## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**5 APRIL 2021**
**Charity Number 219846**
**JOSEPH MILLER Chartered Accountants Newcastle upon Tyne**
**THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **FINANCIAL STATEMENTS**
**5 APRIL 2021**
## **CONTENTS**
|**Page**||
|---|---|
|1|Reference and administrative details|
|2 - 4|Report of the trustees|
|5|Independent examiner’s report|
|6|Statement of financial activities|
|7|Balance sheet|
|8 - 12|Notes to the financial statements|
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**5 APRIL 2021**
|**Registered charity number**|219846|
|---|---|
|**Trustees**|D Jones|
||K L Andersen|
||U Fagandini|
|**Correspondence address**|Floor A|
||Milburn House|
||Dean Street|
||Newcastle upon Tyne|
||NE1 1LE|
|**Accountants**|Joseph Miller|
||Floor A|
||Milburn House|
||Dean Street|
||Newcastle upon Tyne|
||NE1 1LE|
|**Independent examiner**|D R Gold|
||Joseph Miller|
||Floor A|
||Milburn House|
||Dean Street|
||Newcastle upon Tyne|
||NE1 1LE|
|**Bankers**|Virgin Money|
||131-135 Northumberland Street|
||Newcastle upon Tyne|
||NE1 7AG|
|**Investment advisers**|Rathbone Investment Management Limited|
||Earl Grey House|
||75-85 Grey Street|
||Newcastle upon Tyne|
||NE1 6EF|
- 1 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 5 APRIL 2021**
The trustees are pleased to present their report, together with the unaudited financial statements of the charity for the year ended 5 April 2021.
Reference and administrative details set out on page 1 form part of this report. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 to 9, and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland – Charities SORP FRS 102.
## **Structure, governance and management**
The trust is an unincorporated trust, constituted under a trust deed dated 22 January 1960 and is a registered charity, number 219846.
The trustees who have served during the year are set out on page 1. The board of trustees is responsible for the appointment of trustees, their tenure of office and election of the chairman.
New and existing trustees are briefed on the powers and responsibilities of the trustees, the grant making process, investments and the recent financial performance of the charity.
The charity is managed by the trustees who normally meet twice a year.
No trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 8 to the financial statements.
## **Risk management**
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## **Objectives and activities for the public benefit**
The object of the trust in accordance with the trust deed is to make distributions to such charitable institutions or purposes as the trustees in their absolute discretion select.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the trusts aims and objectives and in planning future activities.
The trust carries out these objectives by providing grants that are in general applied to supporting charities that either operate or run specific projects in the North East of England that support children, the physically or mentally disabled and the disadvantaged.
## **Grant making policy**
Grants will normally be made out of income and not capital. The trustees may, however, at their discretion, use the capital of the trust for charitable purposes.
At the trustees’ discretion, some charities are supported on a regular basis, but the trustees will also consider individual appeals on a one-off basis.
The grants to be awarded are decided at the twice yearly trustee meetings.
- 2 -
## **LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **Achievements and performance**
The year proved successful in terms of the number of grants awarded. The grants paid in the year are listed in note 2 to the financial statements.
## **Financial review**
The principal source of unrestricted income comprised dividends and interest of £19,149 (2020: £25,632) from the investment portfolio, a significant reduction due to the COVID-19 pandemic.
Net expenditure for the year before transfers for the unrestricted income fund was £13,655 (2020: £7,018), as shown in the statement of financial activities on page 6.
## Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, of at least £5,000 to ensure that management and administrative expenditure for twelve months can be met out of undistributed investment income. Free reserves at 5 April 2021 were £5,452 (2020: £5,107). The trustees review both its reserves policy and its reserves position on a regular basis.
## Investment policy
There are no restrictions on the trustee’s powers to invest. The trustees set the investment strategy taking into account the income requirements, risk profile and the investment manager’s view of economic market conditions. The portfolio risk profile is medium. This strategy is set within the overall policy whereby the principal aim was for the portfolio to be managed on a total return basis. The charity aims to obtain a balanced return from capital growth and income. This policy is reviewed annually by the trustees and the portfolio is monitored by them regularly.
The asset allocation is at the discretion of the investment managers and will be reviewed regularly with reference to the long term objectives of the trustees. No individual holding should exceed 5% of the portfolio value. No investments should be made in companies with over 10% of their turnover from tobacco or armaments. There should be no direct investment in tobacco production or in armaments.
The investment portfolio is administered by the trustees taking advice from a leading firm of stockbrokers.
The adviser presents an investment review and reports on performance every six months and makes recommendations as appropriate at trustees’ meetings.
The total return on investments, before fees for the year ended 5 April 2021, was 26.8% against a benchmark return of the CPI plus 4.0%, which equated to 4.7% for the year.
## **Plans for the future**
The charity plans to continue to make grants to charitable institutions.
The continuing impact of the COVID-19 pandemic is referred to in note 9.
