Charity number.. 1169417 THE LirrLE ORCHARD CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE LIThLE ORCHARD CHARITABLE TRUST CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report statement of financial activities Balance sheet statement of cash flov Notes to the financial statements 9-18
THE LIThLE ORCHARD CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees Mr B Parkander Mrs E Parkander Mrs A Parkander Charity rggi$tgred number 1169417 Principal office James Cowper Kreston 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB AOuntantS James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 1
THE LIThLE ORCHARD CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees present their annual report together with the financial statements of The Little Orchard Charitable Trust Ilhe Charity) for the year 1 January 2021 10 31 December 2021. The Trustees confirm that the Annual report and financial statements of the Charity comply with the Chartties Act 2011, the requirements of the Charills governing document and Accounting and Reporting by Charities.. Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191. Reference and administrative infomiation The Little Orchard Charttable Trust administrative office is James Cowper Kreston, 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB. It is registered with Charity Commissioners in England and Wales under number J169417. The Trust was founded in 2014 and was dormant until it registered as a charity in September 2016. It is governed by ils deed of trust dated 26 September 2014. Objectives and activities Policies and objectives The objectives of the Charity are lo apply its income for any charitable objects and purposes in any part of the worfd as the Trustees may, in their discretion, see fit. The Trustees also resolve to seek, where possible, lo fulfil their charitable objects by providing funds to local causes in Gloucestershire which promote mental health awareness. The Trustees confirm their investment policy is lo provide a balance of income and capital growlh. The Trustees seek to maintain a sum, assessed from time to lime in the light of probable future expenditure, in cash reserves to meet that expenditure. The Trustees confirm that in setting the objectives of the Trust they have complied with the duty in section 4 of the Charities Act 2011 so have due regard lo public beneftt guidance published by the Charity Commission. Achievements and perfomiance Main achievements of the Charity During the year the Trust received donations of £900,000 12020 £900,000) and reported a surplus after investment fair value gains of £1,099,358 12020.. £979,947). A £20,000 grant 12020.. £20,000) was given lo Gloucester Community Fund to support beal voluntary and community groups that are in the field of mental health, The Charity also built up ils reserves lo continue gifting grants in the future. Financial review In the year, the Charity had nel income for the year of £1,099,358 12020.. £979,947). The total assets of the Charity are £3,123,43012020.' £2,033,625). Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going COnM basis can be found in the accounting policies. Page 2
THE LirrLE ORCHARD CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Rfrserves policy A minimum level of serveS are held lo cover all planned fulure expenditure. These funds will be utilised lo lulfil Llie objeGts of the charity in fLrture periods. It is intended that reserves held should be Sufficient for the charity to fund charitable expenditLtre out of the return on the Investments held. At the year end the Trust had £3,123,43012020= £2.024,0721 free reserves, being unrestricted funds. Structurè, governance and managem8nt Organlsatlonal structure and dgcislonwmaklng poll¢l•8 The Charity is administered by the Trustees as sel out in the general information. The Trustees hold al least tMo meetings a year. The Trustees who served during the year were .' Mr B Pathander Mrs E Parkander Mrs A Parkander The appointment of new Trustees is made by the existing Trustees. The Trustees shall consist of at least two but no more than six individuals. Subject lo disqualification or resignation the First Tnjslees. Mr B Park8nder and Mrs E Pat1(andeT, are entitled to hold office for lrfe. Future Tnjstees musl be appointed by resolulion of the Trustees. Every future Trustee musl sign a declaration of wellness to act as a Tnjslee of the Charity before he or she may ad as a Trustee. No remuneratton Is pald to the Trustees. Approved by order of th• mgmbgrs of th& board of Trust8es and signed on th8ir l)8h8W b parkander Dale: IEl/o -Joll Page 3
