Rotered uvthber: 7860164 LENCHJ8 TRLST (Llmlted by Gwanteo) FiAAncial St#tements For year ejxded 31 DeCeber 2023
LNc$ TRu¥r DEX Trustlllfoi'nJ8tlon StraitKlc Reyort Boaiil Ropart 8tateJllent of Comprehoulve Ill4om8 14 8tatem¢nt of Posldoll 15 Statement of C]wigeJ ID Reserves 16 statsmellt FID 17.18 Notei to the IllTrwicia18taftm¢nts 19
LKNCH% TRUST TRUST INFORMATION TRUSTKES Abdul htilik <CbsIrm) r RMtsxon(Deputy Csatt) N(8 Rchht Mi T Cuthbor¢son Ms S D&Yig M8 RBvans Mr A O Sholuade Ms A White Mr4 Rmander (Appolnted 16 MAt¢h 2023) IthK K4ui'Takb8r(Appolllted I4tsTrGwubvT2023) Mr I SILgkLtstay (Appoknkd 14tsDocombtt2Q23) Mrs H09s<t (Deo¢a8ed 19A Apru 2023) MrT Stomw (Redred 19 May 2023) ClllKF IIxKCIVE Domttilo Brodloy REGISTERED OFVIC WilliamL¢n¢& CouEt 80 Ridgacro Road QTrinto Birrtiingh B32 2AQ BIIGULATOR OF SOCIAL lloiisifiGNO. A2074 1145847 COP41PANIES HOUSBREGi%fKRED NO. 7860164 AUDITOR Forvi8 Ma%hr$ tLP 2 QMl81n Souare B3 3AX BANKKii8 LLoyds B4tskPIo 114-116 Colmor¢Row BirmillghAty B3 3BD IrivEsTMThT ADWSOIIS Bv¢lynP4rttWS 103 CoLmore Row B3 3AG
LKNCIIIS TRUS
STIL4TEGIC REPORT
TRUSTKIS
Lellcb's Tnwt 18 fjll Altllatsop Chattty r4ulthf by a 8cbetll0 of th¥ CEarfty Commis8iDL¢r#, thaiyty regiBtL?tiott
nutnbsr 1145847. It18 also a Rogidrttd Provider of SoGiLI Houylllg 9nd which mc&tL8 it is Eubject ts monitoring
by th¢ RoBulalor of Sociil FtOU81ng IRSHI a% wc]188 'th¢ Com (lty ComTri88iots (CQQ. Tho Tn¢ br¢ also
regiBtetedutEder the Coroani&gA¢' 2(K16. Iimitedby guar&nte6.
Itwas foullded lts1525 byWU]twuL atauner, forthobeuefiiof tho Cilizaw ofBlrMiBnL For 3W yeftrg>
tho work of the TLUSt wa9 dlvided bettvw tIL& of stre¢ts and brÈdgts3 alld the caro of thr ¥lderly alldpoor.
Wlth the Incorpor&tioll of Birthiti8bam itt 1838 tho Thte¢s yobly provid¢r8 of A}msbT9eI. Ourpolioy b to
provlduoRr4 acwths to out 8¢Ple, for pwptowho inthe City, over 55year3 of $8e on&neKittiU8.
Tho soh1¢ $pecifie8 twelvoTrllstee8 aLa th¢tr dutso8 aTr to Provi Garc for ollr reBiduth to mee¢ thdr tteed8 8lld to
ive oonsid¢r&tion to oth¢F pawibllttiN oEcare and hGilttbs bxonw availsbl& Th6 lttwÉtiL policy of the
Thtee8 to molrLioln improve the value of thelr Mdowmenl for th¢ UBe olthturo gett101 Aitdts mak¢
tltsall¢ial re80V ay1&blE ft)I prO¢s81vs wth8iottof th6TTU8Ys¢tyiDg aGtivs
LENCHbS TRUST s'niATEGIC RfPORT Ia litts with our b¢>fi 8ucce58ion plan, weweieoth¢d three Dow f&ces to our bOK1.. Raobolmattdtt, Indety818lll8& atsl I()roaljitK&ut. I look forwBrd to tbe Kpi¢ll And freYhId you Tthll brts8 to theTrnst. June 2023 8aw anoth¢rsi&nificJnt¢hallge fi)r theTrust etsId£STeWOll to j-LU¢. wrCBO of17 yeaN, lefitrlwc, ytxtr 1¢ad3[p IM8 trgngfwiu&tsvo. IbaDky(v fi)f your eorvlce alld dryIioatroti. Bwoy your w¢ll.dosorYed r¢tireLlleut. Ft>ik)wing Jean.Luc's depatthr4 w¢ welcom¥l DOMI Bt4dry 88 ourthv Cfio, alld mally ¢rfour b¢fi¢lrISq had th¢pLen8ur& of mo&ing hlm dwoig Juty 2023 &t our firat YdldeAts CODfercocE Sitt tho Cosid 19 pandBmlo. Domlttl¢'s fr¢&h Yi8iott Eor tho TLu8t beerL ttothlng short of His iDn0Vav 4>proaGhe4 and ¢nthu8ia8n promise ¢0 lead us illto a tre ripo wlth pole11 8od gtosvth. Aa we lo)k to the ygttr l arLOPtkni8fi¢ about tho q)pothits08 tb&t ii? beforo u8. Wlth a blend o£s¢a6oLd aud n¢w bollrd mgmberB CBO. we are poithl to bulld w the 8troDg foOIL5 e8tsbli8hed by.foJLor Tnt a1 teammembrts. Flllallce Report 2023 The operational surylu8 i£ttiny daed to 83278 73,181 duo to i8d 8Crn58 th¢ bo itiolndtllg tho incre&90 in strftug 002ts duTlnB 2024, vkni¢owaE botWee 5 and loy Net relltsi ittconLO from itLvestrLettt prop¢r(i¢8 InGrc48ed to £237.441 froDJ £196,665 ill 2023. This comv$ the Increa8¢ in Income fivjll Good yU¢ Parking Lt tknir incoma ts bD8eJ ottthpir tlllQ0V, D)Olltb to mellt whl¢hl illcre&s¢d year on year 81nN COVID, pd thi8 year tlko anLowts iwetved have gQLe from £40,509 iu 2022, to £12,917 durillg 2025& givAng the Tru8t att iJareaae its ttfil of £71Sk Tho TtU8t knie sew4 inor¢48c in the Broulld rent fi'oni April 2023. wlth regards to tILe Ollyz butldinw on Itet Cirn, whi¢b 13 1¢)oked atler by Privll$g8 BirwinghanL SABL omotmting lo £16,974. Thg Care $ervi¢¥ Alld team hav¢ 8¢ett inGrp88¢6 in their los8es dwiD8 2tr23, oc>tttpated with 2022. As mentioned above, part of this wlll bo due ¢0 the staffing 2023. WAth Mo8t of tho fron¢UttB 8laff nMiYiJg A IOO/o pay ri8¢ the year, IK)wtver, tILere havo alyo been illcxew ia DSt of Dur 8GrylF coJtraGts &$ weu a$ food IC the ioc4>me iti th¢80 two WYÉC¢s havowt'oeen able to kttytw with th¢ Bolow ouropotating dofioil finpnc¢ inGowe seella 8igryiflcillreQs¢ to £A99J09, fronL£104.840 in 2022, th4810 to tho intere8t rAtss within our fjxed rat6 gavJng8 accoullts, goiDg frott1 1.75q/• to 2.9SV. thwing 2023, There ha5 also beets wi Anore4qe in sutylus ott $81¢ of quoteAI invwbneThts fr4th £812l8 to £18&488, An8iDty duo ts) tho oh&oga ttk8thtvNlueE regardlttg (Fur inVtMent4 Tol&l tllarginRlly from £27.99m to £262n4 due (o the ftt housto8 ¥a iTkY08tm8Dt pKoperti%8. whl¢h hovgbeon ooverd withsll ourfjJ¢Urn doYolopmeotlloh8. Inve8tm8llt PropErtt¢S During 2023, we de¢lded to P4U8e the platmsd tnttjor [bIg1)ent of Cottybem GatdgD6, whi¢h to ¢Gtyrll &otn the Tjust wfri¢b is CUCMtiy leased St Ba%ils. has takell longer than EXPECtl we dre woA£ing to en8ure tht 11 offer8 fot Jnotttsy for thc Th]aL IA the &llterith w¢ have & nrw 8kor.P.tern le&5¢ ill plare wlth St BE)sil's aud we finticlpattllg leatse will end tn late 2024 and we will 5t&rt Dn Bita kn Janusry 2W. We are ¢urrenlly wdting for a pLBJLtiing de¢islou wtiich wa8 thja ifj Nlarcti, alongside fitlIS5tig our Erattt aypli¢r4tli>n foK HomeB ai? supportiveof (*Jrprow.al8. asth 18 ts) opea the in JaJvJ8ry 2026. At the begintting of 2023: MidlatLd Heart noknfied the.Tht tIt they wollld be knterestrd ill disp08itsg of 80 Lan¢o8ier Stre¢t, 'llJ¢ propety was piDYlou8ty Octpied by tr£ city wuttcil for uae INbniele$8 sheltsrl¢llnl-, the building Is ounrndy Iw8 15 affordable apBttmonts. Ths sale completed in May this yoar with & leweb&¢k to Miilland H¢art &¢ ll pepptrr¢orrL rent wlth all of th¢ bpilding li&bllitses r¢mailliu8 witr. Midlattd Hel TiLue both defM8lv6 and Dffenslve p]aithiThg reasons to support the Tra$¢ of 80 14llWter by Lench's This( thE defen8iv¢ be40fii Df owlleiTEup Is to ptsvejit a thitd party ptOP03ing tall lJuiLdillg (kvelopmejt to Tr ialld wbick Cwld knvts a detrimental Impact the dev¢lopJllent potential of ow ¥ito. The sito also offers &iglllkntst m&lll8ge YftluB to our exlstiug l&lld whi¢h 18 planlled to bo rele48ed by the lrnst 01 a Lo tern leaso ity the ¢oraing brillging & GL1 IEoeipt that Can beAllyted into tbe (tt]sl into exlsting devpIopthtll. W6llbeluE ofrgsld¢nt¥ We are proud to ¢ootiryii to keop the w¢ll-befftng of ourwidents fiDllÉ of wlth fictivitiea tfjklnE pla ADross all our Sche4ll to etLsvre the onvtronment remains livdy.
