Charity number: 219512
Adelaide Litten Charitable Trust
Unaudited
Trustees' report and financial statements
For the year ended 30 June 2021
Adelaide Litten Charitable Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
Adelaide Litten Charitable Trust
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 June 2021
| Trustees | Mrs Gail Amelia Green |
|---|---|
| Mrs Elaine Elizabeth Malone | |
| Mrs Melanie Jane Hooper (appointed 14 January 2023) | |
| Mrs Brenda Ann Jones (deceased 28 September 2021) | |
| Mrs Hilda Irene Naldrett (deceased 9 October 2021) | |
| Miss Geraldene Mary Greenhalgh (resigned 5 January 2023) | |
| Charity registered number 219512 Principal office 27 Pembridge Gardens London W2 4EF Accountants Kreston Reeves LLP Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Bankers National Westminster Bank PLC PO Box 1936 46 Notting Hill Gate London W11 3ZP National Westminster Bank PLC 344 Lytham Road South Shore Blackpool Lancashire FY4 1DY Solicitors Charles Russell Speechleys LLP One London Square Cross Lanes Guildford Surrey GU1 1UN |
Page 1
Adelaide Litten Charitable Trust
Trustees' report For the year ended 30 June 2021
The Trustees present their annual report together with the financial statements of the Charity for the year ended 30 June 2021.
Objectives and activities
a. Policies and objectives
The principal objects of the Charity are:
(a) to relieve members of the Order who are in need, hardship or distress;
(b) to provide and maintain residential homes for the use of such members;
(c) to relieve or provide residential homes for dependants of members;
(d) to relieve former members and their dependants as per (c);
(e) to further other charitable purposes as Trustees determine.
Administrative provisions are:
(a) to maintain any such property;
(b) to manage any such property;
(c) to furnish any such property;
(d) to sell the property and replace it with such other property as the Trustees decide on similar terms;
(e) to invest trust money in securities authorised by law for the investment of trust funds.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The Trustees meet at least four times a year to consider the allowance and assistance given by the Charity to its beneficiaries. Applications for assistance are considered by the Trustees; correspondence with the Trustees concerning a beneficiary's change in circumstances are similarly considered; and the review of the level of allowance given to beneficiaries of the trust is reviewed on an annual basis.
The Trustees have absolute discretion as to whom is benefitted by the Charity and, having come to a view on the prospective beneficiary's level of need, hardship or distress they have the power to provide and maintain or assist in the provision and maintenance of residential homes, rest homes, holiday accommodation and other facilities for the use of the prospective beneficiary of the charitable trust.
Strategic report
Achievements and performance
a. Review of activities
During the period, major refurbishment of Northolme was in progress, with the building closed from February 2020 to continue this work. This closure continued from March 2020 due to the Covid pandemic and mandatory restrictions, until the Charity re-opened for meetings and visitors in March and April 2022 respectively.
The charity also made grants to petitioners this year totalling £5,455 (2020: £8,075).
Page 2
Adelaide Litten Charitable Trust
Trustees' report (continued) For the year ended 30 June 2021
Strategic report (continued)
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Charity's funds are applied to assist Order members as requested or to upkeep and refurbish the three properties. The financial position is considered by the Trustees to be healthy. Donations are received from members of the Order but the Charity is not dependent on these donations due to the income produced from the residential homes and investment portfolio.
At year end, the Charity had restricted reserves of £900,000 (2020: £900,000) and unrestricted reserves of £4,311,447 (2020: £3,847,514).
Structure, governance and management
a. Constitution
Adelaide Litten Charitable Trust was created by a Declaration of Trust dated 26 March 1941 and a Scheme of Arrangement dated 18 July 1996.
The perpetuity period in the original trust deed refers to a "Royal Lives" clause which extends for 21 years after the death of the last survivor of the issue living on the date of settlement of King George V.
At the end of the "perpetuity period" the trust becomes a general charity under clause 10.
b. Methods of appointment or election of Trustees
By clause 5 of the Scheme every Trustee shall be appointed from persons nominated by the Order of Women Freemasons (the Order) from among its members at a meeting convened and held according to the ordinary practice of the Order. The Trustees being notified of the nominated new Trustee shall have the right to refuse any appointment of any nominated person and to ask the Order to make further nominations. In the event of the Order being unable to appoint any person who is acceptable to the Trustees they may appoint such other person or persons as they think fit in their absolute discretion. Every deed of appointment shall contain a declaration by the new Trustee that she accepts and is willing to act in the trust of the Scheme.
c. Organisational structure and decision-making policies
Income
Income from stocks and shares is retained by the brokers for re-investment. Other income is received by the Trustees direct and applied to the running costs of the trust.
