REGISTERED CHARITY NUMBER: 210948 REPORT OF THE TRUSTEES ANO UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 FOR THE LAPWORTH CHARITY Prime Chartered Accountants Comer Oak 1 Homer Road Solihull B913QG THE LAPWORTH CHARITY coKrENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD I APRIL 2023 TO 31 MAY 2024 Page Refernnce and Admlnlstr4tlve Deta118 Report of the Tru8ts05 Independent Examlnerfs Report Statement of Flnanclal Actlvlties Balanc• Sheel Noteg to the Flnanclal Statements 8 to 19 Dotslled Statement of Flnanclal Actlvltlos 20 to 21 THE LAPWORTH CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 TRUSTEES Ex off￿10 The Rector, Rev P Gerard Appointed by Lapworth Parish Council ljlrs J Bragg Mr l T Knowles Ms S J Thompson Ms E M Beaver (R8signed 1 Jan-25) (Chair) Co-opted Mr D J Clart(8 Mr D J Comey Mrs C Hill Mrs S Hunt Mr R E Nicol Mr H O Roberts Mr J R W8ldron Mr C G i*Vhereat Mrs J Mccluskey (Oeceased 20 Aug-24) (Reslgn8d 5 Aug-24) (Appointed 15 Jan-24) PRINCIPAL ADORess The Braids Rising Lane L8PWOrth Solihull B94 8JE REGISTERED CHARITY NUMBER 210948 INDEPENDENT EXAMINER Prime Chartered Accountants Comer Oak 1 Homer Road Solihull B913QG BANKERS Lloyds Banking Group Solihull West Midlands B913AN ADVISERS Investment Managers Evelyn Partners 103 Colmore Row Binningham 83 3AG Managing Agents John Earle and Son LLP 74 High Street Henley-in-Arden Warwickshire B95 58X Page 1 THE LAPWORTH CHARITY REPORT OF THE TRUSTEES FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 The tfustees present their r8POrt with the financial statements of the charity for the period 1 April 2023 to 31 May 2024. The tnjstees have adopted the provisions of A¢￿UntIng and Reportlng by Charities: Statement of Rec￿Mended Practice applicable to charities preparing theif accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019). This 18 also the report of The Lapworth Educational Foundation wh￿h i& "linked" to The LapNorth Charity as explairwj in the Structure, G¢)vem8nce and managen￿nI section. OBJECTIVES AND ACTIVITIES ObJectlve8 and alms The objects of the Charity are the management of Almshouses at Pound Ck)se, support of the Lapworth Educational Foundation. 8UPPOrt of Iwo local Parish Churches and other local organisations and payrnents for the relief of financial hardship of residents of the Parish of Lapworth. Publlc benefit The TTU8tee8 have had due regard to guidance published by the Charity Commission on public benefit. All granis paid and activities undertaken are considered by Ihe Trustees lo b8 for public benefrt. ACHIEVEMENT AND PERFORMANCE Charltabl¢ a¢tlvltlo8 A primary function of The Lapworth Charity is the provision of Almshouse ACC￿nrrrf)d8tIon. The 11 Almshouses at Pound Close have been fully occupied throughout the year. trustees have undertaken houslrYJ stod< condition survey to enable them to consider the future life of Ihe almshouses, As in previous years the Charity has made S￿nifICant grants to support St Mary's Church, Lapw¢)rth and St.Thomas's Church. NuthuT5t. Th8 largest grant is to St Mary's Church and this refiects the fact that number of the origlnal bengfaclors specif￿d this church as their primary consideration and indeed the Charity Commission Scheme of 1963. under which the Charty operates. detemiines that at least one eighth net Sncom8 should go to this Church. The Charity has made grants to L8PWOrth School and the Lapworth Old Peoples Assctiatffi, The Charity also has made 90 grants to L8PWOrth resKlents. These have included winter fuel payments, contributions towards chiropody costs, assistance with school transport costs, educational expenses, a8Si8tance with day care costs arKI rellef of financial hardship. The Lapworth Educational Foundation has continued make grants to enhance the functioning of Lapworth