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← The Herd Lawson And Muriel Lawson Charitable Trust

2024-04-05-accounts

Charity registration number 1113220

THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees DrJ E Barker Mr W M Corin Mr P C Cookson Mr AM Hewitt Mr 1 M Jenkinson Charity number 1113220 Principal address Garburn 14 Church Street Ambleside Cumbria LA22 OBT

Trustees

Independent examiner Darren Little FCA Saint & Co Chartered Accountants The Old Police Station Church Street Ambleside Cumbria LA22 OBT Bankers Barclays Bank Plc 9 Highgate Kendal Cumbria LAS 4DA

CCLA Fund Managers PO Box 12892 Dunhow Essex CH6 9DL

Investment advisors

Walker Crips Stockbrokers Finsbury Tower 103-105 Bunhill Row London EC1Y 81Z

Property Managers Carter Jonas LLP Chartered Surveyors 52 Kirkland Kendal Cumbria LAS SAP

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

CONTENTS

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||||| |---|---|---|---| |Page| |Trustees’|report|1-4| |Independent examiner's|report|5| |Statement|of financial|activities|6| |Statement|of financial|position|7| |Notes to the|financial|statements|8-17|

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. THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "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 treland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Summarty of the objects set out in the governing document

All of the property and investments of the charity are held and have been acquired in accordance with the powers available to the trustees. The trustees hold the capital and income of the charity upon trust to apply such parts, and in such proportions, of the income and capital as they may in their own uncontrolled discretion determine: -

One half for: -

The Christian Workers Relief Fund (formerly the Homeworkers’ Fund) and for the benefit of needy elderly people, primarily those who are members of Evangelical or Christian Brethren Churches

One half for: -

World Wildlife Fund (W.W.F. - UK) and the British Red Cross Society (British Red Cross)

Charity's aims

The trustees aim to maintain an appropriate level of distributions to benefit charities within the prescribed list whilst, at the same time, doing their best to safeguard the value of the assets entrusted to them.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

ee

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

Achievements and performance

Significant activities and achievements against objectives

Distributions

During the financial year under review, the trustees made, in accordance with the objectives of the charity, distributions totalling £120,500, a detailed breakdown in shown in the notes to the financial statement.

investment property

All the trusts’ properties have been let throughout the year with a few, but limited, voids on changes in tenancy.

Repair works during the pandemic had been at a much reduced level. Following the lifting of all restrictions the level of repairs during the year had increased considerably and continued to be increased. Following the painting of Bridge Street, painting work had commenced on Central Buildings in late October. Due to adverse conditions in the Autumn the work was only partially completed and work to finalise the painting will recommence in the late Spring.

Given the age of the Trust’s properties the annual repairs are likely to continue to fluctuate significantly from year to year.

Portfolio investments

Despite geopolitical tensions in the Middle East and Far East most of the developed economies have demonstrated notable resilience which has resulted in recent solid performances.

US economy is still performing well and the UK appears to have turned a corner regarding inflation.

The Trusts Portfolio values have slightly increased whilst dividend payments have more than doubled for 2023/24.

The investment portfolio had performed well with a net gain of £43,028.

Summary of main difference that the charity's work has made for its beneficiaries during the year

Reports are received each year from each of the charities supported - these set out the activities undertaken by those charities with funds provided to them.

The two large international charities supported by HLMLT were affected by challenges such as warfare, pandemic, climate change etc and they were grateful for the help the Trust was able to give this year. The cost of living pressures caused serious funding problems for all charities and for individual recipients. The beneficiaries were grateful for the Trust’s continuing support.

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

Financial review

Annual performance review

During the year under review, the gross rental income from property investments was £231,195.

The total costs attributable to the freehold properties paid from unrestricted funds amounted to £162,268 of which £95,616 was for general repairs and maintenance, £26,135 was for insurance and £39,098 for rent collection and management of the properties.

Transfers to reserves of £50,000 for the cost of future painting of the properties and £12,000 for extraordinary repairs have been included in this year's financial statements.

investment portfolios review

All the Trust’s investments continue to be managed very well by Walker Crips following the changes reported last year. The portfolio is managed on a discretionary basis, medium risk, balanced return, with an annual client suitability review.

The Trustees noted the portfolio increased in value to £964,219 in the course of the year. This represents a net gain of £43,028 (2023: £79,169 net loss). The Trust has received dividends of £23,361 (2023: £11,324) during the year.

