REGISTERED CHARITY NUMBER: 221325
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 2023
| Page | Page | Page | |
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
THE LEONARD LAITY STOATE CHARITABLE TRUST
REPORT OF THE TRUSTEES For The Year Ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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, 14 grants, totalling £16,750 were made to Methodist causes in the specified counties.
80 other grants were made, mainly but not exclusively in the South-West of England, totalling £56,950.
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 £51,863 (2022: £47,862) and made grants amounting to £73,700 (2022: £70,650). Following advice from Investec, the Trustees adopted a "Total return" approach to investment in the year commencing 1st April 2022. Capital derived in theory from growth will be transferred to income to bring the total available to historic levels. £24,000 was transferred this year, bringing the income equivalent to £79,084
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 £19,805 (2022: £24,355).
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 the only change during the year of account was the retirement of Stephen Duckboard after 30 years' service as a Life Trustee, including 20 years as Chair. 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 2023
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 (resigned 10.11.22) 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
6th November 2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
P. C. Stoate
....................................................... Dr P C Stoate - Trustee
Page 2
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 2023.
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:
-
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
-
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 L Taylor
RML Taylor FCCA
Banks & Co Limited Chartered Certified Accountants 1 Carnegie Road Newbury Berkshire RG14 5DJ 6th November 2023 Date: .............................................
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THE LEONARD LAITY STOATE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Charitable Activities Other 5 Total Net gains/(losses) 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 £ 146,926 - 146,926 17,148 - - 17,148 (176,376) (46,598) (24,000) (70,598) 2,226,169 2,155,571 |
Income fund £ 2,626 51,863 54,489 - 73,700 9,339 83,039 - (28,550) 24,000 (4,550) 24,355 19,805 |
2023 Total funds £ 149,552 51,863 201,415 17,148 73,700 9,339 100,187 (176,376) (75,148) - (75,148) 2,250,524 2,175,376 |
2022 Total funds £ - 47,862 |
|---|---|---|---|---|
| 47,862 | ||||
| 18,137 70,650 8,536 |
||||
| 97,323 | ||||
| 94,721 | ||||
| 45,260 - |
||||
| 45,260 2,205,264 |
||||
| 2,250,524 |
The notes form part of these financial statements
Page 4
THE LEONARD LAITY STOATE CHARITABLE TRUST
BALANCE SHEET 31 March 2023
| 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 £ 2,130,176 25,395 - 25,395 2,155,571 2,155,571 |
Income fund £ - 21,245 (1,440) 19,805 19,805 19,805 |
2023 Total funds £ 2,130,176 46,640 (1,440) 45,200 2,175,376 2,175,376 2,175,376 2,175,376 |
2022 Total funds £ 2,202,067 49,897 (1,440) 48,457 2,250,524 2,250,524 2,250,524 2,250,524 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 6th November 2023
P. C. Stoate
............................................. P C Stoate - Trustee
P. J. Stoate
............................................. P J Stoate - Trustee
The notes form part of these financial statements
Page 5
THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 March 2023
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.
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:
-
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.
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.
2. INVESTMENT INCOME
| Deposit account interest Gross interest and dividends from Investments |
2023 £ 740 51,123 51,863 |
2022 £ 6 47,856 |
|---|---|---|
| 47,862 |
continued...
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THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2023
3. RAISING FUNDS
Investment management costs
| Portfolio management 4. GRANTS PAYABLE Charitable Activities Grants to institutions are analysed between the following categories: Methodist causes Other churches Disadvantaged Medical disabilities Community projects Youth and Children The Environment The Arts Overseas Content |
2023 £ 17,148 2023 £ 73,700 |
2022 £ 18,137 2022 £ 70,650 |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| 16,750 | 5,750 | |
| 3,000 | 5,500 | |
| 15,100 | 22,650 | |
| 18,500 | 19,150 | |
| 1,100 | 1,200 | |
| 10,700 | 8,500 | |
| 2,600 | 2,800 | |
| - | 1,000 | |
| 5,950 | 4,100 | |
| 73,700 | 70,650 | |
There was a total of £6,750 (2022: £11,450) of grants allocated but not notified or paid at year end.
