Unaudited Financial Statements The Leonard Laity Stoate Charitable Trust
For the Year Ended 31 March 2021
Charity No. 221325
The Leonard Laity Stoate Charitable Trust Financial statements for the year ended 31 March 2021
Index to the financial statements
| Trustees' report | 1 - 3 |
|---|---|
| Independent examiner's report | 4 - 5 |
| Principal accounting policies | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
The Leonard Laity Stoate Charitable Trust 1 Financial statements for the year ended 31 March 2021
Report of the Trustees
The Trustees present their report and accounts for the year ended 31 March 2021.
Reference and administrative details
| Registered charity number: | 221325 |
|---|---|
| Address: | 41 Tower Hill, Williton, Taunton, TA4 4JR |
| Life Trustees: | Dr P C Stoate (Chair) |
| Dr C Stoate | |
| S R Duckworth | |
| P J Stoate (Secretary) | |
| M D Harnden | |
| N J Jones | |
| Ex-officio Trustee: | The Reverend Dr Jonathan Pye, Chairman of the Bristol Methodist |
| District | |
| Bankers: | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Investment advisors: | Investec Wealth & Investment Limited |
| 30 Gresham Street | |
| London | |
| EC2V 7QN | |
| Independent examiner: | Stephen Mills FCA |
| Mazars LLP | |
| 5thFloor Merck House | |
| Seldown Lane | |
| Poole | |
| Dorset | |
| BH15 1TW |
The Leonard Laity Stoate Charitable Trust Financial statements for the year ended 31 March 2021
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Structure, governance and management
The Leonard Laity Stoate Charitable Trust was established by Trust Deed dated 24 June 1950 as amended by a Supplemental Deed dated 10 November 1959.
Life Trustees are members of the Founder's family and during the year of account Stephen Duckworth retired as Chair as planned, and Dr Pam Stoate has been elected in his place. Stephen Duckworth also intends to retire as Life Trustee at a suitable point. In accordance with Trust’s Policy for the induction and training of new trustees, Natasha Jones has been selected and appointed as a replacement trustee. Existing trustees consider their training needs and attend suitable courses as required.
Under the Trust Deeds the ex-officio Trustee is required to be the Chairman of such Methodist District in Bristol, Somerset, Cornwall, Devon or Dorset as the Life Trustees select.
The Trustees have sought to identify the major risks to the integrity of the charity (both financial and otherwise) and agreed an on-going strategy to mitigate those risks at the annual general meeting in July 2002. This strategy has been reviewed and refined annually since then.
Objectives and activities
The charity is established to support charitable purposes in England and Wales. Under the terms of the Trust Deed, at least £500 of the charity's yearly income is required to be applied for charitable purposes connected with Methodism in Bristol or the counties of Somerset, Devon, Cornwall or Dorset. In practice, a good deal more than this is usually given. As well as grants to Methodist causes, the Trustees are interested in funding initiatives which meet the overall wider aims of the charity regardless of the charitable category into which the grant falls.
The charity almost exclusively makes grants to other registered or excepted UK charities. Where the grant is made to such charities the Trustees are confident that the grant has been made to further a charitable purpose to the public benefit. On the occasions on which grants are made to non-charitable organisations the Trustees consider carefully how the funds will be used and make those grants with conditions to ensure they are spent appropriately. No grants are made to individuals. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting grant making policies.
Achievements and performance
During the year, 8 grants, totalling £10,275 were awarded to Methodist causes in the specified counties. 78 other grants were made, mainly but not exclusively in the South-West of England, totalling £49,450.
Financial Review
The attached financial statements show the current state of the finances which the Trustees consider to be sound.
During the period, the charity earned investment income of £72,241 (2020: £90,813) and made grants amounting to £59,725 (2020: £79,050).
The Trustees retain a level of reserves which is sufficient to cover the charity's immediate needs. At the year end the expendable reserves were £30,677 (2020: £26,371).
