## |Trustees|John Griffiths|| |---|---|---| ||David Latter|| ||Charlie Styles|(resigned 23 March 2021)| ||David Tuckett|| ||Harvey Kwiyani|(appointed 01 September 2021)| |Secretary|Ian Buchanan|| |Charity number|1107967|| |Company number|5247784|| |Registered office|Unit 14 Orbital 25 Business Park|| ||Dwight Road|| ||Watford|| ||Hertfordshire|| ||WD18 9DA|| |Independent examiner|Gary Howard FCA|| ||Howard Wilson Chartered Accountants|| ||36 Crown Rise|| ||Watford|| ||Hertfordshire|| ||WD25 ONE|| |Solicitors|Stone King LLP|| ||Boundary House|| ||91 Charterhouse Street|| ||London|| ||EC1M6HR|| |Investment advisors|Cou^ts & Co.|| ||440 Strand|| ||London|| ||WC2R 0QS|| ## ## ## ## ## ## ## ## ## ## ## ## |Key performance indicators|2021|2020|2019|Change|Change| |---|---|---|---|---|---| |||||2020 to|2019 to| |||||2021|2020| |||||%|%| |Voluntary donations received|191,394|207,321|211,737|-7.7|-2.1| |Expenditure (running costs and overheads)|334,856|300,885|291,587|+11.3|+3.2| |Vocational grants made|21,282|21,446|20,500|-0.01|+4.6| |Hardship grants made|1,000|3,800|5,700|-73.7|-33.3| |Grants made to charities from LPMA funds|6,150|-|5,000|+100.0|-100.0| |Pension rectification costs from LPMA funds|-|70,000|-|-100.0|+100.0| |Legacies received by LWPT|61,166|224,883|177,104|-72.8|+27.0| |Legacies received by LPMA|65,410|144,805|123,848|-54.8|+16.9| ## ## ## ## ## ## ## ## ## ## ## |Current financial year|||||| |---|---|---|---|---|---| |||Unrestricted|Restricted|Total|Total| |||funds|funds||| |||2021|2021|2021|2020| ||Notes||||| |Income and endowments from:|||||| |Donations and legacies|3|252,434|65,536|317,970|577,009| |Charitable activities|4|14,933|-|14,933|14,280| |Other trading activities|5|19,501|-|19,501|12,135| |Investments|6|36,362|645|37,007|27,715| |Other income|7|3,000|-|3,000|3,000| |Total income||326,230|66,181|392,411|634,139| |Expenditure on:|||||| |Raising funds||25,828||25,828|15,148| |Charitable activities||354,746|8,542|363,288|396,836| |Total expenditure||380,574|8,542|389,116|411,984| |Net gains/(losses) on investments|12|16,610||16,610|(4,272)| |Net income / (expenditure) for the year||(37,734)|57,639|19,905|217,883| |Other recognised gains and losses|||||| |Actuarial gain/(loss) on defined benefit pension|||||| |schemes||8,976||8,976|(75,122)| |Net movement in funds||(28,758)57,63928,881142,761|||| |Fund balances at 1 September 2020||613,330|239,541|852,871710,110|| |Fund balances at 31 August 2021||584,572|297,180|881,752|852,871| |The statement of financial activities includes all|gains and losses recognised in the year.||||| |Prior financial year||||| |---|---|---|---|---| |||Unrestricted|Restricted|Total| |||funds|funds|| |||2020|2020|2020| ||Notes|||| |Income and endowments from:||||| |Donations and legacies|3|431,981|145,028|577,009| |Charitable activities|4|14,280|-|14,280| |Other trading activities|5|12,135|-|12,135| |Investments|6|26,919|796|27,715| |Other income|7|3,000||3,000| |Total income||488,315|145,824|634,139| |Expenditure on:||||| |Raising funds||15,148||15,148| |Charitable activities||322,466|74,370|396,836| |Total expenditure||337,614|74,370|411,984| |Net gains/(losses) on investments|12|(4,272)||(4,272)| |Net income / (expenditure) for the year||146,429|71,454|217,883| |Other recognised gains and losses||||| |Actuarial gain/(loss) on defined benefit pension schemes||(75,122)||(75,122)| |Net movement in funds||71,30771,454||142,761| |Fund balances at 1 September 2020||542,023168,087||710,110| |Fund balances at 31 August 2021||613,330239,541||852,871| ## ## ## |||20212020|20212020| |---|---|---|---| ||Notes||| |Fixed assets|||| |Investment properties13200,000225,000|||| |Investments14393,001347,158|||| |||593,001572,158|| |Current assets|||| |Debtors|16|43,780|29,485| |Cash at bank and in hand||590,315|632,510| |||634,095|661,995| |Creditors: amounts falling due within|||| |one year|17|(18,344)|(29,282)| |Net current assets||615,751|632,713| |Total assets less current liabilities||1,208,752|1,204,871| |Provisions for liabilities||(327,000)|(352,000)| |Net assets||881,752|852,871| |Income funds|||| |Restricted funds20297,180239,541|||| |Unrestricted funds|||| |General unrestricted funds||851,675|929,654| |Revaluation reserve||59,897|35,676| |Pension reserve||(327,000)|(352,000)| |||,572
584|613,330| |||,752
