Ro￿tered uvthber: 7860164 LENCHJ8 TRLST (Llmlted by Gwanteo) FiAAncial St#tements For year ejxded 31 DeCe￿ber 2023 L￿Nc￿$ 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 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 Th￿te¢s yobly provid¢r8 of A}msb￿T9eI. Ourpolioy b to provlduoRr4 acwths to out 8¢Ple￿, for pwptowho inthe City, over 55year3 of $8e on&neK￿ittiU8. Tho soh￿1¢ $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 Th￿tee8 to molrLioln improve the value of thelr Mdowmenl for th¢ UBe olthturo gett￿￿10￿1 Aitdts mak¢ tltsall¢ial re80V￿ ay￿1&blE ft)I ￿￿prO￿¢s81vs wth8iottof th6TTU8Ys¢tyiDg aGtivs I wi8h to ¢xteud Klly ￿¢￿thIl thanks ty my Deputy ljiiits, Riouard hthxon 8lld Raohel ￿Lu, whos¢ sum￿rt has been Iuv41uable to ChaiLM￿ l also wlsh to expr&88 my dw appr80ialiott to Dtber TvJ4kes the M8ttkgetllent t¢ats. Yopr 8teadfas* commttllHLt b88 etLdbleA tE8 TEU8t to ttavig&te tkrough 4 P6riod of SI￿LIflGattt obaugewhilB LY)ll8isbndy matotsinlng a highststtdard of se[v￿¢ to ovrbeneftoi&ri¢s. This year. we bld Earewell to a ltsng-s(attditig member of owboatd. Tillt Sorrow. After 10 ye8s8 of commltted8ttVtce, your conttibutionh93 left att itidellble rnark Dn ourOrgantBatio￿ and forthaL we ar¢ for¢vor grateful. Sodly, tlds year ]w been Ma￿ by th¢ loas of Sluhab liuwiu {TnLSte¢ for over 11 years), who ow4y iu 2023 following a brief illll￿. Shihab's Go¥JtribuUou¥ to our tx)ard were dotyly v4tued, aod his pN¢tLee 18 8or6ty JlliS8ed. We extelld our knarlfelt condo16ttctt tr)tii8 fAmily. LENCHbS TRUST s'niATEGIC RfPORT Ia litts with our b¢>fi￿ 8ucce58ion plan, weweieoth¢d three Dow f&ces to our bO￿K1.. Raobolmattdtt, Indety818lll8& atsl I()roaljitK&ut. I look forwBrd to tbe ￿Kp￿i¢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¢ad￿3￿[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¢l￿rISq 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 iDn0Va￿v￿ 4>proaGhe4 and ¢nthu8ia8n promise ¢0 lead us illto a ￿t￿re ripo wlth pole￿1￿1 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 fo￿￿￿￿OIL5 e8tsbli8hed by.foJLor Tn￿t￿ a￿1 teammembrts. Flllallce Report 2023 The operational surylu8 i£ttiny d￿a￿ed to ￿83278 ￿73,181 duo to i￿8￿d 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 y￿U¢ Parking Lt￿ tknir incoma ts bD8eJ ottthpir tlllQ0V￿, D)Olltb to mellt￿ whl¢hl illcre&s¢d year on year 81nN COVID, p￿d 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 I￿￿tet Cirn￿, whi¢b 13 1¢)oked atler by Privll$g8 BirwinghanL SABL omotmting lo £16,974. Thg Care $ervi¢¥ Alld team hav¢ 8¢ett inGrp88¢6 in their los8es dwiD8 2tr23, oc>tttpated with 2022. As mentioned above, part of this wlll bo due ¢0 the staffing 2023. WAth Mo8t of tho fron¢UttB 8laff nMiYiJg A IOO/o pay ri8¢ the year, IK)wtver, tILere havo alyo been illcxew ia D￿St of Dur 8GrylF coJtraGts &$ 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 8igryiflc￿ill￿reQs¢ 