Len Pick Trust Grants for the Benefit of Bourne Report of the Trustees 11 Report to 31st March 2024 Prepared by the Trustees of the Len Pick Trust Registered Charity No. 1106598
Len Pick and his Legacy Thomas Leonard Pick was a very welkknown and much respected Boume famier and local businessperson - better ih'i; known to all as simply, 'Len. Educated at Boume Grammar School, he left at the early age of fourteen to join the family firm of coal merchants. His shrewd business acumen rapidly developed, takin(3 full charge of the manaqement restx)nsibilities within two short years. Subsequently he also came to spearhead the successful family wholesale potato merchant's business. Eventually Len also took over the reins of the family farm which he rapidly expanded to become a major local landowner before retiring in the early 1970's. Having married his childhood sweetheart, Freda, in 1935 they enjoyed fifty-six blissful years toqether until her passino in 1991 . Len was extremely passionate about his hometown and all its workings. Elected to the then Bourne Urban District Council in 1936, he became its youn(Jest ever Councilor at the aqe of just twenty-seven. He remained a member until 1948" only relinquishino his position due to the many demands and pressures imposed upon his time by his extensive business I I commitments. It is well documented that Len was an avid, lifelono supporter of Bourne Town Football Club, both financially and vocally. He was equally enthusiastic about the Bourne Piqeon Club. Much less well known - and totally in keepinq with his character- was his continual and very discreet support of many other town organisations and charitable causes. most notably being the Outdoor Swimming Pool. Again, in keeping with his character, some years before his death and after Freda's passing, six of his friends and advisers were instructed by him, "Be at my solicitor's office at 9 O'clock Monday morning and don't be late" There, they were told (not invitedl} that they were to be trustees of a charity that he was forminq, and which would become operational only after his death for the general benefit of the townspeople of Boume. The six were accordingly sworn to absolute secrecy in order that no knowledge of his intended philanthropy percolated into the public domain until after his passing. Some seven years later Len passed away on the 29th of January 2004 aged ninety-four, and accordinqly those same six orioinal trustees set about the task of implementino his instructions with an endowment of overfour million pounds. The present trustees are proud to continue to implement those same instructions thus ensurinq that the town which was his home will continue to benefit from his philanthropy and benefaction in perpetuity. Annual Report to the 31" March 2024 Page 2133
Grants for the Benefit of Bourne
Registered Charity No.1106598 5 Granby Court Hereward Street, Bourne, Lincolnshire PE10 9AD
Web: www.lenpicktrust.org.uk Email: enquiries@lenpicktrust.org.uk
Annual Report and Financial Statements
Year ended 31%t March 2024
Table of Contents
Cover Photos
Top Left: The refurbished Club House at Bourne Rugby Club Top Right: Owl chicks born in the Len Pick Owl Tower
Bottom Left: Bourne Outdoor Pool’s refurbished café
Bottom Right: New play equipment at Bourne Elsea Park Primary Academy
The Trustees present their Report together with the Audited Financial Statements for the Year ended 31%' March 2024.
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Legal and Administrative Information (Who we are, what we do and how we do it)
Trustees who served during 2023/24
Chairman 2022-2024 Mr A Warner Vice-Chair 2022-2024 Mr D Bailey
| Name | Start Date | Termination | Term |
|---|---|---|---|
| Mr D J Bower | From 28.09.15 | March 2025 | |
| From 01.04.18 | March 2028 | ||
| Mr D Baile | From 01.04.19 | March 2024 | |
| Mrs Z Ayliff* | From 01.04.20 | January 2024 |
|
| Mrs R Whitaker | From 01.04.20 | March 2024 | |
| Mr R McKinne | From 01.04.21 | March 2025 | |
| From 01.04.22 | March 2026 | ||
| Mr M Bostock | From 01.04.22 | March 2026 | |
| From 01.09.22 | Sept 2026 |
“Mrs Z Ayliff resigned from her role as trustee in January 2024.
Mr S Free joined as a trustee in April 2024.
Elected Trustees elected after 01.04.20 serve initially for a four-year term which may be extended for a further four years by election.
Mrs R Whitaker and Mr D Bailey were re-elected to serve a second term from April 2024.
