Company registration number: 06694725 Charity registration number: 1127972
## The Lupton Trust
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022
Neil Wilson & Co Chartered Accountants 42a Walnut Road Chelston Torquay Devon TQ2 6HS
## **The Lupton Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Strategic Report|2|
|Trustees' Report|3 to 6|
|Accountants' Report|7|
|Statement of Financial Activities|8 to 9|
|Balance Sheet|10|
|Statement of Cash Flows|11|
|Notes to the Financial Statements|12 to 25|
## **The Lupton Trust**
## **Reference and Administrative Details**
**Charity Registration Number** 1127972 **Company Registration Number** 06694725 The charity is incorporated in England and Wales. **Registered Office** Lupton House Churston Ferrers Brixham Devon **Independent Examiner** Neil Wilson & Co Chartered Accountants 42a Walnut Road Chelston Torquay Devon TQ2 6HS **Accountants** Neil Wilson FCA Chartered Accountant Bank Chambers 260-262 Union Street Torquay Devon TQ2 5QU
Page 1
## **The Lupton Trust**
## **Strategic Report for the Year Ended 31 December 2022**
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2022, in compliance with s414C of the Companies Act 2006.
The strategic report was approved by the trustees of the charity on 28 September 2023 and signed on its behalf by:
......................................... Mrs Janet Howard Trustee
Page 2
## **The Lupton Trust**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2022.
## **Objectives and activities**
## _**Objects and aims**_
The Lupton Trust was formed in 2008 by a group of local people to breathe life back into Lupton House - an old empty school, gardens and woods in Brixham. By pooling our and our communities’ enthusiasm, skills, expertise and knowledge we will deliver an environmentally sustainable space for the whole community; enabling local people, groups, charities, arts and environmental projects to grow, develop and learn within a magical setting in the heart of Torbay.
The Lupton Trust believes in sustainability, community involvement and inclusion. We encourage everyone to work together for the greater good of our community.
Lupton House is now a thriving centre for community groups, charities and social enterprises and financially self-sustaining through a combination of renting space and events.
The building is maintained primarily by our extensive group of volunteers but also by payment in kind from tenants. The project is underpinned by an environmentally sustainable plan for the building and grounds which will include minimising the environmental impact of the organisation and those using its facilities.
## _**Objectives, strategies and activities**_
The Lupton Trust believes in sustainability, community involvement and inclusion. We encourage everyone to work together for the greater good of our community.
This year has seen growth in all areas of the project. Thanks to the dedication of the volunteers.
The forest school is in the ancient orchard this is a community space that is truly magical and is used by all generations and it continues to thrive.
The coach house café, wellbeing activities, community activates, dance, Pilates, Tia Chi and similar classes have all performed well during the year.
Community payback continue to support Lupton looking after the general maintenance, gardens, decorating and supporting events.
Lupton continues to support and be well used by Charities and community groups.
## _**Fundraising disclosures**_
The gardens continue to be looked after by 4 seasons (learning disabled) who are now in their fifth year based at Lupton.
Community payback continue to support Lupton looking after the general maintenance, gardens, decorating and supporting events.
Lupton continues to support and be well used by Charities and community groups.
Page 3
## **The Lupton Trust**
## **Trustees' Report**
## _**Public benefit**_
The charity provides space and facilities to vulnerable people and assists other charities in meeting their needs
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Social investment policies**_
The Lupton Trust believes in sustainability, community involvement and inclusion. We encourage everyone to work together for the greater good of our community
## _**Use of volunteers**_
Lupton has over 50 wonderful volunteers.
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mrs Janet Howard
Mr Colin Adams
Mr Rodney Stuart Hart
Mr Sam Alexander Wilson (appointed 29 June 2022)
## **Structure, governance and management**
## _**Nature of governing document**_
The Trust Deed that Governs the trust was created in 2008
## _**Arrangements for setting key management personnel remuneration**_
None of the Trustees receive any remuneration
## _**Organisational structure**_
The Charity is governed by the Board of Trustees
## **Relationships with related parties**
## **Lupton CIC**
The company is the fund raising arm of the Charity
## **Financial instruments**
## _**Objectives and policies**_
The Charity has one secured loan which is covered by the rnetal income form parts of the property.
