LUTTERWORTH TOWN ESTATES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 31 JULY 2023 CHARITY NO: 217609 SitNpsoD & Co (Atcountsnts) Ltd ChArt¢red Accoulltttts 21 Hiph Strnei Lurterworth tieestershire LE17 4AT
LUTfERWORTH TOWN ESTATES coNrENTS IndeTJendent Examin&s Rep( Swemeni of Finwbciai Acuvili Balance Sheer Notes tt) ¢h¢ Finan¢i#l Ststements 8-12 P¥4ge-l-
LUTTERWORTH TOWN ESTATES TRusfEES' REPORT FOR THE YEAR ENDED 31 JULY 2023 The Trllstees Dresent their ann1 port and financiai ststements of the charity for the year ended 31 July 2023. The financial statents have been prepared in OrdanCe wth the x¢owrting policie5 W out in TK)te i to the accounts and complv with the Charitv's Iwst deed. the Charities Aet 2011 aThJ the A¢countino and Charities Ststernenl of Recommended Prac¢i¢¢ (second edition) and FiD8ncia] Reportiti4 Standard FRSIO". TRUSTEES MT R W Coleman Mrs C Harringt¢)n (Treosurer) Mr$ G Robinson {Clmi4n) Mr M Utting Mrs M White Mr M P¢rks Mr W Zilberts C Weston (Resigned 24 October 2023) CHARITY ADDRESS 12 Markd Street LerWOrth l.eiee5tershire LE174EH REGISTERED NUMBER 217609 STATUS AND ADMINISTRATION In 1214 an 4nnual Market Charter was granj by King John, 9Th1 in 1414 a weekiy M#Tkd ChArter was wted by Henry the 5th. Both of these allowed the street vendin8 of hors¢& rAttlr and othtr grDds. Alms Houses and House8 for Indus helped the ixrf)r but in ihe 16th e¢ntury, in the 43rd year of her reign. Queen ElÉtsFEth made a st&tut¢ for chAritable purposes, and the r¢8ulation of the administration of propertie& fijnds for ¢haritrdble purtK>5¢5 and maintenance of the highways. At thi5 time the Town Fathw5 came tnto bcing. LutteTh¥orth grew and ihe a¢¢ivities of the Town F&thers are well recorded in minute books. propcrty purchw donations and bU&%. Dewls are held in the rd offi. With gOvernRnt statutes in the 19th century {1834 Poor Laws) Charity Commissioners tffOU8ht in schemes established by law. and Luitenvorth Town Esta Charity om¢ into being &% 1¢ wo5 today. The prr5ent scheme was sealed on the 5th of September 1983, and re8ul*d by 8 schemc of the Charity Conunissioner5 of th¢ 12th January 1972 and in the matter ofthe Charities Ad 1960. P3ge-2-
LUTTERWORTH TOWN EATEs TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 ORGANKSATIONAL STRUCTURE Lutterworth Town Estates Charity is admiwstertd by 9 Tn tlw¢ are app)inted .. One Ex-officio Tru. The ReOr of ts FrtlesÉknicai l¥rish of St. Mary. Luttmvonh. Fiv¢ C(OPtatIvt Tntt$ elected for a period of 5 years. Thffe Trust¢¢s nominated by the Town CouKil for a w1j of 4 yea Within this there Are 2 apwinted Trt. Mrs GdEnt R(inson as C11pir whd Mrs Carole Harrington as Tre&surer. The TTUSttts utilise the servic¢ of a 5elf4mployed bookkttper. The properties are rnanaged by a professional managing agert. Thisl¢e5 ¢xpenge5 are very low and only invoSv¢ fUnts of ETh)nie5 sm on telephone calls made on behalf of th¢ Charity. EcTs Subject to payment of nornmi exp¢nsH th¢ Chority applies its in¢orne close to one third •$ twible to the Lutt¢TWOrth Town Hall Charity. The r¢5idue of the iTJtome from the lellin8 of prowties in ts town, MAY be given attording to ne¢d, for any charitablt purpos< for the Ben¢ral b¢n¢fit tsf th¢ inhabits of th¢ knvn of LutttrwOrtl for whi¢h provision is not a]ready made out of rate& taxes or other publie fuThJs. Our Charity donAtions are made to the si¢L elderly, infirnj aTKI disabled, we have conta¢1 with the Citizens Advice Bureau. Leicesier Charitv Link