1,622,225|
|||**1,808,844**|**1,622,225**|
|**Current assets**||||
|Debtors: amounts falling due within one year|12|2,867|5,281|
|Debtors: amounts falling due after more than one year|12|4,968|5,320|
|Investments|13/14|25,708|59|
|Cash at bank and in hand||83,758|85,930|
|||**117,301**|**96,590**|
|**Net current assets**||**117,301**|**96,590**|
|**Total assets less current liabilities**||**1,926,145**|**1,718,815**|
|||||
|**Net assets**||**1,926,145**|**1,718,815**|
|**The funds of the charity**||||
|Restricted income funds|15|451,617|395,638|
|Unrestricted income funds|15|1,474,528|1,323,177|
|**Total funds**||**1,926,145**|**1,718,815**|
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Dr G Anderson Trustee
6 of 13
## Loriners Charitable Trust Notes to the Financial Statements For the year ended 31 October 2024
## **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
**osts of charitable activities by fund type**
To support equine and City of
London related charities
Support costs|**Unrestricted**
**funds**
**£**
13,630|**Restricted**
**funds**
**£**
5,041|**2023**
**2024**
**£**
**£**
11,797
18,671
**11,797**
**18,671**
**2023**
**2024**
**£**
**£**
475
318
39,933
30,962
8,199
16,482
**47,762**
**48,607**
**2023**
**2024**
**£**
**£**
44,715
59,600
13,901
11,360
**58,616**
**70,960**|
|---|---|---|---|
||**13,630**|**5,041**||
||**Unrestricted**
**funds**
**£**
347
29,151
5,985|**Restricted**
**funds**
**£**
128
10,782
2,214||
||**35,483**|**13,124**||
||**Unrestricted**
**funds**
**£**
43,508
8,293|**Restricted**
**funds**
**£**
16,092
3,067||
||**51,801**|**19,159**||
## **3. Investment income**
## **4. Costs of charitable activities by fund type**
7 of 13
## Loriners Charitable Trust Notes to the Financial Statements Continued For the year ended 31 October 2024
## **5. Costs of charitable activities by activity type**
|**Support costs**
**Activities**
**undertaken**
**directly**
**£**
**£**
**Support costs**
To support equine and City of
London related charities
11,360
59,600
**nalysis of support costs**
**To support equine and City of London related charities**
Administration
Governance costs
**et income/(expenditure) for the year**
This is stated after charging/(crediting):
Accountancy fees
Loss on disposal of fixed asset investments
**taff costs and emoluments**
Total staff costs for the year ended 31 October 2024 were:
Salaries and wages
Employees|**2024**
**£**
70,960
**2024**
**£**
7,500
3,860|**2023**
**£**
58,616
**2023**
**£**
10,000
3,901|
|---|---|---|
||**11,360**|**13,901**|
||**2024**
**£**
2,304
12,406|**2023**
**£**
2,304
31,430|
||**2024**
**£**
1|**2023**
**£**
1|
||**1**|**1**|
||**2024**
0|**2023**
0|
||**0**|**0**|
## **6. Analysis of support costs**
## **7. Net income/(expenditure) for the year**
## **8. Staff costs and emoluments**
8 of 13
## Loriners Charitable Trust Notes to the Financial Statements Continued For the year ended 31 October 2024
## **9. Comparative for the Statement of Financial Activities**
|**Income and endowments from:**
Donations and legacies
Investments
**Total**
**Expenditure on:**
Charitable activities
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|**Restricted**
**funds**
**£**
3,185
12,896|**2023**
**£**
11,797
47,762|
|---|---|---|---|
||**43,478**|**16,081**|**59,559**|
||(42,790)
(10,216)|(15,826)
(3,779)|(58,616)
(13,995)|
||**(53,006)**|**(19,605)**|**(72,611)**|
||(11,415)|(4,222)|(15,637)|
||**(20,943)**|**(7,746)**|**(28,689)**|
||1,344,120|403,384|1,747,504|
||**1,323,177**|**395,638**|**1,718,815**|
## **Investments**
## **10. Analysis of movement of commercial investments**
|**Analysis of movement of commercial investments**||
|---|---|
||**Listed**|
||**investments**|
||**£**|
|Market value at 01|1,622,225|
|November 2023||
|Additions to investment|351,237|
|at cost||
|Disposals at carrying|(402,565)|
|value||
|Net gain/(loss) on|237,947|
|revaluation||
|Market value at 31|**1,808,844**|
|October 2024||
9 of 13
