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2022-07-31-accounts

Charity registration number 1185181

Company registration number CE018739 (England and Wales)

LAUREN'S LEGACY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

LAUREN'S LEGACY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs S J Gill
Mr J Lambley
Mr D Marsh
Mr K Fraser
Ms R Gill
Mr K Elliott
Ms E Elliott (Appointed 4 January 2023)
Charity number 1185181
Company number CE018739
Principal address 21 Pennine Way
Heage
Belper
Derbyshire
DE56 2TE
Independent examiner Philip Handley FCA
HSKSG
Chartered Accountants
Lion Buildings, 8 Market Place
Uttoxeter
Staffordshire
ST14 8HP

LAUREN'S LEGACY

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 10

LAUREN'S LEGACY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022

The trustees present their annual report and financial statements for the year ended 31 July 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's constitution and governing document, the Charities Act 2011 and "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

Lauren's Legacy was established in September 2019. The Trustee's objects are that Lauren's Legacy provides support to young people and their families who are undergoing treatment for cancer. The assistance provided is designed to help with quality of life or specific requests by provision of wishes. This support could be in the form of respite breaks, concert tickets, provision of travel grants, provision of technology (tablets/laptops) to enable communication and study whilst isolated / hospitalised and other suitable grants/equipment as determined by the Trustees to add quality to life or anything that can make life better during this difficult time.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Achievements and performance

The trustee’s work with the Teenage Cancer Trust and Young Lives Vs Cancer who refer families to them for help. The primary focus is young people between the ages of 13 and 24 living in the East Midlands area. Since the charities formation, a number of wishes have been granted. These are as diverse as a wheelchair for a young man's wedding, individual climbing lessons, laptops/tablets/smart phones, Lego sets and holidays. All of these are designed to provide some joy during this difficult time.

The charity achieved their biggest target in March 2022 and purchased a holiday lodge for families to use. The trustee’s welcomed their first guests in July 2022 and have made many bookings since, as well as continuing to grant many wishes throughout the year.

Financial review

The charity has had another amazing year with many fundraising events. The monthly lottery continues to be popular and the charity is now sponsored by Belper Meadows Cricket Club, so a huge thank you to them. The charity continues to have fantastic support from independently run fundraising events that have been organised by the general public. These events have helped the charity to assist young people with gifts and help towards the running costs of the holiday home so the charity can continue to provide the much needed respite for families.

The trustees have reviewed the running costs of the charity in detail and note that since the last financial year end there has been a heavy investment in the holiday lodge. Being specifically conscious that the charities day to day running costs will be increased by the general costs associated with this investment. The trustee's anticipate the lodge running costs to be in the region of £4,000 - £7,000 per annum, which will cover utilities, site fees and a provision for any upkeep and maintenance. The trustee's also estimate that the general charity running costs will be approximately £6,000 per annum, including continuing to give gifts and grants to individuals. This shows that donations and fundraising events are still as crucial as they have always been.

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

LAUREN'S LEGACY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Plans for future periods

The Trustees of Lauren’s Legacy all have personal experience of how devastating a cancer diagnosis for a young person can be. Whilst the treatment received from the NHS is excellent and Macmillan Nurses can provide practical support, sometimes there is a need to provide additional help to meet a specific need or bring some joy to the person and family. It is this area that the Trustee's at Lauren’s Legacy wish to occupy by granting wishes and to offer stays in our own holiday lodge to offer much needed quality family breaks. Just to know that there are organisations out there, non-medical, that can help when asked can provide a feeling of support. The charity is a small flexible charity that can respond rapidly, often within days, after a request for help.

Structure, governance and management

The Trust is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs S J Gill

Mr J Lambley Mr D Marsh Mr K Fraser Ms R Gill Mr K Elliott Ms E Elliott (Appointed 4 January 2023)

The trustees' report was approved by the Board of Trustees.

.............................. Mrs S J Gill Trustee

Date: .............................................

LAUREN'S LEGACY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LAUREN'S LEGACY

I report to the trustees on my examination of the financial statements of Lauren's Legacy (the Trust) for the year ended 31 July 2022.

Responsibilities and basis of report

As the trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Philip Handley FCA

HSKSG Chartered Accountants Lion Buildings, 8 Market Place Uttoxeter Staffordshire ST14 8HP

Dated: .........................

LAUREN'S LEGACY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2022

**Unrestricted ** Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Donations and legacies 3 43,488 32,403
Other trading activities 4 25,448 21,611
Total income 68,936 54,014
Expenditure on:
Raising funds 5 6,730 6,455
Charitable activities 6 17,394 6,918
Total expenditure 24,124 13,373
Net income for the year/
Net movement in funds 44,812 40,641
Fund balances at 1 August 2021 93,908 53,267
Fund balances at 31 July 2022 138,720 93,908

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

LAUREN'S LEGACY

BALANCE SHEET

AS AT 31 JULY 2022

Notes
Fixed assets
Tangible assets
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
20,510
(540)		 £
118,750
19,970
138,720
138,720
138,720		 2021
£
94,433
(525)		 £
-
93,908
93,908
93,908
93,908

The financial statements were approved by the Trustees on .........................

.............................. Mrs S J Gill Trustee

LAUREN'S LEGACY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

Charity information

Lauren's Legacy is a charitable incorporated organisation and a registered charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the deed of trust, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 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 are allocated on the portion of the asset’s use.

LAUREN'S LEGACY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Holiday home

5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Taxation

The charity is exempt from tax on its charitable activities.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

LAUREN'S LEGACY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Donations and gifts 43,488 32,403
Other trading activities
**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Fundraising events 12,123 6,477
Sponsorships and social lotteries 13,325 15,134
Other trading activities 25,448 21,611
Raising funds
**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Fundraising and publicity
Membership schemes and social lotteries 6,730 5,740
Staging fundraising events - 715
Fundraising and publicity 6,730 6,455
6,730 6,455

4 Other trading activities

5 Raising funds

LAUREN'S LEGACY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

6 Charitable activities

Depreciation and impairment
Finance costs
Governance costs
Holiday home costs
Holiday home insurance
Fundraising support costs
Grants paid out (see note 7)
Share of governance costs (see note 8)		 2022
£
6,250
314
531
3,192
334
53
10,674
6,646
74
17,394		 2021
£
-
102
525
-
-
109
736
6,114
68
6,918

7 Grants payable

Grants to individuals 2022
£
6,646
6,646		 2021
£
6,114
6,114

8 Support costs

Support
costs
Governance
costs
£
£
Postage and stationery
-
20
Licensing costs
-
54
-
74
Analysed between
Charitable activities
-
74		 2022
£
20
54
74
74		 2021
£
20
48
68
68

LAUREN'S LEGACY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the Trust during the year.

10 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Cost
Additions
At 31 July 2022
Depreciation and impairment
Depreciation charged in the year
At 31 July 2022
Carrying amount
At 31 July 2022
13
Creditors: amounts falling due within one year
Accruals and deferred income
14
Related party transactions		 Holiday home
£
125,000
125,000
6,250
6,250
118,750
2022
2021
£
£
540
525		 Holiday home
£
125,000
125,000
6,250
6,250
118,750
2022
2021
£
£
540
525
125,000
6,250
6,250
118,750
2021
£
525

There were no disclosable related party transactions during the year (2021 - none).

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