Charlty R•glstrallon No. 1066891 Company Registration No. 03462477 (England and Wales) LORICA TRUST LIMITED ILIMITED BY GUARANTEE) TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 AD1811R4 1811212024 COMPANIES HOUSE A13
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LORICA TRUST LIMITED (LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Trnstses R Hobson {Chainnanl N Oungay C Haywood S Litt18iohns {appointed 15102124) H Sayers A Sharpe Company S•¢ro1•ry N Dungay Charlty numbor 1066891 Company number 03462477 Reglstered office and prlnclpal address East Clayton Fam, Storrington Road, Washington, Pulborough, West Sussex, RH20 4AG Independ•nt Ex4mlner• TC Group, The Courtyard, Shoreharri Road, Upper Beeding, Sleyning, West Sussex. BN44 3TN Bankorn Iprlmary CAF Bank. 25 Kings Hlll Avenue, Klngs Hill. Wesl Malling, Kent, MW19 4TA Barclays Bank plc, 13141 North Street, Brlghton. East Sussex, BN1 1SF Flagstone, 111 Floor, Clareville House, 26-27 Oxendon Street, London, SW1Y 4EL Sollcltors Ipmn Mitchell. Thomas Eggar House, Friary Lane, Chichester, West Sussex, P019 1UF H3 Solictlors, 102k Place, Rosier Business Park Coneyhursl Road, 8illingshurst, West Sussex. RH14 9DE
LORICA TRUST LIMITED {LIMITED BY GUARANTEE CONTENTS Page Trustees. report Independent examiners, report Statement of financial ath'vities Balance sheet Cashflow statement Notes to the accounts 10-17
LORICA TRUST LIMITED (LIMITED BY GUAIIANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees (who a also directors of the Charity for the purposes of the Companies Act) a pleased to present their annual trustees, report together with the financial slalements of the charity lor tho year lo 31 Mar¢h 2024 which a also prepared to meet the requlremenls for a dire¢tOfS' Port and accounts for Companies Act PU05eS. The financial stslemenls comply wrth the Charities Acl 2011. the Companies Act 2006, tho Memorandum and Article5 of A580cialion. and Accounting and Reporting by Charities., Slalemgnl of Recommended Praclice applicable to charities pparing their accounts in accordance with the Financial Reportin9 Slandafd applicable in the UK and Republic of Ifeland IFRS 1021 (effeclive 1 January 20191. Gov•ming Documont Lorica Trust Limited is a Company Limited by Guarantee govemed by its Memorandum and Arttcles ofAsso¢ialion dated 7 Novembe¥ 1997 and arnended lo allow for current governance arrangements by speaal resolution on 7 Novombor 1997. 27 Jun• 2003 and 26 Sepl•mber 2003. 11 1$ regi¥lered as o ¢harity with the Charity Commi88ion. Anyone over the age 0118 can beGome a member of the Company, each of whom ogree lo contribute £10 in the evenl of the charlty wlnding up. Appolntm•nt of Tru8tse8 Trustees are recruited to fLtlfil identsfied slral•gic needs In th• organlsation 8nd the profile ol the or9ani$alion' areas of interest and operation are refflected in the core competencies of individuals representad on the Board ol Trustees. Trustees are nominated by Ihe members and appointed by the Iruslees. At the Annual General Meeting one-third of the trustees are subject lo retirement by rotslion or, if Ih•ir numbar is not three or 8 multiple of three, the number nearest lo one third shall rebffj from office. Membership of the Board of Trustees is reviewed as part of the cyclical ¥tralegl¢ planning pro¢esJ. Tru8t•e Inductlon and Tralnlng New Iruslees undergo an orienlalion proc£ss lo brief them on Iheir legal obligations under charity and company law. the conlenl of the Memoiandum and Article of Association. the committee and deosion-making process, th• busin8s5 plan and recent finanGial performance of tho charity. During the induction process they meet key employees and other Iwslees. Tfuslees are encouraged to attend exlemal Iralning events where these wbll focililate the undertakin9 01 Iheir role. Org•nl8•tlon The Board of Trustees. the numbef of which shall be not less than three but shall not be subject lo any maximum, administers the charity. The Board meel on average five time5 a yeai. Dir•¢lors, Tru$ts•$, S•nior Offi¢•rs The di¢101$ of the ¢harilable company Ilhe chanty) are its Iruslees for the PuoSe of charity law and throughout this report are collectively referred to as the Iruslees. The Iruslees serving during the year and since the year 8nd ware as follows.. Elected Tru5198s Mr Robin Q G Hobson-chaimia Mr Nicholas A Dungay Mr Charles Haywood Mrs Juliet J Hindson {r8signed 1510112024) Mrs Sophie E Litvejohns (appointed 1510212024) Mr Howard L Sayers MrAndW W Sharpe