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 inV￿tMent4 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 EXPECt￿l we dre woA£ing to en8ure th￿t 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 fit￿lIS5tig 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.Th￿t tI￿t they wollld be knterestrd ill disp08itsg of 80 Lan¢o8ier Stre¢t, 'llJ¢ propety was piDYlou8ty Oct￿pied by tr£ city wuttcil for uae INbniele$8 sheltsrl¢llnl-, the building Is ounrndy Iw8 15 affordable apBttmonts. Ths sale completed in May this yoar with & leweb&¢k to Miilland H¢art &¢ ll pepptrr¢orrL rent wlth all of th¢ bpilding li&bllitses r¢mailliu8 witr. Midlattd He￿l TiLue both defM8lv6 and Dffenslve p]aithiThg reasons to support the ￿Tr￿a$¢ 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 & G￿L￿1 IEoeipt that Can be￿Ally￿ted into tbe (tt]sl into exlsting devpIopth￿tll. 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 C*dback 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 tw003ibslitytsdi￿￿iQts attdgov¢JrLau¢e, AthlévlngVFM A¢hieving VFM 18 fundalllental ¢0 the attaiDmenl of Lettcd'o fmst's kay sir*egic 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(1￿8 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 qu￿Lty alld reduco cost8 for theupcomitts year. Benthmai CrItiC￿ to the SU￿9B$ tn aBhievlng VFM is bell(4)mathg thB TNge8 with other housthg provlderB. To thts end, L¢ncb's Trust joined a lorai benChM￿l￿g o]ub uthr tb6 a14spl¢e$ of Hoas¢Mark and u8¢8 H￿l9¢Mark,￿ b#Jclllllarking seThlG¢ lo comparehow ¢he TnIStp￿L-orn￿ otherbou&ing prnidm of Si￿1]￿r size. Ill ￿￿er&I, the outcotlle4 froro lughiigbt atw of Jod tttdicate wh¢tkner the right bal&nve b￿w￿l ¢a3t and quality d7tsrf alld proyèdo a potht of r¢fcruLce for iie¢es8Aiy busilles hllpr0v¢ll￿Dtg. Len¢h'¥ Trust ts COMM￿ to glving the bette￿￿￿tI&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 P￿￿orman0é LonGh's Thusl is committed to ￿Trtin￿d 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. M￿ttIngfill ellgag￿t wStO￿¢￿ Eepairs colltrnctot8 help8 tu redu 00sts, improve ¢fLGienoy (bykniug waste) ￿draIs0 off￿￿Vant$S (by dOL￿ the i'ish¢ tbillg8). Additionallyi Lerndj's Tnwt the vatue of kn¢r¢ased wganent with resideTAt¥ to foster b&Éor r¢tatio1￿. mintrAiSts misutthtaudmgg, addred8 areas OP collcern, rnryse m¢th¢yAg of WnTking 8lld sgfViGE delivery - th19 is aC￿6Ved tlLrou%h Yadous m¢atts of d)g88emenl 8llcts a5 Re&ie¢llts com]n[tt￿ on each schalle eud a Th￿l.W[d Scrytitty Gr￿p. LENCHIS TRUST STRATFQIC REPORT Value for MoneyiM¢ttl¢g RoinvestmettÉ lJ/• 2022 2023 Seolor Medlatt* Thi$ 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&l￿8 tb¢ warden cdl sy3tsw tllStall&tlon ut2 of our 8choDM. New &upply doltver¢d (sodal ILous1￿) as A •h of totsl atock 6.5% 2.5￿fi 2,8% 2022 2023 Seolor This 8ets out tho Thwnb¢r of 00W 80tyilll houBing that knve been a￿Wr￿A