Registered number: 03590104 Charity number: 1071041
Lodge Hill Trust
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements For the year ended 31 December 2022
Lodge Hill Trust
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 - 2 |
| Trustees' report | 3 - 8 |
| Independent examiner's report | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 - 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 33 |
Lodge Hill Trust
(A company limited by guarantee)
Reference and administrative details of the company, its Trustees and advisers For the year ended 31 December 2022
Trustees
Mr Matthew Wykes, DipPFS, Chairman Mr Guy Nelson, MA (Ed); NPQH Mr Richard Whittaker Ms Penny Barnes - Ms Shirley Robinson Viney (resigned 13 July 2022) Mr Jack Marriott (appointed 13 September 2022)
Company registered number
03590104
Charity registered number
1071041
Registered office
Lodge Hill, Watersfield, Pulborough, West Sussex, RH20 1LZ
Company secretary
Shirley Robinson-Viney (resigned 13 July 2022)
President
Col. Sir Brian Barttelot, Bt; OBE; DL
Accountants
Kreston Reeves LLP, 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ
Bankers
CAF Bank Ltd, Kings Hill, West Malling, Kent, ME19 4JQ
Solicitors
Miller Parris, Broadwater, Worthing, West Sussex, BN14 8JB
Investment advisors
Waverton Investment Management Ltd, 16 Babmaes Street, London, SW1Y 6AH
Key Management Personnel
Lisa May BSc (Hons); Dip HSW, Chief Executive Officer Katie Collet, BSc (Hons), Finance and Operations Manager Claire Harrison, BSc, MHCIMA, Chef Manager (resigned 08 August 2022) Claire Sumner, Chef Manager (appointed 08 August 2022) Matthew Brown, Lead Activities Instructor (resigned 18 July 2022) Darren Worsfold, Activities Manager (appointed 01 November 2022)
Page 1
Lodge Hill Trust
(A company limited by guarantee)
Reference and administrative details of the company, its Trustees and advisers (continued) For the year ended 31 December 2022
Patrons
Mrs Susan Pyper (Lord Lieutenant of West Sussex) Col. Sir Brian Barttelot, Bt; OBE; DL The Lord Dholakia, OBE;DL Sylvia Countess of Limerick, CBE Ms Jennifer Hardwick (appointed 03 November 2022)
Page 2
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report
For the year ended 31 December 2022
The Trustees present their annual report together with the financial statements of the company for the 1 January 2022 to 31 December 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Objectives and aims
The aim and purpose of the Trust is to ensure that the young people and others of West Sussex and beyond enjoy the educational benefits available at the Centre.
The objects of the Trust set this out as:
1) The advancement of the education of young people, primarily those resident in the county of West Sussex, by helping them to develop their mental and physical capacities that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved.
2) The provisions of facilities for the further education of adults, primarily those resident in the county of West Sussex.
b. Charitable activities
Under the Charities Act 2006, the trustees are required to report on how the Trust has carried out its aims for the public benefit.
The Trust's objects are set out in the Memorandum of Association and include particularly the advancement of the education of young people and the provision of the facilities for the further education of adults.
The Charity Commission has set out 2 key principles of public benefit, being that there must be identifiable benefits which are related to the Trust's aims and that the benefit must be for the public or a section of the public.
A) Identifiable benefits related to the objects of the Trust include the following:
1. Provision of Facilities
The 32-acre site at Lodge Hill includes a camp site, residential accommodation, outdoor activities and meeting and conference facilities.
2. Giving an education
The Trust's employees include instructors who are trained in the use of all the facilities at the site enabling all the users to be educated in their use. The instructors are not only able to teach users how to achieve personal targets but also, very importantly, how to achieve those targets as a part of a group or team. The Trust achieved accreditation with "Learning Outside the Classroom".
Page 3
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
3. Preserving the environment
The Trust's 32 acre site is mainly woodland which is maintained by the Trust's employees for the benefit of all the users generally but also allowing, particularly, school groups, to fulfil educational requirements arising from the national curriculum.
B) The benefit for the public can be illustrated as follows:
-
In the year ended 31st December 2022, there were approx. 25,105 users (mainly children and young people) who visited Lodge Hill.
-
Many of these users were young people that took part in activities organised by the outdoor instructors during the period.
The Trust has made it a particular priority to ensure that the centre's facilities are available for disabled users.
Achievements and performance
a. Chairman's Report
2022 saw the busiest year ever at Lodge Hill. Being our first full year of operations after the constraints of the pandemic, we were delighted to see so many children, young people and adults return to our wonderful centre.
Looking ahead to secure our long term future, we were extremely pleased that the land sale planning application was approved by the South Downs National Park Planning Authority and the sale of that piece of land was able to commence. The proceeds of the sale will enable full refurbishment and future development of our 32 acre site for generations to come.
Our core business remains schools in a day visit or residential capacity. We have a strong and ever growing relationship with West Sussex County Council and are one of their preferred providers of activities for family groups with a disabled child or young person. The ChallengeU programme for young people that have offended, are at risk of offending or have disengaged with society or education is becoming an increasing influence on our overall offering at Lodge Hill and the need increases with much younger young people requiring intervention and support than we had anticipated. The centre is licensed for weddings, and we have a unique offering for those wishing to share their special day at Lodge Hill. We have great conference facilities to host meetings, corporate events and presentations that add additional income streams to support our core work of supporting children and young people to thrive.
The centre would not be the success it is without the hard work and dedication of the superb Lodge Hill team guided by Lisa May, our dedicated CEO and the hours of voluntary work carried out by our highly motivated Trustees. We are incredibly lucky to receive wide ranging support from generous funders, sponsors and donors. Our President, Patrons and Company Members have played a significant role in the development and success of Lodge Hill through their continued support. Looking forward, it is exciting to see a new team bond and drive Lodge Hill to a different level.
2023 will hopefully be (without any interruptions), our busiest year yet. I look forward to sharing this with you next year.
Development plan
In developing our business plan, we recognised that the challenge for Lodge Hill was to become a viable and accessible, high-class provider of choice for users from West Sussex and beyond requiring outdoor activities, residential trips and day meetings/conferences, thus enabling the Trust to remain financially sustainable. We reaffirmed the Trust's mission to target a wide range of groups and individuals, including those with physical disabilities, mental health or learning difficulties and young offenders. The business plan identified that in order to achieve this challenge the Trust would need to:
- Maintain financial sustainability whilst ensuring Lodge Hill provides best value for money for young people
Page 4
Lodge Hill Trust (A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
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Maintain a professional and committed staff team
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Maximise the use of facilities and establish on-going communications with key players and supporters
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Maintain the centre and its facilities to a high standard and plan appropriate improvements
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Establish joint initiatives with recognised partners and targeted funding.
b. Key performance indicators
The principal indicators of performance are financial reporting of current results compared to the budget numbers and previous years. The budget is formally adopted at a meeting of Trustees at the start of the year. Financial reports are prepared by the Accounts Manager and considered in detail by the Finance Committee four times per year. They are presented and discussed by the full board of trustees at each of their meetings. Client satisfaction and statistics of repeat bookings are also considered as performance indicators.
c. Events since the balance sheet date
As expected, we have returned to full operation in 2022. Bookings are buoyant for the rest of 2022 and forward into 2023 and 2024. We have taken bookings from new customers for residential and activity days who would previously have visited other centers further afield.
At the time of writing the Trust has not utilised the CAF loan it took out as a safeguard when the pandemic began.
d. Investment policy
The Trust has unrestricted authority to invest its funds in the furtherance of its charitable objectives. A proportion of retained reserves is held in the form of listed investments. It is the Trust's policy to have these managed by an independent investment manager under a discretionary mandate requiring a mix of equity and fixed income investments. Although the Trust has not adopted a specific ethical policy, they have instructed the investment manager that they should refrain from investing in companies that undertake activities that are incompatible with the aims and objectives of Lodge Hill. The trustees review the performance of the investment manager periodically and consider the returns achieved to date to have been satisfactory.
Financial review
a. Financial review
2022 has been our first full year’s operation after the restrictions and lock downs of the pandemic. Bookings were extremely buoyant for schools and we delivered a higher level of SEND provision in partnership with WSCC. Our Alternative Provision sessions have been in great demand and POM funding has enabled us to increase delivery. Costs have remained largely stable but we have identified some savings in staffing due to operational and strategic planning. Some vital maintenance works were completed during the year while other works will be undertaken once the land sale funds have been received at some point during 2023.
b. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
c. Reserves policy
The Trustees review the level of reserves regularly. Reserves are a key element of financial stability and allow the Trust to cope with the fluctuating nature and timing of cash flows. Reserves allow the Trust to deal with unexpected expenditure or changes in income and give time for appropriate action to be taken.
The total funds at the year-end were £2,115,862 (2021: £2,166,422). Of this total, £2,048,283 (2021: £2,101,037) is designated as follows:
Page 5
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
The fixed asset fund is not readily available to spend, it is the balance of the fixed assets' value.
The Continuity reserve is the balance of the current asset investments' value.
Structure, governance and management
a. Constitution
Lodge Hill Trust (the charity or the Trust) is a private company limited by guarantee under registered number 03590104, and a registered charity under charity number 1071041. It was incorporated on 30th June 1998 in the United Kingdom. The charity is governed by its Memorandum and Articles of Association.
b. Methods of appointment or election of Trustees
New trustees are recruited primarily by utilising the knowledge of the existing trustees who have a wide network of contacts in the voluntary and business communities in West Sussex. Potential trustees visit Lodge Hill and meet with the chairman and at least one other trustee. They are provided with background papers and receive a detailed briefing. If both sides feel that they wish to proceed, the potential trustee is invited to attend a trustees' meeting as an observer. Following the meeting a decision is made on whether to invite the individual to become a trustee.
When seeking new trustees Lodge Hill looks for:-
Compatibility with the charity's values, aims and way of working.
Availability to attend meetings, support activities, work on sub-committees, interact with staff and to encourage supporters.
An enduring enthusiasm for the charity's objectives.
An ability to establish priorities and to make logical decisions.
They must be able to contribute effectively, to have listening skills and must have a willingness to share responsibilities.
While specialist expertise is not a pre-requisite, new trustees should enrich the diversity of the board.