Brief profiles of our Trustees
Mr David Bower, a chartered accountant Mr Andy Warner, a resident of Bourne and a Baptist Minister in Peterborough Mr David Bailey, a guitar teacher and retired company director Mrs Rebecca Whitaker, a legal executive Mrs Zoe Ayliff, a local business manager, resigned winter 2024 Mr Roy McKinney, A retired business adviser Mr Mark Jones, a retired bank official Mr Matt Bostock, an operations manager for a local communications company Mrs Sue Green, a retired local National Farmers Union Secretary
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Advisers to the Trustees Management and administration responsibilities for The Trust are delegated to the Trust Manager: Adrian Smith, a retired land aqent & surveyor and long-term adviser to Mr Pick, acted as Trust Manaoer, retirino from the Trust in September 2023. His role was taken on by trustee, David Bower on a voluntary basis. Assisted bj." Solicitors: Bankers: Hegarty LLP 48 Broadway Peterborouoh PE11YW HSBC 8 Market Place Spaldino PE111SN Investment Fund Managers: Double & Meqson 4 West Street Bourne PE10 9NE Integrated Financial Arranqements PIC Domain House 5-7 Sinoer Street London EC2A 4BQ Auditors: Investment Advisers: Whitinos LLP 108 Hioh Street Ramsey Cambs PE26 1 BS Whitinqs Wealth Manaoement 12-13 The Crescent Wisbech Cambs Structure, Governance & Management The Charity operates under the terms of the Trust Deed reoistered with the Charity Commission on the 4th November 2004, as amended on the W August 2005 and 4" September 2020. The Charity is administered by a board of Trustee¢ The Trust Deed oives the Trustees the power to adopt amendments thereto subject to Charity Commission Approval. Objects of the Trust (What we do) 'For the oeneral benefit of the inhabitants of Bourne Lincolnshire to further such charitable purposes as the Trustees in their absolute discretion shall think fit and in particular, the Trustees shall make grants to local charitable organisations" Annual Report to the 31" March 2024 Page 5133
Mission Statement (Our aims) To fulfil the aims of our benefactor for the general benefit of the townspeople of Boume. To provide full accountability and transparency for our actions in the management of the Trust. To be pro-active in fulfilling our role as Trustees for the better management and expansion of the Trust. Main Activity (What we do) We make grants to charitable. voluntary and other organisations within the area of benefit. Althouqh the Trust does not make orants directly to individuals, small hardship orants are made in conjunction with partnership aqencies. The Trust seeks at all times to maximise the impact of its endowment by assisting & paitnering other voluntary organisations within the area of benefit. Grant Making Policies and Procedures (How we do it) The Trust makes qrants for oeneral Charitable Purposes in accordance with the objeclives of the Trust. Applications for qrants are made via a form. accompanied by supporting information proportionate to the amount of grant and size of organisation. Related Organisations (Some of ourpartners and associates) The Trust is a member of the Association of Charitable Foundations, an umbrella organisation for qrant makinq charities. Partnership aqreements are in place with a number of orqanisations, including. Citizens Advice, South Kesteven District Council, Christians Aoainst Poverty and the Bourne Corps of the Salvation Amiy in respect of the administration of the Small Hardship Grants programme. Recruitment & Induction of Trustees (How we find and train our members) Trustees serve for a limited time commensurate with Charity Commission recommendations. The recruitment objective being to maintain a Trustee Board with a diversified membership having a wide ranoe of skills and experience to enable and expand the work of the charity. Vacancies are advertised in the local press and our own website. New trustees are offered an induction programme to introduce and explain their role and the breadth of the charity's remit. In addition to monthly Trust meetinqs we operate a number of sub committees and have an annual 'Strateoy Day,. This event enables us to review the past year and map our strateqy for the following year. The event also updates members on relevant legislation and best practice. All members give of their time free. In addition to the runninq of the Trust, the Trustees meet at Len Pick's graveside annually in Boume Cemetery on the 29 of January when a short act of remembrance is held. Subsequently and in accordance with his expressed wishes, the Trustees and their partners are invited to attend an annual dinner where a toast is given in honour of his memory. Annual Report to the 31" March 2024 Page 6133
Risk Management (A voiding pitfalls) Usinq Charity Commission quidelines, the Trustees have established the major risks that the Charity is exposed to. Policies are reviewed and updated to manaoe such risks. The risks relatinq to our investment portfolios, have been ameliorated by a policy of diversification and monitoring of performance in conjunction with our investment advisers. To minimise risk associated with our grant making programme. an evaluation procedure is in place to ensure that a grant recipient complies with the terms and conditions attached to the award of a qrant. There are policies for the review of applicant's management accounts generally accompanied by a visit and report to fellow trUSts. The Trust maintains a full suite of policies in respect of matters such as, Conflicts of Interests, Safeguarding, Children & Vulnerable Adults, Health & Safety, Anti-Bribery & Corruption, Data Protection, Equality etc. The risk management process is regularly reviewed by the Trustees with appropriate recommendations made. Investment Policy (Making our assets work) Althouqh the Trustees have the power contained within the oriqinal trust deed to expend all or part of the original endowment of the trust. it was considered at an early stagethat the endowment resultino from the residue of Mr Pick's estate should be reoarded as a pemanent endowment and the investment policy therefore considers the requirement not only to produce income for present beneficiaries, but also to protect the capital in real temis over the economic cycle for the benefit of future beneficiaries. To further the policy of