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Charity registration number: 1155679
Lyme Green Settlement
Annual Report and Financial Statements
for the Year Ended 31 March 2024
Lyme Green Settlement
Contents (continued)
| Trustees' Report | 1 to 9 |
|---|---|
| Independent Auditors' Report | 10 to 13 |
| Statement of Financial Activities | 14 to 15 |
| Balance Sheet | 16 |
| Notes to the Financial Statements | 17 to 26 |
Lyme Green Settlement
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
Objects and aims
The object of the Charity, as amended in March 2024, shall be the relief of persons suffering from paraplegia and/or severe disability, with a preference for those who have been employed in the Armed Forces of the Crown.
Objectives, strategies and activities
Throughout this financial year and the first 4 months of the next, the Charity provided purpose-built accommodation for disabled people who are predominantly wheelchair dependent. Application to occupy any vacant property may be made by recommendation from medical and social organisations. Following the sale of these assets in July 2024, the Charity focuses on providing grants to disabled people to assist them to live independently in accordance with the objects.
The accounts shown in the Financial Review section show the income sources and how that income was used in the ongoing management, maintenance and upgrading of the Lyme Green Settlement's property comprising 9.47 hectares with buildings thereon: - thirty dwellings, an office, hall (used as a nursery), workshops, a bowling green, and agricultural land. Until the sale there was also a small administration team. The hall, workshops, a two-storey house and the agricultural land are let at commercial rents, as were two of the bungalows following refurbishment. This provided an income stream to supplement the other residential rents. As a result, the residential rents are held at a favourable level compared with local rental levels and local housing allowance for comparable properties
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
Performance
The principal performance indicator was full occupancy with minimum turnaround when any property becomes empty. A key indicator throughout was the satisfaction and well-being of the residents and the appearance of the estate. The principal financial indicator was the maintenance of a positive financial position balancing costs against income over the medium term.
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Lyme Green Settlement
Trustees' Report (continued)
During this reporting period the Charity maintained an occupancy level of over 90% on the residential and 100% for commercial properties. Two bungalows have been vacant for some time pending planning permission, which was received during 2023, but the Charity did not have sufficient funds to refurbish these during the financial year given other maintenance commitments across the site. A focus on improved tenancy engagement continued during the year including visits and inspections along with continued focus on and improvements in safety and compliance across homes and properties. At each meeting, Trustees monitored the risk of additional empty homes and the need to respond to all asset compliance matters and planned maintenance. There were no complaints received during the year. All properties and the estate continued to benefit from the attention of a Site Caretaker up until their resignation in August 2023. All necessary repairs and maintenance, and subsequently estate management was undertaken by accredited contractors. In light of the delayed sale of the land west of London Road and increasing inflation pressures, Trustees agreed that it was necessary to increase residential rents by 5% on 1st April 2024 following an increase of 5% the year previous.
Over the last few years many changes in legislation have occurred especially in terms of homes and properties, and along with increasing maintenance needs across the site, limited internal resources and increasing difficulty securing external contractors, maintaining service delivery has proved increasingly difficult. Moreover, the needs of applicants have also changed markedly from the inception of Lyme Green Settlement; there are fewer applicants who meet the strict criteria called for in the Trust’s Objects.
The general economic climate continues to be difficult with continuing inflation pressures and volatility in stock markets both affecting investment values. Local government funding, particularly in the area of housing benefits, remains under continued pressure. Some of the residents have been adversely affected by these changes. Residents’ care needs continue to be provided by the external services of the NHS.
Investment Policy
Our investments are managed by Brewin Dolphin Ltd under discretionary powers granted by the Charity. Detailed quarterly reports as well as daily online access to the investment portfolio and its performance are provided.
Our investment objectives are to achieve the best financial return within a moderate and acceptable level of risk. This will be measured against the relevant blend of indices relating to the risk category.
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Lyme Green Settlement
Trustees' Report (continued)
Firm Plans
In light of the increasing difficulties facing the Charity to provide well maintained homes and associated services, the decision was taken during 2023 to sell the site on the east side of London Road in line with Charity Commission guidance. Following engagement with the Commission, the Charity sought offers from not for profit registered housing providers who would be able to continue to provide secure, safe and well maintained homes for residents. As a result, the sale of the site on the east side of London Road (except for the on-site car park) took place on 29th July 2024 for a sum of £3,018k. The one remaining member of staff also transferred under Transfer of Undertakings (Protection of Employment). This released the Charity fully from all future maintenance and service delivery commitments as well as providing the residents with subsidised rents. The Charity would now focus on providing grants to disabled people as per the objects.
On 7th December 2020 contracts were exchanged on the sale of the land it owns to the west of London Road which bisects the site. The contract is conditional on satisfactory planning permission being obtained. The agreed pending sale is expected to occur when planning permission is granted. An appeal process concluded successfully the year ended 31st March 2024 and an additional planning application had also been submitted. The proceeds from this sale once received, will also be used for the furtherance of the Charity’s Objects.
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Lyme Green Settlement
Trustees' Report (continued)
Financial review
Financial position
The Charity had a deficit of £13K (FY’23 £133K) for the year which includes a unrealised/realised gain on the revaluation of our investments of £13K (FY’23 loss of £15K.) The year's actual deficit compares with a budgeted deficit of £20K. Excluding the book gain from investments, income at £261K was slightly above budget due to improved commercial income. Expenditure at £287K was £8K higher than budget with reductions in maintenance costs and salaries being more than offset by increases in consultancy and professional fees. During the year a significant amount was spent on one bungalow to upgrade it and improve energy efficiency for the future. This highlighted that future upgrade costs for the bungalows were likely to be significant. The value of the investment portfolio as at March 31st 2024 stood at £153K compared to £189K as at March 31st 2023, which also reflected a withdrawal of funds of £50k to supplement working capital during the financial year.
On 1st April 2014, the land and buildings were professionally valued at £5M and were transferred from the old unincorporated Charity number 209267 to the new CIO as a gift. In the Land Registry Proprietorship Register, Lyme Green Settlement CIO is shown as the owner of the land and buildings. This transfer took place with the full knowledge of the Charity Commission (CC). We later discovered that the CC had changed their view on the status of the land and were now of the opinion that it had permanent endowment status. A CIO cannot legally own Permanently Endowed Land, which, therefore, still belongs to the old Lyme Green Settlement Trust. With assistance from the CC, a new scheme was established in March 2018 appointing the CIO as the sole and Corporate Trustee of the old Lyme Green Settlement Trust. The CIO and the old trust were linked on the CC register and only one set of annual accounts is required. The property is shown separately in the accounts under Endowed Funds.
