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2024-03-31-accounts

REGISTERED CHARITY NUMBER: 221325

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 2024

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 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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, 4 grants, totalling £3,000 were made to Methodist causes in the specified counties.

90 other grants were made, mainly but not exclusively in the South-West of England, totalling £50,600.

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 £54,204 (2023: £51,863) and made grants amounting to £53,600 (2023: £73,700). 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 £78,084

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 £34,841 (2023: £19,805).

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 have been no changes, with none anticipated. 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. Jonathan Pye will be retiring in summer 2024 and the trustees anticipate appointing his replacement as Chair of Bristol Methodist District in his place.

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 2024

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) Dr C Stoate

Independent Examiner

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

Investment Advisers

Rathbones Investment Manages Limited (formerly known as Investec Wealth & Investment Limited) 30 Gresham Street London EC2V 7QN

Approved by order of the board of trustees on 4 November 2024 and signed on its behalf by:

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 2024.

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.

RML Taylor FCCA

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

22 November 2024

Page 3

THE LEONARD LAITY STOATE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2024

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
£
-
-
-
17,603
-
-
17,603
141,123
123,520
(24,000)
99,520
2,155,571
2,255,091		 Income
fund
£
150
54,024
54,174
-
53,600
9,538
63,138
-
(8,964)
24,000
15,036
19,805
34,841		 2024
Total
funds
£
150
54,024
54,174
17,603
53,600
9,538
80,741
141,123
114,556
-
114,556
2,175,376
2,289,932		 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

The notes form part of these financial statements

Page 4

THE LEONARD LAITY STOATE CHARITABLE TRUST

BALANCE SHEET 31 March 2024

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
£
2,226,781
28,310
-
28,310
2,255,091
2,255,091		 Income
fund
£
-
36,281
(1,440)
34,841
34,841
34,841		 2024
Total
funds
£
2,226,781
64,591
(1,440)
63,151
2,289,932
2,289,932
2,289,932
2,289,932		 2023
Total
funds
£
2,130,176
46,640
(1,440)
45,200
2,175,376
2,175,376
2,175,376
2,175,376

The financial statements were approved by the Board of Trustees and authorised for issue on 4 November 2024 and were signed on its behalf by:

P C Stoate - Trustee

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 2024

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:

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		 2024
£
1,481
52,543
54,024		 2023
£
740
51,123
51,863

continued...

Page 6

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2024

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		 2024
£
17,603
2024
£
53,600		 2023
£
17,148
2023
£
73,700
2024 2023
£ £
3,000 16,750
6,000 3,000
10,550 15,100
16,200 18,500
1,600 1,100
11,600 10,700
1,750 2,600
100 1,000
2,800 5,950
53,600 73,700

There was a total of £9,500 (2023: £6,750) of grants allocated but not notified or paid at year end.

5. OTHER

2024 2023
£ £
Secretarial expenses 7,573 7,034
Independent examiner's remuneration 780 780
Independent examiner's remuneration - Non independent examination 660 660
Trustees' meeting expenses 401 739
Membership fees - -
Sundry expenses 124 126
9,538 9,339

6. TRUSTEES' REMUNERATION AND BENEFITS

Mr P J Stoate received remuneration of £7,500 (2023: £6,890) for the year in respect of his services as a Secretary to the Trust.

The other Trustees received no remuneration from the charity.

continued...

Page 7

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2024

6. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

During the year, P J Stoate was reimbursed for secretarial and meeting expenses totalling £170 (2023: £284). Other trustees received a total of £304 for meeting and incidental expenses (2023: £560).

7. STAFF COSTS

The Charity has no employees.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31/03/23

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable Activities
Other
Total
Net gains/(losses) 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
£
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		 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

continued...

Page 8

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2024

9. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2023
2,119,035
Additions
525,746
Disposals
(556,730)
Revaluations
120,663
At 31 March 2024
2,208,714
NET BOOK VALUE
At 31 March 2024
2,208,714
At 31 March 2023
2,119,035
The geographic allocation of investment assets is as follows:		 Cash and
settlements
pending
£
11,141
(570,264)
577,190
-
18,067
18,067
11,141		 Totals
£
2,130,176
(44,518)
20,460
120,663
2,226,781
2,226,781
2,130,176
2024
£
UK assets 655,483
Overseas assets 1,369,129
Unspecified/mixed 184,101
2,208,713

Cost or valuation at 31 March 2024 is represented by:

Valuation in 2024
Cost		 Cash and
Listed
settlements
investments
pending
£
£
241,975
-
1,966,739
18,067
2,208,714
18,067		 Totals
£
241,975
1,984,806
2,226,781

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...

Page 9

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2023
£ £
Other creditors 1,440 1,440

11. MOVEMENT IN FUNDS

Unrestricted funds
Capital fund
Income fund
TOTAL FUNDS		 At 1.4.23
£
2,155,571
19,805
2,175,376
2,175,376		 Net
movement
in funds
£
123,520
(8,964)
114,556
114,556		 Transfers
between
funds
£
(24,000)
24,000
-
-		 At
31.3.24
£
2,255,091
34,841
2,289,932
2,289,932

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

Unrestricted funds
Capital fund
Income fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
Capital fund
Income fund
TOTAL FUNDS		 Incoming
resources
£
-
54,174
54,174
54,174

At 1.4.22
£
2,226,169
24,355
2,250,524
2,250,524		 Resources
expended
£
(17,603)
(63,138)
(80,741)
(80,741)
Net
movement
in funds
£
(46,598)
(28,550)
(75,148)
(75,148)		 Gains and
losses
£
141,123
-
141,123
141,123
Transfers
between
funds
£
(24,000)
24,000
-
-		 Movement
in funds
£
123,520
(8,964)
114,556
114,556
At
31.3.23
£
2,155,571
19,805
2,175,376
2,175,376

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 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)

continued...

Page 10

THE LEONARD LAITY STOATE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2024

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 1.4.22
£
2,226,169
24,355
2,250,524
2,250,524		 Net
movement
in funds
£
76,922
(37,514)
39,408
39,408		 Transfers
between
funds
£
(48,000)
48,000
-
-		 At
31.3.24
£
2,255,091
34,841
2,289,932
2,289,932

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

Unrestricted funds
Capital fund
Income fund
TOTAL FUNDS		 Incoming
resources
£
146,926
108,663
255,589
255,589		 Resources
expended
£
(34,751)
(146,177)
(180,928)
(180,928)		 Gains and
losses
£
(35,253)
-
(35,253)
(35,253)		 Movement
in funds
£
76,922
(37,514)
39,408
39,408

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 11