## _**Cash flow risk**_
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Page 4
## **The Lupton Trust**
## **Trustees' Report**
## _**Credit risk**_
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
## _**Liquidity risk**_
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of The Lupton Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 5
## **The Lupton Trust**
## **Trustees' Report**
The annual report was approved by the trustees of the charity on 28 September 2023 and signed on its behalf by:
......................................... Mrs Janet Howard Trustee
Page 6
## **Chartered Accountants' Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of The Lupton Trust for the Year Ended 31 December 2022**
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Lupton Trust for the year ended 31 December 2022 as set out on pages 8 to 25 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of The Lupton Trust, as a body, in accordance with the terms of our engagement letter dated 31 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of The Lupton Trust and state those matters that we have agreed to state to the board of directors of The Lupton Trust, as a body, in this report, in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Lupton Trust and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Lupton Trust has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and of The Lupton Trust. You consider that The Lupton Trust is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Lupton Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Neil Wilson FCA Chartered Accountant Bank Chambers 260-262 Union Street Torquay Devon TQ2 5QU 28 September 2023
Page 7
## **The Lupton Trust**
## **Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Other trading activities
4
Other income
5
Total income
**Expenditure on:**
Raising funds
6
Charitable activities
7
Other expenditure
8
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
19
**Note**
**Income and Endowments from:**
Donations and legacies
3
Other trading activities
4
Other income
5
Total income
**Expenditure on:**
Raising funds
6
Charitable activities
7
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
19|**Unrestricted**
**funds**
**£**
56,206
89,630
37,302
183,138
(117,042)
(36,504)
(150)
(153,696)
29,442
29,442
140,278
169,720
**Unrestricted**
**funds**
**£**
47,573
78,278
17,231
143,082
(70,105)
(32,593)
(102,698)
40,384
40,384
99,894
140,278|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
25,000
25,000
**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
25,000
25,000|**Total**
**2022**
**£**
56,206
89,630
37,302|
|---|---|---|---|
||||183,138|
||||(117,042)
(36,504)
(150)|
||||(153,696)|
||||29,442|
||||29,442
165,278|
||||194,720|
||||**Total**
**2021**
**£**
47,573
78,278
17,231|
||||143,082|
||||(70,105)
(32,593)|
||||(102,698)|
||||40,384|
||||40,384
124,894|
||||165,278|
The notes on pages 12 to 25 form an integral part of these financial statements. Page 8
## **The Lupton Trust**
## **Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 19.
The notes on pages 12 to 25 form an integral part of these financial statements. Page 9
## **The Lupton Trust**
## **(Registration number: 06694725) Balance Sheet as at 31 December 2022**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
14
**Creditors: Amounts falling due within one year**
15
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
16
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
19
Balance sheet is out of balance|**2022**
**£**
225,465
5,102
76,337
81,439
(49,875)
31,564
257,029
(75,084)
181,945
25,000
169,720
194,720
(12,775)|**2021**
**£**
223,348
31,093
43,817|
|---|---|---|
|||74,910
(53,398)|
|||21,512|
|||244,860
(79,582)|
|||165,278|
|||25,000
140,278|
|||165,278|
|||-|
For the financial year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 8 to 25 were approved by the trustees, and authorised for issue on 28 September 2023 and signed on their behalf by:
.........................................
