Charlty wistratlon numhr 1091675 THE JACK LANE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024
THE JACK LANE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Mr. R WhFie Mrs. E Vlalker Mt5. G Mitchdl Mrs A Neal H Morri5 (Appointed 19 September 2023) Charlty number 1091675 PTln¢lpal address Epsilon House The Square Gloucester Business Park Gloucester Gloucestershire United Kingdom GL3 4AD Independent examlner Katherine Parkin FCA Epsilon House, The Square GIOuster Business Park Brockworlh Gloucester GkSIerShie United K3ngdom GL3 4AD Bankers Lloyds Bank plo 14 Castle Street Cirencester Gloucestershire United Kingdom GL7 1QJ Sollcltors Forrester. Sylvester, Mackett 59 High Street Malmesbury ftshirc Unrted lQ"ngdom SN16 9AH Inv•stm•nt advisors Rathbones 159 New Bond Street London W1S2UD United Kingdom
THE JACK LANE CHARITABLE TRUST CONTENTS Page Trustees. report Independent examinevs report Ststemem of financial a(XMtses RalaneÈ sheet Notes to the finanrAal stslements 7-13
THE JACK LANE CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report arKI financial statements for the year ended 5 April 2024. The financial statemeiils have been prepared in accordarKe wilh the accounting Folicies sel out in note 1 to the financial statements and comply with the charivs goveming doryjment. the.Charities Ad 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice aPIcable to thatities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effects"ve 1 January 2019). Objeellves and actlvltles The trustees shall hold the Trust Fund and rts income upon trust to appty them for such chantsble purposes as the TTUStees shall from time to time in their discretion dea.de wilhin the counties of GloucAstpr%hire and vltSh1re. The charty supports good causes suth as" GenÈTal Charitable Purposes EduCationraining . Me(licaVHeaMickness Disability Relief of Povorty . AccommodationlHousing . Artslculture . SporVRecreation Animals EnvironmenvConseNationeTItage . Economtcjcommunity DevelopmentEmployment Applications are en(x)uraged through word of mouth. lo1 support, media channels and the chaws own websiÈe. The Trustees look favourably uw)n applicants sh a5 children. young people, elderly, people with disabilities and other charities and voluntary tx)dies. The Chairman's Discretionary Fund. with authority to make small donations in urgent cases, has not been used during the year. Trustee3 follow up grants by visiiiiiy wattous beneficianes on an ad basis to identify the drferencÉ the grant has made to the chanttes and the wider society. The tnjstees have paid due regard to guidancÉ i&sued by the Charity Ccffimission in deciding what acttvities the charity should undertake. Achievemenls and rrOM1#nce The trustees. appointed investment managers continue to deliver a level of relum on r2prtal. thus Ènabling thg Trust to conts.nue to provide financial support to various eauses within tho counties of Gloucester3hire and VAllshi.
