Len Pick Trust
Grants for the Benefit of Bourne
Report of the Trustees
CS & NOTT¥
LJ
Report to 31st March 2025
Prepared by the Trustees of the Len Pick Trust
Registered Charity No. 1106598
Len Pick and his Legacy
Thomas Leonard Len. Pick was a respected Bourne farmer
and businessperson, known for his local contributions and
strong community ties.
Educated at Bourne Grammar School, Len left at 14 to join the
• family's coal business. His business acumen quickly became
' evident, and within two years, he assumed full management
responsibility. He later led the family's wholesale potato
business and eventually took over the family farm, expanding
it into a significant local enterprise before retiring in the early
1970s.
Len married his childhood sweetheart, Freda, in 1935, and
they shared 56 years together until her passing in 1991. A
passionate advocate for his hometown, Len was elected to the
Bourne Urban District Council in 1936, becoming its youngest-
ever councillor at 27. He served until 1948, stepping down due
to the demands of his growing business.
Len was a lifelong supporter of Bourne Town Football Club
and the Boume Pigeon Club, both financially and vocally. He
also quietly supported numerous local organizations and
charitable causes, including the Outdoor Swimming Pool.
True to his character, Len arranged in secret for the creation of a charitable trust after Freda's
death. He instructed six trusted friends to meet with his solicitor in 2001, where they were named
as trustees of the charity, which would benefit Boume's residents following his death. The trustees
were sworn to secrecy until his passing.
Len passed away on January 29, 2004, at the age of 94. Following his death, the six original
trustees, who had been swom to secrecy, began fulfilling his instructions. They established the
charity he had quietly set up, using an endowment of over four million pounds. The trust, which
was to operate solely for the benefit of the townspeople of Bourne, continues to carry out Len's
wishes. Today, the current trustees remain dedicated to ensuring his legacy of philanthropy
endures, supporting the community for generations to come.
Annual Report to the 31" March 2025
Page 2133
Web: www.lenpicktrust.org.uk **Email:** enquiries@lenpicktrust.org.uk
LEN PICK AND HIS LEGACY ................................................................................................................. 2 LEGAL AND ADMINISTRATIVE INFORMATION .................................................................................... 4 CHAIRMAN’S REPORT ........................................................................................................................ 9 ACHIEVEMENTS & PERFORMANCE .................................................................................................. 11 FINANCIAL REVIEW OF THE YEAR ..................................................................................................... 14 MEETING OUR OBJECTIVES ............................................................................................................. 14 FUTURE PLANS ................................................................................................................................ 14 SERIOUS INCIDENTS ........................................................................................................................ 14 PUBLIC BENEFIT STATEMENT ........................................................................................................... 15 STATEMENT OF TRUSTEES RESPONSIBILITIES ................................................................................... 15
Legal and Administrative Information
(Who we are, what we do and how we do it)
Trustees who served during 2024/25
Chairman
Treasurer
Vice-chair
2024.2025
2024-2025
2024-2024
Mr D Bailey
Mr M Jones
Mrs R Whitaker
Name
Mr D J Bower
Mr A Warner
Mr D Baile
Mr S Free
Mrs R Whitaker"
Mr R McKinne
Mr M Jones
Mr M Bostock
Mrs S Green
Start Date
From 28.09.15
From 01.04.18
From 01.04.19
From 01.04.24
From 01.04.20
From 01.04.21
From 01.04.22
From 01.04.22
From 01.09.22
Termination
March 2025
March 2028
March 2028
March 2028
October 2024
March 2029
March 2026
March 2026
t 2026
Term
nd
st
sl
2nd
2nd
st
st
1st
'Mrs R Whitaker resigned from her role as trustee in October 2024.
Mr. R. McKinney was r&elected in March 2025 to so serve another four years to March 2029.
Mrs J. Knight and Mrs. K Ward joined as trustees in April 2025.
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.
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 Baileyi a guitar teacher and retired company director
Mrs Rebecca Whitaker, a legal executive
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
Mr &mon Free, a retired school teacher
Annual Report to the 31" March 2025
Page 4133
Advisers to the Trustees
Management and administration responsibilities for The Trust are delegated to the Trust Manager:
David Bower acted as Trust Manager on a voluntary basis from September 2023.
Assisted b
Solicitors:
Bankers:
Hegarty LLP
48 Broadway
Peterborough
PE1 1YW
HSBC
8 Market Place
Spalding
PE11 1SN
Double & Megson
4 West Street
Bourne
PE10 9NE
Investment Advisers:
Whitings Wealth Management
12-13 The Crescent
Wisbech
Cambs
PE13 1EH
Auditors:
Whitings LLP
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
Structure, Governance & Management
The Charity operates under the terms of the Trust Deed registered with the Charity Commission on
the 4th November 2004, as amended on the gh August 2005 and 4th September 2020. The Charity is
administered by a board of Trustees. The Trust Deed gives the Trustees the power to adopt
amendments thereto subject to Charity Commission Approval.
Objects of the Trust
(What we do)
"For the general 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 2025
Page 5133
Mission Statement
(Our aims)
To fulfil the aims of our benefactor for the general benefit of the townspeople of Bourne.
To provide full accountability and transparency for our actions in the management of the
Trust.
To be pro-active in fulfilling our role as TrUStS for the better management and expansion
of the Trust.
