Charlty Reglstratlon No. 1066891 Company Regl¥tratlon No. 03462477 IEn9land and Wales) LORICA TRUST LIMITED ILIMITED BY GUARANTEE) TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 LORICA TRUST LIMITED (LIMITED BY GUARANTEEI LEGAL AND ADMINISTRATIVE INFORMATION Trust•gs R Hob8on {Ch8innanl N Dungay C Haywood J Hindson H Sayers A Sharpe Company S•er•tary N Dungay Charlty number 1[￿8891 Company number 03462477 Roglstsr8d offlce and prlnclpal addre88 Ea51 Clayton Farm, SlorrTngton Road, Washington. Pulborough, West Sussex. RH20 4AG Independent Examlngrs TC Group. The Courtyard. Shoreham R08d, UppEr Beedlng, Steyning, Wesl Sussèx. 8N44 3TN Bankers Iprlmaryl CAF Bank, 25 Kings Hlll Avenue, lthngs Hill, West Malling, Kent, MW19 4TA Barclays Bank plc, 139-141 North Street, Brfghlon, Ea¥t Sussex, BN11 SF Sollcttor8 Irwln Mttchell, Thoms8 Eggar House. Friary Lane, Chichester, West Sussex, P019 1 UF H3 Solicitors, 1 Oak Place, Rosier Businoss Park Con8yhLkrst Road, Billingshuisl. West Sussex. RH14 9DE LORICA TRUST LIMITED ILIMITED BY GUARANTEEI CONTENTS P¥g• Trustees. r8port Independent examln8rs' report ststement of ffinancial actThiities Balance sheet Cashflow statement Not8s to the accounts 10-18 LORICA TRUST LIMITED (LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Iruslees Iwho are also directors of the Charity for the purposes of the CotllpanSes Athl arg pleasgd lo present their annu81 directorfs report together with th8 financial statements of the charity for the year lo 31 March 2023 whieh arè also preparèd to meetlhÈ rÈquirementsfor8 dir8ctors' report and accounts for CompaniesAct purposes. The financAal stat8m8ntS CA)mply with the Charities Act 2011. the Companies Act 2006, the Memorandum and A￿deS of AssocAation. and Accounting and R6porbng by Charities,. Slalement of Recommended Practice applicable lo charities preparing their accounts in acix)rdan¢g ￿th the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 2015). struct re Goveman¢g an Governing Document Lorica Trust Limtted is a Company Limitod by Gu8ranlee governed by its Mèmorandum and Artid8s of Assouation dated 7 November 1997 and amended to allow for currenl goveman¢e arrangements by spèual res01￿10n on 7 November 1997, 27 June 2003 and 26 September 2003. It is registered as a charily with the Charity Commission. Anyone over the age of 18 can become a mémber of the Company, each of whom ag￿e lo conlrSbulg £10 in the event of thfy charity wnding up. Appolntment of Trustees Tru51ees are TecrLllted to fulfil identified 51rateglc needs in the organisalion and the profile of the organisation's argas of inlgresl and operation ar¢ r¢flecled in the CO￿ compelenaes of individuals iepreser)led on the Board of Trustee8. Trusteps are nofflinaled by the membeis and appointed by the Irustees. At the Annual General Meeting one-third of the Iwslees are subject lo retirèment by rotation or, if th8ir number is not three or 8 mulbple of three, the number nearest to one third shall retire from offic*. Membership of the Board of Trustees is revlÈw￿l as p8rt of th8 cyclical strategic planning process. Trustee Induction and Trnlning New Iruslees undergo an orienlalion process to biief them on their legal obligations under charity and company law. the content of the Memorandum and Article of A55ociation. the committee and deasion making process, the business plan and iecent finanaal performance of the charity. Durfng the induction process th8y rneel key emplr)yees and olhertrustees. Twslees are en￿￿raged to attend exlemal training events where thesè will facilitat the undertaking of their role. Orgoni$ation Thè Board of Trust88S. th8 number of which shall be not less than three but shall not be subject to any maximum, adminislgrs Ihe charfty. The Board meg1 on averagg fivo times a year. Dlrectors. Tru3tee8. Senlor Omcers