Charity number: 1113796
THE LIMBOURNE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE LIMBOURNE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 18 |
THE LIMBOURNE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023
Trustees
Elisabeth Anne Thistlethwayte Katharine Thistlethwayte Andrew Nathaniel Eastaugh Penelope Chloe Heath
Charity registered number
1113796
Principal office
Downs Farm Homersfield Harleston Norfolk IP20 0NS
Accountants
Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE
Investment Managers
Barratt & Cooke Limited 5 Opie Street Norwich NR1 3DW
Page 1
THE LIMBOURNE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their annual report together with the financial statements of the Charity for the 6 April 2022 to 5 April 2023. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Objectives and activities
a. Policies and objectives
The charity has wide charitable objects, which encompass the benefit of communities throughout the world, and in particular the advancement of education, the protection of health, and the relief of poverty, distress and sickness.
The charity will also seek to challenge all forms of oppression and inequality, and will prioritise funding for groups who assist people who are unable to take a full role in society due to economic, political and social disadvantage.
The charity will seek to achieve these objectives by providing grant funding for other charities working in the following fields:
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Community Projects to assist those at disadvantage or facing barriers.
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Protection and conservation of the environment.
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Promote the public education in and appreciation of literature, music, drama, and dance.
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Research into renewable energy sources.
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Development of organic farming methods.
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Development of environmentally sustainable projects.
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Other charitable purposes as the trustees from time to time may decide upon.
The trustees have absolute discretion as to the application (for charitable purposes) of the capital and income of the trust fund. The trustees will seek to identify those projects where the greatest and widest benefit can be attained, and usually will only consider written applications and, where necessary, make further enquiries.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
THE LIMBOURNE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Objectives and activities (continued)
b. Activities undertaken to achieve objectives
The trustees have supported a wide range of charitable causes during the year as authorised by the trust deed.
The major donations in year ended 5 April 2023 were:
Farms for City Children £11,500 Cirdan Sailing Trust £10,000 Suffolk Refugee £30,000 (multi-year grant) Ellen MacArthur Cancer Trust £11,000 Cambridge Junction £24,000 (multi-year grant)
The trustees are able to assess how far they are meeting their charitable objectives and to monitor the progress of grant recipients mainly by means of direct contact with the grant recipients, as follows:
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grant recipients provide unsolicited, regular reports or newsletters of their progress, of the activities which the grant has made possible as well as the specific and public benefit arising from their activity.
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where grants are made in installments (usually annual) the trustees require detailed progress reports to assess the ongoing quality of provision before further installments are paid.
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trustees may maintain a benign or active interest in grant recipients, e.g. they attend performances by arts organisations which have benefited from grants or attend AGMs and visit projects supported by The Limbourne Trust.
By these means, the trustees can regularly monitor the benefits and effectiveness of their grant—making decisions.
c. Grant-making policies
Since its formation in 2006 the charity has given grants year on year concentrating on charities and appeals where the trustees believe the greatest benefit can be obtained from a relatively modest donation. Many recipients are dependent on donations from several sources and so it is often difficult to tangibly assess the effectiveness of the charity‘s contribution. However, the trustees believe that their contribution has made a difference in each case.
Page 3
THE LIMBOURNE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Achievements and performance
a. Review of activities
The total incoming resources were £112,939 (2022: £109,720).
Charitable grants made during the year were £155,970 (2022: £112,715). The trustees expect this level to increase as the charity becomes more established and is able to expand its role. However, for the foreseeable future, the trustees recognise that the global economic situation may result in a drop in the annual income available for charitable grants.
b. Investment policy and performance
The charity was formed with an initial donation of £2,500,000. This, together with some subsequent donations has been invested into the stock markets.
On 14th March 2016 a donation of £360,000 was made to the Limbourne Trust from one of the founder trustees, Elisabeth Thistlethwayte. This sum has been invested into the stock market and the income will be used to make charitable grants.
The trustees' policy is to invest predominantly for capital preservation and growth subject to maintaining a sufficient level of net income to meet anticipated annual donations. The capital preservation and growth objective necessitates exposure to equity markets.
It is the trustees' policy to have a balanced and diverse portfolio, with an ethical basis. It is the trustees' preference to invest in companies with a good record of social responsibility. The trustees will not invest in certain sectors such as arms manufacture, tobacco or nuclear industries.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The financial statements to 5 April 2023 record an unrestricted income fund of £16,021.
