Langdale Trust Annual Report and Financial Statements Year ended 30 November 2023 Charity number .' 215317 Feltons Chartered Accountants Birmingham B13JR
Langdale Trust Report and financial statements Year ended 30 November 2023 Contents Pago Reference and adminislralive details Report of the trustees Independent Examinerfs report on the financial statements Statement of financial activities Balance sheet Notes forming part of the financial statements, ineorporaling.. statement of accounting policies Other notes lo the financial statements
Langdale Trust Reference and Administrative Details Forthe year ended 30 November 2023 Trustees MrT R Wilson Ms T M Wilson Mr J M Elvin Ms N Rieley Secretary Ms J Hobday Principal office and solicitors Veale Wasbrough Vizards LLP PO Box 3501 Bristol BS2 2FL Charity number 215317 Independent examiner Feltons 8 Sovereign Court 8 Graham Street Birmingham B13JR Bankers Lloyds Bank PIC Westminster House Branch Epona House Pheonix Way Swansea SA7 9HG Stockbrokers and investment advisers EFG Harris Allday 33 Great Charle5 Street Birmingham B3 3JN Page 1
Langdale Trust Trustees, Report For the year ended 30 November 2023 The Trustees present their annual report together with the financial slalemenls of Langdale Trust for the year ended 30 November 2023. The financial slalemenls have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland published October 2019. OBJECTIVES AND ACTIVITIES Policies and objectives Under the Trust's governing documen( the Trustees have wide powers of investment to apply the Trust Fund to charitable inslilulions or for other charitable purposes within the United Kingdom as the Trustees in their absolute discretion think fil from lime lo lime. The Trustees have consislenlly followed such terms since the Trust was founded and this is confirmed in the Trust's grant making policy. In shaping the Trust's objectives for the year, planning its activities, and reviewing the Trust's grant making policy, the Trustees have considered the Charity Commission's guidance on public benefit. The Trustees have monitored the progress of investments lo ensure that the Trust is in a position to achieve ils objectives. Activities for aehlevlng objectives The Trustees have rnade grants in the year lotalling £135,00012022.. £150.000} to various charitable insb'lutions in furtheran of the above objects. ACHIEVEMENTS AND PERFORMANCE Investment policy and performance The investments are in modest or medium risk securities selected to.. {al give a sufficient financial relum to enable the Trust to carry out its purposes effectively and without disruption.. maintain. or if possible, enhance the capital value of the investments funds and income derived therefrom in real terms", obtain a reasonable balance between capital growth and income so that the Trust can meet future as well as current needs". and avoid investments that are unduly risky. Ib) Ic) {dl The Trust's investments have performed satisfactorily against this policy although the Trustees note that given the fluctuations in the stock market. the portfolio and risk level will be kept under review. The Trustees have continued their policy of investing ethically. This investment policy is reviewed annually by the Trustees with the inveslment advisors and in line with Charity Commission guidance. The Trustees have taken financial advice during the year from Berry & Oak and are in the process of diversifying the investment portfolio by appointing several investment managers lo manage dis¢rete investment pols and this will be pul in place during the course of the next financial year. Page 2
Langdale Trust Trustees, Report (continued) For the year ended 30 November 2023 Financial review The allached financial slalemenls show the slate of the finances al 30 November 2023 which the Trustees consider to be sound. Dividends. interest and commission, being the charity's total income, amounted to £167,60812022.. £171,721) Total expenditure for the yea¥ amounted lo £171,30712022'. £172,237) The deficit for the year before gains and losses was £3.69912022'. £5161. AI 30 November 2023 the net 2ssels of the charity lolalled £5.131.162 12022.. £5,533,917}. This figure is represented by the expendable endowment fund of £4,877,45412022". £5,017,524), an unreslrided designated fund IA D Wilson Memorial Fund) of £232,011 {2022'. £486.606} plus a general fund of £21,69712022. £29,787), and propety valued al £224,40312022.. £224,403). The Trustees have included the investments of the charity at m2rket value which is considered to be the fair value on 30 November 2023, in accordance with requirements of the Statement of Recommended Practice.. Accounting and Reporting by