Main Activity
(What we do)
The Trust provides grants to charitable, voluntary, and other eligible organisations operating within
its area of benefit. While it does not award grants directly to individuals, small hardship grants may
be provided through partnerships with trusted agencies. The Trust is committed to maximising the
impact of its endowment by assisting and collaborating with voluntary organisations within Bourne.
Grant Making Policies and Procedures
(How we do it)
The Trust offers grants for general charitable purposes in line with its established objectives. To
apply for a grant, organizations must complete a designated application form and provide
supporting documentation, which should be appropriate to the grant amount and the
organization's size.
Related Organisations
(Some of our partners and associates)
The Trust is a member of the National Council for Voluntary Organisations, an organization that
provides a range of services and support for smaller charities. The Trust also has established
partnership agreements with several organisations, including Citizens Advice, South Kesteven
District Council, Christians Against Poverty, and the Bourne Corps of the Salvation Army, to facilitate
the administration of Small Hardship Grants.
Recruitment & Induction of Trustees
(How we find and train our members)
Trustees are appointed for a fixed term, in alignment with the recommendations of the Charity
Commission. The primary objective in recruitment is to ensure a diverse Trustee Board with a broad
spectrum of skills and experience, thereby supporting and adVaIng the charity's mission.
Vacancies are publicly advertised through local media and on the charity's website. New trustees
receive a comprehensive induction programme designed to familiarize them with their roles and the
full scope of the charity's activities.
In addition to monthly Trustee meetings, the charity operates several subcommittees and hosts an
annual 'Strategy Day., This event serves as an opportunity to reflect on the past year's achievements
and set strategic goals for the year ahead. It also incleS updates on pertinent legislation and
industry best practices.
All trUStS contribute their time voluntarily. Beyond their regular responsibilities, the trustees gather
annually at Len Pick's gravesite in Bourne Cemetery on January 29th for a brief remembrance
Annual Report to the 31" March 2025
Page 6133
ceremony. In keeping with his wishes, trustees and their partners are also invited to an annual dinner,
where a toast is offered in his honour.
Risk Management
(A voiding pitfalls)
In accordance with the guidelines set forth by the Charity Commission, the Trustees have identified
the key risks to which the Charity is exposed. Policies are regularly reviewed and updated to
effectively manage these risks. Specifically, the risks associated with our investment portfolios are
mitigated through a strategy of diversification and ongoing performance monitoring in collaboration
with our investment advisers.
To reduce the risks related to our grant-making programme, a robust evaluation process is in place
to ensure that grant recipients adhere to the terms and conditions of their awards. This process
includes a review of the applicant's management accounts, typically accompanied by a site visit
and a report presented to fellow Trustees.
The Trust maintains a comprehensive set of policies covering a range of important areas, including
Conflicts of Interest, Safeguarding and Equality, Health & Safety, Anti-Bribery and Corruption, and
Information Confidentiality. The Trustees regularly review the risk management framework, making
necessary adjustments and recommendations as appropriate.
Investment Policy
(Making our assets work)
Although the Trustees have the power contained within the original trust deed to expend all or part
of the capital of the trust, the Trust investment policy considers the requirement not only to
produce income for present beneficiaries, but also to protect the capital in real terms for the
benefit of future beneficiaries. Simply stated the purpose of the Trust is to produce the best
financial return within an acceptable level of risk.
In alignment with the principles of diversification and risk management, the trust's investment
portfolio was initially divided equally between two actively managed funds. Following a
quinquennial review of performance and cost efficiency, the Trustees determined that one of these
portfolios should be transitioned to a passively managed fund. After a subsequent quinquennial
review, which again focused on performance and cost considerations, the remaining actively
managed portfolio was also moved to a separate passive fund, managed by Vanguard.
Furthermore, the Trust holds approximately 57 acres of agricultural land situated to the west and
east of Bourne, which is leased to tenants under agricultural tenancy agreements.
Reserves Policy
(Strategic planning for a rainy day)
In 2019, the Trustees conducted a review of the Reserves Policy and subsequently streamlined
and restructured the reserves into two categories: a Capital Reserve, which is maintained at the
value of the underlying investment assets used to generate revenue for the ongoing operations of
the Trust, and a Current Reserve, which reflects the accumulated surplus or deficit resulting from
the funds generated by the Capital Resenie.
The Trustees also acknowledged that, while it is generally not advisable to draw from the Capital
ReseNe to address any shortfall in the Current Reserve balance, the Trust Deed does not prohibit
such transfers if deemed necessary.
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Conflicts of Interest
(How we avoid them)
Conflicts of interest represent a potential risk to the Trust, particularly given that all trustees are local
to the area served by the Trust. To mitigate this risk, a formal policy is in place requiring each trustee
to disclose any potential conflicts of interest. Additionally, trustees are obligated to declare any such
conflicts at the commencement of meetings where the matter is on the agenda. These declarations
are duly recorded in the meeting minutes, and the trustee making the declaration abstains from
participating in the related discussions.
Should the trustee possess specific expertise or knowledge relevant to the matter, the board of
trustees may, at its discretion, invite the trustee to provide input. However, under no circumstances
does the trustee take part in the voting on the issue.
Trustee Training
(How we keep up to date)
Upon induction, all members receive a comprehensive briefing on their roles and the Trust's current
policies. Ongoing professional development is fostered through various methods, including
participation in seminars, online training courses, and the distribution of relevant materials, such as
updates and publications from the Charity Commission. Additionally, the annual Strategy Day
provides a significant opportunity for continued trustee development and training.