diversification and risk minimisation, the investment fund of the trust was divided equally between two separate actively managed portfolios. Following a quinquennial review assessment of relative performances and costs it was subsequently decided that one portfolio would be transferred to a passively manaoed fund. Followino a further quinquennial review of relative perfomiances and costs the second portfolio was also moved to a separate passive fund with Vanguard. Additionally, the Trust also owns some 57 acres of farmland to the west and east of Bourne which is let to tenants on agricultural tenancie Reserves Policy (Strategic planning for a rainy day) In 2019 the Trustees reviewed their Reserves Policy and accordinoly simplified and reor(3anised their reserves into two reserves namely a Capital reseThe, to be held at the value of the underlying investment assets used to generate revenue for the continued operation of the Trust, and a Current reserve, showing an accumulated overlunderspend of the funds generated by the Trust's Capital reserve. It was also recognised by the Trustees that although amounts should not be ordinarily drawn from the Capital Reserve to supplement any deficiencies of the Current ReSee balance, the Trust Deed does not restrict transfer from the Capital Reserve should it be so required. Annual Report to the 31" March 2024 Page 7133
Conflicts of Interest (How we avoid them) Conflicts of Interest are an obvious risk for the Trust as all trustees are local to the area of benefit. To mitiqate this a policy is in place that requires each Trustee to oive notice at the beoinninq of any meetino of any potential conflict. Such notice is recorded in the minutes of the meetin(3 and the Trust having given notice. takes no further part in the relevant discussion. save at the invitation of the Chairman when a Trustee who has special knowledoe of a matter which is beneficial to the proper management of the Trust may speak. At no time does such a Trustee participate in voting on any such matter. Trustee Training (How we keep up to date) Upon induction. all members receive a briefing on their future role and current Trust policies. Onqoinq trainino is undertaken in many ways includino attendance, at seminars, online training courses and circulation of relevant papers eq Charity Commission publications and updates. Additionally, the annual Strategy Day is used as a focus for ongoing trustee development and training. Find out more about the Trust at www.lenpicktrust.org.uk Annual Report to the 31" March 2024 Page 8133
Chairman's Report The trust has seen some significant changes in the last year, the most siqnificant beino that our lono servinq Trust Manager, Adrian Smith, retired in October 2023 due to ill health. Very sadly, as we were compilin.q this report, Adrian passed away. He will be .qreatly missed. Whilst this report references the period April 2023- March 2024, 1 have included his obituary- S next page. On a personal level. as well as his role in the Trust. I will miss his sense of humour and use of the English language. The role of Trust Manaqer was taken on by our trustee, David Bower. I would like to thank David for volunteering for this role and for his professionalism in carrying it out. The Len Pick Trust Facebook paoe provides updates on the work of the Trust and is now firmly established. We have also now completed the new website. which provides more information about the work of the Trusl, as well as access to the annual reports and the qrant application forms. Thanks go to our trustee, Matt Bostock for his hard work in this area. One of the most popular parts of the website is our owl camera and bloo, which in the last year had some 14,000 hits from all over the world. This Spring saw another two barn owls successfully reared. The strapline of the Len Pick Trust is 'Grants for the Benefit of Boume, we believe that all of the qrants we have made will benefitthe people of Boume. Each year we give grants to new and established groups in the area. Some of the hiqhli(3hts over this past year, include helpin(3 the Boume Ruoby Club kick start their refurbishment project. providing an outside play area for Elsea Park Church of England Academy and helpino a new group, Bourne2Shine set up a club for parents and siblings of children with special needs. Amonqst many other proiects. we have also been pleased to be involved with Bourne United Charities and Bourne Town Council in enabling Citizens, Advice to continue to offer a service in Wake House for two days a week. Thank you for readinq this report, we really hope you find it informative, and if you are part of an oroanisation in need of a 'qrant for the benefit of Boume, then please read the terms on our website and make contact with us David Bailey Chair of the Trustees Annual Report to the 31" March 2024 Page 9133
Adrian Smith The Len Pick Trust was dpIY saddened to leam that Adrian Smith. our former Trust Manager, passed away on Wednesday, 1 W September 2024. Adrian was a Founding Trust&, and then went on to serve as Trust Manager until his retirement last October. He was well respected within the community, and we know that many people will have benefitted from Adrian's boundless enthusiasm and dedication to town life. The Len Pick Trust has supported hundreds of community projects and organisations since its inception in 2006, and oreat credit must be qiven to Adrian for his stewardship and guidance of the Trust which has enabled it to support the community in this way. Trustees join the local community in sending our deepest condolences to Adrian's family. Annual Report to the 31" March 2024 Page 10133