Trustees must possess independence of mind and have the skill to challenge constructively, and be capable of and have experience of strategic thinking at board level. All new trustees join an induction programme designed to familiarise them with the strategy, management and day-to-day activity of Lodge Hill.
c. Organisational structure and decision-making policies
The trustees meet as a board on at least four occasions during the year. Closer involvement in the charity's activities is maintained by appropriate committees of trustees, staff, users and professional advisers. Each committee reports to the board and is chaired by a trustee. Committees that were in place in 2022 were:
Premises Finance Health and Safety Marketing Vision
The day-to-day activities have been directed by the Chief Executive, Lisa May, who works closely with the chairman of the Trustees. She is supported by her management team.
Page 6
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
Wider network
Lodge Hill works with a wide range of youth and community organisations but does not have formal links with any wider network.
d. Pay policy for senior staff
The Finance Committee together with the Chairperson meet in December to consider salaries for key staff to be applied in the following financial year. The Committee consider proposals from the Chief Executive which take into account prevailing rates of pay in the local area together with any change in responsibilities. The Committee also consider the remuneration of the Chief Executive.
e. Related party relationships
The Supporters of Lodge Hill is a separate charity (registration number 1087269) that supports the work of Lodge Hill. It has its own constitution and trustees.
The Trust owns the issued share capital of Lodge Hill Services Limited. This company is dormant and has not traded during the current financial year.
f. Financial risk management
The Trustees consider the risks faced by the Trust at a special meeting at the year end and also consider measures to reduce their likelihood and impact.
Sudden loss of income is the principle concern either from changes in the market which could reduce the capacity of the trust's clients to fund their visits or from damage to the facilities. The former risk is countered by sustained, targeted marketing and efforts to increase the breadth of its user groups. Risks to the facility are countered by careful management and an awareness of risks in the day to day operations.
Page 7
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr Matthew Wykes, DipPFS
Date:
Page 8
Lodge Hill Trust
(A company limited by guarantee)
Independent examiner's report
For the year ended 31 December 2022
Independent examiner's report to the Trustees of Lodge Hill Trust ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 14 July 2023
Simon Webber BA (Hons), DChA, FCA
Kreston Reeves LLP Chartered Accountants Chichester
Page 9
Lodge Hill Trust
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2022
Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Other income 7 Total income Expenditure on: Charitable activities 8 Total expenditure Net gains on investments Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds General funds Designated funds Restricted funds Total Total 2022 2022 2022 funds funds 2022 2021 £ £ £ £ £ 252 - 43,729 43,981 219,274 639,804 - - 639,804 395,629 2,830 - - 2,830 1,392 25,675 - - 25,675 25,373 |
|---|---|
| 668,561 - 43,729 712,290 641,668 |
|
| 581,251 44,483 128,845 754,579 628,482 |
|
| 581,251 44,483 128,845 754,579 628,482 |
|
| - (8,271) - (8,271) 7,146 87,310 (52,754) (85,116) (50,560) 20,332 - - - - - |
|
| 87,310 (52,754) (85,116) (50,560) 20,332 (28,248) 2,101,037 93,633 2,166,422 2,146,090 87,310 (52,754) (85,116) (50,560) 20,332 |
|
| 59,062 2,048,283 8,517 2,115,862 2,166,422 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 33 form part of these financial statements.
Page 10
Lodge Hill Trust
(A company limited by guarantee) Registered number: 03590104
Balance sheet As at 31 December 2022
| Note Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Investments 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets excluding pension asset Total net assets Charity funds Restricted funds 18 Unrestricted funds Designated funds 18 General funds 18 Total unrestricted funds 18 Total funds |
5,187 22,757 73,130 238,701 339,775 (67,265) 2,048,283 59,062 |
2022 £ 1,975,152 1,975,152 272,510 2,247,662 (131,800) 2,115,862 2,115,862 8,517 2,107,345 2,115,862 |
3,501 44,755 81,401 270,089 399,746 (99,764) 2,101,037 (28,248) |
2021 £ 2,019,635 2,019,635 299,982 2,319,617 (153,195) 2,166,422 2,166,422 93,633 2,072,789 2,166,422 |
|---|---|---|---|---|
Page 11
Lodge Hill Trust
(A company limited by guarantee) Registered number: 03590104
Balance sheet (continued)
As at 31 December 2022
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr Matthew Wykes, DipPFS
Date:
The notes on pages 14 to 33 form part of these financial statements.
Page 12
Lodge Hill Trust
(A company limited by guarantee)
| Statement of cash flows For the year ended 31 December 2022 Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Cash flows from financing activities Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 33 form part of these financial statements |
2022 £ (24,830) 2,830 2,830 (9,388) (9,388) (31,388) 270,089 238,701 |
2021 £ 28,190 1,392 1,392 (3,912) (3,912) 25,670 244,419 270,089 |
|---|---|---|
Page 13
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
1. General information
Lodge Hill Trust is a company limited by guarantee incorporated in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
The address of its registered office is: Lodge Hill Watersfield Pulborough West Sussex RH20 1LZ
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Lodge Hill Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The financial statements have been prepared on a going concern basis. 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 is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 14
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the company's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Page 15
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.4 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following bases.
Depreciation is provided on the following bases:
- Freehold property, meeting hall 2 - 5% straight line and campsite - Kitchen, campsite and outdoor 10 - 25% straight line equipment Motor vehicles - 25% reducing balance - Fixtures and fittings 15% reducing balance - Office equipment 25% straight line
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 16
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Finance leases and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.13 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
2.14 Pensions
In the past the company operated a defined benefits pension scheme for former employees. The scheme is a multi employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102, the company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activities incorporating income and expenditure account represents contributions payable to the scheme in respect of the accounting period.
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
Page 17
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs 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.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgment:
Multi-employer defined benefit pension scheme:
Certain former employees participate in a multi-employer defined benefit pension scheme with other companies in the region. In the judgement of the trustees, the company does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, see pension note for further details
Page 18
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
4. Income from donations and legacies
| Unrestricted funds 2022 £ Donations - Individuals 252 Donations - Trusts - Donations - Others - Local authority grants - CJRS grant - 252 Total 2021 110,718 |
Restricted funds 2022 £ 1,079 38,650 - 4,000 - 43,729 108,556 |
Total funds 2022 £ 1,331 38,650 - 4,000 - 43,981 219,274 |
Total funds 2021 £ 15,105 37,000 23 72,556 94,590 |
|---|---|---|---|
| 219,274 | |||
Income from donations and legacies for 2021 was £110,718 of unrestricted income and £108,556 of restricted income.
5. Income from charitable activities
| Unrestricted funds 2022 £ Residential and other charges 324,786 Day conferences 43,653 Activities 258,112 Campsite hire 13,253 Total 2022 639,804 Total 2021 395,629 |
Total funds 2022 £ 324,786 43,653 258,112 13,253 639,804 395,629 |
Total funds 2021 £ 153,159 26,751 206,555 9,164 |
|---|---|---|
| 395,629 | ||
Income from charitable activities for 2021 was £395,629 of unrestricted income and £nil of restricted income.
Page 19
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
6. Investment income
| Unrestricted funds 2022 £ UK quoted investments 1,682 UK bank accounts 1,148 2,830 Total 2021 1,392 |
Total funds 2022 £ 1,682 1,148 2,830 1,392 |
Total funds 2021 £ 1,363 29 |
|---|---|---|
| 1,392 | ||
Investment income for 2021 was £1,392 of unrestricted income and £nil of restricted income.
7. Other incoming resources
| Phone mast income Rental income Staff accommodation income Total 2021 |
Unrestricted funds 2022 £ 15,201 5,674 4,800 25,675 25,373 |
Total funds 2022 £ 15,201 5,674 4,800 25,675 25,373 |
Total funds 2021 £ 15,455 5,418 4,500 |
|---|---|---|---|
| 25,373 | |||
Other incoming resources for 2021 was £25,373 of unrestricted income and £nil of restricted income.
8. Analysis of expenditure by activities
| Activities undertaken directly 2022 £ Activities 714,046 Total 2021 618,773 Page 20 |
Support costs 2022 £ 40,533 9,709 |
Total funds 2022 £ 754,579 628,482 |
Total funds 2021 £ 628,482 |
|---|---|---|---|
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Staff training and welfare Activities expenses Cleaning and laundry Course expenses Domestic services Equipment purchased Instructors Uniform Insurance Light and heat Motor and travel Printing, postage and stationery Rates Depreciation Repairs and maintenance Telephone Sundry expenses Interest Total 2021 |
Activities 2022 £ 431,591 15,544 28,655 2,222 - 39,302 810 8,245 1,331 16,914 41,742 3,491 2,578 2,322 44,483 62,349 4,850 1,018 6,599 714,046 618,773 |
Total funds 2022 £ 431,591 15,544 28,655 2,222 - 39,302 810 8,245 1,331 16,914 41,742 3,491 2,578 2,322 44,483 62,349 4,850 1,018 6,599 714,046 618,773 |
Total funds 2021 £ 365,508 5,062 26,981 1,452 25 17,178 - 3,551 1,149 14,385 28,850 5,551 2,114 8,097 47,400 76,860 4,448 788 9,374 |
|---|---|---|---|
| 618,773 | |||
Page 21
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff training and welfare Legal and professional Activities expenses Land sale expenses Governance costs Total 2021 |
Activities 2022 £ 1,346 1,520 910 30,417 6,340 40,533 9,709 |
Total funds 2022 £ 1,346 1,520 910 30,417 6,340 40,533 9,709 |
Total funds 2021 £ 1,105 35 945 - 7,624 |
|---|---|---|---|
| 9,709 | |||
Governance costs comprise of independent examination fees of £3,600 (2021: £3,600) and other accountancy fees of £3,369 (2021: £4,024).
9.
Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the company's independent examiner for the independent | ||
| examination of the company's annual accounts | 3,700 | 3,600 |
| Fees payable to the company's independent examiner in respect of: | ||
| All other services not included above | 2,640 | 4,024 |
10. Staff costs
| Wages and salaries Social security costs Pension costs |
2022 £ 400,050 27,091 4,450 431,591 |
2021 £ 340,261 21,917 3,330 |
|---|---|---|
| 365,508 |
Page 22
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
10. Staff costs (continued)
The average number of persons employed by the company during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Full and part time staff | 38 | 33 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2022 | 2021 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | - | 1 |
| In the band £70,001 | - £80,000 | 1 | - |
Details of key management personnel can be found on the information page. The total amount of employee benefits (including employer pension contributions and employers national insurance) received by key management personnel for the services to the charity were £184,825 (2021: £157,484).