Annual Report to the 31" March 2025
Page 8133
In the previous year's annual report, I shared the sad news of the passing of Adrian Smith, our long-serving Trust Manager, in September 2024. Adrian was one of the original Trustees appointed by Len Pick and retired in September 2023. Following his retirement, Trustee David Bower graciously assumed the role of Trust Manager on a voluntary basis. David has now completed eleven years of dedicated service as a Trustee, and I would like to express my sincere gratitude for his unwavering commitment and for his voluntary contributions in this capacity.
In January 2024, it was resolved to operate the Trust by delegating responsibilities among all trustees. This approach ensured the continued functioning of the Trust; however, it resulted in a disproportionate workload for certain trustees, particularly due to the growing demands of due diligence. In March 2025, it was agreed to maintain the devolved responsibility model while also recruiting a part-time Trust Support Manager to assist with the increased administrative burden.
The Len Pick Trust Facebook page serves as a key platform for providing updates on the Trust's activities. In addition, we have continued to enhance the Trust's website, which now offers comprehensive information about our initiatives, along with access to annual reports and grant application forms.
Among the most visited features of the website is our owl camera and accompanying blog, which attract global interest. In the spring of 2024, we were pleased to witness the successful rearing of two barn owls. However, as of this year, there have been no signs of activity to date.
In October 2024, people from the Bourne area enjoyed the Len Pick Memorial Evening, in the company of Amar Latif OBE, who was joined on the stage of the Bourne Corn Exchange in conversation with Tracy Hulme. Amar was inspirational in his resolve to live life to the full, despite the challenges of visual impairment – and those in attendance were left feeling uplifted by his positive spirit. Talented students from the Bourne Grammar School choir provided a wonderful musical performance to open the event.
The Len Pick Trust is guided by the strapline ‘Grants for the Benefit of Bourne,’ reflecting our commitment to supporting the local community. We are confident that each grant we provide contributes meaningfully to the well-being of the people of Bourne. Annually, we extend grants to both emerging and established organizations within the area.
Over the past year, we have been proud to support several key community initiatives. Notable among these are our contributions to the Bourne Football Club’s new changing rooms, the Bourne Tennis Club’s clubhouse upgrade, and the Bourne Cricket Club’s new practice area and sightscreen.
One of the most significant arts-related projects in the town of Bourne is currently underway at The Old Town Hall. Thanks to substantial National Lottery funding, this project is progressing well, though additional local financial support was still required. We are pleased to have contributed to this vital funding and look forward to the next phase of development.
It is always encouraging to witness the formation of new community groups. This year, we were delighted to assist the newly established Bourne Chess Club by providing essential equipment to
support their participation in league matches.
Additionally, we have been pleased to collaborate with Bourne United Charities and Bourne Town Council to ensure that Citizens’ Advice can continue to offer its valuable services at Wake House for three days a week.
Thank you for reviewing this report. We trust you have found it informative. If you represent an organisation seeking a grant to benefit the Bourne community, we encourage you to review the relevant terms on our website. Should you have any questions or require further information, please do not hesitate to contact us. We are happy to assist in any way we can.
Achievements & Performance
(Our grant making activities - summarised)
Category
Relief of
ove
Social and medical welfare
Grants Paid in 2024125
{inc. previously allocated amounts}
£18,479
£27,087
£93,516
£113,000
£500
£24,365
£3,942
£7,247
£288,136
inc elderl
Music and the arts
Education
Communit
Youth
Memorial Evenin
Total
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. The following is a list of some of the
organisations we have bn able to help this year.
Relief of Povety
a) Schools Grant Scheme
We remain committed to supporting local schools by providing grants to assist students facing
financial challenges, such as participation in school trips, and the provision of uniforms and
necessary equipment. The allocation of grants to individual students is determined at the discretion
of the Head Teacher, in consultation with a designated staff member.
b) Small Hardship Grants Scheme
While the Trust does not provide grants directly to individuals, we recognise instances of significant
need within our area of benefit, where statutory support is unavailable. The maximum grant available
is £500.00 {five hundred pounds), and this amount is awarded at the discretion of the Trustees, based
on individual circumstances. Please note that grants are not automatically issued. Instead,
applications are submitted through approved partnership agencies, accompanied by relevant
recommendations, and are subsequently reviewed and assessed by one or more of the Trustees.
Payment is made either to the recommending agency or directly to a designated supplier, as
appropriate.
During the financial year, the Trust awarded a total of 9 small hardship grants, amounting to £2,379.
All grants were administered in collaboration with either SKDC or Citizens Advice {Bourne), to whom
we extend our sincere appreciation for their continued support and invaluable work in this area.
Social & Medical Welfare, & welfare of the elderty
'Lives' has been delivering an essential service to our community by providing life-saving emergency
care as the first responders to 999 calls. This year, we have supported them by assisting with the
training of new responders and contributing to the purchase of new holdalls for their team.
In today's world, many individuals find themselves without close friends or family members. Last
year, we partnered with the local charity EVergrn to support their befriending service. This year,
Annual Report to the 31" March 2025
Page 11133
we extended our assistance to the charity Don't Lose Hope, providing a grant to help establish their
new befriending service in Bourne.
The Lincolnshire & Nottinghamshire Air Ambulance is a familiar sight in our skies, offering vital
assistance to the people of Bourne. This year, we funded the purchase of a statfrof-the-art uniform
for one of their doctors and had the opportunity to see it demonstrated.
