Charity number: 1198066 THE LAUDERDALE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
THE LAUDERDALE TRUST CONTENTS R•f•r•ne• and Admini•trntlv• D4tsil• of th• Ch*ty. Its Tru•t••• Advlso Trusts•8' Roport Independent Auditorn, Report on th• Financithl 8tat•m•nt• StateMt ol FIncIal Actlvltl•s 10 Stat¢m•nl of Cash Flow• Note• to the Financial Statemt> 12-20
THE LAUDERDALE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JUNE 2022 TNst••s J Kinton, Chalr (appointed 8 June 2021) A P L Cornes, Trustee (appointed 9 June 2021) G J N Farrant. Trustee (appointed 8 June 2021, reslgned 16 September 2022) J R Harrison, Trustee (appointed 9 June 20211 M C ntOn, Trustee (appointed 9 June 2021) A Komashie, Trustee (appointed 9 June 2021) Charity registered number 1195066 Principal 12 Grange Road Cambridge Cambridgeshire CB3 90U lTrdepondent auditors Ashcroft Partnership LLP Chartered accountants & sLthtory auditors Trumpington High Street Cambridge CB2 9SU Bankers Lloyd8 8ank 25 Gresham Street London EC2V 7MN Inveslment Manager5 Chartes Stsnley & Co Ltd 55 &'shopsgate London EC2N JAS CCLA Investment Management Ltd One Angd Lane London EC4R 3AB Page 1
THE LAUDERDALE TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 30 JUNE 2022 The Trustees of the Lauderdale Trust (The Trusn, a nY registsred charity, presenl their annual report and financlal statements for the perlod ended 30 June 2022. The financial statements have been prepared in accordance wlth the ac¢ounting policies sel out in note 1 to the financial slatements and comply vth the charitys trust deed, the Charities Act 2011 and "Accounting and Reporting by Ch8rrties'. Statemènt of Recommènded Practice applicable to charities preparing their accounts in occordan¢e the Financial Repon9 Stsndard applicable in the UK and Republic of Ireland IFRS 102) effecllve l January 2019.. stNclure The Lauderdale Trust is an unincorporated ¢haritsble trust govemed by the TfUStee$ in a¢cordan¢e with the DeGlaiation of Trust ("Deedl registered wth the Charity Commission of England gnd Wale8. Truste are appointed by election in accordance the Trusfs artides of assocAation. Objectives and activities for the public ben•fft The objects of the Trust are. for the public benefft. the advancement ol the Christian faith in the Unrted Kingdom and acTOSS the world. The main activity through whi¢h this is achieved is the provision of grants and financial support to individuals and organi5ations to enable Ihe trainlng and development of teachers, preachers, and Chrislian disciples, and to support and promote the wider church mission. The Truslees ensure that any strategic focus falls within the objects of the Trust.. the current fo¢u$ on making grants to other UK registered charities for a maximum of three yeats. followina a detailed application and as5e5sment process, and th slx-monthly monltorlng and revlews built into the agreement. The grant-making policy is regulady reviewed by the Trustses to ensure Ihat it continues to meet the objeGts of Ihe Trust and thereby advances the public benefit. In settirEg their grant-making policy and vthen vIe%ng the Trust's aims and objectives. the Trustees confimi that they have given due consideration to general guidance published by the Charity Commission relating to the public benefit. induding the guldance 'Public benefflt: runnlng a charity (PB21'. Achiovemonts and perfornianco The establishment of a TIu8tee board, induding work on govemancg arrangements, gtrategic focus and the management slructure itwired to best enable th¢ Tfust to meet its aims and objectives. The use of consuftancy resources and Trustee involvemenl to create the necessary administralfve intrastrucbjre, communication mechanisms, processes and resources. and reporting Structures to deliver good goveTnance, a&3ess grant applications and enable the disbursement of fvnds. Following a tendering process, V•ith independent professional advice, the appointment of CCLA as invesknenl managers, the Trustees being Satisfied that CCLA were best placed to meet the Charity's investment requirements. This appointmenl has allowed the Trustees to Gommence the transfer of Ihe gifted threct-listed investments across to managed fijnds in a diversified portfolio CCLA. Wlthin this first year of operation, the receipt of 38 fvll applications and the subsequent seleclion of 24 chafilies {660h of applications received) whith are aligned with the Trusvs aims and objectives, leading to the disbursement of fvnds for specified projects. £561,651 was disbursed during the year, with a further £1,460,209 committed for futtl years {vthi¢h 1$ shown within the accounts as £1,380.498 dlse to di$countiDg to present value). 62% of the funds disbursed related to projects thin the UK, th the remainder being overseas proje¢ts, wtth a varitty of causes supported including church growth, mission oi outreach work and projects related to tralnlng and education. Page 2