cr dovelopedkL th YO￿ a8 8 pmpcrtlonof totslunit& LTdo notdeydop sb)ll- sooial wilts. LT bav¢ not developed ally ttew uolts within 2￿13, hoTThor. thwe are pkns for an extra 21 gp8tsAonts to br* part of 8t￿tIL¢r whtohwillstartb8itt8 I￿lIt 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￿.1￿s U/0 ¢ould indle&r- that we Iwe tsketLon try) twh i￿0￿1￿% 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 h￿Ill￿ ¢oyt per vtiit as dofined bythe regulatorof 8oolol ho￿108 fA,667 ,598 £4,774 Headin¥ yooial howillg ¢08t pcr uttltb￿ illue&ged by £931 p.a coJnp8r&l with 2tr22. Within 2023, Wsha￿￿10Wed on WAth our C4PLtal programme, con]pleiill8 on tlre doot8 8ttd implementing tEu ENS systh through tho 3 Sch￿os, 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 2￿13, of thÉs lrts capitsl kniprOvN￿WLtl thereforo ma[ntaJ&￿fj¢ d&yto day has been u5uaE items, that we woNld eXp￿t ￿ they 8ra slm11￿YQ￿. 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 8th￿￿E6, ol TArbidi the Trust manage md use for peop,￿ over the of 55 atsd ou?, w¢ Iw¢ ¢0 ￿0￿Cl Chttrlty, St B￿ll,$, who use the property hojtteless people betweell tbe a8eB of 1&25. ctJRRENT Assyrs Curr¢ftt ￿Sets fire al£4.4￿ mAitily tsEinv￿tW￿ cth d4)oxlt8 of £2.3n4 which will bou￿1 Inw Capllal ComtttittrLcnts EMosiatnll]è eloug with dev¢lopuMts forttieTru%L CREDITORS Creditors du8 widilll olle year Arc £848& this kncbJd¢s housltsgpiwjerty IohDS of£523L Tho Thtsl'ts totsl £￿Ul% &t 31 Deriktsbw 2￿23 ware £28nL RESniVES POUCY The Tristees knv¢ r¢Ylowed th6 need to Tetsln ts avai]abk re￿1ve8, dofined as lotsl asAets le58 ¢urr2llt liablllltss in th bwom¢ Futul befrt deducting 8hoTt t¢mi housiDg loans attd Iw t8ngible a8set& wtrnpiysing both hou8lns pr(4XLties and otheL fixed w¢l8. The T￿￿te￿ cotskd¢r it prudortt ts) retaitt bJnd8 ewlvaIent to 6 thOLtb8 awiual op¢ratittg ¢xpettditrY for tEe provi8ioTh of the wth8 C4ital needed to the Tryst etlkiettrfy 8lld for utLaXV￿t¢d ¢otsliDgen¢l¢$. Thig attK￿t0 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 ut￿u¢ i'i8k for an in¢ome whlch wlll gtow in re81 Éerm8. Goif4G CONCERN. Ut]der the govorntttoe requiromeJ)ts, the TTh￿t￿ ooD&Jrm that after tithking eoquiii&8 they h*v& 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 Concern￿1￿ 50wp8ing the aoeouttis. Whi161 the IntialtOll8ry i88Utg co8t of ]ivkn8 CT35ia bthuEht additlonal challenBrs, thc board lTrTrt pr&#a￿l foreoasts for th8 curtent.yw whith thAt Ihè Thwt will m*t its Bank CoYe4wits 8Jyt the cath flow stror. LENCH)S TRUST TRATEalC RKPORT On this basis, the B0￿d 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 f￿aTre1a1 gtsteojents are 8igtwd. For this It collf1M￿ to adopt tho goknB ¢oncem b￿ja ￿ tb¢ $tstOllk¢j￿. Approvedby tbe on 20tI 2024 d $i8ned ontboirbeba]f by Chairman LENCFI*S TRUST ST￿T￿G[c B£PORT INTKRNALFThANCIAL CONTROL The TtU8ts&s have overell te8poTr8ibi]ity for the