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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 2024
FOR
THE LYONS TRUST
Fairhurst Accountants Ltd 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 2024
| 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 14 |
| Detailed Statement of Financial Activities | 15 |
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THE LYONS TRUST
REPORT OF THE TRUSTEES for the Year Ended 25 August 2024
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 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
Objectives and aims
The Charity was constituted on 25 February 2020 as a charitable incorporated organisation (CIO).
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, or financial hardship.
FINANCIAL REVIEW
Financial position
During the year the charity sold 55,000 of its shares in A J Bell plc generating proceeds of £213,383 which it has used to make various donations.
The Trustees and Directors report a net deficit of £27,985 (2023: £129,422) arising from gifted investments and the unrealised investment gains/(losses) in the year.
Net assets are, in the majority, the investment value portfolio of £398,250 (2023: £406,290) and property of £142,136 (2023: £142,136). The property has been leased for a period of ten years to April 2023 to a charity Cheshire Without Abuse. Rents due have been waived and treated as a donation in the year. Total net assets amounted to £649,153 (2023: £677,138).
Income
Total income was £24,070 (2023: £20,169) mainly representing dividends generated by the donated share investments.
Expenditure
Donations have been made to charities for £253,807 (2023: £152,542), see note 3 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 2024
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:
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a copy of the current version of this constitution; and
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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 D Lyons
Independent Examiner
John B S Fairhurst BA (Hons) FCA Fairhurst Accountants Ltd Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
11 February 2025 | 21:58 GMT
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 2024.
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
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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
Fairhurst Accountants Ltd Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
12 February 2025 | 09:36 GMT Date: .............................................
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THE LYONS TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 25 August 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 24,070 EXPENDITURE ON Charitable activities 3 Grants to institutions 253,807 Other 3,591 Total 257,398 Net gains on investments 205,343 NET INCOME/(EXPENDITURE) (27,985) RECONCILIATION OF FUNDS Total funds brought forward 677,138 TOTAL FUNDS CARRIED FORWARD 649,153 |
Restricted fund £ - - - - - - - - |
2024 Total funds £ 24,070 253,807 3,591 257,398 205,343 (27,985) 677,138 649,153 |
2023 Total funds £ 20,169 152,542 2,670 155,212 5,621 (129,422) 806,560 677,138 |
|---|---|---|---|
The notes form part of these financial statements
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THE LYONS TRUST
STATEMENT OF FINANCIAL POSITION 25 August 2024
| Notes FIXED ASSETS Tangible assets 7 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 £ 142,136 398,250 540,386 110,986 (2,219) 108,767 649,153 649,153 |
Restricted fund £ - - - - - - - - |
2024 Total funds £ 142,136 398,250 540,386 110,986 (2,219) 108,767 649,153 649,153 649,153 649,153 |
2023 Total funds £ 142,136 406,290 548,426 130,932 (2,220) 128,712 677,138 677,138 677,138 677,138 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 25 August 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 25 August 2024 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
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(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 2024
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: 11 February 2025 | 21:58 GMT
............................................. 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 2024 2024 Notes £ Cash flows from operating activities Cash generated from operations 1 (252,899) Net cash used in operating activities (252,899) Cash flows from investing activities Purchase of tangible fixed assets - Sale of investments 213,383 Interest received 5,770 Dividends received 13,800 Net cash provided by investing activities 232,953 Change in cash and cash equivalents in the reporting period (19,946) Cash and cash equivalents at the beginning of the reporting period 130,932 Cash and cash equivalents at the end of the reporting period 110,986 |
2023 £ (150,712) (150,712) (142,136) 357,331 14 15,655 230,864 80,152 50,780 130,932 |
|---|---|
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 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Dividends received Decrease in creditors Net cash used in operations |
2024 £ (27,985) (205,343) (5,770) (13,800) (1) (252,899) |
2023 £ (129,422) (5,621) (14) (15,655) - (150,712) |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 26/8/23 | Cash flow | At 25/8/24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 130,932 | (19,946) | 110,986 |
| 130,932 | (19,946) | 110,986 | |
| Total | 130,932 | (19,946) | 110,986 |
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 2024
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.
Tangible fixed assets
Tangible fixed assets are included at cost or valuation less depreciation and impairment.
Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - over the term of the lease of 10 years
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 with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.
Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.
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.
Fixed asset investments
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
continued...