The directors of the charitable ￿MpanY (the charity) are its trustee5 for the purpose of ¢harfty law and throughout this report are ¢olledvely referred to as the trustees. The trustees semng durfng the year and since the year end were as follows.. Elected Trustees r Robin Q G Hobson- Chaimian Mr Nicholas A Dungay Mr Charles Haywood Mrs Juliet J Hind50n Mr Howard L Sayers Mr Andrew W Sharpe LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Relat•d Parti Non$ of ourtrusloos r￿1ve remuneration. Risk Management Loric8 works with 8 model of enterprise-wide llsk management., all buslness adivities incur risk, Lorica is no different. Risk is central to the con¢epl of enterprise and thus a11 businesses have. to a greater or ltrsser extent. developed methods lo anticApate and manage f(. L¢ri¢a has an established risk matrix. consolidating risk reporting wlth ¢ommon definV¢ion and measures, thereby reducing the chanc88 of omissions, dup11￿110TrS and inappropriate 4llo¢aYtsn of scarce resour¢e$. This in turn has enabled the 8xeculive and management lo fo¢us on the most signrfitrant Issues. This ¢rth¢al inform8tlDn is shared throughout the organisalion, reducAng unwelcome surprises and making business success rnore likely, both operationally and strategically. Ob-•ctiv•s and 8ackground The Lori¢a Trust was gstablished when our Founder Father Alan Sh2rpe 18t people, homeless and hungry. spend the night in the church in the winter of 1985,. within months, St Patrick's was pl0￿￿1￿9 sholtor for over 30 people a night. Since its foundation in 1985, the work of the Trust has expanded ID SUPPQrt wider groups within the community touched by social exejusion. Tho Tnjst now focuses its resources at East Clayion Fami- this is a farm established by IhÈ charitywhich promdès a¢¢ommodalion for people and families affected by disabl1t￿ and hom8lessness a5 well as land-based training opportunities. As tho work ofthg Ttusl ￿panded beyond the WOTk wtth the homeless at St Patrick's Church in Hove. the Twslees (*anged the oiiginal naThe of the Sl Patrick's Twst to Lorica Trust Limited- mèaning 'brèastplate'. This is a more generic name for the Trust, reffeBting the increased brfj8dth of our work. Ourvlslon To Insp1￿, restore, edLJcatè and refresh. Misslon To achieve our thaTilablg obie(*ivg8 with ¢realivity and innovation embraryng strong Christian values. Our Objects To PTovld• and promote the provision of accommodation. Shelter and housing. To prowdo any 8n¢illary facilities.. food, dothing. physical, mental, gducalional, and spiritual care and support. To provide for people who through age. phys￿1 or mental illness, youth, al¢ohol or drug addiction or d8p8ndèncy, andlor pov6rty are unable to make adequate provision for themselves. To provide and ￿CoUrag& thè proirision of facilities for medical rghabilitstion and treatment, spiritual help, guidancè 8rtd éducation and training. Public benefit In detsirnining DUI objodwes fpr the ￿or and planning our aGtivitie$ the truste8s have considered the Ch8rty Corllmission's guidance on public benefil. induding the guidance 'publi¢ benefit-running a charity IPB21'. LORICA TRUST LIMITED ILIMITEO BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Board has had ragard to the Iwo key prinaples r8garding publi¢ benefit In maklng decisions as to the services provided as detailed in this report. There has been 8 dearly identrfiable benefit which is related to the charity's objects and these have beèn balanced againsl any detriment or harm. The benefiaaTies have beèn appropriate lo the alrns and the benefit has nDI been restrictèd by geographical, pecuniary restrictions or poverty and any private benefits have b8en incidental. vemen ndPe nce 20221 Al East Clayion Fam our focus over the past year has been to ènhance the range of fam-based opportunities we ¢ould