Charity Registration No. 1066891 Company Registration No. 03462477 (England and Wales) LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Company Secretary Charity number Company number Registered office and principal address Auditors Bankers (primary) Solicitors R Hobson (Chairman) N Dungay C Haywood S Littlejohns H Sayers A Sharpe N Dungay 1066891 03462477 East Clayton Farm, Storington Road, Washington, Pulborough, West Sussex, RH20 4AG TC Group, The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Barclays Bank plc, 139-141 North Street, Brighton, East Sussex, BN1 1RU Flagstone, 1s* Floor, Clareville House, 26-27 Oxendon Street, London, SW1Y 4EL Irwin Mitchell, Thomas Eggar House, Friary Lane, Chichester, West Sussex, PO19 1UF H3 Solicitors, Suite 1, Brightams Farm Bines Road, Partridge Green, West Sussex, RH13 8EQ
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) CONTENTS Trustees' report Independent auditor's report Statement of financial activities Balance sheet Cashflow statement Notes to the accounts Page 1-5 6-9 10 11 12 13 - 20
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees (who are also directors of the Charity for the purposes of the Companies Act) are pleased to present their annual director's report together with the financial statements of the charity for the year to 31 March 2025 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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). Structure, Governance and Management Governing Document Lorica Trust Limited is a Company Limited by Guarantee governed by its Memorandum and Articles of Association dated 7 November 1997 and amended to allow for current governance arrangements by special resolution on 7 November 1997, 27 June 2003 and 26 September 2003. It is registered as a charity with the Charity Commission. Anyone over the age of 18 can become a member of the Company, each of whom agree to contribute £10 in the event of the charity winding up. Appointment of Trustees Trustees are recruited to fulfil identified strategic needs in the organisation and the profile of the organisation's areas of interest and operation are reflected in the core competencies of individuals represented on the Board of Trustees. Trustees are nominated by the members and appointed by the trustees. At the Annual General Meeting one-third of the trustees are subject to retirement by rotation or, if their number i: not three or a multiple of three, the number nearest to one third shall retire from office. Membership of the Board of Trustees is reviewed as part of the cyclical strategic planning process. Trustee Induction and Training New trustees undergo an orientation process to brief them on their legal obligations under charity and company law, the content of the Memorandum and Article of Association, the committee and decision-making process, the business plan and recent financial performance of the charity. During the induction process they meet key employees and other trustees. Trustees are encouraged to attend external training events where these will facilitate the undertaking of their role. Organisation The Board of Trustees, the number of which shall be not less than three but shall not be subject to any maximum, administers the charity. The Board meet on average five times a year. Directors, Trustees, Senior Officers The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving during the year and since the year end were as follows: Elected Trustees Mr Robin Q G Hobson - Chairman Mr Nicholas A Dungay Mr Charles Haywood Mrs Sophie E Littlejohns Ar Howard L Sayer Ar Andrew W Sharpe 1
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 Related Parties None of our trustees receive remuneration. Risk Management Lorica works with a model of enterprise-wide risk management; all business activities incur risk and Lorica is no allocation of scarce resources. This in turn has enabled the executive and management to focus on the most significant issues. This critical information is shared throughout the organisation, reducing unwelcome surprises and making business success more likely, both operationally and strategically. Objectives and Activities Background he Lorica Trust was established when our Founder Father Alan Sharpe let two people, homeless and hungry spend the night in the church in the winter of 1985; within months, St Patrick's was providing shelter for over 30 people a night. Since its foundation in 1985, the work of the Trust has expanded to support wider groups within the community touched by social exclusion. The Trust now focuses its resources at East Clayton Farm - this is a farm established by the charity which provides accommodation for people and families affected by disabilities and homelessness as well as land-based training opportunities. As the work of the Trust expanded beyond the work with the homeless at St Patrick's Church in Hove, the Trustees changed the original name of the St Patrick's Trust to Lorica Trust Limited - meaning 'breastplate'. This is a more generic name for the Trust, reflecting the increased breadth of our work. Our Vision To inspire, restore, educate and refresh. Mission To achieve our charitable objectives with creativity and innovation embracing strong Christian values. Our Objects To provide and promote the provision of accommodation, shelter and housing. To provide any ancillary facilities; food, clothing, physical, mental, educational, and spiritual care and support. • To provide for people who through age, physical or mental illness, youth, alcohol or drug addiction or dependency, and/or poverty are unable to make adequate provision for themselves. To provide and encourage the provision of facilities for medical rehabilitation and treatment, spiritual help, guidance and education and training. Public benefit In determining our objectives for the year and planning our activities the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit-running a charity (PB2)'. 2