Additionally, we were honoured to support St Bamabas Hospice, which provides invaluable care
to patients and their families during some of the most challenging times of their lives.
Sport
Len Pick was deeply committed to supporting local sports, and we are pleased to continue that
legacy by helping both longstanding and emerging local sports organisations.
Bourne Cricket Club was awarded a grant to support the purchase of a new sightscreen, the
development of an essential practice area, and the establishment of a dedicated female changing
room, ensuring the club can further enhance its facilities.
Bourne Town Football Club held a special place in Len Pick's heart throughout his lifetime. Among
his many contributions, he funded the expansion of their clubhouse, which led to the creation of The
Len Pick Suite. We are proud to have supported the club with a substantial grant this year, which
contributed to the complete refurbishment of their changing rooms and referees, facilities. This
upgrade will ensure the club meets the standards required for competing in higher divisions, while
providing players with a space they can take pride in.
This year, Bourne Outdoor Pool experienced significant damage to their offices and shop due to
severe weather. Both facilities had long needed an upgrade, and we are especially pleased that our
grant facilitated a full rebuild, ensuring the facilities were ready for the start of the 2024 season.
Additionally, we were proud to provide funding to enable the East Midlands Tomadoes to participate
in their first-ever national Netball event. a milestone for the team.
Lastly, we have supported Bourne Tennis Club in the refurt)ishment of their clubhouse, which will be
officially unveiled in July 2025.
Music & The Arts
The Bourne Town Hall Trust is a volunteer-led charity established in 2017 with the goal of restoring
Bourne's Old Town Hall into a dynamic cultural and heritage centre for the community. Since its
inception, the Town Hall Trust's Trustees and volunteers have worked diligently to refine their plans
in collaboration with both the local community and a broader team of professionals. They have
secured significant funding through a National Lottery Heritage grant, but additional grants are
required to fully realise the project.
The Len Pick Trust is proud to support this inttiative, contributing to the advancement of the arts for
the people of Bourne. We eagerly anticipate the next phase of the project.
Education
Bourne Grammar School hosted a Careers and Higher Education Fair, which we were pleased to
support.
Annual Report to the 31" March 2025
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Additionally, we provided a grant to facilitate the 2024 Sci Fest, a biennial, week-long science festival
held across local schools. The event culminates in a series of highly attended presentations at the
Bourne Corn Exchange.
Community
We have once again collaborated with Bourne United Charities and Bourne Town Council to support
Citizens, Advice in continuing their expanded seniices at Wake House, now operating three days a
week.
Youth/Young People
Building on the success of our previous grant, we were pleased to continue supporting the
outstanding work carried out by High Heritage Church, which engages a diverse range of age
groups at The On&Hub in Bourne.
A grant was also awarded to the Bourne and District Girl Guides to support their European tour.
Our most substantial grants in this region were directed to Bourne Abbey Church of England
Primary Academy, funding the development of a new trim trail play area and equipment for their
Bright Beginnings project. Both initiatives are expected to be completed during the summer of
2025.
Environmental
The Owl Tower continues to attract significant interest from a wide online audience, while also
seNing as a vital breeding site for barn owls. This year, additional upgrades were implemented to
enhance both the camera and internet connectivity.
What we have achieved during the year
The total amount of funds spenvallocated on direct charitable purposes during the year amounted
to £332,339, across over 25 different organisations. No grant applications were deferred. Of
course, some of the trustee's work must remain unsung for reasons of confidentiality.
Annual Report to the 31" March 2025
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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 as at 31st March 2025 was
£8,334,368, a decrease of £48,126 from the value at 31st March 2024 of £ 8,382,494 primarily due
to withdrawals required to fund a number of significant grant awards.
Gross expenditure during the year amounted to £375,577 (£148,461 in 2023/2024), of which
£332,339 (£98,716 in 2023/2024) was direct charitable expenditure.
The balance of £43,238 {£49,745 in 202312024) was spent on management & governance costs.
Total expenditure for the year equates to 3.8% of Total assets, or 4.4Yo of the investment fund at
year end.
Meeting our objectives
(Have we, or haven't we?)
The Foundation Trustees were committed to realising the vision and intentions set forth by Len Pick
in 1997, when he allocated the remainder of his estate to establish a charitable trust for the benefit
of the people of Bourne. With assets exceeding £8 million and grants totalling over £1,000,000.00
awarded to a wide array of local causes since its inception, we believe we are not only fulfilling his
original vision but also expanding it. Through the careful stewardship of his bequest, we have
developed a sustainable framework that delivers substantial benefits, not only to our current
stakeholders but also to future generations.
Future Plans
(What we intend to do in the future)
We will persist in identifying opportunities to provide grants that benefit the community of Bourne,
supporting well-managed groups capable of making a meaningful impact.
Our investment strategy over the past year has reaffirmed that a policy of broad diversification
remains the most suitable approach for the Trust, given the current market conditions.
The primary responsibility of the trustees is to ensure the Trust is managed in the best interests of
our stakeholders, namely the townspeople of Boume, as originally envisioned by our founder. We
remain committed to upholding his legacy.
Serious Incidents
(A statutory reporting requirement)
The Trustees are required by law to report serious incidents to the Charity Commission. In 2024125
there were no such incidents to report.
