Charity number: 219846 LESLIE AND LILIAN MANNING CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Armstrongwatson, Accountants, Business & Financial AlserS
LESLIE AND LILJAN MANNING CHARITABLE TRUST CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustees. report Independent examiner'$ report statement of financial activities Balance sheet Notes to the financial statements 8-15
LESLIE AND LILJAN MANNING CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2024 Trustees D Jones K L Andersen U Fagandini Charity registered number 219846 Principal office clo Amislrong Watson LLP First Floor One Strawberry Lane Newcastle upon Tyne NE148X Accountants Armstrong Watson LLP Chartered Accounlanls One Strawberry Lane Newcastle upon Tyne NE148X Bankers Virgin Money 132-134 Northumberfand Street Newcastle upon Tyne NE1 7DG Investmgnt advisors Rathbone Investment Management Limited Earl Grey House 75-85 Grey Street Newcastle upon Tyne NE1 6EF Page 1
LESLIE AND LILJAN MANNING CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Iruslees present their annu81 port together with the unaudited financi81 statements of the eharity for the year 6 April 2023 to 5 April 2024. 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 sel out on pages 8 10 10, 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. Objectives and activities a. Polieies and objectives The object of the trust in accordance with the trust deed is to make distributions to such ehari18ble institutions or purposes as the trustees in their absolute discretion select. In setting objectives and planning for activities, the Iruslees have given due eonsidemtion to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit." running 8 charity IPB21'. The trust carries out these objectives by providing grants that are in general applied lo supporting charities that either operate or run specific projects in the North E8sI of England that support children, the physically or mentally disabled and the disadvantaged. b. Grant making policy Grants will notmally 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 eh8rilies are supported on a regular basis, but the trustees will also consider individual appeals on a one-off basis. The gr8nts to be awarded are decided al the twits yearly trustee meetings. Achievements and performance a. Main achievements of the charity The year proved suecessful in terms of the number of grants awarded. The grants paid in the year are listed in note 4 to the financi81 statements. Financial review a. Financial review The principal source of unrestricted ineome comprised dividends and interest of £24,85712023.. £23,018) from the investment portfolio. Nel expenditure for the year before transfers for the unreslrieled income fund was £9,239 12023". £9,684), as shown in the statement of financial aclivib'es on page 6. Page 2
LESLIE AND LILJAN MANNING CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 b. Going concem 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 lo adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going cOnM basis can be found in the accounting policies. c. Reserrfes policy 11 is the policy of the charity lo maintain unrestricted fvnds, which are the free reserves of the charity, of al least £5,000 to ensure that management and administrative expenditure for e1ve months can be mel out of undislribuled investment income. Free reserves at 5 April 2024 were £5,093 12023.. £5,332). The Iruslees review both the reserves policy and the reserves position on a regular basis. d. Investment policy There are no restrictions on the trustees, powers lo invest. The Iruslees sel 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 sel within the overall policy whereby the principal aim was for the portfolio to be managed on a total return basis. The charity aims lo obtain a baland 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 al the discretion of the investment managers and will be reviewed regularly with reference lo the long term objectives of the Iruslees. No individual holding should exceed 5Q/o of the portfolio value. No investments should be made in companies with over 1 O0k 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 al Iruslees, meetings. The total return on investments, before fees, for the year ended 5 April 2024, was 7.4Qk against a benchmark return of the CPI plus 4.09/0, which equated lo 7.30/0 for the year. structure, governance and management a. Constitution Leslie and Lilian Manning Charitable Trust is a registered charity, number 219846, and is conslituled under a trust deed dated 22 January 1960. The Iruslees 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. The charity is managed by the trustees who normally meet lce a year. No Iruslee remuneration was paid in the year. Details of trustee expenses and related paty transactions are disclosed in note 6 to the financial statements. b. Methods of appointment or election of trustees New and existing Iruslees are briefed on the powers and responsibilities of the trustees, the grant making process, investments and the recent financial performance of the charity. Page 3
LESLIE AND LILJAN MANNING CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 structure, governance and management Icontinuedl c. 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 lo lessen these risks. Plans for future periods The charity plans to continue to make grants to charitable institutions. statement of trustees. responsibilities The trustees are responsible for preparing the trustees, report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally ACpIed Accounting Practice). The law applicable to charities in England & Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial slalemenls, the trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to pSUme that the charity will continue in business. The Iruslees 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 lime the financial position of the charity and enable them to ensLJre 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.. D Jones Trustee Dale.. 20 June 2024 Page 4