THE LAUDERDALE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022 Financial review The principal 8OUT¢e of fvnd5 has been the githng of dire¢t4isted investments, valued at £30m at the time of gilbng. During the year, the Trustees have appointed an investmenl manager to receive the funds from the phased disposal of the direct-listed inveslments. The Trustees have the power to spend or retsln both capltal and income and so the fiJnds of the Trust are classed as expendable endowment. The Tnjst does not actively lundraise and seeks to meet the objects of the Trust through inwme on investments and a gradual utilisation of the capital. Despite the prevailing market conditions and the impact this has had on the invèstsnent performance of both the dI¢t-11$ted investments and the managed fvnds, th8 Trust is satisfied that the move towards a diversified portfolio and the oppointment of an investment manager enoble$ the Trust to remain confident that liquidty can be managed %thilst still having a long-term investment horizon. In that Contèxt, the Trust policy is to hold zt least 12 months of fvnds in cash zeeouftts lor èasy aecess to make 9Farrt payments and cover operational costs.. this is currenty set at £2m and is reviewed annually. The principal risks faced by the Trust are therefore.. Further reducb.on in the value of the direcl-listed investments andlor poor performance of the managed fund5. Mthgation - direct-listed investments to be disposed ol and invested wthin the diversified portlolio of the investment manager wilh clear guidance on investment policy and risk profile. Misu$• of funds ty charities who are provlded a grant. Miti'gation - rigorous assessment belore Ihe selection of projects to support. followed by six-monthly reviews built into the grant agreement ahèad of release of fiJnds, the ability to v¢ithhold ffiJnd5 at 8ny point or to seek repayment. StNthrey governanGe and management The Trust was established by a charitsble trust deed on 8 June 2021, I1h 6 TnJ$tees, and was f¢stered with the Charity Commission C¢n 6 July 2021 (registration number 11950661. The management of the Charity is the re$pon81bilty of the Trustees who are elected and co-opted under the terms of the Tru$1 deed. The founder inv4ted the inthal trustee8 lo #Èrve on thé board. Those 8gr?¢ing to 8erve w¢r¢ required to nfir their eligibility, non-disqualification and any Gonflict of interest through formal declaration. Future trustees 11 be invited to serve by agreement of the board of truslees and will be required to make the same dedaration. The Trust deed states that the number of Trustees shall be at least 5 and nol more than 12, and that they shall be followe[5 of the Christian faith in ?ordance wth the statement ol belief set out in the Aposles, Creed. M J Kinton and M C nIOn were appointed Trustees for lif•', all r)ther TDJ8tee$ are appointed tor temis of 3 years. Trustaa$ receive a briefjng and guidelines ouuining all aspects of the Tnjsfs putpose, processes and activnles. Those new to a trustee role also ieceive independent tN$tee training and documents ouvining Tru8tees' dutie8. During this first year of operation, Trustee involvement and Ihe use of eonsultancy resources have both been instrumental in beginning lo create the ne¢e888ry administrative infrastructure, communlcation meehanlsms and reporting slruclures to deltver good governance, a¥8e8s grant applications and enable the dlsbursement of funds. The Trustees are espeaally thankfrjl for all that John Greaves ha$ contributed in ellabling the establishment of the Trust, the launch of the application and 8sse$6ment process, and the e81ablishment ol relationships Projects and other key stakeholders. This has in tum hèlped the Trustees to delermine what organisational 8truclure wll be needed for the yeaTS ahead. Page 3