Achievements & Performance (Our grant making activities- summarised) Category Relief of ove Schools and medical welfare Welfare of the elderl Grants Paid in 2023124 rin¢. previously alloc*ed amountsl £14,275.00 £11770.00 £4 444.00 £36 750.00 £2 000.00 £25,800.00 Music and the arts Education Communi Youth Memorial Total £3 170.00 £2 675.00 £97,894.00 Our Grant Making & Charitable Activities during the year - in detail This report covers both grants paid in the year (some of which were commitments from the previous year), as well as commitments made during the year. Relief of Poverty a) Schools Grant Scheme We continue to provide orants to the local schools to support those who may be disadvanta(Jed, for example in attendance of school trips, provision of uniform or equipment needs. The orant to the individual is at the full discretion of the relevant Head Teher and another staff member. b) Small Hardship Grants Scheme Althouoh the Trust does not qive orants to individuals, we are aware of cases of severe need within our area of benefit. where assistance is not available from statutory sources. The Trust's maximum grant durinq the year was £5(K).00 (Five hundred pounds)" this amount is discretionary and not automatic. We do not make out cheques to individuals. Applications are submitted by approved partnership aqencies with appropriate recommendations and then evaluated by the trust manaoer. Payment is either made to the recommendino aoency or directly to a nominated supplier as appropriate. Dunno the financial year we made a total of 22 grants totalling £4.444. In addition a commitment was also made to CAP in support of their work on helping people get out of insurmountable debt problems. Social & Medical Welfare A new art pop up group for over 55s has started in Wake House which were pleased to support. We also supported two qroups who are not based in our area, but who support people who live in our area, by providino palliative care. The Sue Ryder charity and The Butterfly Hospice. fortheir butterfly release in The Jubil Gardens. Expenditure under this category for the year amounted to £11,700.00, Annual Report to the 31" March 2024 Page 11133
Sport Len Pick was very keen on the support of local sports, so it is good to support some old and new local sports groups. Bourne Outdoor pool this year suffered severe weather damaqe to their offices and shop. Both had been in need of an upqrade and we were particularly pleased that our grant enabled a complete rebuild in time for the opening of the 2024 season. Bourne Ruqby Club have bn expandinq and needed to undertake a maior upqrade of their clubhouse, this year, alonq with other sponsors. we were able to provide the balance of the qrant which has enabled them to provide first class facilities for their minis, juniors and senior teams. Bourne Wheelers were oiven a qrant to enable them to purchase siqnaoe for their local cycle races and we also provided a grant to enable The East Midlands Tomadoes to compete in their first ever national Netball event. We have also made a commitment to support Boume tennis club in the refurbishment of their clubhouse, which will hopefully happen in 2024. Music & The Arts Wake House is a very important asset to many groups who support the people of Boume. so we were pleased to provide a orant for the provision of a modern CCTV system to support the safety of the Management as well as the many groups that operate from Wake House. Education Bourne Grammar School ran a careers and higher education fair which we were pleased to support. We also provided a grant of £5.000 to enable the organising of the 2024 Sci Fest to take place. This is a bi-annual week-lonq science festival in local schools which culminates in a series of well supported presentations at Bourne Com Exchange. Our larqest orant in this area was made to Elsea Park Church of Enoland Primary Academy for a new outside play area. This is used as both a teaching and a play area throughout the year. Community We have ajain been involved with Boume Unitaj Charities and Bourne Town Council in enabling Citizens, Advice to continue to offer a service in Wake House for two days a week. Welfare of the elderly Many elderly people find themselves living alone. Whilst they may be able to cope, as they lose friends and partners they can often become lonely. This year we were able to support two groups working in this area. Aqe UK are runninq a new qroup out of Wake House and The Evergreen Care Trust have set up a new qroup of befrienders workinq in the Bourne area. Over £4,000 has been granted on these projects. Annual Report to the 31" March 2024 Page 12133
Youth/Young People Three groups were given grants this year, at a total of £3,170. Followinq the success of our previous orant it was qood to continue our support of the excellent work done by the High Heritage church with a wide range of ages at The OnE-Hub in Bourne. Bourne and District Gid Guides were qiven a grant for wet weather dining shelters for use at camps. l am sure that they have s&n much use this year! We were pleased to also support a new qroup. Boume2Shine who provide support for parents and siblings of children with Special needs. They are able to provide experience and advice as well as introducing them to others with shared experiences. Environmental The owl tower continues to provide interest for a larqe number of online viewers as well as obviously providino a breedino solution for barn owls. Further upqrades were made to the camera and internet connection this year, although we are likely to need more investment in the future to provide a completely fault-free service. What we have achieved during the year The total amount of funds spenvallocated on direct charitable purposes during the year amounted to £97,984, across over 20 different orqanisations. No qrant applications were deferred. Of course, some of the trustee's work must remain unsung for reasons of confidentiality. Annual Report to the 31" March 2024 Page 13133
Financial review of the year (How our assets have performed during the year) As a grant making charity, maintaining the value of our endowment in real terms over the economic cycle is of particular importance. The value of the investment portfolio at 31" March 2024 was £8,382,494, an increase of £848,261 from the value at 31" March 2023 of £7,534,233 due to recovering investment markets from uncertainty in the period to 31" March 2023. Gross expenditure durino the year amounted to £148,461 {£194,611 in 2022/2023), of which £98,7161£132,330 in 2022/2023) was direct charitable expenditure. The balance of £49,7451£62,281 in 202212023) was on management & govemance costs. Total expenditure for the year equates to 1.62% of Total assets. or 1.74Yo of the investment fund at year end. Meeting our objectives (Have we. or haven't we?) The objectives of thefoundation TrUStS wereto implement the wishes and vision that Len Pick set out in 1997 when he decided to leave the balance of his estate, to a charitable trust for the benefit of the townspeople of Boume. With