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 23
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
12. Tangible fixed assets
| Cost or valuation At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold property, meeting hall and campsite £ 2,701,242 2,701,242 714,058 37,455 751,513 1,949,729 1,987,184 |
Fixtures, fittings and equipment £ 342,722 342,722 310,271 7,028 317,299 25,423 32,451 |
Total £ 3,043,964 |
|---|---|---|---|
| 3,043,964 | |||
| 1,024,329 44,483 |
|||
| 1,068,812 | |||
| 1,975,152 | |||
| 2,019,635 |
The net book value of assets held under finance leases or high purchase contracts, included above, is £17,698 (2021: £22,122).
13. Stocks
| Catering Finished goods and goods for resale |
2022 £ 3,139 2,048 5,187 |
2021 £ 2,270 1,231 3,501 |
|---|---|---|
Page 24
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
14. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2022 £ 18,651 4,106 22,757 |
2021 £ 38,895 5,860 |
|---|---|---|
| 44,755 |
15. Current asset investments
| Listed investments Unlisted investments |
2022 £ 72,751 379 73,130 |
2021 £ 81,022 379 |
|---|---|---|
| 81,401 |
16. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Other taxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income Deferred income at 1 January 2022 Resources deferred during the year Amounts released from previous periods |
2022 £ 10,919 8,024 15,918 8,900 2,627 20,877 67,265 2022 £ 40,260 15,457 (40,260) 15,457 |
2021 £ 10,437 14,405 17,248 9,440 2,549 45,685 |
|---|---|---|
| 99,764 | ||
| 2021 £ 12,924 40,260 (12,924) |
||
| 40,260 |
Deferred income comprises of phone mast income £15,201 (2021: £15,201), rental income of £256 (2021: £256) and activities income of £nil (2021: £24,803).
Page 25
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
17. Creditors: Amounts falling due after more than one year
| Bank loans Net obligations under finance lease and hire purchase contracts Other creditors |
2022 £ 125,781 3,087 2,932 131,800 |
2021 £ 135,651 11,986 5,558 |
|---|---|---|
| 153,195 |
A Bank loan of £100,000, included in creditors falling due after more than one year, is secured by a fixed charge over the tangible fixed assets of the Charity.
Page 26
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Fixed asset fund Continuity reserve General funds General Fund Total Unrestricted funds Restricted funds Tennis court Rank foundation Sno-tubing Adapted golf buggy ChallengeU Small restricted funds In memory of P Hardwick The Vision Project- Phase 2 20th Anniversary We Cycle Too Kayaks Telescope Christmas pudding concert Covid relief grants LH Refurbishment Total of funds |
Balance at 1 January 2022 £ 2,019,636 81,401 2,101,037 (28,248) 2,072,789 1,838 820 899 2,410 21,451 2,642 430 53,076 5,094 1,500 2,704 269 500 - - 93,633 2,166,422 |
Income £ - - - 668,561 668,561 - - - - 39,729 - - - - - - - - 4,000 - 43,729 712,290 |
Expenditure £ (44,483) - (44,483) (581,251) (625,734) - (820) (899) - (59,340) (67) (430) - - - (2,704) (269) (500) (4,000) (59,816) (128,845) (754,579) |
Gains/ (Losses) £ - (8,271) (8,271) - (8,271) - - - - - - - - - - - - - - - - (8,271) |
Balance at 31 December 2022 £ 1,975,153 73,130 2,048,283 59,062 2,107,345 1,838 - - 2,410 1,840 2,575 - 53,076 5,094 1,500 - - - - (59,816) 8,517 2,115,862 |
|---|---|---|---|---|---|
Page 27
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds (continued)
Designated funds:
The fixed asset fund is not readily available to spend, it is the balance of the fixed assets' value. The Continuity reserve is the balance of the current asset investments' value.
General funds:
The trustees have considered the deficit in the general fund and consider this to be temporary, and have therefore not considered it necessary to draw down on the continuity fund. The trustees will review this position in future years, should the situation change.
Restricted funds:
Tennis court - funds received to cover the costs of building and maintaining the tennis court.
Rank foundation - funds received to cover the costs of a students living and general expenses whilst completing an apprenticeship at Lodge Hill.
Sno tubing funds - received to cover the costs of building and maintaining the sno tubing activity.
Golf buggy - funds received toward the costs of an adapted golf buggy which will be purchased once sufficient funds have been raised.
ChallengeU funds - received to cover certain staffing costs of the ChallengeU project.
The Vision Project - funds received in relation to the refurbishment and extension of the kitchen, dining and residential facilities in order to accommodate the increasingly larger groups wishing to visit Lodge Hill. Funds were received from many donors, including but not limited to: Individual donations, Garfield Weston, Bradbury Foundation, ACT Foundation, Ernest Kleinwort Charitable Trust, Edward Gosling Foundation, Foyle Foundation, Hobsons Charity, Beatrice Laing Foundation and Bassil Shippham and Alsford Trust. Upon expenditure of the restricted income received into this fund, on capital items within the restriction, the fund balance is transferred to the designated fixed asset fund, as it is no longer available for expenditure.
In memory of P Hardwick - funds received in memory of the late President, Penny Hardwick. These funds are being applied to the Vision Project which she fully supported.
20th Anniversary - Lodge Hill has successfully raised funds to install a bespoke disability suite with adjacent carers bedroom and en-suite on the ground floor of Hardwick Hall. Lodge Hill now needs to raise £3,000 for soft furnishings, an intercom system and equipment to make the suite comfortable and homely for future visitors.
We Cycle Too - This donation was made to maintain the Disability Bikes which were gifted to Lodge Hill in 2018.
Kayaks - This funding was given by the Hedley Foundation for the purchase of Kayaks and equipment.
Telescore - These funds were donated by the Rotary Club of Storrington and Pulborough District for the purchase of a telescope and training for delivery of sessions.
Christmas Pudding Concert - This funding was raised to be used for the fixtures and fittings for the Disability Suite, when complete.
Covid relief grants - Received to contribute toward core costs and essential staffing throughout the period the Centre was closed due to the pandemic restrictions.
LH Refurbishment - These funds are restricted from the proceeds of the land sale for the ongoing upgrading, maintenance and refurbishment of the Lodge Hill site.
Page 28
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Fixed asset fund Continuity reserve General Fund Restricted funds Tennis court Rank foundation Sno-tubing Adapted golf buggy ChallengeU Small restricted funds In memory of P Hardwick The Vision Project- Phase 2 20th Anniversary We Cycle Too Kayaks Telescope Christmas pudding concert Covid relief grants Total of funds |
Balance at 1 January 2021 £ 2,067,034 74,257 2,141,291 (121,838) 2,019,453 1,838 820 899 2,410 50,851 2,773 430 56,549 5,094 1,500 2,704 269 500 - 126,637 2,146,090 |
Income £ - - - 533,112 533,112 - - - - 36,000 - - - - - - - - 72,556 108,556 641,668 |
Expenditure £ (47,400) - (47,400) (439,522) (486,922) - - - - (65,400) (131) - (3,473) - - - - - (72,556) (141,560) (628,482) |
Gains/ (Losses) £ - 7,146 7,146 - 7,146 - - - - - - - - - - - - - - - 7,146 |
Balance at 31 December 2021 £ 2,019,634 81,403 2,101,037 (28,248) 2,072,789 1,838 820 899 2,410 21,451 2,642 430 53,076 5,094 1,500 2,704 269 500 - 93,633 2,166,422 |
|---|---|---|---|---|---|
Page 29
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds (continued)
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Tangible fixed assets 1,975,152 Current assets 331,258 Creditors due within one year (67,265) Creditors due in more than one year (131,800) Total 2,107,345 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Tangible fixed assets 2,019,635 Current assets 306,113 Creditors due within one year (99,764) Creditors due in more than one year (153,195) Total 2,072,789 |
Restricted funds 2022 £ - 8,517 - - 8,517 Restricted funds 2021 £ - 93,633 - - 93,633 |
Total funds 2022 £ 1,975,152 339,775 (67,265) (131,800) 2,115,862 Total funds 2021 £ 2,019,635 399,746 (99,764) (153,195) 2,166,422 |
|---|---|---|
Page 30
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
20. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement Activities) Adjustments for: Depreciation charges (Gains)/losses on investments Dividends, interests and rents from investments Increase in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities 21. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 22. Analysis of changes in net debt At 1 January 2022 £ Cash at bank and in hand 270,089 Debt due within 1 year (10,437) Debt due after 1 year (135,651) Finance leases (21,426) Liquid investments 81,401 183,976 |
of Financial Cash flows £ (24,522) (482) 9,870 - (8,271) (23,405) |
2022 £ (50,560) 44,483 8,271 (2,830) (1,686) 21,998 (44,506) (24,830) 2022 £ 238,701 238,701 Finance leases £ (6,866) - - 9,439 - 2,573 |
2021 £ 20,332 47,400 (7,146) (1,392) (752) (41,528) 11,276 28,190 2021 £ 270,089 270,089 At 31 December 2022 £ 238,701 (10,919) (125,781) (11,987) 73,130 163,144 |
|---|---|---|---|
Page 31
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
23. Pension commitments
Defined contribution scheme:
For current employees, Lodge Hill Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charged to the statement of financial activities represents contributions payable by the charity to the fund and amounted to £4,691 (2021: £2,271). There were outstanding contributions at the balance sheet date of £nil. (2021: £nil).
Multi employer defined benefit pension scheme:
For certain former employees, Lodge Hill Trust participates in The Pensions Trust's Growth Plan (the Plan). The Plan is funded and is not contracted out of the state scheme. The Plan is a multi employer defined pension plan. The charity's eligible employees are auto enrolled into the pension scheme with The Pensions Trust.
The Plan is a multi employer scheme where the plan assets are co-mingled for investment purposes, and benefits are paid from the total Plan assets. It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of the underlying assets and liabilities belonging to the individual participating employers. Due to the nature of the Plan, the accounting charge for the year under FRS102 represents the employer contribution payable.
The rules of the Plan give the Trustees the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as technical provisions.
If the actuarial valuation reveals a deficit, the Trustees will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these.
The rules of the Plan state that the proportion of obligatory contributions to be borne by the member and the member's employer shall be determined by agreement between them. Such agreement shall require the employer to pay part of such contributions and may provide that the employer shall pay the whole of them.
The total employer contribution made for the year ended 31 December 2022 was £2,092 (2021: £3,208). The agreed normal contribution rates for future years are 3% for the employer and 5% for the employees. At the year end there were outstanding contributions of £nil (2021: £nil). As at the balance sheet date there were 0 active members of the Plan employed by Lodge Hill Trust.
