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2022-12-31-accounts

Charity Number: 214654

THE LOUGHBOROUGH WELFARE TRUSTS TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE LOUGHBOROUGH WELFARE TRUSTS

ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 COMPRISING: -

THE LOUGHBOROUGH WELFARE TRUSTS

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their report and accounts in respect of the group of charities known as the Loughborough Welfare Trusts for the year ended 31 December 2022.

Registered office

20 Churchgate Loughborough Leicestershire LE11 1UD

Objectives of the Charity

The Charity is a registered Charity number 214654, established in 1972, and is governed by the Trust Deeds of the individual charities with the group.

The accounts have been prepared in accordance with accounting policies set out in Note 1 to the accounts and comply with the Charity’s governing document and applicable law.

The Charity’s objects are to provide benefit for the residents of the old borough of Loughborough, through the relief of poverty and sickness; the advancement of education; holiday assistance for the elderly or infirm. The Charity also provides homes for needy people who have been resident in the old borough of Loughborough, through its two almshouses. The two Herrick Charities provide assistance and/or benefit to females who were either born in the county of Leicestershire or have been resident with the county for at least five years.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Specific investment powers

The Charity’s endowments are held in trust in a portfolio, with grants and awards being made from the income received (in the form of dividends and interest) which is generated by those funds.

Professional advisers

HSBC Bank plc, 41 Market Place, Loughborough, Leicestershire, LE11 3EJ Chesterton House Financial Planning Ltd, 2-3 Rectory Place, Loughborough, Leicestershire, LE11 1UW Grout Insurance Brokers, Woolwich House 43 George Street, Croydon CR0 1LB

Administration

The Loughborough Welfare Trusts are administered by a Board of unpaid Trustees. The Trustees are appointed either by recommendation from the Board of Trustees at a general meeting, or on the proposition of a member at a general meeting.

The Trustees of the Charity during the year ending 31 December 2022 were as follows: -

Mr D Breen Mrs A Brennan Rev. H Cousin Mrs D Harper Mrs M Hutchinson Mrs A Maddocks Mrs J Mather

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THE LOUGHBOROUGH WELFARE TRUSTS

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Charnwood Borough Council appoints the nominated Trustees. These Trustees during the year, and at 31 December 2022, were as follows: -

Cllr S Forrest Cllr P Ranson (Chair) Cllr M Smidowicz Cllr E Ward

In addition to this the Mayor of Charnwood is an ex-officio member.

Activities and achievements

During this year of high inflation and high energy costs, the Trusts have continued to support an increasing number of families and individuals, with grants towards household goods, clothing and Primary School uniform.

The Edgar Corah bungalows have required considerable repairs. Work for damp issues, a new accessible driveway and roof repairs has all been undertaken.

Reserves Policy

The Capital Fund represents money set aside for the objective of securing the future of the activities of the Charity by the maintenance of fixed asset investments.

The Emergency Repair Fund was created because the Trustees consider it prudent to ear-mark an element of the reserves to meet unforeseen capital repair expenditure on the charity's properties. The level of this reserve is set at an amount the Trustees consider to be a reasonable estimate of any likely capital repairs costs.

The Accumulated income funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for any other purpose.

The total amount of reserves held at 31 December 2022 is £777,542 (2021: £910,080.97).

Grant-making Policy

Grants and awards are made in accordance with the criteria and objectives within the Trust Deeds pertaining to each of the charities.

Investments Selection Policy

Chesterton House Financial Planning Ltd meet with the Trustees annually to discuss the investment strategy, with the aim of maximising future investment income.

Review of major risks

At their meetings, the Trustees constantly review all the risks pertaining to their work. The Trust Deeds, to which Trustees abide making grants and awards, also serve to provide policies and procedures to mitigate any risk relating to that work. The Trustees have a 'Trustee Indemnity Assurance' policy with Grout Insurance Brokers, to further mitigate any risk.