Mrs Janet Howard Trustee
The notes on pages 12 to 25 form an integral part of these financial statements. Page 10
## **The Lupton Trust**
## **Statement of Cash Flows for the Year Ended 31 December 2022**
|**Note**
**Cash flows from operating activities**
Net cash income
**Adjustments to cash flows from non-cash items**
Depreciation
6, 8
**Working capital adjustments**
Decrease/(increase) in debtors
13
(Decrease)/increase in creditors
15
Net cash flows from operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
12
**Cash flows from financing activities**
Repayment of loans and borrowings
15
Repayment of capital element of finance leases and HP contracts
17
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Out of balance to Cash at bank and in hand category|**2022**
**£**
29,442
12,775
42,217
25,991
(808)
67,400
(14,892)
(7,615)
402
(7,213)
45,295
43,817
89,112
12,775|**2021**
**£**
40,384
-|
|---|---|---|
|||40,384
(31,093)
15,213|
|||24,504|
|||(3,948)
17,000
(48)|
|||16,952|
|||37,508
6,309|
|||43,817|
|||-|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 12 to 25 form an integral part of these financial statements. Page 11
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Lupton House Churston Ferrers Brixham Devon
These financial statements were authorised for issue by the trustees on 28 September 2023.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
The Lupton Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
## _**Donations and legacies**_
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Page 12
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## _**Gift aid**_
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
## _**Other trading activities**_
Shop income and income derived from events is recognised as earned (that is, as the related goods or services are provided).
## **Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
## _**Raising funds**_
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £100.00 or more are initially recorded at cost.
Page 13
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **Heritage assets**
In 2009 the trust acquired the option to acquire a long lease on Lupton House, a grade 2 listed building. The primary objective of the trust is the restoration and maintenance of the building for the benefit of the local community and future generations. In December 2014 the Trust completed the purchase of Lupton House.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Leasehold Over the period of the lease Plant and machinery 10% straight line basis Fixtures and fittings 25% Reducing balance Office equipment 25% Reducing balance
The trustees believe that the trust's principal asset the lease in Lupton House should only be depreciated once the property has been stabilised and restoration is complete. It will then be depreciated over the remaining period of the lease.
## **Fixed asset investments**
The trustees believe that the trust's principal asset the lease in Lupton House should only be depreciated once the property has been stabilised and restoration is complete. It will then be depreciated over the remaining period of the lease.
Investments in associates are accounted for at cost less impairment.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 14
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Foreign exchange**
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 15
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 16
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## _**Debt instruments**_
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
## _**Investments**_
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 17
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## _**Derivative financial instruments**_
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Grants, including capital grants;
Government grants
Grants from other charities
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
14,155
39,019
3,032
56,206
47,573|**Total**
**funds**
**£**
14,155
39,019
3,032|
|---|---|---|
|||56,206|
|||47,573|
## **4 Income from other trading activities**
|Trading income;
Sales of goods and services
Events income;
Other events income
Other income from other trading activities
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
8,582
80,744
304
89,630
78,278|**Total**
**funds**
**£**
8,582
80,744
304|
|---|---|---|
|||89,630|
|||78,278|
Page 18
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **5 Other income**
|Rental income
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
37,302
37,302
17,231|**Total**
**funds**
**£**
37,302|
|---|---|---|
|||37,302|
|||17,231|
## **6 Expenditure on raising funds**
## **a) Costs of generating donations and legacies**
|**Note**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
13,045|**Total**
**funds**
**£**
13,045|
|---|---|---|
## **b) Costs of trading activities**
Page 19
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
|**Note**
Costs of goods sold
Marketing and publicity
Other direct costs of activities for generating funds
Allocated support costs
9
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
8,397
1,922
21,953
84,770
117,042
57,060|**Total**
**funds**
**£**
8,397
1,922
21,953
84,770|
|---|---|---|
|||117,042|
|||57,060|
|||**Total**
**costs**
**£**|
## **7 Expenditure on charitable activities**
|**Note**
Governance costs
9
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
36,504
32,593|**Total**
**funds**
**£**
36,504|
|---|---|---|
|||32,593|
**Total expenditure £**
In addition to the expenditure analysed above, there are also governance costs of £36,504 (2021 - £32,593) which relate directly to charitable activities. See note 9 for further details.