LIINCK'S TRusr ST]IATEGIC REPORT In81thtlon of our llew call system &oll£ welL arAI tbo 6yBtrm is now withlu eth of ow thr¢e Schemes, It Is not belThg usedts) full futtctionallty at the moJD6nL w6 e4Kvisw thatby theend of 2024 It wlllbe, AII tht¢rnal fire dtsx8 fjnlsknj InFebnt&ry 2(123,vAth tho £>t]owup roview5 Gompkted durjttg June 2023. Itt Noventher 2023. we lztt6grtst re8idents into our 2024 bjdgeimg prow88. providi]g them the oppor)ity to VOIGB their w&Lts and necd8 for the upGomiDg year. The Cdback FroJrL rosidents r¢g8Dling this Initlatlve hag been faYourable> promÈrtln8 U8 lo repLlrth this approthfortho 2025 budB¢tsllg t%. VALUE FORMONEY (VFM)& BRNCHMARKThG Introdll¢llo Lelleh's T( ts eon]mlttsd to the principle del'very of VFM d¢thed by the IiSH, which roqth¢3 the TrJ8t to 't[th and dtlivoi 4 coftrpreknvé and strate&ic approack to acbieying ID meeting its orpitsitior. objectiv, ThèBoard of L,3 Tmsl b84 tw003ibslitytsdiiQts attdgov¢JrLau¢e, AthlévlngVFM A¢hieving VFM 18 fundalllental ¢0 the attaiDmenl of Lettcd'o fmst's kay siregic goal to'develop Yibronl carlng #nd . 6&f¢ (ommiinities for the benefft of the comm'attity served by tha and to achiev¢ tbii, the Ilust h25 odoptsd sev¢rttl objective& which ore d¢tglleA OI0ped in ts AnDuBI Plall8 Ovtr the lih cyclo of its T¢n-Yeor Strategy12015-2025), The Hoard and Exeoutlsr T¢uEts are vmrt(18 io tth¢d VFU prllldpl the organis8ltott at all i¥Y¢lg t &ctive ottgagemant with resid&, 4ttdothcrke)' staketioldE(B. 1tL 2023, vr. thDfou8bly 58r¥1rt8. FAgibi4 we tra081tloned to n6W service ptovldou, rone8otiated cos¢s, Jnd exp&ttded our pool of cootwtots. Theae eLTorts havo ¢mpowerga u6 ID 8erylc4 quLty alld reduco cost8 for theupcomitts year. Benthmai CrItiC to the SU9B$ tn aBhievlng VFM is bell(4)mathg thB TNge8 with other housthg provlderB. To thts end, L¢ncb's Trust joined a lorai benChMlg o]ub uthr tb6 a14spl¢e$ of Hoas¢Mark and u8¢8 Hl9¢Mark, b#Jclllllarking seThlG¢ lo comparehow ¢he TnIStpL-orn otherbou&ing prnidm of Si1]r size. Ill er&I, the outcotlle4 froro lughiigbt atw of Jod tttdicate wh¢tkner the right bal&nve bwl ¢a3t and quality d7tsrf alld proyèdo a potht of r¢fcruLce for iie¢es8Aiy busilles hllpr0v¢llDtg. Len¢h'¥ Trust ts COMM to glving the bettetI&l of tho (*arity the bost Y1$ that it Ggll WIIIL the rB8ovtces avoilabLc, and theref¢)r¢ 13 a¢tiYety engaged with the be¢b&thg olub to B&qc8s its perfotro&llN ard hsgbligltt ar for Ghallge and ImprovettMIl. Quallty Porman0é LonGh's Thusl is committed to Trtind ongofng engagementwith th¢beoe&¢t&ries of thecharltyto bettetuuthÉtattd th¥ natstre of any dissatiaf8c¢ion and feed thi3 back to hou54 staff RDd maintenwLQO contractots to Improve servlGo delivGry to residents at their homes. MttIngfill ellgagt wStO¢ Eepairs colltrnctot8 help8 tu redu 00sts, improve ¢fLGienoy (bykniug waste) draIs0 offVant$S (by dOL the i'ish¢ tbillg8). Additionallyi Lerndj's Tnwt the vatue of kn¢r¢ased wganent with resideTAt¥ to foster b&Éor r¢tatio1. mintrAiSts misutthtaudmgg, addred8 areas OP collcern, rnryse m¢th¢yAg of WnTking 8lld sgfViGE delivery - th19 is aC6Ved tlLrou%h Yadous m¢atts of d)g88emenl 8llcts a5 Re&ie¢llts com]n[tt on each schalle eud a Thl.W[d Scrytitty Grp.
LENCHIS TRUST STRATFQIC REPORT Value for MoneyiM¢ttl¢g RoinvestmettÉ lJ/• 2022 2023 Seolor Medlatt Thi$ metri¢ look8 at LT5 IJry¢stsw¢ in oXi8'.Ing propthieg. This 13 l¢1&a a8 a p¢rcetLtage of Ibc v<Le of total hou¥itig properti Thg relnvJLrrient QA for LT 18 at 2.56Vo for 2023. We hAvo been able to thi9 Yo duo to MpI&l8 tb¢ warden cdl sy3tsw tllStall&tlon ut2 of our 8choDM. New &upply doltver¢d (sodal ILous1) as A •h of totsl atock 6.5% 2.5fi 2,8% 2022 2023 Seolor This 8ets out tho Thwnb¢r of 00W 80tyilll houBing that knve been aWrA cr dovelopedkL th YO a8 8 pmpcrtlonof totslunit& LTdo notdeydop sb)ll- sooial wilts. LT bav¢ not developed ally ttew uolts within 213, hoTThor. thwe are pkns for an extra 21 gp8tsAonts to br part of 8ttIL¢r whtohwillstartb8itt8 IlIt Januqry2¢lls, wlth viBion a£completsBg Jatw2D26. 2Vk2 2023 0% 8¢¢tor Mediatt TLti8 r&rfo 8¢t8 QUtthB proportion of borrowillg IxMyparc4 with a¢t& A hig g.1s U/0 ¢ould indle&r- that we Iwe tsketLon try) twh i01% low geaiitig roald illdiea£athatwe htsve Gapaoity to borrow. r gearkng at 23,8QA, ig hi%kn. thgn tk? swtor madi&ttof l6.53% howcvff, ourbonklttg covenants requlro forto keEp the Oh utta 40. therofore we ar¢ woll IiTithiJ w limil Headllll¢ 80ofAI houslng eostper unlt 20.3% 23.8% l6.53% 2023 Seobr Tho uolt Cort mptric 488esyas the headuoe soGi41 hIll ¢oyt per vtiit as dofined bythe regulatorof 8oolol ho108 fA,667 ,598 £4,774 Headin¥ yooial howillg ¢08t pcr uttltb illue&ged by £931 p.a coJnp8r&l with 2tr22. Within 2023, Wsha10Wed on WAth our C4PLtal programme, con]pleiill8 on tlre doot8 8ttd implementing tEu ENS systh through tho 3 Schos, ther#for¢thet¢ kngb¢ert dn kn¢m8e yearouyear. We wouldoxEK¢i th&4 to de¢teas¢ during 2024. op&'&th Margln il/0 Sodal Houskng 2023 S&)tot This % 18 w indlcAtor of operatsllg effkn-lew bealth as it tlleaBureA th¢ vJoouut of w)iu8 from bllnovff on our d&y.to4tty aotivlties, Our socigi hwslllg operdilttg margio hag de¢Keosedfrom21V• kn 2022 to 19% irL2023. Althougk we havo dotse wo& wroL tkn Seherne8 througkn 213, of thÉs lrts capitsl kniprOvNWLtl thereforo ma[ntaJ&fj¢ d&yto day has been u5uaE items, that we woNld eXpt they 8ra slm11YQ. onye4L. 19% 16.99% *seotor Medllln takeft from tho We3¢ Mld]aoth SDtall¢r Hou8ing bellcbmknng 8r(wp fi8we4 for 2022ri3.
LLNCHIS TRUST STRATXGIC llfPORT FINANCIALRKPORT 2023 FIXED A88ET8 The ngt E¥)ok value of bousing tieS i9 £15.8ttL Thss 18 made up ol fout 8thE6, ol TArbidi the Trust manage md use for peop, over the of 55 atsd ou?, w¢ Iw¢ ¢0 0Cl Chttrlty, St Bll,$, who use the property hojtteless people betweell tbe a8eB of 1&25. ctJRRENT Assyrs Curr¢ftt Sets fire al£4.4 mAitily tsEinvtW cth d4)oxlt8 of £2.3n4 which will bou1 Inw Capllal ComtttittrLcnts EMosiatnll]è eloug with dev¢lopuMts forttieTru%L CREDITORS Creditors du8 widilll olle year Arc £848& this kncbJd¢s housltsgpiwjerty IohDS of£523L Tho Thtsl'ts totsl £Ul% &t 31 Deriktsbw 223 ware £28nL RESniVES POUCY The Tristees knv¢ r¢Ylowed th6 need to Tetsln ts avai]abk re1ve8, dofined as lotsl asAets le58 ¢urr2llt liablllltss in th bwom¢ Futul befrt deducting 8hoTt t¢mi housiDg loans attd Iw t8ngible a8set& wtrnpiysing both hou8lns pr(4XLties and otheL fixed w¢l8. The Tte cotskd¢r it prudortt ts) retaitt bJnd8 ewlvaIent to 6 thOLtb8 awiual op¢ratittg ¢xpettditrY for tEe provi8ioTh of the wth8 C4ital needed to the Tryst etlkiettrfy 8lld for utLaXVt¢d ¢otsliDgen¢l¢$. Thig attKt0 approxirnJtely £1.35nL Atthe Year-a free rese4vsy are £22llL. STATEMEf4T OF COMPIIEH&NSIVK XNCOMX Th0 8Utplu8 for the year wag £20Bk. Wo havB increa8e io ¢Jur fillaThGial (ieposit lld intw¢sl rntes lttcreastng ste&diLy througb tboyw8tyd m in¢rw¢ g?liNg ourq'joted ittvestmentB. INV]tSTMENT FOLICY Th¢ Twsl¢es' iLv¢stmellt poli¢y 18 to look for long tBlln holdiog8 without utu¢ i'i8k for an in¢ome whlch wlll gtow in re81 Éerm8. Goif4G CONCERN. Ut]der the govorntttoe requiromeJ)ts, the TTht ooD&Jrm that after tithking eoquiii&8 they hv& 4 reAsoiiable expecta¢ion (bat 'th¢ TrusL bas adequate r¥4out(Ys b) ci)ntiLua ID oporation8J exi5t¢tsce for the fowoB&ble thttu AcoordiAgly they cotthue to adoptthe going Concern1 50wp8ing the aoeouttis. Whi161 the IntialtOll8ry i88Utg co8t of ]ivkn8 CT35ia bthuEht additlonal challenBrs, thc board lTrTrt pr&#al foreoasts for th8 curtent.yw whith thAt Ihè Thwt will mt its Bank CoYe4wits 8Jyt the cath flow stror.