THE LAUDERDALE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022 Statsment of Truste. responslblllli The TTuslees aTe responsible for PTepaTing Ihe Twstees. Report and the financial statements in accoTdance applicable law and United lQngdom Accounting Standards {United Kingdom Generalty Accepted Accounting Practice). The law applicable to charibes in England & Wates requires the Trustee$ Io Pfèparè financial statÈment8 for each finandal year vthich gtve a true and frdir view of the state of affairs of the Charty and of tis incc¢ming resources and application of resources, induding its income and expendiknre, for that period. In preparing these finan&al statements, the Trustees are required to.. Select suitable a¢counting policies and then apply them consistenty.. observe the methods and principles ofthe Charities SORP {FRS 1021., make judgments and accounting estimates that are reasonable and pyudent.. state vthether applicable UK Aceounfjng Standards (FRS 102) have been followed, Subject to any material departures disclrgsed and Èxplainèd in the financial st8lements', prepare the ffinancial statements on the going concern basis unle$s f£ i8 inappropriate to presume that the Charity 11 conbnue in business. The Trustees are responsible for keeping adequate accountlng recor(Is that are sufficient lo show and explain the Chaiivs transactions and disclose with reasonable accuracy al any time the ffinancial posibon of the Charity and enable them to ensure that the financial ststements compty the Charities Acl 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of Ihe Trust deed. They are also responsible for safeguardlng the assets of the Charfty and hence for tan9 reasonable steps for the prevenuon and detecllon of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. J R Harrison TNstee Datg.. It? Izl Z3 Page 4
THE LAUDERDALE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE LAVDERDALE TRUST Opinion We have audited the financial statemerts of The Laudeidale Trust (the 'charity'l for the period ended 30 June 2022 Nthich comprise the Ststement of Fln8ncial Activfoes, the Balance Sheet, the Ststement of Cash FIoY+E and the related notes. including a summary of significant accourbting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingik)m Accounting St8ndards, including Financial Reporlino Standard 102 'The Financial Reportinu Standard applicable in the UK and RÈpublic of Ireland, {United Kingdom Generally Accepted Accounting Practice). The ffnancial ststements have been prepared in accordance with Accounting and Reporfing by Charities prepayéng the4r accounts in accordance v¢ith the Financial Repotting Standard$ applicable in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Reporling by Charities.. Ststement of Recommended Practice issued on 1 April 2005 Nthich is referred to in the extsnt regulations bLrt has been withdrawn. This has been done in order for the accounts to provide a true and fair vièw in accordance vth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our oplnion the ffinancial statements.. give a true and fair view of the stsle of the charivs affairs a$ at 30 June 2022 and of incoming resources and applicab.on ol resources for the period then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice: and have been prepared in a¢cordan¢e vlth the requlrements of the Charities Act 2011. Basis for opinion We conducted our 8uI*t in accordance wilh Intemationol Standards on Auditing {UKI (ISAS IUKII and appllcable law. Our responsibilitses under those standards are fvrther described in the Auditors, responsibilib'es for the audit of the finanual statement5 section of our report. We are independent of the tharity in accordance wlh the elhical requirements that are relevant to our aud(t of the financial ststements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and wa have fulfilled our other ethical respon$ibililies in accordance th these reqLFirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. onciuslons relaitng to going concern In audlting the fjnancial statements, we have concluded that the Trustees, use Of the going concern basis of accounting in the Preparation ofthe financial Statements 18 appropriatè. Based on the work we have perfomied. we have not identifièd any materlal uncertaintie8 relating to events or conditions that, individualty or colleGtively. may cast significarrt doubt on Ihe chantys ability to continue as a going ¢oncem for a period of at least 1ve months from vthen the finan(ial Statements are authorised for issue. Our responsibilities and the rewon8ibililies of the TN8tees 1th respect to going cMcem are described in the relevant sections ofthis report. Page 5
