PETER LATHOM'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charfty Reglstratlon Number: 228828 Advance Chartered Certlfied Accountants 71173 Hoghton Street Southport PR9 OPR
PEtER LATHOM'S CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet 9- 11 Notes to the Financial Statements 12 Local Trustees. Accounts & Distrlbutions
PETER LATHOM'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATION DEfAILS CHARITY NUMBER 228828 ADDRESS The Clerk to the Trustee5 clo 71173 Hoghton Street Southport PR9 OPR TRUSTEES As detalled on pages 4 & 5 CLERK Mrs K R Thompson INDEPENDENT EXAMINER J Tobin FCCA Advance Chartered Certified Accountants 71173 Hoghton Street Southport Merseyside PR9 OPR BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings HTII West Malling Kent ME19 4JQ STOCKBROKERSIINVESTIAENT MANAGERS Rathbones Investment Management Ltd Port of Liverpool Buildings Pier Head Liverpool L3 1NW INVESTMENTS IiANAGERS CCLI Investment Management Ltd 80 Cheapside London EC2V 6DZ Page 1
PETER LATHOM'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT Peter Lathom s Charity is a registered charity, number 228828. It was established by a Trust Deed dated 9 May 1902. The provisions of the scheme of the charity were last amended at a full meeting of all trustees on 20th September 2024 to be effective from 1 It January 2025. APPOINTMENT OF TRUSTEES The Trustees are as detailed on pages 4 and 5. Central Representative Trustees appointed for four year terms, one from each of the twelve local bodies of trLtStees, one from Lancashire County Council & one from Manchester University. Central Co-optative Trustees appointed for five year temis by resolution of the Central Trustees passed in special meeting, and a150 Serve a5 Local Ex-officio Trustees. one for each of the twelve districts. Local Representative Trustees app07nted for four year terms by the appropriate Parish Council or equivalent bo(ty. Local Co.optative Trustees appointed for five year terms by resolution of the Local Trustees concerned passed in special meeting. ORGANISATION The full body of Central Trustee5 meet annually. Management of the charit¥s affairs delegated to two committee5 - The Farm & Finance Committee and the Education Committee, al known as the Exhlbitions Committee. The composition and terms of reference of these comfflittees is ratified annually by the Central Trustees, body. During the year under review the Farms & Finance Committee met four times & the Education Committee met twice. There are twelve local trustee bodies representing separate dlstricts in the area of benefit. These local trustees each meet annually to determine the distribution of the funds appropriated to them under the scheme. OBJECTS AND ACTIVITIES The key objectives of the Charity are to provide financial a5SlStance for the education and tralnlng of persons under the age of 25 years resident in the districts formTng the area of benefit of the Charity, and in the application of income for the relief of persons in need, hardship or distress similarly resident wthin the said quallfylng dlstricts. The scheme lays down forniulae for distrlbution of the Income between the above objective5 resultTng in various restricted income fund5. The Charitys capital is permanently endowed. Page 2
PEfER LATHOM'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE The charity made the followng distributions in accordance wth the scheme:_ The Exhibitions committee met twice during the year. Seven payments totalling £3,800 were agreed to be made to local students together with grants to schools at the autumn meeting totallTng 110,998. All the local trustee districts managed to meet during the year, most were on zoom. The local trustees. bodies distributed £27.334 to institutions and E4.215 to qualifying individuals in the aiea of benefit. F114ANCIAL REVIEW The Charity's net outgoing resources on the restrirted Income funds were £340 after distributions of £46,347. The endowed funds showed a net increase of £58,84012023: Increase of £94,491 I a 2.97% increa5e12023: increase of 4.77%) on the previous year's value. RESERVES Grants/awards are made in the following year, at a series of meet?ngs of the Central & L¢xal Tru5tees' bodies. The charity endeavours to spend all of its net income from the previous year on its objects, therefore the reserves at any year end generally represent the net income due for distribution in the followin4 year. INVESTMEKf POLICY There are no restriction5 on the charity's power to invest. The investment strategy is set by the trustees, taking into account the 7ncome requirements of the charity> to pay current beneficiaries and to obtain capital growth for the benefit of future generations of beneficiaries. The trustees use CCLA and Rathbones Investment Management Ltd a5 investment advisors to the charity. The Charity's Investments held with CCLA showed an increase of 2.14% 12023.. increase of 8.01 %) in capital value over the year with an income yield of 2.96% 12023: 3.15%). The funds held with Rathbones demonstrated an increase of 4.51 %12023= increase of 1.20%) and an income yield of 3.01% 12023: 3.04%). By way of comparison the FfsE 250 index increased by 3.79% over the same period. Page 3