LENCH)S TRUST TRATEalC RKPORT On this basis, the B0d hft8 a re&4oDable expectation that tKtt¢h's fnjst aow r¢80urce8 to wntlnu¢ ITL operational ex181BTh¢e fy th6 fores¢¢Nble faturo, b61nB a peritid of twelve mcolhs after the d&ts on vthlch ort at]d faTre1a1 gtsteojents are 8igtwd. For this It collf1M to adopt tho goknB ¢oncem bja tb¢ $tstOllk¢j. Approvedby tbe on 20tI 2024 d $i8ned ontboirbeba]f by Chairman
LENCFI*S TRUST STTG[c B£PORT INTKRNALFThANCIAL CONTROL The TtU8ts&s have overell te8poTr8ibi]ity for the Truses gy8t¢4ll of IllteDl fmBDr£dl eoThtnl, th¢ effEotivene88 of whioh has beort review¢d and rewted on to tke Trn8tee4 by th6 Thnaneo ComJittee. Tho prffjrL¢ipoL OL6nts of the 8yBi¥m, whi¢k 19 d&qigll¢d to rw8Dlso the blfi¢ chgra¢tertstk8 8lld objeatiTh of th¢ Trust tlLe ri8k8 to W¢ Lt16 8XPO8td, llb)Iwle:
a oiwly defjned wbsth ddegft Autknrlty, rwonubillty alld ACQty]nthbitiLy, in¢luditig rn4ponsibiltty for lttternal fittpoGial oontrolto Dwnag a wdl.eAtab1l8hblldgeUllg and reEillg withbudgets attdreTlts r8vlowed ata 6enlor Iml wlthlA tkn wovidor4 tiDwly aod TlK)nItl8 of finanoial pfOll. Bn invutsjettt eveluath)n pr to osvrcTruste¢s' approval for 8llmaj¢xe4pitoE ¢¥ollditur¢ ¢OJJmtlmtt9,. 4 regul&r revt¢w proceduro codrAI outby&èTm8tof its ri&k e4TP)8urD attd of the 8ygtorn9 of intafjal fjnalloial oontrol ittpl4ce to mitigats tIat r18k8, witharAualwrtq of filldtsw to thoTtusleos. Inlem&l fjnan¢i81 contsDI, by xt8 provtd4y ooiy Arasonablo not 8b8olats agaiD8t m4t¢ul i9rtat0mt or1088. COIIPLfAJ4CE. wrrH THKRKGULATOR¥S GOVEIUIANCE FINANCTALVIABILTrY rANDARD Th¢ Tr.1 ¢Cnfirill that Ih¢Ttr wlthdkeRewi of rBvid (3ov¢ELallce and Fioanoi4L Viability Stondard llppli¢&bte for tbe yeor. CODE OF GOVKRNANCE The uses the r¢8uIAtor of 8ooid knu8itiB L¥Kle of govern Whi¢h e&ll8 W¢ must follow tbrea eoonoml¢ whiGh COtiBiats of GovernAt athdFiJwNil ViabilitylVAlue mon attd B£ot. The Tnwt have eornplied with all rnlevmt provMinThJ 8& out iti th6 UK Co00te GOverne Code throu¢11 tho ounting peEiO RISK MATriAGEMENT liefa. b) 6tratagi¢reportpage 2. FUTUiUI DEVLLOPMELYfS Rof¢rto 6ttEte8LO reportpages 2 alld 3. TRUSTEES The Ttuytees set out on p&ge l. TRUSTEES RFspoNsTrrnrr Social howlllg IlSId{lon Tequirn8 tb TLu4t¢08 to p.wrn flnaocial stakents fot ea¢h finwGiol ye4r which glve (Tue #md fair Yiew o£tbe 8tate of tho Trust a8 at Ihe 6lld of the fijmncial year alld of the illcom? fjnd 0XLtl¢ of tho Twst for the year ottdcd on that date. Ill prepatillg thoye statements, yuit&blo accouJttttB poii-les hav¢ bwi Iwed, fra to Ihebe81 of the Trustep8' imowledgc andbetief. by r¢t¢ronco to r¢asotthbiQ and prud¢ntJudgemeThts attd eJeiwak4. and &ppllEd congist¢utly. Applicable &¢COllJLtiti8 s¢attdards havu been folioweAI. Th.e Tfv61¢Bg dre itso (equi to indioate Wh th¢ finaafjiol arE prepared i)thor tharl on th2 ba8is th&1 th¥ Thst 18 ¢ aoing CQllC6m. Th¥ Th8tees aro reBponslble br amngwts are for kwillg pTrpor book8 0£ ac¢ount wi spcGi to the ThisV5 tra])8aclion8 aud its awts and Il&bilitie8 alld foi EnaitttsLing a slltis,KctOry 5yStm of colltroltswr thc Trusvs books of account and tr10n8. The Tn1 gff iespollsible for ensuting arrgn)ellts & ta s&Éeguard the w¢ls of the TTU8t and hellct for taki steps fot th6 PLEYttntion and dete¢tioll of fraud Oth irr¢wdarlii
LENCHIS TRusr SWTKGIC REPORT TRUSTELS* UABtLTTY tNDKllll4lTY All Trustses of ikn ¢hatlty betLoflt ft¥xn & 'Thi$tee3 Liability IDsur8w' policy Op thrwh omr hwTof5 wht¢h pi'ovldu £250,01)O otooyer. DISCLOStrAE OF INFOIIMATIONTO &UDTTOR Tliere 18 no rclevant audLt outstgndxDg of whith th8 auditor8 wthwate md wb h&ve tal fill tb• 8t¢P8 we ouglLtto havo takon to makn ourkn &ware of &nyLd8vattl audit ijthttwlioll 8ad to ¢8tab]14h tknt the Audltor8 ar¢ aw¢ of thRt infoYmatioD. odby the Tnwtees on 20th Jutto 2024 $i8tted Dnth¢irb¢hdfby AM&]llE Ch4irman
LENCHIS TRUS IND]4FHDThT AiJDtTOR'S REPORT For Ike yeAr ertded 31 Decenth 2023 Oplnltsn Wa have alled th finenoial st4te<nants of L•nch's 11(ui (tha 'compaDY) Cor tFL6 ye4r rded 31 DeGbe[ 21Y23 whlch ¢omprl8e Stateent of Comprthenslve Inwra4 Stathmt of Fitialleial PositioN St&t¢ment of Chattg69 its it, 8t&temeDt Of cEttE0w5 ondttotsg to the fillalloiAI 8tat¢nienK llthdlDg a$ummgry of 8ignift¢aryt w¢ovnung polloleg. The fill]Glai i'eportillg framtwork th81 ben applied in their prepTatiorÈ 11 4pp]icable Unlted KiD8do A¢coullting Stalldard8, FR8 I2 "Ilie Fiw¢i&l Rq)ortiog St8lldard applicable th Ihè UK and Reptsblio of Ir#lgDd (Unlt4d Klngdom Generally Acc*d ALxountiog Pr4cile£l Jn our oplttion, th¢thMllci Btatsnie41ts'. givo a tru6 fairview of tlLV of th6 wany'$ sffairs Bs &t 31 DeC¢ber2023 and oflts 8urplua for the year Ihett end¥d, h&v¢ beenproperly preed ill awrdjnco UllltsdKnoth Gw¢ra]lY A¢£optedAccouttthg PrtiC£. Alld b&v6 be preparvl in accord80 ivith the requireAnfAts of tb¢ Con4)&)ie£ Act 2006, th¥ Housing aDd R¢gettcT&tiott A¢t2008 aud the AcLountin8D]re0ttofQrPri¥ats Regtetsd ProY1thofsociousIllB 2022. B8sb for opinlon We conducted our audlt In cordtle¢ wlth Inwnational SknTuIgrdq on Audititsg (LIK) (ISAS (UK)) and &ppltcabb law. Our reBpon$ib1llti under statsdords Ère fintlw de8cnbed in tho "Auéitor's responsibilltlt8 for th¢ audit of tho fthan¢lftl statements" 3¢¢doll of our roporL We art miled¢t of the ¢0mrAny in aOrdct with th£ bthieai requiretitrttts that Bro relevant to our avdit of tbe statements in the UK inctudillg the FRC'S EthiG&I stallr, ettd w¢ knve rffld our other ethtcal trsp¢)n8ibilities lu accordacce with reqlre{ellts, W¢ believe that tlL¢ audiL evlikTrce we havo obtahed i8 sufficient &nd appropriate to provide a basis for our opinion. Coii¢liislons relatlng to gothg ooneern In dItIng fjoallcl81 state4ncTrt4 we hwe con¢thTrded that th¢ BoJNl&' of th& goillg conm bo818 oea¢wJudng tbg piyparntion of th# Ilu¥tt¢iai statemfflts is wrowiat& . Based oll itLe work we havu perfiKtnel we bavo not identified eny matorlal utLc¢rninttts r01at5ng to ¢venlts oi. oollditions Ibat, Individu<y or collectivelyj lllQy cast significont dovbt on Ibe Comp8 ability to eontinu¢ es a going cwcom for a rlod of at l¥aB¢twelve mottlhy kn when tho na0¢11 8tsteLi¢nts gr¢ 8UthoriEed for189tt@, Our rayFoa$ibiLiti&q alld tho re8pon8lblSthe4 of the with resp2Qt lo going ¢oncem are dos¢ribed I ikn relèv so¢ItODS of thls itport. Other Inform8tlon Th6 Oth. informatiott ¢oJJJprise8 the knfornation in¢Ellded in theBoanl Repo¢ olh¢rthaAth¢ fillanci&ist&tettents pnd our audilor'l wort thereoL The BoKd ore r05pOribI¢ for tho otbor i]thxtyatlon wntalttcd within the thnual iepott. Our opinion on th¢ f9¢11 sl&t¢ments dDES ttot cover the other thfotmfytion except ID tbt Extent othenYKse txplicitly ststed io oiir ]Epofy we do not expTe8s &Y torm of conclusion thf¥Wn. Out re8pott8ibiUty is to r¢&d tlL¢ other tDformatAon do1% $0, c4trnglder whdher the other informatLott IB m&terlalty inconsistentwltlltho fiThan¢ial staÉEm¢uts or our ialowledge obtsioed ID tb8 cows¢ of th? wdil or otherwlse app¢&rs to b? tnkterially nisgtat¢d. If we Identify 8uc4 Owti1Cll¢1eS or appareut mit#rial MISBtatssntS, we reqll1r lo d¢t¢nDittt wbethor this gives ri8¢ to a mi+erial mi&8tstemtnt iti Ib¢ fillaiici&I stalewerttg themselves. IL bas oil the woF& we hav¥ petformed, wo co0ude that thffB18 8 m&t0rlal nth8tatttthBB¢ of this other illfomwti we ar¢ Iquired to i'eport tknat fact. W¢ bllve nodthg to Teport iti tbi8 r¢gard. io
