CHARITY REGISTRATION NUMBER: 1116568
The Le Roux Trust
Unaudited financial statements
For the year ended
31 March 2024
The Le Roux Trust
Financial statements
Year ended 31 March 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
The Le Roux Trust
Trustees' annual report
Year ended 31 March 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity'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 Ireland published in October 2019.
Reference and administrative details
Registered charity name The Le Roux Trust Charity registration number 1116568 Principal office Westwood Lodge Road Walberswick Southwold IP18 6UP England
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mr N Le Roux Mrs K Le Roux Miss S Le Roux Independent examiner Mr M Proctor FCA Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET
- 1 -
The Le Roux Trust
Trustees' annual report (continued)
Year ended 31 March 2024
Objectives and activities
i) To advance the education of young people and the general public by the award of bursaries and scholarships.
ii) The provision of grants to schools and universities.
iii) Support for public education and research in the field of the British Constitution, political science and the environment.
iv) Support for local charities in Suffolk.
Achievements and performance
During the year we received a gift of shares from a member of the Le Roux family worth over £150,000. This allowed us to expand our activities in line with our objectives, with a £45,000 research grant to The Constitution Society, and a donation of £15,000 to Dentaid, for the provision of mobile dental clinics in Suffolk. We supported a youth equestrian event at the Suffolk Show for a second year.
Financial review
During the year the Trust had net income of £102,395. (2023: net income of £192,052). At the year end, the Trust held unrestricted funds of £318,584. (2023: £216,189) and restricted funds of £Nil (2023: £Nil).
Reserves policy
At 31 March 2024 the Trust had £318,584 free reserves. The unrestricted fund current assets exceeded current liabilities by £318,584. (2023: £216,189). The Trustees will consider the level of free reserves when considering any applications for funding.
Plans for future periods
In the year ahead, we will continue our support for The Constitution Society and will make further grants to selected local charities in Suffolk. Additionally, we have agreed to support the refurbishment of student accommodation at St Catharine's College, Cambridge.
- 2 -
The Le Roux Trust
Trustees' annual report (continued)
Year ended 31 March 2024
Structure, governance and management
Governing document
The charity was established by a charitable trust deed on 21 September 2006 and was registered as a charity on 31 October 2006.
Recruitment and Appointment of Trustees
In selecting persons to be appointed as Trustees, account is taken of the benefits of appointing people whose qualifications, employment or knlowedge will make a contribtuion to the pursuit of the objects or the management of the charity.
Induction and Training of Trustees
On appointment, Trustees will be provided with a copy of the Trust Deed.
Risk assessment
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Independent examiner
Mr M Proctor FCA of Lovewell Blake LLP is willing to be appointed as independent examiner for the ensuing year.
The trustees' annual report was approved on 5 November 2024 and signed on behalf of the board of trustees by:
Mr N Le Roux Trustee
- 3 -
The Le Roux Trust
Independent examiner's report to the trustees of The Le Roux Trust
Year ended 31 March 2024
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
- 4 -
The Le Roux Trust
Independent examiner's report to the trustees of The Le Roux Trust (continued)
Year ended 31 March 2024
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.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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 since 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.
Mr M Proctor FCA Independent Examiner
Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET
7 November 2024
- 5 -
The Le Roux Trust
Statement of financial activities
Year ended 31 March 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 157,758 | 157,758 | 197,277 |
| Investment income | 5 | 8,318 | 8,318 | 1,180 |
|
|
|
||
| Total income | 166,076 | 166,076 | 198,457 | |
|
|
|
||
| Expenditure | ||||
| Charitable activities | 6 | 63,681 | 63,681 | 6,405 |
|
|
|
||
| Total expenditure | 63,681 | 63,681 | 6,405 | |
|
|
|
||
|
|
|
||
| Net income and net movement in funds | 102,395 | 102,395 | 192,052 | |
|
|
|
||
| Reconciliation of funds | ||||
| Total funds brought forward | 216,189 | 216,189 | 24,137 | |
|
|
|
||
| Total funds carried forward | 318,584 | 318,584 | 216,189 | |
|
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 12 form part of these financial statements.