Actuarial valuations are carried out every three years for funding purposes using the projected unit method. The funding position is calculated by comparing the assets with the past service liabilities as at the valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefit payments using a discount rate calculated by reference to the expected future investment returns.
The most recent valuation available results are as at 30 September 2017. The market value of the Plan's assets at the valuation date was £796 million and the Plan's Technical Provisions (i.e. past service liabilities) were £928 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £132 million, equivalent to a funding level of 86%.
Regulations require the Trustee to set a prudent basis for valuing the Scheme's benefits, taking into account the strength of the employers' covenant and the Scheme Actuary's advice. The Trustee is also required to consult with employers or their representative. The Growth Plan Employer Consultative Group (GPECG), which acts as the employers' representative for the purposes of Scheme funding, have been consulted on the valuation basis and assumptions. The value of the liabilities on this on going basis is
Page 32
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
23. Pension commitments (continued)
known as the Technical Provisions.
Where a Scheme's assets are less than the Technical Provisions a recovery plan must be put in place to show how the deficit can be eliminated over a fixed period. The recovery plan must be submitted to The Pensions Regulator who may investigate schemes and require changes where the Technical Provisions are set at too low a level or where the recovery period is too long. The recovery plan for the Growth Plan aims to eliminate the deficit via a combination of additional contributions from employers and investment returns. The results of the 30 September 2015 valuation showed a reduction of eight months in the length of the recovery plan, which will now end on 31 January 2025 instead of 30 September 2025.
Under FRS 102 the amount of additional contributions for Lodge Hill Trust in the period to 31 January 2025 have been included as a liability in the accounts.
24. Operating lease commitments
At 31 December 2022 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than | 1 | year | - | 4,202 |
The following lease payments have been recognised as an expense in the Statement of financial activities:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Operating lease rentals | - | 4,584 |
25. Related party transactions
There were no transactions with related parties in the year (2021: £nil).
26. Controlling party
The company is controlled on a day to day basis by the trustees who are the directors of the company.
27. Supporters of Lodge Hill
The Supporters of Lodge Hill is a separate charity (registration number 1087269) that supports the work of Lodge Hill. It has its own constitution and trustees.
Page 33
Registered number: 03590104 Charity number: 1071041
Lodge Hill Trust
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements For the year ended 31 December 2022
Lodge Hill Trust
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 - 2 |
| Trustees' report | 3 - 8 |
| Independent examiner's report | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 - 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 33 |
Lodge Hill Trust
(A company limited by guarantee)
Reference and administrative details of the company, its Trustees and advisers For the year ended 31 December 2022
Trustees
Mr Matthew Wykes, DipPFS, Chairman Mr Guy Nelson, MA (Ed); NPQH Mr Richard Whittaker Ms Penny Barnes - Ms Shirley Robinson Viney (resigned 13 July 2022) Mr Jack Marriott (appointed 13 September 2022)
Company registered number
03590104
Charity registered number
1071041
Registered office
Lodge Hill, Watersfield, Pulborough, West Sussex, RH20 1LZ
Company secretary
Shirley Robinson-Viney (resigned 13 July 2022)
President
Col. Sir Brian Barttelot, Bt; OBE; DL
Accountants
Kreston Reeves LLP, 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ
Bankers
CAF Bank Ltd, Kings Hill, West Malling, Kent, ME19 4JQ
Solicitors
Miller Parris, Broadwater, Worthing, West Sussex, BN14 8JB
Investment advisors
Waverton Investment Management Ltd, 16 Babmaes Street, London, SW1Y 6AH
Key Management Personnel
Lisa May BSc (Hons); Dip HSW, Chief Executive Officer Katie Collet, BSc (Hons), Finance and Operations Manager Claire Harrison, BSc, MHCIMA, Chef Manager (resigned 08 August 2022) Claire Sumner, Chef Manager (appointed 08 August 2022) Matthew Brown, Lead Activities Instructor (resigned 18 July 2022) Darren Worsfold, Activities Manager (appointed 01 November 2022)
Page 1
Lodge Hill Trust
(A company limited by guarantee)
Reference and administrative details of the company, its Trustees and advisers (continued) For the year ended 31 December 2022
Patrons
Mrs Susan Pyper (Lord Lieutenant of West Sussex) Col. Sir Brian Barttelot, Bt; OBE; DL The Lord Dholakia, OBE;DL Sylvia Countess of Limerick, CBE Ms Jennifer Hardwick (appointed 03 November 2022)
Page 2
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report
For the year ended 31 December 2022
The Trustees present their annual report together with the financial statements of the company for the 1 January 2022 to 31 December 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Objectives and aims
The aim and purpose of the Trust is to ensure that the young people and others of West Sussex and beyond enjoy the educational benefits available at the Centre.
The objects of the Trust set this out as:
1) The advancement of the education of young people, primarily those resident in the county of West Sussex, by helping them to develop their mental and physical capacities that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved.
2) The provisions of facilities for the further education of adults, primarily those resident in the county of West Sussex.
b. Charitable activities
Under the Charities Act 2006, the trustees are required to report on how the Trust has carried out its aims for the public benefit.
The Trust's objects are set out in the Memorandum of Association and include particularly the advancement of the education of young people and the provision of the facilities for the further education of adults.
The Charity Commission has set out 2 key principles of public benefit, being that there must be identifiable benefits which are related to the Trust's aims and that the benefit must be for the public or a section of the public.
A) Identifiable benefits related to the objects of the Trust include the following:
1. Provision of Facilities
The 32-acre site at Lodge Hill includes a camp site, residential accommodation, outdoor activities and meeting and conference facilities.
2. Giving an education
The Trust's employees include instructors who are trained in the use of all the facilities at the site enabling all the users to be educated in their use. The instructors are not only able to teach users how to achieve personal targets but also, very importantly, how to achieve those targets as a part of a group or team. The Trust achieved accreditation with "Learning Outside the Classroom".
Page 3
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
3. Preserving the environment
The Trust's 32 acre site is mainly woodland which is maintained by the Trust's employees for the benefit of all the users generally but also allowing, particularly, school groups, to fulfil educational requirements arising from the national curriculum.
B) The benefit for the public can be illustrated as follows:
-
In the year ended 31st December 2022, there were approx. 25,105 users (mainly children and young people) who visited Lodge Hill.
-
Many of these users were young people that took part in activities organised by the outdoor instructors during the period.
The Trust has made it a particular priority to ensure that the centre's facilities are available for disabled users.
Achievements and performance
a. Chairman's Report
2022 saw the busiest year ever at Lodge Hill. Being our first full year of operations after the constraints of the pandemic, we were delighted to see so many children, young people and adults return to our wonderful centre.
Looking ahead to secure our long term future, we were extremely pleased that the land sale planning application was approved by the South Downs National Park Planning Authority and the sale of that piece of land was able to commence. The proceeds of the sale will enable full refurbishment and future development of our 32 acre site for generations to come.
Our core business remains schools in a day visit or residential capacity. We have a strong and ever growing relationship with West Sussex County Council and are one of their preferred providers of activities for family groups with a disabled child or young person. The ChallengeU programme for young people that have offended, are at risk of offending or have disengaged with society or education is becoming an increasing influence on our overall offering at Lodge Hill and the need increases with much younger young people requiring intervention and support than we had anticipated. The centre is licensed for weddings, and we have a unique offering for those wishing to share their special day at Lodge Hill. We have great conference facilities to host meetings, corporate events and presentations that add additional income streams to support our core work of supporting children and young people to thrive.
The centre would not be the success it is without the hard work and dedication of the superb Lodge Hill team guided by Lisa May, our dedicated CEO and the hours of voluntary work carried out by our highly motivated Trustees. We are incredibly lucky to receive wide ranging support from generous funders, sponsors and donors. Our President, Patrons and Company Members have played a significant role in the development and success of Lodge Hill through their continued support. Looking forward, it is exciting to see a new team bond and drive Lodge Hill to a different level.
2023 will hopefully be (without any interruptions), our busiest year yet. I look forward to sharing this with you next year.
Development plan
In developing our business plan, we recognised that the challenge for Lodge Hill was to become a viable and accessible, high-class provider of choice for users from West Sussex and beyond requiring outdoor activities, residential trips and day meetings/conferences, thus enabling the Trust to remain financially sustainable. We reaffirmed the Trust's mission to target a wide range of groups and individuals, including those with physical disabilities, mental health or learning difficulties and young offenders. The business plan identified that in order to achieve this challenge the Trust would need to:
- Maintain financial sustainability whilst ensuring Lodge Hill provides best value for money for young people
Page 4
Lodge Hill Trust (A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
-
Maintain a professional and committed staff team
-
Maximise the use of facilities and establish on-going communications with key players and supporters
-
Maintain the centre and its facilities to a high standard and plan appropriate improvements
-
Establish joint initiatives with recognised partners and targeted funding.
b. Key performance indicators
The principal indicators of performance are financial reporting of current results compared to the budget numbers and previous years. The budget is formally adopted at a meeting of Trustees at the start of the year. Financial reports are prepared by the Accounts Manager and considered in detail by the Finance Committee four times per year. They are presented and discussed by the full board of trustees at each of their meetings. Client satisfaction and statistics of repeat bookings are also considered as performance indicators.
c. Events since the balance sheet date
As expected, we have returned to full operation in 2022. Bookings are buoyant for the rest of 2022 and forward into 2023 and 2024. We have taken bookings from new customers for residential and activity days who would previously have visited other centers further afield.
At the time of writing the Trust has not utilised the CAF loan it took out as a safeguard when the pandemic began.
d. Investment policy
The Trust has unrestricted authority to invest its funds in the furtherance of its charitable objectives. A proportion of retained reserves is held in the form of listed investments. It is the Trust's policy to have these managed by an independent investment manager under a discretionary mandate requiring a mix of equity and fixed income investments. Although the Trust has not adopted a specific ethical policy, they have instructed the investment manager that they should refrain from investing in companies that undertake activities that are incompatible with the aims and objectives of Lodge Hill. The trustees review the performance of the investment manager periodically and consider the returns achieved to date to have been satisfactory.
Financial review
a. Financial review
2022 has been our first full year’s operation after the restrictions and lock downs of the pandemic. Bookings were extremely buoyant for schools and we delivered a higher level of SEND provision in partnership with WSCC. Our Alternative Provision sessions have been in great demand and POM funding has enabled us to increase delivery. Costs have remained largely stable but we have identified some savings in staffing due to operational and strategic planning. Some vital maintenance works were completed during the year while other works will be undertaken once the land sale funds have been received at some point during 2023.
b. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
c. Reserves policy
The Trustees review the level of reserves regularly. Reserves are a key element of financial stability and allow the Trust to cope with the fluctuating nature and timing of cash flows. Reserves allow the Trust to deal with unexpected expenditure or changes in income and give time for appropriate action to be taken.
