Charity colmmisli', 13 NOV 2025 THE CHARLES LANE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Regtstered Ch¢7rity No 216080 CONTENTS Page Legal and admlnistratlve information Report of the trustees Report of the Sndependent examiner Statement of financial artivitles Balance Sheet 9- 14 Notes and attounting policies
THE CHARLES LANE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Chorfty registrntion.. 216080 rrustees.. Shella Huckfleld-Powell Dr Marcus Brain Coun¢illor Roger Harmer Stephen Jackson Susan Jackson Penelope Wagg Susan Weake Chair Reqistered office.- 101 Hazelwood Road, Acocks Green, Birmingham, B27 7XW Independent exomlner.. Malcolm Willcox, FCCA Chartered Certified Accountant Hagley House. 93 Ha6ley Road, Edgbaston, Birmingham, B16 8LA 8qnker5.' HSBC Bank plc 22-24 Colmore Row, Birmingham, B3 2QD Investmentmanager.. Brewin Dolphin Limited 9 Colmore Row, Blrmlngham, B3 2BJ Monoglng ugent.. Carters, Chartered Surveyor5 4 Albany Road, Harborne, Birmingham, B17 9JX
THE CHARLES LANE TRUST REPORTOF THE TRUSTEES The trustees present their report wf(h the financial statements of the charity for the year ended 31 December 2024. The trustee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021. Objertives and activitie5 Purposes anduims The Charle5 Lane Trust is established to provide accommodatlon for elderly people re5idin8 In almshouses owned by the charity located in Fox Hollies Road, Acocks Green, Birmingham. After first defraying the management costs of the charity, all of the charitvs income 15 to be applied as follows.. To maintain an extraordSnary repair fund for the repalr, improvement or rebuilding of the almshouses belonging to the charity. To applythe charitvs remaining income forthe benefit of the almspeople of the charty or any of them in such manner as the trustees think fit from time to time. Ensuring our work dellvers our Gims We review our aims, objective5 and artivities each year. This review loo at what we achieved and the outcomes of our work in the previous 12 months. The review look5 at the success of each key activity and the benefits they h&ve brought to those groups o* people we are set up to help. The review also helps us to ensure that our aims, objectives and artivities remain focused on our stated purpose. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim5 and objectives and in planning future activltles. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Achlevement and perfomiance Charitable activities During the year, the chaYitVs investment5 produced a satisfactory level of intome enabling the charity to continue to meet its objectives and activities. The trustees have also made iegularvlslts to the almshouse residents in a pastoral capacity and have reiVed feedback on how to improve the servSce provided by the charity. Furthermore, the trustees of the charity have met on a regular ba515 throughout the year and have reiVed and accepted report5 from the clerk and from the warden.
THE CHARLES LANE TRUST REPORT OF THE TRUSTEES - contlnued Financlal review Investment policy ond objectives The charity needs to produce the best financlal return within an acceptable level of rlsk and any programme related investments will be considerèd by the trustees separately rather than forming part of the Investment portfolS0. The charity's need for income is, to some exient, dictated by the wish to help maintain the operation5 and object5 of the charlty and so the investment objective is to generate an income return of approximately 4% per annum over the long term. In addition, the trustees are looking for long-term real returns such that any income increases at least in line with inflatlon along with the real value of the assets over the long term. The trustees understand that in orderto mitigate inflation riskthis is likelyto mean that Investment w511 partly be in real assets, such as equities, and that in the short term capital value of investments will fluctuète. The trustees are able to tolerate volatility in the capital value of investments as long as the charity 15 able to meet Its short term commitments through accumulated income or Ilquid spendable capital assets. The chariws assets can be invested widely and should be diversrfied by asset class, geographical spread, investment manager anil by sector and security. Asset classes that the trustees consider could be included within the portfolio are cash, gilts, corporate bonds, equities, property, structured products, private equitv, commodities and any other asset that 15 deemed to be suitable for the chartty. Access to these asset classes could be achieved dirertly or via collective investment vehlcles such as investment trusts. The trustees are charged with agreeing a suitable asset allocation strategy with a firm of independent investment managers who have been delegated with the aim of achieving the chariws overall investment objectives. Liquidity requirements The charlty tends to utilise income from weekly maintenance payments from the charity's almshouse residents and inccime received from its investment portfolio. The trustees will retain the majority of any exce55 income to the extent it is not invested as such to try and smooth any poor years of investment returns. To allow for volatility in income levels produced by the charivs investment portfolio, the trustees wish to maintain a year's worth of expenditure in cash and investments. Time horizon The charity is expected to exist in perpetuity and investment5 should be managed to meet the investment objective. Ethicol Considerotions The chaTItVs assets should be invested in line with its aims. The trustees do not wish to adopt an exclusionary poIIcyi but individual investments may be excluded if perceived to conflict with the tharity's purpose. Trustees also acknowledge that some companies operate in areas that negattvely affett the environment in variou5 ways or in areas where human rights are not observed. However, in the majorlty of cases, thetrustees acknowledge that most major listed companies will also have made positive contributions for community involvement and equal opportuni(ies any may make positlve contributions to the environment. These positive asperts help counteract any such negative effect5.
