NUMBER: 221325
REGISTERED CHARITY
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FOR
THE LEONARD LAITY STOATE CHARITABLE TRUST
Banks & Co Limited Chartered Certified Accountants 1 Carnegie Road Newbury Berkshire RG14 5D)
THE LEONARD LAITY STOATE CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statementof Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | il |
THE LEONARDLAITY STOATE CHARITABLE TRUST
REPORT OF THE TRUSTEES For The Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 incomeis 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 madeto 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 £5,220 were made to Methodist causesin the specified counties.
93 other grants were made, mainly but not exclusively in the South-West of England, totalling £74,205.
FINANCIAL REVIEW
The attached financial statements show the current state of the finances which the Trustees consider be sound.
to
During the period, the charity earned investment income of £52,935 (2024: £54,204) and made grants amounting to £79,425 (2024: £53,600). Following advice from Investec, the Trustees adopted a "total return" approach to investment in the year commencing ist April 2022. Capital derived in theory from growth will be transferred to income to bring the total available to historic levels. £35,000 was transferred this year, bringing the income equivalent to £78,204
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 £33,358 (2024: £46,377).
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, as appointed from time to time, is required to be the Chairman of such Methodist District in Bristol, Somerset, Cornwall, Devon or Dorset as the Life Trustees
select. Jonathan Pye retired in summer 2024 and the trustees have offered the ex-officio trustee position to his replacementas Chair of Bristol Methodist District.
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.
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THE LEONARD LAITY STOATE CHARITABLE TRUST
REPORT OF THE TRUSTEES For The Year Ended 31 March 2025
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 5D)
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 aveJat NS[©] C[obec] wowed Nessie[22K] Canc signed on its behalf by:
Dr P C Stoate - Trustee
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THE LEONARD LAITY STOATE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Capital | Income | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS |
FROM | |||||
| Donations and legacies | - | 501 | 501 | 150 | ||
| Investment income | 2 | - | 52,935 | 52,935 | 54,024 | |
| Total | - | 53,436 | 53,436 | 54,174 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 3 | 17,991 | - | 17,991 | 17,603 | |
| Charitable activities | ||||||
| Charitable Activities | - | 88,479 | 88,479 | 53,600 | ||
| Other | 5 | - | 1,440 | 1,440 | 9,538 | |
| Total | 17,991 | 89,919 | 107,910 | 80,741 | ||
| Net gains on investments | 9,209 | - | 9,209 | 141,123 | ||
| NET INCOME/ (EXPENDITURE) Transfers between funds |
11 | (8,782) (35,000) |
(36,483) 35,000 |
(45,265) - |
114,556 - |
|
| Net movementin funds | (43,782) | (1,483) | (45,265) | 114,556 | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 2,255,091 | 34,841 | 2,289,932 | 2,175,376 | ||
| TOTAL FUNDS CARRIED FORWARD | 2,211,309 | 33,358 | 2,244,667 | 2,289,932 |
The notes form part of these financial statements
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THE LEONARD LAITY STOATE
CHARITABLE TRUST
BALANCE SHEET
31 March 2025
2025 2024
Capital Income Total Total
fund fund funds funds
Notes £ E E £
FIXED ASSETS
Investments -
2,189,786 2,189,786 2,226,781
CURRENT ASSETS
Cash at bank 21,523 34,798 56,321 64,591
CREDITORS
Amounts falling due within one year 10 7 (1,440) (1,440) (1,440)
NET CURRENT ASSETS 21,523 33,358 54,881 63,151
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,211,309 33,358 2,244,667 2,289,932
NET ASSETS 2,211,309 33,358 2,244,667 2,289,932
FUNDS 11
Unrestricted funds 2,244,667 2,289,932
TOTAL FUNDS 2,244,667 2,289,932
The_ financial statements were_approved by the Board of Trustees and authorised for issue on
ey) [Gnd] [were] [signed] onits behalf by:
4
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P J Stoate - Trustee
The notes form part of these financial statements
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THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 March 2025
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 underthe historical cost convention, with the exception of investments which are[included] at market value, as[modified] by the[revaluation][of] certain assets.
Income
All incomeis recognised in the Statementof 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 aggregateall cost[related] to the category. Expenditureis 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 onits charitable activities.
Fund accounting
The charity operates two funds, an income fund anda capital fund, both of which are unrestricted.