Truses gy8t¢4ll of IllteD￿l fmBDr£dl eoThtnl, th¢ effEotivene88 of whioh has beort review¢d and rewted on to tke Trn8tee4 by th6 Thnaneo ComJittee. Tho prffjrL¢ipoL OL6n￿ts of the 8yBi¥m, whi¢k 19 d&qigll¢d to rw8Dlso the b￿lfi¢ 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.eAtab1l8h￿blldgeUllg and reE￿illg withbudgets attdre*Tlts r8vlowed ata 6enlor Iml wlthlA tkn wovidor4 tiDwly aod T￿l￿￿￿K)nIt￿l￿8 of finanoial p￿fO￿ll￿￿. Bn invutsjettt eveluath)n pr￿ to osvrcTruste¢s' approval for 8llmaj¢xe4pitoE ¢¥ollditur¢ ¢OJJmtlmt￿t9,. 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 tI￿at r18k8, witharAualwrtq of filldtsw to thoTtusleos. Inlem&l fjnan¢i81 contsDI, by xt8 provtd4y ooiy Arasonablo not 8b8olats agaiD8t m4t¢ul i9rtat0m￿t or1088. COIIPLfAJ4CE. wrrH THKRKGULATOR¥S GOVEIUIANCE FINANCTALVIABILTrY ￿rANDARD Th¢ Tr.￿1￿ ¢C*nfirill 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￿ athdFiJwNi￿l ViabilitylVAlue ￿mon￿ attd B£ot. The Tnwt have eornplied with all rnlevmt provMinThJ 8& out iti th6 UK Co00￿te GOvern￿e Code throu￿¢1￿1 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 I￿lSId{lon Tequirn8 tb TLu4t¢08 to p.wrn flnaocial staken￿￿ts 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 0X￿￿Ltl￿¢ 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 EnaitttsL￿ing a slltis,KctOry 5yStm of colltroltswr thc Trusvs books of account and tr￿￿￿10n8. The Tn￿1￿ gff iespollsible for ensuting arr￿g￿n)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]4F￿HD￿ThT AiJDtTOR'S REPORT For Ike yeAr ertded 31 Decenth￿ 2023 Oplnltsn Wa have ￿alled th finenoial st4telved 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} I4￿86P of other pmperty. pkn equipts￿t &nd Mve8ttt￿tttpr0￿ts Dc¢reue in iThir&4tm￿t d¢posit8 Froceeds from saleof sbAted Own￿8b19 (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) SI0￿59 (33L5S3) 285,655 (288,5J3) 1,591964 (Z03,8761 NJLT CHANGE TN CASH CASH QTJIVALEErrs 1,097,994 579,205 Cash and ¢•sh equIv￿e•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(fre￿O (dtsxtase) In crediti) Depr¢olatroJi knorisatioLof Governm¢ftt gtant Ront8frofft tnvthnents (28,947) (73,891) ($48,297) 704,170 15,331) (265347) 110,955 136.526 574J87 602 J41 (115231) (223244) N¢1 ca8h (oulflowylttflow from oper8tiog a¢tivitie8 (327A43} 1,085,634 17 LENCU>8 TRUST TATKMENT TO CASH FLOIIS For t]LO ye4Y entt￿ 31 Dec￿er2023 ANALYSIS OF CWGLS )T4 IYET DEBT Attho 81Attof th¢ ywr Fair valuo Otherlloll- tthe¢ndor thoyear 741680 E20,438 l 097.994 (92,5581 1839 674 27,880 Sljort tm CLtrrelll a8SOt ittV8Stthetttg Long term mrront a88et lo￿tments wlthin I OV6r I 4,589,829 12.368,91Ql 2220,919 Borrowlts Borrow 523,593 160,513 14114 361 684 106 18 LENCHJS TRusr NOTES TO THE FINAEICIAL STATE￿￿(T8 FOA, tlie year endod 31 De¢omher 1023 ACCOUhTJNG POLICILS (a) Basts ofse¢ollnltllg Th8 f￿all¢l￿ Atatsments 8re pr48tht&l iti SttrliDg (£) and 