REGISTERED CHARITY NUMBER: 1116835
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
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Report of the Trustees |
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Independent Examiner's Report |
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Statement of Financial Activities |
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Balance Sheet |
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Notes to the Financial Statements |
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LOCHLANDS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2024. 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£69,494inrelationtoinvestmentincome.Attheyearend£2,523,426was held
in investments and £80,286 as cash at bank.
The trust made seventeen grants totalling £80,800 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 £2,601,792 (2023 - £2,923,139).
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 2024
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 31 July 2025 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 2024.
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 Rosling FCCA
Ashdown Hurrey
Chartered Accountant & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP
1 August 2025
Page 3
LOCHLANDS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
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 |
31.12.24
Unrestricted
fund
£
69,494
18,467
80,800
2,039
101,306
(289,436)
(321,248)
11
(321,237)
2,923,029
2,601,792 |
31.12.23
Total
funds
£
62,740
17,401
72,952
1,821
92,174
351,967
322,533
(575)
321,958
2,601,181
2,923,139 |
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The notes form part of these financial statements
Page 4
LOCHLANDS TRUST
BALANCE SHEET 31 DECEMBER 2024
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
9
Unrestricted funds
TOTAL FUNDS |
31.12.24
Unrestricted
fund
£
2,523,426
80,286
(1,920)
78,366
2,601,792
2,601,792
2,601,792
2,601,792 |
31.12.23
Total
funds
£
2,838,612
86,327
(1,800)
84,527
2,923,139
2,923,139
2,923,139
2,923,139 |
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ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon31July2025andwere 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 2024
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 |
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31.12.24 |
31.12.23 |
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£ |
£ |
Other fixed asset invest - FII |
67,754 |
60,489 |
Deposit account interest |
1,740 |
2,251 |
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69,494 |
62,740 |
continued...
Page 6
LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
3. RAISING FUNDS
Investment management costs
Investment management costs |
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31.12.24 |
31.12.23 |
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£ |
£ |
Support costs |
18,467 |
17,401 |
4. GRANTS PAYABLE
Grants made during the year totalled £80,800, this total related to grants made to seventeen institutions.
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2024norfortheyear ended
31 December 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2024norfortheyear ended
31 December 2023.
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
£
62,740
17,401
72,952
1,821
92,174
351,967
322,533
(575)
321,958
2,601,181
2,923,139 |
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continued...
Page 7
LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
7. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023 |
Listed
investments
£
2,838,612
170,744
(187,208)
(298,722)
2,523,426
2,523,426
2,838,612 |
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Included in the above are investments held outside the UK with a value of £986,081.
Cost or valuation at 31 December 2024 is represented by:
Valuation in 2024
Cost |
Listed
investments
£
(315,186)
2,838,612
2,523,426 |
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8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
9.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
69,494
TOTAL FUNDS
69,494 |
At 1.1.24
£
2,923,029
2,923,029
Resources
expended
£
(101,306)
(101,306) |
31.12.24
£
1,920
Net
movement
in funds
£
(321,237)
(321,237)
Gains and
losses
£
(289,425)
(289,425) |
31.12.23
£
1,800
At
31.12.24
£
2,601,792
2,601,792
Movement
in funds
£
(321,237)
(321,237) |
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continued...
Page 8
LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.23
£
2,601,181
2,601,181 |
Net
movement
in funds
£
321,958
321,958 |
At
31.12.23
£
2,923,139 |
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2,923,139 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
62,740
62,740 |
Resources
expended
£
(92,174)
(92,174) |
Gains and
Movement
losses
in funds
£
£
351,392
321,958
351,392
321,958 |
Gains and
Movement
losses
in funds
£
£
351,392
321,958
351,392
321,958 |
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321,958 |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.23
£
2,601,181
2,601,181 |
Net
movement
in funds
£
721
721 |
At
31.12.24
£
2,601,902 |
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2,601,902 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheaboveare as
follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
132,234
132,234 |
Resources
expended
£
(193,480)
(193,480) |
Gains and
Movement
losses
in funds
£
£
61,967
721
61,967
721 |
Gains and
Movement
losses
in funds
£
£
61,967
721
61,967
721 |
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721 |
continued...
Page 9
LOCHLANDS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 10