LUTTERWORTH TOWN ESTATES
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
CHARITY NO: 217609
Simpson & Co (Accountants) Ltd Chartered Accountants 21 High Street Lutterworth Leicestershire LE17 4AT
LUTTERWORTH TOWN ESTATES
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 12 |
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LUTTERWORTH TOWN ESTATES
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022
The Trustees present their annual report and financial statements of the charity for the year ended 31 July 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and the Accounting and Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS102.
TRUSTEES
Mr R W Coleman Mrs C Harrington (Treasurer) Mrs G Robinson (Chairman) Rev C A M Styles (left in year) Mr M Utting Mrs M White Mr M Perks Mr W Zilberts C Weston
CHARITY ADDRESS
12 Market Street Lutterworth Leicestershire LE17 4EH
REGISTERED NUMBER
217609
STATUS AND ADMINISTRATION
In 1214 an annual Market Charter was granted by King John, and in 1414 a weekly Market Charter was granted by Henry the 5th. Both of these allowed the street vending of horses, cattle and other goods. Alms Houses and Houses for Industry helped the poor but in the 16th century, in the 43rd year of her reign, Queen Elizabeth made a statute for charitable purposes, and the regulation of the administration of properties, funds for charitable purposes and maintenance of the highways. At this time the Town Fathers came into being. Lutterworth grew and the activities of the Town Fathers are well recorded in minute books, property purchases, donations and bequests. Details are held in the record offices.
With government statutes in the 19th century (1834 Poor Laws) Charity Commissioners brought in schemes established by law, and Lutterworth Town Estates Charity came into being as it works today.
The present scheme was sealed on the 5th of September 1983, and regulated by a scheme of the Charity Commissioners of the 12th January 1972 and in the matter of the Charities Act 1960.
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LUTTERWORTH TOWN ESTATES
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022
ORGANISATIONAL STRUCTURE
Lutterworth Town Estates Charity is administered by 9 Trustees, these are appointed as:
One Ex-officio Trustee. The Rector of the Ecclesiastical Parish of St. Mary, Lutterworth.
Five Co-optative Trustees elected for a period of 5 years.
Three Trustees nominated by the Town Council for a period of 4 years.
Within this there are 2 appointed Trustees, Mrs Geraldine Robinson as Chair and Mrs Carole Harrington as Treasurer.
The Trustees utilise the service of a self-employed bookkeeper. The properties are managed by a professional managing agent. Trustees expenses are very low and only involve refunds of monies spent on telephone calls made on behalf of the Charity.
OBJECTS
Subject to payment of normal expenses the Charity applies its income as close to one third as possible to the Lutterworth Town Hall Charity.
The residue of the income from the letting of properties in the town, may be given according to need, for any charitable purpose, for the general benefit of the inhabitants of the town of Lutterworth, for which provision is not already made out of rates, taxes or other public funds.
Our Charity donations are made to the sick, elderly, infirm and disabled, we have contact with the Citizens Advice Bureau, Leicester Charity Link, and the local hospital and health centre, all of whom are aware of our commitment to assist the people of Lutterworth who are in need.
RISK ASSESSMENT
Any changes in legislation regarding our properties are advised to us by our Managing Agents, and a watching brief is kept on our buildings.
REPORT AND VALUATION
The properties are a mix of residential and commercial properties and have been valued by the trustees at market value based on current prices for similar properties in the same location and condition. A new commercial property is being constructed. Unless market value is significantly different it will be held at cost until completion when it will be held at valuation.
RESERVES
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
It has not been the policy of the Charity to accumulate significant unrestricted funds, as it is the aim of the Charity to distribute & invest monies for the benefit of the inhabitants of the town who are in need. However, the Trustees are very aware of the need to retain a certain amount of money to meet the needs of urgent repairs to the properties and to maintain a reserve for working capital requirements. All surplus funds have, over the years, been reinvested and will continue to be so, when and if available. There are no designated funds.
The restricted funds will be used for the purpose for which they were given.