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Board has had regard to the two key principles regarding public benefit in making decisions as to the services provided as detailed in this report. There has been a clearly identifiable benefit which is related to the charity's objects, and these have been balanced against any detriment or harm. The beneficiaries have been appropriate to the aims and the benefit has not been restricted by geographical, pecuniary restrictions or poverty and any private benefits have been incidental. Achievements and Performance 2024/25 At East Clayton Farm our focus over the past year has been to enhance the range of farm-based opportunities we could provide - this has focussed on the need to provide Learning and Development opportunities for both residents and visiting groups. There are 6 main areas in which we are involved: • The biggest area of expansion continues to be with children at risk of exclusion from school and it is very encouraging how the provision at the farm has helped benefit this group. The numbers of children visiting the farm has continued to increase over the year and we have expanded the range of activities with the further development of the garden and other outdoor activities in alternative locations. To underpin ou provision, we are a registered Learning and Development Centre with the Skills and Education Group (SEG), in order to offer Entry Level, Level 1 and Level 2 land-based qualifications; we are also registered with West Sussex County Council as providers of Alternative Provision. We are keen to explore rural provision for those isolated within our local community or living with dementia and we are actively considering how we might assist in this area of need. We also continue to partner wit other local & national charities to consider social prescribing and the use of the farm for therapeuti purposes. We are working with Turning Tides (previously Worthing Churches Homeless Project) to expand our work with residents and non-residents recovering from homelessness. The challenge of rural homelessness is of particular concern, and we have been involved in providing resources to assist in this area. The residents are an integral part of the farm, and they have become more involved over the year in every aspect of farm life. Our work with adults affected by disability has been ongoing with visits from residents and non-residents to utilise the facilities of the farm. We have been able to provide a dedicated volunteer hub for local groups which also serves as a base for the WSCC volunteer team; this space has been used to design and deliver a range of community led projects from building bus shelters to supporting local initiatives. It has also provided a place where our young people who want to develop DIY and carpentry expertise have been able to gain these skills. There is an ongoing programme of environmental enhancement at the farm. We have planted more than three kilometres of hedgerows over the years which are now old enough to lay. We are also partnering with Royal Botanic Gardens at Wakehurst to help reestablish black poplars which we have been planting in suitable locations on the farm. Needless to say without our excellent volunteer team none of this would have been possible. During the year we have been able to undertake a wide range of outreach activities. Our donkeys have made appearances at many different events. Christmas and Easter have been special occasions where they have been able to enhance many church worship services. Our sheep have also attended various agricultural shows, and we are very happy to report that our student's input has meant that we have won prizes in various competitions. 3
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 We have been able to welcome an increasing number of visitors to walk donkeys at the farm and enjoy interacting with them and our very special landscape. The year has again seen increased use of the farm for social benefit; our CEO has performed sterling work in ensuring that this has been possible, and we have been very appreciative of our staff and volunteer team who have helped with the increased workload over this period Our volunteers are an essential part of the farm and are involved in all aspects of farm operation, assisting in estate and livestock management as well as working with visiting groups We are very grateful for the input made by many volunteers over the year and the number of people, and the scope of their involvement continues to develop and grow. Financial Review The Trust's total income has increased from E856,601 in 2024 to £1,123,193 in 2025. This reflects the