THE JACK LANE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Flnanclal revi The appointed investment managws ryjntinuod their policy of generating consistent retums, adopting a cautiou5 manner, from thc original capital, a5 demonstrated by t figuies wntained In Ihe lalest accounts. The capital fund ha5 increased by 6.8% during the year. The trustees are in regular contact wilh the Trusfs investment managors conceming day to day matters which may have an impact on financÈal markets. It is the Trustees, intention to manage. through the chanty's investment advisor, the capital fdlue of the investments in order to maximise income available for distributM)n. The total investment fund value at 05 April 2024 was £2.746.687 (2023: £2,570.985) with tolal free reserves of £2.795,539 {2023: £2,663,578). Policy on resorveg and plans for the fur¢ Thc trustees, policy on reser¥e5 is to ni<iinlain the existlng capital fund in real lernis, and use the inct)me generated from inveslments to meet the Trusfs charitable obiectNes. Publlo benem The trustees have given r1)nratiOn to the Charity Commission published guidance on the opetatN)n ul the Public 8@nefft raquirement. The ttustees are of the opinion that the Trust sats"sfies the Public Benefft requirement because objective of the Tnjst is to support charities of varK)us causes throughout the tt)unts of Gloucestershire and V4fjltshire (as detailed under the Objectives and Activrti8s of the Trust). The trustees confirm that they have complied with the requirements of Sect 4 of the chanties Act 2011 to have due regard to the public benefft guidance published by the Chanty Commission for England and lVales. Major rfsks and management of the rlsks The trustees are aware that a fall in global markets could potenlially reduce the vae of the investments held. The trustees have identi1 the operational risks that they believe might affe(X the ¢*anty. Each of the major risks are wnsidered on a regular basis to ensure exposure is minimised. stru¢ture. govemance and management The chanty is an unincorFK)rated charitable trusL The trustees who served during the year and up to the date of signature of the finan¢ial statements were.. Mr. R Imiite Mr. D C Crampton Mr. M A Wright Mrs. C Maclachlan Mrs. E Vlalkei Mrs. G Mitchell Mrs A Neal Mrs H Morris (Resigned 19 March 2024) {Kesiqned 10 May 2024) (Resigned 19 September 2023) (Appointed 19 September 2023) The Trust De@d requires that there shall be not less than three Ttee$, and that eadi TtU5tee sFFall be appointed for a tem) of five years. Trustees shall be apFK)intpd by a resolution of Trust passed at a special meeting.
THE JACK LANE CHARrrABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APfttL 2Q24 lor a tenn ol ff¥* yw Mr R Vthrte T18+) Mib. E 18 January 2025
THE JACK LANE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JACK LANE CHARITABLE TRUST I report to the trustees on my examination of the financial statements of The Jad( Lane Charitable Trust {the chanty) for year ended 5 April 2024. Responslbilities aftd basls of report As the trustees of the charity you are responsible for the preparatK)n of the finan(aal statements in accordance with the requirements of the Charities Ad 2011 (the 2011 Act). I report in respect of my examination of the charivs financial statements carried OLrt under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Direcknns gr¥en by the Charity Commission under sectron 145{5)(b) of the 2011 Act. Ind•p•ndont examlnerfs stat•n*nt I have completed my examination. I confirm that no matters ha come to my attantion in ¢onnection with the examin8tinn giving me causo to belièw that in any material respect: acwunting reryxds were nol kept in respect of the charity as required by sedion 130 r)f the 2011 Act" or the finantial statements do not ac¢x)rd with thosc re¢ords" or Ihe fiiidlTcial Statements do rK)t crnpty wrth the applicable requiTements conceming Ihe form and content of accounts set out in the Charities {Aty))unts and Reports) Rogulations 2008 other than any requirement that the aeecyjnts gi a true and fair view which 13 not a matter (x)nsidervd a5 part of an Independent examination. I have no concerns and have come across no other matter5 in rxJnneclTon with the examlnation lo which attention should be drawn in this report in order to enabFe a proper understanding of the financial statements to be reached. Katherine Parkln FCA Azets Audlt Servirns Epsilon House, The Square Gloucester Business Park Brockworth GIOuster Gloucestershire GL3 4AD United lfjngdom Dated.- 23 January 2025
THE JACK LANE CHARITABLE TRUST STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unre5tsithd UnrE5tr1Gted funds funds 2024 2023 Income from: Investments 49,375 47,318 nditure on: Raising funds 11.481 11.347 Lnarrtable ath"vrts 56.893 58,085 Total expenditure 68.377 69.432 Nal gainsl{losses) on investments 150,963 {104.348) Net movement In funds 131,961 (126,462) Fund balances at 6 April 2023 2,663,578 2.790,040 Fund balances at 6 April 2024 2.795,539 2,663,578 The statement of financial actsvibes indudes all gains and losses re(nised in the year. All income and expendrture derive from cfjntinuing activi1.