8se pKepHred Utt￿ thè his(orl¢al ¢QBtcotThtio 83 modified to Include ceiiaill it•tM8 at fair vabJ¢, irL ac￿[d&ll¢¢ with Fijwioial Reportitsg Stalldard 102 RS 102) issued by theFltbfjuGial Reportsllg CoJncil and complywith tho Accouttilttg Dire¢tioo forPrivate Rbgsstered ProvAder8 of Social lliwsit]g 2022, the Stst¢DLent of knott]melld¢d PrnGtltt for R￿19t￿red Social Housing PEoviden 2018 (SORP) a￿d the TlousiDB aod RogaEwdloA Aot 21Y)8, Lencb'$ Tll￿1 is publi¢ h￿￿rIt 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 l*nch'b Trtsyt srÈ to provtikyhougln8 lo over 55's ITh tho BiMsn8hom 8re& to irvcnt oi rtliovopovetty for our￿ld¥￿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 se￿10r MmBgethent & Exe0￿tiVe 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 I￿orne 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￿ &roa80t￿le oxpxtth thBtknrJL'S Th￿tha8 ad#qu&ts rnsourc48 to COlltimLe ill operati￿1 exISt￿¢4 for th? fDreEe4able ftsturn. betng of twelve di¢r date on which the r¢portalld fimallcial 8rat￿ents 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 inVEstt￿￿t propNtsy procttds fro￿ ttxtt¢he gltsted owDefshtP sales, rOv￿lle Bl￿ts re¢¢ivabb ftom L(￿1 Authotiti¢8 aud Ho￿￿ EDglgn& tog¢tharFith dojadofjs. CApltal fllrLd The capital fund r¢pre¥¢nts tha orig1￿1 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 Orhoi￿lu8 yroperttes 8nd (*ther r￿d assets Cost irtG]ude9 the cost of wJlrltsg land ftnd bulldings, dir¢¢tty attTibu¢able develq)mellt GQots and boiTowing cogts dirwtiy a￿lbUtablQ to th¢ wJJsttUGtaoft of Ikwsing propertles dur]ts8 th6 dovelopthottt, C4Pitalisation wiLoll8ubst6titi&Lly ￿ th6 aGtiviti48 that4re nece*WtD get aBsctre8dy foru89 81 cothple Depi'ecl?tIoA D4)ifGiatioii is ¢harg￿ to V￿le Itowtt ￿- co8t of frethknld ho￿￿ng FrOp￿tLes ID ¢8timattsS t&%lduo1 valtLe on a 8tthlght-lino ba818 ovcr theirexpeGtfy4u30fulwnonw ]ive8 as foLIows: Freehold18Ld Not dBpThJialed Houstttg pl￿pertIe8 I￿) or 50 years . N4ajor ¢onwLsllts arr troattd w 6e4J2t8ble 8S8¢t8 and d¢pr￿l￿ted 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) ￿trU￿bI£lle ba818 overthoir estim&tedUse￿I 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 $8 to whth 8TL indicator of imp8irnl¢nt exists, Iesuch indi￿tOr exi8t8, an ImpaiuAent &￿9c1s￿￿t 18 oorried out attd an fr>tiDtste of tbts tvAverabl¢ umoLiTht of th& asset Is Wlioro tb6 caryying 4mOknfjt of 8È9et &xceeds its r￿0Ver￿ble irnpoinnenl loBs h SM￿luS or deficit io th¢ Sr8tQrnEnt of Co￿pre￿¢n8ly& lllrxjmo. The recov¢rdbl¢ &mount of dn S8¢t 18 the higher of it8 vaIu? itiuse and knvthi¢14s6 CQ8ts to 56ll. Whort &8setè arebeld for th&ir8¢nq potential, value ltt u8e ts det¢nnilled by the pr￿ll1 valu¢ of the as8¢t's tenainiD8 seryke potential plu8 th¢ net amount ￿pected to bts from its di4xwL Ikwwlated l8p]a¢xD￿. eO8t 1$ takall as a SLTitsble . DLeasur6ULentrttodel. Att Ios8 i¥ r¢v•rBed if the roasons foT invin￿t 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[that￿￿t of tkn ¢¢OAOmi¢ benollts ovthe property Is ¢apitsI18e￿ in ac¢ordtw withthewui￿￿llts 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¢ b￿1£ 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 r￿OgnitIOnalld sub8eqUtttttyat fak vAluc as attfve y¢ar.ettd, vAth ohang¢81ts lalr valu¢ d8 & suolw orikficit In the Sealenr￿t0r.cOMpreTrL￿ll¥iYe Incomo. IrLve$tMent pyopertles Inv￿lmEtit PTopertl&y con8i8t of knd and ¢ODMerGl￿ pff>pertI￿ not ￿ld ftsr tho ￿181 b6tsFfit butfor u8e i Le bugineys. (D 5nve8tmeot prowties arameaSU￿ at costoThinid41 ￿]go￿tIOna￿d5UbSe￿eth￿Y atfatr value AB lltth6 ycar end, with cbang&s iti fair value rnogntsed in Stytentwe of CoAnproh￿9lve tttcoth¢ (¥￿8[￿0tio￿5 at6 done ovety 3 yeArs). AS at 3111 Dccembor 2023, ttLe iAvestm¢ttt prOp￿tieS WCXE aEre)I by Ib¢ Board of Tru8teag, to be heltl at the approwiate valu#, to beitig by Savills ill 2022. Operwllng le45e8 Le￿￿8 that do t￿l transetr aIl the risk8 ond rewards of owneiyhip are clo&slfied lls 4)ttt4tittg le&3&4, P&yments uuder Dp¢r&ting l¢a8a5 aro ch&ryeA to the Staretnent of C￿￿gIv0 tllo)m6 on a 8axlght.line basi8 overth¢ le480 tsrln. (m) LRNCII>S TRUST STATEmT TO CASH FLOWS For the year etsded 91 DeC￿lIber 2023 ]lllere$t and Ilnallclng Costs lulgr¢5t cb&rges It￿Ned otL th# flÈwD¢iQ8 of ho* prop#¢ie4 are ￿pi￿lI8¢d up to of practi￿1 completion. Jnterwt charge8 ori8ing after that date to the stst¢ment of cowreh¢D8ive illcom¢. Thig is c{)ttllE￿pra￿tICo and 8UPPOrtby SORP. PeniLolls Tiw Tn￿t 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 fr￿ll th080 of th• Th￿t 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 exp￿tiOn tel&tiug to tke firnt trauohe salE pertKota8e. Ti￿ expec-¢d fjr81 tt￿che 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 r￿d &88et (o) (p) Tho remainiDg t￿￿etht of tbe asgot is ¢Las8ifi¢d 09 D Ex&1 Aw¢ ond itioludd Fn hou8ms properti¥ it cosL It&q anyprov£81on fordePt￿latIoQ or unpthmenL CaslL and r4slJ eqdvthts Cash alld oash¢quiv4ients compri80 inbHtylJnddallalld &posity 8hortfvYm, bishty llquld IttvB5ttk￿￿ tI￿t ar0 ¥eadtiy known amou1￿ of ¢Jsk" aDd ate wJbj¢¢t ID w iowlfL¢allt ri8k of Ghange tJv4lug. (q) (r) FlnRndAI InStnun￿ts FinallGial a￿ts &nd fina￿1￿1 li4bllttles wlts the Tn￿t 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 I￿OgnI￿ Bt fBir value plu8 direclly <ributhble ttBll8aGtsDIi CQSt& Atler iniim recognit10￿ llLBa8urg] at ArA￿tiSed (￿lusI￿g tbe rfkntive itttere￿ nWIl￿d. 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 am￿llt gnd the prweut ￿￿1¢ of eBtiWted (#sb flowg discounted the fman¢ial vss*8 origiDaL eff￿1ve knt¢rest rate. The ¢anyitig offtount of ttL6 88S¢t18 i￿u¢¢¢[ acGoTdlttgly, A financial osset 18 dw¢cogu18ed Ihe ￿ntrath81 dsbts to flLe flow8 expkr4 or when th¢ fitlancial &8S¢t and all ￿65t￿lIa1 ri5k8 andBwardaTr trBELS T£att c4mstitutEs a fUth￿ing ts¥m8a￿lo￿ th¢ fil1￿ciaL wt is at the pr￿tt value ofthe fvtur< paymettts d?