2023-12-31-accounts - Lochlands Trust

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REGISTERED CHARITY NUMBER: 1116835

`REPORT OF THE TRUSTEES AND`

`UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023`

`FOR`

`LOCHLANDS TRUST`

Ashdown Hurrey
Chartered Accountant & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

LOCHLANDS TRUST

`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023`

		`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`
`Detailed Statement of Financial Activities`		`11`

LOCHLANDS TRUST

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023`

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2023. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and
Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

Thecharityhasbeencreatedtoprovidegrantfundingforworthycauses.Grantmakingpoliciesisprimarilydirectedto three
mainareas.Thesebeingculturemainlybutnotexclusivelylocalculture,medicalcharities,toincludethesupportof local
hospices and the environment.The trustees will consider grant application outside of these three main areas.

`Public benefit`

ThetrusteesrefertotheguidanceintheCharityCommission'sgeneralguidanceonPublicBenefitwhenreviewingthe aims
andobjectivesof,andinplanning,activities.Thetrusteesendorsethesekeyprinciplesofpublicbenefit,andreflectthem into
the aims and objectives of the activities they have set.

`ACHIEVEMENT AND PERFORMANCE`

`Review of the year`

Duringtheyearthecharityreceivedfundsof£62,741inrelationtoinvestmentincome.Attheyearend£2,838,612was held
in investments and £86,327 as cash at bank.

The trust made nineteen grants totalling £72,952 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 £2,923,140 (2022 - £2,601,181).

`Reserves policy`

Thetrusteeswishprimarilytomaintaintheinvestmentcapitalofthetrustanddistributetheincomegeneratedbyway of
grants to organisations whose objectives and aims meet with those of the charity.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

ThecharitywasregisteredinNovember2006andiscontrolledbyitsgoverningdocumentdated30thAugust2006,adeed 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`

`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 2023`

`REFERENCE AND ADMINISTRATIVE DETAILS`

Independent Examiner
Ashdown Hurrey
Chartered Accountant & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

Approved by order of the board of trustees on 8 August 2024 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`

IreporttothecharitytrusteesonmyexaminationoftheaccountsofLochlandsTrust(theTrust)fortheyear ended
31 December 2023.

`Responsibilities and basis of report`

AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').

IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145oftheActandincarryingout 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`

Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith 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.

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattentionshould be
drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr S R Sampson

Ashdown Hurrey
Chartered Accountant & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

8 August 2024

Page 3

LOCHLANDS TRUST

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023`

`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/(losses) on revaluation of fixed assets` `Net movement in funds` `RECONCILIATION OF FUNDS` `Total funds brought forward` `TOTAL FUNDS CARRIED FORWARD`	`31.12.23` `Unrestricted` `fund` `£` `62,740` `17,401` `72,952` `1,821` `92,174` `351,967` `322,533` `(575)` `321,958` `2,601,181` `2,923,139`	`31.12.22` `Total` `funds` `£` `52,245` `19,024` `64,500` `1,800` `85,324` `(258,155)` `(291,234)` `1,263` `(289,971)` `2,891,152` `2,601,181`

The notes form part of these financial statements

Page 4

LOCHLANDS TRUST

`BALANCE SHEET 31 DECEMBER 2023`

`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`	`31.12.23` `Unrestricted` `fund` `£` `2,838,612` `86,327` `(1,800)` `84,527` `2,923,139` `2,923,139` `2,923,139` `2,923,139`	`31.12.22` `Total` `funds` `£` `2,415,421` `191,411` `(5,651)` `185,760` `2,601,181` `2,601,181` `2,601,181` `2,601,181`

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon8August2024andwere 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 2023`

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCharitiesAct2011. The
financialstatementshavebeenpreparedunderthehistoricalcostconvention,withtheexceptionof investments
which are included at market value, as modified by the revaluation of certain assets.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthe charity
tothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandthe amount
oftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeen classified
underheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedto particular
headings they have been allocated to activities on a basis consistent with the use of resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasacommitment 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.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. 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.

Realisedgainsorlossesarisingonthedisposaloffixedassetsandinvestmentsarecreditedordebitedto the
Statement of Financial Activities, and subsequently transferred to the relevant fund.

Unrealisedgainsorlossesarisingontherevaluationofinvestmentstomarketvaluearecreditedordebitedto the
Statement of Financial Activities.

`2. INVESTMENT INCOME`

`INVESTMENT INCOME`
	`31.12.23`	`31.12.22`
	`£`	`£`
`Other fixed asset invest - FII`	`60,489`	`51,581`
`Deposit account interest`	`2,251`	`664`
	`62,740`	`52,245`

continued...