prowde- this has focussed on the need to prowide Lgarning and Developmentopportunities for both residents and wsibng groups. There a￿ 4 main a￿aS in which wa ar8 involved.. The biggest area of expansion continuos lo be with children al risk of exdusion from sehool and it is very encouraging how the prowsion althe farni has helped bènefilthis particular group. The numbers of d)ildre S￿n9 the lami has increased over the year and we have increased th8 range of activities with the devolopTllent of th8 garden and other outdoor activities. To underpin our prowision. we are 8 registèred Learning and Development Centre with Sknlls and Education Group {SEGI in or(Jer to offer Entry Levèl, Level 1 and Level 2 land-based qualrfi¢%tions'. we aTO also reglslered with West Su88ex County Council as prO￿lderS of Aknnative Prowsion. Weare keen to explore rural provision forlh05e isolated within our local community or Ilving with dementia. We continuè to partner with other local & national charities to consider soual prescribing and other altemab"ve5 to assist wth thi8 gri)wing area of need. We are working with Turning Tides (prèviously Vvorthing Chur¢ho8 Homeless Project) to expand ourwork with resid8nts and non-residonls rpcovering from homelessness. The challeng8 of rurdl homelessness is of particular ¢oncem. and wo have been involved in providing resoUr￿S to assist in this area. The residents are an integral part ol the fa￿n and they hav& become mtsre invotved over the year in ev6ry 8spe¢l offar Our work with disabled young adults has been ongoing with visits from r8siden18 and non-residents lo utilise the faclilies of the farm. The increased number of daily visits to undertake farm activities has only been possible bÈc8u$e of the new communityltraining room with washing and disabled arL&SS toilet facilrties for fami visitor5. We continue to be very Ihanklul and amazingly grateful for the support we had from many funders which allowed us to build the new Learning and Development CenlTe. The new facilittés ale being used daily and we remain exuted about the possibilithes for enhanong our prowision to tho varfous groups who visit and live at the farm. During the y&ar. we norrnally sp¢ak lo various groups outlining the work of East Cl8yton Farni- however. thg Coronavirus situation meant that we were unab18 to undertake these ext¢mal adiwlie5 in 2021122. 1 am delighted to report that we have been able to restart thgse outrea¢h actiwties and our (Jonkeys have mad8 an appèarance at rnany different events. W8 have also been abl¢ to welcome visitors back lo walk the donkeys al the fami. Thè year has again seen increased use of the farm for soelal bènefit with our new buil¢Jing faalilies and th8 dedication of our staff and volunt8ers.' our CEO has perfomied sleding work in ensuiing Ihatthis has been possibl&, and we havè been very appreciative ofour staff and volunteer team who hav8 h•lpèd with the increased workload over this perirjd. Oui volunteers ar8 an essential part ol Ihg fam and are involved in all aspects of farm opgralon, assisting in estate and livestock managément a$ well as working wlh visthng groups. LORICA TRUST LIMITED {LIMITED BY GUARANTEE} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 We are very grateful for the Input made by many volunteèrs overthe yearand tho number of people, and the scope of thelT invofvement continues to develop and grow. FinancEal Rovièw The Trusys total income has increased frorn £564.562 in 2022 to £641,035 in 2023 which reflects the inerease in schoofs prtsmsion after the completion of the new building projèct. This increase in income has been accompanied by an increase in expenditu￿ from £471,871 in 2022 to £590,482 in 2023. This incwease in expanditure reffiects higher building maintenance ¢osts incurred and the additional resourcès required for