LUTfERWORTH TOWN ESTATES REPORT AND FINANCIAL sTATEME1s FOR THE YEAR ENDED 31 JULY 2024 CHARITY NO: 217609 Cottons Specialist Servkes Limited Chartered Accountants 21 High Strett Lutterwort l%icestershire LE17 4AT
L[ERwORTH TOWN ESTATES CONTENTS Page Trustees, Report Independent Examinevs Report Statement of Fin4n¢ial Activities Balan¢e Sheet Notes to the Financial Siatements 8-12
LirrrERWORTH TOWN ESTATES TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trn$tees present their annual report and finan¢ia] statements of the charity foT the year ended 31 July 2024. The finaficial statements have been prepared in a¢¢oTdance with the accouniing policies set out in notr l io the accounts and comply with the charit5 trust deed, the Chartiies AL# 2011 and th¢ Accouniitig alld Charities Statement of Recommended Prnctice (second editi<)n) and Financial Reporting Standard FRSIO2. TRUSTEES Mr R W Coleman Mrs C HaIngtOn ITTeasurer) Mrs G Robinson {ChairnJan) Mr M Utting Mrs M White Mr M Pe]'ks (Resigned 30 Sepiember 20?3) Mr W Zilberts C Weston IResigned 24 October 2023) Mrs J Ack¢rley (Appoind l December 2023) Rev N Byard (APinted l DecemEer 2023) CHARITY ADDRESS 12 Market Street Lutterworth L¢icesteJshire LE174EH REGISTERED NUMBER 217609 STATUS AND ADMINISTRATION In 1214 an annua] Market Charter w&% granted by King John. and Tn 1414 8 weekty Market Charter wa5 8ranted by Henry the 5th. Both of these allowed the Street vending of horses, callle and irther goods. Alms House5 and House5 for Industy helped the poor hili in th 16th e•nt iti th4 43rd y•Ar •f h•r r•1? Quo¢n Eltubrth modc u 3th1ts¢¢ fvr &liw"i(ablr purwse& and the regul&ion of the administratiort of propemes. fidS for charitsble purp)ses and maintenance of th¢ highway5. At this tim¢ the Town Fathers came into being. Lutterworth grew and the aciivilies of the Town Fathers 4r¢ well Tecorded in minule books, prortrty purchase& donations and tequests. Detyils are held in the reeord olTices. With government ststutes tn the 19th century (1834 Poor Laws) Charity Cornmissioners Trxought in schemes e$tabli5hed by law, and Lutterworth TowTr Estst&s Charity came into being il w0S iojay. The present scheme was sealed tsn the 5th of September 1983, and regulated by a scheme of the Charity Conunissioners of the 12th January 1972 and in the matter of the Chariti¢5 Act IW). Page-2-
LufTERWORTH TOWN ESTATES TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 ORGANISATIONAL sTRUuRE Lutterworth Town Eslates Charity 15 athninisteyed by 9 TTUW these are apint as: One Exwofficio Trnstee. The Rector of the E£clesia5ti¢a] Parish of St. Mary. Lutterworth. Five C04)pt*ive TTUStees elected for a period of 5 year& Three Trustees nominated by the Town Council for a wiod of 4 year Within ihis there are 2 appointed ThteA Mrs Geraldine Robinwn &8 Chair and Mrs Carole HaTrington as TrUrer. The Trustees utili5¢ tht SeTvi¢e of • s¢lfaemployed bookkeew. The prop¢nies are managed by a professional managing agent. Trusttts expenses aye very low and only involve refijnds of Tnonies spent on telephone calls made on behalf of the Charity. OBJECTS Subje¢¢ to payment of nomial expense5 the Charity applies Is c105e as possible to one third of its unrestricted income to Ihe Lutterworth Town Hall Charity. The residue of the income from the letting Of prolIeS in the town. may be giv¢n aceordin8 to need, foT any charitable purpose, for the general Etnefit of the inhabitants of the town of Lutt¢rworth, for whieh provision is noi already made ()ut of rate$, tax&s or other public funds. Our Charity donations are made to the sicL elderly, infimi and disabled, we have Con with the Citizens Advice Bureau, Leicester Charity Link, and the local hospitsl and health centre. all of whom are aware of our commitment to 8SSiSt the people of Lutterwonh who &re in need. RISK ASSESSMENT Any changes in l¢gislation regarding our propertiw advised to us by our Managing Agents. and a watching brief is k on our buildings. REPORT AND VALUATION The proixrties are a mix of re5id¢nii41 and commercial woperti¢s wjd have been valued by the trustees &t market value based on current prices for similar properties in the sam¢ location and condition. The ¢ommeTcial propety that Was being constnjcied last year was compl¢teJJ d4]rin8 the year. RESERVES Unrestri¢ted fijnds can be wed in accordance with the clwttsble obJe¢tiv¢s at the discretion of the trustee5. It has not been the policy of the Charity to accumulate significant w)StrIcted fund& 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 ver). aware of the nttd to retain a certain amount of TTK>ney to meet the needs of urgent repairs to the properties and to maintain a reserve for working pItal requirnnents. All Surplus fvndg hkve, over the year& been reinvesied and will continue to be 50, when and if available. Theye are no designated funds. The restricted fijnds will be used forthe purpose for which they were given. Page-3-
LirrrERWORTH TOWN ESTATES TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 INVESTMENT POLICY Thc bustees policy is to maintain its protleS to a high Stsndart ID ord¢r to provide an income for the ¢harity. Any surplus is inVeSd in tnterest b¢artng bank making more incom¢ aydilable for C8Trying the obj¢¢ts of the charity. TRUSTEES AND OTHER RELATED PARTY TRANsAloNs Reimbur5¢d expenses ld to Mrs G RobirLKm for the year to 31 Juty 2024 were £1. No remuneration w&8 paid to any tsvstee and ther¢ were no othtt ttl*ed party transactions. TRUSTEES RESPONSIBILrriES The charity trusiees are responsible for pwaring 8 trustee5' annual rew)rt and financial statem¢nts in accordance with appli¢able law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Praeiice). The law applicable to Charities in England and Wales requires the charity trustees to prepare financial statements for each year whi¢h give a true and fair view of the stste of affair5 of the ¢harity and of the incoming resources and application of resources, of the Charity for that riod. In prepaTill8 the rtnan¢ia] statemenE the trustees are required to.. - select suitable accounting poli¢ie5 and then apply them eonsistently observe the methods and principles In the applicable charitie5 SORP: - m&k¢ judgements and estimates that are &Sonable and prudeni - state whether applicable a¢¢ounting sthmdards have been followetl subj¢¢t to any m•¢rial departures disc105ed and explained in the fin8ncial stsiements.. - prepare the financial $taiements on the going concern basi5 unless it is lilappropri¢ io presume that the charity will continue ID business 'rhe trustees are responsible for keeping KKoper accounting rec¢xds tha¢ disclose with reasonable accura¢y 41 any time the rinancial position of ihe charity and to enable ihem to ensure that the financial sthtements comply with the Chprilies Act 2011. the 8ppli¢able Charities {Accounts and Reports) Regulations, and the provisions of th¢ Trust deed. Thq ar¢ a150 responsible for safeguardin8 the assets of the charity and tsking retsonable steps the prevenlion of fraud and other Irrc54loritirJ. The $tee& are responsible for the Maintenance and integrity of the clwity and financial infomation included on the charity's website Legislation in the United Kingdom 8ov¢rning the preparation and dissemination of the financi statemenis. may differ from l¢gislation in otheT jurisdiciions. royed the tswtees on and signed on their behalf by: Mrs G Robinwn Chaimian 6May2025 Page-4-
LUTfERWORTH TOWN ESTATES INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF LUERwoRTH TOWN ESTATES I report to th¢ trustees on my examination of the #¢¢ounts of Lutterworth Town Estates for the year ended 31 July 2024. RESPO]YSIBILITILS AND BASIS OF REPORT As th¢ charÉWs trustees. you are responsible fly the prei)aration of the a¢Cout in accordance with th¢ requirements of the Charities Act 2011(le Act"). I report in resped of my examination of the TTUSI'$ accounts caTried out under section 145 of the 2011 Act and in carying out my examination I hav¢ followed all the applicabk Directions given by the Charity Conunis$ion under section 14515)(b) of the Act. INDEPENDENT EXAMINER'S STATEMEI I have CQTnpleted my examination. I confirni that no merIal matters have come to my attention in connection with the examination giving me cause io believe that in auy material resCt. l. a¢¢ounling r¢cords were not kept in res of the Tru as requir1 by section 130 of the Act. or 2. the a¢¢ounis do noi accord with thos¢ records. or 3. the accounts do not comply with the applicable requirMTrts concerning the fomi and content ol. aceounts set in the Charities (Accounts and ReFthS) Regulation5 2008 other than any requirement the aonis giv¢ a 'trne and fair view which is not a matter ¢onsidered &$ part of an ID dependant examiD*ion. I have no concerns and have come acrots no other matters in ¢(x)n¢ction with the examination to which attention should be drawn in this report in order io enable a Fvoper und¢rstsndin8 of the a¢ to be Ttached. W Smart For and on behalf of Cottons Specialist Services Limited Chartered AccountanL 21 High Street Lutt¢rworth Leiceslershire LE174AT 6 May 2025 Page-5-