LORICA TRUST LIMITED {UMITFD BY GUARANTEE) TRUSTEES., REPORT FOR THE YEAR ENDED 31 MARCH 2024 R•lated Portle• None of our trustees receive remuneration. Rl•k Management Lorica works with a m'¢>Yel ol enterprise-wide rbsk management., all business activities incur risk and Lorica is no different. Risk 1$ ntral to the ¢onGgpI ol enterprise and thus all businesses have, lo a greater or le$$ef extent. developed methods to anticipate and manage it. Lorica has on esiablished rlsk matrix. consolidating nsk reporting with common definition and measur8$. thereby reducing the Chances of omissions, duplicabons and inappropriate allocation ol scarce resourc4s. This in tum has enabled the exocutNe and mana9em•nt lo focu$ on the most significant 168ues. Thi8 critic41 Inlormalion is. shared,throug.houl the organlsalion, r•ducing unw6lcom• surpiises and making business 8ucrAss more likely, both oporalionally and strategically. Backèround The Lori¢a Trust was established wthen our Founder Father Alan Sharpe lèt people, homeless and hungry, spend the nlghl in the church in the winter 011985, wllhin month8. Si Palrith's was provKling $hfrller for over 30 peoplo a nlghl. Since ils foundation in 1985, the work of tho Trust has expanded lo support wder groups within the community loueh6d by 80ci8l exclusion. The Trusl now focuses ils resources al E8sI Clayton Fami - this is a lam established by the charity which provides accomm¢)datson for peopl• •nd lamlli•$ 8ffo¢ted by disabilities and homo18ssnoss as well as land-base(I training opportunities. As the work ofthe Trust expanded beyond tha work with the horneloss al St Palri¢k's Church in Hove, the Trusle•s changed. the onginal name of the Sl Palrlck's Trust lo Loric8 Tru81 Limited - meaning 'broa$lplale'. This is a more genoric name for the Trust. felleing Ihe increased braadlh of our wort. OurVl8lon To inspire, restore, educate and refresh. Mimion To achitvo our charitable objecllves wllh creatlvlty and InnovatSon embracing sITong Chrlsban values. Our Objects To provide and promot• th• provision of ac¢ommod8lion. 8halt8f and housing. To provKle any anullary fac41itie$; food. dothing. physical. mental. educational, and spiritual Ca and supporL To provide for peopl8 who through ag•, physical or mental illness. youth, alcohol or drug addiction or dependen¢y, andlor poverty are unable lo make adequate provision for Ihems8lv•s. To Prove and encourage the provision of facilities for medical habilItation and treaiment. spiritual help, guidance and education and training. Publi¢ b•h•fit In determining our objectives for the year and planning our activiti•5 the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public b8nefil-running a ¢harity {PB2}'.
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Board has had regard to the Iwo key principles regarding public benefit in making declsions as lo the servitss provNled as detailed in thi$ report. There has been a clearly idenlffiable benefit which is related to the charity's oblects. and those hav• been bal•n¢4d a94in$l ony delriment or ham. The beneficiaiies have been appropriate to the aims and the benefit has not been restricted by geographical, cuniary reslriclions or poverty and any privat• benefits hove b?en incidental. ents nG8 20231 At East Clayton Farm our focus over the past yoar h8$ been to enhonce the rang8 of lamiased opportunib'es we could provide- thi5 has focussed on the need lo provKle Leaming and Development opportunities for both Trsidenls and visiting groups. Thare ar8 4 main areas in which we are Involved.. The biggest area of expansion continues to be with children al risk of exclusion from school and il is very encouraging how the provision al the fam) has helped benefit this group. The numbers of children visitiNJ th¢ farm has ¢onlinued lo increase over the year and we have expanded the range of adivilio$ with the further development of the garden and other outdoor activits'es in alternative locations. To underpin our provi5i0n, we are a registered Leaming and Development Centre with the Skills and Educabon Group {SEGI, in order lo offer Entry Level, Level 1 and Lev¢1 2 land-based qualifKalions.' we arn also registered with Wesl Sussex County Councll as providers of Alleinalive Provision. We are keen lo exploro rural provision for those isolated within our Ioc81 cemmunity or living wilh dementia. W8 contlnu8 lo partner with olher local & national charities lo consider social prescribing arKI olhar allemalives lo assist with this growing area of need, We are h¢Jpeful that our Learning and Dgvelopmenl C•nirt and its faGilits•¥ will holp anabl• this provision. We are working with Tuming Tides {previou$ly Worthing Churches Homeless Project) to expand our work with residents and non-residents recovenng from homelessness. The challenge of rural hcffiele$snesS 18 of particular concgrn. and we have been Involvèd in provIng resources lo assist in this area. The resKlenls are an integral part of the fami, and they have become more involved over the year in every aspgct offam Our work with disabled young adults has been ongoin9 visits from residents and non-residents lo ulilise the facilities ol the lami. Th• increas8d numkr of daily visits lo undertake fami activities has only been possible because of our Leamlng and Devglopmenl Centre with ils washing and disabled ac¢e$$ toilet facililies for fami visitors. We continue to ba very thankful and amazingly grateful for tho Support we