The Trustees have adopted a reserves policy which seeks to maintain sufficient funds to cover all outstanding grant commitments and the annual administration costs, whilst also covering costs should it be necessary to wind up the charity. Funds in excess of these requirements are available for the charity to expend on suitable good causes. The trustees continue to seek suitable charitable projects where grant funds will provide significant benefit.
Page 4
THE LIMBOURNE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
c. Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year. The ways in which the charity meets the public benefit requirement are set out above.
Structure, governance and management
a. Constitution
The Limbourne Trust is a registered charity, number 1113796, and is constituted under a Trust deed.
There have been no changes in the objectives since the last annual report.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The Charity was constituted as a trust by a declaration of trust, dated 11 March 2006, executed by the four original trustees and was registered as a charity on 19 April 2006. The trustees directly administer the charity jointly through regular meetings, but day to day administration has been devolved principally to the first named trustee. There must be a minimum of three trustees, and the current trustees have the power to appoint further trustees by passing a resolution at a special meeting. All trustees are appointed for a period of five years and are eligible for subsequent re-election. Andrew Eastaugh was re-elected for a term of five years at a special meeting on 9 October 2017.
The deed specifies minimum criteria for eligibility as a trustee and also provides powers for removal of a trustee from office in certain circumstances.
The trustees have appointed investment advisors to act for them in managing the investment portfolio. The trustees rely on this professional expertise in the day to day running of the portfolio, but regularly review the decisions taken to ensure these comply with the investment objectives.
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Given the uncertainties arising from the global Covid pandemic, Brexit and the war in Eastern Europe the trustees resolve to hold special meetings, when deemed necessary, to reassess how best to support charities currently funded by the Limbourne Trust.
Plans for future periods
The trustees' aims in the 2023/24 financial year will follow and hopefully expand on those achievements for the previous year.
Page 5
THE UMBOURNE TRUST TRUSTEES. REPORT {COPUINUED} FOR THE YEAR ENOED 5 APRIL 2023 Stat•mont of Trust. rMpon8lbllltl•8 The Truste88 8re responsible lof prepafFng the Twslees. Tel aTrJ Ihe financial statements in accordance voth applicable and United Kiwlom Accounting Stsndards (United 'ng(h)rn Generally Accepted Accounting ptICe). The law aFplicable lo charities in EThJland & Wales requires th8 Twstee5 to prepare finanaal ststements for each financial vthich give a true and fair vitrw of the slate of affairs of th8 Charity ar of its irttning re50urc85 and application of resources. indLKling its inc(xne and expendiluie. for that period. In preparing these financial statements, the Truslees are required to.. Select suitable accounting policies and Ihen apply them consslenuy., observe Ihe methcrfls a1 principles of the chankn.es SORP IFRS 102}," make judjmenls and accounting estimales that are reasonat4e arrtj prudent stste vthelher applicable UK h£counting Slandards IFRS 102) have been folkyhpd. suLy'ecl to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concem bass unless it is inaFvropnate to presume that the Charity will continue in bu$6nes The Trustees are responsie lor kew'ng •Jequate Kcounting reeofds that sufficient to shw and explain th¢ Charity's transactions and disclose with reaxjnable 8ecuracy al any lime the financial powlion of the Charity and enablg them lo ensure Ihal the financial stalèmenls comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of Ihe Trust deed They are also r6spon5ible for safeguarding the assets of the Charity arvj herKe for tth'ng reasonable steps for th8 prevgnlion and detection of fraud and other irre9ularilies. Approved by order of the members of the board ol Trustees and signed on their behalf by.. Jtsajl 18abo (Trusleel Date. 14 October 2023 nn• Thlstl thw Page 6
THE LIMBOURNE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023
Independent examiner's report to the Trustees of The Limbourne Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I 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 accounts to be reached.
Signed:
Dated: 6 November 2023
Julie Grimmer FCA DChA
Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE
Page 7
THE LIMBOURNE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Charitable activities Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net (expenditure)/income Transfers between funds 11 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2023 £ - - - - - (288,611) (288,611) (28,297) (316,908) 4,662,003 (316,908) 4,345,095 |
Unrestricted funds 2023 £ 112,939 112,939 160,133 160,133 (47,194) - (47,194) 28,297 (18,897) 34,918 (18,897) 16,021 |
Total funds 2023 £ 112,939 112,939 160,133 160,133 (47,194) (288,611) (335,805) - (335,805) 4,696,921 (335,805) 4,361,116 |
Total funds 2022 £ 109,720 109,720 116,618 116,618 (6,898) 428,865 421,967 - 421,967 4,274,954 421,967 4,696,921 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 18 form part of these financial statements.
