REGISTERED CHARITY NUMBER: 210948 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 FOR THE LAPWORTH CHARITY Prime Chartered Accountants Comer 08k 1 Homer Road Solihull B913QG
THE LAPWORTH CHARITY CONTENTS OF THE FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Pago R•f•rènc• and Administrative Delails Report ofthe Trusts&s 2 to 4 Independent Examiner's Report stst¥ment of Financial Activities Balance Sh88t Notes to the Financial Statements 8 to 18
THE LAPWORTH CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021 TRUSTEES Ex Offiao The Reo*or. Rev P Gerard Appointed by Lapworth Parish Council Mis J Bragg Mrs S Hunt Mr l T Knowle$ Mrsv R Male MS S J Thomp8on cOPted Mr D H Bradnock Mr D J Clarke Mr D J Comey Mrs C Hill Mr R E Ni¢ol (Chairmanl MrH O Roberts MrJ R Waldron PRINCIPAL ADDRESS The Braids Rising Lane Lapworth Solihull B946JE REGISTERED CHARETY NUP•lBER 210948 INDEPENDENT EXAMINER Prim Chartered Accountants Corner Oak 1 Homer Road Solihull B913QG BANKERS Uoyds Banking Group Solihull We51 MidLands B913AN INVESTlAE MANAGERS Smith & Wlliamson 9 Colmore Row Biimingham B3 2BJ Page 1
THE LAPWORTH CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 The trustees present their report vAth the finanaal statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisir)ns of Accounting and Reporting by Charibes.. statement ol Recommended Plal¢e applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepU1C of Ireland IFRS 1021 {effective 1 January 2019). This is also the rem of The Lapworth Edu¢alion¥l Foundation which is "linkerf to The Lapworth Charity as explained in the Slrudure, Govemance and Management section. OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the Charity are the management of Almshouses * Pound C105e, support of the Lapworth Educational Foundab"tsn, support of local Parish Churches and other lo¢al organisafjons and payments for the relief of financial hardship of residents of the Parish of Lapworth. Publlc bon The Trustees have had due regard to gutdancg published by the Charity Commission on pu10 bengfft. Al grants paid and 8etivitiÈs undertaken are considered by the Trustees to be for pU1C benaf ACHIEVEMENT AND PERFORMANCE Covid-19 Pandemlc In Apnl 2020 the Charity Teceived 2 significant unsol1ted donations in 3ddition to one which had been received in the previous finanaal year. These gave the Iruslees eonffdence 10 5UPPOrt some of the 10¢81 endeavours 1¢ reduce the impact of the pandemic without prejudiang the core actiVe8 of the Charity. As re3uIt the Charty was ae to provide background funding for the Lapworth Volunteer gr0ry setmce those who We shielding al home, mileage costs for those volunteers who provided the pre$¢ripb"on delivery serve, a contribution to the cost of the Covid-safe improvements al the surgery and grants to families who. in spite of the various govemment package5, found they were experienung severe finanaal Iwdship as a result of the 8CtionS resulting from the pandemic. Charitable activltlas A primary ftjnctton of The Lapworth Charty is the provision of Almshouse Accornmodation. Of the 11 almshouses at Pound Close, 2 have fallen vacant during the 1831 year. Both of these vacancies have been filled and 1 of the 2 properties was substantially refvrbished whilst vacant. As in previous years the Charlty has made signn?cant grants to support St Mary's Church, Lapwoth, Sl. Thomas's Church. Nuthur51. Lapworth School. The largest grant Is lo Sl Mary's Church and this refiects the fact that a number of the original bènef8Ctors specified this church as their primary consideration and indeed the Charty Commission Scheme of 1963, under which the Charity operates. detemiines that * least one eighth of the income should go to this Church. Grants have not been made to the Lapworth Old Peoples Assoaation and Elderberries as the activitie5 of both of these organisalions have been seriously curtailed by the pandemic. The Charity has made 40 grants to Lapworth residents. These have included winter fuel payments, contributions towards chiropody Costs. assistsnee wlh School transport costs, educational expenses, assistance with day Care costs and 11 of financial hardship. The Charity's governing doojment strict$ the benefft of the Charity to matters of health. social ¢2re & e<lu¢ation of the residents of Lapworth, particularly those of low in¢om&. Vmthin these ¢rileTia the trust are ahNays pleased to consider applications for assistance. The Lapworth Educational FOundatn has continued to make grants to enhance the fvnc*oning of Lapwoth Primary School. Page 2