had from many funders which allowed us lo build our Learning and Development Cent. The fa¢ili'e8 are being used daily and we remain excited about the possibilities for enhancin9 our piovision lo the various groups who visit and live at the fam. During the year we have been able lo undertake 8 wide range of outreach a¢livilies. Our donkeys have mado appoarances al many diffent events. Christmas and Easter have been special occasions where Ih•y have been able to enhan many church worship Sery1s. Our sheep have also attended VaTi¢U$ agricultural shows. and we are very happy lo report that our sludenl's input hos meant Ihal we hava won prizes in various competitions. We have been able lo welcome an increasing number ol visitors lo walk donkeys al the fami and enjoy Inleractsng with them and our very speaal landscape. The year has again seen increased use of the lam lor so¢ial benelil,. our CEO has perfomied sterling work in ensuring that this has been possible, and we have been very appreciative ol our staff and volunteer team who have helped with the increased workload over this period. Our volunteers are an essential part of the farn and are involved in all aspects of farm operation. assisting in estate and livestock management as well as working with visiting groups.
LORICA TRUST LIMITED (UMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 We are very gratefijl for the input made by many volunteers over the year and the number of people. and the scope of their involvement continues lo develop and grow. Flnan'c The Trus¢s total income has increased from £641.035 in 2023 10 £856.601 in 2024 whi¢h reflects the increase in school's provision following on Irom Iho completion of the Leoming and Development Cenlre. This increase in inccme has be8n accompanied by 8 commensurate increase in expenditure from £590,482 in 2023 10 £758,398 In 2024. This increase in expenditure reflects further higher building maintenance cA)sts incuried and the additsonal resources required for the increased provision for children al risk of exclusion from school. The overall financial affect of the thangei mada In thè year 2023124 has be•n to r•cord a 8urplu$ of £98.203 compared with £50,553 in 2023. Th8 Trust's tangible fixed 8838ts ha increased from £1,946.533 in 2023 to £1,999,747 in 2024, whilst tho Tru8f$ nat assets have increased from £2,499,016 in 2023 10 £2.597,219 in 2024, Overall, il h43 been a vary •ncour89ing year with our new resources being used lo very good effect in helping inuease the benefil lo those il is our privilege lo welrA>me to the fami. Tho Trust'¥ l•vel of rn$lrictod rn8orvei 18 £604,255 carried I08rd into 2024125. Detalls ol theso funds are Bel out In Note 14 of the accounts. The financial consoiidalion mad8 in the year continues to help 8lTrnglhon the charity structure lo enable the continuing provi8lon and devalopm8nl of ox18ting and new servlces to those il was Sel up to help. Over the coming year the aim is lo continue lo use the facilitie$ al East Clayton Fami lo widen the number of people who can benefit from the fam. The mission of Lorica has been lo achieve ils charitable objectives with creativity and innovation embracing strong Chnstian values.. the changes made between 2023124 ¢onlinue Ihlsjoumey which 818rtoé In the winler 011985. Finan ial Policies Investment Po and Pollcy Under the M6morandum and Articles of Associab'on, the Charity has the power to invesl in any way the Iruslees dead•. The tru51e8s, having regard lo th8 liquidity raquirernonts of operational octivities and to the reserve5 policy have operated a policy of keeping funds in interest bearing deposit accounis and seek lo achieve a rale of dep051t which matches or exceeds inllalion as measured by the retail price index. Due lo wider economi¢ ¢ir¢umslances deposit ral85 have improved, although this was matched by an incfease in inflation, and so il was possible lo partially achry this aim in the year. Re8erv•8 Policy The trusteas have established the level of reseples Ithal is those funds that are Ireely available) that the charity OU9hl lo have. Reserves a needed to bridge the funding gaps bets¥een spending on production and events and receiving resources through grants that provide funding. Reserves are also hehj lo cover possible emergency repairs and other unexpected costs. The Iruslees have examined the Charity's requirements for reserves in the Iwht of the main risks to the or9anisation. 11 has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be behveen three and six months of fvIU expenditure. Therefore. the Iruslees consider that the ideal level offre8 reserves should bé beeen £150k and £200k and action will ¢onlinue lo be taken lo improve reserves over the nexl year as the Charity continues lo increase ils aclivilies. Free seNeS stood al £547,123 al the 2024 balance sheet dale. which includes £370,000 Sel aside for 8radbury Court costs (2023.. £482.134 which included £350.000 sel aside for Bradbury Court costs}.
