Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
Charity number: 1181785
UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE LILLYWHITE FAMILY TRUST (CIO)
Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Accountant's Report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
Trustees
Sylvia J Lillywhite Sara J Lillywhite John G Lillywhite
Charity registered number 1181785
Principal office Little Thatches Glendene Avenue East Horsley Leatherhead KT24 5AY
Accountants
Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their report and the unaudited financial statements of the charity for the period ended 5 April 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.
THE TRUSTEES
Sylvia Joyce Lillywhite Sara Jayne Lillywhite John George Lillywhite
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust was constituted under a Trust Deed dated 28th of January 2019, which also appointed the three original trustees. The Trust registered as a charity 28th of January 2019, its registered charity number is 1181785.
The trustees meet at least twice a year.
There must be at least three charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee.
Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.
There is no maximum number of charity trustees that may be appointed to the CIO.
PUBLIC BENEFIT
The trustees have considered the guidance provided by the Charity Commission on public benefit when setting the aims and objectives of the charity and in planning future activities and how planned activities will contribute to the aims and objectives set.
OBJECTIVES AND ACTIVITIES
The objects of the CIO are to advance such charitable objects for the public benefit (according to the law of England and Wales) as the charity trustees see fit from time to time, in particular but not limited to:
-
advancing the education of young people by providing grants to educational institutions and other charitable bodies to enable them to provide bursaries to students from low income families or from disadvantaged backgrounds and / or communities;
-
providing funding for scholarships to enable disadvantaged young people to study music or other arts.
ACHIEVEMENTS AND PERFORMANCE
During the year and in the prior year, the Trust provided educational support to young people in the UK.
FINANCIAL REVIEW
The financial position of the Trust is fully disclosed on pages 5 to 10 of this report. By virtue of the donations from the Lillywhite family, the Trust is in a financially robust position which will allow it to continue its activities for the foreseeable future.
RESERVES POLICY
The unrestricted reserves of the Trust are available for future projects and for the working capital of the trust. At the balance sheet date the charity had unrestricted reserves of £901.
.
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
PLANS FOR FUTURE PERIODS
Looking forward, the Trust intends to continue its support for those causes it already supports and to add new ones in a gradual manner and as resources allow.
GOING CONCERN
The Trustees are confident that the charity will be able to meet its obligations and control expenditure within its available reserves for at least the next 12 months. Therefore, it is The Trustees' opinion that the going concern basis of preparation of the accounts continues to be appropriate.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ J G Lillywhite
Date: 21-Jan-2025
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE LILLYWHITE FAMILY TRUST FOR THE YEAR ENDED 5 APRIL 2024
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Lillywhite Family Trust for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes from the Charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/members handbook.
This report is made solely to the Board of Trustees of The Lillywhite Family Trust, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Lillywhite Family Trust and state those matters that we have agreed to state to the Board of Trustees of The Lillywhite Family Trust, as a body, in this report in accordance with ICAEW Technical Release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Lillywhite Family Trust and its Board of Trustees, as a body, for our work or for this report.
It is your duty to ensure that The Lillywhite Family Trust has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and surplus/(deficit) of The Lillywhite Family Trust. You consider that The Lillywhite Family Trust is exempt from the statutory audit requirement for the year ended 5 April 2024.
We have not been instructed to carry out an audit or independent examination of the accounts of The Lillywhite Family Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Menzies LLP Chartered Accountants
Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Date: 21-Jan-2025
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 1,140 1,140 1,140 1,140 - 901 - 901 |
Total funds 2024 £ 1,140 1,140 1,140 1,140 - 901 - 901 |
Total funds 2023 £ 1,032 |
|---|---|---|---|
| 1,032 | |||
| 118,748 | |||
| 118,748 | |||
| (117,716) | |||
| 118,617 (117,716) |
|||
| 901 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 10 form part of these financial statements.
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
BALANCE SHEET AS AT 5 APRIL 2024
| Note Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 9 Total funds |
1,140 901 2,041 (1,140) |
2024 £ 901 901 901 901 901 |
1,032 901 1,933 (1,032) |
2023 £ 901 |
|---|---|---|---|---|
| 901 | ||||
| 901 | ||||
| 901 | ||||
| 901 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ J G Lillywhite
Date: 21-Jan-2025
The notes on pages 7 to 10 form part of these financial statements.
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. General information
The Lillywhite Family Trust is a Charitable Incorporated Organisation (CIO) in England & Wales. The registered address can be found on page 1 and details of the principle activities are set out in the Trustees' Annual Report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Lillywhite Family Trust (CIO) 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 stated in the relevant accounting policy.
2.2 Going concern
The Trustees are confident that the charity will be able to meet its obligations and control expenditure within its available reserves for at least the next 12 months. Therefore, it is The Trustees' opinion that the going concern basis of preparation of the accounts continues to be appropriate.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 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 settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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 attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 7
Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Accounting policies (continued)
2.5 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.6 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 1,140 | 1,140 | 1,032 |
4. Analysis of grants
| Yehudi Menhuin School Croydon High School Watercress Line University of Highlands and Islands Total 2023 |
Grants to Institutions 2024 £ - - - - - 117,716 |
Total funds 2024 £ - - - - - 117,716 |
Total funds 2023 £ 52,516 59,200 1,000 5,000 |
|---|---|---|---|
| 117,716 | |||
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
5. Analysis of expenditure by activities
| Charitable activities Total 2023 |
Grant funding of activities 2024 £ - 117,716 |
Support costs 2024 £ 1,140 1,032 |
Total funds 2024 £ 1,140 118,748 |
Total funds 2023 £ 118,748 |
|---|---|---|---|---|
Analysis of support costs
| Total | Total | ||
|---|---|---|---|
| Activities | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Governance costs | 1,140 | 1,140 | 1,032 |
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL) .
7. Debtors
| Due within one year Other debtors |
2024 £ 1,140 1,140 |
2023 £ 1,032 |
|---|---|---|
| 1,032 |
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Docusign Envelope ID: 7A4B96DD-DCA7-4175-9798-E180DAA77B5F
THE LILLYWHITE FAMILY TRUST (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
8. Creditors: Amounts falling due within one year
| Accruals and deferred income 9. Statement of funds Statement of funds - current year Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 6 April 2023 £ 901 Balance at 6 April 2022 £ 118,617 |
Income £ 1,140 Income £ 1,032 |
2024 £ 1,140 Expenditure £ (1,140) Expenditure £ (118,748) |
2023 £ 1,032 |
|---|---|---|---|---|
| Balance at 5 April 2024 £ 901 |
||||
| Balance at 5 April 2023 £ 901 |
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