PEfER LATHOM'S CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Icontinued) CENTRAL CO-OPTATNE TRUSTEES (also Served as Local Ex-officio Trustees for the district indicated) Mrs H Rosbotham Bicker5taffe Cllr G Green Bispham & Mawde51ey Cllr D Hardi5ty Bur5cough Mrs K Almond Croston Mrs S E Braithwaite Dalton & Parbold Cllr E Pope Newburgh & Lathom Mr D Snape Ivice Chairman) Ormskirk (passed away during the yearl Mrs K Cummings Rufford Mr l Tinsley Scarisbrick Mr C J Byron (Chairman) Skelmersdale Mrs E Doran Ulnes Walton & Eccleston Mr A Whittaker Welch Whittle, Heskin & Wrightington CENTRAL REPRESENTATIVE TRUSTEES (also served as Local Trustee5 for the district indicated) Cllr l Rigby Blckerstaffe Mrs J Clayton Blspham ft Mawdesley Cllr B Bailey Burscough Mr5 K Beatty Croston Cllr M Blake Dalton & Parbold Mrs J Peggs Newburgh & Lathom Mr A Owens Ormskirk Miss M Skinley Rufford Cllr J Marshall Scarisbrick Mr P Cotterill Skelmer5dale Cllr M Miller Ulne5 Walton & Eccleston Mr5 R Critchley Wrightington Cllr R Bailey Lancashlre County Council Appointee Ms L Molyneux Manchester UniYe151ty Appointee Page 4
PETER LATHOM'S CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) LOCAL REPRESENTATIVEICO-OPTATIVE TRUSTEES Bickerstaffe Cllr A Draper Blspham & Mawdesley Ms G Woods Burscough Mrs S Lamb Cllr D Mo55 Croston Cllr G Stubbs Mrs C Procter Dalton & Parbold Cllr G Rainford M5 S Carruthers Cllr A Coren (resigned in yearl Cllr D Howard Newburgh & Lathom Cllr P Atty Ms F Casey Ormskirk Cllr A Yates Rufford Miss A Croft Mrs J Caunce Scarisbrick Mr W J Cropper Cllr S Brake Skelmersdale Mr P Mcconnell Ms A Fennell Ulnes Walton & Eccleston Mrs P Sloan Cllr D Bonney Iresigned in yearl Cllr D Graham Welch Whlttle, Heskin & Wrlghtington MrJLHill Cllr F John50n Signed on behalf of the Trustees y C Byron (Chalrman of Trustees 4 March 2025 Page 5
PETER LATHOM'S CHARIT Independent examiner's report to the Trustees of Peter Lathom's Charity Independent examlner's report to the trustees of Peter Lathom's Charlty I report to the charity trustees on my examination of the accounts of Peter Lathom's Charity for the year ended 31 December 2024. Responslbilities and basis of report As the charity trustee5 you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Act 2011 1.the Act'l. I report in respect of my examination of the accounts carried out under section 145 of the Act and in carrying out ffly examination I have followed all applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner'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 record5 were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concemlng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2CK)8 other than any requirement that the accounts glye a true and fair view which is not a matter considered a5 part of an independent exafflirbation. I confimi that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. J Tobin FCCA Advance Chartered Certified Accountant5 71173 Hoghion Street Southport PR9 OPR 4th March 2025 Page 6
PETER LATHOM'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Restrirted Permanent Income Endowment Funds Funds (Note 21 Total Funds 2024 Total Funds 2023 Notes Incoming resources Incomlng resources from Senerated funds Investment income COIF Rathbone5 Bank interest Farm land rent 34,177 22,755 2,055 34,177 22,755 2,055 33,705 22,696 1,449 1,OCK) Total lrtcomiftg re50urces 59,987 59,987 58,850 Resources expended Costs of generatlng fund5 Investment management ¢t$ Insurance 642 642 500 6,202 Investment managers fees 6,511 6,511 642 6,511 7,153 6,702 Charltable actTYities Local trustees. distributions Central trustees. grants & donations Welfare distrtbutlons to Institutions Grant5 to IaL schw15 Other approved Education grant5 31,549 31,549 31,621 10,998 3,800 10,998 3,800 11,874 1,750 46,347 46,347 45,745 Governance costs Clerks, fees lincl dlsbursementsl Accountancy EL independent examination Sundries lincl Trustees. meetings) 9,264 3,240 834 9,264 3,240 834 10,258 3,240 747 13,338 13,338 14,245 Total resources expended 60,327 6,511 66,838 66,692 Net inc4yningl(outsoins) resources before other re¢ognised galns & losses Other recognlsed galns & losses Realised110551 I galn on Investments Unrealised11055)18ain on revaluation of Investments 3401 16,5111 16,8511 17,8421 13,1051 68,456 13,1051 68,456 13231 101,016 Net movement in fund5 13401 58,840 58,500 92,851 Reconcillation of funds Total funds brought forward 66,162 1,980,256 2,046,418 1,953,567 Total funds carried forward 65,822 2,039,096 2,104,918 2,046,418 Page 7
