2023-06-30-accounts

Charity number: 219512

Adelaide Litten Charitable Trust

Unaudited

Trustees' report and financial statements

For the year ended 30 June 2023

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 2023

Trustees	Mrs Gail Amelia Green
	Mrs Elaine Elizabeth Malone
	Mrs Melanie Jane Hooper (appointed 14 January 2023)
	Mrs Judith Ann Robertshaw (appointed 11 May 2023)
	Mrs Jacqueline Ann Langdon-Bassett (appointed 11 May 2023)
	Mrs Susan Mary O'Neill (appointed 11 May 2023)
	Mrs Eileen Frances Karn (appointed 11 May 2023)
	Mrs 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 2023

The Trustees present their annual report together with the financial statements of the Charity for the year ended 30 June 2023.

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

The charity made grants to petitioners this year totalling £13,000 (2022: £3,257).

Page 2

Adelaide Litten Charitable Trust

Trustees' report (continued) For the year ended 30 June 2023

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 (2022: £900,000) and unrestricted reserves of £4,268,349 (2022: £4,138,581). Unrestricted reserves consists of investments of £3,498,296 (2022: £3,711,906), fixed assets of £398,926 (2022: £398,926), and free reserves of £371,127 (2022: £27,749).

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 Charhable Trust Tru$tees' report (continued For tho year ended 30 June 2023 Structure, governance and management Icontinued) d. Financial risk rnanagement The Trustees have assessed the major risks to whith the Charity is exposed. in particular those related lo the operations and finances of the Charity, and are sab"sfied that systems and procedures a￿ in place to mib'gale 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. Following the year end, the Trustees plan to sell one of the propetties. Inft>rmatlon on fundralslng practices The Charity has not undertaken any material fvndraising activitses during the ffinanaal year. Ststement of Trust¢es' responsibilitie5 The Trustees are resp)nsible for preparing the Trustees. report and Ihe financi21 statements in accordance with applicable law and Untted Kingdom AccoLEnkn"ng Standards {Uniled Kt'ngdom Generally Accepted Accounting Prac*cel. The law applicable to charits.es 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 Chanfy and of ils inGoming resources and application of resources, including its income and expenditure. for that period. In preparing these finanaal statements, the Trustees are required to.. select Suitab￿ ￿lUAtiftg policÉes and then appty them (x)nsistendy: observe the methods and principles of the Charities SORP IFRS 1021.. make judgements and accounting estimates that ate reasonable and prudent." stale whether appIl￿ble UK Accounb"ng Standards {FRS 1021 have been followed, subject to any material departures disdosed and explained in the finanual statements.. prepare the financial statements on the going concern ba&s unless it is inappropriate to presume that the Charty will continue in business. The Trustees are responsible for keèping ad4uate accounting records that are sufficient to show and explain the Charity's transartions and disdose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the finanaal statements comply ￿th 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 meM￿r$ of the Ix)ard of Tnjstees and signed on their behalf by." M£5 Mr5 Elaine Elizabeth M ne Dale.. 18.11 1 Page 4

Adelaide Litten Charitable Trust

Independent examiner's report For the year ended 30 June 2023

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 2023.

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: 16/01/2024 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 2023

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 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 2023 £ 17,586 9,345 82,498 109,429 26,952 61,134 88,086 21,343 108,425 129,768 4,138,581 129,768 4,268,349	Restricted funds 2023 £ - - - - - - - - - - 900,000 - 900,000	Total funds 2023 £ 17,586 9,345 82,498 109,429 26,952 61,134 88,086 21,343 108,425 129,768 5,038,581 129,768 5,168,349	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

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 T￿￿t Balance sheet As at 30 June 2023 2023 2022 Not¢ Fixed assets Tangible assets Investments 1.298.926 3A98.296 1,298,926 3,711,906 10 4.797222 5,010,832 Current assets Debtors Cash at bank and in hand 1,338 378.799 5,618 31,731 380.137 37,349 Creditors.. amounts falling due wthin one year 13 19.010) 19,6001 Net Current assets 371,127 27,749 Total net assets 5.168.349 5,038,581 Charity funds Restricted funds Unrestricted funds 14 14 900,000 4,268,349 900,000 4,138,581 Total funds 5.168.349 5.038,581 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mrs Elalne Ellzabeth Malone Date.. The notes on pages 8 to 17 fomi part of these financial statements. Page 7

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

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 2023

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 2023

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.