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LUTTERWORTH TOWN ESTATES TRUSTEES, RVPORT FOR THE YEAR ENDED 31 JULY 2022 INVESTMENT POLICY Ih¢ trustees policy is to rnaintain its properti¢s to a hioh standard, in order to provide an income for the charity. Any surplus 15 invested in inte.rp.qt bk Rccounts, Ing more inwm¢ ¥¢Yailabl¢ for wly*ll¥ uul £h¥ ubjeas of The charity. TRUSTEES AND OTHER RELATED PARTY TRANSACTIOIYS Reimbursed expenses pald to Nfrs G Robin50]] for the year to 31 July 2022 were £lOO. No remuneratiot2 wa4 pasd to any Sru5tee and there were no other related party transactions. TRUSTEES REsfoNsiBILrrtES Th¢ Charity trustees are reswnsible for preparing a tn]stees' annual report and financial stat¢tnents in accordance with appli¢able law and United Kingdom Accou6)ting Ststh4ards (United Kingdom Gener21ly Accepted AGcoun¢ing PTacticel. The law applicable to eharities in England and Wales requtTes Ehe charity knwstees to Prepare financial statements for each year which give a tN¢ fair view of the sldtr of affairs of the charity and ofthe incoming resources and application of resources, of the Charity for that period. Jn prepaTinE the financial siateEnenis. the trnsteeq xr@ lI]red to.. s¢l£ct Suitabl¢ dLiuyiiling poli¢ie5 and then apply them consistetitly obseTve the methods and prillciples the applicable charitie£.4nRP. - make judgements and estimates that are reasonable and prudent 3talc Tryhcthci" appli¥abl¢ dLLX)Ullting 5randards have b¢¢n followed, subje¢t to any material deporture5 dis¢105ed and explained in the financial ststements.. - prepare the financial statements on the going concern bosis thiless it 2$ illEppropriate to presume that the charity will Continue in busin¢ss The trust¢es are responsible for keeping proper accounting records that disclose with reasonabl¢ accuracy at any time the finan¢ial p05itiort of thc charity and tv rjiublr theTn to ¢nsure Ehat Ihe Iinancial statements cornply with the Charities Act 2011, th¢ applicablc Charities {Accounts and Reports) Regulations, and the provisions of the deed_ They are also responsible lor 5af¢guarding the as5¢ts of the charity and taking reasonable steps for the prev¢DtioR of fraud alld other irre.gularitses. The tnistees are responsible for the maintenance and int¢8rity of the charity and financial inforn)ation included on the harity's w¢b5jte. Legislation ill thc United Ktngdojn gov<ming the preparatioTr and dissemination of the financiaj statements. may differ from legislation in other jurisdictions. Approved by th¢ tSte ott si1 uo thtir b¢half by.. Mrs G Rtsbin8on Chaimian J2 11 Page-4-
LUTTERWORTH TOWN ESTATES
INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF LUTTERWORTH TOWN ESTATES
I report to the trustees on my examination of the accounts of Lutterworth Town Estates for the year ended 31 July 2022.
RESPONSIBILITIES AND BASIS 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("the Act").
I report in respect of my examination of the Trust�s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a �true and fair view which is not a matter considered as part of an in dependant 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 report in order to enable a proper understanding of the accounts to be reached.
MDR Shave For and on behalf of Simpson & Co (Accountants) Ltd Chartered Accountants 21 High Street Lutterworth Leicestershire LE17 4AT
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LUTTERWORTH TOWN ESTATES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR 1 AUGUST 2021 TO 31 JULY 2022
| 2022 | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| Restricted | Unrestricted | |||||
| Note | Fund | Fund | Total | Total | ||
| £ | £ | £ | £ | |||
| INCOMING RESOURCES | ||||||
| Grants received | 178,207 | 1,500 | 179,707 | 155,750 | ||
| Property income | - | 54,373 | 54,373 | 62,962 | ||
| Market income | - | 3,345 | 3,345 | 2,890 | ||
| Investment income | - | 2,063 | 2,063 | 269 | ||
| Museum / High Point income | 5,477 | 5,477 | - | |||
| Total Incoming Resources | 178,207 | 66,758 | 244,965 | 221,871 | ||
| RESOURCES EXPENDED | ||||||
| Cost of generating funds | ||||||
| Property expenses | - | 21,653 | 21,653 | 12,625 | ||
| Market expenses | - | 1,684 | 1,684 | 1,769 | ||
| Museum / High Point expenses | 5,046 | 5,046 | - | |||
| 6 | - | 28,383 | 28,383 | 14,394 | ||
| Charitable expenditure | ||||||
| Costs of activities in furtherance of | ||||||
| charitable objectives | 4,458 | 250 | 4,708 | 15,141 | ||
| Management and administration | - | 71,474 | 71,474 | 10,402 | ||
| 7 | 4,458 | 71,724 | 76,182 | 25,543 | ||
| Total Resources Expended | 4,458 | 100,107 | 104,565 | 39,937 | ||
| Net incoming resources for the year | 173,749 | ) (33,349 |
140,400 | 181,934 | ||
| Net gains on investment assets - realised | - | - | - | - | ||