Principal funding sources
The majority of our income during the financial year was received from rentals of the 29 bungalows, one two storey house, four workshops, an office, a building adapted for use as a children's day nursery and land around the Settlement rented out to a local farmer for grazing.
Other smaller sources of income are from interest and dividends on our investments. We would like to thank Mrs Masters for her continued monthly donation to the Charity. All the income received is utilised to enable us to achieve our charitable objectives.
A major risk facing the Charity was the sudden and unexpected loss of rental income, for example several bungalows becoming vacant at the same time or losing one of our commercial tenants. Also, increasing building compliance requirements and shortage of accredited contractors increased the risk.
Despite the addition of a new tenancy for the office building and conversion of two bungalows to closer to market based rents all to support the financial resilience of the charity, the medium term financial risks were not being mitigated. Post sale of the site on the east of London Road, and with the sale of the site on the West side of London Road pending, the Charity is on a stable financial footing and able to foresee a medium and long term future offering grants to disabled people to assist them to live more independently in their homes. This will be underpinned by investment funds managed by a respected provider, and Trustees will continue to monitor market trends to assess annual grant making capabilities and assess risk.
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Lyme Green Settlement
Trustees' Report (continued)
Policy on reserves
Liquid funds stand at £189K (net current assets £36K and investments £153K).
Now released from all property maintenance and service delivery commitments, the Charity will retain the majority of its capital through invested endowed funds. Each year a budget will be generated to assess the level of grants that can be made. Funds required to wind up the charity or deal with legal difficulties (for example in relation to finalising the sale of the West land) will also be assessed as part of the budget process otherwise would be available from the invested endowed funds subject to Trustee resolution to release such funds.
Plans for future periods
Aims and key objectives for future periods
In light of the sale of the site to a local registered housing provider and the pending sale of remaining land within the title, the Charity has financial resilience into the long term. The Trustees are seeking additional skills to complement their Board. They are also focused on building partnerships with other charities who will identify appropriate grant beneficiaries and administer the agreed grants in order to support applicants with disabilities to live more comfortably in their homes and surroundings.
Reference and Administrative Details
Charity Registration Number: 1155679 Principal Office: 1 Park Street Macclesfield Cheshire SK11 6SR Auditor: Bright Partnership Limited Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR Solicitors: Brabners LLP
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Lyme Green Settlement
Trustees' Report (continued)
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: I Goalen I Hayes (resigned 12 April 2023) A Benzie (resigned 3 July 2023) M H Loundes A Robinson P McMillan J Crook (appointed 28 October 2024)
Structure, governance and management
Nature of governing document
The governing document of the Lyme Green Settlement Charity is the Trust Deed for the Lyme Green Settlement for Paraplegics dated 8th July 1946 and subsequent amendments dated 9th March 1979, 15th September 1997, 7th July 2003 and 21st March 2018.
The governing document of the Lyme Green Settlement CIO is the Constitution dated 31st March 2014 and amended 1st September 2015 (subsequently further amended July 1st, 2019 and December 14th, 2020).
Day to day operations, decision making, financial management and trust governance are all conducted in accordance with a set of policies which are subject to review and approval every two years. During this review process, the charity trustees give consideration to the major risks to which the charity is exposed and satisfies themselves that systems or procedures are established in order to manage those risks
The Charity is Lyme Green Settlement CIO, registered charity number 1155679. It is located at The Office, Lyme Green Settlement, London Rd, Macclesfield, Cheshire SKI I OLD
Recruitment and appointment of trustees
The Trustee body comprises up to 10 positions with the trustees being recruited locally; vacant positions being advertised by word of mouth from existing trustees, by local advertising and by the use of CVS Cheshire East. Applicants are interviewed by existing trustees who, in their appointment process, seek to ensure a complementary mix of skills to meet the needs of the Charity.
The Trustees as at March 31st, 2024 were: Mrs Pat McMillan (Chairman) Mr Malcolm Lounds (Property) Mr Ian Goalen (Finance) Mrs Angie Robinson
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Lyme Green Settlement
Trustees' Report (continued)
Organisational structure
As stated in Land Registry records, title absolute of the land and estate is held by Lyme Green Settlement CIO (Reg No. 1155679).
All other assets of the CIO are held in the CIO's name with the exception of its stocks and shares which are held in the name of our stockbrokers' nominee company to save dealing and administrative cost in accordance with modern practice.
The organisational structure comprises the board of trustees (all volunteers with one selected as chairperson), an Administrator and one full-time gardener/handyman.
The trustees meet at four full board meetings during the year. All major policy, financial and operational decisions are decided by a majority of the trustees. The Constitution covers the structure and voting requirements. As necessary, further full trustee meetings are called in keeping with the provisions of the Constitution.
The smaller meetings, as required, review related topics and formulate proposals for consideration and approval at full trustee meetings.
A trustee is delegated to oversee Finance matters. That trustee and the Administrator monitor and administer the Trust's finances closely during the year and ensure, as far as possible, that the Settlement has remained on budget. In the management of Investments, the trustees continue to take a cautious approach and assess the situation on a frequent and regular basis with the Charity's stockbrokers.
A trustee is delegated to oversee Property matters. That trustee and the Administrator ensure that the programme of bungalow modernisation continues on schedule and on budget and that routine maintenance is done properly and promptly.
All other operational matters are delegated to the appropriate trustee, based on their field of expertise.
The chairperson maintains an oversight of all activities, meeting with the Administrator on a weekly basis and sitting in on the smaller meetings as necessary.
Administration
The Administrator manages the day to day activities of the Settlement working within the guidelines laid down by the board of trustees. However, any major concerns must firstly be relayed to the chairperson who may then require a view from all trustees.
Financial mandates are laid down in accordance with good accounting practice.
The remuneration package for the Administrator is set in accordance with levels applicable to a professional office worker in Macclesfield. The Charity operates a pension scheme for all eligible employees.
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Lyme Green Settlement
Trustees' Report (continued)
Major risks and management of those risks
The main risks identified were:
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Loss of commercial property income
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Health and safety of tenants
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Health and safety of employees
The Trustees mitigated these risks by:
- Tenants were informed that the Trusts employees would not be entering the premises of tenants unless specifically requested. Assistance was offered in respect of collection of shopping. - Identifying opportunities to enhance commercial property income, for example, letting the office building to external tenants.
Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
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Lyme Green Settlement
Trustees' Report (continued)
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 20 January 2025 and signed on its behalf by:
......................................... P McMillan Trustee
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Lyme Green Settlement
Independent Auditor's Report to the Members of Lyme Green Settlement
Opinion
We have audited the financial statements of Lyme Green Settlement (the 'charity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Lyme Green Settlement
Independent Auditor's Report to the Members of Lyme Green Settlement (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Lyme Green Settlement
Independent Auditor's Report to the Members of Lyme Green Settlement (continued)
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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We identified the laws and regulations applicable to the CIO through discussions with trustees and other management, and from our charity knowledge and experience of the sector;
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We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011 and SORP FRS102, data protection, anti-bribery, employment, environmental and health and safety legislation;
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We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where appropriate; and - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the CIO's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:
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Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override controls, we:
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Performed analytical procedures to identify any unusual or expected relationships;
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Tested journal entries to identify unusual transactions; and
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Investigate the rationale behind significant or unusual transactions, where appropriate.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading minutes of meetings of those charged with governance;
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enquiring of management as to actual potential litigation and claims; and
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reviewing correspondence with relevant regulators and the company's legal advisors where necessary.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Independent Auditor's Report to the Members of Lyme Green Settlement (continued)
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Michael Senior (Senior Statutory Auditor) For and on behalf of Bright Partnership Limited, Statutory Auditor
1 Park Street Macclesfield Cheshire SK11 6SR
20 January 2025
Bright Partnership Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Lyme Green Settlement
Statement of Financial Activities for the Year Ended 31 March 2024
| Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total income Expenditure on: Raising funds Charitable activities Other expenditure 7 Total expenditure Gains/losses on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 230 255,673 4,911 260,814 (1,521) (282,794) (2,589) (286,904) 12,722 (13,368) (13,368) 207,168 193,800 |
Endowment funds £ - - - - - - - - - - - 5,000,000 5,000,000 |
Total 2024 £ 230 255,673 4,911 |
|---|---|---|---|
| 260,814 | |||
| (1,521) (282,794) (2,589) |
|||
| (286,904) 12,722 |
|||
| (13,368) | |||
| (13,368) 5,207,168 |
|||
| 5,193,800 |
The notes on pages 17 to 26 form an integral part of these financial statements. Page 14
Lyme Green Settlement
Statement of Financial Activities for the Year Ended 31 March 2024 (continued)
| Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total income Expenditure on: Raising funds Charitable activities Other expenditure 7 Total expenditure Gains/losses on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 240 210,697 4,204 215,141 (1,876) (330,369) (743) (332,988) (14,777) (132,624) (132,624) 339,792 207,168 |
Endowment funds £ - - - - - - - - - - - 5,000,000 5,000,000 |
Total 2023 £ 240 210,697 4,204 |
|---|---|---|---|
| 215,141 | |||
| (1,876) (330,369) (743) |
|||
| (332,988) (14,777) |
|||
| (132,624) | |||
| (132,624) 5,339,792 |
|||
| 5,207,168 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 17 to 26 form an integral part of these financial statements. Page 15
Lyme Green Settlement
(Registration number: 1155679) Balance Sheet as at 31 March 2024
| Note Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the charity: Endowment funds Unrestricted income funds Unrestricted funds Total funds 17 |
2024 £ 5,004,965 152,691 5,157,656 7,453 94,721 102,174 - (66,030) 36,144 5,193,800 5,000,000 193,800 5,193,800 |
2023 £ 5,004,994 189,197 |
|---|---|---|
| 5,194,191 | ||
| 2,373 62,266 |
||
| 64,639 - (51,662) |
||
| 12,977 | ||
| 5,207,168 | ||
| 5,000,000 207,168 |
||
| 5,207,168 |
The financial statements on pages 14 to 26 were approved by the trustees, and authorised for issue on 20 January 2025 and signed on their behalf by:
......................................... I Goalen Trustee
......................................... P McMillan Trustee
The notes on pages 17 to 26 form an integral part of these financial statements. Page 16
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Lyme Green Settlement meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
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Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Fixed assets are recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Plant and machinery - 25% on reducing balance
Land and buildings policy
Land - not depreciated Buildings - not depreciated
The charity elected to use the fair value of the buildings at the transition date to FRS 102. Where that value is not lower than the residual value, the trustees have elected not to depreciate the buildings.
Page 18
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 Income from donations and legacies
| Donations and legacies; Donations from individuals Total for 2024 Total for 2023 |
Unrestricted funds General £ 230 230 240 |
Total funds £ 230 |
|---|---|---|
| 230 | ||
| 240 |
3 Income from charitable activities
Unrestricted
| Total for 2024 Total for 2023 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits Other income from fixed asset investments Total for 2024 Total for 2023 |
funds General £ 255,673 255,673 210,697 Unrestricted funds General £ 739 4,172 4,911 4,204 |
Total funds £ 255,673 |
|---|---|---|
| 255,673 | ||
| 210,697 | ||
| Total funds £ 739 4,172 |
||
| 4,911 | ||
| 4,204 |
Page 20
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
5 Expenditure on raising funds
a) Investment management costs
| Other investment management costs; Administration of the investments Total for 2024 Total for 2023 6 Expenditure on charitable activities Allocated support costs Governance costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 1,521 1,521 1,876 Unrestricted funds General £ 152,418 94,576 246,994 296,569 |
Total funds £ 1,521 |
|---|---|---|
| 1,521 | ||
| 1,876 | ||
| Total funds £ 152,418 94,576 |
||
| 246,994 | ||
| 296,569 |
7 Other expenditure
| Depreciation, amortisation and other similar costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 2,589 2,589 743 |
Total funds £ 2,589 |
|---|---|---|
| 2,589 | ||
| 743 |
Page 21
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
8 Analysis of governance and support costs
Governance costs