The total funds at the year-end were £2,115,862 (2021: £2,166,422). Of this total, £2,048,283 (2021: £2,101,037) is designated as follows:
Page 5
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
The fixed asset fund is not readily available to spend, it is the balance of the fixed assets' value.
The Continuity reserve is the balance of the current asset investments' value.
Structure, governance and management
a. Constitution
Lodge Hill Trust (the charity or the Trust) is a private company limited by guarantee under registered number 03590104, and a registered charity under charity number 1071041. It was incorporated on 30th June 1998 in the United Kingdom. The charity is governed by its Memorandum and Articles of Association.
b. Methods of appointment or election of Trustees
New trustees are recruited primarily by utilising the knowledge of the existing trustees who have a wide network of contacts in the voluntary and business communities in West Sussex. Potential trustees visit Lodge Hill and meet with the chairman and at least one other trustee. They are provided with background papers and receive a detailed briefing. If both sides feel that they wish to proceed, the potential trustee is invited to attend a trustees' meeting as an observer. Following the meeting a decision is made on whether to invite the individual to become a trustee.
When seeking new trustees Lodge Hill looks for:-
Compatibility with the charity's values, aims and way of working.
Availability to attend meetings, support activities, work on sub-committees, interact with staff and to encourage supporters.
An enduring enthusiasm for the charity's objectives.
An ability to establish priorities and to make logical decisions.
They must be able to contribute effectively, to have listening skills and must have a willingness to share responsibilities.
While specialist expertise is not a pre-requisite, new trustees should enrich the diversity of the board.
Trustees must possess independence of mind and have the skill to challenge constructively, and be capable of and have experience of strategic thinking at board level. All new trustees join an induction programme designed to familiarise them with the strategy, management and day-to-day activity of Lodge Hill.
c. Organisational structure and decision-making policies
The trustees meet as a board on at least four occasions during the year. Closer involvement in the charity's activities is maintained by appropriate committees of trustees, staff, users and professional advisers. Each committee reports to the board and is chaired by a trustee. Committees that were in place in 2022 were:
Premises Finance Health and Safety Marketing Vision
The day-to-day activities have been directed by the Chief Executive, Lisa May, who works closely with the chairman of the Trustees. She is supported by her management team.
Page 6
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
Wider network
Lodge Hill works with a wide range of youth and community organisations but does not have formal links with any wider network.
d. Pay policy for senior staff
The Finance Committee together with the Chairperson meet in December to consider salaries for key staff to be applied in the following financial year. The Committee consider proposals from the Chief Executive which take into account prevailing rates of pay in the local area together with any change in responsibilities. The Committee also consider the remuneration of the Chief Executive.
e. Related party relationships
The Supporters of Lodge Hill is a separate charity (registration number 1087269) that supports the work of Lodge Hill. It has its own constitution and trustees.
The Trust owns the issued share capital of Lodge Hill Services Limited. This company is dormant and has not traded during the current financial year.
f. Financial risk management
The Trustees consider the risks faced by the Trust at a special meeting at the year end and also consider measures to reduce their likelihood and impact.
Sudden loss of income is the principle concern either from changes in the market which could reduce the capacity of the trust's clients to fund their visits or from damage to the facilities. The former risk is countered by sustained, targeted marketing and efforts to increase the breadth of its user groups. Risks to the facility are countered by careful management and an awareness of risks in the day to day operations.
Page 7
Lodge Hill Trust
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr Matthew Wykes, DipPFS
Date:
Page 8
Lodge Hill Trust
(A company limited by guarantee)
Independent examiner's report
For the year ended 31 December 2022
Independent examiner's report to the Trustees of Lodge Hill Trust ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 14 July 2023
Simon Webber BA (Hons), DChA, FCA
Kreston Reeves LLP Chartered Accountants Chichester
Page 9
Lodge Hill Trust
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2022
Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Other income 7 Total income Expenditure on: Charitable activities 8 Total expenditure Net gains on investments Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds General funds Designated funds Restricted funds Total Total 2022 2022 2022 funds funds 2022 2021 £ £ £ £ £ 252 - 43,729 43,981 219,274 639,804 - - 639,804 395,629 2,830 - - 2,830 1,392 25,675 - - 25,675 25,373 |
|---|---|
| 668,561 - 43,729 712,290 641,668 |
|
| 581,251 44,483 128,845 754,579 628,482 |
|
| 581,251 44,483 128,845 754,579 628,482 |
|
| - (8,271) - (8,271) 7,146 87,310 (52,754) (85,116) (50,560) 20,332 - - - - - |
|
| 87,310 (52,754) (85,116) (50,560) 20,332 (28,248) 2,101,037 93,633 2,166,422 2,146,090 87,310 (52,754) (85,116) (50,560) 20,332 |
|
| 59,062 2,048,283 8,517 2,115,862 2,166,422 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 33 form part of these financial statements.
Page 10
Lodge Hill Trust
(A company limited by guarantee) Registered number: 03590104
Balance sheet As at 31 December 2022
| Note Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Investments 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets excluding pension asset Total net assets Charity funds Restricted funds 18 Unrestricted funds Designated funds 18 General funds 18 Total unrestricted funds 18 Total funds |
5,187 22,757 73,130 238,701 339,775 (67,265) 2,048,283 59,062 |
2022 £ 1,975,152 1,975,152 272,510 2,247,662 (131,800) 2,115,862 2,115,862 8,517 2,107,345 2,115,862 |
3,501 44,755 81,401 270,089 399,746 (99,764) 2,101,037 (28,248) |
2021 £ 2,019,635 2,019,635 299,982 2,319,617 (153,195) 2,166,422 2,166,422 93,633 2,072,789 2,166,422 |
|---|---|---|---|---|
Page 11
Lodge Hill Trust
(A company limited by guarantee) Registered number: 03590104
Balance sheet (continued)
As at 31 December 2022
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr Matthew Wykes, DipPFS
Date:
The notes on pages 14 to 33 form part of these financial statements.
Page 12
Lodge Hill Trust
(A company limited by guarantee)
| Statement of cash flows For the year ended 31 December 2022 Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Cash flows from financing activities Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 33 form part of these financial statements |
2022 £ (24,830) 2,830 2,830 (9,388) (9,388) (31,388) 270,089 238,701 |
2021 £ 28,190 1,392 1,392 (3,912) (3,912) 25,670 244,419 270,089 |
|---|---|---|
Page 13
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
1. General information
Lodge Hill Trust is a company limited by guarantee incorporated in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
The address of its registered office is: Lodge Hill Watersfield Pulborough West Sussex RH20 1LZ
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Lodge Hill Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The financial statements have been prepared on a going concern basis. 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 is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 14
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the company's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Page 15
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.4 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following bases.
Depreciation is provided on the following bases:
- Freehold property, meeting hall 2 - 5% straight line and campsite - Kitchen, campsite and outdoor 10 - 25% straight line equipment Motor vehicles - 25% reducing balance - Fixtures and fittings 15% reducing balance - Office equipment 25% straight line
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 16
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Finance leases and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.13 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
2.14 Pensions
In the past the company operated a defined benefits pension scheme for former employees. The scheme is a multi employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102, the company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activities incorporating income and expenditure account represents contributions payable to the scheme in respect of the accounting period.
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
Page 17
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
2. Accounting policies (continued)
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs 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.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgment:
Multi-employer defined benefit pension scheme:
Certain former employees participate in a multi-employer defined benefit pension scheme with other companies in the region. In the judgement of the trustees, the company does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, see pension note for further details
Page 18
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
4. Income from donations and legacies
| Unrestricted funds 2022 £ Donations - Individuals 252 Donations - Trusts - Donations - Others - Local authority grants - CJRS grant - 252 Total 2021 110,718 |
Restricted funds 2022 £ 1,079 38,650 - 4,000 - 43,729 108,556 |
Total funds 2022 £ 1,331 38,650 - 4,000 - 43,981 219,274 |
Total funds 2021 £ 15,105 37,000 23 72,556 94,590 |
|---|---|---|---|
| 219,274 | |||
Income from donations and legacies for 2021 was £110,718 of unrestricted income and £108,556 of restricted income.
5. Income from charitable activities
| Unrestricted funds 2022 £ Residential and other charges 324,786 Day conferences 43,653 Activities 258,112 Campsite hire 13,253 Total 2022 639,804 Total 2021 395,629 |
Total funds 2022 £ 324,786 43,653 258,112 13,253 639,804 395,629 |
Total funds 2021 £ 153,159 26,751 206,555 9,164 |
|---|---|---|
| 395,629 | ||
Income from charitable activities for 2021 was £395,629 of unrestricted income and £nil of restricted income.
Page 19
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
6. Investment income
| Unrestricted funds 2022 £ UK quoted investments 1,682 UK bank accounts 1,148 2,830 Total 2021 1,392 |
Total funds 2022 £ 1,682 1,148 2,830 1,392 |
Total funds 2021 £ 1,363 29 |
|---|---|---|
| 1,392 | ||
Investment income for 2021 was £1,392 of unrestricted income and £nil of restricted income.
7. Other incoming resources
| Phone mast income Rental income Staff accommodation income Total 2021 |
Unrestricted funds 2022 £ 15,201 5,674 4,800 25,675 25,373 |
Total funds 2022 £ 15,201 5,674 4,800 25,675 25,373 |
Total funds 2021 £ 15,455 5,418 4,500 |
|---|---|---|---|
| 25,373 | |||
Other incoming resources for 2021 was £25,373 of unrestricted income and £nil of restricted income.