The Leonard Laity Stoate Charitable Trust Financial statements for the year ended 31 March 2021
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Impact of COVID-19 pandemic
The trustees have considered the impact of the COVID-19 pandemic on the charity. The main concern has been the performance of the investments which underpin the activities of the charity, both as to capital value and the income they produce for distribution. The trustees through their Investment Advisors maintain a diversified portfolio and consider that, taking a long-term view, the fund is reasonably resilient. By the end of the year of account the capital value was 3% down on the equivalent 2019 value (two years), almost identical to the fall in the FTSE All Share Index. Income has been affected, being some 20% down year on year, which was better than the Investment Advisors’ expectations at the beginning of the financial year. Whilst the trustees have no concerns about their ability to cover ongoing and future costs, this does mean that there have been less funds to distribute, and the trustees have had to adjust their grant-giving accordingly. However, and surprisingly, applications for grants not only fell by one-third at the start of the pandemic but have continued at the reduced rate ever since (as at June 2021). This is not a problem in the shorter term, as suitable applications have always exceeded our ability to fund them, but the situation will be monitored.
To help protect the trustees themselves, both trust meetings have been held by video link rather than in person in 2020 and in spring 2021.
Trustees' responsibilities for the accounts
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, 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;
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observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
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 adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 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.
ON BEHALF OF THE TRUSTEES
P C Stoate (Dec 6, 2021 15:40 GMT)
P C Stoate Chair of Trustees
Date: Dec 6, 2021
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Independent examiner's report to the Trustees of The Leonard Laity Stoate Charitable Trust
I report on the financial statements of the The Leonard Laity Stoate Charitable Trust for the year ended 31 March 2021, which are set out on pages 6 to 14.
Respective responsibilities of Trustees and Examiner
The charity’s Trustees are responsible for the preparation of the financial statements. The charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the financial statements under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s Trustees as a body. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner's report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
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Independent examiner's report to the Trustees of The Leonard Laity Stoate Charitable Trust (continued)
Independent examiner's statement
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of The Leonard Laity Stoate Charitable Trust in accordance with section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement 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, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Stephen Mills
Stephen Mills (Dec 6, 2021 16:05 GMT)
Stephen Mills FCA Mazars LLP 5[th] Floor, Merck House Seldown Lane Poole Dorset BH15 1TW
Date: Dec 6, 2021
The Leonard Laity Stoate Charitable Trust Financial statements for the year ended 31 March 2021
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Principal accounting policies
Basis of preparation
The financial statements have been prepared 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) (Charities SORP (FRS102)).
The charity meets the definition of a public benefit entity as defined by FRS102.
The financial statements are presented in Sterling (£).
The principal accounting policies are set out below.
Going concern
The financial statements have been prepared on the basis that the charity is a going concern. The Trustees consider that there are no material uncertainties (including as a result of the COVID-19 pandemic) on the charity’s ability to continue its activities for the foreseeable future. The Trustees are satisfied that the charity’s assets are available and adequate to fulfil its obligations.
Investment income
Investment income, including associated income tax recoveries, is recognised when receivable.
Resources expended
Expenditure, which is charged on an accruals basis, is allocated between:
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expenditure incurred directly to the fulfilment of the charity's objectives (charitable activities); and
-
expenditure incurred in the governance of the charity.
Grants payable are recognised in the balance sheet as a liability once the grant has been notified to the recipient and is unconditional.
Funds
The charity operates two funds, an income fund and a capital fund, both of which are unrestricted.
Investments
Assets held for investment purposes are valued at market value at the Balance Sheet date.
Funding
The Trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations. The Trustees are therefore satisfied the charity remains a going concern.
