THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS
5 APRIL 2022
Charity Number 219846
JOSEPH MILLER Chartered Accountants Newcastle upon Tyne
THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
FINANCIAL STATEMENTS
5 APRIL 2022
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 2022
| 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 |
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2022
The trustees are pleased to present their report, together with the unaudited financial statements of the charity for the year ended 5 April 2022.
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.
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LESLIE AND LILIAN MANNING CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2022
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 £18,505 (2021: £19,149) from the investment portfolio.
Net expenditure for the year before transfers for the unrestricted income fund was £14,936 (2021: £13,655), 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 2022 were £5,016 (2021: £5,452). 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 2022, was 9.7% against a benchmark return of the CPI plus 4.0%, which equated to 11.3% for the year.
Plans for the future
The charity plans to continue to make grants to charitable institutions.
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LESLIE AND LILIAN MANNING CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2022
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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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 7 June 2022
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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 2022, 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:
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(1) accounting records were not kept in respect of the trust as required by section 130 of the Act; or
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(2) the financial statements do not accord with those records; or
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(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 7 June 2022
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2022
| Note Income from: Investments Total income Expenditure on: Raising funds Investment management costs Charitable activities Total expenditure 3 Net gains 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 £ 18,505 18,505 - 33,441 33,441 - - ( 14,936) 14,500 ( 436) 5,452 5,016 |
Capital Fund £ - - 8,057 - 8,057 75,956 6,905 74,804 ( 14,500) 60,304 1,038,272 1,098,576 |
Total 2022 £ 18,505 18,505 8,057 33,441 41,498 75,956 6,905 59,868 - 59,868 1,043,724 1,103,592 |
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 |
|---|---|---|---|---|
The notes on pages 8 to 12 form part of these financial statements.
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| 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 |
£ 1,059 1,214 2,273 ( 7,921) |
2022 £ 1,109,240 ( 5,648) 1,103,592 5,016 1,098,576 1,103,592 |
£ 514 2,031 2,545 ( 8,186) |
2021 £ 1,049,365 ( 5,641) 1,043,724 5,452 1,038,272 1,043,724 |
|---|---|---|---|---|
These financial statements were approved by the trustees on 7 June 2022 and were signed on their behalf by:
D Jones Trustee
The notes on pages 8 to 12 form part of these financial statements.
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
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 or 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:
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the charity has entitlement to the income;
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there is sufficient certainty and it is probable that the income will be received; and
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the amount of income can be measured reliably.
Investment income
This is included in the financial statements when receivable.
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
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 middle price 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.
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
2 Grants payable
| During the year the charity made the following grants: Acorns (North Tyneside) Action Foundation - Gift of Words Appeal Age UK Northumberland Alnwick District Food Bank Alzheimer's Society Asthma UK Barnardo’s Blood Cancer UK Children North East Connect 25 Food Bank Cornerstone - Benwell Christian Shop Project County Durham Foodbank Cramlington Foodbank Depaul UK Diabetes UK Northern & Yorkshire Fareshare North East Gateshead Foodbank Haven Tyneside Ltd Heartbeat Hebburn Helps Hospitality & Hope (South Tyneside Food Bank) MacMillan Cancer Support Mencap (Royal Mencap Society) Morpeth Mental Health Group Ltd Motor Neurone Disease Association Newcastle West End Food Bank Pennywell Neighbourhood Centre Philip Cussins House Riding Mill Outdoor Preschool Safe Families for Children Sunderland Foodbank The Bay Foodbank The Cyrenians Ltd (operating as Changing Lives) The People's Kitchen Limited The Percy Hedley Foundation The Royal National Institute for Deaf People (formerly Action on Hearing Loss) The Samaritans of Northumbria Walker & District Foodbank Wansbeck Valley Food Bank Washington Community Food Project West Northumberland Foodbank |
2022 £ 1,000 1,000 1,000 - 1,000 1,000 1,000 1,000 1,000 - - - - 1,000 1,000 - - 1,000 500 - - 1,000 1,000 500 1,000 2,000 1,000 1,000 - 500 - - 1,000 2,000 1,000 1,000 1,000 - - - 2,000 27,500 |
2021 £ - - 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 1,000 - 500 500 500 1,000 27,500 |
|---|---|---|
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
3 Total expenditure
| Cost of raising funds £ Grants payable (note 2) - Independent examiner's fees - Accountancy fees - Bank charges - Investment management costs 8,057 Allocated support costs: Accountancy fees for other services - 8,057 Governance costs Total expenditure on charitable activities |
Charitable activities £ 27,500 - - - - 2,656 30,156 3,285 33,441 |
Governance costs £ - 432 1,512 13 - 1,328 3,285 |
Total 2022 £ 27,500 432 1,512 13 8,057 3,984 41,498 |
Total 2021 £ 27,500 420 1,452 - 7,628 3,432 40,432 |
|---|---|---|---|---|
| 4 Fixed asset investments Summary Listed investments Cash available for reinvestment by investment advisers Listed investments Market value at 6 April 2021 Additions Disposals at carrying value Net gains on revaluation Market value at 5 April 2022 Historical cost |
2022 £ 1,080,111 29,129 1,109,240 1,040,505 29,639 ( 65,989) 75,956 1,080,111 777,902 |
2021 £ 1,040,505 8,860 1,049,365 824,950 283,034 ( 239,762) 172,283 1,040,505 793,033 |
|---|---|---|
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.
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THE LESLIE AND LILIAN MANNING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
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 £ 1,109,240 - 1,109,240 Fixed asset investments £ 1,049,365 - 1,049,365 |
Net current assets (liabilities) £ ( 10,664) 5,016 ( 5,648) Net current assets (liabilities) £ ( 11,093) 5,452 ( 5,641) |
2022 £ 1,059 2022 £ 7,921 - 7,921 Total 2022 £ 1,098,576 5,016 1,103,592 Total 2021 £ 1,038,272 5,452 1,043,724 |
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 |
|---|---|---|---|---|
8 Transactions with trustees
None of the trustees received any emoluments or were reimbursed expenses during the year (2021: none).
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