Primary School. The most signiftcant event for the Charity during the period was the transfer of all assets (including 811 real property) and actual or contingent liabilities to the charitable IT￿Orporated organisation (registered charity number 1200967) also known as The Lapworth Charity (the "CIO") with effed from 30 April 2024. All cash has been transferred lo Ihe CIO, the bank account of the Charity closed on 31 May 2024 and applicatrons m•Je to the Land Registry to transfer ownership of the real propety to CIO. The CIO assumed the activilies of the Charity from 30 April 2024 and the trustees will apply to wirKI up the Chanty once the Lapworth Educaiional Foundation has been linked to the CIO. FINANCIAL REVIEW Flnanclal posltlon Prior to the tr8nsfer of all the assets to the CIO, the Ststement of Financial Activities presented an increase in net funds for the current (and preceding year) of £175.331 (2023.. a decrease of £144,475). Excluding net gains and losses on investments and on prq)8rty revaluation The L8PWOrth Charity and the linked charity The L8PWOrth Educational Foundation incurred a surplus of £5,112 in Ihe year {2023: £2,439). P8ge 2 THE LAPWORTH CHARITY REPORT OF THE TRUSTEES FOR THE PERIOD I APRIL 2023 TO 31 MA Y 2024 FINANCIAL REVIEW Reserves policy Prior to the transfer of all the assets to the CIO. the total amount of reseNes were £5.814,781, includirKJ £108,295 of reserves held by The Lapworth Education81 FourKJation. The £5,706.486 remaining reseNe3 which relate to The Lapworth Charity include restricted reseNe3 of £277,585 and unrestricted reserves of £5.428,901, all of which were transferred over to the CIO as at 31 May 2024. of the total reseNes £1,350.000 can only be r8alwd by disposing of fixed &￿ets and a further £4,411,567 can only be realised by disposing of the charities, investment prq)erties and portfolio of financial instwments. The trustees feel the remaining current assets of £53,214 are at an appropriate level to ensure there ara sufficient available funds for the fvvo charities, ongoing activities. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The pre$ent day charity arises from many historic bequests and donations some of which date back to the frfteenth century. It is controlled by its governing document, a deed of trust as arnended by the Scheme of 22 July 1963, and constitutes an unIn￿rpOrated charty. Poll¢i88 Policies on safeguarding, management of anti-social tsehaviour and tlnancial control are in place. Trustse rncruitm•nt, Inductlon and tralnlng The governance of the Charity is overseen by the Board of Trustees (the 'Board').The Rector of St Mary'8 Church, Lapworth is an ex4)fficio trustee. Five nominative trusteos are appointed by Lapworth Parish Council. One nominative trustee is appointed by Warwick District Council but in recent years this council ha8 declined to make appointments. Eight ¢4>OPted trustees are appointsd by the existing 808rd of trustees. Replac6m8nt trustees are nrminated by the Parish Council or recruited by the Board, which considers the skills currently available and then identifies the desired experience and qualrfKations of any prospective trustee. Potential trustees are invited to a preliminary discussion Imth the Chaimian. If found to bg suitable arKI willing, their appointment is rats'fied by tho Board subject to confimiation, if a Nominative Twslee, by the Parish Council. On successful appointment, the new trustee 1$ provided with a verbal and documentary induction to introduce the Trustee to the workings and objectives of the organisat#)n. In addition Trustees 8re encouraged to attend courses run by the Almshouse Association and other relevant organisation3. Organisatlonal structure There are four meetings of all trustees each year to manage and review