THE LAUDERDALE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE LAVDERDALE TRUST ICONTINUED) Other information The other infomiation comprises the infornialion included in the Annual Report other than the fin8ncial statements and our Auditors, Report Ihereon. The Trustees ore responsible for the other information contsined thin the Annual Report. Ouf opinion on the finan¢i81 statements does nol cover th8 other information and. exGept to the extent otherwse eXpliuY ststed in our report, we do not ¢xpres5 any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consldtrr wh&ther the othef inf0rn18tion 18 materially inconsistent wth the ffinancial statements or our knt)vAedge obtained in the wurse of the audit, or othermse appears to be materially misstated. If we idenlify such material inconsistenaes 01 apparent materfal misststements, we are required to determine wfiether this gives iise to a material misststement in the financial statements themselves. If. based on the work w have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to rep in this regard. matte on which we required to v•port by •xc•ption We have nothing to report in respect of the followng matters where the Charities (Accounts and Repots) Regulations 2008 requires us to report to you If, in our opinion-. the information gven in the Trustees, Report is inconslstent in any material resped with the ilnanGial statements., or sufficient accounting records have not been kept., or the ffinencial statements are not in agreement wth the accounting I0rd* and retums,. or we have not received all the information and explanations we require for our audit. Responslbllltle$ of trn$tee$ explained more fvlly in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the finoncial ¥tatoments 1¢h give a true and fair view, and for such intemal control as the Trustees determine 1$ necegsary lo enable the preparation of financAal statements that are free from material mtsststemEnt, whether due to fraud or error. In preparing the financial statements. Ihe Trustees are iesponsible for assessing the charity's abilty to Continue as a going conGern, thsclosing. as applicable, matters related lo going concem and using the going concem basls of accounlng unless the Trustees ether intend to liquidate the charity or to cease operations, or have no realistic alleinative but to do so. Page 6
THE LAUDERDALE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE LAUDERDALE TRUST {CONTINUED) Auditors. rnsponsibilitigs lor tho audit of the financial Ststements We have been appointed a$ audilor under $e¢tton 144 of the Charilies Act 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about ether the ffinancial statements as a ole are free from material mi¥$tstement. wknether due to fraud or error, and to i8Jue an ALbditors' Report that include8 our opinion. Reasonable assurance is a high levd of assurance. but is not a guarantee that an audit wnducted in accordance wth ISAS (UK) wll aKYays dètect a material misststement when it exists. Misstatements can arise from fraud or error and are considered mgterial if, individually or in the aggregate, they could re8$onably be expected to influen¢e the economic deasions of users taken on the ba8is of these finanual statements. IegUlaritieS, induding fraud, are instances of non-compliance with laws and regulations. We deslgn procedures in line wth Ouf responsibilities, oullined above, to detect material misstatements in respect of irregularitie5. including fraud. The extent tts vthich our procedures are capable of detecting irregularities, indudino fraud is detailed below.. 1) Enquiring of management around actual and potential litigation and claims., 2) Reviewing minutes of meetings of those charged y1h govemance., 3} Reviewing financial Ststement disclosures and testing to supporting documentation to 8s8e88 compliance with applic8ble laws and regulations., 4) Performing audit work ovèr the risks of management overrlde of control$, including testing of journal entrles for appropriateness and revlewing accounting estimates for bias. Because of the inherent limitalions of an aLEdit, there is a risk that we will not detect all iffegulartties, including those leading to a material mrsstatement in the financial statements or non-complianGe Wth regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the finanryal ststements, as we be less likely to become aware of instances of non-compliance. The risk is also