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
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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.
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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.
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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.
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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
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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