|Trustees|John Griffiths||
|---|---|---|
||David Latter||
||David Tuckett||
||Harvey Kwiyani|(appointed 23 March 2022)|
||Jane Lloyd|(appointed 23 March 2022)|
|Secretary|Ian Buchanan||
|Charity number|1107967||
|Company number|5247784||
|Registered office|Unit14 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|Courts & Co.||
||440 Strand||
||London||
||WC2R OQS||
##
##
##
##
##
##
##
##
##
##
|Key performance indicators|2022|2021|2020|Change|Change|
|---|---|---|---|---|---|
|||||2021 to|2020 to|
|||||2022|2021|
|||||%|%|
|Voluntary donations received|165,744|191,394|207,321|-13.40|-7.70|
|Expenditure (running costs and overheads)|334,006|334,856|300,885|-0.01|+11.30|
|Vocational grants made|24,050|21,282|21,446|+13.00|-0.01|
|Hardship grants made|9,350|1,000|3,800|+835.00|-73.70|
|Grants made to charities from LPMA funds|650|6,150|-|-89.40|+100.00|
|Pension rectification costs from LPMA funds|-|-|70,000|-100.00|-100.00|
|Legacies received by LWPT|463,841|61,166|224,883|+658.30|-72.80|
|Legacies received by LPMA|60,581|65,410|144,805|-0.07|-54.80|
##
##
##
##
##
##
##
##
##
##
|Current financial year|||||||||
|---|---|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|||Total||Total|
|||funds|funds||||||
|||2022|2022|||2022||2021|
||Notes||||||||
|Income and endowments from:|||||||||
|Donations and legacies|3|629,359|60,807|||690,166|317,970||
|Charitable activities|4|23,533||-||23,533||14,933|
|Other trading activities|5|19,475||-||19,475||19,501|
|Investments|6|13,104||772||13,876||37,007|
|Other income|7|||||||3,000|
|||-||-||-|||
|Total income||685,471|61,579|||747,050|392,411||
|Expenditure on:|||||||||
|Raising funds|8|38,136||-||38,136||25,828|
|Charitable activities|9|359,781|8,695|||368,476|363,288||
|Total expenditure||397,917|8,695|||406,612|389,116||
|Net gains/(losses) on investments|12|(27,576)||-||(27,576)||16,610|
|Net income / (expenditure) for the year||259,97852,884||||312,862||19,905|
|Other recognised gains and losses|||||||||
|Actuarial gain on defined benefit pension schemes||46,867||||46,867||8,976|
|Net movement in funds||,845
306|52|,884||,729
359||,881
CO CM
CM CD|
|Fund balances at 1 September 2021||,572
584|297|,180||,752
881|CO|,871|
|Fund balances at 31 August 2022||,417
891|350|,064|1|,481
,241|,752
881||
|Prior financial year|||||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|funds||
|||2021|2021|2021|
||Notes||||
|Income and endowments from:|||||
|Donations and legacies|3|252,434|65,536|317,970|
|Charitable activities|4|14,933|-|14,933|
|Other trading activities|5|19,501|-|19,501|
|Investments|6|36,362|645|37,007|
|Other income|7|3,000|-|3,000|
|Total income||326,230|66,181|392,411|
|Expenditure on:|||||
|Raising funds|8|25,828|-|25,828|
|Charitable activities|9|354,746|8,542|363,288|
|Total expenditure||380,574|8,542|389,116|
|Net gains/(losses) on investments|12|16,610|-|16,610|
|Net income / (expenditure) for the year||(37,734)57,63919,905|||
|Other recognised gains and losses|||||
|Actuarial gain on defined benefit pension schemes||8,976||8,976|
|Net movement in funds||(28,758)57,639||28,881|
|Fund balances at 1 September 2021||613,330239,541||852,871|
|Fund balances at 31 August 2022||584,572297,180||881,752|
##
##
##
|||20222021|20222021|20222021|20222021|
|---|---|---|---|---|---|
|Notes||||||
|Fixed assets||||||
|Investment properties13-200,000||||||
|Investments14301,133393,001||||||
||||301,133593,001|||
|Current assets||||||
|Debtors16|12,246|||43|,780|
|Cash at bank and in hand|1,152,994|||590|,315|