LORICA TRUST LIMITED IUMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Going Cancern The trustees considered budgets, projections, cash flow 51aiemenls and balancé 8h••l at their meeting lo approve the annual accounts and G¥Jn3ider Ihal the ¢ha(ity is able to continue as a going concern for a period of no less than 12 months from the date the ae£ounls are appfoved and that no Post Balance She61 Adjustments are required. st•e onslbllltlès In latlon th• financial 8tst•ments The trustees, who are also the directors of Lori¢a Trust Limil•d for the purpo$e$ of company law. are respon8ible lor preparing the TNslees' Report and the finanaal statements in accordance with applicable law and United Klngdom Ar£ounting Standards (United Kingdom Generally Aec&pted AcLunting Practice). Company law requires the trustees lo prepare financial statements lor each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and applicalion of $0Ye8. induding the income and expenditure, of the charitable company lor thal year. In preparing these financial slalements, the trustees are required to.. Select suitable accounting pelicies and then apply them consislanlly., Observe the methods and principles in the Charites SORP., Make jud9ments and estsrnal•s that are reasonable and prudenl.. Slate whether applicable UK arxounling $landards have been lollowed. subject lo any material departures ¢Ji$dosed and explained in Ihe finanaal slalements,. and Prepare the financial slalomenl$ on the going ¢oncm basi$ unleu1118 Inappropriate to presume that th• ¢harity will ¢onts'nu8 in operation. The trusl•es afe responsible for maintaining propar accountin9 rncords which disclose with feasonabl• ac¢ura¢y al any lime the financi81 posibon of the charity and enable them lo ensLtre that the financlal slalements comply with the Company Act 2W6, The Iruslees are also r•$ponsible for safeguarding the assets of the charity and hence for taking fea$onabl6 stèps for thè pr8v•nllon and detection of lrnud and other irr•gulanli•s. This report has been prepared in a¢¢ordance with the special provisions of Part 15 01 thè Companies Acl 2006 felallng lo small companies. Approved by the board on.. Signed on behalf of the board Robin Hobson- Chalrman
LORICA TRUST LIMITED {LIMITED BY GUARANTEEI INDEPENDENT EXAMINER'S REPORT TQ THE TRUSTEES OF LORICA TRUST LIMITED I report to the charity trustees on my examination of the accounts of the Charitable Company for the year anded 31 March 2024,. Regponslbllltles and ba818 of rnport As th¢ ¢harity.'s INsteo$ of Ihe Charitable Company {ond also ils directors for the purposes of rnPany lawl you a responsible for the preparation of the acLounts in accordance with the requiiements of the Cornpanies AGI 20061'lhe 2006 ACVI. Havin9 sab'sfted myseff that the accounts of the Charlt8bl• Compony are nol rnquired to be audited under Part 16 of the 2006 Act and are eligible for Independent examination, I report in re5PeCt ol my examination of your charity's aeKounts as carried out under seclion 145 of the Charities Act 2011 ('the 2011 ACVI. In carrying out my eX8minaknon I have followed the Directions given by the Charity Commission under secb'on 14515) Ibl ofthe 2011 Act. Indep•nd¢nt'oxamln•r'• 8tatsm•nt Since the charitable company's gross income exceeded £250.000 your examiner musl be a member of a body listed in ctIon 145 of the 2011 Act. I confim that l am qualified lo undertake the examination because l am member of the Associallon of Chartored Cerb'fied A¢¢ountanl8, whlch is one of the listed bodies. I have ¢(npleted my examination. I confimi that no matter5 have come to my attention in connection wilh the axaminalion givin9 me cause lo believe.. accounting records re nol kept in respe¢l ol the Charltable Company as requlrfjd by s•ctlon 386 of the 2006 Acl." or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the a¢¢ounbng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lnJe and fair view which is not a matter ¢onsvJered 0$ part of an independent examination., or 4. the accounts have not been prepared in ¥c¢ordancè with the method$ and principle5 of thè Slalement of Re¢ommended Practic lor accounting and reporting by charities. I have no concerns and have come across no other matter5 in connection wilh the examination lo which attention should be drawn in this report in order lo enabl¢ a proper under81anding of the accounts lo be reached. Mr Mark Cummlns FCCA FCIE for and on behalf ol TC Group The Coutyard Shoreham Road Upper Beeding Sleyning Wesl Sussex BN44 3TN Daled..