THE LIThLE ORCHARD CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Independent Examinerfs Report to the Trustees of The Little Orchard Charitable Trust {'the Charity'l report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe 2011 Act'l. I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent Examiner's Statement Since the Charills gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance w(th methods and principles of the Statement of Recommended Practice for accounting and reporting by charities, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 4
THE LIThLE ORCHARD CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Charity's Trustees those matters l am required lo state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. 3111012022 Fiona Hawkins FCA James Cowper Kreston 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 5
THE LIThLE ORCHARD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted funds 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and legacies Investments 900,000 25,252 900,000 25,252 900,000 17,954 Totsl income 925.252 925.252 917,954 Expenditure on: Raising funds Charitable activities 3,270 23,812 3,270 23,812 3,144 27,512 Total expenditure 27.082 27.082 30,656 Net income before net gains on investments Nel gains on investments 898,170 201.188 898,170 201.188 887,298 92,649 Net movement in funds 1,099,358 1,099,358 979,947 Reconciliation of funds.. Total fLJnds brought forward Nel movement in funds 2,024,072 1,099.358 2,024,072 1,099.358 1,044,125 979,947 Total funds carried forward 3,123,430 3,123,430 2,024,072 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 10 18 form part of these financial statements. Page 6
THE LirrLE ORCHARO CHARITABLE TRUST BALANCE SHEET AS AT 31 OECEMBER 2021 2021 2020 Note Flxed assets Investments 10 2,975.434 1,973,859 Current assets Debtofs 1,838 58.128 Cash al bank and in hand 153,036 153,036 59,766 Creditors.. amounts falling due within one 12 15,0401 19,5531 Net curront assets 147.996 50,213 Total net assets 3.123,430 2,024,072 Charity fund¥ un$triCted funds 14 3,123,430 2.024.072 Totsl funds 3.123.430 2.024.072 The financial statements We approved and authorised for issue by the Trustees and signed on their behalf by.. r B Parkand•r Date.. Js//& - laJ£ The notes on pages 9 to 18 fomi part of these financial $tstements. Page 7
THE LIThLE ORCHARD CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Note Cash flows from operating activities Nel cash used in operating activities 17 870.043 866,695 Cash flows from invosting activitios Purchases of investments Proceeds on disposal of investments Interest re1vable 11.423,8911 11,718,053) 623,504 746,238 25.252 17,954 Net cash used in investing activities 1775.1351 {953.8611 Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 94,908 187.1661 145,294 58,128 Cash and cash gquivalents at the end ofthg year 18 153,036 58,128 The notes on pages 9 10 18 form part of these financial statements Page 8
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Little Orchard Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 1.2 Income All income is recognised once the Charity has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not allributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.4 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the Balan sheet dale, unless the value cannot be measured reliably in which case il is measured al Cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses} on investments, in the Statement of financial activities. 1.5 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 9
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 1.6 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it must provide. 1.7 Financial instruments Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest methods unless the arrangmenl constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Other financial assets, including trade investments, are initially measured al fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in the fair value are recognised on net income I lexpendilurel, except for investments in equity instruments that are not publicly traded and whose fair values cannot be reliably measured al cost less impairment. Basic financial liabilities, including creditors are intially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Finanoal liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Income from donations and legacies Unrestricted funds 2021 Total funds 2021 Total funds 2020 Donations Gift aid 720,000 180,000 720,000 180.000 720,000 180,000 900,000 900,000 900,000 Page 10
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Investment income Unrestricted funds 2021 Total funds 2021 Total funds 2020 Income from listed investments Interest re1vable 25,252 25.252 17,310 644 25,252 25,252 17,954 Investment management costs Unrestricted funds 2021 Totsl funds 2021 Total funds 2020 Investment management costs 3,270 3.270 3,144 Analysis of grants Grants to Institutions 2021 Totsl funds 2021 Total funds 2020 Grant funding of activities 20,000 20.000 20,000 The Charity has made the following material grants lo institutions during the year= 2021 2020 Name of institution Gloucestershire Community Foundation 20,000 20,000 Grants were made to GIoUstershIre Community Foundation lo support local voluntary and community groups and organisations that are in the field of mental health. Page11