| Audit fees Audit of the financial statements Other fees paid to auditors Legal fees Total for 2024 Total for 2023 9 Net incoming/outgoing resources Net outgoing resources for the year include: Audit fees Loss on disposal of fixed assets held for the charity's own use |
Unrestricted funds General £ 3,246 3,884 87,446 94,576 35,429 2024 £ 3,246 1,548 |
Total funds £ 3,246 3,884 87,446 |
|---|---|---|
| 94,576 | ||
| 35,429 | ||
| 2023 £ 3,160 - |
10 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Tangible fixed assets
| Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year Eliminated on disposals At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 13 Fixed asset investments Other investments |
Land and buildings £ 5,000,000 - - |
Furniture and equipment £ 13,956 2,760 (11,016) 5,700 8,962 1,040 (9,267) 735 4,965 4,994 2024 £ 152,691 |
Total £ 5,013,956 2,760 (11,016) |
|
|---|---|---|---|---|
| 5,000,000 | 5,005,700 | |||
| - - - |
8,962 1,040 (9,267) |
|||
| - | 735 | 735 | ||
| 5,000,000 | 4,965 | 5,004,965 | ||
| 5,000,000 | 4,994 | 5,004,994 | ||
| 2024 £ 152,691 |
2023 £ 189,197 |
Page 23
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Other investments
| Cost or Valuation At 1 April 2023 Revaluation Additions Disposals At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 14 Debtors Trade debtors Prepayments Other debtors 15 Cash and cash equivalents Cash on hand Cash at bank 16 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Accruals Deferred income Other creditors |
Unlisted investments £ 189,197 12,722 17,941 (67,169) 152,691 152,691 189,197 2024 £ 1,047 6,212 194 7,453 2024 £ 116 94,605 94,721 2024 £ 23,732 1,100 38,597 2,600 - 66,029 |
Unlisted investments £ 189,197 12,722 17,941 (67,169) 152,691 152,691 189,197 2024 £ 1,047 6,212 194 7,453 2024 £ 116 94,605 94,721 2024 £ 23,732 1,100 38,597 2,600 - 66,029 |
Total £ 189,197 12,722 17,941 (67,169) 152,691 152,691 189,197 2023 £ (143) 2,516 - |
|
|---|---|---|---|---|
| 152,691 | ||||
| 152,691 | ||||
| 189,197 | ||||
| 2024 £ 1,047 6,212 194 7,453 2024 £ 116 94,605 94,721 2024 £ 23,732 1,100 38,597 2,600 - 66,029 |
||||
| 2,373 | ||||
| 2023 £ 24 62,242 |
||||
| 62,266 | ||||
| 2023 £ 33,134 1,832 16,696 - - |
||||
| 51,662 |
Page 24
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
17 Funds
| Unrestricted funds General Endowment funds Permanent Total funds Unrestricted funds General Endowment funds Permanent Total funds |
Balance at 1 April 2023 £ 207,168 5,000,000 5,207,168 Balance at 1 April 2022 £ 339,792 5,000,000 5,339,792 |
Incoming resources £ 260,814 - 260,814 Incoming resources £ 215,141 - 215,141 |
Resources expended £ Other recognised gains/(losses) £ (286,904) 12,722 - - (286,904) 12,722 Resources expended £ Other recognised gains/(losses) £ (332,988) (14,777) - - (332,988) (14,777) |
Balance at 31 March 2024 £ 193,800 5,000,000 |
|---|---|---|---|---|
| 5,193,800 | ||||
| Balance at 31 March 2023 £ 207,168 5,000,000 |
||||
| 5,207,168 |
18 Analysis of net assets between funds
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 4,965 152,691 102,174 (66,030) 193,800 |
Endowment funds Permanent £ 5,000,000 - - - 5,000,000 |
Total funds at 31 March 2024 £ 5,004,965 152,691 102,174 (66,030) |
|---|---|---|---|
| 5,193,800 |
Page 25
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 4,994 189,197 64,639 (51,662) 207,168 |
Endowment funds Permanent £ 5,000,000 - - - 5,000,000 |
Total funds at 31 March 2023 £ 5,004,994 189,197 64,639 (51,662) |
|---|---|---|---|
| 5,207,168 |
19 Related party transactions
There were no related party transactions in the year.
20 Lyme Green Settlement Permanent Endowed Trust
Lyme Green Settlement charity number 209267, was the original charity set up under trust deed 1946. It was agreed that on the 1 April 2014 all the assets and liabilities held by the original charity should be transferred to the new CIO at their market value. The transfer of those assets were treated as a donation to the new CIO. The original charity was subsequently dissolved by the Charity Commission in April 2015.
Under the current legislation CIO's cannot legally hold permanently endowed property and as such the permanently endowed property had been excluded from these accounts in 2017. This transaction is shown under exceptional items 'other' in the SOFA.
The permanently endowed property is registered to Lyme Green Settlement CIO at the land registry and is held under constructive trust for the original Lyme Green Settlement charity.
The Charity Commission have set up a scheme dated March 2018 whereby the original trust which holds the permanently endowed property was reinstated but is linked to the CIO. The CIO is the corporate trustee of that endowed fund. The property has therefore been included in these accounts again this year but separately under endowed funds and exceptional items under 'other' in the SOFA.
21 Non-adjusting events after the financial period
It is the charity's intention to sell the property it owns. In July 2024, the east side of the site was sold for £3.018M.
The remaining property has contracts in place to be sold. At the date of these accounts being signed the sale had yet to be completed.
Page 26
Lyme Green Settlement
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| Donations and legacies Donations Charitable activities Rental income Other income Investment income Income from listed investments Interest on cash deposits Raising funds Administration of investments Charitable activities Consultancy fees Wages and salaries Staff NIC (Employers) Staff pensions (Defined contribution) - pension scheme 1 Life assurance Rates Water rates Light, heat and power Insurance Repairs and maintenance Equipment repairs and renewals Telephone Printing, postage and stationery Trade subscriptions Sundry expenses Cleaning and laundry Bank charges The audit of the charity's annual accounts Auditors' remuneration - non audit work Management fees Legal and professional fees |
Total 2024 £ 230 230 244,921 10,752 255,673 4,172 739 4,911 (1,521) (1,521) (35,800) (43,356) - (3,145) (15) (9,284) (9,480) (1,231) (10,283) (71,228) (1,670) (513) (467) (95) (1,268) (217) (166) (3,246) (3,884) (1,314) (86,132) |
Total 2023 £ 240 |
|---|---|---|
| 240 | ||
| 201,431 9,266 |
||
| 210,697 | ||
| 3,838 366 |
||
| 4,204 | ||
| (1,876) | ||
| (1,876) | ||
| (33,800) (61,878) (1,326) (4,380) (60) (4,387) (11,548) (5,225) (10,547) (153,896) (1,995) (717) (892) - (3,303) (772) (214) (3,160) (3,204) - (29,065) |
This page does not form part of the statutory financial statements. Page 27
Lyme Green Settlement
Detailed Statement of Financial Activities for the Year Ended 31 March 2024 (continued)
| Other expenditure Depreciation of plant and machinery (Profit)/loss on sale of tangible fixed assets held for charity's own use |
Total 2024 £ (282,794) (1,041) (1,548) (2,589) |
Total 2023 £ (330,369) |
|---|---|---|
| (743) - |
||
| (743) |
This page does not form part of the statutory financial statements. Page 28
Charity registration number: 1155679
Lyme Green Settlement
Annual Report and Financial Statements
for the Year Ended 31 March 2024
Lyme Green Settlement
Contents (continued)
| Trustees' Report | 1 to 9 |
|---|---|
| Independent Auditors' Report | 10 to 13 |
| Statement of Financial Activities | 14 to 15 |
| Balance Sheet | 16 |
| Notes to the Financial Statements | 17 to 26 |
Lyme Green Settlement
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
Objects and aims
The object of the Charity, as amended in March 2024, shall be the relief of persons suffering from paraplegia and/or severe disability, with a preference for those who have been employed in the Armed Forces of the Crown.