LORICA TRUST LIMITED {UMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrnstrlcted funds Do•lgnat•d R•8trict•d fund8 funds Totsl 2024 Total 2023 Notes Incom• from: Donatr'ons and legaaes 18.348 18,348 8.999 Ch8ri1oble actiwtigs East Clayton Fami Housing rental 755.949 2,400 20.000 49AOO 125.349 2,400 627.964 2,350 Invastment inc4)me- interest received 10,$04 10,$04 1,722 Total Income 787.201 20.000 49800 856,601 641.035 Exp•ndllur• on: Charitable activilios 708.398 50,000 758,398 590,482 Total •xpondlturn 708,398 50,000 7S8,39J 590,482 Net Income 78.803 20,000 1600) 98,203 50,553 Transfers betrween funds 14 19.400 119,400) N•t mov•m•nt In fund• 98,203 20,000 120,0001 98,203 SO,S53 RKon¢ilialion of fvnd• Total fund$ brought forward 1,524,761 350,000 624,255 2,499,016 2,448,463 Tolal funds cairlfrd forward 16 1,622,964 370,000 604.2SS 2.597.219 2.499,018 Tho Slalemenl ol Financial Activities also ¢omplies with the requirements for an income and expenditure acUnt under the Companies Act 2006. All activities are classed as continuing. The ao no Cognised gains or losses other than Ih¢yJe reported on the Statement of Financial Activities.
LORICA TRUST LIMITED {UMITED BY GUARANTEE) BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Not Flxed ag$fyts Tangible assets 11 1,999,747 1,946.533 Current a88•ts D•blor$ Cash al bank and in hand 12 104,697 528.531 71,912 502,483 833,228 574.395 CredltOf8: amounts l•11Sng du• wlthln ono y••r 13 135,756) (21,912) Not currfrnl ai8•ts 597N72 SS2,483 Total a88ets le•8 current1Sabilitie8 2,597,219 2,499,016 Net assets 2,597,219 2,499.016 Tho lund• of th• chirlty Restricted lunds Desi9nated lunds unstrICted funds 14 15 16 604.255 370.000 1,622,964 624,255 350,0 1,524,761 Tiotal fund• 2,597,219 2.499,016 For the financial year in question the company was entilled to exemption undèr sKtion 477 of the Companies Acl 2006 relating lo small eomp8nle8. No membets have requlr&d th6 company lo obtain an audit of its accounts for the year in question in a¢wrdance with secbon 476 of the Companies Act 20C6. The director8 ad(nowledge their responsibility lor complylng with the Act with resp8ct to accounting records and lor the preparation of accounts. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small wnpanie$ and constitute the annual financial stalements required by the Compani9¥ Act 2006 and aT8 for circul8b.on to members of tha company. Tho a¢¢ounts were approved by the Board on 11 A 17 IY R Hobson - Trust•0 Ichalrfflanl Company Registration No. 03462477 Charity R•gi$tr•ti¢n No. 1066891
LORICA TRUST LIMITED (UMITED BY GUARANTEE) CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Not• Cash flow• from oporatlng actlvllle8 18 98.083 67,796 Cash Ilow• from Inv••ting actlvitl•• Payments lo acquire langible fixed assets 11 {82,5391 10,604 Inv&stm•nl In¢om• 1,722 Net cash In Invo8tlng ¥ctlvltl•s (72,035) 1,722 In¢r•a80 in ¢a8h 26.048 69,518 C08h •nd ¢•$h •quival•nts •t 8tsrt of y•ar 502.483 432,965 Cash •nd ¢•sh •quivalonts •t •nd of y•ar 528,531 502,483 All cash is cash al bank and in hand.