LiITTERWORTH TOWN ESTATES STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR I AUGUST 2011 TO 31 JULY 2024 2024 Rleted Unrestri¢ted Note Fund Fund 2023 Totsl Total INCOMING RESOURCES Grants received Property income Market income Investsnent income High Point income 61168 2.605 2,610 21.016 62.168 2,605 2,610 21.016 55.103 2,715 793 9,072 Total In¢omlDg Resources RESOURCES EXPENDED 88,399 88,399 67,683 Colt of gener8tSn8 funds Property expenses Market exp¢n5es High Point expenses 54.435 1,274 12,930 54.435 1,274 12.930 44,174 1,673 12,080 68,639 68,639 57,927 Charlt*ble exptndlture Costs of actlvilies in furtheran¢¢ of Charilable objectives Management and administration 1,794 17.866 1.794 17,866 1.849 17,875 19,660 19,660 19,724 Tot41 Resourees Expended 88299 88299 77,651 Net Incomlng Mourees for the y¢4r (9,968) Net gains on investmeni &8sets- realised Net gains on investmcnt assets- unrealised 502 Net moveTnellt in fuods (9,466) Acoumulated Funds brought forward at l August 2023 325.0 1.947.744 2272.744 2282.210 Ac¢umulAted Fund carried fornard at 31 Jwty 2024 4 325.IKKI 1.947,844 2.272,844 1272,744 P4e-6-
LufrERWORTH TOWN ESTATES BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note FIXED ASSETS Investments Tangible assets 2,065,000 19J70 2,065.000 19.618 2,084,370 2,084,618 CURRENT ASSETS DebtOTS Cash at bank and in hand 8.851 205.102 6,405 215,929 213.953 222,334 CURRENT LIABILrriES Trade ¢reditors Other creditors and provisions 3,305 30.703 25.479 (25.479) 134,208) NET ASSETS 2272.844 2,272,744 ACCUMULATED FUNDS Unrestricted funds Fair value reserve Reslri¢ted fiJDds .708.627 239.217 325,OLKI 1,708.527 239.217 325,(M)O ?2T2.844 2272,744 The accounts were approv¢d by the Board of TnL%tees on and on its ixhalf by.. Mrs G Robinson Chairman 6 May 2025 Pe-7-
LurrERWORTH TOWN ESTATES NOTES TO THE AccouNrs FOR THE YEAR ENDED 31 JULY 2024 Aceoulltlng policles 1.1. B48is of preparation 2Dd Lsswmtnt ofEoIDg toucern The accounts {financial Swements) have been prepared urtdeT the historical Cost convention with items re¢ognised at cost or tran5actioM value unlcs$ otherwis¢ Stated in the relevant notels) to these accounts. The rinanctal ststements have been ppared in accordance with the second edition of the Charities Ststeittent of Recomrnended Practice issued in (kiober 2019, the Financial Reporting Standard appIlb]e in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The tnteeS ¢onsider th41 there are no marerial uncertainties about the Tn]st's ability ts) ¢ontinue a going con¢ern. 1.2. 1comEn resources Bal interest is included irt the SOPA on reeeiirt. Property and markei income is recognised &s il falls du¢ to be rec¢ived by the ¢harity. however no a¢¢ount IS iaken of amounts receivable bui n(K invoiced the year end. Grants ore Tecognised when reRived by the charity. Other income is included when received by the charity. IJ. Re80ureeJ exptttded All ¢xpendiiur¢ is accounted foT on On accruals basis. All expenditure which is direcily related to the provision of advice services is included within charÈthble expenditure. (nher ¢osts have ten shown os the cost of allocated managemeni and administration. 1.4. Tangible flx¢d ets gnd depretlatlon Investment fixed assets are held ai current marke¢ valu< others are held at cost. Assets under constn[lljn are held at the lower of CO and matl(et value. Depr¢¢iation is provided at the following annual rntes in order to allocate th¢ depreciable amouni of each asset over its es¢imad use[ life: Equipment 15 Vty per annum of nei bc*)k value Investm¢nts Investment properties At l August 2023 and at 31 July 2024 2,065,000 All invesllnent a55ets are held in the UnTted KingdonL Page-8-