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
| Unrestricted funds can be used in accordance with the charit trustees. |
able objectives at the dis | cretion of |
|---|---|---|
| INVESTMENT INCOME | ||
| 2025 | 2024 | |
| E | £ | |
| Deposit accountinterest Grossinterest and dividends from Investments |
1,722 51,213 |
1,481 52,543 |
| 52,935 | 54,024 |
THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued For The Year Ended 31 March 2025
3. RAISING FUNDS
| For 3. |
The Year Ended 31 March 2025 RAISING FUNDS |
|||
|---|---|---|---|---|
| Investment management costs | 2025 | 2024 | ||
| £ | £E | |||
| Portfolio management | 17,991 | 17,603 | ||
| 4. | GRANTS PAYABLE | |||
| 2025 | 2024 | |||
| E | E | |||
| Charitable Activities | 79,425 | 53,600 | ||
| 2025 | 2024 | |||
| £ | £ | |||
| Grantsto institutions are analysed betweenthefollowing Methodist causes |
categories: | 5,220 | 3,000 | |
| Other churches | 6,300 | 6,000 | ||
| Disadvantaged Medical disabilities |
17,350 27,105 |
10,550 16,200 |
||
| Community projects Youth and Children |
7,700 11,450 |
1,600 11,600 |
||
| The Environment The Arts |
750 2,100 |
1,750 100 |
||
| Overseas Content | 1,450 | 2,800 | ||
| 79,425 | 53,600 |
Thereend. wasa total of £8,150 (2024: £9,500) of grants allocated but not notified or paid at year
5. OTHER
| 2025 | 2024 | ||
|---|---|---|---|
| £ | f | ||
| Secretarial expenses Independent examiner's remuneration |
8,174 780 |
7,573 780 |
|
| Independent examiner's remuneration Trustees' meeting expenses Membership fees |
- Non independent examination | 660 7il - |
660 401 = |
| Sundry expenses | 169 | 124 | |
| 10,494 | 9,538 |
6. TRUSTEES' REMUNERATION AND BENEFITS
Mr P J Stoate received remuneration of £8,090 (2024: £7,500) for the year[in] respect of his services as a Secretary to the Trust.
The other Trustees received no remuneration from the charity.
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THE LEONARD LAITY STOATE CHARITABLE TRUST
ForNOTESThe TOYearTHEEndedFINANCIAL31 March STATEMENTS2025 - continued
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
£304).During(2024: the£170).year,OtherP trusteesJ Stoate wasreceivedreimburseda total forof £499secretarialfor meetingand meetingand incidentalexpensesexpenses totalling (2024:£296
7. STAFF COSTS
The Charity has no employees.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31/03/24
31/03/24 |
: YER END | ED | ||
|---|---|---|---|---|
| Capital | Income | Total | ||
| fund | fund | funds | ||
| INCOME AND ENDOWMENTS |
FROM | £ | £ | £ |
| Donations andlegacies |
- | 150 | 150 | |
| Investment income | - | 54,024 | 54,024 | |
| Total | - | 54,174 | 54,174 | |
| EXPENDITURE ON | ||||
| Raising funds | 17,603 | - | 17,603 | |
| Charitable activities | ||||
| Charitable Activities | - | 53,600 | 53,600 | |
| Other | - | 9,538 | 9,538 | |
| Total | 17,603 | 63,138 | 80,741 | |
| Net gains on investments | 141,123 | - | 141,123 | |
| NET INCOME/(EXPENDITURE) Transfers between funds |
123,520 (24,000) |
(8,964) 24,000 |
114,556 - |
|
| Net movementin funds | 99,520 | 15,036 | 114,556 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 2,155,571 | 19,805 | 2,175,376 | |
| TOTAL FUNDS CARRIED FORWARD | 2,255,091 | 34,841 | 2,289,932 |
THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued For The Year Ended 31 March 2025
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |||
|---|---|---|---|
| Cash and | |||
| Listed | settlements | ||
| investments | pending | Totals | |
| £ | E | £ | |
| MARKET VALUE | |||
| At 1 April 2024 | 2,208,714 | 18,067 | 2,226,781 |
| Additions | 309,564 | (355,768) | (46,204) |
| Disposals | (398,238) | 345,235 | (53,003) |
| Revaluations | 62,212 | - | 62,212 |
| At 31 March 2025 | 2,182,252 | 7,534 | 2,189,786 |
| NET BOOK VALUE | |||
| At 31 March 2025 | 2,182,252 | 7,534 | 2,189,786 |
| At 31 March 2024 | 2,208,714 | 18,067 | 2,226,781 |
| The geographicallocation of investment assets is as follows: | |||
| 2025 | |||
| £ | |||
| UK assets | 591,825 | ||
| Overseas assets | 1,437,369 | ||
| Unspecified/mixed | 153,058 | ||
| 2,182,252 |
Cost or valuation at 31 March 2025 is represented by:
| Cost or v | alu | ation at 31 March 2025 is | represented by: | ||
|---|---|---|---|---|---|
| Cash and | |||||
| Listed | settlements | ||||
| investments | pending | Totals | |||
| £ | £ | £ | |||
| Valuation | in | 2025 | 304,037 | - | 304,037 |
| Cost | 1,878,215 | 7,534 | 1,885,749 | ||
| 2,182,252 | 7,534 | 2,189,786 |
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.
