Charltable Incorporated Or8anlsatlon reglstered nurnber: 1190712 THE LANGSETf TRUST Report and Flnanclal Statements Year ended 31 March 2024 THE LANGSETh TRUST REPORT AND FINANCIAL STATEMENTS CONTENTS Page Trustees, report Receipts and payments accounts Statements of assets and liabillties at the end of the year Independent Examinerfs report THE LANGSETT TRUST REPORT AND FINANCIAL STATEMENTS TRUSTEES, REPORT The trustees present their Annual Report and the Financial Statements for the year ending 31 March 2024 with comparlsons for the year ending 31 March 2023.The Financial Statements have been prepared In accordance the Charities Act 2011, Settion 133 on the Receipts and Payments basis. LEGAL AND ADMINISTRATIVE DEfAILS Trustees Thomas Atkinson Peter Chamberlin Rachel Field Adam Taylor Christopher Tufriell Charftvs Prlnclpal Address 20 Chorley Drlve Fulwood Sheffield SIO 3RR Independent Examlner Eric Paul German ACA 546 Fulwood Road Sheffield SIO 3QD THE LANGSETT TRUST TRUSTEES, REPORT (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust was registered as a Charitable Incorporated Organisation (registration number 11907121 with the Charity Commission on 4 August 2020. The Trust 15 required to have a minimum of three trustees. Five trustees served throughout the reporting year to 31 March 2024. Future trustees are to be appointed by a properly convened meeting of the Charity Trustees. All trustees must subscribe and adhere to, in bellef and lifestyle, the Statement of Faith. The trustees are required to meet at least four times in any calendar year. Management of rlsk In the past, The Trusys attivity has been and will continue to be the award of grants to support the objects of The Trust. Grants are only awarded if The Trust has sufficient available reserves and therefore The Trustees consider there to be little risk to manage regarding this activity. However, in addition to this attivity, during the year the trustees approved the purchase of a property to provide housing for a Christian minister, thereby supportin8 Christian ministry in a local church. The trustees have considered the risks to which the Trust is exposed and are satisfied that systems are in place to mitigate the Trusys exposure to major risk. The most significant risks to The Trust will be The Trust being unable to meet its financial obligations in relation to the debt Snterest payments and major unplanned capital expenditure. These rlsks will be managed by ensuring The Trust has an adequate reserves policy, adequately insures the property purchased and has a rental agreement which has a three month notice period in place prior to the Purchase. OBJEcfivES AND AcfiviTIES The Trusys objective is, for the public benefit, to advance the Christian faith in such ways as the Charity Trustees may from time to time decide. The founding Trustee5 have set up The Trust in commitment to the evangelical tenets of the Chrlstian faith and therefore the activities of The Trust will only be to support evan8elical Christian ministry. The Trusys activities in previous reporting periods have been, to raise funds from private individuals and charitable trusts to enable grants to be awarded to churches, Christian 8roups and individual Christians. The Trustees consider grants to: advance the Christian religion by supporting ministry which builds Christians up in their faith and presents to others the trLsth about Jesus. advance Christian education and training enabling individuals to better participate in Christian ministry. However. in the current year the trustees have approved the purchase of a property to provide housing for a Christian minister engaged in the proclamation of the Christian faith. THE LANGSETT TRUST TRUSTEES, REPORT (contlnued) The Trustees are aware of the requirements for the Trust, as a reElStered Charitable Incorporated Organisation, to be acting in the public benefit. and the Trustees are of the view that the Trusys activities are in the public benefit as defined by the Charity Commission. ACHIEVEMENTS AND PERFORMANCE During the year to 31 March 2024, The Trust began the process of purchasing a residential property. Related party transartion Christopher Tufnell and Rachel Field (both trustees during the period) were members of Oughtibridge Parish Church IOPCI during the period. It is intended that the property purchased will be rented to OPC to provide housing for a Christian minister employed by the church. FINANCIAL REVIEW During the year to 31 March 2024 the Trust received total donations of £76,311 (prior year- £22,440) and recovered gift aid of £14,582 {prior year- £3,768). Of the total donations received, £47,0(X) (associated gift aid of £4,250) was given specifically for the purchase of a property and was therefore allocated