continuing ncrease in school's provision, but was particularly impacted by higher receipts for grant, investment and miscellaneous income The increase in income has been accompanied by a commensurate increase in expenditure from £758,398 in 2024 to £898,761 in 2025. This increase in expenditure reflects further higher building maintenance costs incurred and the additional resources required for the increased provision for children at risk of exclusion from school. The overall financial effect of the changes made in the year 2024/25 has been to record a surplus of £224,432 compared with £98,203 in 2024. The Trust's tangible fixed assets have increased from E1,999,747 in 2024 to £2,034,354 in 2025, whilst the Trust's net assets have increased from 22,597,219 in 2024 to £2,821,651 in 2025. Overall, it has been a very encouraging year with our new resources being used to very good effect in helping increase the benefit to those it is our privilege to welcome to the farm. The Trust's level of restricted reserves is £604,444 carried forward into 2025/26. Details of these funds are set out in Note 14 of the accounts. The financial consolidation made in the year continues to help strengthen the charity structure to enable the continuing provision and development of existing and new services to those it was set up to help. Over the coming year the aim is to continue to use the facilities at East Clayton Farm to widen the number of people who can benefit from the farm. The mission of Lorica has been to achieve its charitable objectives with creativity and innovation embracing strong Christian values: the changes made between 2024/25 continue this journey which started in the winter of 1985. Financial Policies Investment Powers and Policy Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees decide. The trustees, having regard to the liquidity requirements of operational activities and to the reserves policy have operated a policy of keeping funds in interest bearing deposit accounts and seek to achieve a rate of deposit which matches or exceeds inflation as measured by the retail price index. Due to wider economic circumstances deposit rates have improved, although this was matched by an increase in inflation, and so it was possible to partially achieve this aim in the year. 4
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on production and events and receiving resources through grants that provide funding. Reserves are also held to cover possible emergency repairs and other unexpected costs. The trustees have examined the charity's requirements for reserves in the light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between three and six months of future expenditure. Therefore, the trustees consider that the ideal level of free reserves should be between £200k and £250k and actior Going concern The trustees considered budgets, projections, cash flow statements and balance sheet at their meeting to approve the annual accounts and consider that the charity is able to continue as a going concern for a period of no less than 12 months from the date the accounts are approved and that no Post Balance Sheet Adjustments are required. Trustees' responsibilities in relation to the financial statements The trustees, who are also the directors of Lorica Trust Limited for the purposes of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law 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, including the income and expenditure, of the charitable company for that year. 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 Charites SORP; Make judgments and estimates that are reasonable and prudent; State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 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 maintaining proper accounting records which disclose with reasonable accurac at any time the financial position of the charity and enable them to ensure that the financial statements comply witl the Companies Act 2006. 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. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the board on: 17/12/2025 Signed on behalf of the board RAther 5
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LORICA TRUST LIMITED OPINION We have audited the financial statements of Lorica Trust Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes numbered 1 to 19. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: • give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the Trustees' Annual Report. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 6
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LORICA TRUST LIMITED OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: • the information given in the Trustees' Annual Report, which includes the Directors' Report prepared for the purposes of company law, is consistent with the financial statements; and the Directors' Report included within the Trustees' Annual Report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of our audit, we have not identified material misstatements in the Trustees' Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: • adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or • the trustees were not entitled to prepare the financial statements in accordance with the smal companies' regime and take advantage of the small companies' exemption in preparing the Trustees' Annual Report and from the requirement to prepare a strategic report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 7