assets of over £8 million and havinq issued orants totalling significantly over £1,o,000.00 made to a wide range of local causes since inception, we consider that not only are we translating his vision into actions. but by the stewardship of his oriqinal bequest, we have been able to expand his vision into a vehicle that provides significant benefits, not only for our current stakeholder¢, but also for future generations. Future Plans (What we intend to do in the fvture) We will continue to seek opportunities of providing grants for the benefit of Boume to groups who are well managed and can make a difference. Our investment policy in the past year has demonstrated that our policy of wide diversification continues to remain the most appropriate policy for the Trust in current market circumstances. The over-arching duty of the trustees remains to continue to manage the Trust for the benefit of our stakeholders, "The townspeople of Bourne," as our founder decreed. We do not intend to let him down. Serious Incidents (A statutory reporting requirement) The Trustees are required by law to report serious incidents to the Charity Commission. In 2023124 there were no such incidents to report. Annual Report to the 31" March 2024 Page 14133
the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ in other jurisdictions. Approved by the Trustees and signed on their behalf by: .5 9 Date: E %
Independent Auditor's Report THE LEN HCK TRUST INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE LEN PICK TrUST FOR THE YEAR ENDED 31 MARCH 2024 OPINION We have audited the financial statement5 01 The Len Flck Tnjst Ithe 'ChariVI for the year ended 31 March 2(r24 which comprise the Statement of Financial Actiwties. the Balance Sheet. and note5 to the lirK]ncial 51atements. iludIng sigr¥kant acc"ng p(Aicies. The financial ieporting framework thal ha5 bn applied in the¥ preparation 15 applicable law and United Kingdom Accounting StandaTds, induding Financial Reporting StaTKJard 102 The Financial Reporting Standard applicoble in the UK and Rewblic of Ireland, (Uniled KiryJdom Genetolly Accepted Accourlting Practice). In our opinion the finonool stotements.. give o Irve ond fair wew ol the stote of the Choritvs offoirs 0$ 0131 Morch 2tr24 and of its incomirYJ resolxces and apiCatiOn of resources. iluding ils income and expenditLKe, for the year then ended- have been pr(perfy prepared in acci{]nCe wtlh UnwFed Kingdom Generally Accepted Accounting Practice.. and have been properfy prepared in acci{]nCe wtlh the requirements ot the Charities Act i. 8ASIS FOR OPINION We conducled our alIt in aCCordare wth Intemational Standards on Auditing IUKI IISAS IUKII and applicable Icw. Ou responsibilitie5 ufKfet Ih05e standards ole further described in the Auditor5, re5ponsibililie5 lor the audit ol Ihe finar11 stolemenls section ol our rep<xl. We are independenl of the Chorily in occordonce with the elhicol reqviremenls Ihol ore reVOn1 lo oudil ol the linoncial slotements in the Uryled Kingdom. iluding the Finonciol Rep11rvj Council's Ethical Slandord, ond we have fulfilled our other ethtcol respC$1litles in occordonce wth these requirements. We believe that the audit evidence we have obtained is sufficienl and apFxopriate to provide a basis l(x our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the tinanctal 51atements. we have conduded ttK]t the Trustee5' use ot the going COer[l basi5 of accountiru in the PTeparation ol the financial statements is appropriate. Based on the work we have FHformed. we have not identh.fied arby material uncertainties relating lo events or condition5 thal, indimdualty cdlectivety. TY ca51 sgnificant doubt on the Charity's obility to continue as a going c(Cern. Our responsibilities ond the responsibilities of TrLOtees with respect to goirwJ concem ore described in the relevonl sections of this repc*t. Annual Report to the 31" March 2024 Page 16133
THE LEN PICK TRUST INDEPENDEKf AUDrroRS' REPORTTO THE TRusfEES OF THE LEN PICK TRUST FOR THE YEAR ENDED 31 MARCH 2024 OTHER INFORMATION The Truslees are iespon5ible lor the other infortrK]tion. the other information comprises the information included in the Trustees, Annual rep(xt, olher than the firKJncial statements and our Auditors. report thereon. Our opinion on the financial slolemenls does not cover the other inlcxmation and we do not e)press any form of assvrance conclv5ion thereon. Our responsibility is to read IIE olher in1MotiOn and. in doing so. consider whether the other information is malerially inconsislent with the lKjnCIal slatements (x our knovAedge obtained in the course of the avdil (x olherwi5e appeaF5 to be TfK]terialty misslaled. If we identify such material inconsistencies or apparent material mi55tatements. we are reqvired to determine whether there is a malerial misstatement in the financial statements Ihemselves. If. based on the w(xk we have perf(xmed. we conclvde ItrKJt there is a material misStalenEnt of this Other informolion. we are reqvired to report IFKJt fact. We have nothing to report in tfNs regard. mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nolfryng to report in respecl ol the followng matters in rdation to which the Charitie5 IAccounts and Reportsl Regulations 2(X)8 requwe us to report to you rf. in our opinicy): the informolion given in Truslees, rep is incon5iStent in ony moteriol respect Vrfith the firK]r101 statemenls,. or suff icient accounting records kKJve not been kepl.. or the financial statements are TK)t in agieement with the accountirvJ reccyds." or we kK]ve not recetved all the information ond explonations we require I{ our audit. RESPONSIBILlnES OF TRUSTEES A5 explained M(e lully in the TTU5tee5' re5portsitxfilies slalement. the Ttustees are responsible for the preparalion of financial slalements and for bng salisfied that they give a Inje ar)d fair view. and for such internal control as the Truglees determine is necessory to enable the preporalion of financial statements Ihat are free trom material misstatement, wtEthet due to fraud (K error. In preparing the financial slatements. Trustees are responsible lor assessing the charity's ability to continue as a going concem. disclosing. as applicable. matters related to going concern and using the going concem basis of accounting unless the Truslees ther inlend lo liquidole the charity or to cease operations, (Y have no realistic alterrtiVe but to do so. Annual Report to the 31" March 2024 Page 17133