## Loriners Charitable Trust Notes to the Financial Statements Continued For the year ended 31 October 2024
## **11. Analysis of investments between funds as at year ended 31 October 2024**
|**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**
Market value at 01 November 2023
Additions to investments at cost
Market value at 31 October 2024
**14. Analysis of movement between funds as at year ended 31 October 2024**
**Unrestricted funds**
Other investments|**2024**
**£**
1,808,844|**2023**
**£**
1,622,225|
|---|---|---|
||**1,808,844**|**1,622,225**|
||**2024**
**£**
2,867
-|**2023**
**£**
1,915
3,366|
||**2,867**|**5,281**|
||4,968|5,320|
||**4,968**|**5,320**|
||**2024**
**£**
25,708|**Other**
**investments**
**£**
59
25,649|
|||**25,708**|
|||**2023**
**£**
59|
||**25,708**|**59**|
10 of 13
## Loriners Charitable Trust Notes to the Financial Statements Continued For the year ended 31 October 2024
## **15. Movement in funds**
## **Unrestricted Funds**
|_General_
General
**Unrestricted Funds - Previous year**
_General_
General|**Balance at**
**01/11/2023**
**Incoming**
**resources**
**Outgoing**
**resources**
**Gains and**
**losses**
**Balance at**
**31/10/2024**
**£**
**£**
**£**
**£**
**£**
1,323,177
49,113
(62,408)
164,646
1,474,528
**1,323,177**
**49,113**
**(62,408)**
**164,646**
**1,474,528**
**Balance at**
**01/11/2022**
**Incoming**
**resources**
**Outgoing**
**resources**
**Gains and**
**losses**
**Balance at**
**31/10/2023**
**£**
**£**
**£**
**£**
**£**
1,344,120
43,478
(53,006)
(11,415)
1,323,177
**1,344,120**
**43,478**
**(53,006)**
**(11,415)**
**1,323,177**|
|---|---|
## **Purpose of unrestricted Funds**
## General
To support Equine and City of London related charities
## **Restricted Funds**
|The Cyril & Rodney
Fitzgerald Fund
**Restricted Funds - Previous year**
The Cyril & Rodney
Fitzgerald Fund|**Balance at**
**01/11/2023**
**Incoming**
**resources**
**Outgoing**
**resources**
**Gains and**
**losses**
**Balance at**
**31/10/2024**
**£**
**£**
**£**
**£**
**£**
451,617
395,638
18,165
(23,082)
60,896
**395,638**
**18,165**
**(23,082)**
**60,896**
**451,617**
**Balance at**
**01/11/2022**
**Incoming**
**resources**
**Outgoing**
**resources**
**Gains and**
**losses**
**Balance at**
**31/10/2023**
**£**
**£**
**£**
**£**
**£**
395,638
403,384
16,081
(19,605)
(4,222)
**403,384**
**16,081**
**(19,605)**
**(4,222)**
**395,638**|
|---|---|
11 of 13
Loriners Charitable Trust Notes to the Financial Statements Continued For the year ended 31 October 2024
## **Purpose of restricted funds**
The Cyril & Rodney Fitzgerald Fund
To support equestrian charities
## **16. 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|**Investments**
**Net current**
**assets /**
**(liabilities)**
**Net Assets**
**£**
**£**
**£**
1,808,844
(334,316)
1,474,528
-
451,617
451,617|
|---|---|
||**1,808,844**
**117,301**
**1,926,145**|
||**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**|
12 of 13
## Loriners Charitable Trust Detailed Statement of Financial Activities For the year ended 31 October 2024
|**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 INCOME BEFORE GAINS AND LOSSES**
**Other recognised gains and losses**
Unrealised Gains/(loss) on revaluation of
investments
Gains/(loss) on disposal of investments
**Net income before gains and losses**
**Net Income**|**£**
**2024**
18,671
**18,671**
475
39,933
8,199
**48,607**|**£**
**2023**
11,797|
|---|---|---|
|||**11,797**
318
30,962
16,482|
|||**47,762**|
||**67,278**
(59,600)
**(59,600)**
(14,530)
**(14,530)**
(7,500)
**(7,500)**
(3,860)
**(3,860)**|**59,559**
(44,715)|
|||**(44,715)**
(13,995)|
|||**(13,995)**
(10,000)|
|||**(10,000)**
(3,901)|
|||**(3,901)**|
||**(85,490)**
237,948
(12,406)
**225,542**|**(72,611)**
15,793
(31,430)|
|||**(15,637)**|
||**225,542**|**(15,637)**|
||**207,330**|**(28,689)**|
13 of 13 This page does not form part of the statutory financial statements
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