to a restricted fund. The Trust also received £70,000 in the form of a loan repayable over 5 years. At the 31 March 2024 the loan outstanding was £66.933. The Trust received bank interest in the period of £110. The following payments were made during the year.. £4.950 for legal and professional fees, £3.067 for loan repayments, £938 for loan interest and £60 for bank charges. In the previous year the trustees had agreed to set up a designated fund to be used to 5UPPOrt OPC however after the decision to purchase a propertythere was a further decision to return the designated funds to the general fund. There was an increase in funds over the year of £151,988 and total funds at the end of the period was £159,13612023- £7.148). Reserves In view of the additional activity The Trust reviewed its reserves policy during the year and agreed a policy of six times The Trusvs future monthly mortgage payments. This report was approved by the Trustees on IOJuly 2024 and signed on their behalf, Christopher Tufnell Truste Rachel Field Trustee THE LANGSETT TRUST RECEIPTS AND PAYMENTS For the year ended 31 March 2024 Year ended 31 Marth 2023 Year ended 31 Marth 1024 General Dè$18nated Restrfrted Fund Fund Fund Total Rectlpts Voluntary donations Gift aid recovered 103 Bank interest 29,311 10,332 70,C iio 47,( 4,250 76,311 14,582 70,COJ iio 22,440 3,768 51 Tolal re￿iptS ICy3,753 51,250 161,Tr)3 26,259 Payments Grants legal & Professional fee5 Loan repayrnenls Loan interest Bank tharges 38,460 4,950 3,067 938 4,950 3,067 938 60 72 Total payments 9,015 9,015 38,532 Net of re¢eiptslpayments lQJ,738 51,250 151,988 -12,273 Transfer between funds Cash funds from previous peTiod 2,708 4,440 7,148 19,421 Cash fund 31 Math 2023 107,886 51,250 159,136 7,148 THE LANGsE￿ TRUST STATEMENT OF ASSETS AND LIABILITIES 31 March 2024 31 Marth 2024 31 March 2023 Cash fvnds CAF Bank Account 159,136 7,148 Total cash fvnds 159,136 Other monetary assets Gift aid redairn due 1,635 Totsl other monetary assets 1,635 abilities Loan from private indiwdual 66,933 Totsl ￿abIlitIeS 61933 The loan for £70,OQD from a private individual was received on 2 January 2024 and is repayable over a period of 5 year5. The loan 15 unsecured and has an interest rate of 5.44%. The Trust has ￿Ven no guarantee These financial statements were approved bythe Trustees on IOJuly 2024 and signed on their behalf by, Christopher Tufnell Trustee Rachel Field Trustee 'Jfv THE LANGSErr TRUST INDEPENDENT EXAMINER'S REPORT forthe year ended 31 March 2024 Independent Examinerfs Report to the Trustees of The Langsett Trust Ireglstered charity number 1190712) I report on the financial statements of The LangsettTrust Ithe 'ChariVI for the year ended 31 March 2024 Iwith comparative year to 31 March 20231. The report is made solely to the trustees ofThe Langsett Trust, as a body, in accordance with the re8ulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity's trustees those matters l am required to state to them in the independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and its trustees. as a body, for my work, for thi5 report or for the opinions I have formed. Respectlve responsibillties of trustees and examiner The Charity's trustees are responsible for the preparation of the financi31 statements. The Charity's trustees consider that an audit is not required for this year under settion 144121 of the Charities Att 2011 Ithe Charities Attl and that an independent examination is needed. It is my responsibility to: examine the financial statements under section 145 of the Charities Att 2011. follow the procedures laid down in the General Directions given by the Charity Commission under section 14515llb) of the Charities Act 2011. and state whether particular matters have come to my attention. Basis of Independent Exarninerfs statement My examination was carried out in accordance with General Dirertions glven by the Charity Commission. An examination includes a comparison of the financial ststements with the accounting records kept by the Charity. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning anysuch matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the ststement below. Inde endent Examinerfs statement In connertion with my examination, no matter has come to my attention, (il which gives me reasonable cause to believe that in, any material respect, the requirements: to keeping accountin8 records in accordance with section 130 of the Charities Act 2011: and to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Charities Act 2011 have not been met. or (ill to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed: Name: Paul German Relevant professional qualification or membership of professional bodies: ACA Address- 546 Fulwood Road, Sheffield, SIO 3QD Date: