REGISTERED CHARITY NUMBER: 1116835
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
| 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 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 £52,245 in relation to investment income. At the year end £2,415,421 was held in investments and £191,411 as cash at bank.
The trust made eighteen grants totalling £64,500 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 £2,601,181 (2021 - £2,891,152).
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 2022
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 16 August 2023 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 2022.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 1BP
16 August 2023
Page 3
LOCHLANDS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities General donations Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.22 Unrestricted fund £ 52,245 19,024 64,500 1,800 85,324 (258,155) (291,234) 1,263 (289,971) 2,891,152 2,601,181 |
31.12.21 Total funds £ 54,035 19,610 73,700 1,800 95,110 56,087 15,012 60 15,072 2,876,080 2,891,152 |
|---|---|---|
The notes form part of these financial statements
Page 4
LOCHLANDS TRUST
BALANCE SHEET 31 DECEMBER 2022
| 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 |
31.12.22 Unrestricted fund £ 2,415,421 191,411 (5,651) 185,760 2,601,181 2,601,181 2,601,181 2,601,181 |
31.12.21 Total funds £ 2,821,334 78,722 (8,904) 69,818 2,891,152 2,891,152 2,891,152 2,891,152 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 16 August 2023 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 2022
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
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Other fixed asset invest - FII | 51,581 | 54,035 |
| Deposit account interest | 664 | - |
| 52,245 | 54,035 |
continued...
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LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Support costs | 19,024 | 19,610 |
4. GRANTS PAYABLE
Grants made during the year totalled £64,500, 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 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
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 on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
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 |
|---|---|
continued...
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LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 Included in the above are investments held outside the UK with a value of £986,081. Cost or valuation at 31 December 2022 is represented by: Valuation in 2022 Cost 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.22 £ Bank loans and overdrafts (see note 9) 3,851 Trade creditors - Other creditors 1,800 5,651 9. LOANS An analysis of the maturity of loans is given below: 31.12.22 £ Amounts falling due within one year on demand: Bank overdrafts 3,851 |
Listed investments £ 2,821,334 340,974 (396,798) (350,089) 2,415,421 2,415,421 2,821,334 Listed investments £ (405,913) 2,821,334 2,415,421 31.12.21 £ 7,105 (1) 1,800 8,904 31.12.21 £ 7,105 |
|---|---|
continued...
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LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. MOVEMENT IN FUNDS
| At 1.1.22 £ Unrestricted funds General fund 2,891,152 TOTAL FUNDS 2,891,152 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 52,245 (85,324) TOTAL FUNDS 52,245 (85,324) Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 2,876,080 TOTAL FUNDS 2,876,080 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 54,035 (95,110) TOTAL FUNDS 54,035 (95,110) |
Net movement in funds £ (289,971) (289,971) Gains and losses £ (256,892) (256,892) Net movement in funds £ 15,072 15,072 Gains and losses £ 56,147 56,147 |
At 31.12.22 £ 2,601,181 2,601,181 Movement in funds £ (289,971) (289,971) At 31.12.21 £ 2,891,152 2,891,152 Movement in funds £ 15,072 15,072 |
|---|---|---|
continued...
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LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.21 £ 2,876,080 2,876,080 |
Net movement in funds £ (274,899) (274,899) |
At 31.12.22 £ 2,601,181 2,601,181 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 106,280 106,280 |
Resources expended £ (180,434) (180,434) |
Gains and Movement losses in funds £ £ (200,745) (274,899) (200,745) (274,899) |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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