Reserves policy

1} The policy of the trustees is to maintain

The index linked figure of the cash reserve at 5th April 2024 is calculated at £108,755. The cash reserve at the year-end was £161,013, £52,258 in excess of the index linked figure.

The index linked figure for the portfolio of investments at 5th April 2024 is calculated at £1,069,790. The portfolio of investments at the year-end was £964,219, £105,571 Jess than the index linked figure.

2) The trustees shall consider making extra distributions when the value of investments is shown to be higher than this reserve after considering any surplus or deficit in the cash free unrestricted reserve. This shall only be considered if the reserves have been maintained for a period of 2 years.

3) The trustees have continued their policy of making transfers to the Extraordinary Repairs Reserve and to the Painting Reserve.

Principal financial management policies adopted

The trustees meet on a regular basis during the year and monitor the cash reserve and financial position of the charity. The trustees have enlisted professionals for key tasks such as the management of the properties and the investment portfolios.

Principal funding sources and how expenditure in the year under review has supported the key objectives of the charity The income in generated from the following sources:

e Dividend income from the investment portfolios

¢ Bank interest

Plans for future periods

The trustees will continue their work to realise the aims of the charity. In particular, following the recent review of all the trust's operations, they will work to try to ensure that the potential for increasing the Trust's net income and distribution levels is secured in the longer term.

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. THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Structure, governance and management

The Trust is a registered charity, number 1113220, formed by a trust deed dated 22nd February 2006. All assets of the Muriel Lawson 1983 Charitable Trust and assets of an equal value from the Henry Herd Charitable Trust were transferred to the charity in March 2006. The assets include freehold property in Bridge Street and Central Buildings in Ambleside and two portfolios of investments. In November 2014 the trustees transferred the freehold of all their properties to the Official Custodian for Charities.

The trustees who served during the year and up to the date of signature of the financial statements were:

Dr B Herd

{Retired 30 November 2023)

DrJ € Barker Mr W M Corin Mr P C Cookson Mr A M Hewitt Mr | M Jenkinson

Recruitment and appointment of trustees

When there is a need for new trustees the existing trustees look to select suitable candidates who, through past experience and qualification, would continue the policy of enabling a broad input to their decision making.

Organisational structure

The structure of the trust consists of a board of trustees supported by an administrator. Key tasks such as the management of the properties and the investment portfolios is undertaken by specialist professionals appointed by the trustees and reporting to them on a regular basis.

induction and training of trustees

New trustees are provided with information about and the opportunity to discuss any aspects of the trust's operations including its background, recent activities, current financial position and control documents. Trustees also have the opportunity for meetings with the property and investment managers and the accountants to the trust, as well as meetings and liaising with the other trustees. Background and development information from the Charity Commission is also provided.

Other matters

Risk management: The principal risk faced by the trust lies in the performance of the freehold investment property. The trustees have appointed Carter Jonas LLP, professional chartered surveyors, to manage the properties. The trustees have also considered the variability of the investment performance of the share portfolios. This is mitigated by retaining professional investment managers and having a diversified investment policy.

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The trus' portawyas approved by the Board of Trustees.
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Mr P CCo
Trustee
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27 June 2024 |

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

| report to the trustees on my examination of the financial statements of The Herd Lawson and Muriel Lawson Charitable Trust (the trust) for the year ended 5 April 2024.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

| report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b)} of the 2011 Act.

Independent examiner's statement

Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

aren Little FCA

int & Co Chartered Accountants he Old Police Station Church Street Ambleside

Cumbria

LA22 OBT

vated: hk,JUNE.—_— Lott.

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Incomefrom:
Donationsand legacies 3 1,000 1,000
Charitable activities 4 231,195 228,316
Investments 5 31,891 15,857
Totalincome 264,086 245,173
Expenditure on:
Charitable activities 6 303,965 271,901
Totalexpenditure 303,965 271,901
Netgains/(losses) on investments 12 43,028 837,570
Netincomeandmovement infunds 3,149 810,842
Reconciliation offunds:
Fund balances at6 April 2023 2,917,728 2,106,886
Fundbalancesat5April2024 2,920,877 2,917,728

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 5 APRIL 2024

2024 2023
Notes £ £ £ £
Fixed assets
Investment property 14 1,744,181 1,744,181
Investments 15 964,219 929,406
2,708,400 2,673,587
Current assets
Debtors 16 65,953 45,130
Cash at bank and in hand 161,013 211,705
226,966 256,835
Creditors:amounts fallingduewithin oneyear 17 (14,489) (12,694)
Net current assets 212,477 244,141
Total assets less current liabilities 2,920,877 2,917,728
Net assetsexcludingpension liability 2,920,877 2,917,728
Thefunds ofthe trust
Unrestricted funds 2,920,877 2,917,728
2,920,877 2,917,728

The financial statements were approved by the trustees on 27 June 2024

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Cooksog |S
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Trustee 7
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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 14 Church Street, Ambleside, Cumbria, LA22 OBT.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP “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 (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3. Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financiai statements.