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LORICA TRUST LIMITED EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD The objectives of our audit, in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. Our approach was as follows: • We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the trustees and other management (as required by auditing standards), and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations (see below); • We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection regulation (GDPR); fraud, bribery and corruption; Care Quality Commission (CQC), and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. • We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102, the Companies Act 2006 and the Charities Act 2011) and the relevant tax compliance regulations in the UK; • We considered the nature of the charitable company's operations, the control environment and financial performance; • We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit; • We considered the procedures and controls that the charitable company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those procedures and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals; reviewing the financial statement and testing to supporting documentation; performing analytical procedures; and enquiring of management and were designed to provide reasonable assurance that the financial statements were free from Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 8
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LORICA TRUST LIMITED A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mark Cummins FCCA (Senior Statutory Auditor) For and on behalf of TC Group Statutory Auditor Office: Steyning, West Sussex Date: 18 December RoRS 9
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Notes funds Designated funds Restricted funds Income from: Donations and legacies Charitable activities Fast Clayton Farn lousing renta Investment income - interest received Total income Expenditure on: 7 8 8 9 Charitable activities Total expenditure Net income Transfer between funds Net movement in funds Reconciliation of funds Total funds brought forward 20,778 77,583 97,961 33,146 229,468 175,824 175,824 53,644 (17,689) 35,955 - 805,292 22,534 - 827,826 704,038 704,038 123,788 64,500 188,288 - 65,899 - - 65,899 18,899 18,899 47,000 (46,811) 189 Total 2025 20,778 948,774 120,495 33,146 1,123,193 898,761 898,761 224,432 224,432 Total 2024 18,348 825,349 2,400 10,504 856,601 758,398 758,398 98,203 98,203 Total funds carried forward 16 1,622,964 1,658,919 370,000 558,288 604,255 2,597,219 604,444 2,821,651 2,499,016 2,597,219 le Statement of Financial Activities also complies with the requirements for an income and expenditure accou nder the Companies Act 2006. All activities are classed as continuin There are no recognised gains or losses other than those reported on the Statement of Financial Activities. 10
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2,034,354 2024 1,999,747 Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities 13 127,904 712,778 - 840,682 (53,385) 104,697 528,531 633,228 (35,756) 787,297 2,821,651 597,472 2,597,219 Net assets The funds of the charity Restricted funds Designated funds Unrestricted funds Total funds 2,821,651 2,597,219 14 15 604,444 558,288 1,658,919 2,821,651 604,255 370,000 1,622,964 2,597,219 These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to members of the company. The accounts were approved by the Board on 17/12/2025 RAther R Hobson - Trustee (Chairman) Company Registration No. 03462477 Charity Registration No. 1066891 11
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 Note 18 € Cash flows from operating activities Cash flows from investing activities Payments to acquire tangible fixed assets Investment income Net cash used in investing activities Increase in cash 217,413 11 (66,312) 33,146 (82,539) 10,504 Cash and cash equivalents at start of year Cash and cash equivalents at end of year All cash is cash at bank and in hand (33,166) 184,247 528,531 712,778 12 2024 98,083 (72,035) 26,048 502,483 528,531
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1 2 2.1 2.2 Legal status of charitable company Company registered number and ye medy furate a catered in and and ales The carial. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. Accounting policies Basis of preparation The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financi Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), and the Companies Act 2006. Lorica Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially ecognised at historical cost or transaction value unless otherwise stated in the relevant accounting polic ote(s). There are no material uncertainties about Lorica Trust's ability to continue as a going concerr The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest pound. Going concern he financial statements have been prepared on a going concern basis as the trustees believe that n naterial uncertainties exist. The trustees have considered the level of funds held and the expected level o income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to continue as a going concern. 2.3 2.4 Donations and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. Charitable activities - represent income from rent and are recognised when receivable. Investment income is accounted for when receivable. Expenditure Expenditure is accounted for on an accruals basis with the irrecoverable element of VAT included with the item of expense to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include independent examination fees and costs linked to the strategic management of the charity. These are included as support costs. All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned based or estimated usage as a proportion of directly attributable expenditure. 13