ThE JACK LANE CHARITABLE TRUST BALANCE SHEET ASAT5APRIL 2024 12 2,746.687 2.570,98S 51.822 95.293 14 (2.970) (2.7W) 92.5Q3 2.795,SA) 2.f*a 578 Incom• lund• 2.795.539 2,E63.578 2,863.578 18 January 2025 Mr f5 E•r
THE JACK LANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 5 APRIL 2024 A¢countlng policles Chanty Infomiabon The Jack Lane Charitable Trust is an unin)rPorated chanty founded by a declatIon of ttU5t date¢J 25 March 2002. its registered Offi is Epsilon House, The Square. Gloucester Business Park. Glouoster. GL3 4AD. 1.1 A¢countlng ¢onventlon The accounts have been prepared in accordance with th& chl{S governing document, the Charitres Act 2011 and -A¢counling and RePo"ng by Charrties: Statement of Recommended Practice applicable to charittes preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR8 102)" (as amend for accounting periods commeneing from 1 January 2019). The chanty is a PublF¢ Benefft Entity as defined by FRS 102. The charity has taken athantage of the provisions in the SORP for eharities applying FRS 102 Update Bulletin 1 not to prepara a Statem1 of Cash Fltyws. The financial stat8mgnts are prepared in sterling. which is the fundional ffen¢ry uf the tharity. Monetary amounts in these finan(aoil 51atements are rounded lo the nearest £. The accounts have been prepared under the htstorical cost convention. modffied to inctude the revaluation of certain financial instruments at fair value. The principal armunting wlicies adopted are set out beknv. 1.2 Charltable funds Unrestricted funds are available for use at the disuetion ol the trustees in furtheran of their charrtable objectives. Restricted funds are subject to speufic conditions by donors as to how they may be used. The purtK)ses and Uses of the restricted funds are set out in the notes to the finarla1 slatements. EndOwnI funds are subjed to speufic (x)ndilions by donors that the capilal must be maintsined by the 1.3 In¢oftie Income is recognised when the tharity is legally enbtled to it after any performan conditions have been met, the amounts can be measured reliabty. and it is probable that income will be red. Investment in(x)me is accounted for in the period in which the chaiity is entitled to r1p1. 1.4 ExnditUrn Expenditure is recognlsed On there Is a gaI or 1xstructIve obligation to transfer enoMiC benefft to a third party. it is probable that a Ir3nqf@r of economic benefrts will be required in scttlemen( ond the amount of the obligation can be measured reliably. Expenditure is classified by actiwty. The costs of acbvity are made up of th9 total of direct wsts and shared costs, induding support costs involved in urKlertaking each actsty. Direct costs attributable to a single actrvty are alkthted dite(aly ID that ac11ty. snared costs which contnbute to more than one activity and support costs which are not attn"butable to a single ar@ apportioned beiwaèn those activitlcs on a basis cDnsistent vmth the usè of resources. Central staff costs are allocated on the ba515 of time spem, an depreciation Chae5 are allzted on the portton of the assefs use. In preparing the SlalvrTient of Flnanclal Aclivibes. the Tnjstees have attn"buted. where readily detemiinable, the costs between generats.ng funds. chatitable activits. and governan costs.