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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. THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

The fotlowing specific policies are applied to particular categories of income:

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Charitable distributions are decided by trustees at a general meeting and payment is then made to the charitable institutions.

1.6 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/{expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition offinancial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

3 Income from donations and legacies

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|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2024|2023| |£|£| |Donations|and|gifts|1,000|1,000| |Donations|and gifts| |Chiltern|Charitable|Trust|1,000|1,000| |1,000|1,000|

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4 Income from charitable activities

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|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2024|2023| |£|£| |Property rental| |Charitable|rental|income|231,195|228,316| |5|Income from|investments| |Unrestricted|Unrestricted| |funds|funds| |2024|2023| |£|£| |Dividend|income|receivable|23,361|11,324| |interest|receivable|8,530|4,533| |31,891|15,857|

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

6 Expenditure on charitable activities

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||||||||| |---|---|---|---|---|---|---|---| |Property|Investment|Total|Property|tnvestment|Total| |rental|portfolio|rental|portfolio| |expenditure|expenditure|expenditure|expenditure| |2024|2024|2024|2023|2023|2023| |£|£|£|£|£|£| |Direct|costs| |General|repairs and| |maintenance|95,616|-|95,616|70,775|-|70,775| |Property|insurance|26,135|-|26,135|24,657|-|24,657| |Property management|fees|39,093|-|39,098|35,878|-|35,878| |Legal fees|1,419|-|1,419|1,248|-|1,248| |Portfolio|management|-|9,129|9,129|-|6,256|6,256| |162,268|9,129|171,397|132,558|6,256|138,814| |Grant funding|of activities| |(see|note 7)|120,500|-|120,500|120,500|-|120,500| |Share of support and governance|costs|(see|note|8)| |Support|10,148|-|10,148|10,667|-|10,667| |Governance|1,920|-|1,920|1,920|-|1,920| |294,836|9,129|303,965|265,645|6,256|271,901| |Analysis|by fund| |Unrestricted funds|294,836|9,129|303,965|265,645|6,256|271,901|

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7 Grants payable

THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

7 Grants payable
Property Property
rental rental
expenditure expenditure
2024 2023
£ £
Grants to institutions:
British RedCross 30,000 30,000
World Wide Fund for Nature 30,000 30,000
Christian Workers Relief Fund 21,600 22,800
Hospice atHomeWestCumbria 14,900 15,600
HospiceofStMaryofFurness 9,600 10,800
SpringMountChristian Fellowship 3,600 3,600
AmblesideWelfare Charity 3,600 3,600
SightAdviceSouth Lakes 2,400 2,400
SandhillsLaneChristian Brethren Church 1,200 1,200
ParrStreet, Evangelical Church 3,600 -
Cumbria Wildlife Trust - S00
120,500 120,500
8 Support costsallocated toactivities
Property rental Total
expenditure
2024 2023
£ £
Staffcosts §,532 5,504
Office heatand light 779 1,059
Insurance 1,327 1,590
Accountancyfees 1,254 1,378
Costofmeetings 228 58
Telephone 523 485
Other office costs 342 442
Stationery, postagesand ITsupport 163 151
Governance 1,920 1,920
12,068 12,587

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

8 Support costs allocated to activities

(Continued)

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||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |Governance|costs comprise:|£|£| |Audit fees|1,920|1,920| |1,920|1,920| |9|Net movement|in funds|2024|2023| |£|£| |The|net movement|in funds|is stated|after charging/(crediting):| |Fees|payable for the independent examination|of the|charity's|financial|statements|1,920|1,920| |Loss/{profit) on disposal|of investment|property|-|(419,111)|

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10 ~=Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

11 Employees

The average monthly number of employees during the year was:

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|||||| |---|---|---|---|---| |2024|2023| |Number|Number| |1|1| |Employment|costs|2024|2023| |£|£| |Wages|and|salaries|5,532|5,504|

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There were no employees whose annual remuneration was more than £60,000.