Page 10

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

3. Income from donations and legacies

Donations Legacies Compensation from bank Total 2022	Unrestricted funds 2023 £ 14,775 2,311 500 17,586 9,692	Total funds 2023 £ 14,775 2,311 500 17,586 9,692	Total funds 2022 £ 8,288 1,404 -
			9,692

4. Income from charitable activities

Receipts from visitors and residents Total 2022 5. Investment income Investment income Bank interest receivable Total 2022	Unrestricted funds 2023 £ 9,345 5,730 Unrestricted funds 2023 £ 81,800 698 82,498 73,020	Total funds 2023 £ 9,345 5,730 Total funds 2023 £ 81,800 698 82,498 73,020	Total funds 2022 £ 5,730
			Total funds 2022 £ 73,012 8
			73,020

Page 11

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

6. Investment management costs

Investment management fees Total 2022	Unrestricted funds 2023 £ 26,952 26,208	Total funds 2023 £ 26,952 26,208	Total funds 2022 £ 26,208

7. Analysis of expenditure by activities

Charitable activities Total 2022 as restated	Activities undertaken directly 2023 £ 45,230 25,111	Support costs 2023 £ 15,904 8,740	Total funds 2023 £ 61,134 33,851	As restated Total funds 2022 £ 33,851

In previous years, expenditure was analysed by property cost centre, however the Trustees feel this breakdown is not required in 2023 and future years.

Analysis of direct costs

Repairs Service charges Ground rent Light and heat Water Rates Grants to petitioners	Total funds 2023 £ 7,186 8,448 251 10,921 1,006 4,418 13,000 45,230	As restated Total funds 2022 £ 774 9,607 250 5,212 1,395 4,616 3,257
		25,111

Page 12

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Insurance Telephone Bank charges Sundry expenses Laundry Gardening and cleaning Independent examination and accountancy fee Trustees' expenses reimbursed Professional fees	Total funds 2023 £ 3,995 530 60 1,051 3,434 740 3,480 703 1,911 15,904	As restated Total funds 2022 £ 4,384 461 16 159 420 - 3,300 - -
		8,740

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 30 June 2023, expenses totalling £703 were reimbursed or paid directly to 1 Trustee (2022 - £NIL).

Page 13

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

9. Tangible fixed assets

Cost or valuation At 1 July 2022 At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022 10. Fixed asset investments Cost or valuation At 1 July 2022 Additions Disposals Revaluations At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022	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 £ 3,711,906 928,060 (1,233,095) 91,425
			3,498,296 3,498,296
			3,711,906

Page 14

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

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) PDM Management account Total 13. Creditors: Amounts falling due within one year Accruals and deferred income	2023 £ - 1,338 1,338 2023 £ 21,652 342,793 12,288 2,066 378,799 2023 £ 9,010	2022 £ 3,162 2,456
		5,618
		2022 £ 9,071 22,064 596 -
		31,731
		2022 £ 9,600

Page 15

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

14. Statement of funds

Statement of funds - current year

Balance at 1 July 2022 £ Income £ Expenditure £ Gains/ (Losses) £ Balance at 30 June 2023 £ Unrestricted funds General fund 4,138,581 109,429 (88,086) 108,425 4,268,349 Restricted funds General fund 900,000 - - - 900,000 Total of funds 5,038,581 109,429 (88,086) 108,425 5,168,349 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 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	Balance at 30 June 2023 £ 4,268,349
	900,000
	5,168,349
Unrestricted funds General fund Restricted funds General fund Total of funds
	900,000
	5,038,581

Page 16

Adelaide Litten Charitable Trust

Notes to the financial statements For the year ended 30 June 2023

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 2023 £ 398,926 3,498,296 380,137 (9,010) 4,268,349	Restricted funds 2023 £ 900,000 - - - 900,000	Total funds 2023 £ 1,298,926 3,498,296 380,137 (9,010)
			5,168,349

Analysis of net assets between funds - prior 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

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 M J Hooper is a Trustee.

The Charity has received income of £12,947 (2022: £6,749) from The Grand Charitable Trust of the Order of Women Freemasons during the financial year.

Page 17