and the I(1 hospitsl and health all of whom are aw of our commitment to a5sis¢ lh¢ people of LutteTWOrth who Are in need. IUSK ASSESSMENT Any Changes in1¢8i51ation re8ardin8 our properties are advistil to us by our Mwwging Awt& and a watching brief ig kept on our buildin8S. REPORT AND VALUATION The properties are a mix of rtSidenti and Cc¥nrnl and have b¢ert Valued by the trSte¢S at market value based on ¢urrent pri¢e5 for 5irnilar woperties in the sam¢ Icution and condi¢ion. The commercial prortY that was bein8 constructed la year was wmpleted thwin8 the year. KESERVES Unrcstricted funds wi be used in accLYdart¢ with the chartfable djjedives at the dis¢r¢tton of the tSt. It ha5 llot been the policy of the Charity to accumulate significant unrcstricted fvnds. it is aim of the Charity to distribute & invesi monies for the benefit of the inhabitants of the town WIM) 8re in nced. Howevcr. the TnL$t¢es are vcrv aware oi the need to relain a certain amourt of money to the needs of urnent rcrAirs to the ptwies and to Tnainlain * reserve for worksng ¢apital requirements. All sujplus futmls hay< over the y¢aT& rernve5ted and will ¢ontinue to be so. when and if availabl¢. There are no de5ifftd funds Th¢ T¢strie4ed funds will be used for th¢ PWFM)se for which thev wer¢ Page-3-
LUTfERWORTH TOWN ESTATES TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 INVESTMENT POLICY The tThJst¢es lleY Is to maintain its iYoperti&s to a high stsndard. in or&r to pn)vide an income for the eharitv. An surylus is invested in interest iwing bank acc(Mm¢% makn"n8 morc income available for canying out the objects of the thAnD. TRUSTEES AND OTHER RELATED PARTY TRANSAcfioNS Reimbursed ¢xpcnw Faid to Mrs G RobItOn for th¢ yearto 31 Julv 2023 were £1. No remuneration WAS paid to any twstee and there were no other releted pty tiwjsactions. TRUSTEES RESPONsIBrnEs The charity trustees are ffsponsible for prwing a trusted annual repc*t and financial statanents in aKordance wiih applicable law and United Kingdom Accounting Stsndards (unit Kingdom Generally A¢¢¢pted ArKounting Practice). The law applicable ¢0 charities in England and Wales requir¢5 the charity tr$e$ ¢0 prepare financial statements for each yr which 8iV¢ 8 te and fair view of the stste of affairs of the charity and of the iOming resources and applieation of resource5. of the chofity for that period. In preparÈn8 the finala] sts1emen th¢ InL5tees art requiTed to: - sele¢t suitsble Unting Folieie4 and then apply them consisi¢ntl)' - ob5¢rve the methods and PTin¢ipl¢s in the applÉe&bl¢ ¢han"ti¢s SORP; - make judgements and estimates thai are re&wnable and prudent - sto¢e whtiher applicable accounting standard5 have been followrt 5ubJ'ect to any mjaI departureg disclosed and ¢xplaiDed in the finaneial Statements; - Prepare the finarteial ststements on the 80ing b&4is unless it is in•pwopriate to pr¢sume the charity will continue in busine&8 The irustees 4T¢ Tesponsible for keeping PrnFer accounting rwords that disclose with reasonable accurney at any time the rinanci81 position of the eharity and to enable them io Wlsure ihat the financiel 5tatem¢nts mplY with the Charities Act 2011. the applithle Charities (Accounts and Rep)rts) K¢8ula¢ions. and the provÈsions of the Trusi deed. They are also responsibl¢ for safe8wdin8 ihe assets of the ¢haTiry and tsking retsrffloble steps for the prevention of hud and oiher irrt8ulgritie_4. The trustees are responsible for the maintenance and iniesrtty of the charity and financial inforniation Includ on the charity's website. LegislJOn in the United Kin8dom governin8 the rryaration and di$5eminatson of the fJnan¢ial statements. may differ from le8i$l¥tion in other jurisdictions. Approved by th¢ trustees on thd Sign on their behalf by.. Mrs G Robinson Chaimion 9 January 2024 Page-4-