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

12. Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(Josses) arisingon: £ £
Revaluation ofinvestments 43,028 (79,169)
Revaluation ofinvestment properties - 497,628
Sale ofinvestment properties - 419,111
43,028 837,570

During the previous year a long term rental property was disposed of by the trustees, The £419,111 gain on sale relates to the trust receiving proceeds in excess of the valuation of the property held in the charity's balance sheet which are under a net rental basis. Before the long term rental property was disposed the trustees obtained an updated valuation of the properties held in the charity's balance sheet under the net rental basis. This led to an increase in the balance sheet value of £497,628 to £1,800,000 overall prior to the disposal.

13 —s Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 = investment property

investment propertyproperty
2024
£
Fairvalue
At6April2023and5April2024 1,744,181

The freehold property is treated as an investment property and is included at fair value.

The property in Central Buildings and Bridge Street, Ambleside was transferred on 05 April 2006 from The Henry Herd Charitable Trust and The Muriel Lawson 1983 Charitable Trust.

In the opinion of the trustees, assisted by information from Mr Oliver Bateman MRICS FAAV from Carter Jonas who is independent of the charitable trust, the value of the trust's freehold investment property at 06 April 2022 was £1,800,000 an increase on the previous valuation at 05 April 2018 which was £1,302,372. The basis of the valuation of the investment properties was a Net Rental Basis to get an open-market valuation, subject to the existing tenancies and leases. The £1,800,000 valuation is adjusted for the disposal of Rose Cottage which was included in the original valuation at £55,819 to leave £1,744,181.

At the end of the current financial year end, in the opinion of the trustees, the value is unchanged.

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

14 ss Investment property

(Continued)

Freehold

2024 2023
£ £
1,744,181 1,744,181

15 _—* Fixed asset investments

InvestmentCash in portfolio InvestmentCash in portfolio Total
portfolio
£ £ £
Cost orvaluation
At6April2023 529,406 400,000 929,406
Additions 321,361 - 321,361
Fairvaluemovements 43,028 - 43,028
Change incash heldon portfolio - (329,576) (329,576)
At5April 2024 893,795 70,424 964,219
Carryingamount
At05April 2024 893,795 70,424 964,219
At05April 2023 529,406 400,000 929,406
16 Debtors
2024 2023
Amountsfallingduewithinoneyear: £ £
Otherdebtors 59,049 38,384
Prepaymentsandaccrued income 6,904 6,746
65,953 45,130
17. ~—Creditors: amountsfallingduewithinoneyear
2024 2023
£ £
Trade creditors 3,299 1,600
Other creditors 7,883 7,555
Accruals and deferred income 3,307 3,539
14,489 12,694

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THE HERD LAWSON AND MURIEL LAWSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

18 Unrestricted funds

The unrestricted funds ofthecharitycomprisethe unexpended balances ofdonationsand The unrestricted funds ofthecharitycomprisethe unexpended balances ofdonationsand The unrestricted funds ofthecharitycomprisethe unexpended balances ofdonationsand The unrestricted funds ofthecharitycomprisethe unexpended balances ofdonationsand The unrestricted funds ofthecharitycomprisethe unexpended balances ofdonationsand grantswhich are notsubject
tospecificconditions bydonorsand grantorsastohowtheymay be used.These Theseinclude designated fundswhich have
been set asideoutofunrestricted funds bythe trusteesfor specific purposes.
At6April2023 Incoming Resources TransfersGains and losses At5 April2024
resources expended
£ £ £ £ £ £
Paintingreserve 32,434 - (67,616) 50,000 - 14,818
Extraordinary
repairs reserve 37,563 - (15,663) 12,000 - 33,900
General funds 2,847,731 264,086 (220,686) (62,000) 43,028 2,872,159
2,917,728 264,086 (303,965) - 43,028 2,920,877
Previousyear: At6April2022 Incoming Resources TransfersGainsand losses At 5April 2023
resources expended
£ £ £ £ £ £
Painting reserve 75,000 - (57,566) 15,000 - 32,434
Extraordinary
repairs reserve 25,563 - - 12,000 - 37,563
Generalfunds 2,006,323 245,173 (214,335} (27,000) 837,570 2,847,731
2,106,886 245,173 (271,901) - 837,570 2,917,728

The specific purposes for which funds are to be are applied are as follows:

General funds

Funds are to there to be available to provide a productive return over time in support of the trust's aims.

Designated fund - painting reserve

Funds are reserved each year so that resources are available to meet the cost of painting the trusts properties which is undertaken every 6 years.

Designated fund - extraordinary repairs reserve

Funds are reserved each year so that sufficient resources are available to meet the costs of extraordinary repairs arising on the trust's properties.

19 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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