## **8 Other expenditure**
|**Note**
Other resources expended
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
150
150|**Total**
**funds**
**£**
150|
|---|---|---|
|||150|
Page 20
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **9 Analysis of governance and support costs**
## **Governance costs**
|Other governance costs
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
36,504
36,504
32,593|**Total**
**funds**
**£**
36,504|
|---|---|---|
|||36,504|
|||32,593|
Page 21
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **10 Net incoming/outgoing resources**
Net incoming resources for the year include:
## **2022 £**
## **11 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **12 Tangible fixed assets**
|**Cost**
At 1 January 2022
Additions
At 31 December 2022
**Depreciation**
At 1 January 2022
Charge for the year
At 31 December 2022
**Net book value**
At 31 December 2022
At 31 December 2021
**13 Debtors**
Trade debtors
Other debtors|**Land and**
**buildings**
**£**
201,398
-||**Furniture and**
**equipment**
**£**
64,428
14,892
79,320
41,079
12,775
53,854
25,466
23,349
**2022**
**£**
4,150
952
5,102|**Furniture and**
**equipment**
**£**
64,428
14,892
79,320
41,079
12,775
53,854
25,466
23,349
**2022**
**£**
4,150
952
5,102|**Total**
**£**
265,826
14,892
280,718
42,478
12,775
55,253
225,465
223,348
**2021**
**£**
(19,179)
50,272|
|---|---|---|---|---|---|
||201,398||79,320|||
||1,399
-||41,079
12,775|||
||1,399||53,854|||
||199,999||25,466|||
||199,999||23,349|||
||||**2022**
**£**
4,150
952
5,102|||
||||||31,093|
Page 22
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **14 Cash and cash equivalents**
|Cash on hand
Cash at bank
**15 Creditors: amounts falling due within one year**
Bank loans
Other loans
Hire purchase and finance leases
Other taxation and social security
Trustees current accounts
Other creditors
**16 Creditors: amounts falling due after one year**
Bank loans|**2022**
**£**
(279)
76,616
76,337
**2022**
**£**
13,883
1,000
354
531
(117)
34,224
49,875
**2022**
**£**
75,084|**2021**
**£**
(278)
44,095|
|---|---|---|
|||43,817|
|||**2021**
**£**
17,000
1,000
(48)
-
(117)
35,563|
|||53,398|
|||**2021**
**£**
79,582|
## **17 Obligations under leases and hire purchase contracts**
## **18 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £Nil (2021 - £Nil).
## **19 Funds**
Page 23
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
|**Unrestricted funds**
General
**Restricted funds**
**Total funds**
**Unrestricted funds**
General
**Restricted funds**
**Total funds**|**Balance at 1**
**January 2022**
**£**
140,278
25,000
165,278
**Balance at 1**
**January 2021**
**£**
99,894
25,000
124,894|**Incoming**
**resources**
**£**
183,138
-
183,138
**Incoming**
**resources**
**£**
143,082
-
143,082|**Resources**
**expended**
**£**
(153,696)
-
(153,696)
**Resources**
**expended**
**£**
(102,698)
-
(102,698)|**Balance at 31**
**December**
**2022**
**£**
169,720
25,000|
|---|---|---|---|---|
|||||194,720|
|||||**Balance at 31**
**December**
**2021**
**£**
140,278
25,000|
|||||165,278|
Page 24
## **The Lupton Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **20 Analysis of net assets between funds**
|**20 Analysis of net assets between funds**||||
|---|---|---|---|
|Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
**21 Analysis of net funds**
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt||**Unrestricted**
**funds**
**General**
**£**
225,465
81,439
(49,875)
(75,084)
181,945
**Unrestricted**
**funds**
**General**
**£**
223,348
74,910
(53,398)
(79,582)
165,278
**At 1 January**
**2022**
**£**
43,817
43,817
**At 1 January**
**2021**
**£**
6,309
6,309|**Total funds at**
**31 December**
**2022**
**£**
225,465
81,439
(49,875)
(75,084)|
||||181,945|
||||**Total funds at**
**31 December**
**2021**
**£**
223,348
74,910
(53,398)
(79,582)|
||||165,278|
||||**At 31**