Trust properties
The Trust owns Northolme which is available for members of the Order and their family and friends for short breaks. A second property is let to a member and a third is vacant.
Page 3
Adelaide Litten Charitable Trust
Trustees' report (continued) For the year ended 30 June 2021
Structure, governance and management (continued)
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Trustees will continue to manage the Charity in the interest of its beneficiaries and potential beneficiaries.
Information on fundraising practices
The Charity has not undertaken any material fundraising activities during the financial year.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mrs Elaine Elizabeth Malone
Mrs Gail Amelia Green
Date: 27 February 2023
Page 4
Adelaide Litten Charitable Trust
Independent examiner's report For the year ended 30 June 2021
Independent examiner's report to the Trustees of Adelaide Litten Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2021.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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 independent 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.
Signed:
Dated: 27 February 2023
S M Robinson BA FCA FCIE DChA
Kreston Reeves LLP
Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU
Page 5
Adelaide Litten Charitable Trust
Statement of financial activities For the year ended 30 June 2021
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 2,612 8,928 58,435 69,975 24,595 74,299 98,894 (28,919) 492,852 463,933 3,847,514 463,933 4,311,447 |
Restricted funds 2021 £ - - - - - - - - - - 900,000 - 900,000 |
Total funds 2021 £ 2,612 8,928 58,435 69,975 24,595 74,299 98,894 (28,919) 492,852 463,933 4,747,514 463,933 5,211,447 |
Total funds 2020 £ 21,006 17,911 82,035 |
|---|---|---|---|---|
| 120,952 24,830 106,270 |
||||
| 131,100 (10,148) (53,070) |
||||
| (63,218) 4,810,732 (63,218) |
||||
| 4,747,514 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 17 form part of these financial statements.
Page 6
Adelaide Litten Charitable Trust
Balance sheet As at 30 June 2021
| Note Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
4,495 86,837 91,332 (6,433) |
2021 £ 1,298,926 3,827,622 5,126,548 84,899 5,211,447 900,000 4,311,447 5,211,447 |
1,895 249,939 251,834 (5,376) |
2020 £ 1,107,088 3,393,968 |
|---|---|---|---|---|
| 4,501,056 246,458 |
||||
| 4,747,514 | ||||
| 900,000 3,847,514 |
||||
| 4,747,514 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mrs Elaine Elizabeth Malone
Mrs Gail Amelia Green
Date: 27 February 2023
The notes on pages 8 to 17 form part of these financial statements.
Page 7
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
1. General information
The Adelaide Litten Charitable Trust is an unincorporated charity with the Charity registration number 219512. The address of the registered office is 27 Pembridge Gardens, London W2 4EF.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Adelaide Litten Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or condition that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 8
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets were independently revalued in 2014.
At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Page 9
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
2. Accounting policies (continued)
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.12 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Total 2020 |
Unrestricted funds 2021 £ 2,612 21,006 |
Total funds 2021 £ 2,612 21,006 |
Total funds 2020 £ 21,006 |
|---|---|---|---|
Page 10
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
4. Income from charitable activities
| Receipts from visitors and residents Total 2020 Investment income Investment income Bank interest receivable Total 2020 Investment management costs Investment management fees Total 2020 |
Unrestricted funds 2021 £ 8,928 17,911 Unrestricted funds 2021 £ 58,435 - 58,435 82,035 Unrestricted funds 2021 £ 24,595 24,830 |
Total funds 2021 £ 8,928 17,911 Total funds 2021 £ 58,435 - 58,435 82,035 Total funds 2021 £ 24,595 24,830 |
Total funds 2020 £ 17,911 |
|---|---|---|---|
| Total funds 2020 £ 81,986 49 |
|||
| 82,035 | |||
| Total funds 2020 £ 24,830 |
|||
5. Investment income
6. Investment management costs
Page 11
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
7. Analysis of expenditure by activities
| General Northolme Amelia Court Total 2020 |
Activities undertaken directly 2021 £ - 48,548 7,573 56,121 72,557 |
Support costs 2021 £ 8,251 9,505 422 18,178 33,713 |
Total funds 2021 £ 8,251 58,053 7,995 74,299 106,270 |
Total funds 2020 £ 15,204 81,800 9,266 |
|---|---|---|---|---|
| 106,270 | ||||
Analysis of direct costs
| Repairs Service charges Ground rent |
Total funds 2021 £ 48,813 6,873 435 56,121 |
Total funds 2020 £ 64,264 7,858 435 |
|---|---|---|
| 72,557 |
Page 12
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Light and heat Water Rates Insurance Telephone Bank charges Sundry expenses Grants to petitioners Gardening and cleaning Independent examination and accountancy fee Trustees' expenses reimbursed Professional fees |
Total funds 2021 £ 1,505 711 3,094 4,823 377 44 - 5,455 - 2,130 39 - 18,178 |
Total funds 2020 £ 6,558 1,216 2,701 4,317 763 54 2,319 9,545 750 4,170 - 1,320 |
|---|---|---|
| 33,713 |
Page 13
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 30 June 2021, expenses totalling £39 were reimbursed or paid directly to 1 Trustee (2020 - £Nil).