Annual Report to the 31" March 2025
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Approved by theTrustees and sig
D Bailey
Chair of the Trustees
**----- End of picture text -----**
**----- Start of picture text -----**
M Jones
Treasurer of the Trustees
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**THE LEN PICK TRUST**
## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LEN PICK TRUST FOR THE YEAR ENDED 31 MARCH 2025**
## **OPINION**
We have audited the financial statements of The Len Pick Trust (the 'Charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Charity's affairs as of 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been properly prepared in accordance with the requirements of the Charities Act 2011.
## **BASIS FOR OPINION**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **CONCLUSIONS RELATING TO GOING CONCERN**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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**THE LEN PICK TRUST**
## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LEN PICK TRUST FOR THE YEAR ENDED 31 MARCH 2025**
## **OTHER INFORMATION**
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
-
- we have not received all the information and explanations we require for our audit.
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
17
**THE LEN PICK TRUST**
## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LEN PICK TRUST FOR THE YEAR ENDED 31 MARCH 2025**
## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- enquiry of management around actual and potential litigation and claims;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
- performing audit work over the risk of management override of controls, including reviewing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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## **THE LEN PICK TRUST**
## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LEN PICK TRUST FOR THE YEAR ENDED 31 MARCH 2025**
## **USE OF OUR REPORT**
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 audit 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 Auditors' 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 audit work, for this report, or for the opinions we have formed.
## **WHITINGS LLP (Statutory Auditor)**
Chartered Accountants Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
Date: 19 September 2025
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 the Companies Act 2006.
19
**THE LEN PICK TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|**Unrestricted**
**funds**
**Endowment**
**funds**
**Note**
**2025**
**£**
**2025**
**£**
**INCOME FROM:**
Donations
**-**
**-**
Investments
3
**191,425**
**-**
**TOTAL INCOME AND ENDOWMENTS**
**191,425**
**-**
**EXPENDITURE ON:**
Charitable activities
6
**332,339**
**-**
Investment management
5
**13,903**
**-**
Management and delivery of purposes
4
**29,335**
**-**
**TOTAL EXPENDITURE**
**375,577**
**-**
**NET INCOME / (EXPENDITURE) BEFORE**
**INVESTMENT GAINS**
**(184,152)**
**-**
Net gains/(losses) on investments
12,13
**911,817**
**-**
**NET INCOME / (EXPENDITURE) BEFORE**
**TRANSFERS**
**727,665**
**-**
Transfers between funds
17
**___(757,290)**
**_ ____757,290**
**NET MOVEMENT IN FUNDS**
(29,625)
757,290
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**142,019**
**8,991,053**
**TOTAL FUNDS CARRIED FORWARD**
17
**112,394**
**9,748,343**|**Total**
**funds**
**2025**
**£**
**-**
**191,425**
**191,425**
**332,339**
**13,903**
**29,335**
**375,577**
**(184,152)**
**911,817**
**727,665**
**_________-**
727,665
**9,133,072**
**9,860,737**|_Total_
_funds_
_2024_
_£_
_-_
_167,785_
_167,785_
_98,716_
_12,109_
_37,636_
_148,461_
_19,324_
_888,833_
_908,157_
**__________-**
908,157
_8,224,915_
9,133,072|
|---|---|---|
The notes on pages 22 - 33 form part of these financial statements.
20
||**THE LEN PICK TRUST**|**THE LEN PICK TRUST**||||
|---|---|---|---|---|---|
||**BALANCE SHEET**|||||
||**AS AT 31 MARCH 2025**|**AS AT 31 MARCH 2025**||||
||||**2025**||_2024_|
||**Note**|**£**|**£**|_£_|_£_|
|**FIXED ASSETS**||||||
|Tangible fixed assets|11|**127,416**||_134,090_||
|Investment property|12|**1,240,000**||_455,000_||
|Listed investments|13|**8,334,368**||_8,382,494_||
|Cash balance held in||||||
|investment portfolio|13|**173,975**||_153,559_||
||||**9,875,759**||9,125,143|
|**CURRENT ASSETS**||||||
|Debtors|14|**-**||_634_||
|Cash current account||**1,746**||_8,934_||
|Cash deposit account||**63,542**||_38,497_||
|Cash in hand||**29**||_29_||
|||**65,317**||_48,094_||
|**CREDITORS:**amounts falling due within||||||
|one year|15|**(80,339)**||_(40,165)_||
|**NET CURRENT ASSETS LESS CURRENT**||||||
|**LIABILITIES**|||**(15,022)**||_7,929_|
|**NET ASSETS**|||**9,860,737**||_9,133,072_|
|**CHARITY FUNDS**||||||
|Endowment funds|17||**9,748,343**||_8,991,053_|
|Unrestricted funds|17||**112,394**||_142,019_|
|**TOTAL FUNDS**|||**9,860,737**||_9,133,072_|
The financial statements were approved by the Trustees and signed on their behalf by:
|**D Bailey – Chairman**|**M Jones – Treasurer**|
|---|---|
|Date:|RT|
The notes on pages 22 to 33 form part of these accounts.
21
**THE LEN PICK TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES**
## **1.1 GENERAL INFORMATION**
The Len Pick Trust is a Charity incorporated in England and Wales, charity number 1106598. The principal office is 5 Granby Court, Hereward Street, Bourne, Lincolnshire, PE10 9AD.
## **1.2 BASIS OF PREPARATION**
The financial statements have been prepared 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 (FRS102) published October 2019 – Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The Trust constitutes a public benefit entity as defined by FRS102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.3 GOING CONCERN**
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the level of expected income and expenditure for the 12 months from the date of signing these financial statements and are satisfied that the Charity will continue as a going concern.
