THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP (CHARITY REGISTRATION NUMBER: 1140296)
ANNUAL REPORT & FINANCIAL STATEMENTS
YEAR ENDED 5[th ] APRIL 2022
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
FINANCIAL STATEMENTS
For the Year Ended 5th April 2022
CONTENTS
| Page | |
|---|---|
| Statutory Information | 1 |
| Annual Report | 2 |
| Independent Examiner’s report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes | 6 - 9 |
Page 1
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
STATUTORY INFORMATION
5th April 2022
CHARITY REGISTRATION NUMBER 1140296
Trust established under the Will of Dr Vivien Lane, as varied by Deed of Variation dated 10[[th]] January 2011
LEGAL STATUS Trust established under the Will of Dr Vivien Lane, as varied by Deed of Variation dated 10[[th]] January 2011 TRUSTEES Bell & Buxton Trustees Limited – Appointed 15[th] July 2021 C.R. France J. Gray ADDRESS c/o Bell & Buxton LLP Telegraph House, High Street, Sheffield S1 2GA SOLICITORS Bell & Buxton LLP Telegraph House, High Street, Sheffield S1 2GA FINANCIAL ADVISORS LFP Financial Planning & Wealth Management Ltd, 21 Spark Lane, Mapplewell, Barnsley S75 6AA BANKERS Royal Bank of Scotland plc 5 Church Street, Sheffield S1 1HF INDEPENDENT EXAMINER R.A. Prior, F.C.C.A., F.C.I.E., DChA W.H. Prior Chartered Certified Accountants, Railway Court, White Rose Way, Doncaster. DN4 5FB
Page 2
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
ANNUAL REPORT
5th April 2022
OBJECTS AND CONSTITUTION OF THE CHARITY
The objects of the Charity are for the public benefit in the advancement of education by providing financial assistance in the area of sports medicine and injury management training and formation by means of a Scholarship Fund.
ACHIEVEMENTS & PERFORMANCE
The net result was a surplus of £12,167 (2021: surplus of £7,825) before unrealised gains on investments of £110,379, resulting in a net increase in funds of £122,546. During the year, expenditure of £2,381 was incurred on the biography of the late Dr Vivien Jane Margaret Lane (2021: £Nil). There were no scholarship grants in the year (2021: Nil).
Much of the increase in value of the trust has come about as a result of selling the residential buy to let properties.
The Trustees made the decision to sell these properties (at auction) as they had concerns over ongoing repairs and future government legislation necessitating improvements in energy efficiency, therefore beginning to affect the returns from the original investment. It was also thought that as there appeared a ‘decent’ capital increase on these properties then it was a sensible point in time move them on.
It is however the intention of the Trustees to make future investment in to the Buy to let Market (in order to diversify the Trusts overall investment portfolio) but given the current ‘cost of living crisis’ then perhaps later in 2023 may be a better time to review this.
The web site has been updated during this period with the objective of hopefully sparking interest in the offer of a Bursary to the right candidate.
Additionally Dr Lanes Biography have also now been published.
RESERVES POLICY
The free reserves of the Charity as at 5th April 2022 amounted to £1,018,950 (2021: £894,023). The free reserves include the fixed asset investments of £596,548 (2021: £842,341), which are utilised in order to generate income to finance annual scholarships.
RISK ASSESSMENT
The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation, investment and finances of the Charity. By monitoring the level of reserves, ensuring control over financial systems and by examining the operational risks faced by the Charity, the trustees believe that effective systems have been established to mitigate those risks.
Signed on behalf of The Doctor Vivien Lane Foundation Scholarship
……………………………………………………… ………………………………………………………
C.R. France 17[th] January 2023
J. Gray
Page 3
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
Independent Examiner’s Report to the Trustees of The Doctor Vivien Lane Foundation Scholarship
Year Ended 5th April 2022
I report on the accounts of the Charity for the Year Ended 5th April 2022 which are set out on pages 4 to 9.
This report is made solely to the Charity’s trustees, as a body, in accordance with the regulations made under the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body for this report.
Respective responsibilities of Trustees and Examiner
As the Charity’s Trustees, you are responsible for the preparation of the accounts; you consider that the audit requirement of Section 144(2) of the Charities Act 2011 (the 2011 Act) does not apply.