THE LAPWORTH CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 FINANCIAL REVIE114 Flnan¢ial position The net income for the year as disclosed in the Slalemenl ol Finanaal Activities £543,328 12020 expenditure £235,711) is only achieved through the inclusion of net unitralised increases in the valuation of Listed Investments and of inveslmenl propety. Othenmise a deficit on operations of £17,490. 12020 £25,289) would have been disclosed. ReseTrv¢$ policy The Trustees policy for financial reserves shows a total of £5,090,269 including £106,022 rdaling to the Lapworth Educational Foundation. This figure indudes assets retained to fund ongoing actvilwts for an appropriate period ol lirne. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Psent day charty arises from many historic bequests and donations sorne of which date back to the fifteenth century. It is Controlled by its goveming dtscumenl. a deed of trust as amendèd by the Scheme of 22 JU 19S3, and conslitules an unInrpOrated charity. Objects and Policres The objects of the Charity are the management of Almshouses al Pound Close and the maintenancè of propethes owned by the Charity. support of the Lapworth Educational Foundation. support of tr40 local Parish Churches and payments forthe general benefit of the poor of the anaenl Parish of Lapworth. Policie5 on safeguardirKJ and management of anti-sooal behaviour have been agreed over the course of the year. Trustse recruitment, Inductlon and training The govemance of the Charity is overseen by the Board of Trustees lthe 'Board'l.The Rector of St Mary's Church. Lapworth is an ex-offiao trustee. Five nominative trustees are appointed by Lapworth Parish Counol. One nominative Iruslee is appointed by Wawck District Counal but in recent years this council has dedined lo make appointm9nts. Eight Co-opted trustees are 8ppoSnted by the existing Board of trustees. Replacement trustees are erUited by the Board, who consider5 the skills currenUy availa10 and then identffies the desired experience and qualrfi¢alions of any additional or Placement trustee. Potential trustees are invited to a preliminary discussion with the Chairman. If found to be suitable and wlling their appointment is ratffjied by the Board subject to C)firmatIon. if a Nominative Trustèe, by the relevant Council. On successful appointment. tho new trustee is prowded wth a verbal and d¢cumenlary induction to introduce the Trustee to the workings and objectives of the organisation. In additK)n Trustees afft encouraged lo attend courses run by the Amsh¢JJse A550cialion and other r6lwant organisation8. Organl$atlonal structure There are four me8ting$ of all trustees each year to manage and rewew the activity and dirgthon of the Charity. In addition there are three sutxommittees namely.. Estates & Finance, Pound Close IAlm5housesl and Charitable Payments. Each sUMMittee meets on average lo three limes a year and reports to all the tNstees at tha main meetings. As a con$equence of the pandemic. the majorty of meetings over the last year have been o)nducted using online Mdeo-conferenang teehnology. Helen Wollerton 15 Administrator-in-charge looknng after the day to day administration of the Charity. Conflicts of Interests and Loyalty The Trustees are aware of the importance of the potentl81 consequen3 of c4)nflicts of interest and loyaty. This is of pacular relevance given that. a$ determined by the governing document, a piime beneficiary of the Charity Ss Sl Mary's Churth, Lapworth and the Ex-offiao Trust6• of the CharFty is the Rector of the said church. Furthemiore, several Trustees are also members of the Parochial Church Council of St Mary's. Mindful of these relationships, the Trustees are awwe that they have a legal duty Its act in the best interests of the Lapworth Charty. If they find themselves unable to do so then they are aware th they musl wlhilraw from deiision Mang process. Page 3