THE LEN PICK TRUST INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE LEN PICK TRUST FOR THE YEAR ENDED 31 MARCH 2024 AUDITORS. RESPONSIBILrriES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 145 of the Charities Act 2011 and report in acCordare with regulations made having effect thereunder. Our objectives ore lo obloin reosonoble assurance ob(xJt whether the finoncial stotements 05 0 whole ore tree from rwterial nisstotement. whether due to troud or err(Y. and to i55ve an Auditors, report that includes our opiThon. ReasorKJble assurance is o high level of assurance, but is not a guarantee that on audit corKJucled in accordae wth ISAS IUKI will aayS detect o malerial misstalement en it exists. MisStateryEnts can anse from fraud or error and are considered material if, individually or in the a9JTegate. they could ieogonobly be expected to influence the economic decision5 of users taken on the basis ol these financial 5talemenls. Irregularities, including froud, are instances of non-compfiance with laws and regulations. We design procedures in line wth our responsibilities, oullined above. to detect material misstatements in respect ot irregularities, includirYJ fraud. The exlent to which our proCedLe5 are capable of detecti irregularities. inclvding fravd is detailed below= ewuiry ot management around actual and potential lih"gation and claims", reviewru financial statement dtsc105ures ond le5ting to supp(1r documentation to assess compliance wth applicable laws and regulations,. and perf<yming avdit work over the rr5k of management override of contrds. including reviev4qng of jourrKJI entries and other adjuslments for appropriateness. and reviewing accounting estimates bias. Because of the inherent linNtatiors of an audit. there is a risk thal we will not detect all irregularities, including those leoding to a moleriol misstatement in the linanciol slolements oi non-complionce ith regulation. Triis risk increases the m(Ke ttK]t compliance wttrh o low (K regvlation is removed from the events and transactions reflected in the financiol slatements. as we wll be less likely to become aware of instances of non-complionce. The risk is also greater regoiding itTegulorities occurring due to fraud rather than errcy. as fraud involves intenh.owl concealment. forgery. collusion. omission or misrepresentation. A further description of ovr responsibilih.es for the avdit of the financial statements is located on the Financial Reporting Council's website at: www.frc.(xg.uklauditorsresponsibilities. This description forms part of our Audilor5' report. Annual Report to the 31" March 2024 Page 18133
THE LEN PICK TRUST INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE LEN PICK TRUST FOR THE YEAR ENDED 31 MARCH 2024 USE OF OUR REPORT This report is made solely to the charity's trvslees, as a body, in acccxdance with Part 4 of the Charities (Accounls and Reportsl Regulations 2XB. Our oudit work has been undertaken 50 that we might state to the charity's trustees those matters we are reqvired lo state to them in an Auditors. Teport and lor no other purpose. To the fullest extent petmilted by law, we do not accept or assume responsibility to anyone olher Ihon Ihe charity and the chority's trvstees as a body. f(K OLT audit wcrt. for this report, CK for the opinions we have lormed. wMtIlNGS LLP (St<ttulory Avdilor) Chartered Accountants Greenwood House Greenwood Court Skwiner Way Bury St Edmvnds Suffolk IP32 7GY Dale". 2411012024 Whitings LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of Companies Act 2(X)6. Annual Report to the 31" March 2024 Page 19133
Statement of Financial Activities THE LEN PICK TRUST STATEMENT OF FINANCIAL ACTtvirtES FOR THE YEAR ENDED 31 MARCH 21r24 UMestrlcl•d Endowm•nt lunds lunds 2024 2024 Total lunds 2024 Total ftjnds 2023 Not• INCOME FROAi' tknnatK)ns Investments 371 TOTAL INCOME AND ENDOWMENrs 137351 EXPENDrruRE ON: Ch[ate activilie5 InvesttTent mawgemenl Management ond deVery of PL 98.n6 12.109 98.716 12,109 132,330 11,782 TOTAL EXPENDifuRE 194611 NEf INCOME I (EXPENDITURE) BFORE INVESTMENT GAINS 19,324 19,324 157,200) Nel gainslO05sesl on inveslmenls 13 888 833 NET INCOME I (EXPENDITURE) BORE TftAMSFERS 90&IS7 908.1 $7 1419.245] Transf between funds NET MOVEMENT IN FUNDS 7,3SS g00.W2 908,157 (419.245J RECONCIUAnoN OF FUNDS: Totol lurK15 broughl IoThYcTd TOTAL FUNDS CARRIED FORWARD The notes CA) poges 21- 32 f(ym p(xl ol these fin01(1 slolements. Annual Report to the 31" March 2024 Page 20133
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Notes to the Financial Statements THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES I.1 GENERAI INFORMATION The Len Pick Tnjst is o Charity incorporaled in Eroland and Wales, charity number 1106598. Tre ptincipal office is 5 Gfanby Court. Hereward Slreel, Bourne. Lincolnshire, PEIO 9AD. 1.2 BASIS OF PREPARATION The fimncial statements have been prepared iri acc(dance with AccountiTU and Reporting by Charities.. Slolemenl of Recommended F¥actice applicable lo Charities preparing their aCCnIS in accordance with the FIrncl01 Repcrting Standard applicable in the UK and RepUtlC of keland IFR51021 published October 2019 Chorities SORP IFRS1021. the Financial Repotling StarKlaTd applicable in the UK arKJ Republic ol Irdand IFRS1021. the Charilies Act 2011. and UK Generalty Accepted Accounting Practice. The Trust conslitlhes a public benefil enlity as defined by FRSI (Y2. Assels arKI liabilities ore initialty recognised at hist¢Cal cost (Y Iransaction value utless olher¥Mse stated in the relevant accountiru policy. 1.3 GOING CONCERN The financial stalemenls have been prepared on a going concem basi5 a5 the Trustees believe that no material uncerlainlies e$t. The Trustees have considered the level of lund5 hdd and the level ot expected income and experKliture for the 12 months from the dote of Signing these fi[KI101 stalemenls and are Satisfied tFK]I the Charity will C(tInUe a5 a going concem. 