Approved by the Board of Trustees on 2023 and signed on their behalf by: -

Cllr P Ranson

Chair

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THE LOUGHBOROUGH WELFARE TRUSTS

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE LOUGHBOROUGH WELFARE TRUSTS

Independent examiner's report to the trustees of The Loughborough Welfare Trusts

I report to the charity's trustees on my examination of the accounts of The Loughborough Welfare Trusts (the Trust) for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm no other matters have come to my attention that give me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which your attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

D R Gradon MA FCA

Chartered Accountant Cound & Co LLP 1 Princes Court Royal Way Loughborough Leicestershire LE11 5XR

Dated 2023

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THE LOUGHBOROUGH WELFARE TRUSTS

COMBINED REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Relief in Need
Relief in Sickness
Edgar Corah Charity
John Storer Education Foundation
The Reg Burton Fund
Loughborough Adult Schools
Herrick Charities – Widows and Single Women
Herrick Charities – Annuity Fund
The Loughborough Community Chest
EXPENDITURE
Relief in Need
Relief in Sickness
Edgar Corah Charity
John Storer Education Foundation
The Reg Burton Fund
Loughborough Adult Schools
Herrick Charities – Widows and Single Women
Herrick Charities – Annuity Fund
The Loughborough Community Chest
DEFICIT OF INCOME OVER EXPENDITURE
INCOME
Residents’ maintenance contributions
Investment income
Interest received
EXPENDITURE
Grants
Portfolio costs
Property Expenses
Administration costs
DEFICIT OF INCOME OVER EXPENDITURE		 2022
£
11,936.18
4,300.50
6,320.53
9,120.88
584.05
907.21
149.36
149.36
8,199.48
20,783.77
6,363.87
5,947.11
8,572.80		 £
5,976.41
3,585.84
5,671.64
6,215.45
358.58
836.70
239.05
239.05
5,856.88
28,979.60
41,667.55
(12,687.95)
5,074.00
23,310.39
595.21
28,979.60
41,667.55
(12,687.95)		 2021
£
10,766.54
4,614.68
2,070.88
11,738.99
217.97
1,274.28
145.31
145.31
7,280.12
22,015.35
6,808.23
1,707.60
7,722.90		 £
4,448.78
2,669.26
6,684.87
4,626.73
266.92
622.82
177.95
177.95
4,359.79
24,035.07
38,254.08
(14,219.01)
6,240.00
17,728.14
66.93
24,035.07
38,254.08
(14,219.01)

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THE LOUGHBOROUGH WELFARE TRUSTS

BALANCE SHEET AS AT 31 DECEMBER 2022

FIXED ASSETS
Investments
CURRENT ASSETS
Transact accounts
Cash at Bank
Freckletons payment on account
CURRENT LIABILITIES
Freckletons owed on account
NET CURRENT ASSETS
Represented By: -
CAPITAL FUND
Balance brought forward
Gain/(Loss) on disposal of investment
Increase/(Decrease) in valuation of investments
Transfer to Accumulated Income Fund
ACCUMULATED INCOME FUND
Balance brought forward
Add: Deficit of expenditure over income
Transfer from Capital Fund
EMERGENCY REPAIR FUND
Balance brought forward
Transfer from Capital Fund		 NOTE
£
69,101.40
6,417.95
206.17
75,725.52
0.00
898,080.97
(9,693.59)
(110,157.35)
(12,687.95)
0.00
(12,687.95)
12,687.95
12,000.00
0.00		 2022
£
701,816.56
75,725.52
777,542.08
765,542.08
0.00
12,000.00
777,542.08		 2021
£
£
824,847.29
83,629.88
1,772.63
0.00
85,402.51
168.83
85,233.68
910,080.97
831,409.16
19,274.65
61,616.17
(14,219.01)
898,080.97
0.00
(14,219.01)
14,219.01
0.00
12,000.00
0.00
12,000.00
910,080.97		 2021
£
£
824,847.29
83,629.88
1,772.63
0.00
85,402.51
168.83
85,233.68
910,080.97
831,409.16
19,274.65
61,616.17
(14,219.01)
898,080.97
0.00
(14,219.01)
14,219.01
0.00
12,000.00
0.00
12,000.00
910,080.97
3
910,080.97
898,080.97
0.00
12,000.00
910,080.97

Approved by the Trustees on 2023 and signed on their behalf by: -

Cllr P Ranson

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THE LOUGHBOROUGH WELFARE TRUSTS

RELIEF IN NEED

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Grants
Share of portfolio costs
Share of administration expenses
DEFICIT OF INCOME OVER EXPENDITURE		 2022
£
£
5,827.60
148.81
5,976.41
8,202.00
1,590.98
2,143.20
11,936.18
(5,959.77)		 2021
£
£
4,432.04
16.74
4,448.78
7,133.75
1,702.06
1,930.73
10,766.54
(6,317.76)
£
5,827.60
148.81
8,202.00
1,590.98
2,143.20		 £
4,432.04
16.74
7,133.75
1,702.06
1,930.73

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THE LOUGHBOROUGH WELFARE TRUSTS