greater regarding irTegularities occurring due lo fraud rather than èrror, as froud involves intentional concealmènt, forgery, collusion, omi$sion or misrepresentation. A fvrther deSIptiOn of our responsibilibes for the audit of the ffinancial statements 1$ located on the Financial Reporting Council's website at: dtto Audllots, Report. This description form5 part of our Usg of our veport Thi8 report i• made sol¢ty to the charity8 truJtees, a8 a bofty, in arxordance bvith Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work ha$ been undertaken so that we might state to the chariVs trustees those matters we are required to slate to them in an Auditor3, Report and for no other purpose. To the fijllest extent permitted by law, we do not accept or as$ume responsibility to anyone other than the charity and its trnstee8, as a body, for our audit work, for this report. or for the opinions we have formed. Page 7
THE LAUDERDALE TRUST INDEPENDENT AUDITORS. REPORT TO TtrIE MEMBERS OF THE LAUDERDALE TRUST (CONTINUED) kc+ Askroft Partnerahlp LLP Chartered acctyjntsnts & ststutory authto Twmpington HI Strtel Cambridoe CB2 9SU Date.. l 3 |o&lao£S Ash¢roft Partnership LLP ar¢ ellgjble to aet a8 audltors in term5 of sedion 1212 of thè Companies Act 2c. P¥g¢ 8
THE LAUDERDALE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENOED 30 JUNE 2022 Unrestricted funds 2022 Total funds 2022 Income from: Donations and leg8cies Investments 29,797.946 76,861 29,797.946 76,851 Total incomè 29.874,797 29.874.797 Expenditure on: Raising fvnds Charitable aGtivilie$ 40,184 2,032,676 40,184 2,032,676 Total expenditure 2,072,860 2,072060 Net inry>me before net losses on investments Net losses on investments 27,801,937 27,801,937 15.254.90n 15254.907) Net rnovernenl in funds 22,647,030 22,647,030 Reconciliation of funds.. Nèt movèment in fiJnd$ 22,547,030 22,647,030 Total Thd$ carried forward 22,547,030 22,547,030 Th• Ststsment of Fin8nfAal Actlvilies iidudes all galn8 and108ses re¢ogni8ed in the period The notes on pages 12 to 20 form part of these financial statements. Page 9
THE LAUDERDALE TRUST BALANCE SHEET AS AT 30 JUNE 2022 2022 Nolo FIX assets Investments 21,792,866 21,7920SS Current assets Debtors Cash at bank and in hand 72,7fA 2,079.197 15 2,151,9S1 (734,672) Creditors.. amounts falling due vthin one year Nel current assets 1,417379 Total ass•ts Igss current liabilitlo$ 23,210,134 1663,104) Creditors.. amounts falling due after mole than one year 12 T¢)tal net a5ts 22,547,030 Charlty funds Restricted funds Unrestrirted fvnds 13 13 22,547,030 Totsl (unds 22,547,030 The finan¢lal statements werè approved and authorised for issue by the Trusteès and signed on their behalf by- J R Harrison Trustse Date.. The notes on pages 12 to 20 form part of these finan¢¢al statements. Page 10
THE LAUDERDALE TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2022 2022 Cash Ilows from operntlng aclivities Net cash used in operating activities (see note 141 1676A761 Cash flow& from irtv•$ling activltio# Dividends and interest from invesknents Proceeds from sale of investments 5,041 12.505.471 19,735,839) Pur¢ha$e of investments Nel cash provided by investing activities 2,754,673 Cash flows from flnanclng a¢tivltlès Nat cash providgd by financing acllvities Ghange in Gash anql cash equivalents in the period 2,079.197 Cash and ca$h equivalents at thè end of the peri¢)d 2,079.197 The notes on p8ge$ 12 10 20 form part of thes8 financial statements Page11
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDeD 30 JUNE 2022 Aceounling polici•s 1.1 Basis of prepar4ts)n of financial statements The fjnancial statements have been PTepared in a¢¢ordan¢e the Charites SORP IFRS 102) - Accounting and Reporting by Charrbes.. Statement of Recommended Practice applicable to ¢harilies preparing Iheir accounts in acGordance the FinanGial Reporling Standard appliGable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf vlew and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provlde a true and fair. view. This depathre has involved followng the Charities SORP (FRS 1021 published in Octobér 2019 rathef than the Accounting and Reporting by Ch8rilie8: Statement of Recommended Practice effective from 1 April 2005 vthich has since been withdrawn. The Lauderdale Trust meets the definibon of a pub¢ beneffit entity under FRS 102. Assèts and liabilrbes are initially recolSed at hlstorieal cost or transaction value unless othÈMsÈ 8tstèd in thè relevant accounting policy. 