It is my responsibility
-
examine the accounts under section 145 of the 2011 Act ;
-
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:-
-
(a) Which gives me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
R.A. Prior, F.C.C.A., F.C.I.E., DChA
Chartered Certified Accountant
Fellow of the Association of Charity Independent Examiners
W. H. Prior
Chartered Certified Accountants Railway Court, Doncaster. DN4 5FB
Dated:- 17[th] January 2023
Page 4
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5[TH ] APRIL 2022
| Unrestricted |
Restricted | Total | |||
|---|---|---|---|---|---|
| Note | Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | ||
| INCOME FROM:- | |||||
| Investments | |||||
| Investment Income | 3 | 30,201 | - | 30,201 | 23,161 |
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| TOTAL | 30,201 | - | 30,201 | 23,161 | |
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| EXPENDITURE ON: | |||||
| Raising Funds | 4 | 11,256 | - | 11,256 | 10,583 |
| Charitable expenditure:- | |||||
| Biography costs | - | 2,381 | 2,381 | - | |
| Other charitable expenditure | 5 | 4,397 | - | 4,397 | 4,753 |
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| TOTAL | 15,653 | - | 18,034 | 15,336 | |
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||
| NET INCOME/ EXPENDITURE BEFORE | |||||
| INVESTMENT GAINS/(LOSSES) | 14,548 | (2,381) | 12,167 | 7,825 | |
| NET GAINS/(LOSSES) ON INVESTMENTS | 110,379 | - | 110,379 | 87,860 | |
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||
| NET MOVEMENT IN FUNDS | 124,927 | (2,381) | 122,546 | 95,685 | |
| Total funds brought forward | 894,023 | 50,457 | 944,480 | 848,795 | |
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| Total funds carried forward | 11 | 1,018,950 | 48,076 | 1,067,026 | 944,480 |
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Page 5
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
BALANCE SHEET
AT 5[TH] APRIL 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 6 | 596,548 | 842,341 | ||
| Current assets | |||||
| Debtors | 7 | 6,188 | 4,210 | ||
| Funds held on Solicitor’s Client Account | 331,367 | 17,597 | |||
| Cash at Bank | 133,865 | 83,038 | |||
──────── |
──────── |
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| 471,420 | 105,845 | ||||
| Creditors:Amounts falling due within one year | 8 | (942) | (2,706) | ||
──────── |
──────── |
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| Net current assets | 470,478 | 102,139 | |||
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──────── |
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| Net Assets | 1,067,026 | 944,480 | |||
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| Funds | |||||
| Restricted Funds | 9 | 48,076 | 50,457 | ||
| Unrestricted Funds | |||||
| General Fund | 10 | 1,018,950 | 894,023 | ||
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| Total Funds | 11 | 1,067,026 | 944,480 | ||
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The financial statements on pages 4 to 9 were approved by the Trustees on 17[th] January 2023 and signed on their behalf by:
…………………………………………………… …………………………………………………… C R France J Gray
Page 6
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
NOTES ON FINANCIAL STATEMENTS
5[TH] APRIL 2022
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost accounting rules, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) “ Accounting and Reporting by Charities ” (FRS 102) issued by the Charities Commissioners for England & Wales and the Charities Act 2011 .
Income is recognised in the financial statements when:-
-
the charity becomes entitled to the income
-
the trustees are virtually certain they will receive the income
-
the monetary value can be measured with sufficient reliability
Income from investments is recognised when receivable.
Investments are stated at fair value.
2 Fund Accounting
Restricted Fund
The charity has a restricted income fund which is to be utilised for the purposes of the publication of a biography relating to the service of Dr Vivien Jane Margaret Lane with the Royal Air Force.
The General Fund represents the free reserves of the charity.