Page 8
THE UM80URNE TRUST BALANCE SHEEr AS AT 5 APRIL 2023 2023 2022 FIX a•uts Investrnenls 4.242.315 4.600,932 4,242,315 4.600,932 Currnnt a880ts Debtor$ Cash at bank and in hand 2.927 156.940 2,402 99,647 1S9,887 102,049 Creditors.. amounts falling due wilhin or year 133,066} (6.060) Nol curront •M•ts 126,801 95,989 Credrtors. amounts falling due after more than one year 10 18.000 N•t 4880ts excludlng pfjnslon a•••t 4.301.116 4, 696,921 Total n•t •Mots 4,361,118 4, 696,921 Charfty lund• En(kwrtnent furbds Unrestricted funds 11 11 4.345,095 16.021 4,662,003 34,918 Total fund• 4,361,116 4.696,921 The financlal statements were approved and athrSed f¢y iswe by tho Trustees and signed on th8iT behalf by.. Ellsabeth ITruslee} Date.. 14 October 2023 e Thlst The rte$ on pages 10 to 18 form part of the* financial statements. Page 9
THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Limbourne Trust meets the definition of a public benefit entity under FRS 102.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
All expenditure is inclusive of irrecoverable VAT.
Page 10
THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. Accounting policies (continued)
1.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.6 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.
1.7 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.
1.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
The endowment fund is an expendable endowment fund representing the original capital provided by the settlor, which has been invested in an investment portfolio with Barratt and Cooke.
Page 11
THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
2. Investment income
| Unrestricted funds 2023 £ Investment income - listed investments 112,859 Investment income - interest 80 112,939 Total 2022 109,720 |
Total funds 2023 £ 112,859 80 112,939 109,720 |
Total funds 2022 £ 109,720 - |
|---|---|---|
| 109,720 | ||
3. Analysis of grants
| Grants to Institutions Total 2022 |
Grants to Institutions 2023 £ 155,970 112,715 |
Total funds 2023 £ 155,970 112,715 |
Total funds 2022 £ 112,715 |
|---|---|---|---|
In the prior year ended 5 April 2022, all grants were made to institutions.
Page 12
THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
3. Analysis of grants (continued)
The Charity has made the following material grants to institutions during the year:
| Name of institution Special Needs Enterprises Suffolk Refugee Support Nancy Oldfield Trust Hebron Trust Centre 81 Wonderful Beast BEFA Surfers Against Sewage Stepping Stones Rural Coffee Caravan Young People Taking Action The Cirden Sailing Trust Ellen MacArthur Cancer Trust Kinda Education Open Road Cambridge Junction Good Chance Farms for City Children Sydenham Garden Hour Community Other grants to institutions |
2023 £ 10,000 30,000 5,000 5,000 - - 8,000 - - - 8,000 10,000 11,000 - - 24,000 6,000 11,500 5,000 6,000 139,500 16,470 |
2022 £ - 15,000 - - 8,000 8,000 8,000 8,000 10,000 15,000 - - 10,515 5,000 5,000 - - 13,200 - - |
|---|---|---|
| 105,715 7,000 |
Page 13
THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
4. Analysis of expenditure by activities
| Grant making activity Foreign exchange loss Total 2022 |
Grants to institutions (note 3) 2023 £ 155,970 - 155,970 112,715 |
Governance costs 2023 £ 4,039 124 4,163 3,903 |
Total funds 2023 £ 160,009 124 160,133 116,618 |
Total funds 2022 £ 116,444 174 |
|---|---|---|---|---|
| 116,618 | ||||
No staff costs or depreciation were contained within expenditure for the year end 5 April 2023 or 2022.
5. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,366 (2022 - £3,060) , and other fees of £85 ( 2022 - £81 ).
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL) .