the activity and direction of the Charity. In addition there are three subN be identifiable in the 8ame Set of linked accounts grants to the School will be recorded as from the charity whose Ilquld reser488 have been applied. The ffjference and administration details a180 appSy to The Lapworth Educational Foundation. Approved by order of the board of trustees on I'_ and signed on its behalf by: Is S J Thoryson - TnBtee Page 4 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LAPWORTH CHARITY Independent examinerfs report to the trustees of The Lapworth Charlty I report to the chanty trustees on my examination of the accounts of The Lapworth Charity (t￿ Trust) for the period 1 April 2023to 31 May 2024. Rasponslbllltlos and bag18 of report As the charity trustees of the Trust you are responsible for the preparation of th8 accounts in accA)rdance with the requirements of the Charities Act 2011 ('the Act,). I report in ￿SpeCt of my ex8rnination of the Trusys accounts Car￿d out under Section 145 of the Act and in carying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent axamlnefs statemont I have completed my examination. I confim) that no material matters have come to my attention in connection wilh the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as raquired by Section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicablo requirements conceming the form and content of accounls set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair v*w which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this reFX)rt in order to enable a proper understanding ol th& accounts to be reached. Jaremy Kitson FCA Prime Chartered Accountants Comer Oak 1 Homer Road Solihull B913QG Date: ... Page 5 THE LAPWORTH CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 Perlod 1.4.23 to 31.&24 Year ended 31.3.23 The Lapworth Educational Foundation Unr8Stricted Restricted funds funds Total funds Total funds INCOME AND ENDOWMENTS FROM Donation8 and legacles 5,261 Charltsbl• actfvltl88 Almshouses provision 69,672 69,672 51,621 Invèstment income 100,061 3,264 103,325 100,613 Total 159,733 3,264 162,997 157,495 EXPENDITURE ON Raising funds 37,236 37.880 25,374 Charltablo actfvltle8 Alrn8house8 provision Assistance to individuals Assistance to non-scheme institutions Assistance to Scheff institution8 56.184 31,139 56,184 31,139 58,914 27,824 8,598 6,000 14,598 15,553 28,581 28,581 27.391 Olher 6N28,901 277,585 5,706A86 Total 6,590,639 277,686 5,874,868 155,056 Net 9ain81{losses) on investments 167.880 18,346 4,490 180,716 (146,914) NET INCOMEIIEXPENDITURE) Tran•feTS between funds 16,273,026) (4,002 1259,2391 (6,631,165) {144,475) 19 4,002 Net movement In funds 16,277,028) 1259,239 5,112 16,531,166) (144,475) RECONCILIATION OF FUNDS Totsl funds broughl fopward 5,277,028 259,239 103,183 5,639,460 5.783,925 TOTAL FUNDS CARRIED FORWARD 108.295 108.295 5.639,450 The notes fom part of these financial slatements Page 6 THE LAPWORTH CHARITY BALANCE SHEET 31 MAY 2024 2024 2023 The Lapworth Educational Foundation Unrestricted Restricted funds funds Total funds Total funds Notes FIXED ASSETS Tangible assets Investments Investrn8nts Investment prop8rty 14 1,350,121 15 16 102,579 102.679 2.326,208 1,870.885 102,579 102,579 5.547.214 CURRENT ASSETS Debtors Cash at bank 17 4,162 4,162 17.341 lo4.