the in¢￿aSed piomsion for children al risk of exclusion from school. Th8 over811 ffinancial effact of the changes rnade In tho year 2022123 has beèn to rècord a surplus of £50,553 compared with £92.691 in 2022. Th8 Trusvs tangitrAe fixed assets have redU￿d from £1,976,681 in 2022 to £1.946,533 in 2023. whilst the Tru5f5 nèt asse15 have in¢rea5ed from £2.448,463 in 2022 to £2,499,016 in 2023. Overall, it has been a very encouraging yearwith our new resources being used lo very good effect in helping increase the benèfitto thosa it is our priviloge to welcom8 to th8 farm. The Trust's levol of restricted reserves Is £624,255 carried forward into 2023124. Details of these funds are set oul in Note 12 of Ihe accounts. The financial consolidation m8dts ir) the year wnlinues to help strengthen the charity slructuro to enable the continulng prowsion and development ol e￿$ting and new services to those it was set up lo help. Over the coming year the aim is to continue lo use the new faolilies al East Clayton Fami lo widen the numbar of people who can benefit from the farm. The mission of Lorica has been lo achiève its charitable objectives with cr8ativity and innovation embracing strong Christian values.. the changos made be￿een 2022r23 conlinue this lourney whieh started in the winter of 1985. inanclal liclès Inveskngnt Powers and Polley Under the Memorandum and Articles of AsS￿ation, the charlty has the pow6r to invest Sn any way the truste8s decide. The trLJStee$. having regard to the liquithty réquirements of operational aclivilies and lo the reseNes policy have operated a policy of keeping funds in an intérest bearing deposit a￿Unt and seek to achi8ve a rate of deposit which matchas or ex¢6eds inflation a5 measured by the retail price index. Due lo widor economic cir¢umstance$ deposit rates have been depressed and so this aim was not achieved in the year. ReseN•$ Pollcy The trustees have established the level of reserves Ilhat Is those funds that are freely available) that the charity ought to have. Reserves arè ne￿ed to bridge the funding gaps behveen sp8nding on production and events arid r8C8iwng resouices through grants that provide funding. Reserves are also hèld to cover possible emergency rèpairs and other unexpecttrd costs. Th8 tnjsleeg have examined the ¢harity's requirements for reserves in the light of the main risks to the organisation. It has e5tabli5hed a policy whereby the unrestricted funds not committed or invested in tangiblè fixed assets held by the charity should be belween Ihtee and six months of future expenditure. Thereforg, the Iruslees considerlhatthe ideal leval of freè reserves should be be￿e¢n £100kand £150k and action will continue lo be taken to improve reserves over the next year as the charity continutss lo increase ils activitiès. Free reserve5 stood at £482,134 at the 2023 balall￿ sheet dale, which includes £350,000 set aside for 8radbury Court costs (2022.. £363.433 which induded £250.000 set aside for Bradbury Court costs}. LORICA TRUST LIMITED LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Going concern The trustees considered budgets, projections, Cash ffow statements and balance Sheet al their meetr'ng to approv8 the annual 8c¢ounls and ¢onsiderlhatthe charity is able to continue as a going concern for a period ol no lass than 12 months from the dale the a￿OUNtS are approved and that no Post Batance Sheet Adjustsllenls are required. Trustees. rns onsibilities in relat5on to th• financlal statomants The trustees, who are also the directors of Lorica Trust Limited for the purposes of company law, are responsible for preparing th& TrustÈès' Report and the financial statements in acurdance with applic8blÈ law and United Kingdorn Accounknng Standards IUnit8d Kingdom Generalty A￿pted AGwunting Pradcel. Company18w requires the trusteès