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2022-03-31-accounts

REGISTERED CHARITY NUMBER: 221325

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE LEONARD LAITY STOATE CHARITABLE TRUST

Banks & Co Limited Chartered Certified Accountants

1 Carnegie Road Newbury Berkshire RG14 5DJ

THE LEONARD LAITY STOATE CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 March 2022

Page Page Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 12

THE LEONARD LAITY STOATE CHARITABLE TRUST

REPORT OF THE TRUSTEES For The Year Ended 31 March 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

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.

ACHIEVEMENT AND PERFORMANCE

During the year, 5 grants, totalling £5,750 were made to Methodist causes in the specified counties.

83 other grants were made, mainly but not exclusively in the South-West of England, totalling £64,900.

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 £47,862 (2021: £72,241) and made grants amounting to £70,650 (2021: £59,725). The fall in income arises from a change of investment policy, authorised by the Trustees following advice from Investec, from income to both income and capital growth. The rationale is that there will be increased capital growth which will more than compensate for the drop in income, enabling the Trustees to take a "total return" approach. Capital will be transferred to income to bring the total available to historic levels. £25,000 was transferred this year, bringing the income equivalent to £72,862.

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 £24,355 (2021: £27,643).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

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 there were no changes during the year of account. Following his retirement as Chair in 2020 Stephen Duckworth has intimated to retire as a Life Trustee this autumn (2022). The Trustees maintain a Policy for the induction and training of new trustees, and 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.

Page 1

THE LEONARD LAITY STOATE CHARITABLE TRUST

REPORT OF THE TRUSTEES For The Year Ended 31 March 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

221325

Principal address

41 Tower Hill Williton Taunton TA4 4JR

Trustees

Dr P C Stoate (Chair) N J Jones M D Harnden Dr J H Pye (Ex-Officio Trustee) P J Stoate (Secretary) S R Duckworth Dr C Stoate

Independent Examiner

RML Taylor FCCA Banks & Co Limited Chartered Certified Accountants 1 Carnegie Road Newbury Berkshire RG14 5DJ

Investment Advisers

Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.

Page 2

THE LEONARD LAITY STOATE CHARITABLE TRUST

REPORT OF THE TRUSTEES For The Year Ended 31 March 2022

10th October 2022

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

P C Stoate

....................................................... Dr P C Stoate - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LEONARD LAITY STOATE CHARITABLE TRUST

Independent examiner's report to the trustees of The Leonard Laity Stoate Charitable Trust

I report to the charity trustees on my examination of the accounts of The Leonard Laity Stoate Charitable Trust (the Trust) for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

R M Taylor

RML Taylor FCCA Banks & Co Limited Chartered Certified Accountants 1 Carnegie Road Newbury Berkshire RG14 5DJ 10th October 2022 Date: .............................................

Page 4

THE LEONARD LAITY STOATE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2022

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
Charitable Activities
Other
5
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Capital
fund
£
-
18,137
-
-
18,137
94,721
76,584
(25,000)
51,584
2,174,585
2,226,169		 Income
fund
£
47,862
-
70,650
8,536
79,186
-
(31,324)
25,000
(6,324)
30,679
24,355		 2022
Total
funds
£
47,862
18,137
70,650
8,536
97,323
94,721
45,260
-
45,260
2,205,264
2,250,524		 2021
Total
funds
£
72,240
16,235
59,724
8,209
84,168
287,600
275,672
-
275,672
1,929,592
2,205,264

The notes form part of these financial statements

Page 5

THE LEONARD LAITY STOATE CHARITABLE TRUST

BALANCE SHEET 31 March 2022

Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
TOTAL FUNDS		 Capital
fund
£
2,202,067
24,102
-
24,102
2,226,169
2,226,169		 Income
fund
£
-
25,795
(1,440)
24,355
24,355
24,355		 2022
Total
funds
£
2,202,067
49,897
(1,440)
48,457
2,250,524
2,250,524
2,250,524
2,250,524		 2021
Total
funds
£
2,177,628
28,909
(1,273)
27,636
2,205,264
2,205,264
2,205,264
2,205,264

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

P C Stoate

............................................. P C Stoate - Trustee

P J Stoate

............................................. P J Stoate - Trustee

The notes form part of these financial statements

Page 6

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Risk to operations

In common with many other charities, the outbreak of COVID-19 in the UK and the measures being taken to control its spread, have had an impact on our organisation. The impact is not considered to have been significant and the Charity has still managed to continue its activities.

Following the year end, there have been no substantial developments that would affect the Charity's ability to continue in its operations. The Charity has therefore determined that there are no post balance sheet events and accordingly, the financial position as at, and results of the operations for, the year ended 31 March 2022 have not been adjusted to reflect their impact.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Investment income, including associated income tax recoveries, is recognised when receivable.

Liabilities & expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Expenditure is allocated between:

Grants payable are recognised in the balance sheet as a liability once the grant has been notified to the recipient and is unconditional.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

The charity operates two funds, an income fund and a capital fund, both of which are unrestricted.