| Net gains on investment assets - unrealised | 2 | - | - | - | - | |
| Net movement in funds | 173,749 | 33,349 | 140,400 | 181,934 | ||
| Accumulated Funds brought forward at 1 August 2021 | 4 | 152,750 | 1,989,060 | 2,141,810 | 1,959,876 | |
| Accumulated Fund carried forward at 31 July | 2022 4 | 326,499 | 1,955,711 | 2,282,210 | 2,141,810 |
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LUTTERWORTH TOWN F.ST A TF,S BAL4NCE SHEET AS AT 31 JULY 2022 2022 2021 FIXED ASSETS Investments Tangiblt &ssets 2.0(A,4Y¥ 1.588.017 450 2.D76.613 1,889,067 CURRENT ASSETS Debiors Cash at bank and in hattd 20,665 193,163 26,959 358,341 213,828 385.299 CURRENT LIABILITIES Tr3de Creditors Other creditors and proviqinnq 4,208 4.023 20,256 112,300 {8.231) 1132,5561 NKT ASSETS 2,282.210 2,141,810 ACCUIIIULATED FUNDS UnrestricTed funds Fair i'alue r¢seNe Resllictrd funds 1,716,996 238.715 326,499 1.7$0,345 238,715 152,750 2.28ty 210 2.141.810 The aOnts w¢re kpprowed by the Board of Truste¢s 4)n aJi¢J si¥Jied on its bchalf by.. 22 November 2022 rg C Hqrrington Tre8surer Page-7-
LUTTERWORTH TOWN ESTATES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
1. Accounting policies
1.1. Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
1.2. Incoming resources
Bank interest is included in the SOFA on receipt.
Property and market income is recognised as it falls due to be received by the charity, however no account is taken of amounts receivable but not invoiced at the year end.
Grants are recognised when received by the charity.
Other income is included when received by the charity.
1.3. Resources expended
All expenditure is accounted for on an accruals basis. All expenditure which is directly related to the provision of advice services is included within charitable expenditure. Other costs have been shown as the cost of allocated management and administration.
1.4. Tangible fixed assets and depreciation
Investment fixed assets are held at current market value, others are held at cost. Assets under construction are held at the lower of cost and market value. Depreciation is provided at the following annual rates in order to allocate the depreciable amount of each asset over its estimated useful life:
- Equipment 15 % per annum of net book value
2. Investments
| Investments | |
|---|---|
| Investment | |
| properties | |
| £ | |
| At 1 August 2021 - as previously valued | 1,888,617 |
| Additions | 175,881 |
| at 31 July 2022 | 2,064,498 |
All investment assets are held in the United Kingdom.
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LUTTERWORTH TOWN ESTATES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
2.1. Investment properties
Included within the above is investment properties measured at valuation as follows:
| Included within the above is investment properties measured at valuation as follows: | |
|---|---|
| At 1 August 2021 Additions |
£ 730,000 - |
| 730,000 |
In respect of the investment properties held at valuation, the aggregate cost and comparable carrying amount that would have been recognised if the investment properties had been carried under the historical cost model are as follows;
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Aggregate cost | 491,285 | 491,285 | ||
| Tangible fixed assets | ||||
| Equipment | Total | |||
| £ | £ | |||
| Net book value | ||||
| At 1 August 2021 | 450 | 450 | ||
| Additions | 13,813 | 13,813 | ||
| 14,263 | 14,263 | |||
| Depreciation | ||||
| Charge for the year | ) (2,148 |
) (2,148 |
||
| Net book value | ||||
| At 31 July 2022 | 12,115 | 12,115 |
3. Tangible fixed assets
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LUTTERWORTH TOWN ESTATES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
4. Movement in funds
| Movement in funds | ||||||
|---|---|---|---|---|---|---|
| At | Incoming | **Outgoing ** | Investment | At | ||
| 1 August | **Resources ** | Resources | Gains | 31 July | ||
| 2021 | 2022 | |||||
| £ | £ | £ | £ | £ | ||
| Total Restricted Funds | 152,750 | 178,207 | 4,458 | - | 326,499 | |
| Total Unrestricted Funds | 1,989,060 | 66,758 | 100,107 | - | 1,955,711 | |
| TOTAL FUNDS | 2,141,810 | 244,965 | 104,565 | - | 2,282,210 | |
| Restricted Funds | ||||||
| New museum build costs | 150,000 | 100,000 | - | - | 250,000 | |
| Children's gym equipment | 2,750 | - | 2,750 | - | - | |
| Heritage Centre and Lutterworth Museum | ||||||
| fit-out | - | 30,000 | - | - | 30,000 | |
| Continuing Development of the | ||||||
| Heritage Centre and Lutterworth Museum | - | 45,000 | - | - | 45,000 | |
| Shop Front Improvement | - | 3,207 | 1,708 | - | 1,499 | |
| 152,750 | 178,207 | 4,458 | - | 326,499 |
New museum build costs
These grants were received from Harborough District Council and GLP as contributions towards the construction of an improved and modern museum building in Lutterworth town centre.