THE LAPWORTH CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Thg Lapworth Educational Foundation On 25 February 2017 The Charity Commission directed that the charity called The Lapworth Edu(*lional Foundation ('Ihe linked charity'} shall be treated as fomiing part of the charity tlled The Lapworth Charty Clhe reporting charty'l for the purposes of Part 4 Iregislrationl and Part 8 {accountingl of the Charitps Act 2011. The effect of linking charities for accountancy and registration purpos85 means Ihat.. - The charities wll be registered rer a single registration number The trustees 11 be required to Prepare a single set of accounts for the reporting thaTty and the linked charity, wf(hin which the individual funds of the linked charity are reported as restricted fijnds andlor endowm&nt, as appropriate.. and where accruals accounts are prepargd, the ¢hartheg' Statement of Recommended Pfactice ISORP) must be used. The linking of the charibes under section 12 of thè Charibe$ Act 2011 is an adminislralive linkage. for reporting purposes only. It does not changè the Separate legal status of the charities, or the nature of slrided funds or endowment. and it does not constrtute a merger. The Iruslees are under a duty to ensure that the funds of each charity are still applied solely In a(xord8nce with the respective twsts. The a35els of the Lapworth Educational Found81ion ILEFI a derived from the sale of the orwJinal Church Lane buildings of Lapworth Prirnary School. The object of the Charty is lo support the current Lapworth Primary School and in the last year it has made grants to Lapworth Primary School. The Lapworth Charity has previously in lum made grant5 to LEF as LEF has not had suffiaent income lo make the level of grants chosen by the trustees unaided. As ongoing grants from esther charity wll now be identifiable in the same set of linked accounts grants to the School wll be recorded a5 from the charty whose liquid r6seNes have been appl. The refeTence and administralv)n details also apply to The La rth EfJu¢ational Foundation. Approved by Qrder ofthe btsaTd oftrusle . and signed on ts behaKby'. Dr R. E Nio)l- Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LAPWORTH CHARITY Indepgnd&nt examiner's report to the trusto&$ of The Lapworth Charity I report to the charity Iruslee8 on my examination of the accoun18 of The Lapworth Charity (the Tiustl for the year ended 31 March 2021. Responsibllltles and basis of report A5 the chartty trustees of the Tiusl you are responsiblo for the preparation of the accounts in arLOrdan wrfh the requirements of the Charities Act 2011 Ilhè A¢l'l, I repgrt in respect of my examination of the Trusys accounts carried out under section 145 of the Ad and In carying out my examination I have followed all applicable Directions gwen by the Charity Commwkjn under section 14515llbl of the Act. Indepgndent axamln•rf$ ststement I have completed my &xaminalion. I confimi that no material matters have come to my attention tn eonnection with the examin81ion giving me cause to believe that in any material respect.. accounting Teo)rds were not kept in respect of the Trust as required by sectign 130 of the Act.. or the accounts do not aecord with those records,. or the 8C(x)unls do not comply wlh the applicable requirements conceming the lorm and conlenl of accounts set out in the Charities IAc£ounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair eW whi(* is not a matter considerad as part of an independent examinth'on. I have no concerns and have come across no other matters in connection with the examination to whith 8ttention should be drawn in this report In order to enable a proper undefstanding of the accounts lo be reached. Jeremy lSOn FCA Prime Chartered Aeeountsnts Comer Oak 1 Homer Road Solihull B913QG Date". 1810812021 Page 5