THE JACK LANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounllng pollcles {Contlnu•d} Expendrture is induded on an a(xruals basis and is recognised when there is a legal or rx)nstructive obligation to pay for expenditure. The cost of charitable activibes comprise of grants and donations made to individuals, societies, schools and other charFties. Support and govemance costs comwise of costs ft)r the running of the tharty itself as an organisation. Llabilities and provlslons All known liabilities are provided in tho accounts at the balance ¥heet date. Provisions late included in accordan with FRS 102. Irrecoverable VAT Irrgeoverable VAT is dlarged against the expendiiure h¥iiding ft)r whith n was incurred. 1.5 Flx•d as6et Investsnents Fe0 asset investments are inittally measurpd at transaction price oxcluding transaction costs. and are subsequently measured at fair value at each reportiThJ date. Changes in fail value are recognised in net incomel(experKliture) for the year. 1.6 Cash and ¢ash equlvalents Cash and cash equrvalents indude cash in hand. deposits held at call with banks. other short-term liquid investments with original maturIS of three months lx less, and bank overdrafts. Ba¢ financial assets Basic financial assets, which Indude debtor5 and cash and bank balantss, are initially measured at transalon prtr induding transaction costs and are subsequently (arried at amortised cost using the effective interest method unless the arrangemerrt o)nstiiutes a finanang tranSacn, where the transaction is measured at the present value of the future receipts dis(x)unted at a market rate of interest Financial assets dassffied as re1vable within one year are not amorttsed. Other financial assets other finanaal assets, including ir7vestrnents in equty instruments which are not subsidiaries. associates or joint ventures. are inrtialty measured at fair value, which is normalty the transaction price. Such assets are subsequently cArried at fair value and the changes in fair value are recognised in net it7comel(expenditure), eXpt that investrnents in equty instrument5 that are not publidy traded and whose fair values cannot be ni¥(1è4ure(I reliabty are measure(l at cost less impaitmenL Impainnent offinancial assets Finanryal assets. othor than thosc held al fair value through in(J)me and exFenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired wherè thprp. is objective ew"Oence that, as a resutt of one or more events that occurred after the initial recognition of the financial asset. the estimatpd future cash flS have been affected. If an asset Is impaire(l. the Impainréent loss is the dffierenc.a betw@Èn the earying amount and the present value of the estimated eash flows dis(y)unted at the 83xYs original effedive iiilete5t rate. Tne Impaiment loss is rccognised in net income1(ex17dl1Ure) for Ihe year. If there is a deuèaqe in the impairment loss arising from on event CC¢UFring téfleF tlie ltnpainent was rècognised, thc impairment is reversed. The Ivver5al is such that the ujrrenl CayIng amourrt does not eXe{j what the carying amoum would have bn. had the impaimient not previousty been recognised. The impainnent reversal is recogniwl in n@t incomel{expondiiure) for the year.
THE JACK LANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounllng pollcles (Conllnued) DeTrcognlUon offfnancial assets Financial assets are derecognised onty when the contractual rights to the cash flows from the asset expire or are settled, or when the charty transfe[5 the financial asset and substants'ally all the risks and rewards of ownership to another entsty, or rf some significant risks and rewards of ownership are retsined but ntrol of the asset has transferred to another paty that is able to sell the assel in its entirety to an unrelated third paty. Basic finaneial liabilities Basic financial liabilittes, induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a finanung trarL4Adion. where thè debt instrum9nt is measured at the pre3ent value of the fvturè paYmt$ discounted at o market rate of interest. Finanual li(Ibililie5 dassified as payable within one year ate Iiot <imotlised. DÈht instrumÈnls are Subsequ cwried al amortised cos( using the effedive inlerest rate wnethod. Trade credrtors are obligats.ons to pay for goods or services that have been acquired in the ordinary course of operattons frnm suppliÈr5. Amounts payable are dassffied as current liabilities rf payment is due wilhin one year or less. If not. they are presented as rioru[lent liabilmles. Trade credrtors are recoqnised inrtially at transacllon and subsequenty measured at amorti5ed cost using the effecbve interest method. Derecognibon of flnancial liabililies Financial liabilth.es are dereeognd when the drIS contractual obligalions expire or are discharged or Cancelled. 1.7 Taxatlon The charity is exempt from (xjrporation on income and gains falling within Section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable GaFns Act 1992 to the extent that these are applied to the charitable objects. 1.8 Employee benefts The costs of short-tenn employee benefrts are recognised as a liabilty arml an expense. unless those costs are required to be recognised as part of cost of stock or fixed assets. The cost of any unused holKlay entittement is Tecognised in the period in which the employee's ServIS are received. Tennination beneffts are recognised immediatety as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefitb. Crlile21 aeeounffjng •stlmates and judgements In the application of the charitys accounting policies. the trustees are required to make judgements. estimates and assumptions aboul iFie carrying amount of assets and Iiabiljbes that are not readily apparent from other sources. The estimates and associated assumptions arp. based on historical exporionce and other faotors that are u)nsidered to be relevant. Actual results may drfter from these estimates. Tre est"males and Underf"ng assumptions are rÈvipwed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whith the estimate is revised wheie revision affects only Ihat period, or in the period of the IEvi5ion and future penods where the reVOn affects both current and future perlods.