1.4 INCOMING RESOURCES l income recogThsed CKbce the Trusl has entitlement to Ihe income. it is probable the income will be received ond amount ot irrome receivoble can be measured ieliably. Vduntory inc(xne is tr(xn (lorK]tions and is recognised on o receipts basis. Income from inveslmenls is included when rec&vable either by the Trust ol wthin the inveslment fund. 1.5 FUND ACCOUNfiNG UrYestrscted funds are availatAe for use at the discretion of the Ttustees in furtheTance ol the generol okiectives ol the Trust. The endowment fund represents the balae recaved from the Estcrte ol the late Mr T.L. Pick arKJ il is the intenlion of Ihe TTUStees tFK]i this balance sFK)uld be maintained to prowde Sultable levds of investment income to meet the Trusts chariloble obligations. Annual Report to the 31" March 2024 Page 22133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Iconiinued) 1.6 RESOURCES EXPENDED Expenditure is recognised on an accTuals basis as a fiabifity is incuffed. Expenditure includes any VAT which cannot be fully recovered, and is reported 05 parl of the expenditure to which is relotes. Cogls ol generoting fvnds comrxise the costs of both attractirvJ vcAunlary income and the cosls associated with its permitted troding activities of lethng properties. Choritable expenditure comprises those costs incurred by the Charity in Ihe delivery of its aclivilies and services for its beneficiaries. Grants payable are included on an accruals basis, where the granl is due to be paid to the benefactor once the qualifying corKlition5 have been met. There is a right to recover grants given and not utilised in acc(Ydance wilh the agreed terms. and any recoveries will be included in the accounts when recoveied. GOveanCe costs include tIK)se costs associated with rneeh.ng the con5h"tutional and statutory requirements of the Charity. including audit fees and costs ass(Kiated wth the AGM and similar b(x]rd meetings. 1.7 FIXED ASSETS Tongibie fixed ossets are carried ol cost, rt of depreciation ond ony provision lor impairmerlt. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their estimoled residuol volue. over Ih&r expected useful lives on the fdlowing bases.. Office equipment Building 25% reducing balance 25 ye(]r5 5traighl line 1.8 INVESTMENf PROPERTY Ir)vestment properties are included in the balance sheet at fair value detefmined annually by the Trustees and are not deprecialed. 1.9 INVESTMENTS The Trust adopts o Total Retums Policy of a sum eqvalent to 2% of the copilol fund based on the value of the fund ot the commencement of the prewous finoncial period. This policy is adopted due to Clvrent economic corKlitions arKJ the low investment retums currenmy being received. This pcAicy is reviewed annually. Ir) accudance with the Charities SORP 2019. investments are stated in Mese accounts at th&r current market value. Investment gains ond losses. whether realiged or unrealised, are combined and presenled a5 gain5lllossesl on Inves1nts in the Stalement ol FirK]ncial Activilie5. Annual Report to the 31" March 2024 Page 23133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) 1.10 DEBTORS Trade ond olher debtors are reCOlSed at the settlement amount. Prepayment5 are valued at the amounl prepaid net ol any trade discounts due. 1.11 CASH AT BANK AND IN HAND Cash at bank and in r1 includes cash and short term highly liqvid investments with a sh1 moturity of three months or less from the date of acquisition or opening of the deposlt or similar account. 1.12 LIABIUTIES AND PROVISIONS Liabilities are recognised when there is an obligation at the balance sheet date as a result of o pasl event, it Is probable that a transfer of economic benefit will be required in settlement, arKJ the amount of the setHement can be estimated reliably. abilItieS are recognised al the amount thal the chaiity anticipate5 It will pay to Settle the debt 01 the amount it recaved as advanced payments lor the goods cy services it must prowde. Provisions are meosured al the best estimate of Ihe omounts Tequired to settle the obligolion. Where the effect of the time value of mOrY is rrKltefial. the prowsion is based on the presenl value of those amounts. discounled at the pre-tax discount rate that reflecls the risks specific to the liability- The unwnding of the discount is recognised wthin interest payable and similar charges. 1.13 FINANCIAL INSTRUMENTS The chotity enter5 into bosic ffinanciol in5ttument tran50ctions tFKJt ie5uIt in the recognition of finarlcial asset5 arKI liabilities such as trade and ott)er accounts receivable and payable. loans from banks and other IINrd parties, IcKJns to rdated parties and investment in non-puttoble (ydinory shore5. Annual Report to the 31" March 2024 Page 24133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES {conliwed) JUDGEMENTS IN APPL YING ACCOUNIING POUCIES AND KEY SOURCES OF EsllMATION UNCERTAINTY Estimates and judgements are based on historical experrence and other factor5, including expectations of future events. that are believed to be reasonable undef the circumstances and are subject to C(hnu0VS moNtoring. The Trust makes estimates and assumptions relatirvJ to ture events which will. by definition. seldom equal the related actval results. The estimoles and ossumplions that have a signilicanl risk of cousing a malerial adjustmenl to the carrwru amounts ol asset5 arKI liabilities wilhin the nexl financial year are addressed below. Useful econoTrMc fives arKJ [dUat values of taruibFe assets The annual depreciation charge tangible assels t5 sensitive to changes in the estimated useful ecorK)mic lives and residual value5 of the assets. The useful economic lives and residual values are re-assessed annvally. They are amended when necessary to reflect current estimates, based on techncAogical advancement, fvlue investments. economic ut1lisali( and the physical condition of the assets. Carrwng volue of investmenl properlies The fair value of investment properlies held tcx rental purposes is determined by the Trustees based on an assessmenl of capitalised market rental yields having rewrd to currenl arKJ anticipated market condilion5. Annual Report to the 31" March 2024 Page 25133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME Unrestrlcted fvnds 2W24 Total fvnds Total funds 2023 Rents Ir(xn investment prq)erlies Rents fr(xn office lets Income from lisled investments Interesl inc(xne 11.891 855 154.078 961 11.891 855 154.078 961 10.628 250 126.177 285 In 2023 all of the inveslment income was to unreslllcted furKIs. MANAGEMENT AND DEUVERY OF CHARITY'S PURPOSE Urne5tricted funds 2024 Tolal funds 2024 Tolal funds 2023 Insurar£e Sundries Deprecialion & loss on disposal