Lapworth Old School Trust
Report and Financial Statements
31 December 2025
Charity number: 1068925
Lapworth Old School Trust Report and Financial Statements Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the Trustees | 2 - 3 |
| Report of the Independent Examiner | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Cashflow statement | 7 |
| Notes forming part of the financial statements | 8 - 12 |
Lapworth Old School Trust Legal and administrative information
Trustees
Revd Canon P H Gerard MSc BA
The Rectory Church Lane Lapworth B94 5NX 01564 782098
Mr H O Roberts ACIB * Mrs K Baines GradDipPhys MCSP *
Mr A I Jackson BEng MBA CEng FSOE FIPlantE * Mr M E T Parkes * Mrs E M Kenny
White Oak Lapworth Street Lapworth B94 5QR 01564 783936 18 Kingswood Close Lapworth B94 6JQ 01564 782697 175 Station Lane Lapworth B94 6JG 01564 783028 The Crofts Netherwood Lane Chadwick End B93 0BD 01564 783189 8 Heyford Grove Solihull B91 3XX
* Trustees holding title to freehold land and buildings although transferral to the Official Custodian is in progress, see note 11.
Address
Old School Church Lane Lapworth Solihull B94 5NX
Independent examiner
Dr J R Ayling BSc FCA 8 Troutbeck Avenue Leamington Spa CV32 6NE
1
Lapworth Old School Trust Report of the Trustees for the period ended 31 December 2025
The Trustees present their report along with the financial statements of the Trust for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 and comply with the Charity's Trust Deed and applicable law.
Objectives and activities
The object of the Trust is to act for the benefit of St Mary's Church Lapworth and the community without distinction of political, religious or other opinion. The Trust owns two properties, the old schoolmaster’s house (School House, formerly known as “The Master’s House”) and the Old School. School House is let to a tenant and the converted classrooms of the Old School form a hall, which is used for meetings, lectures and classes and for other forms of recreation and leisure.
The Trust is obliged under section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. The Trustees believe that their commitment to enabling as many people as possible to use the facilities offered by the Old School fulfils this obligation.
Achievements and performance
Refurbishment of School House was completed in March 2025 and since April 2025 it has been occupied by a tenant. The Greyfort Group has managed all aspects of letting School House.
The holding title to freehold land and buildings was transferred to the Official Custodian for Charities, with confirmation of the authorising order to transfer to the Official Custodian received on 12 December 2022. HM Land Registry was informed 21 October 2025. As advised would happen, the Trustees are awaiting confirmation from HM Land Registry.
The Trustees’ investigation into the establishment of a Charitable Incorporated Organisation (CIO) to hold the Trust’s assets, so as to better support the community’s long term use of the Old School as a community hall, made little progress in 2025.
Financial review
Funding is obtained through rent received for School House and hiring of the Old School. Some fundraising also takes place. (In view of the generous support given by St Mary’s Church Lapworth for the purchase and initial refurbishment of the two properties, no charge is made to the church for the use of the Old School.) Receipts are banked promptly and creditors paid in a timely manner.
Old School lettings for the year were £12,398, up on £10,274 for 2024. Following the extensive refurbishment, the Charity received rent of £14,055 (2024: £nil) from School House. During the year ended 31 December 2025 the Charity had a deficit of £6,538 (2024: deficit of £69,587).
At 31 December 2025 the Charity had financial reserves of £392,956 (2024: £399,494), of which fixed assets were £336,071 (2024: £353,243), and net current assets were £56,885 (2024: £46,251). The Trustees aim to maintain a level of cash reserves that are sufficient to fund, independently, any necessary repairs or improvements to the properties. (Note that the cash reserves of the Lapworth Old School Trust are held on their behalf by The Parochial Church Council of the Ecclesiastical Parish of St Mary the Virgin, Lapworth (registered Charity number 1165322), "St Mary's PCC".) Other reserves comprise principally the depreciated cost of the two freehold buildings.
2
Lapworth Old School Trust Report of the Trustees for the period ended 31 December 2025
Structure, governance and management
The Lapworth Old School Trust is constituted by a Deed of Trust dated 20 June 1997, amended 10 March 1998, and is registered with the Charity Commission for England and Wales. The Trustees who have served during the year and since the year end are set out on page 1. None of the Trustees, nor any connected person, received any remuneration or expenses from the Charity in the period ended 31 December 2025 (2024: £nil). The power to appoint Trustees is vested in the existing Trustees, who shall include the Churchwardens, Rector, Secretary and Treasurer of St Mary The Virgin Church Lapworth’s Parochial Church Council. The Trustees conduct the business of the Trust as they see fit, keeping written minutes of their meetings which are held at least twice a year.