LUTTERWORTH TOWN EsfATES INDEPEI¥DENf EXAMINERS, REPORT TO THE TRUSTEES OF LirrrERWORTH TOWN ESTATES I rert to the trUe¢S on my examin{On orth¢ accounts of Lutterth Town Es¢ate5 for the year ended 31 July 2023. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees, you are reswjnsible for the preptiEation of the ac£owJts in ac¢ordan¢¢ with the r¢quirements of the Chartties Act 2011("the Act"). S Teport in reSPECt of Tlly examinatbon of the Tnm's a¢¢ounts carrked out undcr section 145 of the 2011 Act and in carrying out my examin8lion I have follow all thc applicable Directions siv¢n by the Charity Commission under sertion 1451SXbl of the ALI. INDEPENDENT EXAMINER'S STATEMENT I have cfjmpleted my txamiiiation. I c4)nfimi that no mlteriai m•ttvs ve come to my athiion in connection with the examinats.on wvin8 me cause to b¢li¢ve tha¢ in any mtrIal rw.. l. &CUnting records weff kept in r¢8pect ofih¢ TnLSt 8$ required by sectil 130 of the Aa. or 2. the a¢counis do not A¢¢ord with those red5. or i. the accoun1$ do noi comply wilh the applicable requirememts conceming the forni and ¢ontent of accounts set out in Ihe Charities (Accounts Ind Reports) Regulmions 2(K)8 (thr ihan any r4uirement that the thceounts gi a 'true and fair Yiew which is not a matter considued as port oran in ¢x¥miriatiLMh. I hav¢ no ¢on¢em5 #nd h4ve ¢om¢ ¥ross no th matters in connection with th¢ ¢xarnination to which attention should be drF4wn in this r¢Fon in order lo ¢n¥bl¢ 4 prqyer underStlmS of the accounts to be reach. MDR Shave ]•or and on behalf of SirnD50n & Co IAccouniants) Ltsl C.harteTed Accountants l Hi4h Stre¢t Lutterworth Lei¢est¢rshire LE174AI' 9 January 2024
LUThERWORTH TOWN ESTATES ATEMENT OF FINANCIAL ACTlVtTIES FOR THE YEAR I AUGUST 2f122 TO 31 JULY 2023 ?023 Restricted Unrestricted f4ote Fund Fund 2022 Totsl Totsl INCOMING RESOURCES Gra$ received Property illc£)me Martoet income Investment income High Point irt¢ome 178.20- 54.371 3.345 2.063 5,477 55.103 2.715 793 9.or2 55.103 2.715 793 9.072 Totsl IDcoming Resources RESOURCES EXPENDED 67.683 67.683 243.465 Ct of generntlag fvttds Property expenses Market ¢xpenses High Point expens¢s 44.174 1,673 11080 44.174 1,673 12.080 21.653 1.684 5,046 57,927 57.927 28.383 Chgrilfible expendltnr• Costs of activities in fwthernnce of charitable objectives Management and administrlon 1.49) 350 17,875 1.849 17.875 4.458 71,474 1.499 18.22) 19.724 7J.932 Totsl Re8ourees EIp¢nded 1.499 76.152 77,651 104.315 et incotning re50urceJ for tbe yr (1,4W) (8.469) (9,968) 139,150 Net gains on investment ¥sxts- realised gains on investment &ss¢ts- unreali5ed 502 502 Net moyernent in fuods (7,967) (9,466) 139.150 .4Ccu[nJfrd Funds brought foThv8rd at l AUgLt 2022 326,4ty) 1,955,711 2282.210 1,989.060 Ae¢lltnulated Fund Carried fonvard ai 31 Jllty 2023 4 325.( 1,947,744 2271744 2.128.210 Page-6-