||1,165,240|||634|,095|
|Creditors: amounts falling due within||||||
|one year17|(38,726)|||(18|,344)|
|Net current assets||1|,126,|514|615,751|
|Total assets less current liabilities||1|,427,|647|1,208,752|
|Provisions for liabilities|||(186,|166)|(327,000)|
|Net assets||1|,241,|481|881,752|
|Income funds||||||
|Restricted funds20350,064297,180||||||
|Unrestricted funds||||||
|General unrestricted funds|,583
1,077,|||851|,675|
|Revaluation reserve||||59|,897|
|Pension reserve|,166)
(186,|||(327|,000)|
||||,417
891||584,572|
|||1|,481
,241||881,752|
##
||20222021|20222021|
|---|---|---|
||Notes||
|Cash flows from operating activities|||
|Cash generated from/(absorbed by)24|||
|operations284,511(74,970)|||
|Investing activities|||
|Proceeds on disposal of investment|||
|property|200,000|-|
|Purchase of other investments|(250,284)|(194,477)|
|Proceeds on disposal of other investments|314,576|190,245|
|Investment income received|13,876|37,007|
|Net cash generated from investing|||
|activities278,16832,775|||
|Net cash used in financing activities|||
|Net increase/(decrease) in cash and cash|||
|equivalents562,679(42,195)|||
|Cash and cash equivalents at beginning of year590,315632,510|||
|Cash and cash equivalents at end of year1,152,994590,315|||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||funds|funds||funds|funds||
||2022|2022|2022|2021|2021|2021|
|Donations and gifts|165,518|226|165,744|191,268|126|191,394|
|Legacies receivable|463,841|60,581|524,422|61,166|65,410|126,576|
||629,359|60,807|690,166|252,434|65,536|317,970|
|Charitable activities|||||||
||||||20222021||
|4|Charitable activities(Continued)|Charitable activities(Continued)|Charitable activities(Continued)|Charitable activities(Continued)|Charitable activities(Continued)|Charitable activities(Continued)|Charitable activities(Continued)|
|---|---|---|---|---|---|---|---|
||For the year ended 31 August 2021|||||||
||||||||2021|
||Ancillary trading income14,933|||||||
||Analysis by fund|||||||
||Unrestricted funds14,933|||||||
||Other trading activities|||||||
|||||||Unrestricted|Unrestricted|
|||||||funds|funds|
|||||||2022|2021|
||Merchandising income|||||19,475|19,501|
||Investments|||||||
|||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|||funds|funds||funds|funds||
|||2022|2022|2022|2021|2021|2021|
||Rental income|6,329||6,329|30,860|_|30,860|
||Dividends and fixed|||||||
||interest|5,047|645|5,692|5,412|625|6,037|
||Interest receivable|1,728|127|1,855|90|20|110|
|||13,104|772|13,876|36,362|645|37,007|
##
||Other income|||
|---|---|---|---|
|||Total|Unrestricted|
||||funds|
|||2022|2021|
||Other income|-|3,000|
|8|Raising funds|||
|||Unrestricted|Unrestricted|
|||fundsfunds||
|||2022|2021|
||Fundraisina and publicity|||
||Advertising|3,817|4,617|
||Other fundraising costs|28,715|15,901|
||Fundraising and publicity|32,532|20,518|
||Trading costs|||
||Other trading activities|4,309|4,092|
||Investment management|1,295|1,218|
|||38,136|25,828|
##
||2022|2021|
|---|---|---|
|Staff costs|162,540|153,099|
|Other staff costs|7,046|2,250|
|Grants and financial assistance|34,050|28,561|
|Premises costs|20,046|20,229|
|Repairs and maintenance costs|4,925|1,816|
|Office costs|8,726|8,519|
|Computer costs|13,679|13,625|
|Printing resources|62,184|56,876|
|Travel and subsistence costs|2,924|615|
|General expenses|2,720|858|
|Legal and professional costs|43,027|70,250|
|Bank charges and other finance costs|4,100|4,752|
|Governance costs|2,509|1,838|
||368,476|363,288|