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 2.5 Tangible fixed assets and depreciation Tangible fixed assets are capitalised at cost and depreciated over their estimated useful economic life on a straight line basis as follows: Motor vehicles Plant & Machinery Computer equipment 25% 25% 33% Leasehold improvements over the remainder of the lease / 10% The Trustees have agreed that items costing £2,000 and above are considered for capitalisation. 2.6 Fund accounting Funds held by the charity are either: Unrestricted general funds - these are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds - these are unrestricted funds set aside by trustees for a specific purpose. Restricted funds - these are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 2.7 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments. The trustees seek to use short term deposits to maximise the return on monies held at the bank and to manage cash flow. 2.9 Creditors and provisions Creditors and provisions are recognised where the charity has present obligation resulting from a pas event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 2.10 Estimates and judgements In the application of the charity's accounting policies, the trustees are required 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 assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements. 14
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 3 4 5 Trustee remuneration All trustees donate their time spent running the charity on a voluntary basis and do not receive any remuneration for their work. Taxation The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010. Net income/(expenditure) for the year This is stated after charging: Depreciation Independent Examination fees Audit fees 2025 € 31,705 11,400 2024 29,325 2,520 - Comparative Funds - Statement of Financial Activities for the Year Ended 31 March 2024 Unrestricted Designated funds funds € € Restricted funds Total 2024 € Income from: Donations and legacies Charitable activities East Clayton Farm Housing rental Investment income - Interest received Total income Expenditure on: Charitable activities Total expenditure Net income Transfers between funds Net movement in funds 18,348 - - 18,348 755,949 2,400 10,504 787,201 20,000 - - 20,000 49,400 - - 49,400 825,349 2,400 10,504 856,601 708,398 708,398 78,803 19,400 98,203 20,000 20,000 50,000 50,000 (600) (19,400) (20,000) 758,398 758,398 98,203 98,203 Reconciliation of funds Total funds brought forward Total funds carried forward 1,524,761 1,622,964 350,000 370,000 624,255 604,255 2,499,016 2,597,219 15
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 7 Income from donations Unrestricted Designated Rostited funds funds Donations and legacies Donations Gift aid Total donations and legacies 15,879 4,899 20,778 • ' - 8 Income from charitable activities Unrestricted Designated Restricted funds funds funds € € Charitable activities East Clayton Farm income Housing Rental Rural Apprenticeship Scheme Grant income Total charitable activities 51,405 97,961 26,178 805,292 22,534 175,544 827,826 : 65,899 65,899 9 Expenditure Staff Depreciation costs € Other costs € Charitable activities East Clayton Farm Housing Rental Rural Apprenticeship Scheme Support costs Total expenditure 428,168 22,146 13,278 14,448 3,979 - 450,314 31,705 313,204 63,071 29,067 11,400 416,742 Total 2025 15,879 4,899 20,778 Total 2025 856,697 120,495 26,178 65,899 1,069,269 Total 2025 754,650 99,665 33,046 11,400 898,761 Support costs comprise audit fees of £11,400 (2024: independent examiners fees of £2,520). Total 2024 17,098 1,250 18,348 Total 2024 655,537 98,116 24,626 49,400 827,749 Total 2024 598,190 122,044 35,644 2,520 758,398 16
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Staff costs The aggregate payroll costs for the year were as follows: Wages and salaries Social security costs Pension costs 2025 419,565 23,354 7,395 450,314 2024 322,654 16,977 5,126 344,757 No employees earned in excess of £60,000 in the current or prior year. None of the Trustees received any remuneration from the charity. There was an average of 30 employees in the year to 31 March 2025 (2024: 24). The key management personnel of the Charity comprised the Alternative Provision Management Team. The total employee benefits of the key management personnel were £102,558 (2024: £93,683). 11 Tangible fixed assets Cost At 1 April 2024 Additions Disposals As at 31 March 2025 Depreciation At 1 April 2024 Charge for the year Eliminated on disposal At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Plant & Leasehold Equipment Improvements 76,529 17,996 (71,512) 23,013 75,875 1,379 (71,512) 5,742 17,271 654 2,218,249 47,638 - 2,265,887 260,626 29,469 290,095 1,975,792 1,957,623 Motor vehicles € 63,878 678 (500) 64,056 22,408 857 (500) 22,765 41,291 41,470 Total E 2,358,656 66,312 (72,012) 2,352,956 358,909 31,705 (72,012) 318,602 2,034,354 1,999,747 A charge dated 20 October 2010 is held over the leasehold property by the Silver Lady Fund in relation to some funding received by the charity (see note 14). 17