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

Page 7

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2022

2.
INVESTMENT INCOME
2022
2021
£
£
Deposit account interest
6
11
Gross interest and dividends from Investments
47,856
72,229
47,862
72,240
3.
RAISING FUNDS
Investment management costs
2022
2021
£
£
Portfolio management
18,137
16,235
4.
GRANTS PAYABLE
2022
2021
£
£
Charitable Activities
70,650
59,724
2022
2021
£
£
Grants to institutions are analysed between the following categories:
Methodist causes
5,750
10,275
Other churches
5,500
2,400
Disadvantaged
22,650
17,500
Medical disabilities
19,150
13,150
Community projects
1,200
1,700
Youth and Children
8,500
5,200
The Environment
2,800
5,500
The Arts
1,000
1,000
Overseas Content
4,100
3,000
70,650
59,725
There was a total of £11,450 (2021: £12,000) of grants allocated but not notified or paid at ye
end.
5.
OTHER		 2022
£
6
47,856
47,862
2022
£
18,137
2022
£
70,650		 2021
£
11
72,229
72,240
2021
£
16,235
2021
£
59,724
2022 2021
£ £
5,750 10,275
5,500 2,400
22,650 17,500
19,150 13,150
1,200 1,700
8,500 5,200
2,800 5,500
1,000 1,000
4,100 3,000
70,650 59,725

There was a total of £11,450 (2021: £12,000) of grants allocated but not notified or paid at year end.

2022 2021
£ £
Independent examiner's remuneration 780 690
Independent examiner's remuneration - Non independent examination 660 582
1,440 1,272

continued...

Page 8

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2022

6. TRUSTEES' REMUNERATION AND BENEFITS

Mr P J Stoate received remuneration of £6,700 (2021: £6,595) for the year in respect of his services as a Secretary to the Trust.

The other Trustees received no remuneration from the charity.

Trustees' expenses

During the year, P J Stoate was reimbursed for secretarial and meeting expenses totalling £77 (2021: £66).

7. STAFF COSTS

The Charity has no employees.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31/03/21

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Charitable Activities
Other
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Capital
fund
£
-
16,236
-
-
16,236
287,600
271,364
1,903,221
2,174,585		 Income
fund
£
72,240
(1)
59,724
8,209
67,932
-
4,308
26,371
30,679		 Total
funds
£
72,240
16,235
59,724
8,209
84,168
287,600
275,672
1,929,592
2,205,264

continued...

Page 9

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2022

9. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Cash and
Listed
settlements
investments
pending
£
£
2,071,328
106,300
274,850
(345,132)
(300,150)
304,158
90,713
-
2,136,741
65,326
2,136,741
65,326
2,071,328
106,300		 Totals
£
2,177,628
(70,282)
4,008
90,713
2,202,067
2,202,067
2,177,628

The geographic allocation of investment assets is as follows:

The geographic allocation of investment assets is as follows:
2022
£
UK assets 1,007,486
Overseas assets 1,129,255
2,136,741

Cost or valuation at 31 March 2022 is represented by:

Valuation in 2017
Valuation in 2018
Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Cost		 Cash and
Listed
settlements
investments
pending
£
£
313,314
(31,198)
(46,972)
39,578
105,991
(10,557)
(327,867)
(45,751)
185,347
88,027
90,713
(37,932)
1,816,215
63,159
2,136,741
65,326		 Totals
£
282,116
(7,394)
95,434
(373,618)
273,374
52,781
1,879,374
2,202,067

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. One of the life tenants died in January 2022, and one-half of the legacy fund will be payable to the Charity once administration procedures have been completed.

continued...

Page 10

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2022

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
11.
MOVEMENT IN FUNDS		 2022
£
1,440		 2021
£
1,273
Unrestricted funds
Capital fund
Income fund
TOTAL FUNDS		 At 1.4.21
£
2,174,585
30,679
2,205,264
2,205,264		 Net
movement
in funds
£
76,584
(31,324)
45,260
45,260		 Transfers
between
funds
£
(25,000)
25,000
-
-		 At
31.3.22
£
2,226,169
24,355
2,250,524
2,250,524

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
Capital fund
-
Income fund
47,862
47,862
TOTAL FUNDS
47,862
Comparatives for movement in funds
Unrestricted funds
Capital fund
Income fund
TOTAL FUNDS		 Resources
expended
£
(18,137)
(79,186)
(97,323)
(97,323)
At 1.4.20
£
1,903,221
26,371
1,929,592
1,929,592		 Gains and
losses
£
94,721
-
94,721
94,721
Net
movement
in funds
£
271,364
4,308
275,672
275,672		 Movement
in funds
£
76,584
(31,324)
45,260
45,260
At
31.3.21
£
2,174,585
30,679
2,205,264
2,205,264

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
Capital fund - (16,236) 287,600 271,364
Income fund 72,240 (67,932) - 4,308
72,240 (84,168) 287,600 275,672
TOTAL FUNDS 72,240 (84,168) 287,600 275,672

continued...

Page 11

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2022

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
Capital fund
Income fund
TOTAL FUNDS		 At 1.4.20
£
1,903,221
26,371
1,929,592
1,929,592		 Net
movement
in funds
£
347,948
(27,016)
320,932
320,932		 Transfers
between
funds
£
(25,000)
25,000
-
-		 At
31.3.22
£
2,226,169
24,355
2,250,524
2,250,524

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
Capital fund - (34,373) 382,321 347,948
Income fund 120,102 (147,118) - (27,016)
120,102 (181,491) 382,321 320,932
TOTAL FUNDS 120,102 (181,491) 382,321 320,932

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

Page 12