The Trustees' policy is to operate the Charity in accordance with the policies and procedures of St Mary's PCC.
The Trustees would like to record their thanks to the late Mrs M Twelftree RIP, who sadly died on 27th January 2026, for managing bookings of the Old School and for managing much of the day to day running of the Charity’s properties, while she was St Mary’s Verger. Also, to Mrs N Aslin for stepping in to take on many of these tasks.
Approved by the Trustees and signed on their behalf by:
10 June 2026
Mr M E T Parkes, Trustee
Date
3
Independent examiner's report To the Trustees of Lapworth Old School Trust
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2025 which are set out on pages 5 to 13.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Dr J R Ayling BSc FCA Fellow of the ICAEW 8 Troutbeck Avenue Leamington Spa CV32 6NE
11 June 2026
Date
4
Lapworth Old School Trust Statement of Financial Activities for the year ended 31 December 2025
| Notes Income and endowments from: Donations and legacies Charitable activities 4 Investments 5 Total income and endowments Expenditure on: Charitable activities 6 7 Total expenditure Total funds brought forward Total funds carried forward Net expenditure being net movement in funds Old School School House Other |
Year ended £ 300 26,453 1,258 28,011 20,968 13,555 26 34,549 (6,538) 399,494 392,956 31 Dec 2025 |
Year ended 31 Dec 2024 £ 477 10,274 3,308 |
|---|---|---|
| 14,059 | ||
| 22,556 61,060 30 |
||
| 83,646 | ||
| (69,587) 469,081 |
||
| 399,494 |
All funds are unrestricted.
There were no recognised gains and losses for the Charity for the current or prior years other than those included in the Statement of Financial Activities. All income arises from continuing activities.
5
Lapworth Old School Trust Balance Sheet as at 31 December 2025
----- Start of picture text -----
31 Dec 2025 31 Dec 2024
Notes £ £
Fixed assets
Tangible assets 11 336,071 353,243
Current assets
Debtors 12 58,244 48,316
Creditors: amounts falling due
13 (1,359) (2,065)
within one year
Net current assets 56,885 46,251
Total assets less current liabilities
392,956 399,494
being total net assets
Unrestricted funds 392,956 399,494
----- End of picture text -----
Approved by the Trustees and signed on their behalf by:
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10 June 2026
Mr M E T Parkes, Trustee
Date
6
Lapworth Old School Trust Cash flow statement for the year ended 31 December 2025
| Cash flows from operating activities Net expenditure Add back depreciation charges (Increase) / decrease in debtors (Decrease) / increase in creditors Net cash (used in) / provided by operating activities Cash flows from investing activities Interest and dividends Purchase of fixed assets Net cash provided by / (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward Analysis of changes in net debt At start of year £ Net debt - Deduct interest and dividends income shown in investing activities |
Year ended 31 Dec 2025 £ (6,538) 17,580 (1,258) (9,928) (706) (850) 1,258 (408) 850 - - - Cash flows £ - |
Year ended 31 Dec 2024 £ (69,587) 18,414 (3,308) 108,063 1,471 |
|---|---|---|
| 55,053 | ||
| 3,308 (58,361) |
||
| (55,053) | ||
| - - |
||
| - | ||
| At end of year £ - |
7
Lapworth Old School Trust Notes forming part of the financial statements for the year ended 31 December 2025
1 Accounting policies
{a} Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
{b} Funds Structure
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.
{c} Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Charity’s right to receive payment is established. Cash and investments are held by The Parochial Church Council of the Ecclesiastical Parish of St Mary the Virgin, Lapworth (registered Charity number 1165322), "St Mary's PCC" in its capacity as Custodian Trustee.
{d} Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on charitable activities includes the costs of maintaining the Charity's two properties, processing room hire bookings and collecting rent.
{e} Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
8
Lapworth Old School Trust Notes forming part of the financial statements for the year ended 31 December 2025
1 Accounting policies (continued)
{f} Allocation of support and governance costs
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the Charity. All support costs are charged to expenditure on charitable activities, with further allocation between the Old School and the School House. Where support costs cannot be directly attributed to a particular activity they have been allocated on a basis consistent with use of the resources. Insurance costs have been apportioned according to the Trustees' estimate of the split of the respective insurance cover required by these two buildings as shown below.
School House Old School Insurance 25% 75%
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees and are shared equally between the two charitable activities, see note 8.
{g} Fixed assets and depreciation
All fixed assets costing more than £100 are capitalised at cost.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Freehold land is not depreciated.
| Freehold buildings | 2% straight line |
|---|---|
| Plant & machinery | 10% straight line |
| Fixtures, fittings & equipment | 25% reducing balance |
The need for an impairment review of fixed assets is assessed annually.