## **1.4 INCOMING RESOURCES**
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Voluntary income is from donations and is recognised on a receipts basis.
Income from investments is included when receivable either by the Trust of within the investment fund.
## **1.5 FUND ACCOUNTING**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust.
The endowment fund represents the balance received from the Estate of the late Mr T.L. Pick and it is the intention of the Trustees that this balance should be maintained to provide suitable levels of investment income to meet the Trusts charitable obligations.
22
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **1.6 RESOURCES EXPENDED**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which is relates.
Costs of generating funds comprise the costs of both attracting voluntary income and the costs associated with its permitted trading activities of letting properties.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries.
Grants payable are included on an accruals basis, where the grant is due to be paid to the benefactor once the qualifying conditions have been met. There is a right to recover grants given and not utilised in accordance with the agreed terms, and any recoveries will be included in the accounts when recovered.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity, including audit fees and costs associated with the AGM and similar board meetings.
## **1.7 FIXED ASSETS**
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
|Office equipment|-|25% reducing balance|
|---|---|---|
|Building|-|25 years straight line|
## **1.8 INVESTMENT PROPERTY**
Investment properties are included in the balance sheet at fair value determined annually by the Trustees and are not depreciated.
## **1.9 INVESTMENTS**
The Trust adopts a Total Returns Policy of a sum equivalent to 2% of the capital fund based on the value of the fund at the commencement of the previous financial period. This policy is adopted due to current economic conditions and the low investment returns currently being received. This policy is reviewed annually.
In accordance with the Charities SORP 2019, investments are stated in these accounts at their current market value. Investment gains and losses, whether realised or unrealised, are combined and presented as gains/(losses) on investments in the Statement of Financial Activities.
## **1.10 DEBTORS**
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any trade discounts due.
23
## **THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **1.11 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.
## **1.12 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 within interest payable and similar charges.
## **1.13 FINANCIAL INSTRUMENTS**
The charity enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investment in non-puttable ordinary shares.
24
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **2 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
Estimates and judgements are based on historical experience and other factors, including expectations of future events, that are believed to be reasonable under the circumstances and are subject to continuous monitoring.
The Trust makes estimates and assumptions relating to future events which will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
- i. Useful economic lives and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
- ii. Carrying value of investment properties
The fair value of investment properties held for rental purposes is determined by the Trustees based on an assessment of capitalised market rental yields having regard to current and anticipated market conditions.
25
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **3. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||||||
|---|---|---|---|---|---|---|
|Rents from investment properties
Rents from office lets
Income from listed investments
Interest income|**Unrestricted**
**funds**
**2025**
**£**
**11,368**
**135**
**179,377**
**545**|||**Total**
**funds**
**2025**
**£**
**11,368**
**135**
**179,377**
**545**||_Total_
_funds_
_2024_
_£_
_11,891_
_855_
_154,078_
_961_|
|||
**191,425**||
**191,425**||_167,785_|
||||||||
In 2024 all of the investment income was to unrestricted funds.
## **4. MANAGEMENT AND DELIVERY OF CHARITY’S PURPOSE**
|**MANAGEMENT AND DELIVERY OF CHARITY’S PURPOSE**||||||||
|---|---|---|---|---|---|---|---|
|Insurance
Sundries
Depreciation & loss on disposal
Management charges
Auditors’ remuneration||**Unrestricted**
**funds**
**2025**
**£**
**1,131**
**12,483**
**9,621**
**-**
**6,100**|||**Total**
**funds**
**2025**
**£**
**1,131**
**12,483**
**9,621**
**-**
**6,100**||_Total_
_funds_
_2024_
_£_
_1,126_
_9,267_
_9,109_
_13,434_
_4,700_|
||||**29,335**||
**29,335**|||
||||||||_37,636_|
In 2024 all of the management and delivery costs were to unrestricted funds.
26
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **5. INVESTMENT MANAGEMENT**
|Professional fees – investment advice|**Unrestricted**
**funds**
**2025**
**£**
**13,903**|**Total**
**funds**
**2025**
**£**
**13,903**|_Total_
_funds_
_2024_
_£_
_12,109_|
|---|---|---|---|
In 2024 all of the investment management fees were to unrestricted funds.
Investment management fees are payable to Whitings Wealth Management Ltd, a company in which the audit firm has a financial interest.
## **6. CHARITABLE ACTIVITIES**
|**Note**
Grants payable
**9**
Charitable costs
|**Unrestricted**
**funds**
**2025**
**£**
**331,534**
**805**
**332,339**||**Total**
**funds**
**2025**
**£**
**331,534**
**805**
**332,339**||_Total_
_funds_
_2024_
_£_
_97,894_
_822_
_98,716_|
|---|---|---|---|---|---|
In 2024, all of the charitable activity expenditure was to unrestricted funds.
Charitable costs represent the ongoing management and upkeep of owl towers and their surroundings on land owned by the Trust.