5. OTHER
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Secretarial expenses | 7,034 | 6,748 |
| Independent examiner's remuneration | 780 | 780 |
| Independent examiner's remuneration - Non independent examination | 660 | 660 |
| Trustees' meeting expenses | 739 | 29 |
| Membership fees | - | 175 |
| Sundry expenses | 126 | 145 |
| 9,339 | 8,536 | |
6. TRUSTEES' REMUNERATION AND BENEFITS
Mr P J Stoate received remuneration of £7,890 (2022: £6,700) for the year in respect of his services as a Secretary to the Trust.
The other Trustees received no remuneration from the charity.
continued...
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THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2023
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
During the year, P J Stoate was reimbursed for secretarial and meeting expenses totalling £883 (2022: £77).
7. STAFF COSTS
The Charity has no employees.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31/03/22
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Charitable Activities Other Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds 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 |
Total funds £ 47,862 |
|---|---|---|---|
| 18,137 70,650 8,536 |
|||
| 97,323 | |||
| 94,721 | |||
| 45,260 - |
|||
| 45,260 2,205,264 |
|||
| 2,250,524 |
continued...
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THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2023
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2022 Additions Disposals Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Cash and Listed settlements investments pending £ £ 2,136,741 65,326 808,242 (853,757) (626,583) 799,572 (199,365) - 2,119,035 11,141 2,119,035 11,141 2,136,741 65,326 |
Totals £ 2,202,067 (45,515) 172,989 (199,365) 2,130,176 2,130,176 2,202,067 |
|---|---|---|
The geographic allocation of investment assets is as follows:
| The geographic allocation of investment assets is as follows: | |
|---|---|
| 2023 | |
| £ | |
| UK assets | 626,941 |
| Overseas assets | 1,267,556 |
| Unspecified/mixed | 224,538 |
| 2,119,035 | |
Cost or valuation at 31 March 2023 is represented by:
| Cash and | ||||
|---|---|---|---|---|
| Listed | settlements | |||
| investments | pending | Totals | ||
| £ | £ | £ | ||
| Valuation in | 2023 | 121,162 | - | 121,162 |
| Cost | 1,997,873 | 11,141 | 2,009,014 | |
| 2,119,035 | 11,141 | 2,130,176 |
The Charity also has a reversionary interest in a trust legacy of £150,000. This trust, known as the TLS Trust, has one life tenant.
continued...
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THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2023
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other creditors | 1,440 | 1,440 |
11. MOVEMENT IN FUNDS
| Unrestricted funds Capital fund Income fund TOTAL FUNDS |
At 1.4.22 £ 2,226,169 24,355 2,250,524 2,250,524 |
Net movement in funds £ (46,598) (28,550) (75,148) (75,148) |
Transfers between funds £ (24,000) 24,000 - - |
At 31.3.23 £ 2,155,571 19,805 |
|---|---|---|---|---|
| 2,175,376 | ||||
| 2,175,376 |
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 | 146,926 | (17,148) | (176,376) | (46,598) |
| Income fund | 54,489 | (83,039) | - | (28,550) |
| 201,415 | (100,187) | (176,376) | (75,148) | |
| TOTAL FUNDS | 201,415 | (100,187) | (176,376) | (75,148) |
Comparatives for movement in funds
| 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 |
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 | - | (18,137) | 94,721 | 76,584 |
| Income fund | 47,862 | (79,186) | - | (31,324) |
| 47,862 | (97,323) | 94,721 | 45,260 | |
| TOTAL FUNDS | 47,862 | (97,323) | 94,721 | 45,260 |
continued...
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THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2023
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 1.4.21 £ 2,174,585 30,679 2,205,264 2,205,264 |
Net movement in funds £ 29,986 (59,874) (29,888) (29,888) |
Transfers between funds £ (49,000) 49,000 - - |
At 31.3.23 £ 2,155,571 19,805 |
|---|---|---|---|---|
| 2,175,376 | ||||
| 2,175,376 |
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 | 146,926 | (35,285) | (81,655) | 29,986 |
| Income fund | 102,351 | (162,225) | - | (59,874) |
| 249,277 | (197,510) | (81,655) | (29,888) | |
| TOTAL FUNDS | 249,277 | (197,510) | (81,655) | (29,888) |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 11