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2024
1. ACCOUNTING POLICIES - continued
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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Rents received Dividends received Interest receivable - trading |
2024 £ 4,500 13,800 5,770 24,070 |
2023 £ 4,500 15,655 14 |
| 20,169 |
3. 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 Bread and Butter Thing Food surplus distribution charity Cheshire Community Foundation Local community projects charity Warrington Youth Club Young people charity Royal Agricultural Charity Supporting those in need in the farming community Warrington VIP Run lunch clubs/activities for the visually impaired people (VIP) Families United Warrington Provide activity sessions for disabled children Cheshire Without Abuse Support women and children at risk of domestic violence Lymm Rugby Club Provides facilities for children/young people to participate in rugby union and other sports Liverpool South CAPD Debt support church based group Childrens Adventure Farm Trust Supporting special needs children and their families Farnworth Baptist Church Supporting families with children who have dis-engaged from school The Parochial Church St Peters Supporting the rebuild of a local parish hall/community centre |
2023 £ - 75,000 18,807 25,000 - - - 4,500 - 2,500 11,000 2,000 115,000 253,807 |
2022 £ 11,296 - 69,146 25,000 5,000 1,320 5,000 15,780 20,000 - - - - 152,542 |
|---|---|---|
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2024
4. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 51 | 3,540 | 3,591 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 25 August 2024 nor for the year ended 25 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 25 August 2024 nor for the year ended 25 August 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Investment income 20,169 EXPENDITURE ON Charitable activities Grants to institutions 152,542 Other 2,670 Total 155,212 Net gains on investments 5,621 NET INCOME/(EXPENDITURE) (129,422) RECONCILIATION OF FUNDS Total funds brought forward 806,560 TOTAL FUNDS CARRIED FORWARD 677,138 |
Restricted fund £ - - - - - - - - |
Total funds £ 20,169 152,542 2,670 155,212 5,621 (129,422) 806,560 677,138 |
|---|---|---|
continued...
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2024
7. TANGIBLE FIXED ASSETS
| COST At 26 August 2023 and 25 August 2024 NET BOOK VALUE At 25 August 2024 At 25 August 2023 |
Freehold property £ 142,136 142,136 142,136 |
|---|---|
The freehold property is held for charitable purposes.
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 26 August 2023 | 406,290 |
| Disposals | (144,100) |
| Impairments | 136,060 |
| At 25 August 2024 | 398,250 |
| NET BOOK VALUE | |
| At 25 August 2024 | 398,250 |
| At 25 August 2023 | 406,290 |
There were no investment assets outside the UK.
Cost or valuation at 25 August 2024 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2021 | 449,900 |
| Valuation in | 2022 | (346,900) |
| Valuation in | 2023 | (76,610) |
| Valuation in | 2024 | 136,060 |
| Cost | 235,800 | |
| 398,250 |
The charity holds 90,000 Ordinary £0.0125 shares in A J Bell plc and as at 25 August 2024 the investment has been revalued at £4.425 per share giving a market value of £398,250.
The subsequent gain of £136,060 has been reflected in the Statement of Financial Activities as an unrealised gain.
continued...
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2024
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses 10. MOVEMENT IN FUNDS |
2024 £ 2,219 |
2023 £ 2,220 |
|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
as follows: Incoming resources £ 24,070 24,070 |
At 26/8/23 £ 677,138 677,138 Resources expended £ (257,398) (257,398) |
Net movement At in funds 25/8/24 £ £ (27,985) 649,153 (27,985) 649,153 Gains and Movement losses in funds £ £ 205,343 (27,985) 205,343 (27,985) |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 26/8/22 £ 806,560 806,560 |
Net movement in funds £ (129,422) (129,422) |
At 25/8/23 £ 677,138 |
|---|---|---|---|
| 677,138 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 20,169 20,169 |
Resources expended £ (155,212) (155,212) |
Gains and Movement losses in funds £ £ 5,621 (129,422) 5,621 (129,422) |
|---|---|---|---|
continued...
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THE LYONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 25 August 2024
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 26/8/22 £ 806,560 806,560 |
Net movement in funds £ (157,407) (157,407) |
At 25/8/24 £ 649,153 |
|---|---|---|---|
| 649,153 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 44,239 44,239 |
Resources expended £ (412,610) (412,610) |
Gains and Movement losses in funds £ £ 210,964 (157,407) 210,964 (157,407) |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 25 August 2024 or 25 August 2023.
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 2024
| INCOME AND ENDOWMENTS Investment income Rents received Dividends received Interest receivable - trading Total incoming resources EXPENDITURE Charitable activities Donations Support costs Finance Postage and stationery Bank charges Governance costs Accountancy and legal fees Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Unrealised gains/(losses) on investments Realised gains/(losses) on investments Net expenditure |
2024 £ 4,500 13,800 5,770 24,070 24,070 253,807 - 51 51 3,540 257,398 (233,328) 136,060 69,283 (27,985) |
2023 £ 4,500 15,655 14 20,169 20,169 152,542 276 103 379 2,291 155,212 (135,043) (76,610) 82,231 (129,422) |
|---|---|---|
This page does not form part of the statutory financial statements
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