LuERWORTH TOWN EsfATES NOTES TO THE ACCOUNTS FOR TFtE YEAR ENDED 31 JULY 2024 2.1. Investment properties EnclLKled within the above is inv¢stsnent prowtiu measured at valuation as follows.. At l Augusr 2023 and at 31 July 2024 1,755,0(M) In respect of the investment piwies held at valuation. the aggr¢gAte cost and ¢omparable carying amount that would have Te¢ognised if the irtv&8tsnent woperties b¢en carried under the histori¢al cost mod¢l are as follow5. 2024 2023 Ag&r¢gote cost 1,515,783 ,515,783 Tangibk flxed assets Equlpmellt Total Ne¢ book vAlue At l Augusi 2023 Additions 19.618 3,351 19,618 3.351 22,969 22,969 Depreelatlon ChaTge for th¢ year (3.599) (3 599) Net book VAlue At 31 July 2024 19.370 19,370 P4e-9-
LUThERWORTH TOWN ESTATES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Movemellt in fuods At llltoming Oulgoing Investment l August Resources R&sources G•iDs 2023 At 31 July 2024 Totsl Restrfrted Funds 325,OlJ) 325.000 Totsl Unr¢strlcted Funds 1.947.744 88J99 88299 1,947.844 TOTAL FUIYDS 2272,744 88J99 88299 2.272.844 Reslrleted Funds High Point build costs Heriiage Centre and Lutterworth Museum fil-out Continuing tkvelopment of the Heritage Centre 8nd Lutt¢nv(*th Museum 250.( 250,000 30.(K)O 30,000 45,LXIO 45,000 325.¢)Cll 325,000 High Polnt bulld ¢0gts These grdnts were received from Harborough District Council and GLP as conthTrutions lowArd$ the con.4tDJciion of an improved and modern museum building in Lutterworth iown centrt. Herltage Centr¢ and Lutterworth Museum Ilt-out Thi5 grant was r¢¢eived from GLP to h¢lp fund the inwnal fit-fmjt and development of the H¢ritage Centre space and Lutterworth MuM. Continulll¥ Dev¢lopmeDt ofthe Her5t•g¢ C¢Trt aDd Lutterworth Museum This grdnt w&s received from GLP to fund the employment of professiona] resources or an individual. who will help dcvelop. launch and establish a sw%t4inable OFera(in8 mixl¢l for both the H¢rilage Centr¢ and the Luttenvorth Muscum. Page-10-
LirrTERWORTH TOWN ESTATES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Town Hall Granl 2024 Town Hall Charity Grant The nel U[trI¢l¢d Income this year is just £1 and and so no rwneni is due. Cosl of 8*lltrallng fvnds 2024 2023 40.330 8,004 2,502 3,599 1,020 254 2.501 7,368 3,061 31,862 7,181 1.668 3.463 1.020 65i 4,209 5,008 2,863 Management charges Properry insurance Depreciation on equipment Market wa8e5 Market tolls High Point repatTS and miscellaneous expenges High Point heat and light Hsgh Point insurance 68,639 57,927 P4e-11-
LERwORTH TOWN ESTATES N(yfES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Charilable exp¢Ddithre 2024 2023 Grants- indivithials GrwJis- restricted Town hall donations upcoming year Bookke¢ping and adrninisiraiion Office telephone and internet Office 4dmini5tt71ion expenses Sundry expenses Offi¢¢ rates and water OlCe insurance OtTice h¢at and light oiri¢e repairs Professional fees Accounian¢y 1,794 350 1,499 4272 691 1,989 4.059 553 1.562 21 297 198 744 4,668 3,000 2,773 257 1.448 4.877 3,041 19,660 19,724 Pag¢-12-
LurrERWORTH TOWN ESTATES INCOME AND EXPENDrruRE AccouNr FOR THE YEAR ENDED 31 JULY 2024 2024 2023 INCOME Propety Market High Point Bank int¢resl 62.168 2.605 21.016 2.610 55,103 2,715 9.072 793 88.399 67.683 EXPENDITURE G¢rteral Property Market High Poini 17.866 54.435 1274 12.930 17,875 44.174 1.673 12,080 (86,505) (75,802) 1.894 8,119 GRANTS PAID Individuals Community projects Restricted 350 1.499 (1,794) 11,849) TOWN HALL GRANT P¢r not¢ 5 NET GAINS ON INVESTMENT ASSETS Re¥4li5ed Ilnrealised 502 502 (1.794) (1.347) SURPLUS OF INCOME FOR THE YEAR {9.466) Pagt-13-
LUERwoRTH TOWN FSTATES OVERHEAD EXPENSES FOR THE YEAR ENDED 31 JULY 2024 2024 2023 GENERAL EXPENSES Bookkeeping and administration Office telephone and internet Office administration expenses Sundry expenses oirice Tates and water Ofrice insurance Office heat and light Office repairs Prof¢ssional feos Accountancy 42T2 691 1.989 4.059 553 1,562 21 297 198 744 4.668 3.000 2,773 290 257 999 1,448 4.877 3.041 17.866 17,875 PROPERTY EXPENSES Propety repairs Management Charges F*opety insurdnce Depre¢i4ti0n on equipment 40,330 8,004 2.502 3,599 31.862 7,181 1.668 3.463 54,435 44,174 MARKET EXPENSES Market wages MaTket tolls 1.020 254 1,020 653 1274 1.673 HIGH POINT EXPENSES High Point repairs and miscellaneous expenses HÈ8h Point heat and light High Point insurance 2.501 7J68 3.061 4,209 5,008 2,863 12.930 12.080 Page-14-