to prèpare financial statemenls for each financial year which give a true and fair vi8w of the state of affairs of the charity and of th8 incoming resour¢e¥ and application of resources, i￿UdIng the income and expenditure, of the charitable company for that year. In preparing Ihase finanaal statements, the ttU8lees are required to.. Select 8Uttable a￿o￿ntIng wlicies and then appty them consistantly., Observe the methods and principles in the Charites SORP.. Make judgmen18 and eslimales that are rèasonablè and prudent.. stste whether applicable UK accounting standards have been followed, subjèct to any m8terial departurés disclosed and explain8d in the financial statements., and Prepare the financial stslernellts on th8 going concèrn basis unless it is inappropriate to presume that the charity wll continue in operation, The trustees are rÈsponsible for maintsining Proper accounting records whieh disdose with re8sonable accuracy at any lime the financial position of the d)arity and enable thém to ènsure that thè finan￿al statements comply with the Company Act 2006. The trustees are also responsible ft)r safeguardirig the assets of the charity and h8nce for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part 1S of the Companies Act 2006 relating lo small companies. Approved by the board on.. Jw Signed on behalf of the board Robln Hobson- Chairman LORICA TRUST LIMITED IUMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LORICA TRUST LIMITED I report lo the charity Irustges on my examinatlon oflhe accounts ofthe Charitable Company forthe year ended 31 March 2023. R•sponslbllltles and basls of report A5 th8 charWs trusl8es ofthe Charitable Company land also its directors forlhe purposes ofcompany law) you ar8 responsible for the preparation of the a￿Unts in accordance with the requirem8nts of the Companies A¢t 20061'the 2006 Act'l. Having satisfied myself that Ihtr a¢>￿￿￿15 of the Charitable Company ar8 not required lo be audited under Part 16 of the 2006 Act and are Èligible for independent examination. I report in resp$¢l of my exarnination of your charity's accounts as ¢ariied out under section 145 of the Charities Act 2011 I'lhe 2011 ALI.). In carrying out my examination I have followed the Directions given by the Charity Commission under seth.on 145151 {b) of the 2011 Act. Indepond•nt examln•rf$ $tatemont Since the charitable ¢ornpany'8 gross Income exceeded £250,000 your examiner musl be a meThber of a body listed in section 145 of the 2011 Act. I confirm that l am qualifi8d to undertakè the examination because l am a m&mber of thè Assoaalion of Chartered Certified A￿Untants. which is one of the listed bodies. I have corllpleled my •xamination. I confirm that no matters have come lo my attontlon In connedon wlth the examination giving me ￿uSe lo believe.. accounting records weie not kept in respect of the Charitable Company as required by s¢clSon 386 of the 20J6 Act., or 2. the accounts d¢J not accord wrth those records.. or 3. the accounts do not comply with the accounting requirements of $e¢tion 396 of the 21Xhfj Act otherthan any requiTement that the accounts glve a 'lrue and falr wew which is not a matter considered BS part of an independent examination., or 4. the accounts have not been piepared in accordance with the methods and prfnciplos ofthe Statement of R8commÈndeé Practice for aC￿untIng and rgporting by charities. I havo no ¢oncem5 and have come across no other matters in connection with the examination to which attgntion should be drawn in this rèport in order tts anable a proper understanding of the a¢¢ounts to bp reached. oqro Mr Mark Cummins FCCA FCIE for and on behalf of TC Group Thè CoLJtyard Shoreham Road Upper Beeding Sleyning West Sussex BN44 3TN LORICA TRUST LIMITED ILIMITED BY GUARANTEE} STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unresthcted