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REGISTERED COMPANY NUMBER: CE020862 (England and Wales) REGISTERED CHARITY NUMBER: 1188185
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 AUGUST 2022
FOR
THE LYONS TRUST
Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
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THE LYONS TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 25 August 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
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THE LYONS TRUST
REPORT OF THE TRUSTEES for the Year Ended 25 August 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 25 August 2022. 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
Objectives and aims
The Charity's objectives are:
1) General charitable activities for public benefit as may from time to time be determined by the trustees.
2) The trustees must use the income and may also use the capital of the charity in promoting the objectives.
Priorities for support
The Charity aims to advance education, prevent and relieve poverty, especially those in need because of youth, age, ill health, disability, financial hardship or others.
Significant activities
The Charity was constituted on 25 February 2020 as a charitable incorporated organisation (CIO).
In 2020, donated share securities were gifted to the charity amounting to £786,000 with income recognised of £30,700 (2021-£23,705) from this donation.
The Charity makes donations to organisations that meet the objectives. For this year the charity has donated £85,725 (2021-£127,000) to registered charities.
FINANCIAL REVIEW
Financial position
The trustees and directors report a net deficit of £370,339 (2021- gain of £1,176,899) arising from gifted investments and the unrealised investment gains/(losses) in the year.
Net assets are, in the majority, the investment value portfolio of £758,000 out of total net assets of £806,560.
Income
Total income was £30,700 representing dividends generated by the donated share investments.
Expenditure
Donations have been made to charities for £85,725 (2021- £127,000), see note 4 for details. There are some small costs for bank charges and accountancy.
Reserves policy
The charity has adequate reserves to draw down as the trustees see fit in terms of donations to be agreed and paid in the future. These funds remain uncommitted.
The charity only has a very minimal cost base to cover, so the net assets are deemed adequate to cover future costs.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by it's governing document, a deed of constitution, and constitutes a charitable incorporated organisation as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Apart from the first charity trustees, every trustee shall be appointed for a term of three years by a resolution passed in writing by the Family Member Trustees (acting unanimously). If there are no Family Member Trustees then the power to appoint vests in the charity trustees at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
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THE LYONS TRUST
REPORT OF THE TRUSTEES for the Year Ended 25 August 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
The charity trustees will make available to each new charity trustee, on or before his or her first appointment:
-
a copy of the current version of this constitution; and
-
a copy of the CIO's latest Trustees' Annual Report and statement of accounts
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE020862 (England and Wales)
Registered Charity number
1188185
Registered office
Yew Tree Farm Crouchley Lane Lymm Cheshire WA13 0TH
Trustees
F J Lyons C A Lyons D M O'Brien
Independent Examiner
John B S Fairhurst BA (Hons) FCA ICAEW Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
17 March 2023 | 23:13 PDT Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ F J Lyons - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LYONS TRUST
Independent examiner's report to the trustees of The Lyons Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 25 August 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 accounts to be reached.
John B S Fairhurst BA (Hons) FCA ICAEW Fairhurst Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB 18 March 2023 | 08:12 GMT Date: .............................................
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THE LYONS TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 25 August 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Grants to institutions Charitable activities Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 30,700 30,700 85,767 - 2,904 88,671 (312,368) (370,339) 1,176,899 806,560 |
Restricted fund £ - - - - - - - - - - - |
Year Ended 25/8/22 Total funds £ - 30,700 30,700 85,767 - 2,904 88,671 (312,368) (370,339) 1,176,899 806,560 |
Period 25/2/20 to 25/8/21 Total funds £ 786,500 23,705 |
|---|---|---|---|---|
| 810,205 | ||||
| - 127,720 2,121 |
||||
| 129,841 | ||||
| 496,535 | ||||
| 1,176,899 - |
||||
| 1,176,899 |
The notes form part of these financial statements
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THE LYONS TRUST
STATEMENT OF FINANCIAL POSITION 25 August 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 758,000 50,780 (2,220) 48,560 806,560 806,560 |
Restricted fund £ - - - - - - |
2022 Total funds £ 758,000 50,780 (2,220) 48,560 806,560 806,560 806,560 806,560 |
2021 Total funds £ 1,170,400 8,719 (2,220) 6,499 1,176,899 1,176,899 1,176,899 1,176,899 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 25 August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 25 August 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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THE LYONS TRUST
STATEMENT OF FINANCIAL POSITION - continued 25 August 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 17 March 2023 | 23:13 PDT
............................................. F J Lyons - Trustee
............................................. C A Lyons - Trustee
The notes form part of these financial statements
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THE LYONS TRUST
STATEMENT OF CASH FLOWS for the Year Ended 25 August 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of investments Sale of investments Dividends received Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
Year Ended 25/8/22 £ (88,671) (88,671) - 100,032 30,700 130,732 42,061 8,719 50,780 |
Period 25/2/20 to 25/8/21 £ 658,879 658,879 (786,000) 112,135 23,705 (650,160) 8,719 - 8,719 |
|---|---|---|
The notes form part of these financial statements
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THE LYONS TRUST
NOTES TO THE STATEMENT OF CASH FLOWS for the Year Ended 25 August 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(gain) on investments Dividends received Increase in creditors Net cash (used in)/provided by operations |
Year Ended 25/8/22 £ (370,339) 312,368 (30,700) - (88,671) |
Period 25/2/20 to 25/8/21 £ 1,176,899 (496,535) (23,705) 2,220 658,879 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| ANALYSIS OF CHANGES IN NET | FUNDS | ||
|---|---|---|---|
| At 26/8/21 | Cash flow | At 25/8/22 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 8,719 | 42,061 | 50,780 |
| 8,719 | 42,061 | 50,780 | |
| Total | 8,719 | 42,061 | 50,780 |
The notes form part of these financial statements
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 25 August 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Allocation and apportionment of costs
Support costs are those functions that assist the work of the charity but do not directly relate to charitable activities. Support costs include office costs, finance and governance costs which support the charity activities.
Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Investments
Investments are valued at market value less any impairment. Any gains are taken to the Statement of Financial Activities on an unrealised basis.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid deposits.
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.
continued...
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2022
2. DONATIONS AND LEGACIES
| 2. DONATIONS AND LEGACIES |
|
|---|---|
| Year Ended 25/8/22 £ Donations - 3. INVESTMENT INCOME Year Ended 25/8/22 £ Dividends received 30,700 |
Period 25/2/20 to 25/8/21 £ 786,500 |
| Period 25/2/20 to 25/8/21 £ 23,705 |
4. CHARITABLE ACTIVITIES COSTS
The following donations have been made by the Charity in furtherance of it's objectives:
| Donations to: Charity objectives Project Luangwa UK based charity funding education in Zambia The Booth Centre Homeless charity The Pankhurst Trust Domestic abuse charity The Bread and Butter Thing Food surplus distribution charity The Oasis Centre Homeless charity Cheshire Community Foundation Local community projects charity Warrington Youth Club Young people charity |
2022 £ 10,725 - - 50,000 - - 25,000 85,725 |
2021 £ 10,000 10,000 10,000 20,000 10,000 62,000 5,000 127,000 |
|---|---|---|
5. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Other resources expended | 10 | 74 | 2,820 | 2,904 |
| Grants to institutions | 42 | - | - | 42 |
| 52 | 74 | 2,820 | 2,946 |
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2022
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 25 August 2022 nor for the period ended 25 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 25 August 2022 nor for the period ended 25 August 2021.
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 786,500 Investment income 23,705 Total 810,205 EXPENDITURE ON Charitable activities Charitable activities 127,720 Other 2,121 Total 129,841 Net gains on investments 496,535 NET INCOME 1,176,899 TOTAL FUNDS CARRIED FORWARD 1,176,899 8. FIXED ASSET INVESTMENTS MARKET VALUE At 26 August 2021 Disposals Impairments At 25 August 2022 NET BOOK VALUE At 25 August 2022 At 25 August 2021 |
Restricted fund £ - - - - - - - - - |
Total funds £ 786,500 23,705 810,205 127,720 2,121 129,841 496,535 1,176,899 1,176,899 Listed investments £ 1,170,400 (106,400) (306,000) 758,000 758,000 1,170,400 |
|---|---|---|
There were no investment assets outside the UK.
continued...
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2022
8. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 25 August 2022 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2021 | 449,900 |
| Valuation in | 2022 | (346,900) |
| Cost | 655,000 | |
| 758,000 |
The charity holds 250,000 shares in A J Bell plc Ordinary £0.0125 and as at 25 August 2022 the investment has been revalued at £3.032 per share giving a market value of £758,000.
The subsequent deficit of £306,000 has been reflected in the Statement of Financial Activities as an unrealised loss.
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 26/8/21 £ 1,176,899 1,176,899 |
2022 £ 2,220 Net movement in funds £ (370,339) (370,339) |
2021 £ 2,220 At 25/8/22 £ 806,560 |
2021 £ 2,220 |
|---|---|---|---|---|
| 806,560 |
10. MOVEMENT IN FUNDS
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 30,700 30,700 |
Resources expended £ (88,671) (88,671) |
Gains and Movement losses in funds £ £ (312,368) (370,339) (312,368) (370,339) |
Gains and Movement losses in funds £ £ (312,368) (370,339) (312,368) (370,339) |
|---|---|---|---|---|
| (370,339) |
continued...
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2022
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Comparatives for movement in funds | ||
|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS |
Net movement in funds £ 1,176,899 1,176,899 |
At 25/8/21 £ 1,176,899 |
| 1,176,899 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 810,205 810,205 |
Resources expended £ (129,841) (129,841) |
Gains and Movement losses in funds £ £ 496,535 1,176,899 496,535 1,176,899 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
During the previous period a donation of share securities with a value of £786,000 was received from Mr & Mrs Lyons, both directors and trustees of the charity.
12. ULTIMATE CONTROLLING PARTY
The charity is under the control of the trustees.
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THE LYONS TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 25 August 2022
| Period | ||
|---|---|---|
| 25/2/20 | ||
| Year Ended | to | |
| 25/8/22 | 25/8/21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | - | 786,500 |
| Investment income | ||
| Dividends received | 30,700 | 23,705 |
| Total incoming resources | 30,700 | 810,205 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations | 85,725 | 127,000 |
| Support costs | ||
| Management | ||
| Bank and trading charges | 52 | 49 |
| Finance | ||
| Bank charges | 74 | 92 |
| Governance costs | ||
| Accountancy and legal fees | 2,820 | 2,700 |
| Total resources expended | 88,671 | 129,841 |
| Net (expenditure)/income before gains and | ||
| losses | (57,971) | 680,364 |
| Realised recognised gains and losses | ||
| Unrealised gains/(losses) on investments | (305,999) | 449,900 |
| Realised gains/(losses) on investments | (6,369) | 46,635 |
| Net (expenditure)/income | (370,339) | 1,176,899 |
This page does not form part of the statutory financial statements
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