|Analysis by fund|||
|Unrestricted funds|359,781||
|Restricted funds|8,695||
||368,476||
|Unrestricted funds||354,746|
|Restricted funds||8,542|
|||363,288|
##
||Number of employees|||
|---|---|---|---|
||The average monthly number of employees during the year was:|||
|||2022|2021|
|||Number|Number|
||Administrative|6|6|
||Employment costs|2022|2021|
||Wages and salaries|141,391|135,430|
||Social security costs|9,173|8,316|
||Other pension costs|11,976|9,353|
|||162,540|153,099|
||There were no employees whose annual remuneration was 60,000 or more.|||
|12|Net gains/(losses) on investments|||
|||Unrestricted Unrestricted|
|---|---|---|
|||funds
funds|
|||2021
2022|
||Revaluation of investments|36,402
(14,112)|
||Gain/(loss) on sale of investments|5,208
(13,464)|
||Revaluation of investment properties|(25,000)
-|
|||(27,576)16,610|
|13|Investment property||
|||2022|
||Fair value||
||At 1 September 2021200,000||
||Disposals(200,000)||
||At 31August 2022||
||The investment property is Flats 20 to 24 Southcroft, Psalter Lane,Sheffield. The property was held on a||
||999 year lease expiring July 2988 at an annual rent of a peppercorn. The property was disposed of during||
||the year.||
|||20222021|
||Long leasehold-200,000||
||Listed|Government|Cash in|Total|
|---|---|---|---|---|
||investments|Bonds|portfolio||
|Cost or valuation|||||
|At 1 September 2021|364,043||28,958|393,001|
|Additions|165,061|85,223||250,284|
|Valuation changes|(7,812)|(6,300)||(14,112)|
|Net movement in cash|||(8,452)|(8,452)|
|Disposals|(319,588)|||(319,588)|
|At 31August 2022|201,704|78,923|20,506|301,133|
|Carrying amount|||||
|At 31August 2022|201,704|78,923|20,506|301,133|
|At 31August 2021|364,043|-|28,958|393,001|
||||2022|2021|
|Investments at fair value comprise:|||||
|Government bonds|||78,923||
|Equity shares|||166,375|169,369|
|Investment trusts and unit trusts|||35,329|194,674|
|Cash on deposit|||20,506|28,958|
||||301,133|393,001|
|15Financial instruments|||2022|2021|
|Carrying amount of financial assets|||||
|Instruments measured at fair value through|**t or loss**
profi||201,704|364,043|
|16Debtors|||||
||||2022|2021|
|Amounts falling due within one year:|||||
|Trade debtors|||6,2853,132||
|Other debtors|||3,52738,482||
|Prepayments and accrued income|||2,4342,166||
||||12,246|43,780|
|17|Creditors: amounts falling due within one year||||
|---|---|---|---|---|
||||2022|2021|
||Other taxation and social security|||3,035|
||Trade creditors||24,355|4,287|
||Other creditors||659|659|
||Accruals and deferred income||13,712|10,363|
||||38,726|18,344|
|18|Provisions for liabilities||2022|2021|
||Retirement benefit obligations19||186,166|327,000|
||Movements on retirement benefit obligations:||||
||At 1 September 2021327,000||||
||Contributions paid in year(93,967)||||
||Actuarial (gains)/losses in year(46,867)||||
||At 31 August 20**2**|186,166|||
##
##
##
##
|19|Retirement benefit schemes||(Continued)|
|---|---|---|---|
||The following FRS102 calculations have been carried out by an independent qualified actuary||and relate to|
||LWPT's share of the Methodist Local Preachers Mutual Aid Association Pension Scheme.|||
|||2022|2021|
|||'000|'000|
||Defined benefit obligation|458|655|
||Fair value of scheme assets|310|443|
||Net defined benefit liability|(148)|(212)|
||Unrecognised surplus|||
||Net defined benefit liability after allowance for surplus restriction|(148)|(212)|
||Analysis of Statement of Financial Activities charge|||
|||2022|2021|
|||'000|'000|