THE CHARLES LANE TRUST REPORT OF THE TRUSTEES - continued Financial review contlnued Reserves policy It is the policy of the trustees to maintain a level of reserves sufficient to ensure the continued operation uf the charity's activities. In particular, the trustees have agreed that an amount is to be held in the charity's extraordinary repair fund at the end of each year in order to maintain the charity's almshouses and to meet any future unexperted repair costs. The balance carried forward at 31 December 2024 in the charitls extraordinary repair fund is deemeil to be sufFicient by the trustees. Finon¢itrlreview The statement of financial activities for the year ended 31 December 2024 shows incoming resources of £54,85212023- £52.3851 and resources expended of £71,71912023 - £92,809). The charity's investments during the year ended 31 December 2024 have generated realised and unrealised gains totalling £38,30712023 gains- £36,623) which the charity's net funds increased from £724,889 as at 31 December 2023 to £746,329 as at 31 December 2043. Structurei governance and management Governing document The charity Is an unincorporated charity governed by a scheme of the Charity Commission dated 6 December 1979. Trustees The power to appoint new trustees is set out in the charitvs governlng document. The Board of Trustees shall consist, when Complete, of nine members.. one ex-officio trustee, two nomlnatlve trustees and six CO-OPtatlve trustees. The ex-offitio trustee shall be the Vicar of the Ecclesiastical Parish of the Church of the Ascension, Hall Green, Birmingham. The nominative trustees shall be appointed by Birmingham City Councll. The co-optative trustees shall be persons who through residence, occupation, employment or otherwlse have special knowledge of the area of the Ancient Parish of Yardlev. All trustees give their time voluntarily and receive no benefit5 from the tharity. Any expenses reclaimed from the charity are Sel out in the notes to the flnancial statements.
THE CHARLES LANE TRUST REPORT OF THE TRUSTEES - continued StructUTe, governance and management - contlnued Organisationalstmrture The trustees who have served during the year are disclosed on page l under le881 and administrative information. All matters of policy, management and any other items as circumstances required are determined by the trustees who meet several time5 a year. Indurtion and training of new trustees As part of their induction programme new trustees are rnade aware of their responsiblllties as trustees of The Charles Lane Trust. This inductlon includes an introduction to the objertives. scope and policies of the charity and information on trustee responsibilitles together with a copy of the charlty's governing document. Rlsk monogement The trustees have a duty to Identify and review the risks to whSch the charity is exp05ed. Independent examlners Malcolm H J Willcox FCCA, Chartered Certified Accountant, has expressed his willingness to continue in office as the independent examiner. On behalf of the Board SHEILA HUCKFIELD-POWELL Chair 3 November 2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARLES LANE TRUST I report on the financial statemeftts of the charity for the year ended 31 December 2024 which are Set out gn pages 7tol3. Respectlve ress>onsibllltles of trustees and eJEaminer The Charlty's trustees are responsible for the preparation of the financS3l statements. The charity's trustees consider that an audit is not required for this year urtder sectlon 144 of the Charities Act 20111.the Charitles Act") and that an independent examination is needed. It Is my responsibility to.. examine the financial statements under section 145 of the Charities Act; to follow the procedures lald down in the general Directlons glven by the Charity Comrnission lunder Section 14515llbl of the Charities Act,. and to state whether particular matters have come to my attention. Independènt examlnerfs statement I have completed my examtnation. I confirm that no material matter5 have Come to my attention which gives me cause to believe that in. any material respect.. the accounting records were not kept In accordance with 5ecti¢n 130 of the CharSties Act- or the financial statements did not accord with the accounting records,. or the financial statements did not comply with the applitable requirements concerning the fomi and content of financial statement5 Set out in the Charities IAccount5 and Reports) Regulations 2008 other than anv requirement that the financial statements give a 'true and lair, view which is not a matter considered as part of an independent examination. I have no concerns and I have come actoss no other matter5 in connectlon with the examination to which attention should be drawn in this report in orderto enable a proper understanding of the linancial statement5 to be reached. MALCOLM H J WILLCOX FCCA Chartered CertNfiedAccountont tJnd StotutoryAuditor Birmingham 3 November 2025