Children's gym equipment
The grants awarded to fund the purchase of this equipment have been largely funded by grants received from a number of donors. At the end of the year all of the grants received had been paid out.
Heritage Centre and Lutterworth Museum fit-out
This grant was received from GLP to help fund the internal fit-out and development of the Heritage Centre space and Lutterworth Museum.
Continuing Development of the Heritage Centre and Lutterworth Museum
This grant was received from GLP to fund the employment of professional resources or an individual, who will help develop, launch and establish a sustainable operating model for both the Heritage Centre and the Lutterworth Museum.
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LUTTERWORTH TOWN ESTATES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
Shop Front Improvement
This grant was received from Harborough District Council to improve the appearance of shop fronts in order to boost the appeal and character of primary shopping areas to attract more customers.
5. Town Hall Grant
2022 £ - Town Hall Charity Grant
There is no net unrestricted income this year and so no payment is due.
6. Cost of generating funds
| Property repairs Management charges Property insurance Advertising Depreciation on equipment Market wages Market tolls High Point repairs and miscellaneous expenses High Point heat and light High Point insurance |
2022 £ 9,233 8,761 1,436 75 2,148 935 749 1,978 2,831 237 28,383 |
2021 £ 4,591 6,986 873 75 100 1,020 749 - - - |
|---|---|---|
| 14,394 |
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LUTTERWORTH TOWN ESTATES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
7. Charitable expenditure
| Grants - Community Projects Grants - restricted Town hall donations upcoming year Bookkeeping and administration Office telephone and internet Office administration expenses Sundry expenses Office rates and water Office insurance Office heat and light Office repairs Professional fees Accountancy |
2022 £ 250 4,458 - 4,376 628 1,818 59 297 240 905 57,592 2,662 2,897 76,182 |
2021 £ 141 3,000 12,000 4,097 677 804 15 297 240 1,000 377 2,025 870 |
|---|---|---|
| 25,543 |
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LUTTERWORTH TOWN ESTATES
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022
| INCOME Grants - unrestricted Grants - restricted Property Market Museum and High Point income Bank interest EXPENDITURE General Property Market High Point GRANTS PAID Community projects Restricted TOWN HALL GRANT Per note 5 NET GAINS ON INVESTMENT ASSETS Realised Unrealised SURPLUS OF INCOME FOR THE YEAR |
£ 1,500 178,207 54,373 3,345 5,477 2,063 71,474 21,653 1,684 5,046 250 4,458 - - - |
2022 £ 244,965 ) (99,857 145,108 ) (4,708 - - ) (4,708 140,400 |
£ - 155,750 62,962 2,890 269 10,402 12,625 1,769 141 3,000 12,000 - - |
2021 £ 221,871 ) (24,796 197,075 ) (3,141 ) (12,000 - ) (15,141 181,934 |
|---|---|---|---|---|
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LUTTERWORTH TOWN ESTATES
OVERHEAD EXPENSES FOR THE YEAR ENDED 31 JULY 2022
| GENERAL EXPENSES Bookkeeping and administration Office telephone and internet Office administration expenses Sundry expenses Office rates and water Office insurance Office heat and light Office repairs Professional fees Accountancy PROPERTY EXPENSES Property repairs Management charges Property insurance Advertising Depreciation on equipment MARKET EXPENSES Market wages Market tolls HIGH POINT EXPENSES High Point repairs and miscellaneous expenses High Point heat and light High Point insurance |
2022 £ 4,376 628 1,818 59 297 240 905 57,592 2,662 2,897 71,474 9,233 8,761 1,436 75 2,148 21,653 935 749 1,684 1,978 2,831 237 5,046 |
2021 £ 4,097 677 804 15 297 240 1,000 377 2,025 870 |
|---|---|---|
| 10,402 | ||
| 4,591 6,986 873 75 100 |
||
| 12,625 | ||
| 1,020 749 |
||
| 1,769 | ||
| - - - |
||
| - |
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