THE JACK LANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Inwme from UK investrnents lThx)me from overseas investrnents Inlerest recelvatsle 40.748 7,549 1.078 42.097 4,870 49.375 Raising funds UnrestrlGted UnrestriGted funds funds 2024 2023 Investment mana ement 11,481 11,347 11,481 11,347 10-
THE JACK LANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charftable actlvltles 2024 2023 Staff costs Costs of truslee meetings Printing, postage and stationery Administrative fees Independent Examinerfs remuneration Indemnty insurance Sundry expenses 2,505 783 1,751 2,460 907 956 770 8,756 6,935 Grant lundinq of actsvibes (see note 6) 48,140 51,150 56,8 58,085 Governance costs totalling £3,090 (2023: £2.460) are included within expendrture on chantable activities. This includes £1.670 (2023: £1,518) payable to the Independent Examiner for Independent Examination and £1.420 (2023.. £942) payable to the Independent Examiner for other accountancy services provided. Grants payable 2024 2023 Grants to insttutions (48 grants)." Gra Kelly Childhood Cancer Trust Mothers for Mothers Parkinson's Care and Support UK Scrubdrtch Care Fami S[It Medi Swindon Dance The Harbour Project Wings frir wa10T5 Gympanzees James Hopkins Trust Julian House Sailabilty Sight SupFK>rt West of Enoland southmead Project Uplands School Wiltshire vearch & Rescue 13ther 1,600 2.000 1,500 2,0 1,500 2.000 2,0 1,500 2,000 2.000 2,0 1.400 1,500 2.000 2,000 36,250 48,140 51.150 11
THE JACK LANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 No trustee5, noi arry pet50ns cneed wrth them. have received any remuneration from the charity during Ihe year. The aggregate amount of expenses reimbursed to Twstees during the year was £Nil (2023: £Nil). Employees The average mnthty number of employees during the year was: 2024 Numbèr 2023 Number Total Employment costs 2024 2023 Wages and salarTes 1,751 There were no employees vthose annual remuneration was more than £60,OIXJ. Net galnsl{loss¢s) on Investments Unrestricted Unrtstrtcted funds funds 2024 2023 Revaluation of investments Gainl(loss) on sale of investments 155,004 (4.041) (58,095) {46.253) 150.963 10 Taxation The charty is exempt from tax on income and gains falling within sactson 505 of the Taxes Act 1988 ot seGIiDn 252 of the Taxation of Chargeable Gains Aet 1992 to the exlent that these are apwied to rts tharitable objects. 11 Indemnrty Insurane• The chanty paid an Insuran premium of £890 (2023: £90n iv dernnrfY truStS against claims arising from any negligent ad, ettor ur omission In go farth. 12-
THE JACK LANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 5 APRIL 2024 12 Flx¢d asset Investsnents UK Overneas Total Cost or valuatlon At 6 April 2023 Addibons Valuation changes Disposals 1.653,878 344,558 (15,454) (364.508) 917,107 81.193 170.458 {40,545) 2.570,985 425,751 155.004 {405,053) At 5 April 2024 1,618,474 1,128,213 2.746,687 Carrying amount At 05 April 2024 1,618.474 1.128.213 2 746.687 At 05 April 2023 1.653,878 917,107 2,570,985 13 Finan¢ial Inslruments 2024 2023 Carrying amount of flnanclal assets Equjty instruments measured at valuation 2.746.687 2.570,985 14 Creditors: amounts falllng due wlthin one year 2024 2023 Accruals and deferred inrne 2.970 2,7LKI 15 Related party transacllons There were no disclosable related party transarjions during the year (202& none). 13-