**REGISTERED CHARITY NUMBER: 1116835** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **FOR** ## **LOCHLANDS TRUST** Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 1BP **LOCHLANDS TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|10| **LOCHLANDS TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The charity has been created to provide grant funding for worthy causes. Grant making policies is primarily directed to three main areas. These being culture mainly but not exclusively local culture, medical charities, to include the support of local hospices and the environment.The trustees will consider grant application outside of these three main areas. ## **Public benefit** The trustees refer to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the aims and objectives of, and in planning, activities. The trustees endorse these key principles of public benefit, and reflect them into the aims and objectives of the activities they have set. ## **ACHIEVEMENT AND PERFORMANCE Review of the year** During the year the charity received funds of £54,035 in relation to investment income. At the year end £2,821,334 was held in investments and £78,722 as cash at bank. The trust made twenty two grants totalling £73,700 in accordance with its aims and objectives to further its public benefit. ## **FINANCIAL REVIEW** ## **Financial position** The reserves held at the balance sheet date are:- Unrestricted funds £2,891,152 (2020 - £2,876,080). ## **Reserves policy** The trustees wish primarily to maintain the investment capital of the trust and distribute the income generated by way of grants to organisations whose objectives and aims meet with those of the charity. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity was registered in November 2006 and is controlled by its governing document dated 30th August 2006, a deed of trust and constitutes an unincorporated charity. ## **Recruitment and appointment of new trustees** Trustees are recruited and appointed by the existing trustees of the charity when required. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1116835 ## **Principal address** Trewyck Woods Green Wadhurst East Sussex TN5 6QS ## **Trustees** I Adam-Smith S E G Adam-Smith T Adam-Smith B Adam-Smith Page 1 **LOCHLANDS TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Independent Examiner** Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 1BP Approved by order of the board of trustees on 12 August 2022 and signed on its behalf by: I Adam-Smith - Trustee Page 2 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LOCHLANDS TRUST** ## **Independent examiner's report to the trustees of Lochlands Trust** I report to the charity trustees on my examination of the accounts of Lochlands Trust (the Trust) for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. Mr S R Sampson BFP FCA FCIE DChA Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 1BP 16 August 2022 Page 3 **LOCHLANDS TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
General donations
Other
**Total**
Net gains on investments
**NET INCOME**
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|31.12.21
Unrestricted
fund
£
54,035
19,610
73,700
1,800
95,110
56,087
15,012
60
15,072
2,876,080
2,891,152|31.12.20
Total
funds
£
53,941
18,483
77,500
1,800
97,783
509,926
466,084
(4,680)
461,404
2,414,676
2,876,080| |---|---|---| The notes form part of these financial statements Page 4 **LOCHLANDS TRUST** ## **BALANCE SHEET 31 DECEMBER 2021** |Notes
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
**TOTAL FUNDS**|31.12.21
Unrestricted
fund
£
2,821,334
78,722
(8,904)
69,818
2,891,152
2,891,152
2,891,152
2,891,152|31.12.20
Total
funds
£
2,795,468
92,957
(12,345)
80,612
2,876,080
2,876,080
2,876,080
2,876,080| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 12 August 2022 and were signed on its behalf by: I Adam-Smith - Trustee The notes form part of these financial statements Page 5 **LOCHLANDS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Investments** Quoted investments are shown at their market value. Realised gains or losses arising on the disposal of fixed assets and investments are credited or debited to the Statement of Financial Activities, and subsequently transferred to the relevant fund. Unrealised gains or losses arising on the revaluation of investments to market value are credited or debited to the Statement of Financial Activities. ## **2.** |**INVESTMENT INCOME**||| |---|---|---| ||31.12.21|31.12.20| ||£|£| |Other fixed asset invest - FII|54,035|53,797| |Deposit account interest|-|144| ||54,035|53,941| continued... Page 6 **LOCHLANDS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **3. RAISING FUNDS** ## **Investment management costs** |**Investment management costs**||| |---|---|---| ||31.12.21|31.12.20| ||£|£| |Support costs|19,610|18,483| ## **4. GRANTS PAYABLE** Grants made during the year totalled £73,700, this total related to grants made to twenty-four institutions. ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020. ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
**Charitable activities**
General donations
Other
**Total**
Net gains on investments
**NET INCOME**
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
53,941
18,483
77,500
1,800
97,783
509,926
466,084
(4,680)
461,404
2,414,676
2,876,080| |---|---| continued... Page 7 **LOCHLANDS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **7. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Listed
investments
£
2,795,468
278,409
(231,458)
(21,085)
2,821,334
2,821,334
2,795,468| |---|---| Included in the above are investments held outside the UK with a value of £986,081. Cost or valuation at 31 December 2021 is represented by: |Valuation in 2021
Cost
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.12.21
£
Bank loans and overdrafts (see note 9)
7,105
Trade creditors
(1)
Other creditors
1,800
8,904
**9.**
**LOANS**
An analysis of the maturity of loans is given below:
31.12.21
£
Amounts falling due within one year on demand:
Bank overdrafts
7,105|Listed
investments
£
25,866
2,795,468
2,821,334
31.12.20
£
10,544
1
1,800
12,345
31.12.20
£
10,544| |---|---| continued... Page 8 **LOCHLANDS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **10. MOVEMENT IN FUNDS** |**MOVEMENT IN FUNDS**||||| |---|---|---|---|---| ||||Net|| ||||movement|At| |||At 1.1.21|in funds|31.12.21| |||£|£|£| |**Unrestricted funds**||||| |General fund||2,876,080|15,072|2,891,152| |**TOTAL FUNDS**||2,876,080|15,072|2,891,152| |Net movement in funds, included in the above are as follows:||||| ||Incoming|Resources|Gains and|Movement| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|54,035|(95,110)|56,147|15,072| |**TOTAL FUNDS**|54,035|(95,110)|56,147|15,072| |**Comparatives for movement in funds**||||| ||||Net|| ||||movement|At| |||At 1.1.20|in funds|31.12.20| |||£|£|£| |**Unrestricted funds**||||| |General fund||2,414,676|461,404|2,876,080| |**TOTAL FUNDS**||2,414,676|461,404|2,876,080| |Comparative net movement in funds, included in the above are as follows:||||| ||Incoming|Resources|Gains and|Movement| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|53,941|(97,783)|505,246|461,404| |**TOTAL FUNDS**|53,941|(97,783)|505,246|461,404| continued... Page 9 **LOCHLANDS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **10. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.1.20|in funds|31.12.21| ||£|£|£| |**Unrestricted funds**|||| |General fund|2,414,676|476,476|2,891,152| |**TOTAL FUNDS**|2,414,676|476,476|2,891,152| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|107,976|(192,893)|561,393|476,476| |**TOTAL FUNDS**|107,976|(192,893)|561,393|476,476| ## **11. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2021. Page 10