The Leonard Laity Stoate Charitable Trust
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Financial statements for the year ended 31 March 2021
Statement of financial activities
| Unrestricted funds | Unrestricted funds | 2021 | 2020 | ||
|---|---|---|---|---|---|
| Note | Income | Capital | Total | Total | |
| £ | £ | £ | £ | ||
| Incoming resources | |||||
| Incoming resources from | |||||
| investments: | |||||
| Gross interest and dividends | |||||
| from investments | 72,229 | - | 72,229 | 90,704 | |
| Bank and other interest | 11 | - | 11 | 109 | |
| ----------------------------------------------- | ----------------------------------------------- | --------------------------------------------- | --------------------------------------------- | ||
| Total income | 72,240 | - | 72,240 | 90,813 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Resources expended | |||||
| Charitable activities: | |||||
| Grants to Methodist Institutions | |||||
| in specified counties | 1 | 10,275 | - | 10,275 | 8,000 |
| Other grants | 2 | 49,450 | - | 49,450 | 71,050 |
| Support costs | 3 | 8,209 | - | 8,209 | 8,875 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| 67,934 | - | 67,934 | 87,925 | ||
| Costs of raising funds: | |||||
| Investment management fees | - | 16,236 | 16,236 | 15,575 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total resources expended | 67,934 | 16,236 | 84,170 | 103,500 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Net incoming/(outgoing) resources | |||||
| before transfers | 4,306 | (16,236) | (11,930) | (12,687) | |
| Transfers | - | - | |||
| Gains/(losses) on investment assets | - | 287,600 | 287,600 | (324,726) | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Net movement in funds | 4,306 | 271,364 | 275,670 | (337,413) | |
| Balances brought forward | 26,371 | 1,903,221 | 1,929,592 | 2,267,005 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Balances carried forward | 6 | 30,677 | 2,174,585 | 2,205,262 | 1,929,592 |
| ==================== | ==================== | ==================== | ==================== |
All amounts disclosed above relate to continuing activities
The accompanying accounting policies and notes form an integral part of these financial statements
The Leonard Laity Stoate Charitable Trust Financial statements for the year ended 31 March 2021
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Balance sheet
| Note | 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 4 | 2,174,585 | 1,903,221 | ||
| Current assets | |||||
| Bank and cash balances | 31,949 | 27,643 | |||
| Current liabilities | |||||
| Creditors and accruals | 5 | (1,272) | (1,272) | ||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| Net current assets | 30,677 | 26,371 | |||
| ------------------------------------------- | ------------------------------------------- | ||||
| 2,205,262 | 1,929,592 | ||||
| ================== | ================== | ||||
| Funds | |||||
| Capital fund | 6 | 2,174,585 | 1,903,221 | ||
| Income fund | 6 | 30,677 | 26,371 | ||
| ------------------------------------------ | ------------------------------------------ | ||||
| 2,205,262 | 1,929,592 | ||||
| ================== | ================== |
The accounts were approved by the Trustees on Dec 6, 2021
P C Stoate (Dec 6, 2021 15:40 GMT)
P C Stoate
P J Stoate P J Stoate (Dec 6, 2021 14:11 GMT)
P J Stoate
The accompanying accounting policies and notes form an integral part of these financial statements
The Leonard Laity Stoate Charitable Trust
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Financial statements for the year ended 31 March 2021
1
Grants to Methodist Institutions in Specified Counties
2
| Buckland Brewer Methodist Church, Bideford - for kitchen and accessible toilet Royal Wootton Bassett Methodist Church - refurbishment of youth room Wellington Methodist Church - major work to lift Bath Road Methodist Church, Swindon - replacement flooring Methodist Homes for the Aged, Derby - for music project at Langholme, Cornwall Chew Stoke Methodist Church - for audio visual equipment Trinity Westfield Methodist Church, Radstock - for audio visual equipment Portishead Methodist Church - for creation of community hub ther Grants (a) Medical and disablement Erme Valley RDA, Ivybridge - towards indoor riding facility Macmillan Unit, Christchurch Hospital - for new oven at Grove Hotel Devon in Sight, Exeter - for assistive technology project Lewis-Manning Hospice, Poole - for shower equipment Jessie May Trust, Bristol - for crisis funding Julia's House Hospice, Poole - general funds Dorset & Somerset Air Ambulance, Taunton - general Funds Association of NHS Charities, Warwick - for COVID-19 appeal Conquest Equestrian Centre, Taunton - general funds Riding for the Disabled Association, Warwick - for general funds British Wireless for the Blind, Maidstone - for Somerset volunteers Devon Link Up, Honiton - for general funds Somerset NHS Foundation Trust Charitable Funds - for Rydon Ward 2 Macular Disease Society, Andover - for support group network in south west Poole Hospital Foundation - for oncology department South Tees Hospital Charity, Middlesborough - for ward 14 cancer care UK Stem Cell Foundation, London - for general funds Parkinson's Disease Society, London - for project in south west KIDS South West, Bristol - for Staying Positive project Deafblind UK, Peterborough - for Helpline services in south west Avon Riding for the Disabled, Bristol - for general funds SWOP, Bournemouth - for general funds Cornwall Air Ambulance, Newquay - for syringe driver Mobility Trust, Pangbourne - for disabled equipment for patients in south west InterAct Stroke Support, London - for work in Bristol hospitals (when functioning) |