LORICA TRUST LIMITED (UMITED BY GUARANTEEI. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 L•gal Status of charltsble comp8Dy Lorica Trust is a charitable company, limited by guarantee, registed in England and Wales. The charitable Company's registered number and registered office addres5 Can be found in Ihe Iruslee$' report. In the event of the tharity being wound up, the liability in r¢sp¢cl of the guarantee is limited to £10 por member of the charity. Accounllng pollcl•• Ba$1• of prnparatlon The ac£oLtnls havo boon pmpored in 8¢¢ord•nuJ with Axounling ond Reportlng by Charities.. Slalemonl of Recommended Practice applicable to tharilies preparing their 8¢counts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ilartd IFRS 102) (effective 1 January 2019) - (Charities SORP IFRS 1021). and thé Companies Act 2006 Lorica Trust meets the definition of a public benefit entSty under FRS 102. Assets and liabilbties are initially recognised al historical c05t or transaction value unless otherwise slated in the relevant accounting policy nolel¥l. There are no material UnrtaIntleS about Lor¢ca Trust's ability to continue as a 90ing concem. The financlal statements are prepared in slèrfing, which is the lunclional currency of the charitable company. Monetary amounts in these financial statements are rounded lo the nearest pound. 2.2 Incom• t)onalions and other fomis of voluntary income are recognised as incoming resources when recAivable. ex¢epl insofar as they are incapable of financial measurement. Charitablo actlvilles- represent in¢om6 from rent and arè recognised when rac8ivabl•. Investrnenl income is accounted for when receivable. 2.3 ExndItur• Expenditure is accounted for on an accrnals basis with th& irrecovarable element of VAT induded with th6 item of oxp8n80 lo whl¢h il relates. Charitable expenditure comprises those costs in¢urred by the tharity in the delNery of 11$ activlllos and services for ils b8neficianes. Govemance costs include those costs assoclaled with meeting the constslutional and statutory requ1MentS of the tharity and include independent examination fees and costs linked lo the strategic management ol the charity. These are induded as support costs. All $15 8r8 allocated belwe¢n expenditu categories ol the SOFA on a basis designed lo reflect the use of the SOUrce. Costs lating lo a particular activity are allocated direcvy. Othe are apportioned based on estimated usage as a proportion of directly attributable exp8ndilurg. io
LORICA TRUST LIMITED IUMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed assets and deprecSatlon Tangible fixod assets are capitalised at cost and depreciated over their e$timaled useful e¢onomi¢life on slrai9hl line basis as follows.. Motor vehi¢le$ Plant & Machlnery Computer equipment Leasehold improvements 25% 25% 33% over the remainder of the lease The Trustees have agroed that item8 costing £10.000 and above 8re considered for capilalrdalion. 2.5 Fund a¢¢ounting Funds held by the chanty are either.. Unrestricted general fvnd8 - these are lunds which are available for use at tho discmlion of the tfuslo•$ In furtherance of the general obje¢tives ol tha charity and which have not been designated for other purposes. Designated funds- these are unrestricted funds set aside by InJstees for a specific purpose. Ro81rlcted lund8 - these ar6 lunds which arn to be used In accordance with specific re8tsicb.ons imposed by donors which have been raised by the charity lor particular purposes. The ¢osl of raising and administering such funds are Charged against the spe¢ifi¢ fund. The aim and use of each restricted fund 18 8el out in Ihe notes lo the financial statements, 2.6 O•btor• Trade and other debtors are recognised al the settlement amount due after 8ny trade discount offered. Prgpayrnents are valued al the amount prepaid nel of any trade discounts due. 2.7 Cash at bank and in hand Cash al bank and In hand includes cash and Short 18m highly liquid Invesbr8nt8. The trustee8 Seek to use short temi deposits to maximise the retum on monies held al the bank and lo manage cash flow. 2.8 Crndltots and provlslons Creditors and provisions are recognised where the charity h•s present oblig•lion resulting from 8 post evenl that will probabty result in a transfer of funds lo a third party and the amount due lo selle the obligation can be meaSUd or estimated reliably. 