THE LAPWORTH CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 The Lapworth Educationat Foundation Unrestrcted fvnds Resthcted funds Totsl funds Total fvnds Notes INCOME AND ENDOIIVMENTS FROM Donations and legacies 6,000 6,000 1,000 Charitsbltr activities Almshouses provision 42,559 429 Investr*nt income 71,894 2.267 74,161 87.155 Total 120,453 2,267 122.720 134.615 EXPENDITURE ON Raising funds 36,836 985 37.821 34,485 Charitable activities Almshouses provision Assistance to indiwduals Assistance to n¢)n-Scheme insb"lub"on8 Assistance lo sche institutions 44,401 23,534 44.401 23.534 62,871 21,938 4.998 9,646 14,794 24,806 24,806 25,796 Totsl 134,225 5.983 140,208 159.884 Net gainslllossesl on investments 487.914 51,062 21.838 560,814 {210.5021 NET INCOMEIIEXPENDITUREI 474,142 51,062 18.122 543,326 1235,7711 Trdnsfers between fund5 18 15151 515 Net movement in funds 473,627 51.062 18,637 543.326 1235,7711 RECONCILIATION OF FUNDS Totsl funds brought ft>vHard 4279.492 180.068 87,385 4546.943 4,782,714 TOTAL FUNDS CARRIED FORWARD 4,753.119 231.128 106,022 5,090,269 4,546,943 The notes form part of these financial statemen Page 6
THE IAPWORTH CHARITY BALANCE SHEEr 31 MARCH 2021 2021 2020 The L8PWOrth Educational Foundation Unrestrictgd Restricted funds nds Totsl fvnd Total nds Notes FIXED ASSETS Tangible assets Investsn•nts Investments Investment property 13 1,140,847 1.140.847 1.141,209 14 15 1,978.690 1.545.089 231.128 99,787 2.309.60S 1.545.089 1,786.820 1,511,932 4,6U,626 231.128 99.787 4.995.541 4,439,961 CURRENT ASSETS Debtors Cash al bank 16 11,240 86.360 4,162 5.407 15A02 91.767 19,019 106.455 97,600 9.569 107,169 125,474 CREDITORS Amounts falliry due within one year 17 19.107} 13,3341 {12.4411 {18,492} NET CURRENT ASSETS 88,493 6,236 94,728 106,982 TOTAL AssEfs LESS CURRENT LIABILITIES 4,753,119 231.128 106,022 5,090.269 4,546.943 NET ASSETS 4753.119 231.128 106,022 5.090,269 4,546.943 FUNDS Unrèstricted ndS Restricted fvnds 18 4.753,119 337,150 4,279,492 267,451 TOTAL FUNDS 5.090,269 4,546,943 The financial statements re approved by Ihe Board of Tru$tee5 and authorised for issue .Jglh.July.2Q21..... and were signed on its behalf by.. R. E Nicol- Trustee The notes form part of these financial ytalemenls Page 7
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Basis of preparlng the financlal $tatgm•nts The finanrjal statements of the charity, which is a public benefft enb.ty under FRS 102, have been prepared in accordance rtth the Charth'es SORP IFRS 1021 'AountIng and R6pDrbng by Charthes.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordancè with the Financial Reporting Standard applicable in the UK and Republic of Irel8nd IFRS 1021 leffectNe 1 January 20191., Financial Reporbng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Iland, and the Charities Act 2011. The finanaal statemènts have n prepared under the historical cost convention, wth the exception of investments which are included al market value. as modffied by the revaluation of rtain assets. The charity obtained pemiission from the Charity Commission to become linked tr) the Lapwtsrth Educational Foundation as from 26 March 2016. The results of this linked charity are induded wthin these financial statements by the use of a gÈpaTale column wlhin the Statement of Financial ACt[veS and the Balance SheeL Financial reporting standard 102- r•du¢#d disclosure exemptions The Charty ha5 taken advantage of the following disclosu exemptions in preparing these finanaal statements. as pemiitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republ of I10nd.: the requlrernenlg of Section 7 Ststemenl of Cash Flows. Income All income is recognised in the Statement of Finanaal Activities On the E*)arity h85 enlillemenl to the funds, il is probable that the income will be receiv and the amount can be measured reliably. Investment income 15 eamed through holding assets for investment purpose5 such as property and an investment portfolio of sha$ and cash on deposit. Interest is recognised as it accrLJes. DiendS are recognised once the dividend has been declared and notification rec&Ned of the dividend due. SeNces prowded by volunteers are not Tecognised as income. Expenditure Liabilities arè recognised as expenditure as soon as there is 3 legal or ¢on$lructwe obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in setuement and the amount of the obligation can be m6asurèd reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. lfvhere costs (2nnol be diredy attributed to particular headings they have been allocated to actNthes on a basis consistent with the use of resources. Grants offared subject to condition5 which have not been met at the year end dale are noted as eommitmenl bul not aczrued as expendrture. Tangible fixed ass D&pr8cTalion 1$ provided al the following annual rates in ordgr to write off each