{h} Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
2 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient, given the level of reserves, for the Charity to be able to continue as a going concern.
3 Related party transactions and Trustees’ expenses and remuneration
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil). Expenses paid to the Trustees in the year totalled £nil (2024: £nil). There are no other related party transactions.
9
Lapworth Old School Trust Notes forming part of the financial statements for the year ended 31 December 2025
| 4 Income and endowments from charitable activities Old School lettings School House rent 5 Income and endowments from investments Bank interest |
Year ended 31 Dec 2025 £ 12,398 14,055 26,453 Year ended 31 Dec 2025 £ 1,258 |
Year ended 31 Dec 2024 £ 10,274 - |
|---|---|---|
| 10,274 | ||
| Year ended 31 Dec 2024 £ 3,308 |
Bank interest arises from cash balances which are held by St Mary's PCC, in its capacity as Custodian Trustee, on behalf of the Lapworth Old School Trust.
| 6 Maintenance Heating and lighting Support costs (note 8) 7 Maintenance Letting agent's fees Heating and lighting Bat surveys and licenses Support costs (note 8) Expenditure on charitable activities: Old School Expenditure on charitable activities: School House |
Year ended 31 Dec 2025 £ 5,145 2,846 12,977 20,968 Year ended 31 Dec 2025 £ 2,885 2,172 298 - 8,200 13,555 |
Year ended 31 Dec 2024 £ 7,128 2,650 12,778 |
|---|---|---|
| 22,556 | ||
| Year ended 31 Dec 2024 £ 39,759 - 1,003 12,359 7,939 |
||
| 61,060 |
10
Lapworth Old School Trust Notes forming part of the financial statements for the year ended 31 December 2025
8 Support costs
The Charity allocates its support costs as described in note 1 and as shown below.
| Insurance Printing & stationery Depreciation Governance costs |
Old School £ 1,352 77 10,689 859 12,977 |
School House Total £ £ 450 1,802 - 77 6,891 17,580 859 1,718 8,200 21,177 |
|---|---|---|
Governance costs include £520 (2024: £555) in respect of the cost of independent review. No other fees were charged by the independent examiner (2024: £nil).
9 Net gains or losses on investments
Net gains or losses on investments arise from fixed asset investments which are held by St Mary's PCC, in its capacity as Custodian Trustee, on behalf of the Lapworth Old School Trust.
10 Staff costs
The Charity employs no staff.
| 11 Tangible fixed assets At 1 January 2025 Additions At 31 December 2025 Depreciation At 1 January 2025 Charge for the period At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 Cost |
Freehold land and buildings £ 588,034 - 588,034 289,198 10,499 299,697 288,337 298,836 |
Plant & machinery £ 67,330 - 67,330 16,460 6,095 22,555 44,775 50,870 |
Fixtures, fittings & equipment £ 12,885 408 13,293 9,348 986 10,334 2,959 3,537 |
Total £ 668,249 408 |
|---|---|---|---|---|
| 668,657 | ||||
| 315,006 17,580 |
||||
| 332,586 | ||||
| 336,071 | ||||
| 353,243 |
Included in freehold land and buildings is land at a cost of £63,062 (2024: £63,062) which has not been depreciated.
On 23 November 2022, the Trustees passed a resolution to move the title deeds of the two properties to the Official Custodian. Confirmation of the authorising order to transfer to the Official Custodian was received on 12 December 2022. Completion of the full process is ongoing.
11
Lapworth Old School Trust Notes forming part of the financial statements for the year ended 31 December 2025
| 12 Debtors Other debtors Prepayments and accrued income |
31 Dec 2025 31 Dec 2024 £ £ 57,248 47,296 996 1,020 58,244 48,316 |
|---|---|
Other debtors represents cash and investment balances held by St Mary's PCC, in its capacity as Custodian Trustee, on behalf of the Lapworth Old School Trust.
| 13 Creditors: amounts falling due within one year Accruals and deferred income 14 Deferred income At 1 January Additions during the year Amounts released to income At 31 December |
31 Dec 2025 £ 1,359 Year ended 31 Dec 2025 £ 343 700 (343) 700 |
31 Dec 2024 £ 2,065 |
|---|---|---|
| Year ended 31 Dec 2024 £ - 343 - |
||
| 343 |
Deferred income comprises rental income from School House and the Old School which has been received in advance of the period to which the income relates.
15 Controlling party and ultimate controlling party
The controlling party and ultimate controlling party of the Charity is the Board of Trustees of Lapworth Old School Trust.
12