Objectives, strategies and activities
Throughout this financial year and the first 4 months of the next, the Charity provided purpose-built accommodation for disabled people who are predominantly wheelchair dependent. Application to occupy any vacant property may be made by recommendation from medical and social organisations. Following the sale of these assets in July 2024, the Charity focuses on providing grants to disabled people to assist them to live independently in accordance with the objects.
The accounts shown in the Financial Review section show the income sources and how that income was used in the ongoing management, maintenance and upgrading of the Lyme Green Settlement's property comprising 9.47 hectares with buildings thereon: - thirty dwellings, an office, hall (used as a nursery), workshops, a bowling green, and agricultural land. Until the sale there was also a small administration team. The hall, workshops, a two-storey house and the agricultural land are let at commercial rents, as were two of the bungalows following refurbishment. This provided an income stream to supplement the other residential rents. As a result, the residential rents are held at a favourable level compared with local rental levels and local housing allowance for comparable properties
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
Performance
The principal performance indicator was full occupancy with minimum turnaround when any property becomes empty. A key indicator throughout was the satisfaction and well-being of the residents and the appearance of the estate. The principal financial indicator was the maintenance of a positive financial position balancing costs against income over the medium term.
Page 1
Lyme Green Settlement
Trustees' Report (continued)
During this reporting period the Charity maintained an occupancy level of over 90% on the residential and 100% for commercial properties. Two bungalows have been vacant for some time pending planning permission, which was received during 2023, but the Charity did not have sufficient funds to refurbish these during the financial year given other maintenance commitments across the site. A focus on improved tenancy engagement continued during the year including visits and inspections along with continued focus on and improvements in safety and compliance across homes and properties. At each meeting, Trustees monitored the risk of additional empty homes and the need to respond to all asset compliance matters and planned maintenance. There were no complaints received during the year. All properties and the estate continued to benefit from the attention of a Site Caretaker up until their resignation in August 2023. All necessary repairs and maintenance, and subsequently estate management was undertaken by accredited contractors. In light of the delayed sale of the land west of London Road and increasing inflation pressures, Trustees agreed that it was necessary to increase residential rents by 5% on 1st April 2024 following an increase of 5% the year previous.
Over the last few years many changes in legislation have occurred especially in terms of homes and properties, and along with increasing maintenance needs across the site, limited internal resources and increasing difficulty securing external contractors, maintaining service delivery has proved increasingly difficult. Moreover, the needs of applicants have also changed markedly from the inception of Lyme Green Settlement; there are fewer applicants who meet the strict criteria called for in the Trust’s Objects.
The general economic climate continues to be difficult with continuing inflation pressures and volatility in stock markets both affecting investment values. Local government funding, particularly in the area of housing benefits, remains under continued pressure. Some of the residents have been adversely affected by these changes. Residents’ care needs continue to be provided by the external services of the NHS.
Investment Policy
Our investments are managed by Brewin Dolphin Ltd under discretionary powers granted by the Charity. Detailed quarterly reports as well as daily online access to the investment portfolio and its performance are provided.
Our investment objectives are to achieve the best financial return within a moderate and acceptable level of risk. This will be measured against the relevant blend of indices relating to the risk category.
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Lyme Green Settlement
Trustees' Report (continued)
Firm Plans
In light of the increasing difficulties facing the Charity to provide well maintained homes and associated services, the decision was taken during 2023 to sell the site on the east side of London Road in line with Charity Commission guidance. Following engagement with the Commission, the Charity sought offers from not for profit registered housing providers who would be able to continue to provide secure, safe and well maintained homes for residents. As a result, the sale of the site on the east side of London Road (except for the on-site car park) took place on 29th July 2024 for a sum of £3,018k. The one remaining member of staff also transferred under Transfer of Undertakings (Protection of Employment). This released the Charity fully from all future maintenance and service delivery commitments as well as providing the residents with subsidised rents. The Charity would now focus on providing grants to disabled people as per the objects.
On 7th December 2020 contracts were exchanged on the sale of the land it owns to the west of London Road which bisects the site. The contract is conditional on satisfactory planning permission being obtained. The agreed pending sale is expected to occur when planning permission is granted. An appeal process concluded successfully the year ended 31st March 2024 and an additional planning application had also been submitted. The proceeds from this sale once received, will also be used for the furtherance of the Charity’s Objects.
Page 3
Lyme Green Settlement
Trustees' Report (continued)
Financial review
Financial position
The Charity had a deficit of £13K (FY’23 £133K) for the year which includes a unrealised/realised gain on the revaluation of our investments of £13K (FY’23 loss of £15K.) The year's actual deficit compares with a budgeted deficit of £20K. Excluding the book gain from investments, income at £261K was slightly above budget due to improved commercial income. Expenditure at £287K was £8K higher than budget with reductions in maintenance costs and salaries being more than offset by increases in consultancy and professional fees. During the year a significant amount was spent on one bungalow to upgrade it and improve energy efficiency for the future. This highlighted that future upgrade costs for the bungalows were likely to be significant. The value of the investment portfolio as at March 31st 2024 stood at £153K compared to £189K as at March 31st 2023, which also reflected a withdrawal of funds of £50k to supplement working capital during the financial year.
On 1st April 2014, the land and buildings were professionally valued at £5M and were transferred from the old unincorporated Charity number 209267 to the new CIO as a gift. In the Land Registry Proprietorship Register, Lyme Green Settlement CIO is shown as the owner of the land and buildings. This transfer took place with the full knowledge of the Charity Commission (CC). We later discovered that the CC had changed their view on the status of the land and were now of the opinion that it had permanent endowment status. A CIO cannot legally own Permanently Endowed Land, which, therefore, still belongs to the old Lyme Green Settlement Trust. With assistance from the CC, a new scheme was established in March 2018 appointing the CIO as the sole and Corporate Trustee of the old Lyme Green Settlement Trust. The CIO and the old trust were linked on the CC register and only one set of annual accounts is required. The property is shown separately in the accounts under Endowed Funds.