**December**
**2022**
**£**
43,817
43,817
**At 31**
**December**
**2021**
**£**
6,309
6,309|
## **22 Related party transactions**
Page 25
## **The Lupton Trust**
## **Statement of Financial Activities by fund for the Year Ended 31 December 2022**
## **Unrestricted Funds**
|**Income and Endowments from:**
Donations and legacies
Other trading activities
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Unrestricted**
**Funds**
**2022**
**£**
56,206
89,630
37,302
183,138
(117,042)
(36,504)
(150)
(153,696)
29,442
29,442
140,278
169,720|**Total**
**Unrestricted**
**Funds**
**2021**
**£**
47,573
78,278
17,231|
|---|---|---|
|||143,082|
|||(70,105)
(32,593)
-|
|||(102,698)|
|||40,384|
|||40,384
99,894|
|||140,278|
This page does not form part of the statutory financial statements. Page 26
## **The Lupton Trust**
## **Statement of Financial Activities by fund for the Year Ended 31 December 2022**
## **Restricted Funds**
|**Restricted Funds**|||
|---|---|---|
|**Income and Endowments from:**
**Expenditure on:**
Net income/(expenditure)
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Restricted**
**Funds**
**2022**
**£**
-
25,000
25,000|**Total**
**Restricted**
**Funds**
**2021**
**£**
-
25,000|
|||25,000|
This page does not form part of the statutory financial statements. Page 27
## **The Lupton Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2022**
|**Income and Endowments from:**
Donations and legacies (analysed below)
Other trading activities (analysed below)
Other income (analysed below)
Total income
**Expenditure on:**
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2022**
**£**
56,206
89,630
37,302
183,138
(117,042)
(36,504)
(150)
(153,696)
29,442
29,442
165,278
194,720|**Total**
**2021**
**£**
47,573
78,278
17,231|
|---|---|---|
|||143,082|
|||(70,105)
(32,593)
-|
|||(102,698)|
|||40,384|
|||40,384
124,894|
|||165,278|
This page does not form part of the statutory financial statements. Page 28
## **The Lupton Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2022**
|**_Donations and legacies_**
Appeals and donations
Gift Aid tax reclaimed
UK Government grants
Grants - other agencies
Grants - other agencies
Grants receivable
**_Other trading activities_**
Sales of purchased goods
Concerts Events and Weddings
Events
Events
Other income
Other income
**_Other income_**
Rental income
**_Raising funds_**
Fundraising costs
Publicity costs
Purchases
Direct costs
Rates
Repairs and maintenance
Repairs and renewals
Waste disposal
Cleaning
Advertising
Legal and professional fees
Wages and salaries
Staff NIC (Employers)
Subcontract cost
Staff training|**Total**
**2022**
**£**
14,155
-
-
-
3,032
39,019
56,206
8,582
28,186
52,558
-
304
-
89,630
37,302
37,302
-
-
(7,108)
(1,289)
(769)
(1,794)
(10,182)
(1,716)
(2,410)
(1,922)
(5,082)
(83,789)
(756)
-
(225)
(117,042)|**Total**
**2021**
**£**
3,068
550
24,724
19,231
-
-|
|---|---|---|
|||47,573|
|||-
-
-
73,558
-
4,720|
|||78,278|
|||17,231|
|||17,231|
|||(11,552)
(1,493)
(5,067)
-
(301)
(8,303)
(325)
(1,313)
(1,299)
-
(677)
(38,130)
(865)
(780)
-|
|||(70,105)|
## _**Charitable activities**_
This page does not form part of the statutory financial statements. Page 29
## **The Lupton Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2022**
|Rent
Water rates
Light, heat and power
Insurance
Telephone and fax
Computer software and maintenance costs
Printing, postage and stationery
Trade subscriptions
Sundry expenses
Motor expenses
Bad debts written off
Bank charges
Loan interest
**_Other expenditure_**
Charitable donations|**Total**
**2022**
**£**
(3,593)
(1,912)
(10,365)
(10,118)
(2,599)
(1,367)
(1,759)
(278)
-
-
-
(74)
(4,439)
(36,504)
(150)
(150)|**Total**
**2021**
**£**
(501)
(982)
(13,212)
(10,071)
(2,332)
(178)
(1,154)
(358)
(3)
(211)
773
(515)
(3,849)|
|---|---|---|
|||(32,593)|
|||-|
|||-|
This page does not form part of the statutory financial statements. Page 30