2.9 Estimatss and judgemonts In the applicatson of th8 charity's accounting poliaes, the trustees are requirnd to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources, The estimates and associated ossumptior4s are based on historical experienco and other factors that are considered lo be relevant. Actual results may differ from these estimates. Tho o$limales and underfying •ssumpts'on$ ale revi8wed on an ongoing basis. Revisions lo accounllng ests'males are re¢ognised in tho period in which the estimate is revlsed. The truslees do not consider that there are any critical estimates or areas of judgement that need to bo brought to the attention of the readers of the financial slatemenls. li
LORICA TRUST LIMITED (LIMITEO 8Y GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trusle• r•munoratlon I Iruslees donate their lime spent runnlng th• charity on a voluntary basis and do not ro¢•lv• any remuneration for their work. T•x•tion The charilabla company is registe as a tharity and all of its income lalls wthin the exempJons under Part 11 of the Corporation Tax A¢t 2010. N•t In¢omelloxpondltur•) lor th• y•ar This is staled after tharging.. 2024 2023 Oepredation Independenl Examination fees 29,325 2,520 30,148 2,250 Comparnllv• Fund•- Slat•m?nt ol Flnanclal ActSvltl•• for th• Y•ar EDd•d 31 M•r¢h 1023 Unrestricted Designated Reslricled funds funds funds Totsl 2023 In¢om¢ from: Donations and legacies 8.999 8,999 Gharil8bl8 activities East Clayton Farm Housin9 rental 627,964 2.350 627,964 2.350 Investmnt incoma - Interest re¢eiv¢d 1.722 1.722 Total Incom• 641.035 641,035 Expendlture on: Chantable aclivil¢es 552.482 38,000 590,482 Total 0xnd[turn 552.482 38,aoo 590,482 Net Income 88.553 138.0001 SO,S53 Transf•r• b•twoen funds 1100.0001 100.000 Not Movent In fund8 111,447) 100,000 138.0001 50,553 R•conclllallon of fund8 Total funds brou9hl forward 1.536,208 250.000 662,255 2,448.463 Total funds carried forward 1,524,761 350,000 624,255 2,499,016 12
LORICA TRUST LIMITED (LIMITED BY GVARANTEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Incom• from donations Unrostrictsd D•signated Re¥trlcfed funds funds fund• Total 2024 Total 2023 Don•tions and hgaci•s OonatsL)nS Grft aid 17.098 1,250 17.098 1,250 Totsl donaOon• and legacle• 18,348 18,341 Incom• from charllabl• actlvllt•• Unfe•trlctsd O••ign•t•d R•8trieted fund8 lunds fund8 Totsl 2024 Total 2023 Ch4ril•bl• •¢tivltl•• East clayton fam) income Housing rental Grant incom• 755,949 2.400 20.000 775,949 2.400 49,400 623,745 2,350 4,219 49.400 Tol•l ¢harltsbl• actl¥ltl8• 7S8.349 20.000 49.400 827,749 630,314 Exp•ndltur• Staff OepreCIaOTr co*t8 Other Total Total coit8 2024 2023 CharStabl• actl¥ltl•8 Fami Project Rural Apprenticeship Support costs 344.757 25,575 3,750 349.902 31,894 2,520 720,234 35,644 2,520 550,462 37,770 2.250 Tot•1 •xp•ndltur• 344,767 29,326 384,316 758,398 590,482 Support co$16 compri80 independent examinern f¢•$ of £2.520 (2023.. £2.250}. 13
LORICA TRUST LIMITED IUMITED BY GUARANTEEI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Staff costs The aggregate. payroll costs lor the year were as lollows.. 2024 2023 Wages and salaries Social security costs Pension costs 322,654 16,977 5,126 251,141 13,375 3.629 344.757 268,145 No employee6 eamt in excess of £60,000 in the current or prior year. None of the Trustees reCeId any remuneration from the charity. There wo• an aveiag8 of 24 èmployees in the year 19 31 March 2024 {2023: 18). The key management personnel of the Charity comprised the Alternative Provision Management Team. The total employee benelits of the key management personnel wera £93.68312023'. £90.240). 11 Tan9lbl• flx•d 48•0ts Plani & L•a8ehold Equlpment Improvemgnts Motor vehicl•• Total Cost Al 1 April 2023 Addition 76,529 2.178,588 39,681 21.000 42,878 2,276,117 82,539 As at 31 March 2024 76,529 2.218,249 63,878 2,358,656 Dopreclatlon Al 1 April 2023 Charge fof the year 75,221 654 237,113 23.513 17,250 5,158 329.584 29,326 At 31 March 2024 75,875 260,626 22,408 358,909 Net book valu• At 31 Mar¢h 2024 654 1,957,623 41,470 1,999.747 At 31 March 2023 1,308 1.941,475 3.750 1,946,533 A charge dated 20 October 2010 bs held over the leasehold property by the Silver Lady Fund in relation lo some funding rec4ived by the Gharity (see note 14). 14