881|852,871| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||Donations and legacies||||||| |---|---|---|---|---|---|---|---| |||Unrestricted|Restricted|Total|Unrestricted Restricted||Total| |||fundsfunds|||fundsfunds||| |||2021|2021|2021|2020|2020|2020| ||Donations and gifts|191,268|126|191,394|207,098|223|207,321| ||Legacies receivable|61,166|65,410|126,576|224,883|144,805|369,688| |||252,434|65,536|317,970|431,981|145,028|577,009| |4|Charitable activities||||||| |||||||2021|2020| ||Ancillary trading income|||||14,933|14,280| ||For the year ended 31 August 2020||||||| ||||||||2020| ||Ancillary trading income||||||14,280| ||Analysis by fund||||||| ||Unrestricted funds||||||14,280| |5|Other trading activities||||||| |||||||UnrestrictedUnrestricted|| |||||||fundsfunds|| |||||||20212020|| ||Merchandising income|||||19,50112,135|| ## ||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---| ||funds|funds||funds|funds|| ||2021|2021|2021|2020|2020|2020| |Rental income|30,860|-|30,860|19,423|-|19,423| |Dividends and fixed||||||| |interest|5,412|625|6,037|6,745|613|7,358| |Interest receivable|90|20|110|751|183|934| ||36,362|645|37,007|26,919|796|27,715| |Unrestricted|Unrestricted| |---|---| |funds|funds| |2021|2020| |3,000|3,000| |8|Raising funds||| |---|---|---|---| |||Unrestricted|Unrestricted| |||fundsfunds|| |||2021|2020| ||Fundraisina and publicity||| ||Advertising|4,617|10| ||Other fundraising costs|15,901|9,605| ||Fundraising and publicity|20,518|9,615| ||Trading costs||| ||Other trading activities|4,092|4,455| ||Investment management|1,218|1,078| |||25,828|15,148| ## ||2021|2020| |---|---|---| |Staff costs|153,099|135,366| |Other staff costs|2,250|4,249| |Grants and financial assistance|28,561|25,246| |Premises costs|20,229|20,135| |Repairs and maintenance costs|1,816|4,591| |Office costs|8,519|8,287| |Computer costs|13,625|21,190| |Printing resources|56,876|44,459| |Travel and subsistence costs|615|3,884| |General expenses|858|930| |Legal and professional costs|70,250|51,514| |Pension scheme rectification costs|-|70,000| |Bank charges and other finance costs|4,752|4,687| |Governance costs|1,838|2,298| ||363,288|396,836| |Analysis by fund||| |Unrestricted funds|354,746|| |Restricted funds|8,542|| ||363,288|| |Unrestricted funds||322,466| |Restricted funds||74,370| |||396,836| ## ## ||20212020| |---|---| ||NumberNumber| |Administrative66|| |Employment costs|2020
2021| |Wages and salaries|122,164
135,430| |Social security costs|6,701
8,316| |Other pension costs|6,501
9,353| ||135,366
153,099| |12|Net gains/(losses) on investments||| |---|---|---|---| |||Unrestricted|Unrestricted| |||fundsfunds|| |||2021|2020| ||Revaluation of investments|36,402|362| ||Gain/(loss) on sale of investments|5,208|(4,634)| ||Revaluation of investment properties|(25,000)|| |||16,610|(4,272)| |13|Investment property||| ||||2021| ||Fair value||| ||At 1 September 2020||225,000| ||Net gains or losses through fair value adjustments||(25,000)| ||At 31 August 2021||200,000| |13|Investment property||(Continued)| |---|---|---|---| |||2021|2020| ||Long leasehold|200,000|225,000| |14|Fixed asset investments||| ||||Listed| ||||investments| ||Cost or valuation||| ||At 1 September 2020||347,158| ||Additions||5,208| ||Valuation changes||36,402| ||Net movement in cash||4,233| ||At 31 August 2021||393,001| ||Carrying amount||| ||At 31 August 2021||393,001| ||At 31 August 2020||347,158| |||2021|2020| ||Investments at fair value comprise:||| ||Equity shares|169,369|153,083| ||Investment trusts and unit trusts|194,674|164,545| ||Cash on deposit|28,958|29,530| |||393,001|347,158| |15|Financial instruments|2021|2020| ||Carrying amount of financial assets||| ||Instruments measured at fair value through profit