LKNCWS TRUSI INDEP14NDEThY AUDITORIS REPORT For tILeye, ended 31 Decembor 2023 Oplmlono gn other thatt¢tt pre8¢rfb&i by th¢ Companle8 A¢t2006 ItL ow. opbLion, b&sed OJ tlx wott un¢lakeo Ill cowge of tho auditi the ittformfition givett the strateglc Iyrt 8lld thts Board¥, rtpart f¢x the tlnjndftl year for whith tbe f¢11 8t&lwents Bre pr8pBred b cons58tlWLth thefll)anoial sta¢em¢nts,' gLd the 8lr&tsgiG report andthoBDardg' Wort hav¢ beellplepedSrt 0[a wlth appllthl¢ l¢galrequtremellts. Matteiy whlch w¢ are requlred to rtport by oieeptlo Jn ligheof IkB knowled8¢ and U1#t9t8lldll8 of thg ¢ompw 8Dd 118 ¢nvirnnm¢ttt obtstlled IL tbe ¢ourno of tbt alldlL we h&venol ideIlled lltht¢rlttl Misstate,0nts Snthe strategior¢portor theBoerd%' reporL We bay¢ notblng ts report In rgSPgGt of the follovAog n)atters illTethl to whLck th¢ ConwAllias 2(J6 raquIr us to Itporttoyou if, in our opinion., adequate Aceounkns re¢4)rth bav¢ not bw kw or rntyrns &doquats for ow auatt h8V¥ not been r¢ceivd fro bron¢b¢$ notYi&iied by us,. or tho fillaLdai BtatdueTits 9t kn arnelltw1thth8act1n8cQds and t¢tsuM' or ecrtain di8¢lc(ursy ofBwfjs' r¢mwLBratton Sp]ficdbY law arettotmAde' or w# bayp ttotTec¢tved 4llthe thfornJatiorAand wlonatl(qL3 we requirefor 8udiL Re&poDslbilltttg of BoArd As oxpltiLed morc fislfy its th¢ TrustthS' tcsponsll)lliti¢8 8el out on p&g¢ 8, thg B08rd r¢gpoTrsLblg for tho preparatloll of the flnwc1¥41 gt&lemmts and fi)r beiAg Batisfied tltht they glve a attd fair viow, atsd for sach irttsmal control as thg Board dttormille is n¢¢w to tkn pr¢pfjTpti(bJ of fmMGiat slatom6Jt$ that Nro freè from tnalerlal mlss¢at6morLt, whether due to fraudor error. Fn prepurSng the fth4ll¢ig1 stat¥en th¥ BOY are twlbl• foi assessillg tho Cop.S &blllty to c(mtitw4 as & going ¢on¢en), dts¢Ifj8b, a8 &ppll¢ablo, maltern relatqd to going eoDcem arLd wing the golng c4)rneornb&5i6 of ac¢ouTLting unless the Board intend to Uquidatethg ci)mP0ay ar to thsewtioL]y. orb&ve no Iralistic altmtiv¢ bu¢ to do 30. uditor'8 ragpoD¥ibllltl roy the 8udItr the IlnAnclHI stateettts Oiyr objectlve8 are to obtain re880nabk &4suronce altther tbe IlnaAciaL Statonmts 89 a Mthole aro f$frOMMattrflll mlssto1eelll, whethty de to fi7ud or em)r, to i%Ug auditofs tBport tlwt iThGludog our oplniDn. Ro&qoll&b 4gswThi¢o Is a hlgh levtrl of wutwe but 16 TLOI 4 gu8rDntee that w audit conducfed ITh acGoMallc# with tSAs (UK) wlll Iwa5ry detect % n)ftt¢rial missttteueut it 18. MtSStateellts c4n 8ri80 from fraud or error 8ud cott8ideiEd materi&l i£ irkdivlduftlly or ths wogatv, they eouid ir&wRthty be expwtsd to InAUe¢ the econoTLiiC d¢Gislon8 of takets OA tbe basis of th¢ flllattcial statem¢ots. oxt¢lltto wli¢h ourwocedure8 are ¢apablo of detecting Trre8utatiti68, lll¢ludiDg fraud 18 detsiLd beknw. 'egulRritiM, InGluthg fiBuI ftre ingtallc45 o£nou-G(wl1ee wlth law3 attd re8vlaiollS. Wa desigll procodutDs h Ilne WAth trur ff8POn8ibltitles, outlinod above, to {kMter1tmtsIQTeS of hJtgthitl05. ID¢bLdkng ftau
LENCHYS TRUST IDEPND]IT kLU)ITOR•S REPORT rifjr the yertr eDded 31 De¢ember 2023 Bayed OL our UndStanding of the ¢ompmy and it8 indu8uy. we nSid¢ thttt ll0tt4tMtspliance with the following laws aiid regulatio] rnight havo a mthial effect 4¥L tb6 fil¢[al stalelneth". al10Yent ragul&tlon, heaLth and Baf¢ty gulatiori, ants-llolley Idering regatiOn. To ILelp usldelltify itL4tBoces ofrLon-eompIiOLC6 withthes¢ law8 atEd re8llkntioti4 £dBllufykng aod as$¢s8Jng the risky of Mat81 misslatementiu r48P¢CttO InGbde4 but were not Ilmltcd to., Jnqulrins of J)w?8gement w wher6 aroroprtfite, those with gov2ATrauce, a9 to wlL¢ther the ¢ompaiiy ig ill ¢ompllance wlth lawg ond T88ul8tion4 eDd dLTh¥ing thoir poliol ard proc6thwg3 r¢gaTdiDg CLMDplsmce with I&w8 and re&ilatlons' Fnsp8othJs oiwond¢ncfy if lluy. with relevant licws1 OT regthlory auth¢xlÉles' Commutsi¢adog Identified Ikw8 and rolatt8 to tho team alld t6mwnlDg ftlort to 9ny Indications of non-Gomplian¢¢ throughout our audil 8Ad ConyidertTrg the risk of aGtsby the company whi¢hvMrn e• to lppllbI¢ laws regUlatIOnS, includiog fraud. We also ¢on91ded thos¢ laws alldngulations thatlwvea direot¢ff¢ct otttho pry8ttonof fillGial statemettts, SLwk as laK iegi31ation p¢ll81 l¢gislatioa, the CoLupfjuies Act2LMJ6: Hou8in8 and R68¢nerat400 Aot 2008 and th¢ Aec4)Lutting Directlith 6)rPAYateR¢g18(K¢d Proviths of SLKi8lHowthg 2022. 111 addition, W? ¢V41u8ted tb¢ BoArd and Managllent,8 ttt¢etttÉves and OPPOttLitslties for frdiidulent m4nipulatsott of fjnarkcial gtatements, including th? TiSk0fmw&t ovetrlde of ctroLl, and drxeM)inlth8( the prin¢ipal ri8k8 relateA to PQ5tius journal etstrie8 to rnaOtyJ¢ firial t¢rfomwDce, 9agent bias judgements and a8SUllWtloJs in sigttÉficaat accounting &%thnalzs. itt pthicular io relation to Tevenue twitioA (wbich we plnpoiDtsd to tILe t-Off as&¢rtion), slguifiM]t on¢-off or utttLwI It8JJsarALoll3. Oui. 8udi¢pro(%dure3 in rolation to fraud in¢llldedbutwcie notlimit¢41to'. Making quIrI&S of the Board 8DdnWageeltt they hodkAowl of ally Gotual, swected or alleged Gaiiiin8 Httundeutattditig ofthe llltethal cotstrob utablisbedto mitigats risl(s relal&ilo fi(L. Di8¢USSiDg aMontt¢ ellgageMellttej the rt8k8 of filu. Addit88ing the r59ki otfraud thnbvgb jnana&eMt ovoYidE of ¢ontm]8 by PBrfi)rmiDglournd eLty teBting, Thtre inkerenl limitatlons in th¢ 8iLdit wocojures descnld akno and the prinw re5poJisibllity for the pmthdoJL nd dele¢lion of irregularftieu including fraud wlth As wlth my audi( thaL* rernain¢d & rtsk of noll- deteclton of itt0gulLtIes, Ihes6 mY4y invoivo eollusioffj forgpAy, Intenttonal omissior, misrepre8etttationB or Ib• ovttylde of illt¢rnal ¢ontrob. A ftnther de5cfAptiotL of our ryonslbllltie8 for the aiJdit of the fjThallcial 8t8tem¢nts 18 locakd on th ]]lGIAl liepothg Councll's website at rs tL8ibiliti . d¢5oriptiou fonns part of our auditor's feptnt. 12
