**REGISTERED CHARITY NUMBER: 234667** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** **FOR** **LUCHANA MISSION TRUST** MHA (trading name of MacIntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS **LUCHANA MISSION TRUST** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ||**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| **LUCHANA MISSION TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024** The trustees present their report with the financial statements of the charity for the year ended 5 April 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** ## **Charitable objects** The Trust's objectives are the propagation of the Gospel of Jesus Christ. ## **Objective and activities** The Trust was established to work in the South Wales area and currently oversees three churches in and around Barry in the Vale of Glamorgan: - A, The Luchana Mission, concentrating on youth work and forming part of a small complex at 17 Hillary Rise, Barry. It is now run by Allister Reid-Danks. - B. Parkside Church (previously called Bethlehem Church) forms part of the Gibbonstown Estate on the outskirts of Barry. It is run by Robert Clee and his wife and aims to spread the Gospel among the socially deprived area around it. - C. Wilberforce Church situated on the north side of Barry. Part of the congregation of this Church having moved to Hope Hall referred to below and the remainder having moved away this Church building is currently vacant. Allister Reid-Danks has hopes to bring this back into use once the Covid epidemic has been brought under control. - D. Hope Hall. Part of the Jerusalem Church site acquired in early 2019 Hope Hall has been renovated by the Barry Evangelical Presbyterian Church and is in use on Sundays and during the week. - E. Jerusalem Church. This dilapidated building is to be put into a wind and watertight condition pending the establishment of a long-term renovation project. ## **Public benefit** The organisation's trustees can confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission, as demonstrated by the above objectives and activities. ## **ACHIEVEMENT AND PERFORMANCE** The Trust has continued to provide support to the churches noted above during the year. Page 1 **LUCHANA MISSION TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024** ## **FINANCIAL REVIEW** The results for the year and the financial position of the charity are as shown in the annexed financial statements. ## **Reserves policy** The trustees believe it prudent to keep significant liquid reserves in case of emergency need (say for unexpected property repair). ## **Investment policy** A policy statement has been prepared by the trustees of the Luchana Mission Trust and provides guidance as to how the asset management functions delegated to Smith and Williamson Investment Management ("Smith and Williamson") by the trustees should be exercised. It has been formulated with a view to ensuring that the asset management functions will be exercised in the best interest of the Trust. ## **Investment objective** The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income, stocks and cash. The trustees need to make a series of payments in connection with the Trust and monies need to be withdrawn as and when these payments are due to be made. This requirement will be discussed with Smith and Williamson as necessary. The withdrawals may be met from income or capital. ## **Investment brief** In order to meet these objectives the trustees have appointed Smith and Williamson as their agent to manage a diversified portfolio of suitable investments on a discretionary basis. In the context of the Smith and Williamson Client Understanding Note we have selected a balanced investment objective with medium risk. The proportions invested in equities, fixed income stocks and cash shall be reviewed with Smith and Williamson from time to time to provide guidance on the ongoing suitability of that element of investment policy. ## **Review** The trustees will regularly consider whether there is a need to revise this policy and keep under review the arrangements under which Smith and Williamson acts as their agent. The value of the share portfolio made some recovery during the financial year as shown in the detail of the financial statements, but the future performance of the financial markets remains unclear. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The Luchana Mission Trust is constituted as a charitable trust whose governing document is its Trust Deed dated 2 October 1929. It is registered with the Charity Commissioners under charity number 234667. All decisions are made by the trustees as and when required. ## **Trustee induction and training** There is no formal induction programme for new trustees, but new members are fully integrated into the running of the trust immediately on appointment. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 234667 ## **Principal address** 44 Alwyne Road Wimbledon LONDON Greater London SW19 7AE ## **Trustees** J H H Mathews M White I Ridley Page 2 **LUCHANA MISSION TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** Julia Mortimer MHA (trading name of MacIntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS ## **Bankers** Barclays Bank PLC PO Box 747 Barclays House Ty Glas Avenue Llanishen CARDIFF ## **Solicitors** L.G. Williams & Pritchard 22 St Andrews Crescent CARDIFF CF10 3DD Approved by order of the Board of Trustees on ............................................. and signed on its behalf by: ...................................................................... J H H Mathews - Trustee Page 3 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LUCHANA MISSION TRUST** ## **Independent examiner's report to the trustees of Luchana Mission Trust** I report to the charity trustees on my examination of the accounts of Luchana Mission Trust (the Trust) for the year ended 5 April 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 3. 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. Julia Mortimer FCCA MHA (trading name of MacIntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS Date: ............................................. Page 4 **LUCHANA MISSION TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
The propagation of the Gospel of Jesus Christ
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
8,000
22,864
30,864
5,735
44,201
49,936
33,904
14,832
1,326,165
1,340,997|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-|2024
Total
funds
£
8,000
22,864
30,864
5,735
44,201
49,936
33,904
14,832
1,326,165
1,340,997|2023
Total
funds
£
-
23,759
23,759
5,984
49,601
55,585
(77,708)
(109,534)
1,435,699
1,326,165| |---|---|---|---|---| The notes form part of these financial statements Page 5 ## **LUCHANA MISSION TRUST** ## **BALANCE SHEET 5 APRIL 2024** |Notes
**FIXED ASSETS**
Tangible assets
10
Investments
11
**CURRENT ASSETS**
Debtors
12
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
14
Unrestricted funds:
General fund
Property revaluation reserve
**TOTAL FUNDS**|Unrestricted
funds
£
594,359
702,187
1,296,546
1,757
43,774
45,531
(1,080)
44,451
1,340,997
1,340,997|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-|2024
Total
funds
£
594,359
702,187
1,296,546
1,757
43,774
45,531
(1,080)
44,451
1,340,997
1,340,997
1,008,537
332,460
1,340,997
1,340,997|2023
Total
funds
£
608,480
693,590
1,302,070
-
25,115
25,115
(1,020)
24,095
1,326,165
1,326,165
993,705
332,460
1,326,165
1,326,165| |---|---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. J H H Mathews - Trustee The notes form part of these financial statements Page 6 **LUCHANA MISSION TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **1. STATUTORY INFORMATION** Luchana Mission Trust is a registered charity, registered in England and Wales. The governing document is its constitution and it is an unincorporated association. The principal address is 44 Alwyn Road, Wimbledon, London, SW19 7AE. The nature of the charity's operations and principal activities are disclosed within the Report of the Trustees. The financial statements are presented in Sterling (£), the charity's functional currency, and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, 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 the UK and Republic of Ireland (FRS 102) (effective January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. There have been no material departures from the standard. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements have been prepared under the historical cost convention. Assets and liabilities are initially recognised at historical cost or transaction values unless otherwise stated in the relevant accounting policy note(s). ## **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 is recognised on a receivable basis. ## **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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees. ## **Tangible fixed assets** All fixed assets are initially recorded at cost. Fixed assets costing more than £500 are capitalised by the charity. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Page 7 continued... **LUCHANA MISSION TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024** ## **2. ACCOUNTING POLICIES - continued** ## **Tangible fixed assets** Freehold property: 50 years Motor vehicles: 25% straight line The charity has taken advantage of the transitional provisions of FRS102 and the freehold properties are carried forward at their revalued amounts as deemed cost. ## **Fixed asset investments** Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the mid-market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire or use put options, derivatives or other complex financial instruments. ## **Realised gains and losses** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund structure** Unrestricted funds represent resources available to be applied by the trustees for the general purposes of the charity. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ## **Financial Instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. ## **3. INVESTMENT INCOME** |Investment income from managed portfolio