8. Analysis of expenditure by activities
| Activities undertaken directly 2022 £ Activities 714,046 Total 2021 618,773 Page 20 |
Support costs 2022 £ 40,533 9,709 |
Total funds 2022 £ 754,579 628,482 |
Total funds 2021 £ 628,482 |
|---|---|---|---|
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Staff training and welfare Activities expenses Cleaning and laundry Course expenses Domestic services Equipment purchased Instructors Uniform Insurance Light and heat Motor and travel Printing, postage and stationery Rates Depreciation Repairs and maintenance Telephone Sundry expenses Interest Total 2021 |
Activities 2022 £ 431,591 15,544 28,655 2,222 - 39,302 810 8,245 1,331 16,914 41,742 3,491 2,578 2,322 44,483 62,349 4,850 1,018 6,599 714,046 618,773 |
Total funds 2022 £ 431,591 15,544 28,655 2,222 - 39,302 810 8,245 1,331 16,914 41,742 3,491 2,578 2,322 44,483 62,349 4,850 1,018 6,599 714,046 618,773 |
Total funds 2021 £ 365,508 5,062 26,981 1,452 25 17,178 - 3,551 1,149 14,385 28,850 5,551 2,114 8,097 47,400 76,860 4,448 788 9,374 |
|---|---|---|---|
| 618,773 | |||
Page 21
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff training and welfare Legal and professional Activities expenses Land sale expenses Governance costs Total 2021 |
Activities 2022 £ 1,346 1,520 910 30,417 6,340 40,533 9,709 |
Total funds 2022 £ 1,346 1,520 910 30,417 6,340 40,533 9,709 |
Total funds 2021 £ 1,105 35 945 - 7,624 |
|---|---|---|---|
| 9,709 | |||
Governance costs comprise of independent examination fees of £3,600 (2021: £3,600) and other accountancy fees of £3,369 (2021: £4,024).
9.
Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the company's independent examiner for the independent | ||
| examination of the company's annual accounts | 3,700 | 3,600 |
| Fees payable to the company's independent examiner in respect of: | ||
| All other services not included above | 2,640 | 4,024 |
10. Staff costs
| Wages and salaries Social security costs Pension costs |
2022 £ 400,050 27,091 4,450 431,591 |
2021 £ 340,261 21,917 3,330 |
|---|---|---|
| 365,508 |
Page 22
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
10. Staff costs (continued)
The average number of persons employed by the company during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Full and part time staff | 38 | 33 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2022 | 2021 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | - | 1 |
| In the band £70,001 | - £80,000 | 1 | - |
Details of key management personnel can be found on the information page. The total amount of employee benefits (including employer pension contributions and employers national insurance) received by key management personnel for the services to the charity were £184,825 (2021: £157,484).
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 23
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
12. Tangible fixed assets
| Cost or valuation At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold property, meeting hall and campsite £ 2,701,242 2,701,242 714,058 37,455 751,513 1,949,729 1,987,184 |
Fixtures, fittings and equipment £ 342,722 342,722 310,271 7,028 317,299 25,423 32,451 |
Total £ 3,043,964 |
|---|---|---|---|
| 3,043,964 | |||
| 1,024,329 44,483 |
|||
| 1,068,812 | |||
| 1,975,152 | |||
| 2,019,635 |
The net book value of assets held under finance leases or high purchase contracts, included above, is £17,698 (2021: £22,122).
13. Stocks
| Catering Finished goods and goods for resale |
2022 £ 3,139 2,048 5,187 |
2021 £ 2,270 1,231 3,501 |
|---|---|---|
Page 24
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
14. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2022 £ 18,651 4,106 22,757 |
2021 £ 38,895 5,860 |
|---|---|---|
| 44,755 |
15. Current asset investments
| Listed investments Unlisted investments |
2022 £ 72,751 379 73,130 |
2021 £ 81,022 379 |
|---|---|---|
| 81,401 |
16. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Other taxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income Deferred income at 1 January 2022 Resources deferred during the year Amounts released from previous periods |
2022 £ 10,919 8,024 15,918 8,900 2,627 20,877 67,265 2022 £ 40,260 15,457 (40,260) 15,457 |
2021 £ 10,437 14,405 17,248 9,440 2,549 45,685 |
|---|---|---|
| 99,764 | ||
| 2021 £ 12,924 40,260 (12,924) |
||
| 40,260 |
Deferred income comprises of phone mast income £15,201 (2021: £15,201), rental income of £256 (2021: £256) and activities income of £nil (2021: £24,803).
Page 25
Lodge Hill Trust
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
17. Creditors: Amounts falling due after more than one year
| Bank loans Net obligations under finance lease and hire purchase contracts Other creditors |
2022 £ 125,781 3,087 2,932 131,800 |
2021 £ 135,651 11,986 5,558 |
|---|---|---|
| 153,195 |
A Bank loan of £100,000, included in creditors falling due after more than one year, is secured by a fixed charge over the tangible fixed assets of the Charity.
Page 26
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Fixed asset fund Continuity reserve General funds General Fund Total Unrestricted funds Restricted funds Tennis court Rank foundation Sno-tubing Adapted golf buggy ChallengeU Small restricted funds In memory of P Hardwick The Vision Project- Phase 2 20th Anniversary We Cycle Too Kayaks Telescope Christmas pudding concert Covid relief grants LH Refurbishment Total of funds |
Balance at 1 January 2022 £ 2,019,636 81,401 2,101,037 (28,248) 2,072,789 1,838 820 899 2,410 21,451 2,642 430 53,076 5,094 1,500 2,704 269 500 - - 93,633 2,166,422 |
Income £ - - - 668,561 668,561 - - - - 39,729 - - - - - - - - 4,000 - 43,729 712,290 |
Expenditure £ (44,483) - (44,483) (581,251) (625,734) - (820) (899) - (59,340) (67) (430) - - - (2,704) (269) (500) (4,000) (59,816) (128,845) (754,579) |
Gains/ (Losses) £ - (8,271) (8,271) - (8,271) - - - - - - - - - - - - - - - - (8,271) |
Balance at 31 December 2022 £ 1,975,153 73,130 2,048,283 59,062 2,107,345 1,838 - - 2,410 1,840 2,575 - 53,076 5,094 1,500 - - - - (59,816) 8,517 2,115,862 |
|---|---|---|---|---|---|
Page 27
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds (continued)
Designated funds:
The fixed asset fund is not readily available to spend, it is the balance of the fixed assets' value. The Continuity reserve is the balance of the current asset investments' value.
General funds:
The trustees have considered the deficit in the general fund and consider this to be temporary, and have therefore not considered it necessary to draw down on the continuity fund. The trustees will review this position in future years, should the situation change.
Restricted funds:
Tennis court - funds received to cover the costs of building and maintaining the tennis court.
Rank foundation - funds received to cover the costs of a students living and general expenses whilst completing an apprenticeship at Lodge Hill.
Sno tubing funds - received to cover the costs of building and maintaining the sno tubing activity.
Golf buggy - funds received toward the costs of an adapted golf buggy which will be purchased once sufficient funds have been raised.
ChallengeU funds - received to cover certain staffing costs of the ChallengeU project.
The Vision Project - funds received in relation to the refurbishment and extension of the kitchen, dining and residential facilities in order to accommodate the increasingly larger groups wishing to visit Lodge Hill. Funds were received from many donors, including but not limited to: Individual donations, Garfield Weston, Bradbury Foundation, ACT Foundation, Ernest Kleinwort Charitable Trust, Edward Gosling Foundation, Foyle Foundation, Hobsons Charity, Beatrice Laing Foundation and Bassil Shippham and Alsford Trust. Upon expenditure of the restricted income received into this fund, on capital items within the restriction, the fund balance is transferred to the designated fixed asset fund, as it is no longer available for expenditure.
In memory of P Hardwick - funds received in memory of the late President, Penny Hardwick. These funds are being applied to the Vision Project which she fully supported.
20th Anniversary - Lodge Hill has successfully raised funds to install a bespoke disability suite with adjacent carers bedroom and en-suite on the ground floor of Hardwick Hall. Lodge Hill now needs to raise £3,000 for soft furnishings, an intercom system and equipment to make the suite comfortable and homely for future visitors.
We Cycle Too - This donation was made to maintain the Disability Bikes which were gifted to Lodge Hill in 2018.
Kayaks - This funding was given by the Hedley Foundation for the purchase of Kayaks and equipment.
Telescore - These funds were donated by the Rotary Club of Storrington and Pulborough District for the purchase of a telescope and training for delivery of sessions.
Christmas Pudding Concert - This funding was raised to be used for the fixtures and fittings for the Disability Suite, when complete.
Covid relief grants - Received to contribute toward core costs and essential staffing throughout the period the Centre was closed due to the pandemic restrictions.
LH Refurbishment - These funds are restricted from the proceeds of the land sale for the ongoing upgrading, maintenance and refurbishment of the Lodge Hill site.
Page 28
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Fixed asset fund Continuity reserve General Fund Restricted funds Tennis court Rank foundation Sno-tubing Adapted golf buggy ChallengeU Small restricted funds In memory of P Hardwick The Vision Project- Phase 2 20th Anniversary We Cycle Too Kayaks Telescope Christmas pudding concert Covid relief grants Total of funds |
Balance at 1 January 2021 £ 2,067,034 74,257 2,141,291 (121,838) 2,019,453 1,838 820 899 2,410 50,851 2,773 430 56,549 5,094 1,500 2,704 269 500 - 126,637 2,146,090 |
Income £ - - - 533,112 533,112 - - - - 36,000 - - - - - - - - 72,556 108,556 641,668 |
Expenditure £ (47,400) - (47,400) (439,522) (486,922) - - - - (65,400) (131) - (3,473) - - - - - (72,556) (141,560) (628,482) |
Gains/ (Losses) £ - 7,146 7,146 - 7,146 - - - - - - - - - - - - - - - 7,146 |
Balance at 31 December 2021 £ 2,019,634 81,403 2,101,037 (28,248) 2,072,789 1,838 820 899 2,410 21,451 2,642 430 53,076 5,094 1,500 2,704 269 500 - 93,633 2,166,422 |
|---|---|---|---|---|---|
Page 29
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
18. Statement of funds (continued)
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Tangible fixed assets 1,975,152 Current assets 331,258 Creditors due within one year (67,265) Creditors due in more than one year (131,800) Total 2,107,345 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Tangible fixed assets 2,019,635 Current assets 306,113 Creditors due within one year (99,764) Creditors due in more than one year (153,195) Total 2,072,789 |
Restricted funds 2022 £ - 8,517 - - 8,517 Restricted funds 2021 £ - 93,633 - - 93,633 |
Total funds 2022 £ 1,975,152 339,775 (67,265) (131,800) 2,115,862 Total funds 2021 £ 2,019,635 399,746 (99,764) (153,195) 2,166,422 |
|---|---|---|
Page 30
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
20. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement Activities) Adjustments for: Depreciation charges (Gains)/losses on investments Dividends, interests and rents from investments Increase in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities 21. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 22. Analysis of changes in net debt At 1 January 2022 £ Cash at bank and in hand 270,089 Debt due within 1 year (10,437) Debt due after 1 year (135,651) Finance leases (21,426) Liquid investments 81,401 183,976 |
of Financial Cash flows £ (24,522) (482) 9,870 - (8,271) (23,405) |
2022 £ (50,560) 44,483 8,271 (2,830) (1,686) 21,998 (44,506) (24,830) 2022 £ 238,701 238,701 Finance leases £ (6,866) - - 9,439 - 2,573 |
2021 £ 20,332 47,400 (7,146) (1,392) (752) (41,528) 11,276 28,190 2021 £ 270,089 270,089 At 31 December 2022 £ 238,701 (10,919) (125,781) (11,987) 73,130 163,144 |
|---|---|---|---|
Page 31
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
23. Pension commitments
Defined contribution scheme:
For current employees, Lodge Hill Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charged to the statement of financial activities represents contributions payable by the charity to the fund and amounted to £4,691 (2021: £2,271). There were outstanding contributions at the balance sheet date of £nil. (2021: £nil).
