LICHFIELD CONDUIT LANDS Registered Charity Number= 254298 FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Dalns Audit Ltd Chartered Accountants St Johns Court Wiltell Road Lichfield Staffordshire WS14 9DS
LICHFIELD CONDUIT LANDS INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE Annual Report Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Accounts
LICHFIELD CONDUIT LANDS ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and administrative infomiation Trustees.. The Charity Iruslees who served during the year and their appointing bodies are.. J Russell C P Ablill T J Roach Mrs G Boyle Mrs K A E Churchill Mr D G Cross Mrs E A Hindley Dr A L Hughes Mr D W Kershaw Mr S Schafer Mr A F Smith B Twivey Revd Dr A Walsh Chairman Vice chairman Co-oplalive Co-oplalive Co-oplalive Lichfield City Council Co-oplalive Ex Officio Co-oplalive Ex Officio Co-optalive Ex Officio Co-oplative Co-optalive Ex Officio terminated 15 May 2024 appointed 15 May 2024 Principal Address: S R James The Warden Lichfield Conduit Lands Bank House FarTn Woodhouses Yoxall Staffs DE13 8NR Website: www.lichfieldconduillands.or Rggistered Charity No.. 254298 Principal Bankers- CAF Bank Ltd 25 Kings Hills Avenue Kings Hill Wesl Malling ME19 4JQ Independent Examiner: M Gurney FCCA, DChA of Dains Audit Ltd Chartered Accountants Sl Johns Court Willell Road Lichfield Staffs WS14 9DS Investment Advisers.. RBC Brewin Dolphin 6th floor, The Chatwin Building 81, Colmore Row Birmingham B3 2BA Page 1
LICHFIELD COb4DUIT LANDS AfiNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Report of the Trnstees for the year ended 31 December 2024 The trustees preseni their report along with the financial statemenis of the Charity for the year ended 31 Dcccmb¢r 2024. The financial statements have been prepared in accordance Thith the accounting policies 5c( out on pa¥e 7 and comply with the Charity Cornrnission Scheme, the Charities Act 2011 and Accounting and Reporting by Charities.. Ststement of Recommend¢d Praotice applicable to charities preparing their accounts in a¢¢ord8nee with the Financial Reporting Standard applicAbl¢ in the UK and Republic of Ireland effective l January 2019. Structsre, Governance and Management History) Objectlves ¥nd Aetivities for the Public Benefit Lichfield Conduit Lands was founded over 450 years ago and is now gov¢rned by a Charity Commission Schcmc dat¢d 30 July 1982, as affected by resolutions dated 24 January 2011 And I l December 2013. The Charity is an unincorporated association. The Charity does not actively fundraise and seeks to continue its philanthropic work through ihe carefiil stewardship of its existing resou¢5. The Charity existy to provide assistance for the following PUTposes'. In advancing in such ways as they think fit the edu¢ation (including the social and physical edu¢ationl of persons under the age of 25 years who are resident or who have a parent or parents resident in the area of the fornier City of Li¢hfJeld as constituted on the 31 March 1974. For any charitable purpose for the benefit of the inhabilAnis of ihe said area for which provision ig not made out of rates, taxes or other public funds, priority being given to the provision of benefits of a pemianent or enduring nature. Management and Governance Following an amendment during 2013. the scheme provides for the appointmeni of12 trustees, 3 ex-officio. I nominativ¢ and 8 co-oplalive. The ex-officio trustces arc the Rector of the Parish of St Michael Lichfield, the Mayor of the City of Lichfield and the Chaim]an of Lichfield District Council. Lichfield City Council appoints the nomin81ive (tijstee. The nominative trustee and co-optative ttustees serve for a period of fivc year$. New co-optative trustees are identified from people within the local community who have the n¢c¢ssary skills and interesi and are appointed by the remaining tsstees. The induction process for any newly appointed trustee comprises an initial me¢ting with th¢ Board of Tru$tees. at which an infonnation pack IS Provided. This includes a copy of the governing document, a copy of the most recent tNstees' r¢port and accounts, copy minutes of previous trustee5' meetings and a Copy of the Charity Commission Guidance 'The Essential Trnstee, and 'Charities and Publi¢ B¢nefit'. The TNstee5 nornially m¢¢t four times a year to consider grant applications and as and when appropriate the broad strategy and area of activity for the Charity, including investmcnts, reserves and risk management policies and perforniance. Th¢ day to day administration of grants and the pro¢¢ssing of applications prior to consideration by the Trustees Are delegated to the Warden. Risk Revieiv The trustees review on a regular basis the risks which the Charity faces and lake appropriate action to mitigate thos¢ risks. To date these have mainly related to investment management where the risks have been ameliorated by appointing external fund managers to manage a portfolio of diverse investThenls to provide a balan¢e between capital oWth and incom¢. Page 2