£ 2,000 1,000 575 500 2,000 1,200 1,000 2,000 10,275 £ 1,000 1,000 1,000 1,000 1,000 350 300 100 100 100 500 500 250 100 100 100 100 1,000 1,000 500 500 250 800 1,000 500 |
|
|---|---|---|
| 13,150 |
Other Grants
The Leonard Laity Stoate Charitable Trust
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Financial statements for the year ended 31 March 2021
(b) Other Churches
| (b) Other Churches | |
|---|---|
| £ | |
| St Mary's Church, Eversley - for Bramshill Church | 200 |
| St Michael's Church, Horwood, Bideford - for maintenance | 400 |
| All Saints Church, Isle Brewers, Taunton - completion of major renovation | 500 |
| All Saints Church Community Centre, Camborne - for Project THRIVE | 1,300 |
2,400
(c) Youth and children
| Farms for City Children, Exeter - for crisis funding YMCA, South Molton - for café and crisis funding - first tranche Child Bereavement UK, High Wycombe - for general funds Kilgrimol Guide HQ, Lytham - for rebuilding costs Julian House, Bath - for domestic abuse children's programme Clifton Children's Society, Bristol - for adoption service YMCA, South Molton - for café and crisis funding - second tranche Yatton Youth Club - for cookery project when running Treverbyn Hall, St Austell - for youth club when running MYTime Young Carers, Poole - for Memory-Making days (d) Community projects Teigngrace Parish Charity - for roof and exterior work to village Hall Jubilee Park Woodhall Spa, Lincs - for swimming pool running costs Minehead Museum - for digitization project |
£ 1,000 750 100 100 400 100 750 500 500 1,000 5,200 £ 1,000 100 600 |
|---|---|
1,700
The Leonard Laity Stoate Charitable Trust Financial statements for the year ended 31 March 2021
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(e) Disadvantaged
| InHope Bristol (was Crisis Centre Ministries) - refurbishment of Wild Goose centre Bristol Methodist Centre - for general funds SOFA Project, Bristol - for general funds Bristol Drugs Project - for crisis funding Woodworks Project, Bath - for general funds Exmoor Serch & Rescue Team, Barnstaple - for general funds Veteran's Aid, London - general funds Quantock Food Bank, Watchet - for general funds FareShare South West, Bristol - for crisis funding Network Counselling & Training, Bristol - for crisis funding Routes to Roots (Poole) Cio - for general funds Open Door, Exmouth - for general funds Dolphin Society, Bristol - for general funds Gilead Foundations, Okehampton - for greenhouse in horticulture centre Age UK, Bath & North East Somerset - for Befriending service Gillingham Community Church - for equipment for open door centre Bridges for Communities, Bristol - for Refulingua refugee project Stranger's Friend Society, Bristol - for general funds Anchor Society, Bristol - for general funds Christian International Peace Service, London - work in Brixton Grateful Society, Bristol - for general funds Bristol Methodist Centre - for general funds Terrence Higgins Trust, London - for general funds (cheque cleared after year end) (f) The arts Acorn Theatre, Penzance - for replacement guttering (g) Overseas content United Kingdom for UNHCR, London - for COVID-19 work amongst refugees Freedom from Torture, London - for general funds Sightsavers International - for cataract operations in Indian cities Tools for Self-Reliance, Netley Marsh - Wakiso Tailoring and Building Project, Uganda |
£ 2,000 3,250 500 1,000 500 500 100 250 1,000 1,000 100 1,000 250 1,000 1,000 900 500 250 250 200 250 1,500 200 |
|---|---|
| 17,500 | |
| £ 1,000 |
|
| 1,000 | |
| £ 400 100 1,000 1,500 |
3,000
The Leonard Laity Stoate Charitable Trust Financial statements for the year ended 31 March 2021
12
(h) The Environment
£
| Vincent Wildlife Trust, Ledbury - for horseshoe bat project in Devon and Dorset | 1,000 |
|---|---|
| Magdalen Environmental Trust, Chard - for food growing/distribution project | 1,000 |
| Christchurch Harbour Ornithological Group - for bird hide on Hengistbury Head | 1,000 |
| RSPCA, Horsham - general funds | 200 |
| National Trust, Swindon - for general funds | 100 |
| St Werburgh's City Farm, Bristol - for replacement walls and fences | 1,000 |
| Makants Greyhound Rescue NW, Tyldesley - for general funds | 100 |
| Caring for God's Acre, Shropshire - general funds | 100 |
| WWF-UK - general funds | 250 |
| Leicestershire & Rutland Wildlife Trust - for general funds | 250 |
| Countryside Restoration Project, Cambridgeshire - for work to Barn Owl Barn, Dorset | 500 |
5,500
(i) Grant commitments
There was a total of £8,450 (2020: £12,000) of grants allocated but not notified or paid at the year end.