Charities. STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution Langdale Trust is a charitable trust established by a settlement dated 27 May 1960 {Ihe Settlement}. This Trust was established lo enable gifts lo be made to other charities. On 8 June 2012 the Trustees passed a resolution pursuant to Section 280 of the Charities Act 2011 10 include additional administratThi& provisions in the settlement. Method of appointment or electlon of trustee$ Trustees are appointed by existing Trustees by Deed of AppOIntEnt. The Trustees who served during the year are sel out on page 1. Trustees meet annually to oversee the governance of the Tfust, agree the broad strategy and areas of activity for the Trust including consideration of granl-making. reserves and risk management. policies and performance. More lately the Trustees have mel virtually in line with Charity Commission guidance. On 23 July 2021, the Trustees passed a resolution pursuant to Section 280 of the Chartties Act 2011 to include provisions that permit electronic meetings to be held. Day-lo-day management of the Trusfs investments is delegated to the investment advisors on a discretionary investment managed basis. The Trustees annually review the statement of investment policy which governs the discretionary parameters. Day to day administration is delegated to the Trustee's solicitors, Veale Wasbrough Vr2ards. The Trustees are developing an induction pack for new Trustees and keep training needs under review. The Trustee5 assess applications and award grants in line wFth their grant making policy. Risk management There are no major risks identified by the Trustees, though the Trustees are aware that the majority of the Trust's investments are subject lo variations in the stock market to which the Trust is exposed. These risks are reviewed annually by the Trustees with the investment advisors who monitor the non-property inveslmenls. The Trustees also review the Trust's property portfolio with advisors. The Trustees receive details of seminars on matters affecting charities to assess them in meeting their training needs. The Trustees maintain appropriate insurance cover. Page 3
Langdal& Trust Trustee5' Rèport Icontinuedl For the year ended 30 November 2023 FUTURE DEVELOPMENTS The Trustees plan lo Conts'nue the Trusvs existing aclivilies, whilst monitoring investment markets. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees are responsible lor preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢licel. The law applicable lo Charities in England & Wales requi5 the Trustees to prepare financial statements for each rinancAal year which give a true and fair view ol the slate ol affairs of the charity and of the incoming resource5 2nd application of resources of the charity lor that period. In preparing these financial slalemenls. the Tru51ees are required lo.. select suitable accounting policies and then apply them cons1slenlly', observe the methods and principle5 in the Charities SORP 2D19 IFRS1021', make jtjdgrrents and accounbng eslimales Ihal are reasonable and prudent,. slate whether applicable accoLinling standards have been followed. subject lo any material departures disclosed and explained in the finanGial slalemenls.. prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Trustees are responsible for keeping pioper aceounling records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the charily and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of Ihe trust deed. They are also responsible lor safeguarding the a55els ol the charily and hence for taking reasonable sieps lor the prevention and detection of Iraud and other irregulerities. Thjs reTh)rt was appmved by the Tw51ees, on 12 July 2024 and signed on their behalf by.. Mr T R Wll$on Trustee Page 4
Independent Examiner's Report to the Trustees of Langdale Trust I report lo the charity Iruslees on my examination of the accounts of the charity for the year ended 30 November 2023 whtch are sel out on pages 6 10 16. Responslbilities and basls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl'}. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statement Your allenlion is drawn to the fact th81 the charity has prepared the accounts in accordance with Accounting and Reporting by Charities. Slalemenl of Recommended Praetice applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland Issued in October 2019 in Preferen lo the Accounting and Reportin9 by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul ha5 been withdrawn. l understand that this ha5 been done in order for the accounts lo provide a true and fail view in accordance with the Generally Accgptgd Accounting Praclits effective for reporting periods beginning on or after 1 January 2019. I have completed my examination. I confim) that no material matters have come to my attention in conneth'on with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act.. or the accounts do not accord with those re¢grds,' or the accounts do not cornply wlh the applicable requirements conceming the fom and content of accounts $01 out in the Charities (Accounts and Reports) Regulations 2008 other than any requiiemenl that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no contsrns and have come across no other matters in connection wth the examination to which attention sholtld be drawn in thi5 report in order to enable a propel understsnding of the accounts to be reached. David W Farnsworth FCA For and on behalf of Feltons Feltons Chartered Aecounlanls 8 Sovereign Court 8 Graham Street Birmingham B13JR 31 July 2024 Page 5
Langdale Trust ststement of financial activities for the year ended 30 November 2023 UJ)restrlctsd funds Endowmènt funds Total Total 2022 2023 Notes Income Investments 167,608 167,608 171,721 Total Income 167.608 167,608 171,721 Exp¥nditure Costs of raising funds. Management cosis Charitable activities.. Grants lo institutions Support costs 1,653 18,631 20.284 11.314 135.000 16.023 135,000 16,023 150,000 10,923 Total expenditure 152,676 18,631 171.307 172,237 Net incomellexpènditurel before investment gainslllossesl 14,932 118,6311 {3.699} 1516} Nel Ilosse5llgains on investments 10 1277.6171 1121,439) 1399.0561 1722,1421 Net incomellexpenditurel fOre transfers {262,6851 1140.0701 {402,7551 1722,658) Gross transfers between funds 10 Net movement in fund$ 1282,685) 1140,070) 1402.7551 1722,6581 Reconciliation of funds Total funds brought fOnard 516,393 5,017,524 5.533,917 6,256,575 Total funds ¢arried forward 253.708 4,877,454 5.131.162 5,533.917 All of the charity'$ activities derive from continuing operations during the above two financial periods. Page6
Langdale Trust Balance sheet as at 30 November 2023 2023 2022 Notes Flx•d a$s8t5 Investment property Investments 224,403 4,876,153 5,100.556 224.403 5.281,872 5,506,275 Current 3ssets Debtors Cash at bank and in hand 433 36.621 37,054 4,341 29.657 33,998 Creditors.. amounts falling due withrn one year 6,448 6,356 Net current assets 30,606 27.842 Net assets 5,131,162 5.533,917 Funds of the charity.. Unrestricted funds Endowment funds 10 10 253.708 4,877,454 516,393 5,017,524 Total funds 5.131.162 5.533.917 The financial statemen13 were approved by the board of trustees on 12 July 2024 and were signed on its behalf by.. Mr T R Vvilwn - Trustee The notes on page¥ 8 to 16 lorm part ofthe58 accounts. Paoe 7
Langdale Trust Notes to th¢ financial statements for the year ended 30 November 2023 l. Accounting policies al General infomiatlon Langdale Trust is an unincorporated charitable trust registered in England and Wales. The address of the piincipal Offi is given in the refence and administrab've details of the charity on page 1 of these financial statements. The nature of the charity's operations is to apply the Trust fund to charitable insliluiions or for other charitable purposes within the United Kingdom. b} Basis of preparation of financial statements The financial slalemenls have been prepared to give a 'lrue and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departu has involved folloring the Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their a¢count5 In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdralfvn. The financial slalement5 have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended PraGlice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iland issued in October 2019 (with early adoption permitlecti, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Pia¢li¢e. The charity constitutes 8 public benefit enlily as defined by FRS 102. The financial slalemenls are prepared under the historical cost convention unless otherwise slated in the relevant accounting policy note. cl Going eoncem The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of in¢ome and expenditure for a period of 12 months from the d8le of authorising these financial statements. The budgeted income and expenditure is sufficient with the level of resetves for the charity to be able to continue as a going concem. dl Incom8 rg¢ognition All incoming restsurces are included in the Statement of Financial Activities ISOFAI once the charity has entitlernent to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Page 8
