``` 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`** ``` 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 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 ```