THE CHARL LANE TRUST STATEMENT OF FINANCIAL ACtIVlTIES YEAR ENDED 31 DECEMBER 2024 Extraordinary Reserve Fund 2024 Total 2023 Total Notes General Fund Restricted Fund Intome and endowments Charitable activities.. Residents, contributions 37,990 37,990 36,396 Investmeni income 16,862 16,862 15,989 54,852 54,852 52,385 Expendlture Investment management CQSts 5,809 5,809 4,670 Charitable actlvltles.. Direct costs Support costs 46,820 19.090 46,820 19,090 74,881 13,258 71,719 71,719 92,809 Net expenditure 116.8671 118,8671 140,4241 Realised gains 429 2,784 3,213 10,932 Unreali5ed gains 471 9,066 25,557 35.094 25,691 Net 5urpluslld•lScltl 115.9671 9,066 28.341 21,440 1 3,8011 Transfers between funds 4,126 1 4,1261 Total funds brought forward 155,986 110,610 458,293 724,889 728,690 Total funds tarried fonvard 144,145 119,676 482,508 746,329 724,889
THE CHARLES LANE TRUST BALANCE SHEET 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 28,138 693,038 28,138 668,729 io 721,176 696.867 CURRENT ASSETS Debtors Cash at bank li 19,991 16,744 21,530 13,866 36,735 35,396 CREDITORS-fvlling due within one yet7r 12 111.5821 17,3741 NET CURRENT ASSErs 25,153 28,022 746,329 724,889 ACCUMULATED FUNDS Unrestricted funds Restricted funds 14 14 263,821 482.508 266,596 458,293 746.329 724,889 Approved tind signed on beholf Of the Boord oft) 3 November 2025 by SHEILA HUCKFIELD-POWELL Chair
THE CHARLES LANE TRUST NOTES AND ACCOLINTING POLiaES YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basls ol preporlng the fjnancial statemems The charity ccn5tTtute5 a public benefit enttty as defined by FRS102. The financial 5tatement5 have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued In Ortober 2019. the Financial Reporting Standard appllcable inthe United Kingdom and Republicof Ire&nd IFRS1021. the Charttles Act 2011, and UKGenerally Accepted Accounting Pr8Ctite. The financial ststements have been ppared under the hL8torlcal c05t conventton with the oxception of Investments which ale included at maiketvalue. Income All Income Is recognised in the Statement of Financial Activities onte the charfty has entitlement to the funds, ic is probable that the Income wlll be recelved, and the amount czn be measured rellably. Expendlture Llab111ties are recognised as expenditure a5 Soon as the is a legal or conMructNe obligation committing the charity to that expenditure. it is protKble that a transfer of economic beneflts wlll be rÈquired in settlement8nd the amount of the obllgatlon can be rnea5ured reliably. EXpendure is accounted foron an accruals basisand has been classlfled under headings thataggregate a11£05t related tothe category. Where costs cannot be direttly attributed to partlcuL8r headlngs they have beer¢ allocated to actwrties on a ba51S consistent with the vse of wources. Going concem The financSal statement5 have been prepared on a going tontern basis as the trustees believe that no material uncertainties exist. Tangible fixeil assets Depreciation Is provided at the following annuèl otes in order to wrffe off each asset over its estlmated 5elul life. Freehold13nd and buildings Freehold ground rents Freehold land building5 and freehDld ground rents have not been depreciated because the trustees believe the residual value of freehold land and buildings and freehold Eround rent5 will be at least equal to costs. Taxatlon The charity is exempt from taxon its charitable activtties. The chartiy Is also not registered forvalue added tèx IVATI and. in these financial staternents. Whe applkable, expend}tU is 5howTh inclusive of VAT. Fund accountlng Llnrestrlctedfundscan be used in accordancewiththe rharitèble objettivesatthe dlscretlon of thetrustees. Restrfcted fvnds can only used fDf particular restricted purposes within the oblects of the charfty. Restrlctlons arise when speclfled bythe donor or when funds are raised for partltular restritted purposes. Further explanatlon of the nature and purpose of each fvnd 15 included in the notes to the.financial statements.