￿wit￿l atamthiJTrfy of ljtht for 74 &milar debt fi￿n¢la] Ilabllitl￿ lllclude trado alldotherpayabks and inlernstbearitig loaDg plldbc>rmwln2g. NoJL-OiUYOnt debt1rt8tn)rtter¢tE wld¢h mcet the n￿ary 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[La￿e costs iti the State￿￿tt of Cotswrelw)siv61ncoJne. DiwOU￿ting i4 omitted wh￿8 the ¢ft¢ct O£di8¢ouutri￿B ig itnw8terial. A fmanGlal 11obitity Is dereco8lls5&1 whffll tho cOfjtra¢￿dI obli8ation i8 ryxlingulshcd. that L3, wh¢ll the Obl1g￿lOll 18 d1￿harrt ¢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 attangell￿llts 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 ￿tilla￿tArt 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 st8t￿e0￿ wuiYo8 mfinagemant b) mak• Judg6ments, tstim&te8 a8sEllnption8 that aff*t 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. f￿tOrS that are boJioYed to bo rea80nablf lllld￿ th6 ¢lrwm$t8tsG¢s, the nsull8 of whioh forn th¢ bA8ts of ￿￿kEng thojudgemtnts about eatryjng Df Jlld liabilltitis Ère t￿tr¢&allY appfirent frotiLother 8ourn. results may diff¢t the4èe5tlmatea, 4thlletes attd uDdBrlylttg w]mptl¢)ns ￿vIewed on an ongoing bul& RoVi81on8 to 4ccDulltiug 8stimaLes are rects8ni8ed irt th•period in whichtho e8tim&toiB rev&￿* alld io ally ￿Lod6 ththd. Sjgnlficant MAI￿geMentI￿dgeM1n1¥ The have revl¢wod tkn as8et iivea resldual values of all flxed a89rt Bla8Be4 alld p&iticular, Ibe Thefal ecoJLOmiG lifo wd id5tth]al valu￿ of prqJmtie4 h8ve ¢4llGluded a88tt llves ￿d regidud Yat'a08 are appsoprial ManaBamerAt bas¢8 it8 judgemaLty 00 th¢ i¢ladng to ¢&oh speGific eTht and upon ¢urKetttty available snfonnaiioL Howoyer. ￿ the inhuertt ditfwuideg estiuutwg li8biiiti¢S th tho&¢ arc•8, Ll cawiot be ¥Jar8lltced tha¢ additiowl L¥)Sts will notb¢ it¥cllnul peyond the afftoutsts accntrd. Tho Thwl makw estim&leB and RSSWDptiolls concerning tkn Th• rewLtiDg aoooutititig ￿till￿8 will, by definklon, 80ldotL ¢qual tbc rnl&ted actll￿ rnsuIt8. The othDat¢s aod 888UmPtiou8 thAt h4ve a 8t8nifi¢antAtsk of oausing a m&l-iial adJU8tts￿1tQ the carryin8 aomnmts of assBt$ and li4baiiles With￿ the iwxt f]nall￿Aly¢&r are 8ddThed below. TiJ¢ Tnwt oarri¢6 its lllveBts￿ettt propertie8 at fatr Yaiua and thgagtg valu¢r8 to d6teiynitte fAir valuo U8lng vlluation tthiqu6% The ￿l￿[at￿l 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 ¢&Th￿but￿L 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) (110￿13) (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 8u￿lusI (dofioh) Operatiog co&ts tnets￿? #nd exper*ditllre from t¢tt£w (nole3*} 1901,853 (IA28,672) 473.181 0th6r Inoome expell￿ture Clre 8eivic& Caledryg 8efViCg9 r16,968 68.670 223244 (398,882) (121914) (90.869) (22,1991 (26,579) 196,665 5,000 mullag0￿￿e Clwges Donatio Otkn 8dmiui8trafive