RELIEF IN SICKNESS

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Grants
Share of portfolio costs
Share of administration expenses
DEFICIT OF INCOME OVER EXPENDITURE		 2022
£
£
3,496.56
89.28
3,585.84
2,060.00
954.58
1,285.92
4,300.50
(714.66)		 2021
£
£
2,659.22
10.04
2,669.26
2,435.00
1,021.24
1,158.44
4,614.68
(1,945.42)
£
3,496.56
89.28
2,060.00
954.58
1,285.92		 £
2,659.22
10.04
2,435.00
1,021.24
1,158.44

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THE LOUGHBOROUGH WELFARE TRUSTS

EDGAR CORAH CHARITY

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Residents maintenance contributions
Investment income
Interest received
EXPENDITURE
Property expenses
Share of portfolio costs
Share of administration expenses
DEFICIT/SURPLUS OF INCOME OVER
EXPENDITURE		 2022
£
£
5,074.00
582.76
14.88
5,671.64
5,947.11
159.10
214.32
6,320.53
(648.89)		 2021 2021
£
5,074.00
582.76
14.88
5,947.11
159.10
214.32		 £
6,240.00
443.20
1.67
1,707.60
170.21
193.07		 £
6,684.87
2,070.88
4,613.99

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THE LOUGHBOROUGH WELFARE TRUSTS

JOHN STORER EDUCATION FOUNDATION

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Grants
Share of portfolio costs
Share of administration expenses
DEFICIT OF INCOME OVER EXPENDITURE		 2022
6,060.70
154.75
6,215.45
5,237.34
1,654.61
2,228.93
9,120.88
(2,905.43)		 2021
£
£
4,609.33
17.40
4,626.73
7,960.90
1,770.14
2,007.95
11,738.99
(7,112.26)
6,060.70
154.75
5,237.34
1,654.61
2,228.93		 £
4,609.33
17.40
7,960.90
1,770.14
2,007.95

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THE LOUGHBOROUGH WELFARE TRUSTS

THE REG BURTON FUND

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Grants
Share of portfolio costs
Share of administration expenses
SURPLUS OF INCOME OVER EXPENDITURE		 2022
£
£
349.65
8.93
358.58
360.00
95.46
128.59
584.05
(225.47)		 2021 2021
£
349.65
8.93
360.00
95.46
128.59		 £
265.92
1.00
0.00
102.13
115.84		 £
266.92
217.97
48.95

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THE LOUGHBOROUGH WELFARE TRUSTS

LOUGHBOROUGH ADULT SCHOOLS

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Grants
Share of portfolio costs
Share of administration expenses
DEFICIT OF INCOME OVER EXPENDITURE		 2022
£
£
827.77
8.93
836.70
384.43
222.73
300.05
907.21
(70.51)		 2021
£
£
620.48
2.34
622.82
765.70
238.28
270.30
1,274.28
(651.46)
£
827.77
8.93
384.43
222.73
300.05		 £
620.48
2.34
765.70
238.28
270.30

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THE LOUGHBOROUGH WELFARE TRUSTS

HERRICK CHARITY – WIDOWS AND SINGLE WOMEN

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Share of portfolio costs
Share of administration expenses
SURPLUS OF INCOME OVER EXPENDITURE		 2022
£
£
233.10
5.95
239.05
63.63
85.73
149.36
89.69		 2021
£
£
177.28
0.67
177.95
68.08
77.23
145.31
32.64

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THE LOUGHBOROUGH WELFARE TRUSTS

HERRICK CHARITY – ANNUITY FUND

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Share of portfolio costs
Share of administration expenses
SURPLUS OF INCOME OVER EXPENDITURE		 2022
£
£
233.10
5.95
239.05
63.63
85.73
149.36
89.69		 2021
£
£
177.28
0.67
177.95
68.08
77.23
145.31
32.64

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THE LOUGHBOROUGH WELFARE TRUSTS

COMMUNITY CHEST

REVENUE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME
Investment income
Interest received
EXPENDITURE
Grants
Share of portfolio costs
Share of administration expenses
DEFICIT OF INCOME OVER EXPENDITURE		 2022
£
£
5,711.05
145.83
5,856.88
4,540.00
1,559.15
2,100.33
8,199.48
(2,342.60)		 2021
£
£
4,343.39
16.40
4,359.79
3,720.00
1,668.01
1,892.11
7,280.12
(2,920.33)
£
5,711.05
145.83
4,540.00
1,559.15
2,100.33		 £
4,343.39
16.40
3,720.00
1,668.01
1,892.11

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THE LOUGHBOROUGH WELFARE TRUSTS

NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES

1.1 Basis of preparation

1.2 Incoming resources

Incoming resources are accounted for when received.