asset over ils estimated useful life. Computer equiprnenl 25% on cost Deprea81ion has not been provided on the freehold properties used for charitabEe purposes on the grounds that such a provision is not material in the accounts of the Charity, and that the buildings are maintained to a reasonable standard of repair. These freehold propertiès arè carried wthin accounts al a valuation. Page 8 continued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - conttnued FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES- continued Investsngnt property Investment properties were valued by John Eade & Son LLP. Chartered SuNeyor8 and registered valuers on 25 March 2016. Tha trustees have applied approprkgle annual indrEs lo detemiin¢ the fair value as at 31 Marcl) 2021. Taxation The charity is exempt from tax on ts ¢haritable aGtiv¢ties. Fund accountlng UnrestThcted fijnds be used in aCrdance with the charrtable objectives al the discretion of the trustees. Restricted fvnds (xn only be used for partIClar restricted purposes wllhin the objects ol the charity. Restn"¢tions arise when sperified by the donor or when funds are raised for parti¢LJlar restricted purposes. The funds of the linked charity The Lapworth Educational Found81ion can only be used to support the objects of that charity. Further explanation of thg nature and purpose of each fund is induded in the notes lo the financkil statements. Flx•d asset investrngnts Investments are initially recognised at their transaction value and subsequently measured at their market value at the balarrE sheet date u&ng the quoted midvmarket price at the balance sheet date. The statement of finanoal activities in¢ludes the net gains and losses arising on revaluation and disposals throughout the year. Realis&J and unrealised investsnent gains and 10s8e$ are comknned in the Statement Of Financial Activitie$. The trust does not acquire or use put options, derivatnies or olher complex financial instrument$. INVESTMENT INCOME 2021 2020 Rents received Wayleaves and Canal Trust Interest receivat4e Dividends 35.026 229 17 38.889 39,602 225 125 47203 74,1£1 87,155 Page 9 confynued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021 INCOME FROM CHARITABLE ACTIVITIES 2021 2020 Weekly maintenance contributions for Pound Close Amshouses Alrnshouses provisn 42,569 46,460 IIAISING FUNDS Investmgnt managgment costs 2021 2020 Portfolio management Repairs and maintenance Ulilty costs Managlng agents fees Insurance costs Other direct costs Support costs 7A65 7,874 8,492 1,116 3,399 1,018 6,999 5,587 2,870 1,069 19.866 3.611 37.821 34,485 CHARITABLE ACTMTIES COSTS Grant funding of activthes (see note 71 Dired Costs (see note 61 Support costs (see note 81 T¢)tsls Almshouses provision Assistance to individual$ Assistance to non-sthemg inslilulions Asyistsnce to Scheme institution5 38,379 6,022 1.806 44.401 23.534 21,728 7.840 23.000 1,806 1,806 9,646 24,806 38,379 S2,568 11,440 102.387 Page 10 continued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEfvIENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 DIRECT COSTS OF CHARITABLE ACTIVITIES 2021 2020 Utility costs Repairs and maintenance Insurance NAA subsulplions Life line maintenance and installation Estsle agents fees Other direct costs 5,273 26,375 2,289 296 234 3.960 (48 3,382 36,226 2,355 290 472 4.950 5.879 38,379 53.554 These costs relats to Pound Close. GRANTS PAYABLE 2021 2020 Assistance to indiv¢duals Assista lo non-Schem8 institutrons Assistance lo Scheme institutions 21,728 19,142 11,998 23,000 23.000 52,568 54,140 The total grants paid lo institutions during the year was as fdlows.. 2021 2020 Lapworth Old Peopte's Association Lapworth CofE Primary Sthool Scheme payments (see note below) Lapworth Parish Counol Lapworth Surgery 2.000 4.998 23.000 5.0 6,140 23,000 1,700 30,840 34.998 Scheme payments compri3e.' 2021 2020 Church Wardens of Nulhurst Church Wardens of Lapworth 3.000 20.000 3,000 20,000 23,000 23,000 The Scheme relates to the Charity Commission Scheme of 1963 speofying insbtutions th* musl benefit from the income arising in The Lapworth Charity. Page 11 cnnbnued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021 GRANTS PAYABLE- Continued The total grants paid lo indivkduals during the year was as follows.. 