Management ckK]rges Auditors, remuneration 1.126 9.267 9.109 13.434 4.71KI 1.126 9.267 9.109 13.434 4.7(Kl 1,286 11.750 9,618 23.267 4,578 In 2(r23 all of the management and delivery costs were to unreslricted funds. Annual Report to the 31" March 2024 Page 26133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT MANAGEMENT Unresfricled funds 2024 Total funds 2024 Total funds 2023 Professional fees- inveslment advice In 2(Y23 all of the investment management fees wa5 to urYe51ricled fund5. Inveslmenl management lees are payable lo Whitings Wealth Management Ltd, a company in which the audit firm has o linonciol interest. CHARITABLE AcnvmES Nole Unreslricted funds 2024 Tolal funds 2024 Total funds 2023 Grants payoble Charitable costs 97.894 822 97.894 131,653 677 In 2(Y23. all of the chaTitable activity expenditure wa5 lo unrestricted fuTKIs. Charitable costs represent the orvJoing management ond upkeep ol towers and their svffoundings on land owned by Ihe Trust. TOTAL EXPENDITURE Note Governance Costs 2024 Tolal funds 2024 Total funds 2023 Costs 21724 Managerr*nt & delivery Investment management Charitable activities 5.130 32.506 12.109 98,716 37,636 12.109 98.716 50,499 11.782 132,330 Annual Report to the 31" March 2024 Page 27133
THE LEN PICK TRUST NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GOVERNANCE COSTS Unreslricled fvnds 2024 Total lunds 2024 Total lur)ds 2023 Auditors, remuneration: Audil services Olher setvices 2.292 2.408 Z292 2408 2,292 2,286 TtU5tee liobility insurance 430 GRANfs PAYABLE Unreslricted granls to institulTrons= 2024 2023 Relief of Poverty Social and Medical Welfare Welfare of Ihe Elderly Spc Music and Ihe Arls Education Community Youlh Religior) MerrK)rial 14,275 11.770 4.444 36,750 2.(X)O 25.800 (2,990) 3,170 18,679 25,546 5CK) 55,744 1,320 24,724 3,700 1,440 2.675 10. STAFF COSTS The overage number of wsons employed by the Charity during the year was ni1123 - nil). No employee received remuneration amounting to more than £60.(XX) in either year. Annual Report to the 31" March 2024 Page 28133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Freehold Property Office Eqvipment Tolal Cosl At l April 2023 Additions tJsposals )5.242 16.782 222.024 At 31 March 2024 205 242 Depreclallon At l April 2023 Charge for the year Withdrawn on disposals 65,639 8.210 13.186 899 78.825 9,109 Al 31 March 2024 Nel book value At 31 March 2024 At 31 March 21r23 12. INVESTMENT PROPERTY 2024 Mke1 Value At l April 2023 Revaluatior) 455,(X)O Al 31 March 2024 Properties held lor invtment purposes were revalued during the year by the Trustees on an open market value b05is. Theie has been m change in value dvring the yeor. Annual Report to the 31" March 2024 Page 29133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. USTED INVESTMENTS Endowment Funds Total At l April 21Y23 7,635,251 7,635,251 Addilions/lwithdrowulsl 11.969 11.969 Net realised and unreolised gairslllossesl 883033 888,833 At 31 March 2024 The lair value of listed inVtmentS is determined by reference to the quoted price at 31 March 2(r24. The fair volue of investments comprise eqvitie5 £8.382.494 12023 £7.534.2331 and cash held within Ihe pixlfdio of £153.559 12023 - £101.0181. 14. DEBTORS 21Y24 23 Investment income 15. CREDITORS: Amounts falling due wilhin one ye¢x 2024 2023 Grantg paYae Accrua15 and deferred inc(xne 73,705 10.072 10.165 The truslees have accTued a5 0 IK]bility gTantS FKJyable. where Ihe qualifying conditions have been met at the balance sheet date. and the grant has been approved for payment by the trustees. 16. FINANCIAL INSTRUMENrs 2024 2023 Financial assets Financiol assets measured ot fo value through income and expenditure Financial a55ets measured at fair value through income and eXpendIte comprise investments and inveslment property Annual Report to the 31" March 2024 Page 30133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS STATEMENf OF FUNDS - CURRENT YEAR Balance at 31 March 2024 Balae at l Aprfl 2023 Gain51 (losses) Income Expendllure Translers General lund5 Unreslricted tunds 134.664 167.785 1148.4611 I0,2) 888,83- 142,019 Endowment fvnds Copitol fund 8.090.251 9(x)E(r2 8.991.053 Tolal of fvnd5 167 785 STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 March 2023 Balonce at l Apn-12022 Transfers in/out Gains 1 [lossesJ Income Expenditure General fvnds UnreslHcted funds 186.319 137.351 1194.61 IJ 367.590 1361,985) 134,664 Endowment funds Capital fund 8.457.841 [367,590) 8,O¢XI,251 Total ol fvnds 8 644 160 137351 194611 8224 915 General unreshlcted fund: The general unrestricted fund rdoles to furKls reloined and ovoiloble for the general purposes of the Trust. Endowment clIa1 lund: The capvFol fvnd 15 to be maintoined ot o value equol to the volue of its investment assets. being investments ond investment property, by way of a transfer to/from the general unreslricted fund. Annual Report to the 31" March 2024 Page 31133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. SUMMARY OF FUNDS - CURREN[ YEAR Balance al 31 mCh 2024 Bdance al l Aprll 2023 Gains / (losses) Income Expendlture Transfers 134.664 167.785 1148.4611 I9(K).e2j 8&933 142,019 General funds Endowment funds 8.1)90,251 9(K),2 8,991,053 SUMMAR Y OF FUNDS - PRIOR YEAR Balonce ot 31 March 2023 Balance at l April 2022 Gains / (losses) Income Expenditure Transfe 186.319 137.351 {194.61 IJ 307.51X) (301.9851 134.064 General funds Endowment funds 8,457,841 I7,590j 8,OW,251 Total of funds Annual Report to the 31" March 2024 Page 32133
THE LEN PICK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS ANALYSIS OF NET ASSEfs BETWEEN FUNDS- CURRENf YEAR Unreslrlcted Endovm)net funds fund5 2024 Total funds 2024 2024 Tarlgible [ed assets Investment property Li51ed inve5tmenls Current assets 134.090 134,090 455,(X)O 8,536,053 7,929 455.(X)O 8,536.053 Total ANALYSIS OF NET ASSEfs BETWEEN FUNDS- PRIOR YEAR UnreslTf"cled Endowment funds funds 2023 2023 Total funds 2023 Tangible fLKed assets Investment property Listed investments Current as5et5 143. IW 143,IW 455,0(K) 7,&35,251 f8,535J 455,0(LJ 7,635,251 (8.535) Total 20. TRANSACTIONS WIIH TRUSTEES AND OTHER RELATED PARTIES During the year no remuneration was paid to TruStees123- nill. Durtng the year no expenses were TeimbuTsed to any Trustee I)23- nill. There were no other related party transactions. Annual Report to the 31" March 2024 Page 33133