LESLIE AND LILJAN MANNING CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent Examinerfs Report to the Trustees of Leslie and Lilian Manning Charitable Trust I'the charity'l I report to the charity trustees on my examination of the aceounls of the eharity for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the prepar8tion of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 ACVI. I report in respect of my examination of the charity's 8ecounls 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 14515llbl of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact th8t the charity has prep8red the accounts in accordan 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 IFRS 1021 in preferenTr to the Accounting and Reporting by Charities." Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul h8s been withdrawn. l understand that this has been done in order for the aceounls lo provide a true and f8ir view in aceordanee with the Genemlly Aecepled Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have eompleted 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". aecounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the aecounts do not comply with the applicable requirements cOnrning the form and content of account5 set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers 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. This report is made solely lo the charity's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the charity's Iruslees those mallers l am required lo slate to them in an independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not a¢p1 or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body, for my work or for this report. Signed.. Dated.. 20 June 2024 D R Gold FCA Independent Examiner Armstrong Watson LLP Chartered Accountants One Strawberry Lane Newcastle upon Tyne NE14BX Page 5
LESLIE AND LILJAN MANNING CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrieted Endowment funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 Note Income and endowments from.. Investments 24,857 24,857 23,018 Total income and endowments 24.857 24.857 23,018 Expenditure on: Raising funds.. Investment management costs Charitable activitie$ 7,541 7,541 34,096 7,362 32, 702 34,096 Total expenditure 34,096 7,541 41,637 40,064 Realised net gainslllossesl on investments 49,167 49,167 (41,658) Net lexpenditurellincome Transfers between funds 19.2391 9,000 41,626 19,0001 32,387 (58, 704) 10 Net movement in funds 12391 32,626 32,387 (58, 704) Reconciliation of funds: Total funds brought forward Nel movement in funds 5,332 12391 1.039,557 32,626 1.044,889 32,387 1, 103,593 (58, 704) Total funds carried forward 5.093 1.072.183 1.077.276 1,044,889 The Ststemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 15 form part of these financial statements. Page 6
LESLIE AND LILJAN MANNING CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Fixed assets Investments 1,080,280 1,047,377 1,080,280 1,047,377 Current assets Debtors Cash al bank and in hand 2,000 2,223 1,709 1,436 4.223 3,145 Creditors.. amounts falling due within one year 17,227} (5,633) Net current liabilities 13,0041 (2,488) Total net assets 1,077,276 1,044. 889 Charlty funds Endowment funds 10 1.072,183 5,093 1,039,557 5,332 Unrestricted funds 10 Total funds 1,077,276 1,044,889 The financial stslemenls were approved and authorised for issue by the Iruslees and signed on their behalf by.. D Jones Trustee Dale.. 20 June 2024 The notes on pages 8 10 15 form part of these financial slatemenls. Page 7
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General infomiation Leslie and Lilian Manning Charitable Trust is an unincorporated charity registered in England and Wales, charity number 219846. The princip81 office of the charity is clo Armstrong Watson, First Floor, One Strawberry Lane, NE14BX. The principal 8ctivity of the charity is grant giving from investment ineome. Aecounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Ststemenl of Recommended Practi effective from 1 April 2005 which has Sin been withdrawn. The 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 ststed in the relevant accounting policy. The financial statements are prepared in sterling which is the functional and presentational currency of the trust. 2.2 Going concern The trustees consider that there are no material uncertainties about the trust's ability lo continue as a 90ing concern. 2.3 Income All income is recognised On the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Investment income is included in the financial statements when re1Vable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Page 8
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Itontinuedl 2.4 Expenditure {continued) The cost of raising funds Consist of investment management costs. Cost of Charitable 8elivilies include grants made, govemanee eosts and support Costs as shown in note 3. Grants payable without performance conditions are only recognised in the financial statements when a commitment has been made and there are no conditions to be mel relating to the grant whieh remain in the Control of the charity. Support costs are allocated on the basis of lime 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 advi to trustees on governanee or constitutional matters. 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 Investments Fixed asset investments are a fom of financial instrument and are initialty recognised al their transaction cost and subsequently measured al fair value at the balance sheet dale using the middle price quoted market V81ue. Investment gains and losses include any gains or losses arising on disposal on the sale of investment and any gain or loss resulting from rev81uing investments lo fair value at the year end. 2.7 Cash at bank and in hand Cash at bank represents the balance on the Irusl's eurrent bank account at the year end. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet dale as a result of 2 past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement C8n be estimated reliably. Li8bilities are recognised at the amount that the charity anticipates it will pay lo setue the debt or the amount it has retsived as advanced payments for the goods or services it musl provide. 2.9 Financial instruments The eharity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction v81ue and subsequently measured at their settiemenl value. Page 9