ctjyts (426,778) (419,778) Total 2.482,735 (2,37É.780) 110,955 LiINCll>S TIiUST NOTES TO THE F￿lANCIAL 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 hol￿1￿8 prwtie8 Rq)8ir8 mnintenance 185,DS9 513,795 6$2￿45 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 r￿1}Fable ts 90tYiee ¢barg¢ of £924,354 foE the ourrotst yellr (2022,. £754597) F￿Ar4C￿ ￿com 2023 Investhefjt irLCOtll0 88J87 111322 82,263 22,57Y 199A09 104,840 25 LKNCWS TRusr No￿1￿ 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)￿t￿l 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 $alpries Sociql Becurity ot1￿p¢t￿l0￿eO8t8 1,095,610 85,530 94,833 939,126 73,129 74,030 IA7S,973 1,086,Z85 Avmgenumber of fjJlE4iti7g ￿ul￿perSon8 tmployed th¢ yw. Nunth Of.hei' scheme staff C4r¢ to Catsring team li 16 18 Ttstal ptyplpye08 38 36 Avert5genumbEr of employx4 is calcvllllEd..siog Ihe nuohknofhowT WOEknI by eaoh eli]ploy￿, 11 tim¢ bothrs ore bs*d on 35 hourspexw 26 LENC￿$ 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 W￿￿0]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 ca￿lD8 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 ¢￿t￿￿￿tiOD3 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& tr￿0￿018 Paid to: Tho high>poid employ¢ 78,931 73,167 The Chief BX￿l(Lve Is -lasBified as key ￿808ge￿￿t PETh0[￿1 &nd 18 & rn￿￿¢r of the Th8t'& der￿ed cOt￿lbul[0ll￿e￿8iO1l 8cbemo on tho$8rne t￿6 a8 all odwefflpknyeffj no 8po¢ioI tems apply. The Ttustets5 do ool rweivg ooy emolu￿ettts 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 Pl￿Pe￿I¢l Shllr¢d CoToplete41 ownershlp Totsl Al l J8nugry 2023 Additions R￿Ul¢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 Dispo￿1￿ 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 DIxemb￿2o22 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 EllveAtfftL￿t A¢¢oullt redeemable wlthinollo y￿¥]￿ fiwLd9 he]d by Brokpx p0nthDg hLves(maoL Capital I￿Or0e 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[ou￿ng loang Trade Or￿At0 T&xttion and social seouriry Ac¢nul8 &oa def￿red 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 sTAy￿KN￿ For tlie yÈ81' ellded 31 December 2023 18, FNANCIAL Th¢ c4rryIllg vibx8 of the Compmy'8 fJthaMid ￿E*ts 8MdUablkaas SUtttM￿1Sed by ¢&tsgory ￿bW.. 2029 2022 IriAfindal*s8Ets lll8ted investtneDts (seonoit 12) lllve4tm¢ntpiY)wtsss (see nots 11) 1238,305 3,237,145 11,984,fj96 11,949,100 2tr22 FI￿8￿¢tallI￿h1￿tle5 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 coll￿r￿￿1Ve lo￿tte 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. CcoTr￿ODATIO￿Th TrW4AGEMENT Al th8year ¥nd 8cwrnwodation in tllawtrmentwas 48 follow8: 2023 Number 2022 Number SupportedHou8irtg (Pxtra CAr8) Ho￿Ang.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 y￿r ended 31 De¢ember 2023 21. LEGISLATIVK PROVISIOYB Tho Tnw+. As &tt AL1ll4knu￿ Chatl(y TWtO￿l 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