or loss|393,001|347,158| |16|Debtors|||| |---|---|---|---|---| ||||2021|2020| ||Amounts falling due within one year:|||| ||Trade debtors||3,132|2,435| ||Other debtors||38,482|26,375| ||Prepayments and accrued income||2,166|675| ||||43,780|29,485| |17|Creditors: amounts falling due within one year|||| ||||2021|2020| ||Other taxation and social security||3,035|3,201| ||Trade creditors||4,287|11,911| ||Other creditors||659|659| ||Accruals and deferred income||10,363|13,511| ||||18,344|29,282| |17|Provisions for liabilities||2021|2020| |||Notes||| ||Retirement benefit obligations|19|327,000|352,000| ||||327,000|352,000| ## ## ||2021|2020| |---|---|---| ||'000|'000| |Defined benefit obligation|(655)|(666)| |Fair value of scheme assets|443|429| |19|Retirement benefit schemes||(Continued)| |---|---|---|---| ||Net defined benefit liability
Unrecognised surplus|(212)|(237)| ||Net defined benefit liability after allowance for surplus restriction|(212)|(237)| ||Analysis of Statement of Financial Activities charge||| |||2021|2020| |||'000|'000| ||Current service cost||| ||Net interest expense on net defined benefit liability||| ||Pension Scheme expenses (excluding investment related expenses)||| ||Past service cost||| ||Curtailments||| ||Settlements||| ||Interest expense on effect of (asset ceiling) / onerous liability||| ||Total pension expense / (credit) recognised in Statement of Financial||| ||Activities|4|4| ||Principal actuarial assumptions at the balance sheet date:||| |||2021|2020| ||Discount rate|1.73%|1.57%| ||RPI inflation rate|3.34%|2.95%| ||Pension increases in payment - RPI max 5%|3.18%|2.87%| ||Pension increases in deferment - 5% fixed|5.00%|5.00%| ||Commutation (% of pension)||| ||Post-retirement mortality|S3PA|S2PA| |||CMI 2020|CMI 2019| |19|Retirement benefit schemes||(Continued)| |---|---|---|---| ||Reconciliation of defined benefit obligation over the year|2021|2020| |||'000|'000| ||Defined benefit obligation at the start of the year|666|666| ||Current service cost||| ||Contributions by the members||| ||Interest expenses on defined benefit obligation|11|11| ||Remeasurement - effect of experience adjustments (gain) / loss|2|10| ||Remeasurement - effect of changes in assumptions (gain) / loss|(11)|(1)| ||Benefits paid|(13)|(20)| ||Past service cost||| ||Disposals and acquisitions||| ||Curtailments||| ||Settlements||| ||Defined benefit obligation at the end of the year|655|666| ||Changes in the fair value of scheme assets are as follows:|2021|2020| |||'000|'000| ||Fair value of scheme assets as at the start of the year|429|424| ||Interest income on scheme assets|7|7| ||Remeasurement - return on scheme assets excluding interest income||| ||(gain) / loss|4|4| ||Contributions by the Employer|16|14| ||Contributions by the Members||| ||Benefits paid|(13)|(20)| ||Pension Scheme expenses (excluding investment-related expenses)||| ||Disposals and acquisitions||| ||Settlements||| ||Defined benefit obligation at the end of the year|443|429| ||Return on scheme assets|21|21| ## |19|Retirement benefit schemes||(Continued)| |---|---|---|---| ||Remeasurements recognised in Other Comprehensive Income (OCI)|2021|2020| |||'000|'000| ||Remeasurement - effect of experience adjustments (gain) / loss|4|4| ||Remeasurement - effect of changes in assumptions (gain) / loss
Remeasurement - return on plan assets excluding interest income (gain) /|(2)|(10)| ||loss|11|| ||Limit on asset that can be recognised (change in unrecoverable surplus)||| ||Total remeasurement gain / (loss) recognised in OCI|13|(5)| ||Reconciliation of funded position|2021|2020| |||'000|'000| ||Net defined benefit liability at start of year|237|242| ||Expense recognised in Statement of Financial Activities|4|4| ||(Gain) / loss recognised in OCI
Contributions by the Employer|(16)
(13)|(14)
5| ||Net defined benefit liability at end of year|212|237| ||Closure rectification costs|115|115| ||Total defined benefit liability at end of year|327|352| |||||asodj
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