Multi employer defined benefit pension scheme:
For certain former employees, Lodge Hill Trust participates in The Pensions Trust's Growth Plan (the Plan). The Plan is funded and is not contracted out of the state scheme. The Plan is a multi employer defined pension plan. The charity's eligible employees are auto enrolled into the pension scheme with The Pensions Trust.
The Plan is a multi employer scheme where the plan assets are co-mingled for investment purposes, and benefits are paid from the total Plan assets. It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of the underlying assets and liabilities belonging to the individual participating employers. Due to the nature of the Plan, the accounting charge for the year under FRS102 represents the employer contribution payable.
The rules of the Plan give the Trustees the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as technical provisions.
If the actuarial valuation reveals a deficit, the Trustees will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these.
The rules of the Plan state that the proportion of obligatory contributions to be borne by the member and the member's employer shall be determined by agreement between them. Such agreement shall require the employer to pay part of such contributions and may provide that the employer shall pay the whole of them.
The total employer contribution made for the year ended 31 December 2022 was £2,092 (2021: £3,208). The agreed normal contribution rates for future years are 3% for the employer and 5% for the employees. At the year end there were outstanding contributions of £nil (2021: £nil). As at the balance sheet date there were 0 active members of the Plan employed by Lodge Hill Trust.
Actuarial valuations are carried out every three years for funding purposes using the projected unit method. The funding position is calculated by comparing the assets with the past service liabilities as at the valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefit payments using a discount rate calculated by reference to the expected future investment returns.
The most recent valuation available results are as at 30 September 2017. The market value of the Plan's assets at the valuation date was £796 million and the Plan's Technical Provisions (i.e. past service liabilities) were £928 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £132 million, equivalent to a funding level of 86%.
Regulations require the Trustee to set a prudent basis for valuing the Scheme's benefits, taking into account the strength of the employers' covenant and the Scheme Actuary's advice. The Trustee is also required to consult with employers or their representative. The Growth Plan Employer Consultative Group (GPECG), which acts as the employers' representative for the purposes of Scheme funding, have been consulted on the valuation basis and assumptions. The value of the liabilities on this on going basis is
Page 32
Lodge Hill Trust (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2022
23. Pension commitments (continued)
known as the Technical Provisions.
Where a Scheme's assets are less than the Technical Provisions a recovery plan must be put in place to show how the deficit can be eliminated over a fixed period. The recovery plan must be submitted to The Pensions Regulator who may investigate schemes and require changes where the Technical Provisions are set at too low a level or where the recovery period is too long. The recovery plan for the Growth Plan aims to eliminate the deficit via a combination of additional contributions from employers and investment returns. The results of the 30 September 2015 valuation showed a reduction of eight months in the length of the recovery plan, which will now end on 31 January 2025 instead of 30 September 2025.
Under FRS 102 the amount of additional contributions for Lodge Hill Trust in the period to 31 January 2025 have been included as a liability in the accounts.
24. Operating lease commitments
At 31 December 2022 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than | 1 | year | - | 4,202 |
The following lease payments have been recognised as an expense in the Statement of financial activities:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Operating lease rentals | - | 4,584 |
25. Related party transactions
There were no transactions with related parties in the year (2021: £nil).
26. Controlling party
The company is controlled on a day to day basis by the trustees who are the directors of the company.
27. Supporters of Lodge Hill
The Supporters of Lodge Hill is a separate charity (registration number 1087269) that supports the work of Lodge Hill. It has its own constitution and trustees.
Page 33
Lodge Hill Trust Independent Examination Report For the year ended 31 December 2022
Our values
Our values define who we are and how we do things at Kreston Reeves. They reflect our attitudes and behaviours and represent a promise of quality, personal service and commitment to our clients, communities and colleagues.
Collectively and individually we aim to:
Our awards
We are regularly recognised and shortlisted in prestigious national, regional and industry awards. As well as receiving award recognition ourselves, it’s important to us to help recognise and award the successes and growth stories of other businesses. We regularly support and sponsor awards such as Kent MegaGrowth and Sussex Super Growth Awards.
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
Index
| Page no | ||
|---|---|---|
| 1. | Introduction and audit summary | 1 |
| 2. | Independent examiners report | 2 |
| 3. | Commentary on results | 3 |
| 4. | Qualitative aspects of the Charity’s accounting practices and | 4 |
| financial reporting | ||
| Appendices | ||
| Appendix I - Draft letter of representation |
5 |
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
1. Introduction and summary
The purpose of this report is to bring to your attention our comments from the recent independent examination carried out on Lodge Hill Trust. We appreciate that you will already be aware of the majority of the matters contained in this report through earlier discussions you will have had with the independent examination team, but we hope that you will find this report a useful summary of those discussions.
We would like to take this opportunity to thank Katie Collet and Lisa May for the assistance they have provided to us during the course of our independent examination.
Our independent examination has given us a unique opportunity to understand your activities and processes. We have used this opportunity to provide you a service that is of real positive benefit to you.
During the course of our independent examination work this year we have performed the following tasks which we hope that you will have found to have been of benefit.
-
We have assisted you with the preparation of the charity’s financial statements and the trustees’ annual report, ensuring that they comply with all statutory requirements and with accounting standards, including the Statement of Recommended Practice “Accounting and Reporting by Charities”. In doing so we have ensured that the Charity has taken advantage of any accounting exemptions available to it so as to avoid any unnecessary over-disclosure of the Charity’s affairs that are not required to be published in publicly available financial statements.
-
We have reviewed the accounting policies that you have selected to ensure that they are meeting best practice in accounting for the sector in which the charity operates.
-
We have advised you of planned changes in legislation that may be of relevance to you in order that you may prepare for their implementation. These are detailed at Section 4 of this report.
Should you have any questions regarding any of the issues raised in this report please contact Simon Webber as the partner responsible for the independent examination of the charity, or any other member of the independent examination team, who will be happy to provide further explanations as required.
Kreston Reeves LLP
Statutory Auditor Chartered Accountants
1
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
2. Independent examiner’s report
Independent examiner's report to the Trustees of Lodge Hill Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed:
Dated:
Simon Webber BA (Hons), DChA, FCA
Kreston Reeves LLP Chartered Accountants
2
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
3. Commentary on results
Income
Income has increased from £642k to £712k in the current year (11%).
This is driven by the recovery following the Covid-19 pandemic, as the Charity has returned to a much higher level of activity. Income from charitable activities has increased by 244k (62%). This was offset somewhat by a reduction in Covid-19 related grants and donations.
Expenditure
Overall expenditure has increased by 126k (20%) from £628k in 2021 to £754k in 2022.
Within this movement;
-
Direct costs have risen by £112k (18%) largely due to an 66k increase in staff costs, which is not unexpected given the increase in staff numbers and increase in income.
-
Support costs have increased by £18k due to £17k of new land sale expenses
Net movement in funds
The result was an overall operating deficit of £42k, compared to a surplus of £13k. Investment losses were £8k, taking the overall movement in funds to a £51k deficit. Note that £44k of this deficit is noncash depreciation expenditure.
Independent examination commentary
We discussed areas of concern with the Trust board before undertaking our independent examination work. The area of interest that was noted was the credit card purchase system.
We therefore completed additional walkthrough testing on credit card purchases, which involved running through our documented system notes for random transactions to ensure the process and related controls are in place as documented.
Our testing did not identify any errors or instances of incorrect treatment of purchases.
3
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
4. Qualitative aspects of the charity’s accounting practices and financial reporting
As part of our audit we have considered and reviewed the Charity’s accounting policies with UK Generally Accepted Accounting Practice, including the Statement of Recommended Practice Accounting and Reporting by Charities (“the SORP”), and we have not encountered any material departures. In our opinion the accounting policies selected are appropriate to the circumstances of the charity.
Future accounting changes
The charity’s accounts are prepared in accordance with FRS102. This standard is due to be updated and revised every four to five years in order to ensure that it reflects any legal changes and developments in accounting practice that have taken place.
The Standard at this stage has not been updated for recent changes to International Financial Reporting Standards (IFRS), and in particular the following major new standards that have recently been implemented:
-
IFRS9 Financial instruments
-
IFRS15 Revenue from contracts with customers
-
• IFRS16 Leases
Although the long-term aim is to keep FRS102 as closely aligned to IFRS as possible, the FRC has stated that further consideration is required of the changes that may be required, and that this work will not begin until these standards have been fully implemented by IFRS reporters and insight can be gained from their implementation experience. It is therefore unlikely that any changes will be made to FRS102 in respect of these issues that will impact on your reporting for the foreseeable future.
For more information on these future changes please do not hesitate to contact your usual Kreston Reeves adviser.
4
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
Appendix I – Draft Letter of representation
Kreston Reeves LLP Statutory Auditor and Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
Dear Sirs
This letter is furnished at your request in connection with your independent examination of the financial statements of the charity for the period ended 31 December 2022 for the purposes enabling you to issue your report to the trustees required by the Charities Act 2011 in respect of the charity’s accounting records and preparation of the financial statements.
We recognise that our representations concerning the matters referred to below are significant in enabling you to issue your independent examiner’s report.
We have fulfilled our responsibilities as trustees of the charity, as set out in your terms of engagement dated 25 August 2021, under the Companies Act 2006 for preparing financial statements in accordance with the applicable law and United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the financial position of the charity as of the period end and of the results of operations for the period then ended and for making accurate representations to you.
The financial statements have been prepared in accordance with the Companies Act 2006 the provisions of the Trust Deed, and in accordance with United Kingdom Generally Accepted Accounting Practice, including Accounting and Reporting by Charities: The 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 (FRS102) (“the SORP”), including all subsequent Update Bulletins issued that apply to the period under review .