(￿8 6,716 6,716 121,409 CREDITORS Amounts falling due within one year 18 {29,173) NEf CURRENT ASSETS 5,716 5,716 92.236 TOTAL ASSETS LESS CURRENT LIABILITIES 108,296 108.295 5,639,450 NET ASSETS 108.296 108.295 5,639,450 FUNDS Unrestricted fund8 Restri￿ed funds 19 5,277,028 382,422 108,295 TOTAL FUNDS 108295 5,639,450 The financial ststements We￿ approved by the Board of Tfustees and authorised for issue on . and were stgned on its behalf by: S J Th(xrpscn - Trusteo The not8s fom part of these financial statements Page 7 THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD I APRIL 2023 TO 31 MAY 2024 ACCOUNTING POLICIES 8asl8 of prnparlng the flnanclal Statsmonts The financial statements of the charity. which is a public benefrt entty under FRS 1tr2, have been prepared in accordance wth the Charities SORP (FRS 102) 'Accounting and Reporting by Charilies: Statemenl of Recommended Practice applicable to charities preparing their accounts in aC￿rdance 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 Charilies Acl 2011. The financial ststements have been prepared under the historical cost convention, with exception of investments which are included at market value, a8 modrfied by the rev81uation of certain awts. The charity obtained pemission from the Charity Commission to become linked to the Lapworth Educational Foundation as from 26 March 2016. The results of this linked charity are included within these finarKial statements by the use of a separate column within the Statement of Financi81 Activities and the Balance Sheet. Flnanclal reportlng Standard 102 - redu¢¢d d18cIo8ure exemptlong The charity has taken advantage of Ihe following disclosure exemption In preparing these financial statemen18, a8 pemiitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireknd,: the requirements of Seclion 7 Statement of C88h Flows. Incom• All Income Is recognised in the Statement of Financial Activities onc• thè charity ha8 8ntiilthnent to the funds, il r8 probable that the income will be received and the amount can be measured ￿lIably. Investment income is eamed through holding assets for investment purposes such as propety and an inveslment portfolio of Shares and cash on deposrt. Interest is recognised as it accrues. Dividends are racognised when receiv8d. Services provided by volunteers are not recognlsed as incoma. Exp•ndltur• Liabilittes are recognised 8s expendilure as 800n as there is a legal or constructive obllgation committing the charity to that expenditure, it is probable that a transfer of economic beneffts will be required in sett￿Ment and the amount of the obli98tion can be measured reliabty. Expenditure 18 accounted for on an accruals basis and has been classffied under P*adings that agg￿8t8 all cost related to the cAtegory. Where costs cannot be direclly attributed to Particular headings they have b￿n allocated to activities on a basis C￿sIStent with the use of resources. Grants offered subject to corKliiions which not been met at the year end date are noted as commitment but not accrued as expendrture. Tanglble flxed assets Oepreciation is provided at the foll(Thiing annual rates in order to write off each as8et over ts estimaled useful life. Ccfflputer equipment 25% on cost Depffjciation has not baen provided on the freehold PToperties used for charltable purposes ￿ the grounds that such a provision is not material in the accounts of the Charity, and that the buildings are maintained to a Thsonable standard of repair. These freehold properties are caffied within the accounts at a valuation prepared by John Earle & Son LLP. Page 8 continue(l.., THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 ACCOUNTING POLICIES - contlnued Investment propety Investmeni propert*s were valued by John Earle & Son LLP. Chartered SuNeyors and r8gi8tered valuers on 28 June 2022. Taxatlon The charity is exempt from tax on its charitable activities. Fund accountlng un￿Strict￿lI funds can be used in accordanLw with the Charitab￿ objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by Ihe donor or when funds are raised for particular restricted purposes. The funds of the linked charity The Lapworth Educational Foundation can only be used to support the objects of that charity. Further explanation of the nature and purpose of each fund is included in the notes to the finanGial statements. Fixed asset Investments Investmenis are initially recognised at their transaction value and subsequantly me88urad at their market value at the balance sheet date using the quoted Mid-Ma￿et price at the balance sheet date. The statement of financial activities includes the net gains and 108ses arising on revaluation and disposals throughout the year. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. The trust does not acqulre or use put options. derivativ89 or other complex financial instruments, INVESTMENT INCOME Period 1 A.23 Year ended 31.3.23 31.5.24 Rents received Wayleaves and Canal Trust Interest receivable Dividends 43,035 223 48,310 223 234 51,846 60.067 103,325 100,613 Page 9 continued... THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 INCOME FROM CHARITABLE ACTNITIES Perlod 1.4.23 Year ended 31.3.23 31.524 Activty Weekly maint8nanc8 ontributions for Pound Close Almshouses Almshou8e8 provision 69,672 51.621 RAISING FUNDS Investment management costs Perbod 1.4.23 to 31.6.24 Year ended 31.3.23 Portfolio management Repairs and malntenance Managing agents fees Insurance costs Other dlrect costs Support costs 11,203 10,632 2,519 1,695 772 11.159 8,402 3,693 3,232 1,258 8,789 37,880 25,374 CHARITABLE ACTMTIES COSTS Grant fundirKJ of ivitie8 (8ee nole 7) Direct Costs (see note 6) Support costs (See note 81 Totals Almshouses provision Assistance to individuals A88iSt8nr* to non4cheme institutions Assistsnca to Scheme institutions 37,588 18,596 5,561 56,184 31,139 25,558 9,017 23,000 5,581 S,$81 14598 28,581 37,588 57.575 35,339 130.502 P8ge 10 continued... THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnue(I FOR THE PERIOO I APRIL 2023 TO 31 MAY 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES Perlod 1.4.23 to 31.5.24 Year ended 31.3.23 Utilty costs Repairs and maintenance Insurance NAA subscriptions Lrfe line maintenancè and installation Managing agents fees Other direct costs 2,982 19,634 2,950 2.317 28,570 2,532 313 531 7,108 4.237 7,244 3,092 37.688 44,276 The8e costs relate to Pound Close. GRANTS PAYABLE Perlod 1.423 to 31.6.24 Year ended 31.3.23 Assistance to individuals Assistan￿ to non-scheme institutions Assistance to Scheme institutions 28,558 9,017 23,C4JO 23,433 11,162 23,000 57,676 57.595 The t¢)tal grants paid to institutions during the period was as follows: Perlod 1.4.23 to 31.5.24 Year ended 31.3.23 Lapworth Old People's Associalion Lapworth CofE Primary Schcol Scheme payments (see note below) LapY￿rth CofE Primary School- outside educalional area Charitable assistan 1,700 6,867 23,000 200 250 8,582 23,000 2,580 32,017 34,162 Scheme payments comprise: 2023 2022 The Churchwardens of St Thomas, NLrthurst The Churchwardens of St Mary'8 L8PWOrth 3,000 20,000 20,000 23,000 23,000 Page11 continued... THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS • continued FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 GRANTS PAYABLE - continued The Sch8m8 relates to the Chariiy Commission Scheme of 1963 specifying institutions that must benefft from the income arising in The Lapworth Charity. The total grants paid to irKlividuals during the period was as follow8: Perlod IA.23 Year ended 31.3.23 31.5. Residants, christma8 hampers Charitable assistance Chiropody Wnter fuel allowarui Educational supp¢)rt Contributions towards children8' bus pa8se8 495 3250 804 670 8,100 13,300 868 12,400 2S,668 23,433 SUPPORT COSTS Administration Goveman¢e Costs C08t8 Tota18 Inve8trr*nt management costs Almshou888 provision Assi8tan¢e to individuals Assistsnce to non-Schem• institutions Assistance to Scheme institutions 9.968 16,595 4,980 4,980 4.980 1.201 2,001 601 601 601 11.159 18,596 S,581 5,581 5,581 41,493 5,005 46,498 