## **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**| **Page - 1 -** **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. **Page - 2 -** **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. **Page - 3 -** 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 b￿k Rccounts, ￿Ing more inwm¢ ¥¢Yailabl¢ for w￿ly*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(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| **Page - 6 -** 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 a￿O￿nts 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. **Page - 8 -** **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** **Page - 9 -** **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. **Page - 10 -** **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| **Page - 11 -** **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| **Page - 12 -** **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| |---|---|---|---|---| |||||| **Page - 13 -** **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| |||-
-
-| |||-| **Page - 14 -**