PEfER LATHOM'S CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 Note5 2024 2023 Fixed Assets Investments Freehold land Other investments 73,625 1,969,294 73,625 1,910,452 Total fixÈd assets 2.042,919 1.984,077 Current Assets Cash at bank 65,723 66,345 Totsl current assets 65,723 66,345 Llabilitles Creditors: Amounts falling due within one year 13,724} 4,¢))41 Net current assets 61,999 62,341 Net assets 2,104.918 2.046,418 The Funds of the charlty Endowment fund Restricted income funds: Estate of mixed account Ilncl. local Trustees, funds} Welfare fund Lathom educational foundation 2,039,096 1,980,256 44,145 7.686 13,991 5,386 14,330 65,822 66,162 2,104,918 2,046,418 The trustees approved the financial statements on 4th MArch Z025 Signed on behalf of the tmstees by: C Byron Chalrman of Trustees The accounting policies and note5 on pages 9 to 12 fomi an integral part of these financlal statement5. Page 8
PETER LATHOM'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACcnting policies Basls of accounting The financial statements of the charityj which Is a publlc beneflt entlty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 leffective l January 20191,, Financial Reportin£ Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Att 2011. The financial statements have been prepared under the historical c05t convention, Mth the exception of investments which are Tncluded at market value, as modified by the revaluation of certain asset5. Income & expenditure recrynltlon Income 15 accounted for in the accounting period in whlch it is recelvable. Llabllltles are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Fixed asset investments Flxed asset investments are stated at market value, unrealised gains or losse5 arising on the change in market value during the year are included in the Statement of Financial Activities. Analys15 of Income Funds E5tste or Mixed Account Lathom Educational Foundation Welfare Fund Total Income 59,987 59,987 Insurance (6421 16421 Charitable activities 131,5491 14,7981 101 146,3471 Governance costs 113,3381 113.3381 Net Income 14,458 114,7981 101 13401 Transfers between funds 116,7591 14,459 2.3LX) Funds blfwd 14,330 5.386 66,162 Funds clfwd 44,145 13,991 7,686 65.822 Distribut10Tr5 are made from the varlous Income funds in the following year. The Estate or Mixed Account represents the residue of monie5 after transfers to other funds, in accordance with the charity'5 scheme, and is distributable by the twelve local Ix)dies of trustees in their respective districts, amongst those who are in need, hardship or di5tre55. During the year grants were made to individuals totallinq £4,215 and institutions in the areas of benefit totalling £27.334. Page 9
PETER LATHOM'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The Lathom Educational Foundation represents the income of the charity which under the scheme is applicable to promoting the education of persons under the age of 25, in need of assistance and resident in the districts fomiing the area of benefit of the Charity. Distributions were made by way of payments totalling £3,800 to variou5 individua15 and to 22 schools totalling £10.998. The Welfare Fund represents incorne which under the scheme is distributable by the central trustees amongst those in need hardship or distress in the districts forming the charitys area of benefit. During the year, no grants were paid, dl to the lack of eligible applications. No remuneration or re-imbursement of expenses was paid or payable out of the funds of the Charity to any trustee or any person connected with any of them. Unreali5ed gain and Ilossèsl 2024 2023 Other Investment5 68,456 101,016 68,456 101,016 Freehold land and bulldlngs 2024 2023 Chartty Farm Land 73.625 73,625 73.625 73,625 The Charity own5 14.73 acres of agricultural land and this has been valued in the Balance Sheet at £73,625 by the Trustees in 2010. The trustees Still consider this to be a reasonable valuation. Other Investments Charities Official Investment Fund Rathbones Portfolio Total Market Vall as at 31 December 2023 Add7tions Disposal proceeds Net cash movement Realised1055 Unrealised gain 1,154,744 755,708 104,072 1127,0781 16.497 13,1051 43,733 1,910,452 104,072 1127,0781 16,497 13,1051 68,456 24,723 Jmarket value as at 31 December 2024 1,179,467 789,827 1,969,294 Cost as at 31 December 2024 144,415 640,060 784,475 The Charities Official Investment Fund Investment comprises Charitie5 Investment Fund £1, 102,55212023 E1,078,1951 and Charities Property Fund £76,91512023 E76,549I. Other investments represent share5 and securities listed on recognised UK and foreign stock exchanges. Page 10
PETER LATHOM'S CHARI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Creditors: amounts falling due withTn one year 2024 2023 Accruals 3,724 3,724 Analysis of Net A55ets by Fund Restrlcted Income Funds Permanent Endowment Total Fixed Asset Investment Net Current Assets 2,042,919 13,8231 2,042,919 61,999 65,822 65,822 2,039,096 2,104,918 Page 11
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