- 3 -
## **LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **Trustees’ responsibilities in relation to the financial statements**
The trustees are responsible for preparing the report of the trustees 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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity 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 in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- 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 proper accounting records that 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 the trustees and signed on their behalf by:
D Jones Trustee 30 June 2021
- 4 -
## **INDEPENDENT EXAMINER’S REPORT**
## **TO THE TRUSTEES**
## **OF THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 5 April 2021, which are set out on pages 6 to 12.
## **Responsibilities and basis of report**
As the charity’s trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011, (‘the Act’).
I report in respect of my examination of the trustee’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material 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 trust as required by section 130 of the Act; or
- (2) the financial statements do not accord with those records; or
- (3) the financial statements 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 requirements that the financial statements 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 financial statements to be reached.
D R Gold FCA Independent Examiner Joseph Miller Floor A Milburn House Dean Street Newcastle upon Tyne NE1 1LE 30 June 2021
- 5 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**Note**
**Income from:**
Investments
**Total income**
**Expenditure on:**
Raising funds
Investment management costs
Charitable activities
**Total expenditure**
3
**Net gains (losses) on investments**
Unrealised
4
Realised
**Net income (expenditure)**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Income**
**Fund**
**£**
19,149
19,149
-
32,804
32,804
-
-
( 13,655)
14,000
345
5,107
5,452|**Capital**
**Fund**
**£**
-
-
7,628
-
7,628
172,283
37,552
202,207
( 14,000)
188,207
850,065
1,038,272|**Total**
**2021**
**£**
19,149
19,149
7,628
32,804
40,432
172,283
37,552
188,552
-
188,552
855,172
1,043,724|**Total**
**2020**
**£**
25,632
25,632
7,412
32,650
40,062
( 109,303)
( 7,275)
( 131,008)
-
( 131,008)
986,180
855,172|
|---|---|---|---|---|
The notes on pages 8 to 12 form part of these financial statements.
- 6 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **BALANCE SHEET**
## **AS AT 5 APRIL 2021**
|**Note**
**Fixed assets**
Investments
4
**Current assets**
Debtors
5
Cash at bank
**Creditors**: amounts falling due
within one year
6
**Net current liabilities**
**Net assets**
**Funds of the charity**
Unrestricted income fund
7
Capital fund
7
**Total charity funds**|**£**
514
2,031
2,545
( 8,186)|**2021**
**£**
1,049,365
( 5,641)
1,043,724
5,452
1,038,272
1,043,724|**£**
1,360
1,181
2,541
( 6,502)|**2020**
**£**
859,133
( 3,961)
855,172
5,107
850,065
855,172|
|---|---|---|---|---|
These financial statements were approved by the trustees on 30 June 2021 and were signed on their behalf by:
D Jones Trustee
The notes on pages 8 to 12 form part of these financial statements.
- 7 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **1 Accounting policies**
## **i ) Accounting basis**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated. They have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - Charities SORP FRS 102, the Charities Act 2011 and applicable regulations.
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 Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling which is the functional and presentational currency of the trust.
## **ii) Preparation of the financial statements on a going concern basis**
The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern.
## **iii ) Fund structure**
Income funds 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.
## **a) Unrestricted income fund**
The income fund is credited with the investment income arising from the trust's investments and is charged with charitable grants made by the trust and the trust's administration costs. Transfers are made at the discretion of the trustees and take into account the amount of income required to maintain the level of charitable activity.
## **b) Capital fund**
The capital fund represents the original expendable endowed funds of the charity, together with the accumulated gains (losses) arising from the active management of the investments which may be used to supplement the income when making grants.
## **iv ) Income recognition**
All income is recognised in the statement of financial activities once:
- the charity has entitlement to the income;
- there is sufficient certainty and it is probable that the income will be received; and
- the amount of income can be measured reliably.
## **Investment income**
This is included in the financial statements when receivable.
- 8 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **1 Accounting policies** _(continued)_
## **v ) Expenditure recognition**
Liabilities are recognised as soon as there is a legal or construction obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
## **Cost of raising funds**
The cost of raising funds consist of investment management costs.
## **Charitable activities**
Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 3.
## **Grants payable without performance conditions**
These are only recognised in the financial statements when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
## **Support costs**
Support costs are allocated on the basis of time spent on each activity.
## **Governance costs**
Include costs of the preparation and examination of statutory financial statements , the costs of trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
## **vi ) Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market value.
## **Investments gains and losses**
This includes any gains or losses arising on disposal on the sale of investments and any gain or loss resulting from revaluing investments to fair value at the end of the year.
## **vii ) Cash at bank**
Cash at bank represents the balance on the trust's current bank account at the year end.
## **viii ) Creditors and provisions**
Creditors and provisions are recognised where the trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **ix ) Financial instruments**
With the exception of investments described above, the trust only has financial assets and financial liabilities of a kind that qualify as basic. Basic financial instruments are initially measured at their settlement value.