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THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
7. Fixed asset investments
| Cost or valuation At 6 April 2022 Additions Disposals Revaluations At 5 April 2023 Net book value At 5 April 2023 At 5 April 2022 The historical cost of fixed asset investments at 5 April 2023 is £3,327,215. |
Listed investments £ 4,600,932 555,453 (625,459) (288,611) |
|---|---|
| 4,242,315 | |
| 4,242,315 | |
| 4,600,932 | |
8. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Accrued income | 2,927 | 2,402 |
Accrued income is in respect of dividends declared and payable before the year end which had not cleared the stockbroker accounts.
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THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
9. Creditors: Amounts falling due within one year
| Committed grants Accruals and deferred income |
2023 £ 29,700 3,366 33,066 |
2022 £ 3,000 3,060 |
|---|---|---|
| 6,060 |
10. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Committed grants | 8,000 | - |
Page 16
THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
11. Statement of funds
Statement of funds - current year
| Balance at 6 April 2022 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 5 April 2023 £ Unrestricted funds General Funds 34,918 112,939 (160,133) 28,297 - 16,021 Endowment funds Endowment Fund 4,662,003 - - (28,297) (288,611) 4,345,095 Total of funds 4,696,921 112,939 (160,133) - (288,611) 4,361,116 The charity's expendable endowment fund is held as listed investments and associated stock broke cash balances. The transfer has been applied from expendable endowment funds to unrestricted fund to accurately reflect that position. Statement of funds - prior year Balance at 1 April 2021 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 5 April 2022 £ Unrestricted funds General Funds 14,325 109,720 (116,618) 27,491 - 34,918 Endowment funds Endowment Fund 4,260,629 - - (27,491) 428,865 4,662,003 Total of funds 4,274,954 109,720 (116,618) - 428,865 4,696,921 |
Balance at 6 April 2022 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 5 April 2023 £ Unrestricted funds General Funds 34,918 112,939 (160,133) 28,297 - 16,021 Endowment funds Endowment Fund 4,662,003 - - (28,297) (288,611) 4,345,095 Total of funds 4,696,921 112,939 (160,133) - (288,611) 4,361,116 The charity's expendable endowment fund is held as listed investments and associated stock broke cash balances. The transfer has been applied from expendable endowment funds to unrestricted fund to accurately reflect that position. Statement of funds - prior year Balance at 1 April 2021 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 5 April 2022 £ Unrestricted funds General Funds 14,325 109,720 (116,618) 27,491 - 34,918 Endowment funds Endowment Fund 4,260,629 - - (27,491) 428,865 4,662,003 Total of funds 4,274,954 109,720 (116,618) - 428,865 4,696,921 |
Balance at 6 April 2022 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 5 April 2023 £ Unrestricted funds General Funds 34,918 112,939 (160,133) 28,297 - 16,021 Endowment funds Endowment Fund 4,662,003 - - (28,297) (288,611) 4,345,095 Total of funds 4,696,921 112,939 (160,133) - (288,611) 4,361,116 The charity's expendable endowment fund is held as listed investments and associated stock broke cash balances. The transfer has been applied from expendable endowment funds to unrestricted fund to accurately reflect that position. Statement of funds - prior year Balance at 1 April 2021 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 5 April 2022 £ Unrestricted funds General Funds 14,325 109,720 (116,618) 27,491 - 34,918 Endowment funds Endowment Fund 4,260,629 - - (27,491) 428,865 4,662,003 Total of funds 4,274,954 109,720 (116,618) - 428,865 4,696,921 |
|---|---|---|
| Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds |
Balance at 1 April 2021 £ 14,325 4,260,629 4,274,954 |
|
| 4,662,003 | ||
| 4,696,921 |
The charity's expendable endowment fund is held as listed investments and associated stock broker cash balances. The transfer has been applied from expendable endowment funds to unrestricted funds to accurately reflect that position.
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THE LIMBOURNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Endowment funds 2023 Unrestricted funds 2023 £ £ 4,242,315 - 102,780 57,087 - (33,066) - (8,000) 4,345,095 16,021 |
Total funds 2023 £ 4,242,315 159,867 (33,066) (8,000) 4,361,116 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2022 £ 4,600,932 61,071 - 4,662,003 |
Unrestricted funds 2022 £ - 40,978 (6,060) 34,918 |
Total funds 2022 £ 4,600,932 102,049 (6,060) 4,696,921 |
|---|---|---|---|
13. Related party transactions
There have been no transactions with related parties in the year (2022: None).
Page 18