TRUSTEES, REMUNERATION AND BENEFITS There was no Irustees. remuneration or other beneffts for the period ended 31 May 2024 or for the year erKled 31 March 2023. Trusta88' •xpen8eS No trustees (2023: Nil) have been relmbursed or received expenses during the period {2023: £Nil). Page 12 continued,.. THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOO 1 APRIL 2023 TO 31 MAY 2024 10. STAFF COSTS Period 1.4.23 Year ended 31.3.23 31.6.24 Wages and salarie8 15,617 12,S62 16.617 12.562 The charity has one part time employee who does not have any management responsibilty and as such the charity has no key management personnel. Tha average monthly number of employee3 during the period was as fol&)ws: Porfod 1.4.23 to 31.5.24 Year anded 31.3.23 Administration No employees re￿Ived emolurnent8 in excess of £60,OCrfJ. 11. TRANSFER OF ASSETS Included in Other Expenditure for the year is the transfer of assets. On 30 April 2024, this entrty, The Lapworth Charity (unincorporated, charty number 210948) transferred all rt's assets to a new CIO (charty number 1200967), 8180 called The Lapworth Charity. The asset transfer included all funds and property as at 30 April 2024. and totalled £5,706,486, of which £5,428.901 related to unrestrided funds and £277,585 related to restricted. The link charity, The Lapworth Educational Foundatlon, ramalns linked with the unincorpor8ted charity, and will be linked in du8 course to the new CIO. 12. STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD TO 31 MARCH 2023 The Lapworth Educational Foundation Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 5,261 5,261 Charitable actlvltles Almshouses provision 51,621 51,621 Investment income 97,792 2,821 100,613 Total 154.674 2,821 157,495 EXPENDITURE ON Raising funds 24,908 25,374 PwJe 13 continued... THE LAVWORTH CHARrrY NOTES TO THE FINANCIAL STATEMENTS - contlnued FQR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 12 STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD TO 31 MARCH 2023 - contlnued The Lapworth Educational Foundation Unrestricted Restricted funds funds Total funds Charitable actlvities Almshouses provision A88i8tance to individuals Assistsnce to non-scheme institutions A88iStance to Scheme Institutions 58,914 27,824 9,553 27,391 58,914 27,824 15,553 27,391 6,OCQ Total 148,588 6,468 155,056 Net gainsl(losses) on investmants {143.910) 2,690 (5,694) (146,914) NET INCOMEI(EXPENDITURE) Transfer4 betrMen funds {137.824) (4,000) 2,690 19,341) <144,475) 4,000 N•t movement In fvnds {141,824) 2,690 {5,341) (144.475) RECONCILIATION OF FUNDS Totsl funds brought lo￿ard 5.418.852 256,549 108,524 5,783,925 TOTAL FUNDS CARRIED FORWARD 5,277,028 259,239 103,183 5,639.450 13. NET GAINS I (LOSSES) ON INVESTMENTS These conwri8e: 2023 2022 Unrealised gain on freehold properties Unrealised gain on investment properties Unrealised gain l (loss) on fixed asset investment portfolio Realised gain on fixed asset investment portfolio 210,000 325,796 141,983 13.993 (238,089) 91.171 (146,918) 691,772 Page 14 continued... THE LAPWORTH CHARITY NOTES TO THe FINANCIAL STATEMENTS - contlnued FOR THE PERIOD 1 APRIL 2023 TO 31 MA Y 2024 14. TANGIBLE FIXED ASSETS Freehold propety Computer equipment Totals COST OR VALUATION At l April 2023 Disposals 1.350,fyJO (1.350,000) 1,793 1,3S1,793 (1,793) (1,351,793) At 31 May 2024 DEPREC￿nON At 1 April 2023 Charge for year Eliminated on disposal 1,672 121 11.793) 1,672 11,793) At 31 May 2024 NET BOOKVALUE At 31 May 2024 At 31 March 2023 1,350,000 121 1,350,121 Cost or valuati¢M at 31 May 2024 1$ represented by.. The freehold prop8rties were valued by John Earle & Son LLP. Chartered Surveyors and registered valuers on 28 June 2022 on a rnart(et value basis. These properti&s will continue to be revalued on a periodic basis, as considered appropriate by the Trustees. 