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2021 Total 2021 Total 2020 Grant funding of activities 23,812 23,812 27,512 Analysis of expenditure by activities Grant funding of activities 2021 Support costs 2021 Total funds 2021 Total funds 2020 Grant funding of activities 20,000 3,812 23,812 27,512 Total 2020 20,000 7,512 27,512 Analysis ofsupport costs Grant funding of activities 2021 Totsl funds 2021 Total funds 2020 Bank charges Governance costs 50 50 50 3,762 3,762 7,462 3,812 3,812 7,512 Page 12
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Independent examiner's remuneration 2021 2020 Fees payable lo the Charills independent examiner for the independent examination of the Charills annual accounts (including VATI Fees payable lo the Charills independent examiner in respect of.. Preparation of the accounts {including VATI 2.400 2,965 4,497 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits12020 - £NILI. During the year ended 31 December 2021, no Trustee expenses have been incurred12020 - £NILI. 10. Fixed asset investments Listed investments Cost or valuation At 1 January 2021 Additions Disposals Fair value movements 1,973,859 1,423.891 {608.1351 185,819 At 31 December 2021 2,975,434 Net book valuo At 31 December 2021 2,975,434 At 31 December 2020 1,973,859 Page 13
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 The following are considered material investments held in the portfolio.. 2021 ETFS Physical Gold Twenty Four Absolute Return Credit G Fundsmilh Equity Inc Guardcap Global Equity GBP Loomis sae$ Global Growth Equity Fund Jupiter UK Specialist Equity Fund l GBP Acc JPM Global Macro Opportunities C Inc Threadneedle UK Equity Income L Inc TB Evenlode Income C GBP Inc Lyxor Core US TIPS ETF Hedged GBP Insight Global11 High Grade ABS B GBP 154,275 177.431 180,553 186,686 156.546 148.365 180,978 159,137 157.889 185.983 175,648 1,863,491 Debtors 2021 2020 Due within one year Prepayments and accrued income 1,638 12. Credltors: Amounts falllng due wlthln one year 2021 2020 other creditors 3,000 6,553 Accruals 9,553 Page 14
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Financial instruments 2021 2020 Financial assets Equity instruments measured at fair value through the Statement of Financial Activities 2,975,434 1,973,859 Equity instruments that are listed on a regulated stock exchange are measured al fair value using observable market value. The inputs used in valuing the instruments include indexes provided by these regulated markets. Page 15
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2021 Balance at 1 January 2021 Income Expenditure Unrestricted funds General Funds - all funds 2,024,072 925,252 127,0821 201,188 3,123,430 15. Summary offunds Summary offunds - current year Balance at 31 Gainsl December (Losses) 2021 Balance at 1 January 2021 Income Expenditure General funds 2,024,072 925,252 127,0821 201,188 3,123,430 16. Analysls of net assets between funds Analysls of net assets between funds - current year Unrestrlcted funds 2021 Total funds 2021 Fixed asset investments 2,975,434 153,036 15,0401 2.975,434 153,036 15.0401 Current assets Creditors due within one year Totsl 3,123,430 3,123,430 Page 16
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 16. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior year Unrestricted funds 2020 Total funds 2020 Fixed asset investments Current assets Creditors due within one year 1,973,859 59,766 19,5531 1,973,859 59,766 19,5531 Total 2,024,072 2,024,072 17. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Nel income for the year18s per Statement of Financial Activiliesl 1.099,358 979,947 Adjustments for: Decreasellincreasel in debtors IDecrease}lincrease in creditors Investment income recognised in statement of financial activities {Gainllloss on disposal if investments Fair value gains and losses on investments 1.638 14,5131 {25,2521 {15,3691 1185.8191 60 12,7091 117,9541 7,517 1100,1661 Net cash provided by operating activities 870,043 866,695 18. Analysis of¢a$h and cash equivalgnts 2021 2020 Cash in hand 153.036 58,128 Total cash and cash equivalents 153,036 58,128 Page 17
THE LIThLE ORCHARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Analysis of changes in net debt At1 January 2021 Cash flows At31 December 2021 Cash at bank and in hand 58,128 94.908 153,036 58,128 94,908 153,036 20. Related party transactions During the year donations of £720,000 12020 £720,000) were reiVed from the Trustees. The amount due to the Trustees at the year end is £3,000 12020 £3,000) relating to expenses previously paid on behalf of the entity by the Trustees. Page 18