## **7. TOTAL EXPENDITURE**
|**Note**
**Governance**
**Costs**
**2025**
**£**
Management & delivery
**4**
**6,469**
Investment management
**5**
**-**
Charitable activities
**6**
**-**
**6,469**|**Other**
**Costs**
**2025**
**£**
**22,866**
**13,903**
**332,339**
**369,108**|**Total**
**funds**
**2025**
**£**
**29,335**
**13,903**
**332,339**
**375,577**|_Total_
_funds_
_2024_
_£_
_37,636_
_12,109_
_98,716_
_148,461_|
|---|---|---|---|
27
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. GOVERNANCE COSTS**
|**8.**
**GOVERNANCE COSTS**||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Auditors’ remuneration:
Audit services
Other services
Trustee liability insurance
**9.**
**GRANTS PAYABLE**
Unrestricted grants to institutions:
Relief of Poverty
Social and Medical Welfare
Welfare of the Elderly
Sport
Music and the Arts
Education
Community
Youth
Religion
Memorial||**Unrestricted**
**funds**
**2025**
**£**
**6,100**
**369**
**6,469**|||**Total**
**funds**
**2025**
**£**
**6,100**
**369**
**6,469**||||_Total_
_funds_
_2024_
_£_
_2,292_
_2,408_
_430_
_5,130_|
|||||||||||
|||||**2025**
**£**
**18,479**
**27,087**
**-**
**81,172**
**113,000**
**500**
**25,106**
**58,943**
**-**
**7,247**
**331,534**||||_2024_
_£_
_14,275_
_11,770_
_4,444_
_36,750_
_2,000_
_25,800_
_(2,990)_
_3,170_
_-_
_2,675_
**97,894**||
|||||||||||
## **10. STAFF COSTS**
The average number of persons employed by the Charity during the year was nil (2024 - nil).
No employee received remuneration amounting to more than £60,000 in either year.
28
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **11. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 April 2024
Additions
Disposals
**At 31 March 2025**
**Depreciation**
At 1 April 2024
Charge for the year
Withdrawn on disposals
**At 31 March 2025**
**Net book value**
**At 31 March 2025**
_At 31 March 2024_
**12.**
**INVESTMENT PROPERTY**
**Market Value**
At 1 April 2024
Revaluation
**At 31 March 2025**|**Freehold**
**Property**
**£**
**Office**
**Equipment**
**£**
205,242
16,782
-
2,947
-
-
**205,242**
**19,729**
73,849
14,085
8,210
1,411
-
-
**82,059**
**15,496**
**123,183**
**4,233**|**Freehold**
**Property**
**£**
**Office**
**Equipment**
**£**
205,242
16,782
-
2,947
-
-
**205,242**
**19,729**
73,849
14,085
8,210
1,411
-
-
**82,059**
**15,496**
**123,183**
**4,233**|**Freehold**
**Property**
**£**
**Office**
**Equipment**
**£**
205,242
16,782
-
2,947
-
-
**205,242**
**19,729**
73,849
14,085
8,210
1,411
-
-
**82,059**
**15,496**
**123,183**
**4,233**|**Freehold**
**Property**
**£**
**Office**
**Equipment**
**£**
205,242
16,782
-
2,947
-
-
**205,242**
**19,729**
73,849
14,085
8,210
1,411
-
-
**82,059**
**15,496**
**123,183**
**4,233**||**Total**
**£**
222,024
2,947
-
**224,971**
87,934
9,621
-
**97,555**
**127,416**|**Total**
**£**
222,024
2,947
-
**224,971**
87,934
9,621
-
**97,555**
**127,416**|
|---|---|---|---|---|---|---|---|
|||_131,393_|_2,697_||||_134,090_|
||||||||**2025**
**£**
455,000
785,000|
|||||||**1,240,000**||
Properties held for investment purposes were revalued during the year by the Trustees on an open market value basis. In respect of the £785,000 revaluation in the year (2024 - £nil) the Trustees took advice from a professional valuer.
29
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **13. LISTED INVESTMENTS**
|At 1 April 2024
Additions/(withdrawals)
Net realised and unrealised gains/(losses)
**At 31 March 2025**|**Endowment**
**Funds**
**£**
8,536,053
(154,527)
126,817
**8,508,343**|**Total**
**£**
8,536,053
(154,527)
126,817
**8,508,343**|
|---|---|---|
The fair value of listed investments is determined by reference to the quoted price at 31 March 2025. The fair value of investments comprise equities £8,334,368 (2024 - £8,382,494) and cash held within the portfolio of £173,975 (2024 - £153,559).
## **14. DEBTORS**
|**14.**
**DEBTORS**|||||||
|---|---|---|---|---|---|---|
|Investment income
**15.**
**CREDITORS: Amounts falling due within one year**
Grants payable
Accruals and deferred income||||**2025**
**£**
**-**||2024
£
634|
|||||**2025**
**£**
**73,396**
**6,943**
**80,339**||_2024_
_£_
_30,000_
_10,165_
_40,165_|
||||||||
The trustees have accrued as a liability grants payable, where the qualifying conditions have been met at the balance sheet date, and the grant has been approved for payment by the trustees.
## **16. FINANCIAL INSTRUMENTS**
|**Financial assets**
Financial assets measured at fair value through income
and expenditure|**2025**
**£**
**9,748,343**|_2024_
_£_
_8,991,053_|
|---|---|---|
Financial assets measured at fair value through income and expenditure comprise investments and investment property.