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Debtors Trade debtors Other debtors and prepayments 13 Creditors: amounts falling due within one year Trade creditors Accruals Other creditors 2025 € 122,718 5,186 127,904 2025 16,541 29,799 7,045 53,385 2024 100,443 4,254 104,697 2024 18,308 11,586 5,862 35,756 14 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: West Sussex County Council Silver Lady Fund East Clayton Farm Phase 2 Tudor Trust Economic Development Team Balance at 1 April 2024 € 160,000 393,906 50,349 - - Incoming resources Movement in funds Resources Transfers expended between funds € (46,811) Balance at 31 March 2025 18,899 - : - (18,899) : 113,189 393,906 50,349 47,000 604,255 65,899 (18,899) (46,811) 604,444 The West Sussex County Council (WSCC) fund represents costs spent on the shared ownership housin at East Clayton Farm. If the farm is closed within the following 25 years, WSCC would expect a pro rat return on the £160,000 adjusted for inflation. The Silver Lady Fund represents costs spent on the RAS accommodation for the RAS project at East Clayton Farm. The income is restricted to the satisfactory completion of the project and would potentially need to be repaid if either the project did not go ahead or was stopped at any time. The East Clayton Farm Phase 2 fund relates to funds received toward various capital projects at Eas Clayton Farm. There are plans to utilise these funds in the foreseeable future The planning stages to funds received for the development of the Allerative Provision, which is currently at The Economic Development Team fund relates to items purchased that were stipulated under the grant 18
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Designated funds Balance Incoming at 1 April resources 2024 € 370,000 22,534 805,292 Bradbury Court Costs Alternative Provision Little George's Barn Village Hall 370,000 827,826 Movement in funds Resources Transfers expended between funds € (704,038) - (704,038) 56,000 8,500 64,500 Balance at 31 March 2025 € 392,534 101,254 56,000 8,500 558,288 The trustees have designated funds towards future costs associated with Bradbury Court, in line with their reserves policy. Iternative Provision relates to funds set aside for items required to ensure continuation of quality servic nder the Alternative Provisio Little George's Barn represents funds which will be used for the development of Little George's Barn in partnership with the National Trust. Village Hall represents funds which will be used for external facilities to support Alternative Provision overflow. 16 Analysis of net assets between funds Designated funds € Fund balances at 31 March 2025 are represented by: Tangible fixed assets - Current assets 558,288 Creditors: amounts falling due within one year Unrestricted funds Restricted funds Total 558,288 1,480,259 232,045 (53,385) 1,658,919 554,095 50,349 - 604,444 2,034,354 840,682 (53,385) 2,821,651 19
LORICA TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Analysis of net assets between funds (continued) Designated funds € Fund balances at 31 March 2024 are represented by: Tangible fixed assets Current assets 370,000 Creditors: amounts falling due - within one year 370,000 Unrestricted funds € 1,445,841 212,879 (35,756) 1,622,964 Restricted funds € 553,906 50,349 - 604,255 Total 1,999,747 633,228 (35,756) 2,597,219 17 Control The charity is under the control of the Trustees. 18 Cashflow from operating activities 19 2025 2024 Surplus for the year Investment income Depreciation Increase in debtors Increase in creditors 224,432 (33,146) 31,705 (23,207) 17,629 98,203 (10,504) 29,325 (32,785) 13,844 Net cashflow from operating activities 217,413 98,083 Related party transactions There were the below related party transactions during the year: • One trustee and one member of key management personnel were reimbursed expenses totalling £1,496 (2024: £4,590); One trustee made donations totalling £2,340 to the charity for Stewardship services (2024: £Nil The charity paid £6,954 for fencing works completed by the son of a member of kev managemer personnel (2024 ENil); • The charity engaged Wild By Nature, a company under which a member of key management personnel's husband trades, to provide Internal Verification services for the ECF Qualification Centre and ECF Maintenance Services for the year. Total fees paid to this entity during the year amounted to £31,495 (2024: ENil). • The charity paid £2,252 (2024: £Nil) to a close family member of a serving trustee, who completed various maintenance and repair works personnel. The terms of employment were established under normal market conditions. In accordance with the small companies' exemption for related party disclosures, no further details have been provided beyond the total key management personnel compensation disclosed in note 10. 20