- 9 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **2 Grants payable**
|During the year the charity made the following grants:
Action on Hearing Loss
Age UK Northumberland
Alnwick District Food Bank
Alzheimer's Society
Asthma UK
Barnardo’s
Billingham and Stockton Borough Foodbank
Blood Cancer UK
Children North East
Connect 25 Food Bank
Cornerstone - Benwell Christian Shop Project
County Durham Foodbank
Cramlington Foodbank
Crisis Skylight Newcastle
Diabetes UK Northern & Yorkshire
Fareshare North East
Feeding Families
Gateshead Foodbank
Hambleton Foodshare
Hebburn Helps
Hospitality & Hope (South Tyneside Food Bank)
MacMillan Cancer Support
Mencap (Royal Mencap Society)
Middlesborough Foodbank
Motor Neurone Disease Association
Newcastle East Foodbank
Newcastle West End Food Bank
Philip Cussins House
Riding Mill Outdoor Preschool
Safe Families for Children
Sunderland Foodbank
The Bay Foodbank
The Cyrenians Ltd (operating as Changing Lives)
The Great North Air Ambulance Service
The People's Kitchen Limited
The Percy Hedley Foundation
Villiers Park Educational Trust
Walker & District Foodbank
Wansbeck Valley Food Bank
Washington Community Food Project
West Northumberland Foodbank
Zoe's Place Baby Hospice|**2021**
**£**
1,000
1,000
500
1,000
1,000
1,000
-
1,000
-
500
500
1,000
500
-
1,000
1,000
-
500
-
500
1,000
1,000
1,000
-
1,000
-
2,000
1,000
1,000
-
1,000
1,000
1,000
-
1,000
1,000
-
500
500
500
1,000
-
27,500|**2020**
**£**
1,000
1,000
-
1,000
1,000
1,000
500
1,000
1,000
-
1,000
-
-
1,000
1,000
-
1,000
500
500
500
-
1,000
1,000
500
1,000
500
1,000
1,000
1,000
500
500
500
1,000
1,000
1,000
1,000
1,000
-
-
500
500
500
28,000|
|---|---|---|
- 10 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **3 Total expenditure**
|**Cost of**
**raising funds**
**£**
Grants payable (note 2)
-
Independent examiner's fees
-
Accountancy fees
-
Investment management costs
7,628
**Allocated support costs:**
Accountancy fees for other services
-
7,628
Governance costs
**Total expenditure on charitable activities**|**Charitable**
**activities**
**£**
27,500
-
-
-
2,288
29,788
3,016
32,804|**Governance**
**costs**
**£**
-
420
1,452
-
1,144
3,016|**Total**
**2021**
**£**
27,500
420
1,452
7,628
3,432
40,432|**Total**
**2020**
**£**
28,000
408
1,422
7,412
2,820
40,062|
|---|---|---|---|---|
- **4 Fixed asset investments**
|**Summary**
Listed investments
Cash available for reinvestment by investment advisers
**Listed investments**
Market value at 6 April 2020
Additions
Disposals at carrying value
Net gains (losses) on revaluation
Market value at 5 April 2021
Historical cost|**2021**
**£**
1,040,505
8,860
1,049,365
824,950
283,034
( 239,762)
172,283
1,040,505
793,033|**2020**
**£**
824,950
34,183
859,133
965,613
227,228
( 258,588)
( 109,303)
824,950
761,345|
|---|---|---|
The investments are subject to the price and yield volatility of the investment portfolio, but this is considered necessary to achieve a higher total return in the long term.
- 11 -
## **THE LESLIE AND LILIAN MANNING CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **5 Debtors**
|Other debtors
**6**
**Creditors:**amounts falling due within one year
Accruals
Grants payable
**7**
**Analysis of net assets between funds**
Capital fund
Unrestricted income fund
**_Analysis of net assets between funds – prior year_**
Capital fund
Unrestricted income fund|**Fixed**
**asset**
**investments**
**£**
1,049,365
-
1,049,365
**Fixed**
**asset**
**investments**
**£**
859,133
-
859,133|**Net current**
**assets**
**(liabilities)**
**£**
( 11,093)
5,452
( 5,641)
**Net current**
**assets**
**(liabilities)**
**£**
( 9,068)
5,107
( 3,961)|**2021**
**£**
514
**2021**
**£**
7,186
1,000
8,186
**Total**
**2021**
**£**
1,038,272
5,452
1,043,724
**Total**
**2020**
**£**
850,065
5,107
855,172|**2020**
**£**
1,360
**2020**
**£**
6,502
**-**
6,502
**Total**
**2020**
**£**
850,065
5,107
855,172
**Total**
**2019**
**£**
981,055
5,125
986,180|
|---|---|---|---|---|
## **8 Transactions with trustees**
None of the trustees received any emoluments or were reimbursed expenses during the year (2020: none).
## **9 Post balance sheet events**
The continuing impact of the COVID-19 pandemic constitutes a non-adjusting post balance sheet event. It is anticipated that there may be a further reduction in investment income in the current year.
- 12 -