| 3 | Investment Income | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Interest | 78 | 85 | |
| Dividends | 12,661 | 6,533 | |
| Rental Income from Investment Properties | 17,462 | 16,543 | |
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──────── |
||
| 30,201 | 23,161 | ||
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| 4 | Analysis of Expenditure on Raising Funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Investment management costs | 4,752 | 5,327 | |
| Investment Property expenses | 6,504 | 5,256 | |
──────── |
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| 11,256 | 10,583 |
||
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| 5 | Analysis of Other Charitable Expenditure | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Website | 1,120 | 1,056 | |
| Legal fees | 2,305 | 2,767 | |
| Independent Examination | 942 | 900 | |
| Bank Charges | 30 | 30 | |
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| 4,397 | 4,753 | ||
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Page 7
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
NOTES ON FINANCIAL STATEMENTS
5[TH] APRIL 2022
| 6 | Fixed Asset Investments | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| (a) Listed Investments | ||||
| Market Value 6thApril 2021 | 583,818 | 412,275 | ||
| Acquisitions | 236,698 | 83,683 | ||
| Disposals at Opening Value(Note I) | (280,730) | - | ||
| Net unrealised investment gains/(losses) | (4,784) | 87,860 | ||
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| Market Value at 5thApril 2022 | 535,002 | 583,818 | ||
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| (b) Cash deposits | ||||
| Cash held as part of Investment Portfolio | 61,546 | 51,298 | ||
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| (c) Investment Properties | ||||
| Market Value at 6thApril 2021 | 207,225 | 207,225 | ||
| Disposals at Opening Value(Note II) | (207,225) | - | ||
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| Market Value at 5thApril 2022 | - | 207,225 | ||
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| Total Fixed Asset Investments | 596,548 | 842,341 | ||
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|||
| Note (I) | ||||
| Proceeds | 291,333 | - | ||
| Realised (Gain)/Loss | (10,603) | - | ||
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| 280,730 | - | |||
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| Note (II) | ||||
| Proceeds | 311,785 | |||
| Realised (Gain)/Loss | (104,560) | - | ||
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| 207,225 | - | |||
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| Eight individual holdings represented 5% or more of the listed investment portfolio valuation: | ||||
Value |
%ge of Portfolio |
|||
| Vanguard US Equity Index | 52,926 | 9.89% | ||
| Legal & General Global Bond | 45,726 | 8.55% | ||
| Vanguard UK Inflation-Linked Gilt | 43,460 | 8.12% | ||
| Baillie Gifford China Fund B | 42,292 | 7.91% | ||
| HSBC FTSE All Share Index C | 41,954 | 7.84% | ||
| HSBC FTSE 250 Index C | 37,643 | 7.04% | ||
| Investec FTSE 100 3 year | 33,526 | 6.27% | ||
| HSBC European Index C | 33,173 | 6.20% | ||
| Baillie Gifford Emerging Markets B | 30,274 | 5.65% | ||
| Legal & General Global 100 Index | 29,402 | 5.50% | ||
| Legal & General UK Property Feeder | 28,808 | 5.38% | ||
| Legal & General Global Health | 28,698 | 5.36% |
Page 8
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
NOTES ON FINANCIAL STATEMENTS
5[TH] APRIL 2022
| 7 | Debtors | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| £ | £ | |||||
| Other debtors | 6,188 | 4,210 | ||||
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| 6,188 | 4,210 | |||||
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| 8 | Creditors:Amounts falling due within one year | |||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Accruals | 942 | 2,706 | ||||
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| 942 | 2,706 | |||||
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| 9 | Restricted Funds | |||||
| Balance |
Balance | |||||
| 1.4.21 | Income | Expenditure | Gains/(Losses) 5.4.22 | |||
| £ | £ | £ | £ | £ | ||
| Biography Fund | 50,457 | - | (2,381) | - 48,076 | ||
─────────────────────────────────────────────────── |
||||||
| Total Restricted Funds | 50,457 | - | (2,381) | - 48,076 | ||
═══════════════════════════════════════════════════ |
The Biography Fund represents funds restricted to be utilised for the purposes of the publication of a biography relating to the service of Dr Vivien Jane Margaret Lane with the Royal Air Force.
10 Unrestricted Funds
| Balance | Balance | ||
|---|---|---|---|
| 1.4.21 Income Expenditure | Gains(Losses) | 5.4.22 | |
| £ £ £ | £ | £ | |
| General Fund | 894,023 30,201 (15,653) | 110,379 |
1,018,950 |
─────────────────────────────────────────────────── |
|||
| Total Unrestricted Funds | 894,023 30,201 (15,653) | 110,379 | 1,018,950 |
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Page 9
THE DOCTOR VIVIEN LANE FOUNDATION SCHOLARSHIP
NOTES ON FINANCIAL STATEMENTS
5[TH] APRIL 2022
11 Analysis of Net Assets between Funds
| Net | 2022 | 2021 | ||
|---|---|---|---|---|
| Fixed | Current | TOTAL | TOTAL | |
| Assets | Assets | |||
| £ | £ | £ | £ | |
| Restricted Funds | ||||
| Biography Fund | - | 48,076 | 48,076 | 50,457 |
| Unrestricted Funds | ||||
| General Fund | 596,548 | 422,402 | 1,018,950 | 894,023 |
─────────────────────────────── |
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| 596,548 | 470,478 | 1,067,026 | 944,480 | |
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