fund$ Deslgnated Rostrktod funds funds Totsl 2023 Tolal 2022 Nots$ Incomè from". Donations and legacies 8.999 8.999 10.583 Chaitable activities East Clayton Farm Housing rental 627.964 2,350 627.964 2,350 551,228 1.800 Invèstment income- interest received 1.722 1,722 951 Total Inct)me 641.035 641.035 564,562 Expenditurg on: Charitable activities 552,482 38,000 590N82 471,871 Totsl exp•ndltur• 552,482 38.000 690A82 471.671 Nèt In¢om• 88.653 138.000) 50,553 92.691 Transfers be￿en funés 13 1100,0001 100,000 Net movement In funds 111A471 100.000 138.0001 50.553 92,691 Reconelllatlon of fund$ Tt)tal funds brought foThyard 14 1,536.208 250.000 662,255 2.448.463 2,355,772 Totsl fund$ Carried forward 12113114 1.524,781 350.000 824.2SS 2.499.018 2,448.463 The Slaletnent of Financial Acliwlies also complie5 With the requirements for an income and expendiiure account under the Cownpanies Act 2006. All ath'vities are dassed as continuing. There are no recognised gains or losses otherth8n those reported on the Statement of Finanual ActiV￿e$. LORICA TRUST LIMITED ILIMrrED BY GUARANTEEI BALANCE SHEET AS A T31 MARCH 2023 2023 2022 Notes Flx$d assets Tangiblt assets 1.946.533 1.976,681 Currènt a$$èts Debtors Cash al bank and in hand 10 71.912 502.483 70,123 432,￿5 574,39S Crnditors: amounts falllng dua wlthln on• year 503.Q88 121,9121 {31,3￿) N•t current assets S52.483 471,782 Total assets less current Ilabilities 2,499,016 2,448,463 N￿aSSets 2A99,016 2,448,463 Tho funds of the charity Restricted funds Designated funds Unr¢slricted funds 12 13 14 624,25S 350.000 1,524,761 662.255 250.000 1,536.208 2.499,016 2,448,463 For the finane481 year in question the cornpany was entitled to exomplion under s8clion 477 of the Companies Acl 2(XJ6 relating to small companies. No rne￿berS have required tho cornpany to obtain an audit of r(s accounts for the y&ar in question in accordance with section 476 of the Companies Act 2006. The diieclors acAnowledg$ their responsibility for complying wrth the Act with respèet lo accounting records and for th8 preparation of accounts. These financial statements have be&n pr8pared in accordance with th& special provision8 of Part 15 of the Companies Act 2006 relating lo small companies and constitute the annual financial siatèmtrn18 required by the Compallie8 Act 2006 and are lor circulallon lo members of the ¢0￿pany. The accounts wère approved by the Board on ........................ R Hobson . Tru8to& )sl of raising and administering such funds are charg8d againstthe spécific ftjnd. The aim 8nd use of each restricted ftjnd is sel out in the notes lo the finan¢ial statements. 2.8 Cash at bank and In hand Cash al bank and in hand Includes cash and short term hSghly Ilqukl Inveslmenls. The Iruslees seek to use short temi deposit$ to maximi58 the relum on monies held at the bank and lo manage cash fiow. 17 CTedltors and provisions Credi1015 and provisions are recognised where the charity has prasent obligation resulting from a past event that will probably r8sutt in a transfer of funds to 8 third party and the amovnl due lo settle the obligation can be measuipd or estimated reliably. 2.8 Estimatos and judgements In the application of the charity's accounting poIic4es, the Injslees are required to make judgements, estim8le$ and assumptions about the carrwng amount of assets and liabilities that are not readily apparent from other sotsr(*s. The estimates and assocAated assumptions are based on historical experience and otherfa¢lor$ that are considered lo be relevant. Actu￿ results may differ from these estimates. The eS￿mateS and underfyng assumptions ar8 rewewed on an ongoiro basis. Rewsions lo accounting estirnat?5 are recognised in Ihe p8riod in which the estimate is revis8d. The trustees do not consider that there are any crftkal estlmates or areas ol