15. FIXED ASSET INVESTMEKrs Listed inve8tment8 Unlisted investments Totals MARKET VALUE At 1 April 2023 Additions Disposals Revaluations 1,725,470 2,326,208 206.669 205,659 11.905,383) 1643,506) 12,648,889) 76,833 42,768 119,601 600,738 At 31 May 2024 102,579 102,579 NET BOOK VALUE At 31 May 2024 102,679 102,579 At 31 March 2023 1,725,470 600.738 2,326,208 The investment portfolio is in mulu.. &8set global funds and is valued at fair value at the balance sheet date. Page15 continu8d... THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 I& FIXED ASSET INVESTMENTS - contlnued Cost or valualion at 31 May 2024 is represented by: Llsted Inv89tments V8luation in 2022 Valuatron in 2023 Valuation in 2024 Cost 4,721 16,748) 2,849 101,757 101679 16. INVESTMENT PROPERTY FAIR VALUE At 1 April 2023 Dispo8a18 1,870,885 (1,870,886) At 31 May 2024 NET BOOK VALUE At 31 May 2024 At 31 March 2023 1,870,885 Fair value at 31 May 2024 is represented by.. The investment properties were v81ued by John Earf8 & Son LLP, Chartered Surveyors and regi3tered valuers on 28 June 2022 on a market value basis, The ag￿UltUral land held in investment properties wim be revalued subject to periodic reviews. 17. DEBTORS: AMOUNTS FAWNG DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors P￿payMentS 4,450 4,700 8,191 4.162 4,162 17,341 Page 16 continued... THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD I APRIL 2023 TO 31 MAY 2024 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Taxation and social security Other creditors 2,177 26,987 29.173 19. MOVEMENT IN FUNDS Net movement in funds Transfers beiween furKIs At 31.5.24 At 1.4.23 Unr¢stri¢tod fund8 General fund 6,2TI,028 16,273,026) (4,002) Restrkt¢d funds Almshouses exlr801dinary repair fund Church extraordinary repair fund The Lapworth Educational Foundation 260.333 8,906 103,183 (260,333) (8,906) 1,110 4,002 108,295 362,422 (268,129) 4,002 108,295 TOTAL FUNDS 5,639,450 (5,531,155) 108,295 Net movement in funds. included in the above are as foll¢>4V5 Incoming re8ource8 Re80urces expended Gains and losses Movement in fund$ Unr09tr1ct•d funds General fund 159,733 (5,590,639) 157.880 (6.273.026) R•strict•d funds Almshouses extraordinary repair fund Church extraordinary r8pair fund The Lapworth Educational Foundation (268,840 (8,745) (6,644) 18.507 {161) 4N90 1250.333) 18,906) 1,110 3,264 3,2fA (284,229) 22,836 (258,129 TOTAL FUNDS 162,997 15,874,868) 180,716 15.531.155> Page 17 continued... THE LAPWORTh CHARITY NOTE8 TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 19. PK)VEMEHf IN FUNDS - contlnuod Comparatives k>r movwient In fund8 Net movement in funds Transfers between funds At 31,3.23 At 1.4.22 Unrestrfcted fund8 General fund Freehold propety revaluation resep 4,718.852 700,OCMJ (137.824) {4,000) 4,577.028 700,000 5,418.852 {137,824) (4,0(X)} 5,277.028 Restrlct•d fund8 Almshouses e*Araordinary repair fund Church extrdordinary repatr fund The Lapworth Educational Foundatlon 247,566 8,983 108,524 2,767 (77) (9,341) 250,333 8.9C 103.183 4,000 365,073 (6,651) 4,000 362,422 TOTAL FUNDS 5,783,925 (144,475) 5,639.450 C￿1paratIVe net movement in funds. included in the above are as follows: Incomlng resources Resources expended Gains and bsses Movement in furKIs Unr•strfct•d funds General fund 154,674 (148,588) (143,910) (137,824) Restrlcted fundg Almshou88s extraordinary repair fund chU￿h extraordlnary repair fuNI The Lapworth EdueAtional Foundation 2,767 177) (5,694) 2,787 (77) (9,341) 2,821 (6,468) 2,821 (6.468) (3,004) (6.651) TOTAL FUNDS 157,495 (155.056) (146,914) {144,475) Page 18 continued... THE LAPWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 19. MOVEMENT IN FUNDS - contlnued Purposes of restrlcted funds: The Lapworth Educaticnal FourKlation This