REGISTERED CHARITY NUMBER: 250302
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 28 September 2021
for
Lothersdale Parish Trust
Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley BD21 3DS
Lothersdale Parish Trust
Contents of the Financial Statements for the Year Ended 28 September 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Statement of Financial Position | 8 | ||
| Notes to the Financial Statements | 9 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
Lothersdale Parish Trust
Report of the Trustees for the Year Ended 28 September 2021
The trustees present their report with the financial statements of the charity for the year ended 28 September 2021. 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
Objectives and aims
The Trust was established to benefit charities or charitable purposes carried on or situated within the Ecclesiastical Parish of Lothersdale as defined in the London Gazette published on 29th December 1840. The area of benefit is defined on the attached plan. Income is to be applied towards provision of any capital expenditure, extraordinary expenditure or extraordinary repairs incurred by any such charity or charitable purpose but not for the ordinary running expenses incurred by any beneficiary.
ACHIEVEMENT AND PERFORMANCE Charitable activities
No grants have been requested in the current financial year.
The Grants awarded and their settlements are detailed below:
| 2021 | 2021 | 2021 | 2020 | 2020 |
|---|---|---|---|---|
| Grants awarded in prior years not yet settled | ||||
| Lothersdale Parish Council | 11,223.75 | 6,000.00 | ||
| Lothersdale in Bloom | 495.00 | |||
| Lothersdale Primary School | 3,000.00 | |||
| 14,223.75 | 6,495.00 | |||
| Grants awarded in the year | ||||
| Lothersdale Parish Council | 3,000.00 | |||
| Lothersdale Village Hall Trust | 3,000.00 | |||
| Lothersdale Primary School | 3,000.00 | |||
| Lothersdale - Christ Church | 1,110.00 | |||
| Grants awarded in the year from next years allocation | ||||
| Lothersdale Parish Council | 2,223.75 | |||
| Lothersdale Village Hall Trust | 3,000.00 | |||
| 14,223.75 | 21,828.75 | |||
| Grants paid in the year | ||||
| Lothersdale - Christ Church | 1,110.00 | |||
| Lothersdale Primary School | 3,000.00 | |||
| Lothersdale Village Hall Trust | 6,000.00 | |||
| Lothersdale in Bloom | 495.00 | |||
| Lothersdale Parish Council | 11,372.00 | |||
| 14,372.00 | 7,605.00 |
Page 1
Lothersdale Parish Trust
Report of the Trustees for the Year Ended 28 September 2021
| Variance to grant awarded | ||||
|---|---|---|---|---|
| Lothersdale Parish Council | (148.25) | |||
| 14,223.75 | 7,605.00 | |||
| 0.00 | 14,223.75 | |||
| Grants awarded not yet settled | ||||
| Lothersdale Parish Council | 11,223.75 | |||
| Lothersdale Primary School | 3,000.00 | |||
| 0.00 | 14,223.75 | |||
FINANCIAL REVIEW
Investment policy and objectives
The trustees have continued to monitor the performance of the Trust's investment portfolio and the level of the projected income by giving consideration to the quarterly valuations and advice provided by Investec Wealth & Investment. The performance is provided to the Trustees for scrutiny. The investment management service offered by Investec is discretionary.
Reserves policy
Any surplus income not needed for grants at the trust's financial year end is normally added to the investment portfolio.
FUTURE PLANS
The immediate plan for the future is to obtain maximum benefit from the Trust investments and to continue to use the income through the award of grants for the benefit of organisations in the village.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Lothersdale Parish Trust was founded by Mrs Mary Hayes of Raygill, Lothersdale by a Declaration of Trust dated 28th September 1966.