Anka
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THE LEONARD LAITY STOATE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued For The Year Ended 31 March 2025
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
| 2025 | 2024 |
|---|---|
| E | E |
| 1,440 | 1,440 |
11. MOVEMENT IN FUNDS
| MOVEMENTIN FUNDS | ||||
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At 1.4.24 | in funds | funds | 31.3.25 | |
| E | E | E | £ | |
| Unrestricted funds | ||||
| Capital fund Income fund |
2,255,091 34,841 |
(8,782) (36,483) |
(35,000) 35,000 |
2,211,309 33,358 |
| 2,289,932 | (45,265) | - | 2,244,667 | |
| TOTAL FUNDS | 2,289,932 | (45,265) | - | 2,244,667 |
Net movement in funds, included in the above areas follows:
| Net movementin funds, included | in the aboveareasfoll | ows: | ||
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Capital fund Income fund |
- 53,436 |
(17,991) (89,919) |
9,209 - |
(8,782) (36,483) |
| 53,436 | (107,910) | 9,209 | (45,265) | |
| TOTAL FUNDS | 53,436 | (107,910) | 9,209 | (45,265) |
Comparatives for movementin funds
| Comparatives for movementi | n funds | |||
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At 1.4.23 | in funds | funds | 31.3.24 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Capital fund Incomefund |
2,155,571 19,805 |
123,520 (8,964) |
(24,000) 24,000 |
2,255,091 34,841 |
| 2,175,376 | 114,556 | - | 2,289,932 | |
| TOTAL FUNDS | 2,175,376 | 114,556 | - | 2,289,932 |
Comparative net movementin funds, included in the above are as follows:
| Comparative net movementin fu | nds, included in the abo | ve are asfollow |
s: | |
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Capital fund Income fund |
- 54,174 |
(17,603) (63,138) |
141,123 - |
123,520 (8,964) |
| 54,174 | (80,741) | 141,123 | 114,556 | |
| TOTAL FUNDS | 54,174 | (80,741) | 141,123 | 114,556 |
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THE LEONARD LAITY STOATE CHARITABLE TRUST
ForNOTESTheTOYearTHEEndedFINANCIAL31 MarchSTATEMENTS2025 - continued
11. MOVEMENT IN FUNDS- continued
A current year 12 months and prior year 12 months combined position is as follows:
| A current year 12 months and p | rior year 12 months com | bined position i | s as follows: | |
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At 1.4.23 | in funds | funds | 31.3.25 | |
| Unrestricted funds | £ | £ | £ | z |
| Capital fund Income fund |
2,155,571 19,805 |
114,738 (45,447) |
(59,000) 59,000 |
2,211,309 33,358 |
| 2,175,376 | 69,291 | - | 2,244,667 | |
| TOTAL FUNDS | 2,175,376 | 69,291 | - | 2,244,667 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the[above] areas follows:
| current year monts and p the aboveareas follows: |
rior year 12 months co | mbined net mov | ementin fund | s, included |
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| Unrestricted funds | Es | £ | £ | £ |
| Capital fund Income fund |
- 107,610 |
(35,594) (153,057) |
150,332 = |
114,738 (45,447) |
| 107,610 | (188,651) | 150,332 | 69,291 | |
| TOTAL FUNDS | 107,610 | (188,651) | 150,332 | 69,291 |
12. RELATED PARTY DISCLOSURES
There wereno related party transactions for the year ended 31 March 2025.
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