fund discloses the activity and fur￿$ movement of The Lapworth Educattonal Foundation whose status is that of a linked chartiy to The Lapworth Charity , Almshouses extraordinary repair fund This fund relates to the extraordinary repair, improvement or rebuilding of almshouses bel¢)nging to the Charity. Church Extraordinary repair fund This fund relates to Ihe extraordinary repair, Improvement or rebuilding of the Parish Church of Lapworth Revaluatlon re8•rve This fund rèlates to the revaluation of frAed assets since the valuatlon detemiined in 2002.The increase prior year is a refiectton of the valuation undertaken in June 2022 of all the properties held by the Charity. 20. RELATED PARTY DISCLOSURes There were no related party transactions for the period ended 31 May 2024 and for the year ended 31 March 2023, 21. LINKED CHARITIES These financial statemnts include the income and expenditure and al80 the assets and liabilities of two linked charities. The Lapworth Charity (the reporting tharity) and The Lapworth Educational Foundation. These charities have a separate legal status but have the Same trustees, The amount The Lapworth Ch8rty owed Tha Lapworth Educational Foundation at 31 May 2024 was £4.16212023.' £4.162). The Honry Billing Trust which provided &88istanc& to the poor of the parish was subsumed into The Lapworth Charty in 1996. This assistance e￿ntInueS with the provision of help for winter fuel wrthin the grants to individua15 heading. Page 19 THE LAPWORTh CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 Peri 1.4.23 Year en 31.5.24 Total funds 31.3.23 Total funds Unrestricted furKI8 Restricted funds INCOME AND ENDOWMENTS Donatlons and legacles Donations 5,261 Investnwnt Income Rents raceived VVayleav88 and Canal Trust Interest receivable Dividend8 43.035 43.035 223 48,310 223 234 51,846 66,803 80,067 100,061 103,325 1 (KJ.613 Charltablo actfvltl•• Weekly maIntenan￿ contributions for Pound Close Almshouses 69,672 69,672 51,621 Total Incomlng r•sour¢e8 159,733 3,264 162,997 157,495 EXPENDITURE Investm•nt management costs Portfolio management Repairs and maintenarKe Managing agents fees InsurarrA costs Other direct costs 10.559 10,632 2,619 1,695 772 11.203 10,632 2,619 1,595 772 8,402 3,693 3,232 1,258 26,077 26,721 16,585 Charltabh actlvitle• Utslty costs Repairs and maintenance Insurance 14A subscriptions Llfe Ilne maintenance and installalion Managing agents fees Other direct costs Grants to institutions Gran18 to indNiduals 2,982 19,634 2,960 2,982 19.634 2,960 2,317 28,570 2,532 313 208 7,244 3,092 34,162 23,433 531 7,108 4237 26,017 25,558 531 7,108 4,237 32,017 25,558 6,000 89,163 6,000 95,163 101,871 This ptye does not form part of the statutory financial sL2tements Page 20 THE LAPWORTh CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 APRIL 2023 TO 31 MAY 2024 Period 1.4.23 Year en 31.3.23 Total funds ded 31.5.24 Total funds Unrestricted funds Restricted funds Charltable actlvlties Other Transfer of assets to Lapworth CIO 5.428,901 277.585 6,706,486 Support costs Admlnlstratlon Costs Wages Insurance IT costs General admin. cost8 Professional charges Bank charges Room hire Depreciation of tangible fixed assets 15,617 15,617 12,562 1,086 3,191 20,676 39 1,086 3,191 20.675 39 336 2,888 14,317 349 363 121 41,493 41.493 31,385 Governance costs Independent ex8mination 6,006 6,005 5,215 Total resources expended 5,590,639 284,229 5,874,868 155,056 Not Incomè b8for• galng and108s88 15,430,906) (280,966) (5,711,871) 2,439 Reallsed recognised galn8 and Ios8es Realised gainsllosses on investments Unre81ised gains (losses) on investments 69,472 61,114 119,602 91,171 <238.085) 21,194 N•t (exp•ndltureyln¢om• 16,273.026) 1268,129) (5.S31.1561 (144,475) This page does not fomi part of the statutory fin8ncial statements Page 21