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Itontinuedl 2.10 Fund accounting Income funds are available for use at the discretion of the trustees in furthemnce of the general objectives of the Charity and which have not been designated for other purposes. Unrestricted income fund The income fund is cdited 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. Endowment fund The endowment 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 lo supplement the income when making grants. Anatysis of expenditure by activities Grants payable {note 41 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 26,000 8,096 34.096 32, 702 Anatysis of support eosts Total funds 2024 Tot81 funds 2023 Bank charges Governance costs 98 2.262 5,736 306 2, 736 3,960 Accountancy fees for other services 8,096 6,202 Governance costs comprise accountancy fees for the preparation and examination of the slatulory financial slalemenls of £2,262 12023.. £2,136). Included within accountancy fees for other services are governance costs of £1,91212023'. £1,320) in respect of governan and conslitulional mallers. Page 10
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Grants payable 2024 2023 During the year the charty made the following grants to intitutions: Acoms INorth Tynesidel Action Foundation Age UK Northumberland Alzheimer's Society Batnardo's Blood Canr UK Burnhope Community Centre Children North East CHUF Contact Imorpelh Mental Health Group Lldl Comerstone - Benwell Crisis UK Skylight Newcasue Cruse Bereavement Support Diabetes UK English for All Haven Tyneside Ltd Inspiring Minds Kids Kabin 1,000 1,000 1,000 f,000 1,000 1,000 500 f,000 1.000 1.000 1,000 1,000 1.000 1,000 1,000 1.000 1,000 f,000 1,000 1,000 1.000 1,000 1,000 f,000 1,000 1,000 1,000 Love, Amelia Macmillan Cancer Support Mencap (Royal Mencap Society) Motor Neurone Disease Association Northumbria Calvert Trust Oasis Community Housing Parker Trust 1.000 1,000 f,000 1,000 1,000 1.000 1.000 f,000 500 Royal Mencap Society IMENCAPI Skills for People Smile for Life Childrens Charity Sunderland Women's Centre 1.000 1,000 1,000 500 The Bede Food Bank 1.000 1.000 1,500 1,000 f,000 1,000 1,000 The Cyrenians Ltd (operating as Changing Lives) The Guide Dog's for the Blind Association The People's Kitchen Limited The Percy Hedley Foundation The Respite Association The Royal National Institute for Deaf People West Northumberland Foodbank 1,000 1.000 1.000 1,000 f,000 1,500 26.000 26,500 Page11
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Independent examinerf$ remuneration 2024 2023 Fees payable lo the charitys independent examiner for the independent examination and preparation of statutory accounts Fees payable to the charity's independent examiner in respect of". All other services not included above 2.262 2,136 5.736 3,960 Trustees. remuneration and expenses During the year, no Iruslees reiVed any remuneration or other benefits (2023- £NIL). During the year ended 5 April 2024, no trustee expenses have been incurred (2023 - £NIL). Fixed asset investments Cash available for Listed investments investment Total Cost or valuatlon At 6 April 2023 Additions 993,819 130.479 1137.645} 55,104 53,558 155.895 (170.930) 1,047,377 286,374 {308,5751 55,104 Disposals Revaluats'ons At 5 April 2024 1,041,757 38,523 1,080,280 Not book valuo At 5 April 2024 1,041,757 38,523 1,080,280 At 5 April 2023 993.819 53.558 1,047,377 The investments are subject lo the price and yield volatility of the investment portfolio, but this is considered neSSary to achieve a higher total return in the long term. Page 12
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Debtors 2024 2023 Other debtors 2,000 1,709 2.000 1, 709 Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 7.227 5,633 Page 13
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. Statement of funds Statement of funds - current year Balance at 6 April 2023 Transfers inlout Gainsl Balance at 5 (Losses) April 2024 Income Expenditure Unrestricted funds General Funds 5,332 24,857 134,096) 9,000 S,093 Endowment funds Endowment Fund 1,039,557 17,541) 19,0001 49,167 1,072,183 Total of funds 1,044,889 24,857 141,637) 49,167 1,077,276 Page 14
LESLIE AND LILJAN MANNING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. Statement of funds leontinuedl Statement of funds - prior year Balance 81 l April 2022 Tr8nsfers in/out Balance 8t (Losses) 5 Apnl 2023 Income Expenditure Unrestricted funds General Funds 5,016 23,018 (32, 102) 10,000 5,332 Endowment funds Endowment Fund 1,098,577 (7,362) (10,000) {41,658J 1,039,557 Total of funds 1, 103,593 23,018 {40,064J {47,658) 1,044,889 11. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 1,080,280 1.080,280 4,223 17,2271 4,223 870 18,0971 Total 5,093 1,072,183 1.077,276 Analysls of net assets between funds - prlor perlod Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1,047,377 1,047,377 3,145 (5,633) 3,145 2,187 (7,820) Total 5,332 1,039,557 1,044,889 Page 15