2021 2020 Covid-19 Hardship Residènts, christaS hamper$ Charitable a55151ance Chiropody Wnter fuel allowance Educational support Contrbulions towards childrens, bus passes 5.855 405 400 3,230 768 6.300 7.650 794 718 6.720 6.800 1.230 21,728 19,142 No single payment to an indiwdual exceeded £850 (2020.. £8501. SUPPORT COSTS Administration G¢)vemanc* Costs costs Totals Investment management costs mshousos provision Assistance lo indwiduals Assistance lo non-scheme institution5 Assistance lo Scheme insts'tutions 2,661 4,437 1,331 1,331 1,331 950 1.585 475 475 475 3.611 6.022 1.806 1,806 1,806 11,091 3.960 15.051 TRUSTEES. REMUNERAT1014 AND BENEFITS There was no trustees, remuneration or other benefits fr)r the year ended 31 Marth 2021 or for the year ended 31 Marth 2020. TnBts8s' exponses One Stee(2020'. 21 has been 1MbUrs8d or receSved expenses dudng the year totsllirrfJ £126 12020= £170}. 10. STAFF COSTS 2021 2020 Wa9&s and saaries 11.324 10.954 11.324 10,954 The charity has one part lime employee who does not have any management responsibilty and as such Ihe charity has no key management personnel. Page 12 continued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 10. STAFF COSTS - ¢ontlnued The aver8ge monthly number of employaes during the year wa5 as follows= 2021 2020 Adminislralon No employees reiVed emoluments In exc of £60.000. 11. STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD TO 31 MARCH 2020 The Lapworth Educational Foundatton Unrestn'cted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donation5 and legaaes 1,000 1,000 Charltsbte activities Almshouses provision 46,460 46.460 Investment InMe 84,663 2.492 87.155 Total 132.123 2,492 134.615 EXPENDITURE ON Raising funds 34,485 34.485 Charttable actlvltl•8 A1rn5houses provision Assistan lo irKlividuals Assistsn¢e lo non-scheme institutions Assistance lo Scheme institutions 62.871 21,938 9,796 25,796 62,871 21,938 14,794 25.796 4.998 Total 154,886 4,998 159,884 Not gain11¢e8) on investments 1169,403} 129,244} (11,8551 P10,502) NET INCOMEIIEXPENDITUREI 1192,1661 (29,2441 114,3611 1235.771) Trdn$fors bets¥een funds 14,4851 4.485 Net movemont In funds 1196.6511 129.2441 19.8761 {235,771) RECONCILIATION OF FUNDS Totsl fundy broughtfor4vard 4,476,143 209,310 97,261 4,782,714 TOTAL FUNDS CARRIED FORWARD 4,279,492 180.068 87,385 4,546.943 Page 13 continued...
THE IAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THEYEAR ENDED 31 RCH 2021 12. NET GAINS I ILOSSESI ON INVESTMENTS These comprise.. 2021 2020 Unrealised gain on investment properties Unreali5ed gain I Ilossl on flxed asset investment Portfolio Realised gain on fixed asset investm&nt pcirtfolio 33,157 441,085 86.572 17,727 1278,9451 50,718 560.814 1210,5021 13. TANGIBLE FIXED ASSETS Freehold pr¢)perty Computer equipment Totals COST At 1 April 2020 and 31 March 2021 1.140,000 1,793 1.141.793 DEPRECIATION At 1 April 2020 Charge for year S84 362 SB4 362 At 31 March 2021 NET BOOK VALUE Al 31 March 2021 1,140.000 847 1,140.847 Al 31 March 2020 1,140,000 1,209 1.141.209 The freelK)Id properties wère valued by John Earfe & Son LLP, Chartered Surveyors and registered valueFS on 25 March 2016 on a market value basis. 1& FIXED ASSET INVESTMENTS Listed investments Unlisted investments Totals RKET VALUE At 1 April 2020 Add(tions Disposals RevaluatKJns 1,368.339 342,715 {261.015) 322,859 418A81 1.786,820 342,715 {261,0151 441,085 118.226 At 31 March 2021 1,772,898 536.707 1309.605 NET BOOK VALUE At 31 March 2021 1.772,898 536.707 1309,606 At 31 March 2020 1,368,339 418,481 1.788.820 The investsnent portfolio 18 In mulli- asset global fvnds and is valued at fair value at the balance sheet dale. Pa9& 14 conts'nued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 14. FIXED ASSET INVESTMENTS - continued Cost tx valuation al 31 Marth 2021 is preSented by: Listsd Unllstad Inv•stmènts Knv¢$tmonts Totsl¥ Valuation in 2021 Cost 322.859 1,4SO.039 118.226 418,4B1 441,085 1.868.520 1,T12.898 536.707 2,309.605 16. INVESTMENT PROPERTY FAIRVALUE At l April 2020 Revaluation 1.511,932 33,157 At 31 March 2021 1.545,089 MET BOOK VALUE At 31 March 2021 1,S45,089 At 31 March 2020 1.511.932 Fair value at 31 Mar¢h 2021 1$ represented by-. Valuation in 2021 Cost 33,157 1.511.932 1.546.089 The invastment properties are included at fair value. The investment properties were valued by John Earfe & Son LLP. Ch8rtered Surveyors and registered valuers on 25 March 2018 on a matttol value b8sis. The trustees have applied the relevant UK House price index for properties in Warwickshire to determine the lair value of dwellings held as at 31 March 2021. The agricultural land held in investment properb.es will be revalued every 5 years. Page15 continued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - ¢onllnu¢d FOR THE YEAR ENDED 31 MARCH 2021 16. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade debtors Prepayments 9,032 6,370 13.246 5.773 15,402 19.019 17. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2021 2020 Trade creditors Other creditors 2.177 10,264 2.177 16.315 12.441 18.492 18. MOVEMENT IN FUNDS Net movement In fvnd8 Translers befv4een nd8 Al 1.4.20 31.3.21 Unrestrictèd fund$ General fund Freehold property revaluation reserve 3,789.492 490,000 474,142 15151 4.263,119 490,000 4279,492 474.142 15151 4753,119 Restrictsd funds Almshouses extr80rdn)ary rep8irfvJnd Church extraordinary repair fund The Lapworth Educational Foundation 173,601 6,465 87,385 49.483 1,579 18,122 223,084 515 106.022 267,4SI 69.184 51S 337,150 TOTAL FUNDS 4546.943 543,326 5,090,269 Net movement in fund¥, included in the above are as follows.. Incoming resources Resources expendad Gains and losses Movement in fvnd5 Unrestricted funds General fvnd 120.453 11342251 487.914 474,142 Rèstri¢tsd fur3 Aimshouses extraordinary repatr fijnd Church extraordinary repair fund The Lapworth Educational Foundation 49,483 1,579 21,838 49A83 1,579 18,122 2,267 {5,9831 2.267 {5,9831 72,900 69,184 TOTAL FUNDS 122.720 {140,2081 560.814 543,326 Page 16 continued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 18. K)VEMENT IN FUNDS - Continued Comparativos for movgment in funds Net movement in funds Transfers beeen fvnds At 31.3.20 At1.4.19 Unrostricted funds General fund Freehold propety ravaluats.on reserve 3,986,143 490,000 (192,1661 14,4851 3.789.492 490,000 4.476.143 {192.ie61 14.4851 4,279.492 Rgstrictad funds Almshouses extraordinary r&pairfund Church extraordinary repair fund The Lapworth Educational Foundallon 202.944 6,366 97,261 129.3431 99 (14.3811 173,601 6,465 87.385 4,485 308.571 143.8051 4,485 267.451 TOTAL FUNDS 4.782.714 1235,7711 4,546.943 Comparative net movement in fvnds, included in the above are as follows: Incoming resources Resources expended Gains and k)sses Movement in fuThJs Unrestricted funds General fijnd 132,123 1154.8861 1169,4031 1192,1861 Restrict8d funds mshouses extraordinary repair fund Church extraordinary repair)lJnd The Lapworth Educational Foundation {29,343} 99 {11,855) 129.343) 2,492 {4,998) 114,361) 2.492 14,998) 141,099} 143,605) TOTAL FUNDS 134,615 1159.884) {210.5021 1235,771 } Purpo$•$ of restrKted funds: The Lapworth Educational Foundation This fund discjoses the athvity and fvnds rnovemenl of The Lapworth Educational Foundation whose status is th81 of a linked ch8Tty lo The Lapworth Chartty . Almshouses extraordinary repair fund This fvnd relates lo the extraordinary repair. improvement or rebuilding of alMShseS belonging to the Charity. Church Extraordinary repair fund This fijnd relates to the extraordinary repalr. Improvement or rebuilding of the Parish Chur¢h of Lapworth Rèvaluation re¥erve This fijnd rel*e$ to the rnvaluation of fjxed assets since the valuation detemiined in 2002. Page 17 continued...
THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021 19. RELATED PARTY DISCLOSURES Therè were no rdated party tranSaonS for the year ended 31 Mar¢h 2021 and for the year ended 31 Marth 2020. 20. LINKED CHARITIES These finanaal statements indude the income and expendlture and a130 the assets and lia1e¥ of vo linked charities, The Lapworth Charity Ilhe reporting charity) and The Lapworth Educational F¢xJndabon. These charities have a separate le9al status but have the same trustees. The anyiunt The Lapworth Charity owed The Lapworth Education81 Foundation at 31 March 2021 was £4,16212020.' £4.1621. The Henry Billing Trust whith provided assi81ance to the poor of the parish was subsumed into The Lapworth Charity in 1996. This assistance continues with th& provism of help for winter fijel wthin th¢ grants to indivhluals heading. Page 18