||Net interest expense on net defined benefit liability|3|4|
||Total pension expense / (credit) recognised in Statement of Financial|||
||Activities|3|4|
||Principal actuarial assumptions at the balance sheet date:|||
|||2022|2021|
||Discount rate|3.97%|1.73%|
||RPI inflation rate|3.35%|3.34%|
||Pension increases in payment - RPI max 5%|3.19%|3.18%|
||Pension increases in deferment - 5% fixed|0|0|
||Commutation (% of pension)|0|0|
||Post-retirement mortality|S3PA|S3PA|
|||CMI 2021|CMI 2020|
||Reconciliation of defined benefit obligation over the year|2022|2021|
||Defined benefit obligation at the start of the year|655|666|
||Interest expenses on defined benefit obligation|11|11|
||Remeasurement - effect of experience adjustments (gain) / loss|(197)|2|
||Remeasurement - effect of changes in assumptions (gain) / loss|4|(11)|
||Benefits paid|(15)|(13)|
||Settlements|||
||Defined benefit obligation at the end of the year|458|655|
||||
|---|---|---|
|Retirement benefit schemes||(Continued)|
|Changes in the fair value of scheme assets are as follows:|2022|2021|
|Fair value of scheme assets as at the start of the year|443|429|
|Interest income on scheme assets|8|7|
|Remeasurement - return on scheme assets excluding interest income|||
|(gain) / loss|(142)|4|
|Contributions by the Employer|16|16|
|Benefits paid|(15)|(13)|
|Defined benefit obligation at the end of the year|310|443|
|Remeasurements recognised in Other Comprehensive Income (OCI)|2022|2021|
||•000|'000|
|Remeasurement - effect of experience adjustments (gain) / loss|(142)|4|
|Remeasurement - effect of changes in assumptions (gain) / loss|197|(2)|
|Remeasurement - return on plan assets excluding interest income (gain) /|||
|loss|(4)|11|
|Total remeasurement gain / (loss) recognised in OCI|51|13|
|Reconciliation of funded position|2022|2021|
||'000|'000|
|Net defined benefit liability at start of year|212|237|
|Expense recognised in Statement of Financial Activities|3|4|
|(Gain) / loss recognised in OCI|51|(13)|
|Contributions by the Employer|(16)|(16)|
|Net defined benefit liability at end of year|148|212|
|Closure rectification costs|38|115|
|Total defined benefit liability at end of year|186|327|
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|22 Operating lease commitments|||||
|---|---|---|---|---|
|At the reporting end date the charitable company had outstanding commitments|for future minimum lease||||
|payments under non-cancellable operating leases,which fall due as follows:|||||
||2022|||2021|
|Within one year|1,462|||17,550|
|Between two and five years||||1,462|
||1,462|||19,012|
|23Related party transactions|||||
|There were no disclosable related party transactions during the year.|||||
|24Cash generated from operations20222021|||||
|Surplus for the year312,86219,905|||||
|Adjustments for:|||||
|Investment income recognised in statement of financial activities|(13|,876)||(37,007)|
|Loss/(gain) on disposal of investments|13|,464||(5,208)|
|Fair value gains and losses on investment properties|||-|25,000|
|Fair value gains and losses on investments|14||,112|(36,402)|
|Difference between pension charge and cash contributions|46||,867|8,976|
|Movements in working capital:|||||
|Decrease/(increase) in debtors|31||,534|(14,296)|
|lncrease/(decrease) in creditors|20||,382|(10,938)|
|Decrease in provisions|(140||,834)|(25,000)|
|Cash generated from/(absorbed by) operations|284||,511|(74,970)|
|25Analysis of changes in net funds|||||
|The charitable company had no debt during the year.|||||