1.2 Going ¢on¢ern The trustees are confident thal the eharity has adequate Teseryes and resource8 to continue operations for the foreseeable fure and 1$ well placed lo manage its business risks successfully de¥Jrte the current uncertain economic ou00k. For this reason, they ¢ontnue to adopt the 90ing concem b881s in preparing the finanual statements. 1.3 Fund accounting General fvnds are unrestricted funtjs are available for use at the discretion of the Trustees in fijrtherance of the general obiectives of the Charity and have not been designèted for other purposes. The charity does not have restricted ndS 1.4 Income AJI incoffle 18 reGogn15ed onGe Ihe Gharity has enl"ttement to the income. it is piobable that the income will be received and the amount of income recebvable can be measured reliably. Where the donated good is a fixed asset, it is measured at faiF value, unless It is impractical to measure thi5 reliably, in which case the cost of the item to the donor should be used. The gain is recognisèd as incomè from donations and a corresponding amount is included in the appropriate fixed asset clas% and depreciated over the usefrjl economic life in accordance wth the Charitys accounting poliaes. Income tax rèeoverable in relation to investment income is recogni8ed at the time the investment income is receivable. 1.5 Expenditure Expendltuie is recognised once there is a legal or constructive obligation to transfeT economic benefft to a third party, h is probable that a transfer of economic benefits wll be required in setdemerrt and the amount of the obligalion can be measured reliabty. Page 12
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDEO 30 JUNE 2022 Accounting polkies Icontinuadl 1.5 Exponditule {¢ontinuedl Expendriure on raising funds includes all expenditure incurr8d by the Charty to raise ffiJnd5 for ts Charitable purposes and ineludog investment management costs. Grants payable are th8rgèd in the year vthen the offer 18 made except in th08e cases where the offer 18 conditional, such grants being recognised a5 expenditure when the conditions attaching are fvlfilled. Grants offered subject to conditions whlch have not been met at the year end are noted as a commitment, but not a¢cTued as expenditure. l expendilure is In¢S1ve of irrecoverable VAT. 1.6 Foreign currencles Monetary assets and liabifities denominated in foreign ¢urrenue8 are tran$lated into sterling al T•t•s of exchange ruling at the reporting date. Transactions in foreign currencies are translated Into steiling at the rate rulng on the date of the transaction. Exchange gains and losses are recogn18ed in the Ststement of Financial Actwrties. 1.7 Invoslmonts Fixed asset investments are a form of finan1 Instwment and are initially recognised at their transaetlon cost and sub5equenUy mèasured at fair value at the Balancè Sheet date, unless the value cannot be measured reliably in vthich case rt 1$ measured at cost less impairment. Investment gains and losses, wthether realised or unrealised, are combined and presented as 'Gainsl{Losse$l on investments, in Ihe Ststement of Financial Activiknes. 1.8 Debtors Tradè and other debt0 arè recognised at th• setllement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highty liquid investments Yth a short malurity of three months or le$8 from the (Jale of acqui8iUon or opening of the deposit or Similar account. Page 13
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 A¢¢ounting polKi•s {¢ontinuedl 1.10 Liabilities and provisrons Llablllues are recognlsed when there Is an obllgalion at the Balance Sheet date as a resutt of a past event. it 18 probable that a Iransfer of economic benefrt 11 be required irb setuement, and the amount of the settlement can be estimated reliably. Liabilities are recognised atthe amount that the charty anticipates it will pay to setUe the debt or the amount il has received as advanced payments for the goods or 8eThi¢¢$ tt must provld&. Provisions are measured al the best estimate of the amounts required to settte the obligation. Grant commitrnents are recognised a5 liabilities in the balan¢e sheel and tharged to the statement of financial activiknès when the grant agreement is signed. Grants due in more than one year are discounted to present value. The discount rate used is determined by the trustees after considering the expected Ime value of money for the charfty. 1.11 Financbal instruments The Charity only ha$ financial assets and financial liabilitie8 of a kind that qualfy as basie financial instruments. Basic financial in8truments are iniknally recognised at transaclion value and subsequently measured at th¥ir $etttement value wth the exception of bank loans which are subsequentty measured at amortised cost using the effective interest method. Inc(vne from donati¢)ns and legacie5 Unrestricted funds 2022 Total fund5 2022 DonAtions 29,797,946 29,797.946 Investment incomè Unrestricted fund$ 2022 Totsl funds 2022 Income from investments Interest received 76,845 76.846 76.851 76.851 Page 14