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Support Costs
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Secretarial fees and expenses | 6,632 | 6,846 |
| Independent examiners fees | 1,272 | 1,272 |
| Trustees' meeting expenses | 29 | 492 |
| Membership fees | 170 | 170 |
| Sundry expenses | 106 | 95 |
| ----------------------------------------------- | ----------------------------------------------- | |
| 8,209 | 8,875 | |
| ==================== | ==================== |
Mr P J Stoate received remuneration of £6,595 (2020: £6,520) for the year in respect of his services as Secretary to the Trust. The other Trustees received no remuneration from the charity.
During the year, five Trustees were reimbursed for travel and other expenses totalling £66 (2020: £713)
The charity has no employees.
The Leonard Laity Stoate Charitable Trust
13
4 Investments
Financial statements for the year ended 31 March 2021
| Investments | |||
|---|---|---|---|
| Managed | |||
| funds | Cash | Total | |
| £ | £ | £ | |
| Market value at 31 March 2020 | 1,887,990 | 15,231 | 1,903,221 |
| Purchases | 1,071,270 | (1,071,270) | - |
| Sales | (1,073,279) | 1,175,532 | 102,253 |
| Change in market value | 185,347 | - | 185,347 |
| Investment management fees | - | (16,236) | (16,236) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Market value at 31 March 2021 | 2,071,328 | 103,257 | 2,174,585 |
| ==================== | ==================== | ==================== | |
| Historical cost at 31 March 2021 | 1,839,208 | ||
| ==================== | |||
| Historical cost at 31 March 2020 | 1,841,217 | ||
| ==================== |
The Charity also has a reversionary interest in a trust legacy of £300,000. This trust, known as the TLS Trust, has two life tenants.
Creditors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals | 1,272 | 1,272 |
| ==================== | ==================== |
5
The Leonard Laity Stoate Charitable Trust
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Financial statements for the year ended 31 March 2021
6 Analysis of Net Assets Between Funds
| Unrestricted funds | Unrestricted funds | ||
|---|---|---|---|
| Income | Capital | Total | |
| £ | £ | £ | |
| Fund balances at 31 March 2021 are represented by: | |||
| Investment assets | - | 2,174,585 | 2,174,585 |
| Current assets | 31,949 | - | 31,949 |
| Current liabilities | (1,272) | - | (1,272) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Total net assets | 30,677 | 2,174,585 | 2,205,262 |
| ==================== | ==================== | ==================== | |
| Reconciliation of movements in unrealised gains | £ | ||
| on investment assets | |||
| Unrealised gains/(losses) at 31 March 2020 | 46,773 | ||
| Net revaluation gain in the year | 287,600 | ||
| (Gains) realised in the year | (102,253) | ||
| ----------------------------------------------- | |||
| Unrealised gains/(losses) at 31 March 2021 | 232,120 ==================== |
Related party transactions
The charity does not have any related party transactions to disclose.
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