LirrrERWORTH TOWN ESTATES BALANCE SHEET AS AT31 JULY 2023 21123 2022 Note FIXED A&SETS Investments Tansible assets 2.065.000 19.618 2.064.498 11115 ? 084.618 2,076,613 CURRENT ASSETS Debtors Cash at bank and in hthd 6.405 215.If29 20.665 193.163 221334 213.828 CURRENT LIABILITIES Trade creditors Other creditors And provi5ion5 3.505 30.703 4,208 4,023 134.208) 18,231) NET ASSETS 12T2,744 2,282,210 ACCUMULATED FUNDS Unrestricted funds Fair value re5¢ Restri¢t¢d funds 1.708.527 239217 325,0(Ml 1.716.99b 238.71 < 326,49Y 1271744 2.281210 The accounts w¢re approved by the Both of Tnkths on and signed its behalf by: Mrs C Il*rrrttgto Treasurer Qc44 9 lanuary2024 Page-7-
LUTfERWORTH TOWN EATEs YOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Ac¢ounting potici 1.1. Basis of preparadon And assessmet of going CODcern The a¢counts (fEnan¢iAI statements) have ien prepared under the histrjea1 cost c4)nvention with item8 recogRis¢d at cost OT traThsauion yUC unless otherwise >ated in the relevani note(5) to these ae¢ounts. Thc financi ststements have been preFAr¢d in aceordance with the second eiliiion of th¢ Chariues Ststemeni or Recomrnended Praeti¢e issued in October 2019, the Reporting Standard applicable in the Uniiea Kingdom and Republic of Ireland (FRS 102) and the Charities Art 2011. The trustees consider that theTe are no material uJKertainties about th¢ Tt'S ability to ClInUe as 8 ¢on¢ern. 1.1 Incoming reJource8 Bank interest is included in th¢ SOFA on reeeipt Property Bnd market income ts re¢ognised as li fatls du¢ to be rtttived by the charity. however no leeount 18 k¢n of amourtts receivable rk)t invoiced & the year ¢TrJ. Grants are rKognised wh¢n received by th¢ ¢haTity. Other income is included when e1Ved by the thrity. 1.3. Ruources expended All expendiiure is attounted for on an IrlIS basis. All expenditure which is diredly Telated to the provision of advi¢e 5¢rvices is included within eharitable expeThJiwre. Other costs have been shown as the cost of Allocated management and administration. 1.4. TAttgibl¢ fixed assets #nd depreeiatlon Investsnent fixed assets held al Current markd v8iue, others are held at cost. Ass¢ts under construdion are held at the lower of and market v8Jue. Dtprcciatson is provided at the following annual rates in ord¢r to allocthe the dweciable amount of ¢Kh asset over its ¢stiMcd useful life.. quipat 15 % per thnum of net b[ value IDvestmeD15 Investment properties At l Augu 2022 - &5 previously valued Revalu81ions 2.064,498 502 at 31 July 2023 2,065.(K>O All investm¢ni assets are hdd in the United Kin8d¢x Page-8-
LUTTERWORTH TOWN ESTATES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 2.1. Investment propertles Included within the above is investment propertie5 measured at valuation follows.. At l August 2022 Additions Revaluation 730.000 1.024.498 502 1.755,000 In respect of the investtneni properties held at valuatiotl, the oggre¥ate Cost and Comparable carrying amount th&t would have been r¢cognised ifthe irhve5tmenl PToperties had b¢¢n ¢aled under the his1or1] ¢ost mod¢l are &4 follows: 2023 2022 A88re8&te cost 1,515,783 491.28) Tangible fixed *Mets Equlpment Total Net book vftlue At l August 2022 Additions 10.966 10,966 23.081 23.081 Depreciation Charge for the year 13.463) 13.46.? Net book value At 31 July 2023 19.618 19.618 Pa£e-9-