- 6 -
The Le Roux Trust
Balance sheet
31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 319,694 | 217,189 | |||
| Creditors: Amounts falling due within | |||||
| one year | 12 | (1,110) | (1,000) | ||
|
|
||||
| Net current assets | 318,584 | 216,189 | |||
|
|
||||
| Total assets less current liabilities | 318,584 | 216,189 | |||
|
|
||||
| Net assets | 318,584 | 216,189 | |||
|
|
||||
| Funds of the charity | |||||
| Unrestricted funds | 318,584 | 216,189 | |||
|
|
||||
| Total charity funds | 13 | 318,584 |
216,189 |
These financial statements were approved by the board of trustees and authorised for issue on 5 November 2024, and are signed on behalf of the board by:
Mr N Le Roux Trustee
The notes on pages 8 to 12 form part of these financial statements.
- 7 -
The Le Roux Trust
Notes to the financial statements
Year ended 31 March 2024
1. General 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 Westwood, Lodge Road, Walberswick, Southwold, IP18 6UP, England.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.
(b) Going concern
The accounts have been prepared on the going concern basis and the Trust believes that no material uncertainties exist. The trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concern.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
(d) Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
investment income is included when receivable.
- 8 -
The Le Roux Trust
Notes to the financial statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
(e) 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 classified under headings of the statement of financial activities to which it relates:
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(f) Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
(g) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 157,758 | 157,758 | 197,277 | 197,277 | |
|
|
|
|
||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Interest receivable | 8,318 | 8,318 | 1,180 | 1,180 | |
|
|
|
|
- 9 -
The Le Roux Trust
Notes to the financial statements (continued)
Year ended 31 March 2024
6. Expenditure on charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Grants | 62,500 | 62,500 | 5,203 | 5,203 | |
| Governance costs | 1,160 | 1,160 | 1,200 | 1,200 | |
| Bank charges | 2 | 2 | 2 | 2 | |
| Foreign exchange differences | 19 | 19 | – | – | |
|
|
|
|
||
| 63,681 | 63,681 | 6,405 | 6,405 | ||
|
|
|
|
||
| Analysis of governance costs | |||||
| Unrestricted | Restricted | Total Funds | Total Funds | ||
| Funds | funds | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Independent examination fees | 1,160 | – | 1,160 | 1,200 | |
|
|
|
|
||
| 7. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Foreign exchange differences | 19 | – | |||
|
|
||||
| 8. | Independent examination fees | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,160 |
1,200 |
9. Staff costs
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
10. Trustee remuneration and expenses
None of the trustees (or any persons connected with them) received any remuneration during the year.
- 10 -
The Le Roux Trust
Notes to the financial statements (continued)
Year ended 31 March 2024
11. Investments
| Listed | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 April 2023 | – | ||
| Additions | 157,757 | ||
| Disposals | (157,757) | ||
|
|||
| At 31 March 2024 | – | ||
|
|||
| Impairment | |||
| At 1 April 2023 and 31 March 2024 | |||
| Carrying amount | |||
| At 31 March 2024 | – | ||
|
|||
| At 31 March 2023 | – | ||
|
|||
| All investments shown above are held at valuation. | |||
| 12. | Creditors: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals and deferred income | 1,110 | 1,000 | |
|
|
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | |||||||
| 31 March 202 | |||||||
| At | 1 | April 2023 | Income | Expenditure | 4 | ||
| £ | £ | £ | £ | ||||
| General funds | 216,189 | 166,076 | (63,681) | 318,584 | |||
|
|
|
|
||||
| At | |||||||
| At | 1 | April 2022 | Income | Expenditure | 31 March 2023 | ||
| £ | £ | £ | £ | ||||
| General funds | 24,137 | 198,457 | (6,405) | 216,189 | |||
|
|
|
|
- 11 -
The Le Roux Trust
Notes to the financial statements (continued)
Year ended 31 March 2024
14. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Current assets | 319,694 | 319,694 |
| Creditors less than 1 year | (1,110) | (1,110) |
|
|
|
| Net assets | 318,584 | 318,584 |
|
|
|
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Current assets | 217,189 | 217,189 |
| Creditors less than 1 year | (1,000) | (1,000) |
|
|
|
| Net assets | 216,189 | 216,189 |
|
|
15. Related parties
Mr N Le Roux is a trustee of The Le Roux Trust. During the year shares at a value of £157,757.85 were made as an unrestricted donation to the Trust from Mr N Le Roux.
- 12 -