1.3 Resources expended

Liabilities are recognised when paid.

1.4 Allocation of administration expenditure

Administrative expenses are allocated between the funds in the same proportion as is applied for the purposes of allocating the investment portfolio, as detailed in note 3.

1.5 Interest received on current account

Interest received is allocated between the funds in the same proportion as is applied for the purposes of allocating the investment portfolio.

1.6 Freehold Property

The value of the freehold property is not incorporated within the accounts as it was acquired without cost to the charity.

1.7 Investments

Quoted investments are valued at their closing middle market price on the balance sheet date. Realised and unrealised gains are reflected in the year in which they occur.

1.8 Accumulated funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for any other purpose.

The Capital Fund represents money set aside for the objective of securing the future of the activities of the charity by the maintenance of fixed asset investments.

An Emergency Repair Fund has been created because the Trustees consider it prudent to earmark an

element of the reserves to meet unforeseen capital repair expenditure on the charity's properties. The level

of this reserve is set at an amount the Trustees consider to be a reasonable estimate of any likely capital repairs costs.

1.9 Taxation

The charity is exempt from corporation tax on its charitable activities.

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THE LOUGHBOROUGH WELFARE TRUSTS

NOTES TO THE ACCOUNTS

2. ADMINISTATION EXPENSES

These costs have been incurred in the following areas:

£
Honorarium
6,084.00
Telephone calls
80.00
Postage
311.91
Stationery
91.60
Accountancy
1,110.00
Room hire
169.50
Bank charges
67.60
Insurance
248.20
Computer equipment
59.99
Legal Entity Identifier fees
0.00
Professional fees
350.00
3. FIXED ASSETS
Investments
£
Transact Portfolio
701,816.56		 2022 £
£
6,084.00
70.00
268.11
7.00
1,056.00
67.80
0.00
0.00
59.99
110.00
0.00
8,572.80
£
£
824,847.29
701,816.56		 2021 £
7,722.90
2022 2021
£
824,847.29

Investments

The Schedule of Investments has been verified to the Transact portfolio valuation issued by the Fund Managers for Charities within the period.

John Storer Educational Foundation
Edgar Corah Charity
Relief in Need
Relief in Sickness
Loughborough Community Chest
Loughborough Adult Schools
Reg Burton Fund
Herrick’s Charities: -
Widows and Single Women
Annuity Fund
Total Portfolio Valuation		 %
26.00
2.50
25.00
15.00
24.50
3.50
1.50
1.00
1.00
100.00		 General
Investment
Account
£
182,472.32
17,545.41
175,454.14
105,272.48
171,945.06
24,563.58
10,527.25
7,018.16
7,018.16
701,816.56

4. TRUSTEES

None of the Trustees (or any persons connected with them) received any remuneration during the year .

- 16 -

THE LOUGHBOROUGH WELFARE TRUSTS

MOVEMENT IN FUNDS STATEMENT 2022

Relief in Need Balance 2021
Income
Expenditure
Relief in Sickness Balance 2021
Income
Expenditure
Edgar Corah Balance 2021
Income
Expenditure
John Storer Education Balance 2021
Income
Expenditure
The Reg Burton Fund Balance 2021
Income
Expenditure
Loughborough Adult Schools Balance 2021
Income
Expenditure
Herrick Charities–Widows and Single Women Balance 2021
Income
Expenditure
Herrick Charities–Annuity Fund Balance 2021
Income
Expenditure
The Loughborough Community Chest Balance 2021
Income
Expenditure
Joint Balances at 31 December 2022		 £
(33,272.06)
5,971.46
(27,300.60)
(11,936.18)
(8,225.04)
3,585.84
(4,639.20)
(4,300.50)
40,087.75
5,671.64
45,759.39
(6,320.53)
(19,682.25)
6,215.45
(13,466.80)
(9,120.88)
670.38
358.58
1,028.96
(584.05)
(1,289.24)
836.70
(452.54)
(907.21)
1,423.61
239.05
16,620.66
(149.36)
1,873.61
239.05
2,112.66
(149.36)
(28,356.11)
5,856.88
(22,499.23)
(8,199.48)		 £
(39,236.78)
(8,939.70)
39,438.86
(22,587.68)
444.91
(1,359.75)
1,513.30
1,963.30
(30,698.71)
(59,462.25)

- 17 -