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2022-06-30-accounts

Charity number: 219512

Adelaide Litten Charitable Trust

Unaudited

Trustees' report and financial statements

For the year ended 30 June 2022

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 2022

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 2022

The Trustees present their annual report together with the financial statements of the Charity for the year ended 30 June 2022.

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 £3,257 (2021: £5,455).

Page 2

Adelaide Litten Charitable Trust

Trustees' report (continued) For the year ended 30 June 2022

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 (2021: £900,000) and unrestricted reserves of £4,138,581 (2021: £4,311,447).

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 2022

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:

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 Gail Amelia Green

Mrs Elaine Elizabeth Malone

Date: 23 March 2023

Page 4

Adelaide Litten Charitable Trust

Independent examiner's report For the year ended 30 June 2022

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 2022.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. 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 March 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 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
Total expenditure
Net income/(expenditure) before net
(losses)/gains on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Unrestricted
funds
2022
£
9,692
5,730
73,020
88,442
26,208
33,851
60,059
28,383
(201,249)
(172,866)
4,311,447
(172,866)
4,138,581
Restricted
funds
2022
£
-
-
-
-
-
-
-
-
-
-
900,000
-
900,000
Total
funds
2022
£
9,692
5,730
73,020
88,442
26,208
33,851
60,059
28,383
(201,249)
(172,866)
5,211,447
(172,866)
5,038,581
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

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 2022

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
5,618
31,731
37,349
(9,600)
2022
£
1,298,926
3,711,906
5,010,832
27,749
5,038,581
900,000
4,138,581
5,038,581
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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mrs Gail Amelia Green

Mrs Elaine Elizabeth Malone

Date: 23 March 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 2022

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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

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 2022

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

The freehold property was 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 2022

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
Legacies
Total 2021
Unrestricted
funds
2022
£
8,288
1,404
9,692
2,612
Total
funds
2022
£
8,288
1,404
9,692
2,612
Total
funds
2021
£
2,612
-
2,612

Page 10

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2022

4. Income from charitable activities

Receipts from visitors and residents
Total 2021
Investment income
Investment income
Bank interest receivable
Total 2021
Investment management costs
Investment management fees
Total 2021
Unrestricted
funds
2022
£
5,730
8,928
Unrestricted
funds
2022
£
73,012
8
73,020
58,435
Unrestricted
funds
2022
£
26,208
24,595
Total
funds
2022
£
5,730
8,928
Total
funds
2022
£
73,012
8
73,020
58,435
Total
funds
2022
£
26,208
24,595
Total
funds
2021
£
8,928
Total
funds
2021
£
58,435
-
58,435
Total
funds
2021
£
24,595

5. Investment income

6. Investment management costs

Page 11

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2022

7. Analysis of expenditure by activities

General
Northolme
Amelia Court
Peninsula Quay
Total 2021
Activities
undertaken
directly
2022
£
-
336
7,861
424
8,621
56,121
Support
costs
2022
£
6,573
13,773
1,952
2,932
25,230
18,178
Total
funds
2022
£
6,573
14,109
9,813
3,356
33,851
74,299
Total
funds
2021
£
8,251
58,053
7,995
-
74,299

Analysis of direct costs

Repairs
Service charges
Ground rent
Total
funds
2022
£
774
7,597
250
8,621
Total
funds
2021
£
48,813
6,873
435
56,121

Page 12

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2022

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Light and heat
Water
Rates
Insurance
Telephone
Bank charges
Sundry expenses
Laundry
Grants to petitioners
Independent examination and accountancy fee
Trustees' expenses reimbursed
Total
funds
2022
£
5,212
3,405
4,616
4,384
461
16
159
420
3,257
3,300
-
25,230
Total
funds
2021
£
1,505
711
3,094
4,823
377
44
-
-
5,455
2,130
39
18,178

Page 13

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2022

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 30 June 2022, expenses totalling £NIL were reimbursed or paid directly to 1 Trustee (2021 - £39).

9. Tangible fixed assets

Cost or valuation
At 1 July 2021
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021
Fixed asset investments
Cost or valuation
At 1 July 2021
Additions
Disposals
Revaluations
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021
Freehold
property
£
900,000
900,000
900,000
900,000
Long-term
leasehold
property
£
398,926
398,926
398,926
398,926
Total
£
1,298,926
1,298,926
1,298,926
1,298,926
Listed
investments
£
3,827,622
106,738
(16,490)
(205,964)
3,711,906
3,711,906
3,827,622

10. Fixed asset investments

Page 14

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2022

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
2022
£
3,162
2,456
5,618
2022
£
9,071
22,064
596
31,731
2022
£
9,600
2021
£
3,162
1,333
4,495
2021
£
57,792
22,909
6,136
86,837
2021
£
6,433

Page 15

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2022

14. Statement of funds

Statement of funds - current year

Balance at 1
July 2021
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at
30 June
2022
£
Unrestricted funds
General fund
4,311,447
88,442
(60,059)
(201,249)
4,138,581
Restricted funds
General fund
900,000
-
-
-
900,000
Total of funds
5,211,447
88,442
(60,059)
(201,249)
5,038,581
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 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
Balance at
30 June
2022
£
4,138,581
900,000
5,038,581
Unrestricted funds
General fund
Restricted funds
Northolme fund
Total of funds
900,000
5,211,447

Page 16

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2022

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
2022
£
398,926
3,711,906
37,349
(9,600)
4,138,581
Restricted
funds
2022
£
900,000
-
-
-
900,000
Total
funds
2022
£
1,298,926
3,711,906
37,349
(9,600)
5,038,581

Analysis of net assets between funds - prior 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

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 £6,749 (2021: £2,612) from The Grand Charitable Trust of the Order of Women Freemasons during the financial year.

Page 17