THE CHARLES LANE TRUST NOTES AND ACCOUNTING POLICIES - Continued YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - Continued Investments Investments are stated at market value at the balance Sheet date. The statement of financial artivit1è5 includes thè net gains and losses on revaluations and disposals throughout the year. Routine rnaintenance The charity has established a regular programme of tytlical repalrs and maintenance. Costs are charged to the statement of financial activities in the year in which they are incurred. Unrestricted Funds Restricted Funds Total 2023 INVESTMENT INCOME Flxed asset Investments 16,862 16,862 15,989 RAISING FUNDS Investment management Costs 5,809 5,809 4,670 Dirèct Costs Support Costs Total CHARITABLE ACTIVITIES COSTS Direct costs Support costs 46,820 46,820 19,090 19,090 46,820 19,090 65,910 2024 2023 DIRECT COSTS OF CHARITABLE ACTIVITIES Repairs, maintenance and gardening Refurbishment expenses Council tax Ga$ and electrlcity Water r3te% Warden's salary Bad debts 10,523 21.766 28,842 1,154 14,723 2,636 5,760 288 22.587 5,168 4,320 3,934 46,820 74,881 io
THE CHARLES LANE TRUST NOTES AND ACCOUNTING POLICIES - Continued YEAR ENDED 31 DECEMBER 2024 2024 2023 SUPPORT COSTS Telephone Insurance Sundries and subseriptions Agent's commlsslon Clerk's honorarium Indepelldent exaffliner5 fee5 Professional fees 1,198 4,271 1.350 4.440 4,000 1,800 2,031 1,095 4,003 1,253 4,440 667 1,800 19,090 13,258 Other Governance costs Total Support costs, included in the above are a5 follow5.. 13,290 5,8 19,090 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 202412023 £Nill. TRUSTEES, EXPENSES There were no trustees, expenses for the year ended 31 December 202412023 - £Nill. STAFF COSTS No employees were paid ove¥ £60,(0 during the year ended 31 December 202412023 - None). Freehold land F¥eehold and buildin85 ground rents Total TANGIBLE FIXED A55ETS Cost At l January 2024 28,038 28,138 At 31 December 2024 28,038 loo 28,138 Net book value At 31 December 2024 28,038 loo 28.138 At 31 December 2023 28,038 loo 28,138 li
THE CHARLES LANE TRUST NOTES AND ACCOUNTING POLICIES Contlnued YEAR ENOED 31 DECEMBER 2024 Extraordinary Repair Fund General Fund Trust Fund 2024 2023 io FIXED ASSET INVESTMENTS Market value as at 31 December 2023 Additions at C05t Disposals proceeds Reallsed gains on revaluation Unrealh5ed gains on revaluation 62,944 178,233 427.552 42,402 146,5401 668,729 42,402 156.4001 653,494 67,518 188,9061 1 9,8601 429 2,784 3,213 10,932 471 9,066 25,557 35,094 25,691 Market value as at 31 December 2023 53,984 187,299 451,755 693,038 668,729 Cost 406,662 402,210 Represented by UK Equities UK Bonds Non-UK equities & 5tructurEd products COIF Charities Investment Funds 85,790 58,691 344,276 204.281 83,831 55,885 334.173 194.840 693.038 668.729 Materral invèstmÈnts las a percentage of total porttoliol COIF Charities Investment Funds Vangtsard US Equity Fund 29.48% 13.2ti% 29.14% 6.20% 2024 2023 li DEBTORS- omountsfvlling due within one yeor Debtors 19,991 21,530 12 CREDITORS- amountsfvlling due within one yeor Accrued expenses 11,582 7,374 12
THE CHARLES LANE TRUST NOTES AND ACCOUNTING POLICIES Continued YEAR ENOED 31 DECEMBER 2024 Unrestricted Funds Restricted Fund 2024 Total 2023 Total 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed assets Inve5trnents Current assets Current liabilities 28,138 451,755 2,615 28.138 S93,038 36.735 111.5821 28,138 668,729 35,396 1 7,3741 241,283 34,120 111,5821 263,821 482,508 746,329 724.889 Net movement in funds Transfer between funds At 31.12.24 At 1.1.24 14 MOVEMENT IN FUNDS Unrestriclèd funds General fund Extraordinary repatr fvnd 155,986 110,610 115,9671 9,066 4,126 144,145 119,676 266.596 1 6,9011 4,126 263.821 Restrlrted fund Trust fund 458,293 28,341 1 4,1261 482,508 Total funds 724,889 21.440 746,329 Net movement In funds, Included In the above are as follows.. Incoming resource5 Resources expended Gains and losses Movement in funds 14 MOVEMENT IN FUNDS continued Unrestrlcted funds General fund Extraordinary repair fund 54,852 171,7191 900 9,066 115,9671 9,066 54,852 171,7191 9,966 1 6,9011 Restricted fund Trust fund 28,341 28,341 Total funds 54.852 171,7191 38,307 21.440 13
THE CHARLES LANE TRUST NOTES AND ACCOUNTING POLICIES Continued YEAR ENDED 31 DECEMBER 2024 15 DESCRIPTION OF FUNDS Unrestrlcted- General fund The General fund represents the free funds of the charity that are not designated for particular purposes. Unrestrlcted- Extraordinary Repalr fund The Extraordinary Repair fund is a designated fund which allows the charity to maintain its almshouses and to meet unexpected almshouse Tepair expenditure in the future. The balance held as at 31 December 2024 45 deemed by the trustees to be sufficient. Restrlcted-Trust fund The Trust fund Is a restricted fund consisting of freehold property and Investments to generate addltlonal funds for the ¢harity to enable It to contlnue to pursue its objettives. 16 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. 17 ULTIMATE CONTROLLING PARTY The charlty is controlled by the boaid of trustees. 14