30
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **17. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS CURRENT YEAR**
|**Balance at**
**1 April 2024**
**£**
**General funds**
Current fund
142,019
**Endowment funds**
Capital fund
8,991,053
**Total of funds**
**9,133,072**
**STATEMENT OF FUNDS PRIOR**
_Balance at_
_1 April 2023_
_£_
**General funds**
Current fund
_134,664_
**Endowment funds**
Capital fund
_8,090,251_
**Total of funds**
_8,224,915_|**Balance at**
**1 April 2024**
**£**
**General funds**
Current fund
142,019
**Endowment funds**
Capital fund
8,991,053
**Total of funds**
**9,133,072**
**STATEMENT OF FUNDS PRIOR**
_Balance at_
_1 April 2023_
_£_
**General funds**
Current fund
_134,664_
**Endowment funds**
Capital fund
_8,090,251_
**Total of funds**
_8,224,915_|**Balance at**
**1 April 2024**
**£**
142,019|**Balance at**
**1 April 2024**
**£**
142,019|**Balance at**
**1 April 2024**
**£**
142,019|**Balance at**
**1 April 2024**
**£**
142,019|**Income**
**£**
191,425|**Income**
**£**
191,425|**Income**
**£**
191,425|**Income**
**£**
191,425|**Expenditure**
**£**
(375,577)|**Expenditure**
**£**
(375,577)|**Expenditure**
**£**
(375,577)|**Transfer**
**£**
(757,290)|**Gains/**
**(losses)**
**£**
911,817|**Gains/**
**(losses)**
**£**
911,817|**Gains/**
**(losses)**
**£**
911,817|**Balance at**
**31 March**
**2025**
**£**
112,394|**Balance at**
**31 March**
**2025**
**£**
112,394|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||8,991,053
**9,133,072**||||-
**191,425**|||||||**911,817_**|||9,748,343
**9,860,737**|
||||||||||||||||||||
||||||||||||-||
757,290||||||
||||||||||||||||||||
||||||||||||**(375,577)**||
**-_ **||||||
|||||||**YEAR**
_Income_
_£_
_167,785_|||_Expenditure_
_£_
_(148,161)_|||
|_Transfers_
_in/out_
_£_
_(900,802)_
_900,802_
_-_|_Gains /_
_(losses)_
_£_
_888,833_
|||_Balance at_
_31 March_
_2024_
_£_
_142,0191_
_8,991,053_
_9,133,072_||
||||_8,090,251_
||||_-_|||_-_||||||_-_
|||
||||_8,224,915_||||_167,785_|||_(148,461)_||||||_888,833_|||
**General unrestricted ‘current’ fund:** The general unrestricted current fund relates to funds retained and available for the general purposes of the Trust.
**Endowment ‘capital’ fund:** The capital fund is to be maintained at a value equal to the value of its investment assets, being investments and investment property, by way of a transfer to/from the general unrestricted fund.
31
**THE LEN PICK TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **18. SUMMARY OF FUNDS CURRENT YEAR**
|**General funds**
**Endowment funds**
**Total of funds**|**Balance at**
**1 April 2024**
**£**
142,019
8,991,053
**9,133,072**|**Income**
**£**
191,425
**191,425**|**Expenditure**
**£**
(375,577)
**(375,577)**|**Transfers**
**£**
154,527
(154,527)
**-**|**Gains /**
**(losses)**
**£**
-
911,817
**911,817**|**Balance at**
**31 March**
**2025**
**£**
112,394
9,748,343
**9,860,737**|
|---|---|---|---|---|---|---|
||||||||
## **SUMMARY OF FUNDS PRIOR YEAR**
|General funds
Endowment funds
Total of funds|_Balance at_
_1 April 2023_
_£_
_134,664_
_8,090,251_
_8,244,915_|_Income_
_£_
_167,785_
_167,785_|_Expenditure_
_£_
_(148,461)_
_(148,164)_|_Transfers_
_£_
_(900,802)_
_900,802_
_-_|_Gains /_
_(losses)_
_£_
_888,833_
_-_
_888,833_|_Balance at_
_31 March_
_2024_
_£_
_142,019_
_8,991,053_
_9,133,072_|
|---|---|---|---|---|---|---|
||||||||
32
## **19. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS CURRENT YEAR**
|Tangible fixed assets
Investment property
Listed investments
Current assets
**Total**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS PRIOR YEAR**
Tangible fixed assets
Investment property
Listed investments
Current assets
**Total**|**Unrestricted**
**funds**
**2025**
**£**
127,416
-
-
(15,022)|**Unrestricted**
**funds**
**2025**
**£**
127,416
-
-
(15,022)|**Endowment**
**funds**
**2025**
**£**
-
1,240,000
8,508,343
-|**Endowment**
**funds**
**2025**
**£**
-
1,240,000
8,508,343
-|**Endowment**
**funds**
**2025**
**£**
-
1,240,000
8,508,343
-||**Total**
**funds**
**2025**
**£**
127,416
1,240,000
8,508,343
(15,022)|**Total**
**funds**
**2025**
**£**
127,416
1,240,000
8,508,343
(15,022)|
|---|---|---|---|---|---|---|---|---|
|||
**112,394**||**9,748,343**|||**9,860,737**||
||||||||||
||_Unrestricted_
_funds_
_2024_
_£_
_134,090_
_-_
_-_
_7,929_||_Endowment_
_funds_
_2024_
_£_
_-_
_455,000_
_8,536,053_
||||_Total_
_funds_
_2024_
_£_
_134,090_
_455,000_
_8,536,053_
_7,929_||
|||||||||_9,133,07_|
|||_142,019_|||_8,991,05_||||
## **20. TRANSACTIONS WITH TRUSTEES AND OTHER RELATED PARTIES**
During the year no remuneration was paid to Trustees (2024 - £nil).
During the year no expenses were reimbursed to any Trustee (2024 – £nil).
There were no other related party transactions.