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENOED 30 JUNE 2022 Inveslment management Costs Total funds 2022 funds 2022 Investsnent management fee8 40,184 40,184 Analysis of axpnditurn by ACtiviti•g Grant fundlng ol activities 8upport cost$ 2022 Total funds 2022 2022 Direct costs 1,942,149 90,526 2.032.875 Analys1$ of $upport ¢o$ts Total funds 2022 Activities 2022 Athertislng and marketing Admin support and bookkeeping Postag¢, FIght & Courler IT softhre and consumables 192 47,042 31 192 4742 31 7,220 7320 r li Legal 8nd professional fees Printing and slalionery Bank charges Subscriptions Training Telephone and intemet Trustee travel expenses Travel expenses Audit Fee 24,079 43 15 33 250 978 24,079 15 250 978 256 387 10,000 10,000 90,526 90.526 Page 15
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 Analysis ol grants Grantsto Insti*1$ 2022 Total funds 2022 Grant maklng athvllles 1,942,149 1,942,149 Grants awarded In the year 2022 Granted for projects in United Kingdom Granted to UK Charities, for projects in othor ¢ountrios Granted for projects in other Gountries, via a UK intermediary 1,560226 198W7 183,616 Total 9rants awaKded in the year 1,942.149 Auditors. remunerntion 2022 Fees payable to the Charitys authtor for Ihe audit of the Charivs annual accounts 10,000 Trustoes. r•mun•ratl¢)n and exp¢ns•s During the period. no Trustees recelved any remuneralion or other benefts. During the period ¢nded 30 June 20f2, expenses totalling f256 were réimbursed or paid directty to 1 Trustee for travel expen8eg. No othèr trustees received any other reimbursement for expènses. Page 16
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDeD 30 JUNE 2022 Fixed asset inve#tm•nts DireGt li¥tod inve51menl$ Managed funds Total Co$1 Of valuation Addibons Disposals Revaluations 30,228.116 112,SQS,4711 <456,6331 9,315,668 39,543,784 {12,505A71) (389,9251 (5.245.468) At 30 June 2022 12,867,112 8,926,743 21,792,855 Net book value At 30 June 2022 12167,112 8,925,743 21,792,855 10. Delrtors 2022 Due within one ygar Other debtors Prepayments and acuued income 72,014 740 72,754 Page17
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 11. Cr¢ditors: Amounts tslling dug withln on• year 2022 Trade CTeirrtors Accruals and deferred income Grants accrued 4,247 13,030 717,395 734,672 12. Credltors: Amounts falling due after more than one yoar 2022 Gr8nts a¢¢Ned 663,104 Page 18
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOO ENDED 30 JUNE 2022 13. Statemont of funds statement of funds - CUTrent rIOd Balance at 30 June 2022 Oainsl IL05ses) Incomg Expgnditum Unrnstrictod funds General Fund8- all fvnds 30,314,967 {2,513,0301 15254.9071 22.547.030 14. Reconclllatlon of net m0venl in fvnds to nel cash Ilow from operating activltles 2022 Net income for the peiiod {as per Statemtrnl of Financial Activiues) 22,$47,030 Adjustments for. Donated share8 {29,787,946) S,245.458 (76051) (943) 1,397.776 Los$esllgain$l on invosknents Dividends and interest from investments Decreasel(increase) in debtors Increase in creditors Net cash provided byl(used inl operating activities {675,4761 15. AnAty#is of e*•h and ¢a¢h •quival•nt• 2022 Cash In hand 2,079,197 Total cash and cash equivalents 2,079,197 Page 19
THE LAUDERDALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 16. Analysis of changes in not dèbt At 30 June 2022 ash flows Ca¥h at bank and In hand 2,079,197 2,079,197 2.079.197 2,079,197 17. Oporating lease commitfflents At 30 June 2022 the Charlty had comwnllments to make fuwre mlnlmum lease paym¢1 under non- cancellable operating leases as follows: 2022 Not later than 1 year 10,360 18. R•lated party trSaCtiOnS The ¢h8rtty ¢eNed 8ggregate uncondition81 don8tion$ from trustee$ of £30.238,116. Thè Charity provided temporary 8ssistsncé to 8 related ¢harity, The Lewin Trust, of vthich M J Kinton and C lthnton are trustees. At the period end £203 was owed by The Lewn Trust. Page 20