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2021-04-30-accounts

Charity number: 1086836

THE DELPHIE LAKEMAN MEMORIAL TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

THE DELPHIE LAKEMAN MEMORIAL TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

THE DELPHIE LAKEMAN MEMORIAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2021

Trustees

John Caulcutt James Huddleston Graeme Dillon

Charity registered number

1086836

Principal office

Hunton Lodge Hunton Winchester SO21 3PT

Accountants

Baldwin Scofield Accountancy LLP Chartered Accountants 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU

Bankers

Coutts and Co The Strand London WC2R 0QS

Page 1

THE DELPHIE LAKEMAN MEMORIAL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2021

The Trustees present their annual report together with the financial statements of the The Delphie Lakeman Memorial Trust for the year 1 May 2020 to 30 April 2021.

Objectives and activities

Policies and objectives

The Trustees established the charitable trust for the purpose of the advancement for the public benefit of education,the relief of the poor, aged, sick or disabled, and for the preservation and protection of good health, of people who live or have lived or are related to people who live or have lived in Yarmouth, Isle of Wight.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

Main achievements of the Charity

The Trust has been involved in the providing facilities for the provision of training young people in the skill of sailing. Donations have been made to foster community awareness of local facilities and issues arising in the Yarmouth area.

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.

Material investments policy

Surplus funds are actively managed by the charity's brokers with a view to increasing the charity capital.

Structure, governance and management

Constitution

The Delphie Lakeman Memorial Trust is a registered charity, number 1086836, and is constituted under a Trust deed.

Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Page 2

THE DELPHIE LAKEMAN MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2021

Structure, governance and management (continued)

Organisational structure and decision-making policies

The Charity is organised with a Board of Trustees to oversee planning, administration and financial control. The Trustees are empowered to appoint additional Trustees under the terms of the Trust Deed.

There have been no changes in the number of Trustees during the period.

Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The Trustees consider that the greatest risk to the financial well being of the Charity is a drop in the values of shareholdings. The portfolio is actively managed by the Trust's brokers.

Statement of Trustees' responsibilities

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 6 July 2023 and signed on their behalf by:

John Caulcutt

Page 3

THE DELPHIE LAKEMAN MEMORIAL TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2021

Independent examiner's report to the Trustees of The Delphie Lakeman Memorial Trust ('the Charity')

We report to the charity Trustees on our examination of the accounts of the Charity for the year ended 30 April 2021.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

We report in respect of our examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

We 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. Our work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our work or for this report.

Signed: Dated: 6 July 2023

Nicholas M Baldwin BA(Econ) FCA DChA

Page 4

THE DELPHIE LAKEMAN MEMORIAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income/(expenditure) before net losses on
investments
Net losses on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
500
26,105
26,605
17,336
17,336
9,269
(12,137)
(2,868)
189,589
(2,868)
186,721		 Total
funds
2021
£
500
26,105
26,605
17,336
17,336
9,269
(12,137)
(2,868)
189,589
(2,868)
186,721		 Total
funds
2020
£
20,122
8,731
28,853
50,400
50,400
(21,547)
(38,634)
(60,181)
249,770
(60,181)
189,589

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 7 to 16 form part of these financial statements.

Page 5

THE DELPHIE LAKEMAN MEMORIAL TRUST

BALANCE SHEET AS AT 30 APRIL 2021

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 15,275
15,275
(990)		 2021
£
1
172,435
172,436
14,285
186,721
186,721
-
186,721
186,721		 6,006
6,006
(990)		 2020
£
1
184,572
184,573
5,016
189,589
189,589
-
189,589
189,589

The financial statements were approved and authorised for issue by the Trustees on 06 July 2023 and signed on their behalf by:

John Caulcutt

The notes on pages 7 to 16 form part of these financial statements.

Page 6

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

1. General information

The Delphie Lakeman Memorial Trust is a registered charity, number 1086836, and is constituted under a Trust deed.

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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Delphie Lakeman Memorial 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 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 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 Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 7

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL 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, .

Depreciation is provided on the following basis:

Freehold property - Nil

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 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.

2.7 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 Charity 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.

2.8 Financial instruments

The Charity 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.

Page 8

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2. Accounting policies (continued)

2.9 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 Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted
funds
2021
£
Similar incoming resources
500
Unrestricted
funds
2020
£
Donations
20,000
Similar incoming resources
122
20,122
Investment income
Unrestricted
funds
2021
£
Investment income - sales of shares
26,105
Unrestricted
funds
2020
£
Investment income - sales of shares
8,731		 Total
funds
2021
£
500
Total
funds
2020
£
20,000
122
20,122
Total
funds
2021
£
26,105
Total
funds
2020
£
8,731

4. Investment income

Page 9

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

5. Analysis of grants

Grants made
Grants made
6.
Analysis of expenditure on charitable activities
Summary by fund type		 Grants to
Institutions
2021
£
9,875
Grants to
Institutions
2020
£
41,790		 Total
funds
2021
£
9,875
Total
funds
2020
£
41,790
Unrestricted
funds
2021
£
Direct costs of charitable activities
17,336
Unrestricted
funds
2020
£
Direct costs of charitable activities
50,400
7.
Analysis of expenditure by activities
Activities
undertaken
directly
2021
Grant
funding of
activities
2021
£
£
Direct costs of charitable activities
7,461
9,875		 Total
2021
£
17,336
Total
2020
£
50,400
Total
funds
2021
£
17,336

Page 10

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

7. Analysis of expenditure by activities (continued)

Activities
undertaken
directly
2020
£
Direct costs of charitable activities
8,610
Analysis of direct costs
Events and sponsorship
Bank charges
Other costs
Sundry expenses
Legal fees
Governance costs
8.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts		 Grant
funding of
activities
2020
£
41,790
Total
funds
2021
£
6,408
-
-
363
-
690
7,461
2021
£
690		 Total
funds
2020
£
50,400
Total
funds
2020
£
6,224
75
1,250
71
300
690
8,610
2020
£
690

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 30 April 2021, no Trustee expenses have been incurred (2020 - £NIL) .

Page 11

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

10. Tangible fixed assets

Cost or valuation
At 1 May 2020
At 30 April 2021
Net book value
At 30 April 2021
At 30 April 2020		 Freehold
property
£
1
1
1
1

Included in land and buildings is freehold land which is not depreciated. This land was gifted to the charity some time ago but was only recently legally transferred into the ownership of the charity. The land has been recorded at a nominal value as it has no easily determined market value.

11. Fixed asset investments

Cost or valuation
At 1 May 2020
Revaluations
At 30 April 2021
Net book value
At 30 April 2021
At 30 April 2020
Creditors: Amounts falling due within one year
Accruals and deferred income		 Listed
investments
£
27,916
(12,137)
15,779
15,779
27,916		 Unlisted
investments
£
156,656
-
156,656
156,656
156,656
2021
£
990		 Total
£
184,572
(12,137)
172,435
172,435
184,572
2020
£
990

12. Creditors: Amounts falling due within one year

Page 12

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

13. Financial instruments

2021 2020
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 171,931 162,662

Financial assets measured at fair value through income and expenditure comprise investments

Page 13

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

14. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 Gains/ 30 April
May 2020 Income Expenditure (Losses) 2021
£ £ £ £ £
Unrestricted funds
General Funds - all funds 189,589 26,605 (17,336) (12,137) 186,721

Page 14

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

14. Statement of funds (continued)

Statement of funds - prior year

Balance at Gains/ Balance at
1 May 2019 Income Expenditure (Losses) 30 April 2020
£ £ £ £ £
Unrestricted funds
General Funds - all funds 249,770 28,853 (50,400) (38,634) 189,589

15. Summary of funds

Summary of funds - current year


General funds
Summary of funds - prior year
General funds		 Balance at 1
May 2020
£
189,589
Balance at
1 May 2019
£
249,770		 Income
£
26,605
Income
£
28,853		 Expenditure
£
(17,336)
Expenditure
£
(50,400)		 Gains/
(Losses)
£
Balance at
30 April
2021
£
(12,137)
186,721
Gains/
(Losses)
£
Balance at
30 April 2020
£
(38,634)
189,589		 Balance at
30 April
2021
£
186,721

16. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
1
Fixed asset investments
172,435
Current assets
15,275
Creditors due within one year
(990)
Total
186,721		 Total
funds
2021
£
1
172,435
15,275
(990)
186,721

Page 15

THE DELPHIE LAKEMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
1
184,572
6,006
(990)
189,589		 Total
funds
2020
£
1
184,572
6,006
(990)
189,589

Page 16