Principal funding sources
The majority of our income during the financial year was received from rentals of the 29 bungalows, one two storey house, four workshops, an office, a building adapted for use as a children's day nursery and land around the Settlement rented out to a local farmer for grazing.
Other smaller sources of income are from interest and dividends on our investments. We would like to thank Mrs Masters for her continued monthly donation to the Charity. All the income received is utilised to enable us to achieve our charitable objectives.
A major risk facing the Charity was the sudden and unexpected loss of rental income, for example several bungalows becoming vacant at the same time or losing one of our commercial tenants. Also, increasing building compliance requirements and shortage of accredited contractors increased the risk.
Despite the addition of a new tenancy for the office building and conversion of two bungalows to closer to market based rents all to support the financial resilience of the charity, the medium term financial risks were not being mitigated. Post sale of the site on the east of London Road, and with the sale of the site on the West side of London Road pending, the Charity is on a stable financial footing and able to foresee a medium and long term future offering grants to disabled people to assist them to live more independently in their homes. This will be underpinned by investment funds managed by a respected provider, and Trustees will continue to monitor market trends to assess annual grant making capabilities and assess risk.
Page 4
Lyme Green Settlement
Trustees' Report (continued)
Policy on reserves
Liquid funds stand at £189K (net current assets £36K and investments £153K).
Now released from all property maintenance and service delivery commitments, the Charity will retain the majority of its capital through invested endowed funds. Each year a budget will be generated to assess the level of grants that can be made. Funds required to wind up the charity or deal with legal difficulties (for example in relation to finalising the sale of the West land) will also be assessed as part of the budget process otherwise would be available from the invested endowed funds subject to Trustee resolution to release such funds.
Plans for future periods
Aims and key objectives for future periods
In light of the sale of the site to a local registered housing provider and the pending sale of remaining land within the title, the Charity has financial resilience into the long term. The Trustees are seeking additional skills to complement their Board. They are also focused on building partnerships with other charities who will identify appropriate grant beneficiaries and administer the agreed grants in order to support applicants with disabilities to live more comfortably in their homes and surroundings.
Reference and Administrative Details
Charity Registration Number: 1155679 Principal Office: 1 Park Street Macclesfield Cheshire SK11 6SR Auditor: Bright Partnership Limited Chartered Accountants 1 Park Street Macclesfield Cheshire SK11 6SR Solicitors: Brabners LLP
Page 5
Lyme Green Settlement
Trustees' Report (continued)
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: I Goalen I Hayes (resigned 12 April 2023) A Benzie (resigned 3 July 2023) M H Loundes A Robinson P McMillan J Crook (appointed 28 October 2024)
Structure, governance and management
Nature of governing document
The governing document of the Lyme Green Settlement Charity is the Trust Deed for the Lyme Green Settlement for Paraplegics dated 8th July 1946 and subsequent amendments dated 9th March 1979, 15th September 1997, 7th July 2003 and 21st March 2018.
The governing document of the Lyme Green Settlement CIO is the Constitution dated 31st March 2014 and amended 1st September 2015 (subsequently further amended July 1st, 2019 and December 14th, 2020).
Day to day operations, decision making, financial management and trust governance are all conducted in accordance with a set of policies which are subject to review and approval every two years. During this review process, the charity trustees give consideration to the major risks to which the charity is exposed and satisfies themselves that systems or procedures are established in order to manage those risks
The Charity is Lyme Green Settlement CIO, registered charity number 1155679. It is located at The Office, Lyme Green Settlement, London Rd, Macclesfield, Cheshire SKI I OLD
Recruitment and appointment of trustees
The Trustee body comprises up to 10 positions with the trustees being recruited locally; vacant positions being advertised by word of mouth from existing trustees, by local advertising and by the use of CVS Cheshire East. Applicants are interviewed by existing trustees who, in their appointment process, seek to ensure a complementary mix of skills to meet the needs of the Charity.
The Trustees as at March 31st, 2024 were: Mrs Pat McMillan (Chairman) Mr Malcolm Lounds (Property) Mr Ian Goalen (Finance) Mrs Angie Robinson
Page 6
Lyme Green Settlement
Trustees' Report (continued)
Organisational structure
As stated in Land Registry records, title absolute of the land and estate is held by Lyme Green Settlement CIO (Reg No. 1155679).
All other assets of the CIO are held in the CIO's name with the exception of its stocks and shares which are held in the name of our stockbrokers' nominee company to save dealing and administrative cost in accordance with modern practice.
The organisational structure comprises the board of trustees (all volunteers with one selected as chairperson), an Administrator and one full-time gardener/handyman.
The trustees meet at four full board meetings during the year. All major policy, financial and operational decisions are decided by a majority of the trustees. The Constitution covers the structure and voting requirements. As necessary, further full trustee meetings are called in keeping with the provisions of the Constitution.
The smaller meetings, as required, review related topics and formulate proposals for consideration and approval at full trustee meetings.
A trustee is delegated to oversee Finance matters. That trustee and the Administrator monitor and administer the Trust's finances closely during the year and ensure, as far as possible, that the Settlement has remained on budget. In the management of Investments, the trustees continue to take a cautious approach and assess the situation on a frequent and regular basis with the Charity's stockbrokers.
A trustee is delegated to oversee Property matters. That trustee and the Administrator ensure that the programme of bungalow modernisation continues on schedule and on budget and that routine maintenance is done properly and promptly.
All other operational matters are delegated to the appropriate trustee, based on their field of expertise.
The chairperson maintains an oversight of all activities, meeting with the Administrator on a weekly basis and sitting in on the smaller meetings as necessary.
Administration
The Administrator manages the day to day activities of the Settlement working within the guidelines laid down by the board of trustees. However, any major concerns must firstly be relayed to the chairperson who may then require a view from all trustees.
Financial mandates are laid down in accordance with good accounting practice.
The remuneration package for the Administrator is set in accordance with levels applicable to a professional office worker in Macclesfield. The Charity operates a pension scheme for all eligible employees.
Page 7
Lyme Green Settlement
Trustees' Report (continued)
Major risks and management of those risks
The main risks identified were:
-
Loss of commercial property income
-
Health and safety of tenants
-
Health and safety of employees
The Trustees mitigated these risks by:
- Tenants were informed that the Trusts employees would not be entering the premises of tenants unless specifically requested. Assistance was offered in respect of collection of shopping. - Identifying opportunities to enhance commercial property income, for example, letting the office building to external tenants.
Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 8
Lyme Green Settlement
Trustees' Report (continued)
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 20 January 2025 and signed on its behalf by:
......................................... P McMillan Trustee
Page 9
Lyme Green Settlement
Independent Auditor's Report to the Members of Lyme Green Settlement
Opinion
We have audited the financial statements of Lyme Green Settlement (the 'charity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Lyme Green Settlement
Independent Auditor's Report to the Members of Lyme Green Settlement (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Lyme Green Settlement
Independent Auditor's Report to the Members of Lyme Green Settlement (continued)
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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We identified the laws and regulations applicable to the CIO through discussions with trustees and other management, and from our charity knowledge and experience of the sector;
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We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011 and SORP FRS102, data protection, anti-bribery, employment, environmental and health and safety legislation;
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We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where appropriate; and - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the CIO's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:
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Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override controls, we:
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Performed analytical procedures to identify any unusual or expected relationships;
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Tested journal entries to identify unusual transactions; and
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Investigate the rationale behind significant or unusual transactions, where appropriate.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading minutes of meetings of those charged with governance;
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enquiring of management as to actual potential litigation and claims; and
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reviewing correspondence with relevant regulators and the company's legal advisors where necessary.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Independent Auditor's Report to the Members of Lyme Green Settlement (continued)
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Michael Senior (Senior Statutory Auditor) For and on behalf of Bright Partnership Limited, Statutory Auditor
1 Park Street Macclesfield Cheshire SK11 6SR
20 January 2025
Bright Partnership Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Lyme Green Settlement
Statement of Financial Activities for the Year Ended 31 March 2024
| Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total income Expenditure on: Raising funds Charitable activities Other expenditure 7 Total expenditure Gains/losses on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 230 255,673 4,911 260,814 (1,521) (282,794) (2,589) (286,904) 12,722 (13,368) (13,368) 207,168 193,800 |
Endowment funds £ - - - - - - - - - - - 5,000,000 5,000,000 |
Total 2024 £ 230 255,673 4,911 |
|---|---|---|---|
| 260,814 | |||
| (1,521) (282,794) (2,589) |
|||
| (286,904) 12,722 |
|||
| (13,368) | |||
| (13,368) 5,207,168 |
|||
| 5,193,800 |
The notes on pages 17 to 26 form an integral part of these financial statements. Page 14
Lyme Green Settlement
Statement of Financial Activities for the Year Ended 31 March 2024 (continued)
| Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total income Expenditure on: Raising funds Charitable activities Other expenditure 7 Total expenditure Gains/losses on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 240 210,697 4,204 215,141 (1,876) (330,369) (743) (332,988) (14,777) (132,624) (132,624) 339,792 207,168 |
Endowment funds £ - - - - - - - - - - - 5,000,000 5,000,000 |
Total 2023 £ 240 210,697 4,204 |
|---|---|---|---|
| 215,141 | |||
| (1,876) (330,369) (743) |
|||
| (332,988) (14,777) |
|||
| (132,624) | |||
| (132,624) 5,339,792 |
|||
| 5,207,168 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 17 to 26 form an integral part of these financial statements. Page 15
Lyme Green Settlement
(Registration number: 1155679) Balance Sheet as at 31 March 2024
| Note Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the charity: Endowment funds Unrestricted income funds Unrestricted funds Total funds 17 |
2024 £ 5,004,965 152,691 5,157,656 7,453 94,721 102,174 - (66,030) 36,144 5,193,800 5,000,000 193,800 5,193,800 |
2023 £ 5,004,994 189,197 |
|---|---|---|
| 5,194,191 | ||
| 2,373 62,266 |
||
| 64,639 - (51,662) |
||
| 12,977 | ||
| 5,207,168 | ||
| 5,000,000 207,168 |
||
| 5,207,168 |
The financial statements on pages 14 to 26 were approved by the trustees, and authorised for issue on 20 January 2025 and signed on their behalf by:
......................................... I Goalen Trustee
......................................... P McMillan Trustee
The notes on pages 17 to 26 form an integral part of these financial statements. Page 16
Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Lyme Green Settlement meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Fixed assets are recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Plant and machinery - 25% on reducing balance
Land and buildings policy
Land - not depreciated Buildings - not depreciated
The charity elected to use the fair value of the buildings at the transition date to FRS 102. Where that value is not lower than the residual value, the trustees have elected not to depreciate the buildings.
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 Income from donations and legacies
| Donations and legacies; Donations from individuals Total for 2024 Total for 2023 |
Unrestricted funds General £ 230 230 240 |
Total funds £ 230 |
|---|---|---|
| 230 | ||
| 240 |
3 Income from charitable activities
Unrestricted
| Total for 2024 Total for 2023 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits Other income from fixed asset investments Total for 2024 Total for 2023 |
funds General £ 255,673 255,673 210,697 Unrestricted funds General £ 739 4,172 4,911 4,204 |
Total funds £ 255,673 |
|---|---|---|
| 255,673 | ||
| 210,697 | ||
| Total funds £ 739 4,172 |
||
| 4,911 | ||
| 4,204 |
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
5 Expenditure on raising funds
a) Investment management costs
| Other investment management costs; Administration of the investments Total for 2024 Total for 2023 6 Expenditure on charitable activities Allocated support costs Governance costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 1,521 1,521 1,876 Unrestricted funds General £ 152,418 94,576 246,994 296,569 |
Total funds £ 1,521 |
|---|---|---|
| 1,521 | ||
| 1,876 | ||
| Total funds £ 152,418 94,576 |
||
| 246,994 | ||
| 296,569 |
7 Other expenditure
| Depreciation, amortisation and other similar costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 2,589 2,589 743 |
Total funds £ 2,589 |
|---|---|---|
| 2,589 | ||
| 743 |
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