judgement that need lo be brought lo the attenlion of the re￿IerS of the flnanclal stalemenls. Trustsg r•mun•ratitsn All Iruslees donate their lime spent running the charity on a voluntary basis and do not receive any remuneration for their wo￿. li LORICA TRUST LIMITED {LIMrrED BY GUARANTEE} NOTES TO THE AccouKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Taxatlon The charitablg company is registorgd as a charity and all of its in¢omo lalls within the exemptions undèr Part 11 of the Corporation Tax Act 2010. Net In¢omellexpenditur*l for th• y•8r This 15 Stated after charging.. 2023 2022 Deprecialon Independent Examination f88S 30,148 2,250 29,124 2,194 Comparatlvo Fund$- Ststsm•nt of Finan¢ial A¢tiviti¢$ forth• Y¢•r End•d 34 M¥r¢h 2022 Unrestricted funds Designated Restsided funds funds Total 2022 Income from.. Donation5 anLI legarAe8 10,583 10,583 Chaiilabl8 aclivili East Clayton Farrn Housing rental 511.638 1.81 39,590 551,228 1.800 Investment incom8- Int8r8St r8c8Thied 951 951 Totsl InGomo 524,972 39,590 664,562 Expendliure on- Charita￿e a￿1vitieS 436,099 471.871 Total expendlturg 436.099 35,772 471,871 N9t In¢om$ 88,873 3,818 92,691 Trnnsfeys between funds {76,0001 50,000 2fj.000 Netmovement In fund$ 12.873 50,000 29.818 92.691 Reconclllation of funds Total funds broughtforward 1,523,335 200,000 632,437 2.3SS.772 Total funds canl•d forward 1,536,208 250,0(K) 662,255 2A48,463 12 LORICA TRUST LIMITED (LIMITED BY GUARANTEE} NOTES TO THE ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Exp•nditure staff Dèprècla￿On Other Total Total costs Costs 2023 Charitable aetlvltlès Farm Project Rural Apprenticeship Support Costs 268.145 26,398 3,750 255,919 34.020 2.250 560.462 37.770 2.250 428,294 41,383 2,194 Total oxponditurn 268,145 30,148 292,189 590.482 471.871 Support costs comprise independent examiners fee$ of £2,25012022.' £2,194). staff c￿ts The aggreg8te payroll ¢￿$18 for the year were as follows.. 2023 2022 Wages 8nd salaries Social security costs Pension c08ts 251.141 13,375 3.629 85.914 1.977 268.145 87,891 No slaff 8amt in exeess of £60.￿0. Non8 of the Trustèes re¢elved any remuneration from the charity. There wa$ an avglage of 18 employees in the year lo 31 Plarth 202312022.. n. Thè key managÈrnertl personnel of the Charity comprised the A5temative Provision Management Team. The lolal employee benefits of the key rnanagement personnel were £90,240 (2022.. £28.30n. 13 LORICA TRUST LIMITED (LIMITED BY GUARANTEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Tanglble flxod assots Plant & Lèasehold Equlprnent Improvements Motor vehlcles Tolal Cost AI 1 April 2022 Addition 76,529 2.178,588 21,000 2.276.117 As at 31 March 2023 76.529 2,178,588 21,000 2,276,117 D•preciation At 1 April 2022 Charge for the yaar 71,834 3.387 214,102 23.011 13,500 3.750 299,436 30.148 At 31 Mar¢h 2023 75,221 237.113 17.250 329.584 Ngt book value At 31 March 2023 1.308 1.941.475 3.750 1,946.533 At 31 March 2022 4,695 1,964.486 7,500 1,976,681 A charge dated 20 October 2010 is held ￿r the le8seh¢ld property by the Silver Lady Fund in ￿latIon to some fundlng received by the charity (see note 12). 14 LORICA TRUST LIMITED {UMITED BY GUARATr¥fEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Dgbtors 2023 2022 Trada debtors Other debtors and prepayments 69,548 2.364 67,969 2.154 71.912 70,123 11 Cr•ditorn- amounts falling duo within ong ygar 2023 2022 Trade credilofs Accruals and other creditors 12,189 9,723 19,575 11,731 21,912 31,306 12 R•strlctsd funds The income funds of the charity indudg IFsliicled fiJnds comprising the following unexpended balances of donations and grants held on trust for 5pe¢tfic purposes.. Mov•mgnt In funds Balance Incomlng Resources Transf•rs at 1 April resources expended be￿60n 2022 nds 8al8n¢e #t 31 March 2023 Wesl Sussex County Council Silver Lady Fund East Clayton Farm Phase 2 Salaries Fund Altérnative Provision Fund The Improved Accsss Fund Sensory Gar(Jen Fund 160,000 393.906 50.349 3Q.000 2.000 20,000 6,000 160,000 393.906 $0,349 130,OOf)) {2,000) 20.000 16,000) 662.255 138,0001 624.255 Thewest Sussex County CouneAI (WSCCI fund represents ￿sts spent i)n the shaipd owngrship housing at East Clayion Fami. If th8 fami is doséd within the follvwing 15 year8. WSCC would expect a pro rats retum on thè £160.000 8djusted for Infflation. 