Page 6

LOCHLANDS TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023`

`3. RAISING FUNDS`

`Investment management costs`

`Investment management costs`
	`31.12.23`	`31.12.22`
	`£`	`£`
`Support costs`	`17,401`	`19,024`

`4. GRANTS PAYABLE`

Grants made during the year totalled £72,952, this total related to grants made to nineteen institutions.

`5. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2023norfortheyear ended
31 December 2022.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31December2023norfortheyear ended
31 December 2022.

`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/(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 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

continued...

Page 7

LOCHLANDS TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023`

`7. FIXED ASSET INVESTMENTS`

`MARKET VALUE` `At 1 January 2023` `Additions` `Disposals` `Revaluations` `At 31 December 2023` `NET BOOK VALUE` `At 31 December 2023` `At 31 December 2022` `Included in the above are investments held outside the UK with a value of £986,081.`	`Listed` `investments` `£` `2,415,421` `621,290` `(546,924)` `348,825` `2,838,612` `2,838,612` `2,415,421`

Cost or valuation at 31 December 2023 is represented by:

`Valuation in 2023` `Cost` `8.` `CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `31.12.23` `£` `Bank loans and overdrafts (see note 9)` `-` `Other creditors` `1,800` `1,800` `9.` `LOANS` `An analysis of the maturity of loans is given below:` `31.12.23` `£` `Amounts falling due within one year on demand:` `Bank overdrafts` `-`	`Listed` `investments` `£` `423,191` `2,415,421` `2,838,612` `31.12.22` `£` `3,851` `1,800` `5,651` `31.12.22` `£` `3,851`

continued...

Page 8

LOCHLANDS TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023`

`10. MOVEMENT IN FUNDS`

`At 1.1.23` `£` `Unrestricted funds` `General fund` `2,601,181` `TOTAL FUNDS` `2,601,181` `Net movement in funds, included in the above are as follows:` `Incoming` `Resources` `resources` `expended` `£` `£` `Unrestricted funds` `General fund` `62,740` `(92,174)` `TOTAL FUNDS` `62,740` `(92,174)` `Comparatives for movement in funds` `At 1.1.22` `£` `Unrestricted funds` `General fund` `2,891,152` `TOTAL FUNDS` `2,891,152` `Comparative 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)`	`Net` `movement` `in funds` `£` `321,958` `321,958` `Gains and` `losses` `£` `351,392` `351,392` `Net` `movement` `in funds` `£` `(289,971)` `(289,971)` `Gains and` `losses` `£` `(256,892)` `(256,892)`	`At` `31.12.23` `£` `2,923,139` `2,923,139` `Movement` `in funds` `£` `321,958` `321,958` `At` `31.12.22` `£` `2,601,181` `2,601,181` `Movement` `in funds` `£` `(289,971)` `(289,971)`

continued...

Page 9

LOCHLANDS TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023`

`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 1.1.22` `£` `2,891,152` `2,891,152`	`Net` `movement` `in funds` `£` `31,987` `31,987`	`At` `31.12.23` `£` `2,923,139`
			`2,923,139`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheaboveare as
follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `resources` `£` `114,985` `114,985`	`Resources` `expended` `£` `(177,498)` `(177,498)`	`Gains and` `Movement` `losses` `in funds` `£` `£` `94,500` `31,987` `94,500` `31,987`	`Gains and` `Movement` `losses` `in funds` `£` `£` `94,500` `31,987` `94,500` `31,987`
				`31,987`

`11. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 December 2023.

Page 10

LOCHLANDS TRUST

`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023`

`DETAILED STATEMENT OF FINANCIAL ACTIVITIES` `FOR THE YEAR ENDED 31 DECEMBER 2023`
	`31.12.23`	`31.12.22`
	`£`	`£`
`INCOME AND ENDOWMENTS`
`Investment income`
`Other fixed asset invest - FII`	`60,489`	`51,581`
`Deposit account interest`	`2,251`	`664`
	`62,740`	`52,245`
`Total incoming resources`	`62,740`	`52,245`
`EXPENDITURE`
`Charitable activities`
`Grants to institutions`	`72,952`	`64,500`
`Support costs`
`Finance`
`Bank charges`	`17,422`	`19,024`
`Governance costs`
`Accountancy`	`1,800`	`1,800`
`Total resources expended`	`92,174`	`85,324`
`Net expenditure before gains and losses`	`(29,434)`	`(33,079)`
`Realised recognised gains and losses`
`Realised gains/(losses) on fixed asset investments`	`3,142`	`91,934`
`Net (expenditure)/income`	`(26,292)`	`58,855`

This page does not form part of the statutory financial statements

Page 11