Recruitment and appointment of new trustees
Trustees appointed during the year: With the change in the Headteacher, Mr Colum Grogan is now the representative for the Lothersdale Primary School.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
250302
Principal address
c/o Stephen Brown Fold House 6 The Fold, Lothersdale KEIGHLEY West Yorkshire BD20 8HD
Page 2
Lothersdale Parish Trust
Report of the Trustees for the Year Ended 28 September 2021
Trustees
Mrs J Carr S Cohen Mrs D Williams Reverend H Collings M Willetts Mrs P Illingworth K Narey S Ward C Grogan
Independent Examiner
Helen Louise Barritt Tel No: (01535) 662686 FMAAT Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley BD21 3DS
Page 3
Lothersdale Parish Trust
Report of the Trustees for the Year Ended 28 September 2021
Clerk
Mr Stephen Brown Tel No: (01535) 636682 Fold House 6 The Fold Lothersdale Keighley BD20 8HD
Bankers
Barclays Bank Plc 77 North Street Keighley West Yorkshire BD21 3SA
The Trustees consist of:-
A) Ex Officio:
The Priest of the Parish: The Reverend Helen Collings
Head Teacher of Lothersdale Community Primary School: Mr Colum Grogan
B) Representative Trustees:
Two appointed by Lothersdale Parish Council: Mr Kevin Narey and Mr Simon Ward
One appointed by Lothersdale Parochial Church Council: Mrs Phoebe Illingworth
One appointed by the following organisations having their main centre in the Parish:
Lothersdale Village Trust - Vacant Lothersdale Under 5's Group - Vacant Lothersdale Village Hall Trust - Mr Stephen Cohen Lothersdale Community Out of School & Holiday Club - Mrs Deborah Williams Lothersdale Young Farmers - Vacant Lothersdale Mothers Union - Mrs Jane Carr Lothersdale Community First Responders - Vacant
Co-opted Trustee - Mr Malcolm Willetts
The Trustees would normally meet every three months but due to the Covid pandemic have been unable to meet since January 2020, decisions regarding grants have been made by email correspondence with all Trustees. Each charity or body which carries on charitable purposes within Lothersdale may appoint a Representative Trustee of the Trust, in addition the Trustees may also co-opt additional Trustees to the Trust and as at 28th September 2021 there were nine Trustees. Organisations in the village incurring capital expenditure or extraordinary expenditure apply to the Clerk for assistance from the Trust. With regard to the Trustees policy as to grant aid, it has been agreed, that normally applicants for grants should fund from, any sources, at least 25% of the total cost of the project and a maximum 75% grant would be made by the Trust after consideration of the merits of the projected expenditure. It is also the Trustees' policy that no organisation will be awarded more the £3,000 in any one financial year. All applications for grant aid are considered bearing in mind the nature of the application and whether this falls with the definition of charitable purposes towards the provisions of any capital expenditure, extraordinary expenditure or extraordinary repairs. Income should not be used for the ordinary running expenses incurred by any such organisation entitled to benefit.
Page 4
Lothersdale Parish Trust
Report of the Trustees for the Year Ended 28 September 2021
Approved by order of the board of trustees on 27 January 2022 and signed on its behalf by:
Mrs J Carr - Trustee
Page 5
Independent Examiner's Report to the Trustees of Lothersdale Parish Trust
Independent examiner's report to the trustees of Lothersdale Parish Trust
I report to the charity trustees on my examination of the accounts of Lothersdale Parish Trust (the Trust) for the year ended 28 September 2021.
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
-
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.
Helen Louise Barritt Tel No: (01535) 662686 FMAAT Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley BD21 3DS
27 January 2022
Page 6
Lothersdale Parish Trust
Statement of Financial Activities for the Year Ended 28 September 2021
| 28.9.21 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 9,750 Other income 570 Total 10,320 EXPENDITURE ON Raising funds 3 4,125 Charitable activities Ecclesiastical Parish of Lothersdale 14,372 Other 1,772 Total 20,269 Net gains/(losses) on investments 45,453 NET INCOME/(EXPENDITURE) 35,504 RECONCILIATION OF FUNDS Total funds brought forward 333,898 TOTAL FUNDS CARRIED FORWARD 369,402 |
28.9.20 Total funds £ 9,812 17,774 27,586 5,059 7,605 1,730 14,394 (34,644) (21,452) 355,350 333,898 |
|---|---|
The notes form part of these financial statements
Page 7
Lothersdale Parish Trust
Statement of Financial Position 28 September 2021
| 28.9.21 Unrestricted funds Notes £ FIXED ASSETS Investments 6 335,591 CURRENT ASSETS Cash at bank 36,121 CREDITORS Amounts falling due within one year 7 (2,310) NET CURRENT ASSETS 33,811 TOTAL ASSETS LESS CURRENT LIABILITIES 369,402 NET ASSETS 369,402 FUNDS 8 Unrestricted funds 369,402 TOTAL FUNDS 369,402 |
28.9.20 Total funds £ 290,395 45,814 (2,311) 43,503 333,898 333,898 333,898 333,898 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 January 2022 and were signed on its behalf by:
J Carr - Trustee
S Cohen - Trustee
The notes form part of these financial statements
Page 8
Lothersdale Parish Trust
Notes to the Financial Statements for the Year Ended 28 September 2021
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.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 28.9.21 | 28.9.20 | |
| £ | £ | |
| Deposit account interest | 17 | 17 |
| Dividends received | 9,733 | 9,795 |
| 9,750 | 9,812 |
continued...
Page 9
Lothersdale Parish Trust
Notes to the Financial Statements - continued for the Year Ended 28 September 2021
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 28.9.21 | 28.9.20 | |
| £ | £ | |
| Clerk's fees | 700 | 1,400 |
| Stockbroker's fees | 3,425 | 3,599 |
| Rent of room | - | 60 |
| 4,125 | 5,059 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 September 2021 nor for the year ended 28 September 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 September 2021 nor for the year ended 28 September 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 9,812 |
| Other income | 17,774 |
| Total | 27,586 |
| EXPENDITURE ON | |
| Raising funds | 5,059 |
| Charitable activities | |
| Ecclesiastical Parish of Lothersdale | 7,605 |
| Other | 1,730 |
| Total | 14,394 |
| Net gains/(losses) on investments | (34,644) |
| NET INCOME/(EXPENDITURE) | (21,452) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 355,350 |
| TOTAL FUNDS CARRIED FORWARD | 333,898 |
continued...