Bank interest receivable|2024
£
22,740
124
22,864|2023
£
23,737
22| |---|---|---| |||23,759| Page 8 continued... **LUCHANA MISSION TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024** ## **4. RAISING FUNDS** ||**Investment management costs**|||| |---|---|---|---|---| ||||2024|2023| ||||£|£| ||Interest payable and similar charges||5,735|5,984| |**5.**|**CHARITABLE ACTIVITIES COSTS**|||| |||Direct|Support|| |||Costs (see|costs (see|| |||note 6)|note 7)|Totals| |||£|£|£| ||The propagation of the Gospel of Jesus|||| ||Christ|42,891|1,310|44,201| |**6.**|**DIRECT COSTS OF CHARITABLE ACTIVITIES**|||| ||||2024|2023| ||||£|£| ||Rates and water||1,844|1,901| ||Insurance||9,537|8,668| ||Light and heat||1,990|3,695| ||Sundries||-|57| ||Repairs and maintenance||5,512|9,911| ||Minister's living expenses||4,460|4,460| ||General mission funding||5,427|5,124| ||Professional fees||-|644| ||Depreciation||14,121|14,121| ||||42,891|48,581| |**7.**|**SUPPORT COSTS**|||| |||||Governance| |||||costs| |||||£| ||The propagation of the Gospel of Jesus|||| ||Christ|||1,310| Included in support costs are accountancy fees of £1,080 (2023: £1,020) in respect of the preparation and independent examination of the statutory accounts. ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5 April 2024 or for the year ended 5 April 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year (2023: £Nil). Page 9 continued... **LUCHANA MISSION TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024** ## **9. COMPARATIVES FOR YEAR ENDED 5 APRIL 2023** All comparative figures in the Statement of Financial Activities for the year ended 5 April 2023 relate to unrestricted funds. ## **10. TANGIBLE FIXED ASSETS** |**COST**
At 6 April 2023 and 5 April 2024
**DEPRECIATION**
At 6 April 2023
Charge for year
At 5 April 2024
**NET BOOK VALUE**
At 5 April 2024
At 5 April 2023|Freehold
property
£
706,057
97,577
14,121
111,698
594,359
608,480| |---|---| The charity has used the properties previous valuation as deemed cost. ## **11. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**||| |---|---|---| |||Unlisted| |||investments| |||£| |**MARKET VALUE**||| |At 6 April 2023||693,590| |Acquisitions at cost||17,570| |Disposals at opening book value||(41,479)| |Revaluations||32,506| |At 5 April 2024||702,187| |**NET BOOK VALUE**||| |At 5 April 2024||702,187| |At 5 April 2023||693,590| ||2024|2023| ||£|£| |Historical cost at the year end|513,130|537,873| |**Analysis of investments at the year end**||| ||Total funds|Total funds| ||2024|2023| ||£|£| |UK fixed interest|53,646|49,900| |UK equities|230,294|356,000| |European equities|50,692|44,275| |Japan equities|24,437|20,807| |Asia Pacific equities|27,654|28,833| |Alternative investments|107,092|90,735| |Other overseas equities|174,572|74,779| |American equities|33,800|28,220| ||702,187|693,590| Page 10 continued... **LUCHANA MISSION TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024** |**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accruals
**14.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Property revaluation reserve
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
30,864
**TOTAL FUNDS**
30,864
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
Property revaluation reserve
**TOTAL FUNDS**|At 6/4/23
£
993,705
332,460
1,326,165
1,326,165
Resources
expended
£
(49,936)
(49,936)
At 6/4/22
£
1,103,239
332,460
1,435,699
1,435,699|2024
£
1,757
2024
£
1,080
Net
movement
in funds
£
14,832
-
14,832
14,832
Gains and
losses
£
33,904
33,904
Net
movement
in funds
£
(109,534)
-
(109,534)
(109,534)|2023
£
-
2023
£
1,020
At
5/4/24
£
1,008,537
332,460
1,340,997
1,340,997
Movement
in funds
£
14,832
14,832
At
5/4/23
£
993,705
332,460
1,326,165
1,326,165| |---|---|---|---| Page 11 continued... **LUCHANA MISSION TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024** ## **14. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|23,759|(55,585)|(77,708)|(109,534)| |**TOTAL FUNDS**|23,759|(55,585)|(77,708)|(109,534)| ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 5 April 2024 or 5 April 2023 that require disclosure. Page 12