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 {continued} 1. Accounting poll¢les Icontinuedl el Expenditure recognitio All expenditure Is accounted for on an accruals basis and has been classified under headings that aggregate all Costs related to the category. Expendblure is recognised where there is a legal or constructive obligati()n to make payments to third parties. it is probable that the settlement wll be required and the amount of the obligation ¢an be measured reliably. 11 is categorised under the following headings.. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with the administration of the eharily and compliance with conslitulional and statutory requirements. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is in¢Ju$ive of irrecoverable VAT. f) Investments Fixed asset investments are a form of financial instrument and are initially re¢¢gnised at their transaction cost and subsequently measured at fair value 81 the balance sheet dale. unless fair value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losse5, whether realised or unreali5ed. are combined and shown in the heading 'Net Ilosse5llgains on inveslmenls. in the Statement of Financial Activities. 91 Investment propèrty Investment property is carried at fair value detemiined annually by the Trusltres and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differen¢e in the nature. location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Stslement of Financial Aclivilies. h) Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon nolifi¢alion of the interest paid or payable by the bank. il Debtors Trade and other debtors are re¢ognised al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any tradè discounts due. Page 9
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 (Continued) 1. Accounting pollele$ l¢ontlnuedl j} Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. kl Liabilities Liabilitie5 are recognised when there is an obligation at the balance sheet dale as a result of a past event. il is probable that a transfer tsf economic benefit will be required in settlement. and the amount of the selllemenl can be e51imaled reliably. Liabilities are recognised at the amount that the ¢harily anli¢ipale5 11 will pay lo settle the debt or the amount il has ceiVed as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to setue the obligation. 11 Financial instruments The charity only has financial asset5 and financial liabilities ot a kind that qualify as basi¢ financial instruments. Basic financial instruments are initially reGognised al transaction value and subsequently measured al their selllement value. m} Fund accounting General funds are unrestricted funds which are available for use al the di$¢tion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Desi9nated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial stalemenls. The Endowment Fund is an expendable endowment. Income generated 1$ lo be used In furtherance of the charitable objectives. The fund is available lo spend al the discietion of the Trustees. n} Crltl¢al accountlng estimatss and areas of judgement Estimates and judgements a continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. The resulting accounting assumptions wll. by definition. seldom equal the related actu81 results. The estimates and assumptions that have a significant risk of causing a material adjustment to the ¢arrying amounts of assets and liabilities wthin the next financial year are the valuation tsf investment property. Page 10
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 (continued) 2. Investhnent income Unrestricted Endowment funds funds Totsl 2023 Totsl 2022 Income from listed investments 167.608 167,608 171,721 167.608 167,608 171,721 2022 total 163,501 8.220 171,721 3. Grants payablo to institutions Totsl 2023 Total 2022 Institutions . Agè UK Group Air Ambulance (Great Western) 81D Sejvices Birmingham Royal Ballet Birmingham St Mary's Hospice Birmingharn Selllemenl Bowel Cancer UK Bristol Drugs Proje¢t British Heart Foundation Bumblebee Conservation Trust Calvert Tru51 Carèrs UK The CorrymÈela Community Crohns and Colitis UK Deafblind UK Dementia UK tlodfoid Children's Holiday Farm Future Trees Trust Galapagos Conservation Trust Home Start Biislol Kingswood Trust Lake District Foundation The Leprosy Mission M8paction hrtarie Curre Cancer Care 4,000 5,000 4.000 6,500 4,000 3,500 4,000 8.000 3,500 4,000 2,000 5,000 4,000 4.000 2,IXJO 4.000 4,000 4,000 4,000 6,OCM) 3.500 4,000 4,000 2,000 4,0 4,000 8.750 3.500 4,000 2,000 2,000 6,000 4,000 4,0 4,OCN) Carried forward 69.000 83,750 Page11