8 Analysis of governance and support costs
Governance costs
| Audit fees Audit of the financial statements Other fees paid to auditors Legal fees Total for 2024 Total for 2023 9 Net incoming/outgoing resources Net outgoing resources for the year include: Audit fees Loss on disposal of fixed assets held for the charity's own use |
Unrestricted funds General £ 3,246 3,884 87,446 94,576 35,429 2024 £ 3,246 1,548 |
Total funds £ 3,246 3,884 87,446 |
|---|---|---|
| 94,576 | ||
| 35,429 | ||
| 2023 £ 3,160 - |
10 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
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Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Tangible fixed assets
| Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year Eliminated on disposals At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 13 Fixed asset investments Other investments |
Land and buildings £ 5,000,000 - - |
Furniture and equipment £ 13,956 2,760 (11,016) 5,700 8,962 1,040 (9,267) 735 4,965 4,994 2024 £ 152,691 |
Total £ 5,013,956 2,760 (11,016) |
|
|---|---|---|---|---|
| 5,000,000 | 5,005,700 | |||
| - - - |
8,962 1,040 (9,267) |
|||
| - | 735 | 735 | ||
| 5,000,000 | 4,965 | 5,004,965 | ||
| 5,000,000 | 4,994 | 5,004,994 | ||
| 2024 £ 152,691 |
2023 £ 189,197 |
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Other investments
| Cost or Valuation At 1 April 2023 Revaluation Additions Disposals At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 14 Debtors Trade debtors Prepayments Other debtors 15 Cash and cash equivalents Cash on hand Cash at bank 16 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Accruals Deferred income Other creditors |
Unlisted investments £ 189,197 12,722 17,941 (67,169) 152,691 152,691 189,197 2024 £ 1,047 6,212 194 7,453 2024 £ 116 94,605 94,721 2024 £ 23,732 1,100 38,597 2,600 - 66,029 |
Unlisted investments £ 189,197 12,722 17,941 (67,169) 152,691 152,691 189,197 2024 £ 1,047 6,212 194 7,453 2024 £ 116 94,605 94,721 2024 £ 23,732 1,100 38,597 2,600 - 66,029 |
Total £ 189,197 12,722 17,941 (67,169) 152,691 152,691 189,197 2023 £ (143) 2,516 - |
|
|---|---|---|---|---|
| 152,691 | ||||
| 152,691 | ||||
| 189,197 | ||||
| 2024 £ 1,047 6,212 194 7,453 2024 £ 116 94,605 94,721 2024 £ 23,732 1,100 38,597 2,600 - 66,029 |
||||
| 2,373 | ||||
| 2023 £ 24 62,242 |
||||
| 62,266 | ||||
| 2023 £ 33,134 1,832 16,696 - - |
||||
| 51,662 |
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
17 Funds
| Unrestricted funds General Endowment funds Permanent Total funds Unrestricted funds General Endowment funds Permanent Total funds |
Balance at 1 April 2023 £ 207,168 5,000,000 5,207,168 Balance at 1 April 2022 £ 339,792 5,000,000 5,339,792 |
Incoming resources £ 260,814 - 260,814 Incoming resources £ 215,141 - 215,141 |
Resources expended £ Other recognised gains/(losses) £ (286,904) 12,722 - - (286,904) 12,722 Resources expended £ Other recognised gains/(losses) £ (332,988) (14,777) - - (332,988) (14,777) |
Balance at 31 March 2024 £ 193,800 5,000,000 |
|---|---|---|---|---|
| 5,193,800 | ||||
| Balance at 31 March 2023 £ 207,168 5,000,000 |
||||
| 5,207,168 |
18 Analysis of net assets between funds
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 4,965 152,691 102,174 (66,030) 193,800 |
Endowment funds Permanent £ 5,000,000 - - - 5,000,000 |
Total funds at 31 March 2024 £ 5,004,965 152,691 102,174 (66,030) |
|---|---|---|---|
| 5,193,800 |
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Lyme Green Settlement
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 4,994 189,197 64,639 (51,662) 207,168 |
Endowment funds Permanent £ 5,000,000 - - - 5,000,000 |
Total funds at 31 March 2023 £ 5,004,994 189,197 64,639 (51,662) |
|---|---|---|---|
| 5,207,168 |
19 Related party transactions
There were no related party transactions in the year.
20 Lyme Green Settlement Permanent Endowed Trust
Lyme Green Settlement charity number 209267, was the original charity set up under trust deed 1946. It was agreed that on the 1 April 2014 all the assets and liabilities held by the original charity should be transferred to the new CIO at their market value. The transfer of those assets were treated as a donation to the new CIO. The original charity was subsequently dissolved by the Charity Commission in April 2015.
Under the current legislation CIO's cannot legally hold permanently endowed property and as such the permanently endowed property had been excluded from these accounts in 2017. This transaction is shown under exceptional items 'other' in the SOFA.
The permanently endowed property is registered to Lyme Green Settlement CIO at the land registry and is held under constructive trust for the original Lyme Green Settlement charity.
The Charity Commission have set up a scheme dated March 2018 whereby the original trust which holds the permanently endowed property was reinstated but is linked to the CIO. The CIO is the corporate trustee of that endowed fund. The property has therefore been included in these accounts again this year but separately under endowed funds and exceptional items under 'other' in the SOFA.
21 Non-adjusting events after the financial period
It is the charity's intention to sell the property it owns. In July 2024, the east side of the site was sold for £3.018M.
The remaining property has contracts in place to be sold. At the date of these accounts being signed the sale had yet to be completed.
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Lyme Green Settlement
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| Donations and legacies Donations Charitable activities Rental income Other income Investment income Income from listed investments Interest on cash deposits Raising funds Administration of investments Charitable activities Consultancy fees Wages and salaries Staff NIC (Employers) Staff pensions (Defined contribution) - pension scheme 1 Life assurance Rates Water rates Light, heat and power Insurance Repairs and maintenance Equipment repairs and renewals Telephone Printing, postage and stationery Trade subscriptions Sundry expenses Cleaning and laundry Bank charges The audit of the charity's annual accounts Auditors' remuneration - non audit work Management fees Legal and professional fees |
Total 2024 £ 230 230 244,921 10,752 255,673 4,172 739 4,911 (1,521) (1,521) (35,800) (43,356) - (3,145) (15) (9,284) (9,480) (1,231) (10,283) (71,228) (1,670) (513) (467) (95) (1,268) (217) (166) (3,246) (3,884) (1,314) (86,132) |
Total 2023 £ 240 |
|---|---|---|
| 240 | ||
| 201,431 9,266 |
||
| 210,697 | ||
| 3,838 366 |
||
| 4,204 | ||
| (1,876) | ||
| (1,876) | ||
| (33,800) (61,878) (1,326) (4,380) (60) (4,387) (11,548) (5,225) (10,547) (153,896) (1,995) (717) (892) - (3,303) (772) (214) (3,160) (3,204) - (29,065) |
This page does not form part of the statutory financial statements. Page 27
Lyme Green Settlement
Detailed Statement of Financial Activities for the Year Ended 31 March 2024 (continued)
| Other expenditure Depreciation of plant and machinery (Profit)/loss on sale of tangible fixed assets held for charity's own use |
Total 2024 £ (282,794) (1,041) (1,548) (2,589) |
Total 2023 £ (330,369) |
|---|---|---|
| (743) - |
||
| (743) |
This page does not form part of the statutory financial statements. Page 28