LENCHYS TRUST INDKPLliDKNT AtJDTfoRYS REPORT For the ye8r e]Lded81 De¢emb¢r 2023 Uie ot tha Audlt report Thi8 ryort i& tll4dcsololy to the ¢otswaoy'a tllombth a ly)dy in Accordwwith Chèpter 3 ofpart 16 of the Companb$ A¢t 2006, Our audlt wo& has beoll undErtaken tbat we might 8t&tG to thc Gompbftls nwmber8 th080 ojattors we 9r& Eequited to 8tab to itt on auditor's reportalld for tto othor pu8¢. To tho fit11&3t extontpernittédby law, we do copt or a8$uroe rwDn8ibllity to wyotto othtt thall dLO c¢watty the ¢D¥allY,8 as 14 body for Qui. audit wort for thls rtspo or for tho oplttion5 wo bave £oned. DavldH¢)08e (Settior St&bJtoryAudibT) forHlldoll bel[£ oeFotvts Lt2 ChArt&t(IAceountqttl8 ind Statutory Auditor 2 Chablat0 Squ8 Birthinghj B3 3AX 13
LKNCH¥S TEiusr srATKMENf OF COMPRRBENSNK INCOME FOR THE YEAR KNDED 31 Dbcember 1023 Note 2013 22 TUIINOVBR 1671448 2,482,735 Opor&ting oxpettdi (2,7Ql39I (2,371,780) OPKR&TINQ8URPLUS (28,Y47) 110.955 FIu8u¢e Inte&t 6lld finallcillg costs 8uTrlu8 oll dlsp088LoEfLXetio880ts awige inf&ir vatuo of tsv88lDLeots 199,409 (130J62) 76,569 18,3221 104,840 {l523001 48,823 36081 lin2 TOTAL COWREBINsfvE TrICOM FOR TEE YEAR 208,347 l44,t99 Tke tlnwlil$¢8toJ*nts on pas 14 to 32 wett E0Ve by tho IluslvA oo 20th JU¢ 2024 aud re oiglled oll thelr b¢hHlf by,. 14
LBNCEVS TIIUST TATEMENT OF11cL POSITION AT 31 Deopmber 2023 2023 TotAI Capital Fund Tn¢om¢ Fulld 22 Totsl F4ote5 TANGtBLE FIXKD ASSBTS EIou8itig prop0rtie8- ¢11¢9$ depkwidtiots IJv88tmejtpvertL#S tnv¢6trtt&nts OtlE¢r Pwexty, plaat & io IS769,184 IL984,696 3,118JOS 694J52 IS,769,184 15,667,064 11,949,100 3,237,145 563,040 14984696 IP59,171 12 13 179,134 694J52 TOTALIryXKD ASSET8 31,686J37 14,943,867 16.742,670 31,416,355 CURRKNf A&SETS InV¢9kn- ca8h depwits Trade atsd i)th¢r debtots 14 l5 2,311197 271,941 1,8J9,674 3J8VOS 23,792 271,941 1,839,674 4,710,268 198,Q50 741.680 4,423112 &U8AOS Z,135 407 5,649,998 CREDITOILS: AMOtThTS FALL]ThG DiJE WITHIN ONK YEAR 16 (848J02) (848A) (I,373,728) NET CURBXNT ASSET81 (LIAMJJITI 2a88AOS 1387,105 4,276.270 TOTAL ASSRT8 LESS CURR LIABILTfiR8 35262,047 17.232372 18,029,775 35,692,625 CREDrraRS: ALMOUNtS FAILf4G DUN AivfERMORE TItAN ONEry£AR 17 $9,185) (7,059,183) (7,698,108) NET ASSETS 28J02,864 17332J71 10,970,591 27,994,517 W93860 14At2O68 2W09AIM 2,809A04 lo,97092 25303,409 2,691,108 F¢r6tendowtyQftt TOTAL RRVr3 28202,864 17,232,272 10,970,592 27,994,517 The finall¢lal Btat¢ments on pagu 14 to 32 weu apprnved by the Trusleth Ott 20 2024 Attd wore sigttol on thotr beha]f by., Amalik. airL#lL 15
LENCK+S TRUST STA'fEMEvf OF CllANGKg IN IERV3 AT 31 December 2023 Revenue Perfftallellt i'ewerve elldoiffjiut Total BALANCK AT I JANCARY2023 25J03,409 1691.A08 27,9g4,517 slu (deficit) &om8tat6tnent of wmprthon8tVO itt(ll 208347 (118396) l18396 208,347 BALANCE AT 31 DKCEMBER2023 25.393,460 2,809,404 28,202.864 Reyenlle re¥erve Pern1wllt endowmellt Totol BALANCK AT I JANUARY 2022 252tI,109 1623209 27,850,318 Surglusl{dcfiGlt) from Statllt of Incomo Trattthr botwecnxoserv&4 144.199 (67199) 144.199 67,899 BALANCK AT 31 DE[BR2012 ,303.409 1691,108 2Y,994,517 See page 14 for detsils regarding tb¢ou1j (doHoiO Atat¢m¢ut o£wnweknlvo irtcomo. The tr4ttsf l*twedL reAtrves is th¢ of gal (logsoB) rds8ed oo disr1 of inYe8fmeTrts withill the ttapltslportfolio tnnsfenrd from tho rovettuB r&8eTVg into the PatElWeI acllounL 16
LEIYCHISTRUST 8TATEMEwf OF CASU FLOWS For thg Ye O]Aded 31 Deeember 2023 2022 PiotrA T CASH (oivfFLOW)IifqFLOW IIROM QFERAT)NG AcrivFrIES (327,543) 1,085.634 CA8HFLOWS FROM FllYkNCING AcrMTIE8 Dlvidend& Intrt& Rentts¢¢ived IrtlcrestpAkd Hou8ing loan (rey8id)l ftry>lved 464,656 30062) (soo,ni) 328.087 (152 3(K>) (478,340) (166h271 (302,553) CASH FLOWS FROM INVESTING ACTivrrJEs PLtrcILfi8¢ Ot hou81nB prop¢1¢8 (ityoludin8 Components) (Noto10} I486P of other pmperty. pkn equiptst &nd Mve8ttttttpr0ts Dc¢reue in iThir&4tmt d¢posit8 Froceeds from saleof sbAted Own8b19 (680,010) (1,023,885) 1305,102) 2P98,071b (322.1661 1,020,158 124,875 PnJ¢eed6 sde ofTmrstw¢nts of illva8tmcol8 (Note 12) SI059 (33L5S3) 285,655 (288,5J3) 1,591964 (Z03,8761 NJLT CHANGE TN CASH CASH QTJIVALEErrs 1,097,994 579,205 Cash and ¢•sh equIve•ts at the begi of thc yeat 741,680 162.475 Casb ca8h equtvalents at the wl of tlle year 1,839,674 741,680 A) RECONCILJATION OIIOPERATJNG SITRPLUS TO NET CASH INFLOWI (OliTFLOW) FROTr[ OWIRATIfiGACEIVTr 2023 2022 Oper&tlttg 3UrplU (defioi¢ for the yethr (Incroase)I deorease iu d¢btor8 [n(freO (dtsxtase) In crediti) Depr¢olatroJi knorisatioLof Governm¢ftt gtant Ront8frofft tnvthnents (28,947) (73,891) ($48,297) 704,170 15,331) (265347) 110,955 136.526 574J87 602 J41 (115231) (223244) N¢1 ca8h (oulflowylttflow from oper8tiog a¢tivitie8 (327A43} 1,085,634 17
LENCU>8 TRUST TATKMENT TO CASH FLOIIS For t]LO ye4Y entt 31 Decer2023 ANALYSIS OF CWGLS )T4 IYET DEBT Attho 81Attof th¢ ywr Fair valuo Otherlloll- tthe¢ndor thoyear 741680 E20,438 l 097.994 (92,5581 1839 674 27,880 Sljort tm CLtrrelll a8SOt ittV8Stthetttg Long term mrront a88et lotments wlthin I OV6r I 4,589,829 12.368,91Ql 2220,919 Borrowlts Borrow 523,593 160,513 14114 361 684 106 18
LENCHJS TRusr NOTES TO THE FINAEICIAL STATE(T8 FOA, tlie year endod 31 De¢omher 1023 ACCOUhTJNG POLICILS (a) Basts ofse¢ollnltllg Th8 fall¢l Atatsments 8re pr48tht&l iti SttrliDg (£) and 8se pKepHred Utt thè his(orl¢al ¢QBtcotThtio 83 modified to Include ceiiaill it•tM8 at fair vabJ¢, irL ac[d&ll¢¢ with Fijwioial Reportitsg Stalldard 102 RS 102) issued by theFltbfjuGial Reportsllg CoJncil and complywith tho Accouttilttg Dire¢tioo forPrivate Rbgsstered ProvAder8 of Social lliwsit]g 2022, the Stst¢DLent of knott]melld¢d PrnGtltt for R19tred Social Housing PEoviden 2018 (SORP) ad the TlousiDB aod RogaEwdloA Aot 21Y)8, Lencb'$ Tll1 is publi¢ hrIt entity (PBBk d#filled In FRS 102 alld applles th¢ relgYAnt pgjagraphs prefixed'?Bll" In FRS 102. The asswiatiOniB ffgi8tfflrd the Comp8ts1oB Act 2006 md18 ar8gi8tord provlder of 800ial housillg. prtnciple J¢ttvlt128 of lnch'b Trtsyt srÈ to provtikyhougln8 lo over 55's ITh tho BiMsn8hom 8re& to irvcnt oi rtliovopovetty for ourld¥ts, Golng Concern Under the gov¢rnonre requirEwL% th¢ Ttu5t6 collfittn th&¢ attor makkng ettwiAes they havè a sonable oxpociation tha& the Tru¥t ha8 to contlllue ltt opsratIott exiytsThGe for tkn fore8eeabk fuiuro. they eotslimw to a&pl the goittE ¢on¢ernb88i8 Inpr¢1tiS the accoullts. whiigt IlLe Tntol ar¢ d¢alins the CoM-of-IAvthg erÈ8i5: thD se10r MmBgethent & Exe0tiVe teom have tgknn 8tw to miLtgate the itnpact wtll havo to the OiBallibEitlon. Th¥ SeLVi¢e Char have be rovlged for 202412(ll5, to mqxsrttise tho Iorne acro85 thirHaJsin8 SfoGk, Budg¢t8 atsd foreiwts have beett px¢p4red for tile wrt¢tst yV4fJ whiGh 8knY tho Tn¥t JwtiD8 its BaDkiti8 Covenaats attd the whfiowmain5 ill &8trong posittOJ Oll tbis bAyiJ, t&e Board S &roa80tle oxpxtth thBtknrJL'S Ththa8 ad#qu&ts rnsourc48 to COlltimLe ill operati1 exISt¢4 for th? fDreEe4able ftsturn. betng of twelve di¢r date on which the r¢portalld fimallcial 8ratents are 8tgnd, For thig itcontiuMM to adopt Ibe 8tiing c£)twem ba818 illthe fJnatiGial 8taÉem8nt& Ib) (¢) ThrAover Thrnov¢i repremts resid¢nts' ¢olltrlbudoL8 r¢cotvthle In teyctof Alm8houM (Detof Iosges voids), ronts rec¢Lvable inVEsttt propNtsy procttds fro ttxtt¢he gltsted owDefshtP sales, rOvlle Blts re¢¢ivabb ftom L(1 Authotiti¢8 aud Ho EDglgn& tog¢tharFith dojadofjs. CApltal fllrLd The capital fund r¢pre¥¢nts tha orig11 en¢Jowmrot of tbts together with 8ubwuent awiurnulati0tt8. pital now 1Sts of freehold propty. produoing relltsl locotrke, Iofio8 and ve&tm¢llts. (d) (e) All tb¢ TrnsV8 XnC4xlle18 fortbrooghtho incom6fitnd4cc¥)ullL Rv¢fjgnltlon Orhoilu8 yroperttes 8nd (ther rd assets Cost irtG]ude9 the cost of wJlrltsg land ftnd bulldings, dir¢¢tty attTibu¢able develq)mellt GQots and boiTowing cogts dirwtiy albUtablQ to th¢ wJJsttUGtaoft of Ikwsing propertles dur]ts8 th6 dovelopthottt, C4Pitalisation wiLoll8ubst6titi&Lly th6 aGtiviti48 that4re neceWtD get aBsctre8dy foru89 81 cothple Depi'ecl?tIoA D4)ifGiatioii is ¢harg to Vle Itowtt - co8t of frethknld hong FrOptLes ID ¢8timattsS t&%lduo1 valtLe on a 8tthlght-lino ba818 ovcr theirexpeGtfy4u30fulwnonw ]ive8 as foLIows: Freehold18Ld Not dBpThJialed Houstttg plpertIe8 I) or 50 years . N4ajor ¢onwLsllts arr troattd w 6e4J2t8ble 8S8¢t8 and d¢prlted over ti*ir estimated uuethl ee0tM)Q ]Ive8 or the live4 of the pk71pertt&g to wbioh they if Sknrbr, atth8 thllowing rotsB', Roofs 50 r8 Kltohen8 10 ye& 10 yedt8 10 yea (D Bathroon 19
LItNCH'S TRUST STATKh(CNT TO CA811 Flnws For the Ye ended Sl December 2023 Windows & Door8 D6prtclAtion ig ¢8loutstod t write off the oJ9tof otherpropty.piatsl& 4uipttwnt{PPE) trUbI£lle ba818 overthoir estim&tedUseI jives Atthe followitig 8mual rnteA: Ome¢ PTem18e8 30 yea Offiw ¢quipm¢nt Ac¢oJ)thodatioD equipmotit 5 )wx Ih) Impatrment ofwlal boudrtg properde8 Properta&B heldfor tknsooial benefitate notheld solely for illtiow8 thoy gojwats atJd are frleldfor ¢knir $oNi0o pot¥ELlial. An Ess658nenl ig m4d¢ at each T¢POrtillg date $8 to whth 8TL indicator of imp8irnl¢nt exists, Iesuch inditOr exi8t8, an ImpaiuAent &9c1st 18 oorried out attd an fr>tiDtste of tbts tvAverabl¢ umoLiTht of th& asset Is Wlioro tb6 caryying 4mOknfjt of 8È9et &xceeds its r0Verble irnpoinnenl loBs h SMluS or deficit io th¢ Sr8tQrnEnt of Copre¢n8ly& lllrxjmo. The recov¢rdbl¢ &mount of dn S8¢t 18 the higher of it8 vaIu? itiuse and knvthi¢14s6 CQ8ts to 56ll. Whort &8setè arebeld for th&ir8¢nq potential, value ltt u8e ts det¢nnilled by the prll1 valu¢ of the as8¢t's tenainiD8 seryke potential plu8 th¢ net amount pected to bts from its di4xwL Ikwwlated l8p]a¢xD. eO8t 1$ takall as a SLTitsble . DLeasur6ULentrttodel. Att Ios8 i¥ r¢v•rBed if the roasons foT invint IoB8 have oe&s&1 to Apply and Inthdad 8urp.hjs or d6ficit In tkn Ststsmellt of Compreben5tveJllCQ]n¢. Work8 lo exlsthig propertlos BxpeJMlibJte whou8itig Pmportlas which rE8uIts iti m e[thatt of tkn ¢¢OAOmi¢ benollts ovthe property Is ¢apitsI18e in ac¢ordtw withthewuillts of the SORP. Social llou&lllg Gr#]xt {8HG) otknr eapltsI andgoverJun6Lt grauts Grants relatlng to assets are reCogw'd as iQCQllLe on & syst&llats¢ b1£ ovor the exp¢ot¢d v¥eful Ilfo Df th asseL Gratits leceived for houslttg ptDPerttea as ovor the cxpect&l uðt lifo of th¢ ]LOU8iThg prnperty 81TucttLre. til (k) lllyestmpnts lllvestmettls 8ttmeasured at c(t ottitiitiAI rOgnitIOnalld sub8eqUtttttyat fak vAluc as attfve y¢ar.ettd, vAth ohang¢81ts lalr valu¢ d8 & suolw orikficit In the Sealenrt0r.cOMpreTrLll¥iYe Incomo. IrLve$tMent pyopertles InvlmEtit PTopertl&y con8i8t of knd and ¢ODMerGl pff>pertI not ld ftsr tho 181 b6tsFfit butfor u8e i Le bugineys. (D 5nve8tmeot prowties arameaSU at costoThinid41 ]gotIOnad5UbSeethY atfatr value AB lltth6 ycar end, with cbang&s iti fair value rnogntsed in Stytentwe of CoAnproh9lve tttcoth¢ (¥8[0tio5 at6 done ovety 3 yeArs). AS at 3111 Dccembor 2023, ttLe iAvestm¢ttt prOptieS WCXE aEre)I by Ib¢ Board of Tru8teag, to be heltl at the approwiate valu#, to beitig by Savills ill 2022. Operwllng le45e8 Le8 that do tl transetr aIl the risk8 ond rewards of owneiyhip are clo&slfied lls 4)ttt4tittg le&3&4, P&yments uuder Dp¢r&ting l¢a8a5 aro ch&ryeA to the Staretnent of CgIv0 tllo)m6 on a 8axlght.line basi8 overth¢ le480 tsrln. (m)
LRNCII>S TRUST STATEmT TO CASH FLOWS For the year etsded 91 DeClIber 2023 ]lllere$t and Ilnallclng Costs lulgr¢5t cb&rges ItNed otL th# flÈwD¢iQ8 of ho prop#¢ie4 are pilI8¢d up to of practi1 completion. Jnterwt charge8 ori8ing after that date to the stst¢ment of cowreh¢D8ive illcom¢. Thig is c{)ttllEpratICo and 8UPPOrtby SORP. PeniLolls Tiw Tnt operates dofo%d oontribullon pen8ion kneA, the ¢08ts of whtch arovrAts off to the Sllterotht of Compr¢h¢n3ive IDl¥)e ots ttt 8ccmEI bB81s. The o¥8d8 Ot scheme6 held 8gpar8toty frll th080 of th• Tht in itthpendontly Jdn)Ini8teied luLds. Sh8red owuei'6hlp propertles The Ttiist has 4dopted th6 SORP fjx ¥twvJ owndup properties. All prop¢rtt88 8 BplÈl b8twcen fixed wd current lifye with the exptiOn tel&tiug to tke firnt trauohe salE pertKota8e. Ti expec-¢d fjr81 ttche ptwortioL ia ¢ia88ified a8 a tslltre owtwktil the POiDLof thB fint trth¢h¢ Tho current a88et 18 then tML8ferr¢d t) ¢1>8L of tllatched &gainst6th8 pwceed5 withiu tho Ot)eratln8 gurplw ltt tht stst¢meut of comprehBnsAve Ally operntxttg 8Utplu8 Is r¢8trL¢ted lo the ovcrall 8urplu8 which tok (A)Ut5£ of th¢ Exi3Uti8 Use VttiU¢- Sooia] Houslns (EUV-SEQ of tho iYm&inwg rd &88et (o) (p) Tho remainiDg tetht of tbe asgot is ¢Las8ifi¢d 09 D Ex&1 Aw¢ ond itioludd Fn hou8ms properti¥ it cosL It&q anyprov£81on fordePtlatIoQ or unpthmenL CaslL and r4slJ eqdvthts Cash alld oash¢quiv4ients compri80 inbHtylJnddallalld &posity 8hortfvYm, bishty llquld IttvB5ttk tIt ar0 ¥eadtiy known amou1 of ¢Jsk" aDd ate wJbj¢¢t ID w iowlfL¢allt ri8k of Ghange tJv4lug. (q) (r) FlnRndAI InStnunts FinallGial ats &nd fina11 li4bllttles wlts the Tnt bec4)mes d paty b) tho eAmtractual ovisiom of the In8LrylltwnL Fin&tiGial as8ets canied at amortisod Go8¢ wrnprise ront arrc&N trade and otber rBGeivabIe8 and oth 01)d aqLJlval¢)nts, FsndndBI &8 initiylly