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 Icontinuedl 3. Grants payable to Institutions Icontrnuedl Total 2023 Totsl 2022 Broughl forward 69,000 83.750 Marine Conservation Trust Meicy Ships National Trust Plaees2Ba Prisoners Abroad Rainforest Foundation Relate Royal Airfoice Benevolent RNIB Scout Asso¢ialion- 8th Darlington Icockerton Greenl Scout Group St George's Youth ¢lub Stroke Association Surrey Drug & Alcohol Care {SDACI Surviv81 Inlemational Tall Ships Youth Trust The House on the Com Up n, Away Warley Wood Community Trust Wildlife Trust Warwickshire Wildlife Tiusl Beds. Cambs & Northants Youth Moves 4.000 2,CilO 4,000 2,000 4,000 4,000 4.000 4,000 4.000 4,000 2,0 4,000 4,000 4.000 4.000 5.500 4,000 4,000 4,000 4,000 7,500 2,000 4.000 s,000 7.500 3,500 4,000 8,750 4.000 4,000 3,000 Total 135,OC4) 150,000 Total number of grants 35 Page 12
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 Icontinuedl 4. Analysls of support costs Unrestricted Endowmertt funds funds Total 2023 Total 2022 Independent examination fee Legal and professional fee Sundry expenses 1,950 14,000 73 1,950 14,000 73 1.860 9,000 63 16,023 16,023 10,923 2022 total 10.923 5. Trustees remuneration During the year no Iruslees received remuneralion12022 .' £nill or benefits in kind {2022 ". £nill. During the year no Iruslees received reimbursement of travel expenses12022 .' £nill. 6. Inv&stm•nt property Woodland Valuation AI 30 November 2022 and 30 November 2023 224,403 The property was pur¢hased 81 the end of 2016. The Trustees have considered the valuation and deem this appropriate for the current yoar. No formal valualion has been undertaken bul this will be reviewed on an annual basis. 7. Flxèd assèt Inv&$tments Listed se¢urities Market value Al 1 December 2022 Additions Disposals Revaluations 5.281,872 310.232 1242.4461 1473.505) AI 30 November 2023 4,876.153 Page 13
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 Icontinuedl 8. Debtors Total 2023 Totsl 2022 Amounts held by investment managers 433 4,341 433 4.341 9. Creditors- amounts fallin9 due within one year Total 2023 Total 2022 Accruals 6.448 6,356 6.448 6,356 10. Analysis of fvnds Balance at 10e¢ember 2022 Gains. Balance at lo$ses and 30 November transfer$ 2023 Incoming resources R•sourc•s expended Designated funds A O Wilson Memorial Fund 435,416 158,781 1135,739} 1277,6171 180.821 RevalLJalion reserve Woodland 51.190 51,19) Total designated funds 486,606 158,761 135.739 77.617 232.011 Genèral funds General fund 29,787 16.93 21.fj97 Totsl Unrestricted funds 516,393 167.608 152,676 277,617 253.708 Endowment funds Expendable endowment 5,017,524 118.6311 (121,439) 4.877.454 Total funds 5,533.917 167.808 171,307 399,0561 5,131,162 Page 14
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 Icontinued) 10. Analysis of funds Icontinuedl Comparative informatlon In respect of the preceding period is as follows . Balance at 1 December 2021 Galns, Balance at losses and 30 November transfers 2022 Incoming resources Resources expended Desiynated fund5 A D Wilson Memorial Fund 473.956 153,738 {150.711) 141,567) 435,416 Revaluation ieserve Woodland 51,190 51,190 Total designated funds 525,146 153.738 150.711 41.567 486,606 General funds General fund 31.503 9,763 111,479} 29,787 Total Unrestricted funds 556,649 163,501 162,1901 41,567 516,393 Endowment funds Expendable endowment 5,699.926 8.220 {10,0471 (680.5751 5,017.524 Total funds 6.256,575 171,721 172.237 722,142 5,533,917 Name offund Description, nature and purpose of fund AD Wilson Memorial Fund Thi5 is held in memory of a forrner chairman of Ihe Trust as a reserve for on. off larger project5 which rnay arise in subsequent years. A woodland was purchased in the year ending 30 November 2016 and is shown as an investment property. There is also consideration of a bursarylsponsoiship for training in forestry/wo(xlland management being explored. Expendable endowment fund This lund is the capital endowment arising from the creation of the trust which is held to generate income for use in furthering the charitable objects. The fund is available lo spend at the discretion of the Trustees. Pagè 15
Langdale Trust Notes to the financial statements for the year ended 30 November 2023 {¢ontinued} 11. Analy$ls of net assets betsveen funds Fund balances a130 November 2023 are represented by.. Unrestrictèd Endowment funds funds Total funds Fixed asset investments Investment property Current assats 4,876.153 4,876.153 224,403 37,054 6,448 5,131,162 224.403 35.753 16,4481 253,708 1,301 Total net assets 4,877,454 Comparative infoirnalion in respect of the preceding period 15 as follows '. Unrèstrictsd Endowment funds funds Total funds FJxed 8ssel Investments Investrnent property Current assets 278,707 224,403 19,639 6.356 516,393 5,003,165 5.281,872 224,403 33,998 6,356 5,533.917 14.359 Totsl net assets 5,017,524 12. Related party trans#etion¥ Ms Jairne Hobday Isecreiaryl is a partner of Veal W8sbrough Vizards LLP 2023 2022 Secretarial seNi¢es recharged by related party during the year 9.000 8.625 Page 16