Page 10
Lothersdale Parish Trust
Notes to the Financial Statements - continued for the Year Ended 28 September 2021
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 29 September 2020 | 290,395 |
| Additions | 16,945 |
| Disposals | (17,202) |
| Revaluations | 45,453 |
| At 28 September 2021 | 335,591 |
| NET BOOK VALUE | |
| At 28 September 2021 | 335,591 |
| At 28 September 2020 | 290,395 |
There were no investment assets outside the UK.
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors 8. MOVEMENT IN FUNDS Unrestricted funds General fund Funds settled by the late Mrs Mary Hayes Share of residue estate of Mrs Mary Hayes Surplus on sale of investments Accumulation funds Revaluation reserve TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
At 29.9.20 £ 36,007 9,308 12,892 127,556 23,450 124,685 333,898 333,898 follows: Incoming resources £ 10,320 10,320 |
Net movement in funds £ 35,504 - - - - - 35,504 35,504 Resources expended £ (20,269) (20,269) |
28.9.21 28.9.20 £ £ 2,310 2,311 Transfers between At funds 28.9.21 £ £ 297,891 369,402 (9,308) - (12,892) - (127,556) - (23,450) - (124,685) - - 369,402 - 369,402 Gains and Movement losses in funds £ £ 45,453 35,504 45,453 35,504 |
|---|---|---|---|
continued...
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Lothersdale Parish Trust
Notes to the Financial Statements - continued for the Year Ended 28 September 2021
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Funds settled by the late Mrs Mary Hayes Share of residue estate of Mrs Mary Hayes Surplus on sale of investments Accumulation funds Revaluation reserve TOTAL FUNDS |
At 29.9.19 £ 39,529 9,308 12,892 110,842 23,450 159,329 355,350 355,350 |
Net movement in funds £ (3,522) - - 16,714 - (34,644) (21,452) (21,452) |
At 28.9.20 £ 36,007 9,308 12,892 127,556 23,450 124,685 |
|---|---|---|---|
| 333,898 | |||
| 333,898 |
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 | 9,812 | (13,334) | - | (3,522) |
| Surplus on sale of investments | 17,774 | (1,060) | - | 16,714 |
| Revaluation reserve | - | - | (34,644) | (34,644) |
| 27,586 | (14,394) | (34,644) | (21,452) | |
| TOTAL FUNDS | 27,586 | (14,394) | (34,644) | (21,452) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Funds settled by the late Mrs Mary Hayes Share of residue estate of Mrs Mary Hayes Surplus on sale of investments Accumulation funds Revaluation reserve TOTAL FUNDS |
At 29.9.19 £ 39,529 9,308 12,892 110,842 23,450 159,329 355,350 355,350 |
Net movement in funds £ 31,982 - - 16,714 - (34,644) 14,052 14,052 |
Transfers between funds £ 297,891 (9,308) (12,892) (127,556) (23,450) (124,685) - - |
At 28.9.21 £ 369,402 - - - - - |
|---|---|---|---|---|
| 369,402 | ||||
| 369,402 |
continued...
Page 12
Lothersdale Parish Trust
Notes to the Financial Statements - continued for the Year Ended 28 September 2021
8. MOVEMENT IN FUNDS - continued
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 | ||||
| General fund | 20,132 | (33,603) | 45,453 | 31,982 |
| Surplus on sale of investments | 17,774 | (1,060) | - | 16,714 |
| Revaluation reserve | - | - | (34,644) | (34,644) |
| 37,906 | (34,663) | 10,809 | 14,052 | |
| TOTAL FUNDS | 37,906 | (34,663) | 10,809 | 14,052 |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 September 2021.
Page 13
Lothersdale Parish Trust
Detailed Statement of Financial Activities for the Year Ended 28 September 2021
| 28.9.21 | 28.9.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Deposit account interest | 17 | 17 |
| Dividends received | 9,733 | 9,795 |
| 9,750 | 9,812 | |
| Other income | ||
| Profit on sale of investments | 570 | 17,774 |
| Total incoming resources | 10,320 | 27,586 |
| EXPENDITURE | ||
| Investment management costs | ||
| Clerk's fees | 700 | 1,400 |
| Stockbroker's fees | 3,425 | 3,599 |
| Rent of room | - | 60 |
| 4,125 | 5,059 | |
| Charitable activities | ||
| Grants to institutions | 14,372 | 7,605 |
| Other | ||
| Loss on sale of investments | 998 | 1,060 |
| Accountancy | 774 | 670 |
| 1,772 | 1,730 | |
| Total resources expended | 20,269 | 14,394 |
| Net (expenditure)/income before gains and | ||
| losses | (9,949) | 13,192 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 45,453 | (34,644) |
| Net income/(expenditure) | 35,504 | (21,452) |
This page does not form part of the statutory financial statements
Page 14