LUTTERWORTH TOWN EsfATES NOTES TO THE ACCOUNT FOR THE YEAR ENDED 31 JULY 20LI Movement in funds Incomlkng Outgoing lllvesthiellt l August Rty)urce8 Reyource4 GaiD8 2022 A¢ 31 July 2023 Totsl Res¢ri¢ted Funds 326.499 1.499 325,000 TotY41 Unrestrlcted Funds 1,955,711 68.185 76.152 1,947,744 TOTAL FUNDS 2,282210 68,185 T7.651 2.272.744 Restrlet¢d Funds Hish Point build costs Heritage Centre ond Luttenvorth Museum fit-out Continuirkg Developm¢ni of the Heritage Centre and Lutterworth Musew Shop Front Improvemen¢ 250,C 250,000 30.( 30.000 45,CMKt 1.499 4S.000 1,499 326.49) 1.499 325.0(x) Hlgh Point blId costs Fhese Brnnts were reeeiyed tyorn HArborough District CIMLncil atKI liLP Ls contributh.ons towards the ¢onstrwtion of an improved and modern museum buildin8 in LunttThvorth rown centre. Heritg¢ Centrn LutteTWOrth Museum fit¥OUt This 8fdnt was received from GLP to help fund the innl fit4)ut and devel(VWLt of the Herithge C¢Dtre space and Lutterworth Museum. Continuing Dtvelopmet ofthe Herit*%t celt L¥tterwortb Museu This grant was Te1ved from GLP to fvnd the employment of professional reU[re5 or an individual. who will help develop, launch aThJ estsbli5h a sustsinable 0118 mtyJel for the Heritag¢ C¢ntr¢ and th¢ Lutterworth Musewn. Shop Front Inlprovemet This grallt was received from HartrK)rough ilstrio Council io irnwov¢ the apturnnce of shop fronts in order to boost the ap1 and character of prinmry shopping arw to attract more C¢0MS. Page- 10-
LvfTERWORTH TOWN ESTATES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 TOWD HAll GrAllt 2023 Tow) Hdl Charity Grant There is no unrestri¢d income this ye4r ond $0 wment is due. C1 ofgeDertlng fuids 2023 21n2 Property r¢pair5 M8n8g¢m¢nt charges Property insurarte Advertising Depreci&tion on equipm¢rf Market wa8es Market tolls High Poinl Tepairs and miscellaneous expse5 Hi8h Point heat and li8ht High Point insurance 31.862 7,181 1.668 9,233 8.761 1,436 75 2,148 3.463 1.020 653 4.209 5,008 1863 749 1.978 2.831 237 57.927 Page-11-
LUTTERWORTH TOWN ESTATES YOTES TO THE ACCOiINrs FOR THE YEAR ENDED 31 JULY 2023 Charitsbk eIp¢ndi¢Mre 2023 2022 Grants- Communitv Proie¢L% Grants- rc5tricted Town hall don*ions upo)ming year Bookkeeping and adminisirthion 01¢¢ tel¢phone and internet Office administration expenses Sundrv expenses Office rates al water Office insurdnce Oirl heat and li8h¢ Office repatr$ Professional f5 Accouniancy 4.458 4.059 553 1.562 21 4,376 628 1.818 59 297 240 903 57.59: 2,66ry 2,897 198 744 4.668 2.773 19J74 75.932 Page-12-
LUTTERWORTH TOWN ESTATES INCOME AND EXPKNDITURE AccouNr FOR THE YEAR ENDED 31 JULY 2023 2023 2022 INCOME Grants- unresiri¢t¢d Grants- restrieted Property Market High Point Bank interest 1.500 178.207 54.373 3,345 5.477 2.063 55.103 1715 793 67.683 244.963 EXPENDITURE Cjenernl Property Market High Point 17.875 44,174 .673 12.080 71.474 (75.8021 (99,857) 8,119 145,108 GRANTS PAID Individ15 Communitv PToj¢¢ts Restricteil 350 250 4.458 1.499 (1,849) (4.708) TOWN HALL GRANT Per note S NET GAINS ON INVEsfMENf ASSETS Realised Unr¢ali%d YJ2 11347) (4,708) SURPLUS OF INCOME FOR THE YEAR (9.466) 140.400 P8g¢-13-
LurrERWORTH TOIVN ESTATES OVERHEAD EXPENSES FOR THE YEAR ENDED 31 JULY 2023 2023 2022 GENERAL EXPENSES Bookkeeping and administration Office telephone and intemet OffIce administration exp¢nses Sundry experLq¢S Office rates and water Offlce insurance Office knt and light OtTi¢¢ w&irs Professionaj f¢¢5 Accountan¢y 4,059 553 .562 21 297 198 744 4,668 4.376 628 1.818 59 297 240 905 57.592 1662 1897 1773 17.875 71.474 PROPERTY EXPENSES Property repairs Manag¢meni char8es Property insuTance Advertisin8 Depreciation on equipm¢nt 31.862 7.181 9.233 8.761 1,436 75 2,148 3,463 44.174 21,653 MARKET F.XPENSES MaTk¢t wages MArket tolls 1,020 653 935 749 1,673 1,684 HICH POINT EXPENSES Hi8h Point repairs and mi5c¢llaneous expens¢s High Point heat and lig High Point insurance 4,209 5.(K18 1863 1.978 2,831 237 12.080 5,046 Pgge-14-