IOgnI Bt fBir value plu8 direclly <ributhble ttBll8aGtsDIi CQSt& Atler iniim recognit10 llLBa8urg] at ArAtiSed (lusIg tbe rfkntive itttere nWIld. Di8GOUlltiug 18 omltted wb¢t¢ the effec( of di8COUThtiug is Imma¢¢rthL If IILet¢ ts objectiv6 evidelloe that there kn an iD]pairmrnt 1084 thts qmouDt of the ioss 18 mtasurd ax the dlfference betwe the asset's C8ttyiDg amllt gnd the prweut 1¢ of eBtiWted (#sb flowg discounted the fman¢ial vss*8 origiDaL eff1ve knt¢rest rate. The ¢anyitig offtount of ttL6 88S¢t18 iu¢¢¢[ acGoTdlttgly, A financial osset 18 dw¢cogu18ed Ihe ntrath81 dsbts to flLe flow8 expkr4 or when th¢ fitlancial &8S¢t and all 65tlIa1 ri5k8 andBwardaTr trBELS T£att c4mstitutEs a fUthing ts¥m8alo th¢ fil1ciaL wt is at the prtt value ofthe fvtur< paymettts d?witl atamthiJTrfy of ljtht for 74 &milar debt fin¢la] Ilabllitl lllclude trado alldotherpayabks and inlernstbearitig loaDg plldbc>rmwln2g. NoJL-OiUYOnt debt1rt8tn)rtter¢tE wld¢h mcet the nary cotxJitioJg in FRS 102, &[¥ itsttsllly rxo8rLi8eAI &t fall valuo adjusted for PJLY dttttry ottnThutsble trèll3action 8¢ Dttd ths¢quendy inegsuttd at Or(ad cost uging die e£eeGtLv¢ ititere8t with lottr-Tr1ated Gb&rg¢s reco8ni8eA as ao exper¢ lli fi[Lae costs iti the Statett of Cotswrelw)siv61ncoJne. DiwOUting i4 omitted wh8 the ¢ft¢ct O£di8¢ouutriB ig itnw8terial. A fmanGlal 11obitity Is dereco8lls5&1 whffll tho cOfjtra¢dI obli8ation i8 ryxlingulshcd. that L3, wh¢ll the Obl1glOll 18 d1harrt ¢8ncelled 01 sxpiro& 21
LBNCH'S TRusr SI'ATJ£MEYf TO CASHFLOWS For the year ¢ndEd 31 Decembgi. 2111Y Forr6n¢ attgat% wh¢re tbe 8rr8llgeme4Jtty)#sdbJtvJ, kn effM4 afinatiThD8 (rat¢tiOn of ext6nded ctrdit attangellllts the att¢ars or8 tttea8urea aithe pr86oJrt Y¢ of the P&yrnaLts di8QOUOted at an wpropli &tO nwketrale of ittte (s) Hollday pay ae¢ruftl A Ilabillty is reeoglllbed to thc exttht of Bjry holid pay tillatArt wbich acorued Il tho year end and18 a&ied foryardto yeor8,
LYNcifs TRUST NOTES TO THE IIINANCLIL 8TATnNIENTS For the year ended 31 Deeembu. 2023 SICTrIIITICANT MANAGKMLNT JUDGEMKNTS AIqD KEY SOIIRCES OF ESTIMATION UNCERTAlh'ErY rthe preparation of the fjDan¢ial st8te0 wuiYo8 mfinagemant b) mak• Judg6ments, tstim&te8 a8sEllnption8 that afft the appli08tion of po]IGies roport¢d of assets olld Jiabl]itiW. Ing)me 6xpDns86. The E4iitnate8 aod )ssoGiabJ N8gUllptio tt based oll hi8toiioal experim attd vwiou8 0th. ftOrS that are boJioYed to bo rea80nablf lllld th6 ¢lrwm$t8tsG¢s, the nsull8 of whioh forn th¢ bA8ts of kEng thojudgemtnts about eatryjng Df Jlld liabilltitis Ère ttr¢&allY appfirent frotiLother 8ourn. results may diff¢t the4èe5tlmatea, 4thlletes attd uDdBrlylttg w]mptl¢)ns vIewed on an ongoing bul& RoVi81on8 to 4ccDulltiug 8stimaLes are rects8ni8ed irt th•period in whichtho e8tim&toiB rev& alld io ally Lod6 ththd. Sjgnlficant MAIgeMentIdgeM1n1¥ The have revl¢wod tkn as8et iivea resldual values of all flxed a89rt Bla8Be4 alld p&iticular, Ibe Thefal ecoJLOmiG lifo wd id5tth]al valu of prqJmtie4 h8ve ¢4llGluded a88tt llves d regidud Yat'a08 are appsoprial ManaBamerAt bas¢8 it8 judgemaLty 00 th¢ i¢ladng to ¢&oh speGific eTht and upon ¢urKetttty available snfonnaiioL Howoyer. the inhuertt ditfwuideg estiuutwg li8biiiti¢S th tho&¢ arc•8, Ll cawiot be ¥Jar8lltced tha¢ additiowl L¥)Sts will notb¢ it¥cllnul peyond the afftoutsts accntrd. Tho Thwl makw estim&leB and RSSWDptiolls concerning tkn Th• rewLtiDg aoooutititig till8 will, by definklon, 80ldotL ¢qual tbc rnl&ted actll rnsuIt8. The othDat¢s aod 888UmPtiou8 thAt h4ve a 8t8nifi¢antAtsk of oausing a m&l-iial adJU8tts1tQ the carryin8 aomnmts of assBt$ and li4baiiles With the iwxt f]nallAly¢&r are 8ddThed below. TiJ¢ Tnwt oarri¢6 its lllveBtsettt propertie8 at fatr Yaiua and thgagtg valu¢r8 to d6teiynitte fAir valuo U8lng vlluation tthiqu6% The l[atl fair vRllle of tkn inveslment PLwety a88uillptions whtch grG subject to judgem¢llt, as (Lie e8tiW1t yield eod the long-tellll vaoancy rat8, Tb¢ oatrylllg of thc Tiusl's inve8tsnenL piwBrtits ¢&ThbutL io llot¢ 11 Di tho fm8ttGlal ststement8.
LKNCH>S TRU liOTKS TO TllK FINANCIAL STATE.NIKE4TS For theyear ellded 31 D¢¢eYAber 2023 TUIiP40VUiAf4D OPERATING COSTS 2023 OperathiE gurylu {d¢ficit) Oppxodn Cty8ts come And e4)enditure from l¢tthiE8 (Lole 3J) 1,987,599 (I,A74?21) 383k78 Other and 6xpuullturè C&r¢ stirvAce8 339J38 74,751 265,247 s,ooo 13 (474,603) (11013) (27,8116) 34,76• (35,762) 137,441 S,OlJO 13 (484,152) Rtsnts fiDmiryve8tm6o¢proper& Managemellt Charges Donfttsons thini8ft8tfve ctNyt8 (484,151} Totsl 2,672,448 (2,70129• (28,947> 2012 Op¢rY¢trDS 8ulusI (dofioh) Operatiog co&ts tnets? #nd experditllre from t¢tt£w (nole3} 1901,853 (IA28,672) 473.181 0th6r Inoome expellture Clre 8eivic& Caledryg 8efViCg9 r16,968 68.670 223244 (398,882) (121914) (90.869) (22,1991 (26,579) 196,665 5,000 mullag0e Clwges Donatio Otkn 8dmiui8trafive ctjyts (426,778) (419,778) Total 2.482,735 (2,37É.780) 110,955
LiINCll>S TIiUST NOTES TO THE FlANCIAL STATIMENr8 For tke yev ended 31 D¢£¢]nbor 2023 PkRTICItLARS OF INCOIIJR EXPEt4DTTURK FROMLETTINQS 2033 2022 IKcom¢froin léthg HouBymg cvntrlbulion8 efvabl0ttBt0fV0Id8 1,777,035 44,127 51J06 IIS,331 I,684,113 S2,209 50,21K> 115,331 Otherhousln8 retst Amortts&ttott of SHG Total ltt¢ome from letfy8 L987,599 1,901,853 Exp8ndltur6fMm lettln Housin8 awoJDmodatioth' SgrYicG Manage4n4ttt D¢preoiation of hol18 prwtie8 Rq)8ir8 mnintenance 185,DS9 513,795 6$245 242022 174,443 453,585 574,684 225,960 Totsl hou8ing op2rating 008ts 1,604,321 1,428,672 Dpttating letti 383,278 473,181 Void1038e9 tDr tbe yeorwero £16.730 (2ts22.. £10,288). tLcluded withia houwng ¢¢)ntrÈbution8 r1}Fable ts 90tYiee ¢barg¢ of £924,354 foE the ourrotst yellr (2022,. £754597) FAr4C com 2023 Investhefjt irLCOtll0 88J87 111322 82,263 22,57Y 199A09 104,840 25
LKNCWS TRusr No1 TO TIfK FIYL ANCIAL KfATEKwrs Voi. the year ended 31 Deeenber 2023 sirApLUS ON DISPOSAL OF FIXED A8SRTS 2023 2022 Sutplua ott£ate of quoted inv6Stmeot8 Defbit on dispfyyal of othetfixgd osset8 188A88 (11,919) 81.218 137,395) 176,569 43,823 JrqTERFST AND FINAliCING CO 2[123 2022 Bank batts notwhollytEPAyabie withillfiye years 130J62 152200 SURPLLE or4 ORDll4ARY ACTivifiKS 2013 2022 Surplv8 ¢Jnordlnory wtlyitieg Is stated after ingl(LYoditillg)'. Depreoiation of fi%1 a&30ts knorDS4tionof Governmeutgroats Audltor'8 r¥mun6rauon'. Inth¢ir GapaGity ILS wditor Othtr 8¢rviK4 Le88e p#ymeat8 re(X)tl N8 o¥pewo (hmg the year 704.170 (115J31) 602341 (115,3311 12,2SO 4,0fj7 13,667 12,25CI 5.030 16,971 STAFF COSTS 2013 2022 W8gE8 aud $alpries Sociql Becurity ot1p¢tl0eO8t8 1,095,610 85,530 94,833 939,126 73,129 74,030 IA7S,973 1,086,Z85 Avmgenumber of fjJlE4iti7g ulperSon8 tmployed th¢ yw. Nunth Of.hei' scheme staff C4r¢ to Catsring team li 16 18 Ttstal ptyplpye08 38 36 Avert5genumbEr of employx4 is calcvllllEd..siog Ihe nuohknofhowT WOEknI by eaoh eli]ploy, 11 tim¢ bothrs ore bsd on 35 hourspexw 26