9. Tangible fixed assets
| Cost or valuation At 1 July 2020 Additions At 30 June 2021 Net book value At 30 June 2021 At 30 June 2020 Fixed asset investments Cost or valuation At 1 July 2020 Additions Disposals Revaluations At 30 June 2021 Net book value At 30 June 2021 At 30 June 2020 |
Freehold property £ 900,000 - 900,000 900,000 900,000 |
Long-term leasehold property £ 207,088 191,838 398,926 398,926 207,088 |
Total £ 1,107,088 191,838 |
|---|---|---|---|
| 1,298,926 | |||
| 1,298,926 1,107,088 Listed investments £ 3,393,968 470,070 (498,918) 462,502 |
|||
| 3,827,622 3,827,622 |
|||
| 3,393,968 |
10. Fixed asset investments
Page 14
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
| 11. Debtors Due within one year Other debtors Prepayments and accrued income 12. Cash at bank and in hand Investec Wealth and Investments cash held Natwest current account (General) Natwest current account (Northolme) Total 13. Creditors: Amounts falling due within one year Accruals and deferred income |
2021 £ 3,162 1,333 4,495 2021 £ 57,792 22,909 6,136 86,837 2021 £ 6,433 |
2020 £ - 1,895 |
|---|---|---|
| 1,895 | ||
| 2020 £ 199,754 47,527 2,658 |
||
| 249,939 | ||
| 2020 £ 5,376 |
Page 15
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
14. Statement of funds
Statement of funds - current year
| Balance at 1 July 2020 £ Income £ Expenditure £ Gains/ (Losses) £ Balance at 30 June 2021 £ Unrestricted funds General fund 3,847,514 69,975 (98,894) 492,852 4,311,447 Restricted funds Northolme fund 900,000 - - - 900,000 Total of funds 4,747,514 69,975 (98,894) 492,852 5,211,447 The restricted Northolme fund comprises the net book value of the freehold property of the same name. Statement of funds - prior year Balance at 1 July 2019 £ Income £ Expenditure £ Gains/ (Losses) £ Balance at 30 June 2020 £ Unrestricted funds General fund 3,910,732 120,952 (131,100) (53,070) 3,847,514 Restricted funds Northolme fund 900,000 - - - 900,000 Total of funds 4,810,732 120,952 (131,100) (53,070) 4,747,514 |
Balance at 30 June 2021 £ 4,311,447 |
|---|---|
| 900,000 | |
| 5,211,447 | |
| Unrestricted funds General fund Restricted funds Northolme fund Total of funds |
|
| 900,000 | |
| 4,747,514 |
Page 16
Adelaide Litten Charitable Trust
Notes to the financial statements For the year ended 30 June 2021
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 398,926 3,827,622 91,332 (6,433) 4,311,447 |
Restricted funds 2021 £ 900,000 - - - 900,000 |
Total funds 2021 £ 1,298,926 3,827,622 91,332 (6,433) |
|---|---|---|---|
| 5,211,447 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 207,088 3,393,968 251,834 (5,376) 3,847,514 |
Restricted funds 2020 £ 900,000 - - - 900,000 |
Total funds 2020 £ 1,107,088 3,393,968 251,834 (5,376) |
|---|---|---|---|
| 4,747,514 |
16. Related party transactions
During the year, the Charity has undertaken various transactions with The Grand Charitable Trust of the Order of Women Freemasons of which Mrs B A Jones was a Trustee and Mrs M J Hooper is a Trustee.
The Charity has received income of £2,612 (2020: £10,525) from The Grand Charitable Trust of the Order of Women Freemasons during the financial year.
Page 17