Audit exemption
We confirm that the charity is entitled to the exemptions from an audit of the financial statements as set out in the Charities Act 2011 in that:-
-
The incoming resources of the charity did not exceed £1 million; or
-
The incoming resources of the charity did not exceed £250,000 and the charity’s gross assets did not exceed £3.26million; or
-
The incoming resources of the charity and its group did not exceed £1 million, after eliminating intra group transactions and consolidation adjustments; and
An audit of the financial statements is not required by the charity’s governing documents.
We confirm that the charitable company is entitled to the exemptions from an audit of the financial statements as set out in Section 477 of the Companies Act 2006.
Fraud
We acknowledge our responsibility for the design, implementation and maintenance of a system of internal control in order to prevent and detect fraud.
5
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
We have assessed the risk that the financial statements may be materially misstated as a result of fraud and it is our opinion that any such risk is minimal.
We are not aware of any irregularities involving management or employees who have a significant role with regards to the internal control system or that could have a material effect on the financial statements.
We are not aware of any fraud or suspected fraud of any kind communicated by current or former employees, analysts, regulators or any others.
We are not aware of matters related to fraudulent activity or other non-compliance with law or regulation arising since the beginning of the period which have been communicated to the Charity Commission.
Provision of information
We have made available to your representatives all significant financial records and related data. We have provided to you all other information requested and given unrestricted access to persons within the charity from whom you have deemed it necessary to obtain information. All other records and related information, including minutes of all management meetings, have been made available to you.
Accounting records
All financial transactions of the charity have been properly reflected in the accounting records in accordance with the requirements of the Companies Act 2006 and have been properly reflected in the financial statements.
Accounting estimates
We confirm that the methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework. We confirm that we have informed you of all such significant assumptions.
Minutes and Contracts
The minute books presented to you contain complete and authentic minutes of all meetings of the charity’s trustees held since the beginning of the period under review.
We have complied with all aspects of contractual agreements that would have a material effect on the financial statements in the event of non-compliance.
None of the trustees had at any time in the period an interest in any contract with the charity except as disclosed in the notes to the financial statements.
Law and Regulations
We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal and regulatory framework within which the charity conducts its business and which are central to the charity’s ability to conduct its business, except as explained to yourselves and disclosed in the financial statements.
We confirm that we have reviewed the guidance “How to report a serious incident in your charity” published by the Charity Commission. We also confirm that no Serious Incident Reports have been submitted to the Charity Commission, nor any events considered for submission, during the
6
Lodge Hill Trust
Independent Examination Report For the year ended 31 December 2022
accounting period or in the period from the balance sheet date to the date of approval of the financial statements.
We are not aware of any instances during the period where the charity has operated outside its charitable objectives as laid down in its governing documents.
We can confirm that our procedures for handling data are compliant with the General Data Protection Regulation and that there have been no events which could result in any penalty being levied by the Information Commissioner’s Office which could have a material impact on the financial statements.
Tangible Fixed Assets
The net book amounts at which fixed assets are included in the balance sheet are arrived at:
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After taking into account all capital expenditure on additions thereto, but no expenditure properly chargeable to revenue.
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After eliminating the cost and accumulated depreciation relating to items sold or otherwise disposed of.
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After providing for amortisation and impairment at rates sufficient to reduce the net book amounts to their residual value by the time they become no longer economically useful to the charity.
We confirm that all tangible fixed assets included in the financial statements exist at the balance sheet date.
Investments
None of the charity's investments have declined in value to an amount less than the carrying value in the balance sheet.
Stocks and Work in Progress
Stock and work in progress shown in the balance sheet, represents all stocks and work in progress owned by the charity wherever situated at the balance sheet date.
The quantities of stock and work in progress were ascertained by a physical count carried out at the balance sheet date.
Stocks and work in progress have been valued at the lower of cost and net realisable value, or on such other basis as required by the SORP. For this purpose, cost represents all expenditure incurred in bringing stock and work in progress to its condition and location at the accounting date including related overhead expenditure based on a normal level of activity.
Full provision has been made in the accounts for all liabilities at the balance sheet date in respect of all items included in stock and work in progress. All goods despatched and invoiced to customers (where relevant) at the accounting date have been excluded from stock and work in progress.
We have no plans to abandon product lines or other plans that will result in any excess or obsolete stock that has not already been provided for in the financial statements.
Other Current Assets
We are of the opinion that other current assets have a value on realisation in the ordinary course of operations at least equal to the amounts at which they are stated in the financial statements. In particular adequate provision has been made against all amounts owing to the charity, which are
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Lodge Hill Trust Independent Examination Report For the year ended 31 December 2022
known, or may be expected, to be irrecoverable.
Assets - General
We confirm that the charity has satisfactory title to all assets appearing in the balance sheet and that they are free from any lien or charge unless otherwise stated in the financial statements.
We have no intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements.
Liabilities - General
All known liabilities of the charity at the balance sheet date have been included in the financial statements. Adequate provisions have been made in the financial statements for liabilities, which are known to exist but the amount of which, cannot be accurately determined.
Provision has been made for all grant commitments made by the charity in line with the requirements of the SORP.
Contingent Liabilities
We have disclosed to you all claims in connection with litigation or any other claims of material importance that have been, or are expected to be, received and any such claims have been appropriately accounted for and disclosed in the financial statements.
We have disclosed to you all other contingent liabilities.
Taxation
The charity has not undertaken any activities during the year upon which a tax liability arises.
Statement of financial activities
All income of the charity for the period under review has been included in the financial statements.
Except as disclosed in the financial statements the results for the period were not materially affected by:
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transactions of a sort not usually undertaken by the charity.
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circumstances of an exceptional or non-recurring nature.
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charges or credits relating to prior periods.
All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions during the period in the application of such income.
Transactions with trustees and other related parties
Trustees’ remuneration
We confirm that no remuneration was paid to trustees during the period under review.
Key management personnel compensation
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Independent Examination Report For the year ended 31 December 2022
We confirm that in addition to the trustees of the charity, the following individuals are considered to have formed part of the Key Management of the charity during the accounting period due to their authority and responsibility for planning, directing and controlling the activities of the charity:
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Lisa May BSc (Hons); Dip HSW, Chief Executive Officer
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Katie Collet, BSc (Hons), Finance and Operations Manager
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Claire Harrison, BSc, MHCIMA, Chef Manager
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Claire Sumner, Chef Manager
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Matthew Brown, Lead Activities Instructor
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Darren Worsfold, Activities Manager
We confirm the accuracy of the disclosure of the Key Management Personnel compensation, which includes all employee benefits paid, payable or provided by the charity or on behalf of the charity in exchange for services rendered to the charity. It also includes any consideration paid on behalf of any parent undertaking of the charity in respect of any goods or services provided to the charity.
Directors’ advances, credits and guarantees
The charity has had at no time during the period any arrangement, transaction or agreement to provide credit facilities (including loans, quasi loans or credit transactions) for directors and other related parties nor to guarantee or provide security for such facilities except as disclosed in the financial statements.
Related party transactions
We confirm that we have fully disclosed to you the identity of all of the charity’s related parties.
You have been provided with details of all transactions between the charity and its related parties that have arisen during the accounting period and we confirm that the disclosure made in the financial statements of these transactions is complete and accurate.
We confirm the factual accuracy of the controlling party disclosure in the financial statements.
Capital Commitments
The financial statements make full disclosure of all outstanding amounts contracted for at the balance sheet date in respect of capital expenditure.
Post Balance Sheet Events
Since the balance sheet date no events or transactions have either occurred or are pending which would have a material effect upon the financial statements at that date, or for the period then ended, or which are of such significance in relation to the charity’s affairs as to require disclosure in the financial statements.
Financial Facilities
Since the balance sheet date adequate financial facilities have continued to be available to the charity and we have no reason to believe that such facilities will be withdrawn within the next twelve months.
Review of going concern basis
We confirm that we have considered the charity’s future operations, working capital requirements and cashflows and we feel that the going concern basis is appropriate for the preparation of the financial
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statements for the period under review. Our considerations have covered a period of not less than 12 months from the date of the approval of the financial statements.
Our consideration has included a thorough assessment of the charity’s ability to continue trading as a going concern in light of the current economic climate. We have taken appropriate measures, as far as possible based on the information currently available to us, to safeguard the current and future operations of the charity.
There are no material uncertainties of which we are aware that cast doubt on the charity’s ability to continue as a going concern.
All projected cashflows, management accounts and other information and assumptions used in reaching this conclusion have been made available to you for the purposes of your assignment. We confirm that our plans for future actions required to enable the charity to continue as a going concern are feasible.
We are of the opinion that the disclosure on going concern in both the trustees’ report and the financial statements is an accurate reflection of the charity’s financial position.
Current economic climate
We confirm that we are aware of our responsibility as trustees to consider, as far as possible with the information currently available to us, the possible impact of current economic issues on all aspects of the charity’s financial and narrative reporting. These issues include, but are not limited to, the COVID19 pandemic, the UK’s exit from the EU, the conflict in Ukraine, changing interest rates and inflation.
We confirm that all representations made in this letter include due consideration of these factors. In particular this includes, but is not limited to, the following:
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Appropriate disclosure has been included in the charity’s narrative reporting regarding the impact of the current economic climate on the charity’s performance during the period, our assessment of principal risks and uncertainties and the future activity of the charity;
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We acknowledge our responsibility in the preparation of the financial statements for making appropriate judgments, estimates and assumptions. We have informed you of the judgements and estimates, including those related to the current economic climate, that have had the most significant impact on the financial statements. We confirm that the disclosure in the financial statements of the critical accounting estimates and areas of judgement accurately describes our assessment of matters relating to the current economic climate;
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The financial statements reflect the conditions which existed at the reporting date,
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We have considered whether the charity’s tangible fixed assets have been impaired due to the current economic climate. We have also considered whether our estimate of useful economic lives remains appropriate. Our consideration has included a review of the current market value of those assets and their future economic performance;
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At the reporting date, any additional liabilities arising as a result of the current economic climate have been recognised. We have specifically considered whether any additional provision is required in respect of:
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Doubtful debts;
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Onerous leases and contracts;
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Redundancy payments.
Approval of Financial Statements
We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting
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documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.
The financial statements and the contents of this letter were formally approved by the board at a meeting held on the date shown below.
Yours faithfully
Mr Matthew Wykes, Dip PFS Chairman
for and on behalf of the Board of Trustees
Date:
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