LENC$ TRUST NOTh1 S TO TIIE FINAfiCIAL STATKMWIS ior tlie yeor ended 31 De¢eThb 21123 FLX]GD ASSET8- (Yrnhold) 2023 2022 COST ORFAIR VALirR At l January Revaluatton Addition8 11,949,ICQ 11,272,291 672,709 4,1 35,596 At 3t De¢¢Jnber 11,984,696 11,949,100 IttveBtsneAt pwerti CONSSt ofland and W0]a1 Dothdd fortho 8o¢Aal batsoflLbut buglA 12. FIXKD ASSETS-Ugted IMveJtmellts 2023 2022 e2KdCa Cost: At I Sattuary Additlons Dispo8018 2,457,253 331,5S3 (312,071) 2,373,180 288,510 (204,437) At31 Deo6mber 1466,735 2,457,253 MArketYo111¢ 2Q23 2022 2023 21122 British Governtllontfixedintere8t invq8im¢ts18 21[) 2,435,753 30,023 3,208.282 18,450 3218,695 2,434241 Total ljtsknonls 2A66,735 2,457,253 3,238?05 3,237,145 2023 2022 M8rket Value: At I lam]ary Add.. Addilion8 to irnv¢4tDMit atoost Loe8,' Disposals 4t calD8 vai ILwJladd: Challge itt fair %•]ue of itwe81 3,227,145 3,788,YXJ 331,$53 288,510 (322,071) (204,4371 (8 J22) {635,828) At 31 D¢cwnb 3,238,305 3,237,145
LKNCHIS TRUST NOTES TO TItK FINANCIAL STATKMKYrs FUJ, the year ett(Ee(131 J)eeembor 2013 2023 2022 Cttlef ¢x¢ttutlve'8 ChlBf oxe¢utsv¢'8 Ponsioti ¢ttiOD3 Emp.oyer'8Nt 78,931 6,768 8,720 73,167 7.316 8,651 Tho eEr.olumfats of Chief executive di8¢108edaboYfy oxdudiDgpon6ion ¢ontn'bu¢i0tts, ltt¢lud& tr0018 Paid to: Tho high>poid employ¢ 78,931 73,167 The Chief BXl(Lve Is -lasBified as key 808get PETh0[1 &nd 18 & rn¢r of the Th8t'& dered cOtlbul[0lle8iO1l 8cbemo on tho$8rne t6 a8 all odwefflpknyeffj no 8po¢ioI tems apply. The Ttustets5 do ool rweivg ooy emoluettts no cxp¢ww w¢r¥ reiwburA to Tru8t¢¢8 IJL¥ y 12021: niD, Th¢ full.tlLlle equivakat of $taff who [¢1Ved greater £60,000 (iu¢lu(Un8 ¢X¢tIv8tQ8)'. 2023 Numb 2022 Numb6r £70,000- £80,C4JI io. FIXW) A&8ET8- llottslng PlPeI¢l Shllr¢d CoToplete41 ownershlp Totsl Al l J8nugry 2023 Additions RUl¢haSe of prop¢rtlg¥ Di6posaEs 18967,761 680,010 230500 (42,fA)3) 804,624 19,772,385 680,010 (230500) 142,603) At 31 De¢embor2023 19035,668 574,124 20,4D9,792 DEPRECIATION At I JRLuttry 2023 CharB¢ fory¢ar Di8PDSa]s 3,943.495 593J46 (30,684) 161,826 11,996 (39,371) 4,105,321 605,342 (70,055) At31 Dec¢U¥r 2023 4,506,157 134,451 4,08 Tr4rr BOOK VALI]E Al 31 De¢ttnbat2023 IS?29,511 439,673 15,769,184 At 31 Dec¢alb 2022 IS,OU266 642,798 15,667.064 Ikou8ui8 pn)putie8 are frethold. 27
LENCWS TRusr NOTES TO IfiNANCIAL STATEM For Ékn year ended 31 Dec¢mbu' 2023 13. OTHXRPROPKRTY, PLANT & EQUIPMENT Offlce And aceommodadoft equlpmellt . blotor Ythlele pretDI TotAI COST At I Jallu 2W3 Additlotss Dispo1 242,110 1,933 797,937. 255.375 (9,913) 63, 12,196 I,I03,A26 269.504 (9,9131 At 31 De¢e4nber2023 244,043 1,1)43099 75A75 IA62,717 DJtPRECIATIOP4 Ai I laau8ry 2023 D¢weclAtiorL for theyear Dl4)os816 32A28 8.103 478,201 116.lln (9,913) 29851 13.993 540,080 I38,198 {9913) At31 DeAembe<2%y23 40531 J,444 668,36S BOOK VALU At3t Deoember2023 203A 459,1 31,831 694,352 At 31 DIxemb2o22 209,682 3l9,f36 33ffj28 563,046 Depffoiadon rat¢ 3.33% 20% 25% 14. 20 2022 CiJorits¢8 Dep081t Fvlld aryl National S&vkng8 Bank EllveAtfftLt A¢¢oullt redeemable wlthinollo y¥] fiwLd9 he]d by Brokpx p0nthDg hLves(maoL Capital IOr0e fw 39,61J5 2,272.592 59,018 4,651250 2,312,197 4.710,268 15, DEBTORS 1023 2022 Trade da)tots Ptep&yJllcALts aG¢ru¢d income Other debtotB 74,362 I85,606 liJ73 55.412 121,530 21.108 27l941 198,050
LKNCH'S TRusr NOTBS TO THE FINANCIAL sfATKMKPfl3 ITor tILe year ellded 31 Deeember 2023 16. CRKDTIORS (AMouDftS FALLJNG DUE WITHLPI ONE YE In¢ompJuiid 2023 2022 E[oung loang Trade OrAt0 T&xttion and social seouriry Ac¢nul8 &oa defred itwon Other cr¢di¢ors Govorntlleatgrants ljy)to 20) 523,593 120,98D 20039 57,683 IOJ76 11&331 500,?2I 681.997 18,674 SI,7 5,768 115,331 848,302 1,373,728 17. CREDfTORS {AMOTJP4TS FALLINC DUE AEryERMORL TfiAN ONK YEAR) 21123 2022 Hou8trLE loan Lloyds Bot& loAn 2,160,SJ3 2,684.106 TgtÉl hougkng loi Govemtn¢ntgrAtsts (nots 20) 1160,513 4698,670 2,684,106 5.014.002 7,0S9,183 7,698,108 Amoutsts trp8yabie by inthlnw wholty wwble withb fivoyallt8'. licpa>tble witlLitifive [8 Repayoble ts fivs ye4r8 1,737,710 422,8WJ 1,918.858 765,248 2,160*13 2.684,106 Tho housing loott from Lloydg Bank &ro secured by spe¢ifis rknBrg83 on the TmsV8 hou9ing propErtioJ (l¢t hoygts over Lencli'$ Clo$¢, dated 27th Janbary 201511# chaw8 ov¢r Willlam L¢n¢h Court, daltd 20th lurne 2014) and 4r0 rnpayablo ala rate8 of lotste&tof 4.2% and 5.2 30
LLNCWS TRUST OTKS TO THKFINATriCXAL sTAyKN For tlie yÈ81' ellded 31 December 2023 18, FNANCIAL Th¢ c4rryIllg vibx8 of the Compmy'8 fJthaMid Ets 8MdUablkaas SUtttM1Sed by ¢&tsgory bW.. 2029 2022 IriAfindals8Ets lll8ted investtneDts (seonoit 12) lllve4tm¢ntpiY)wtsss (see nots 11) 1238,305 3,237,145 11,984,fj96 11,949,100 2tr22 FI8¢tallIh1tle5 Mtasuredat BmOtyi&ed ¢03t L4)ats p&yob16 (8¢¢ 16 & 17) 3,684,106 3,184,827 Mewred atwidLgcoufLtsd orrtount payable Trade and otherikn (rK£ note 161 131,356 687,765 19. 2022 Al l January GwLts ceceivmble Arttortisgtiollto 8tstgmentof collr1Ve lotte S,J29&34 S244.(6 (IISJ31) (115,331) At31 Decemb S,014,0I3 5,512,335 Due < l year 115,333 115,333 Due > l yeat 4,898,f70 5,014,002 The lativ¢ atnount of SHG rf¢¢ivedby tho Tnw¢ is £6,749,124. 20. CcoTrODATIOTh TrW4AGEMENT Al th8year ¥nd 8cwrnwodation in tllawtrmentwas 48 follow8: 2023 Number 2022 Number SupportedHou8irtg (Pxtra CAr8) HoAng.or older peoplo Sharod OWThCE&b.ip 87 88 86 88 Totsl iillits owned and 183 183 Th¢re were tto uttlts tsl ddvdopment llt th¢Year (2022: niD. 31
CHJS TrUST NOTES TO THE IryNAf4CIAL STATV2dXN For the yr ended 31 De¢ember 2023 21. LEGISLATIVK PROVISIOYB Tho Tnw+. As &tt AL1ll4knu Chatl(y TWtOl by a S¢h¢mo of th6 Charity ComJn18slotters reyptgr ill Bnglaud attd Wal&9 uTrderthe CoJwnfto8 kn21NJ6. 22. RELATED PARTYTRAN8ACIIONS Thero 8rtsno r¢kn poty trafysactioos to reooit 23. The total PayD)¢ntsundetllOllryowcellable op¢rnth8 Leo8e8 are w foIbw8: 2022 Pa¢ts duw.- Witbiu one i¢Ar 13,667 S,162 16971 l8,829 18,829 35,800 24. PKNSION C<yfy1MIT1KrQrS Tho Gh&ity opora*8 dofthed coTrttYvt1Oll retIreMt bollefit8cheAnss for011 qu8tsfying erDployeos. The total expen8¢ dwgedto Sth¢0niollL of e4)tDprehetigÈve kneome tu th6 ye8t ended 31 2023 wpts £90.017 (2022., £74,030). Conknbutiolls of (2022,. ¥it} p&yllble to th¢ fulld at th¢ B&lRLc4 Sheet date attdwx¢ ittcluded wkthlu duewithin yetr. 32