LORICA TRUST LIMITED IUMITeD BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 D•btor8 2024 2023 Trade debtors Other debtors and p(epayments 100,443 4,254 69,548 2,364 104.697 71,912 13 Cr•ditors: amounts falling du• within on• year 2024 2023 Trade credilord Ac¢Nal$ Other crèditors 18,308 11.586 5.862 12,189 3.099 6.624 35.756 21,912 14 R•8trlct•d lund• The income funds of the chanty indude restricted funds comprising the following unexpended balances of donations and gronts held on trust for 8pecifi¢ pu09$.. Movement in funds Balanco Incomlng R•8ourc•8 Tran8ler8 at 1 Aprll v•oource8 expondfjd betwegn 2023 funds Balanc• al 31 Mar¢h 2024 Wesl Sussex County Council Silver Lady Fund East Clayton Farm Phase 2 The Improved Access Fund Tudor Trust Minibu5 160,000 393,906 50,349 20,000 160,000 393.906 50,349 (20.0001 {30.000} 30.0 19.400 {19.4001 624,255 49,400 (SO,0001 119,400) 604,25S The transfer of funds above represents grant funds that were reslricled for usg lo assist in the purchase of a now minibus. The new minibus was bought in the year and the fvnd5 Wgre transferred upon capitalisalion of Ihe asset. The West Sussex County Council IWSCC) fund represents costs spent on the shad ownership housirKJ al East Claylon Farm. If the fam is closed within the following 15 years, WSCC would expect a pro rata relum on the £160.000 adjusted for inflation. Silvtr Lady Fund rèpresents costs spent on the RAS accomm¢)dalion for the RAS proied al Eastclayton Farm. The income is reslncled to the satisfactory completion ol the project and would potentallY need lo be repaid if either the project did not go ahead or was slopped al any lime. 15
LORICA TRUST LIMITED (LIMITED BY GUARANTEEI NO.TES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1.4 Restrlrted lunds (contlnued) The East aayton Fami Phase 2 fund relates to funds received toward various capitsl projects at E8St Clayton Farm. The Improved Access Fund relates to the cost of 8 v&hlclo to Iran8POrt donkeys supportlng vulnarabl8 young people and exlemal Mmmunily events. Tudor Trust relates to funds recewed lo contfibule l¢Mards the Costs of the salaries for the Aliemalive Provislon Team, Minibus relates lo fvnds received from Horsham District Council towards the cost ol # new mini bus to transport young people (Allemalive Provision). D•8lgn•t•d lundj Mov•ment In fund• 8•l•n¢• In¢omlng R080urce8 Transfor• •t 1 Aprll re•oure•8 •xpend•d b•tw•en 2023 lund• Balan¢• at 31 March 2024 . Bradbury Court Costs 350.000 20,000 370,000 3SO,000 20,000 370,000 The IN$tee$ have designated funds towards future costs associalad with Bradbury Court. in line with their serves policy. 16
LORICA TRUST LIMITED IUMITED 8Y GUARANTEE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Anal18 ol n•t a8Ut• b•tw••n lund• D08ignatod fund• Unrnstricled funds R••tr•ct•d funds Total Fund balances at 31 March 2024 ar8 represented by.. Tangible fixed assets Current assets Creditors,. amounts falling due within one year 1,445,841 212,879 135.7561 553,906 50,349 1,999,747 633,228 135,7561 370.000 370,000 1,622,964 604,255 2,597,219 Do8Sgnat•d fvnd8 Unro8tri¢l¢d fund8 R•stri¢tsd fvnd• Totsl Fund balancés at 31 March 2023 aro represented by.. Tangible lixed assets Current assets Creditor8', amounts falling du• within one year 1,392,827 154.046 {21,912) 553,906 70.349 1,946,533 574,395 121,9121 350.000 350,000 1,524,761 624,255 2,499,018 17 Control Tho charity18 under the control ol the Trujlees. 18 Ca•hllow from opefattng actlvftl 2024 2023 Surplus for the year Inveslmenl income D8precialion Increase in deblors Increasel{decrease) in creditors 98.203 110.504 29.325 132,785 13,844 50,553 11.7221 30,148 (1,7891 (9.3941 Nat cashflow from operating adivities 98,083 67,796 19 Relatsd party tran8actlon8 During the year trustees were reimbursed exp8nses for insurance and olh8r larm project costs tolalling £4,59012023'. £nill. 17