15 LORICA TRUST LIMITED IUMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Restrlrted funds (continued) The Silver L8dy Fund represents costs spent on the RAS a￿0mModatiOn forthe RAS proiect at East Clayton Farm. The in¢ome is restricted to the salisfadory Completion ol the project an￿ would potentially n88d to b8 repaid it either the proje¢t did not go ahead or was slopped at any lime. Tho East Clayton Farm Phasè 2 fund relates to f￿dS received toward various capital projects al East Clayton Fann. Thg sala￿es Fund relates to funds received to contribute lowar(l$ tho cost of the 8alaries from Ethyard Gosling Foundation. P8t8r Harris Foundation, Tudor Trust and Nineveh Trust. Thg AIIBwnalive Pro*isions Fund is to the support the development and implementation of evaluation processes lo better track impact and outcomes of Allernalive Promsion activities undertaken at East Clayton farm in relation to tho young Pgople we support and the effectivene55 of what we do. The Improved Access Fund relates to tho cost of a vehicle to transport donkeys supporting vulnerable young people 8nd exteTnal community events. The Sensory G8rdon Funij relates lo donations re¢elved forlhe dovelopment of the growlng space. 13 Designated funds Movement in funds Balanco Incoming Resources Transfers at 1 April rosourc•s 0x￿nded be￿￿en funds Bol•n¢o at 31 March 2023 2022 Bradbury Court Costs 250,000 100,000 350,000 250,000 100,000 350.000 The trustees have designated funds towards firture costs associated with Bradbury Court, in line with their r¢serv¢s policy. 16 LORICA TRUST LIMITED (LIM￿ED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Anal￿1¥ of net assets betw•an funds Deslgnated funds Unrestrlctad funds Restricted funds Total Fund balances at 31 March 2023 are represented by.. Tanglble fLxed assets Current assets Creditors.. amounts falling due 1.392,627 154,046 (21,9121 553.906 70.349 1,946,533 574.395 (21,912} 350,000 350,000 1,524,761 624,2 2.499.016 Designated funds Unrestricted funds RestrfGt9d funds Total Fund balance5 at 31 March 2022 are represented by.. Tangible fLxed assets Current assets Creditors.. amounts falling due within one year 1,422,775 144,739 {31,3Q￿) 553,906 108.349 1,976,681 503.088 131,3061 250,000 250,000 1,536,208 662,25S 2,448A83 15 Control The charrty Ss underthe control of the Trustees. 16 Cashflow from oporatlng aetivlties 2023 2022 Surplus for the year Investment income Depreciation {Increase}Idecrease in dFbtors Increaselldecrea$el in Creditors 50,553 {1,7221 30,148 {1,7891 19.3941 92,691 {9511 29.124 {33,2291 {5.318) Nel castfflow from operating activitl8S 67,7 82,317 17 LORICA TRUST LIMITED {UMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Related party trnnsactlons There wero no relalgd party transactions olhorthan the employment of key management personnel as disclosed al note 8. 18 ## **Document Activity Report** ## **Document Sent** Thu, 04 Jan 2024 15:54:13 GMT ## **Document Activity History** Document history shows most recent activity first ## **Date** ## **Activity** Thu, 04 Jan 2024 16:50:58 GMT Robin Hobson viewed the document Thu, 04 Jan 2024 16:50:57 GMT Robin Hobson viewed the document You can verify that this is a genuine Portal document by uploading it to the following secure web page: **http://tcgroup.accountantspace.co.uk/messages/VerifyDocument**