LICHFIEI.D COl%4DUIT LANDS ANNL'AL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 {CONTINUED) GraDt making Policy and Pro¢edures The Charity is well known in Li¢hfield and invii¢s Applications from both organisations and individuals. Each applicant is required to complete a 5taDdard application forni and theTrustees considereach application on its own merits. Grant application fornis are availabl¢ from th¢ Warden whose address is shown on page l or from the website, ...11chrieldC()ndU1t1dI7d$.Vr. Aehievements and Performance During the year antS totalling £39,698 w¢r¢ tnad¢. A breakdown of this figure is given in note 2 to the accounts. Investment Policy and Performince The Charity derivtt its income from its portfolio of inv¢5tments. The investmeni portfolio is managed by external fund managers on a discretionary basis to achi¢ve a balanced return from income and capital growth by accepting a moderate level of risk. Over the year to 31 De¢¢mb¢r 2023, the combined portfolio generated a iotal return of 7.1 % after fees. This compares with a return of I l. l /0 for the RBC Brewin Dolphin Category 6 benchmark and 7.50/0 for the Asset Risk Consultants Steady Growth Index. The perforniance of the fijnd is monitored on a quarterly basis by the trustees. Reserves Policy Free reserves at 31 December 2023 totalled £245,374. The Trnsiees aim io spend the net income arising each year on grants and May utilise part of the 2ccumulaied reserves if a large number of deserving applicaiions are received. The level of Ire¢ r¢s¢rves is monitored and reviewed by the TNslees on an annual basis. The EndoBThent fund stood at £1,213,309 2131 December 2023. Public Benefit The Trustees confirni that they have referred to thc guidancc coniained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aitns and objectives and in planning and setiing their grant making policy for the year. Trustees, Responsibilitie$ in Relatlon to the Flnancial Statements Law applicable to charitics in Eng.land Wales requires the Trustees to prepare fjnancial statements for each financial ycar which give x true and fAir Niew of the Charity's financial activities during the year and of its financial position at th¢ ¢nd of the year. In preparing those financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently- observe the methods 2nd principles in ihe applicable Charities SORP (FRSI 02). make judgemenis and estimates that are reasonable and pnident,. state whether applicable accounting standards have be¢D followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless i( is inappropriate io presum¢ that the Charity will continue in business. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and ¢nabl¢ th¢tn to ensure that the financial statements comply with the Charities Act 2011. They ar¢ also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prev¢ntion and dettttion of fraud and other irregularities. Approved by th¢ Tru5t¢¢s on 12 March 2024 and signed on their behalf by.. J Russell P*¥e 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LICHFIELD CONDUIT LANDS I report lo the charily Iruslees on my exafflination of the accounts of the charity for the year ended 31 December 2024 which are sel out on pages 5-9. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb) of the AGI. 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 charity 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 accounting requirements concerning the form and content of accounts sel out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give 8 "true and fair view" which is not a maller considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. M Gurney FCCA, DChA Chartered Accountant of Dains Audit Ltd Sl John's CoLJrt Willell Road Lichfield Slaffordshire WS14 9DS March 11, 2025 Page 4
LICHFIELD CONDUIT LANDS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Unrestricted In¢ome Fund$ Endowment Fund Total 2024 Total 2023 Notes Income and èndowmènts from: Investments Income from listed investmen15 Bank interest 41,767 S07 41.767 507 41,516 254 Totsl Income 42.274 42.274 41,770 Expenditure on: Charitable activities Investment management charges Ward8n's salary Sundry expenses Independent examiner Total 39,698 1.205 9,250 967 1,620 52.740 39,698 8,338 9.250 967 1,620 59,873 23,742 8,053 9.250 1,113 1,500 43,658 7,133 7,133 Nel gainslllossesl on investments 13,9641 106,406 102,442 61,134 Nèt Incomèllexpenditurel 114,4301 99,273 84.843 59,246 Net movement in funds (14,4301 99,273 84.843 59,246 R¢¢oncillation of Funds.. Total funds brought fc>rward 245.374 1,213,369 1,458,743 1,399,497 Total funds carried forward 230,944 1.312,642 1.543,586 1,458,743 Page 5
LICHFIELD CONDUIT LANDS BALANCE SHEET 310ECEMBER 2024 Unrestricted Endowment Income Funds Fund Total 2024 Total 2023 Notes Fixed Assets Lisled Investments 213,206 1,317,366 1,530,572 1,436,128 Current Assets Debtors Balances al Bank.. Deposit Current Total Current Assets 3,834 3,834 3,980 15,184 800 19,818 {2,8861 12,298 800 16,932 19,297 3,099 26.376 12,8861 Liabilities-. Creditors falling due within one year Net Current Assets 2,080 17,738 1.838 14,7241 3,918 13,014 3.761 22,615 Net Assets 230,944 1,312,642 1,543,586 1,458,743 The funds of thg charity.. Permanent endowment Unreslricled income funds Total charity funds 1,312,642 1,312,642 1,213,369 230,944 245,374 1,312,642 1.543,586 1,458,743 230,944 230.944 These financial statements were approved by the Board of Tru51ees on 11 March 2025 and signed on their behalf by-. T J Roach J Russell Page 6
LICHPIELD CONDUIT LANDS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 1 Accounting Polrci&8 General Th8 financial slatetn8nt5 have been prep8r8d In accordance with Accounting and Reporting by Charili&s". Statement ol Recornmended Practice applicabl8 to Gharthes preparing their accounts in accordance wlth th8 Financial Reporbng Stsn(lard appllcabla in thè UK and Republic of Ireland IFRS1021 effective 110112019. the Financial Reporting S18ndard applitable in UK and Republic of Ireland IFRS1021 and the CharTlies Act 2011. The clwrity cmstleS 8 publlc b8nèfit trntityas defined by FRS 102. Th8 nanc21 st2ments complywith FRS 102. The finan¢ial ststemenb have b8en prepared under the hisloncal cost convention ilams rtrco9nistd al rst or Ir8nsaclion value unless otherwise statèd in the relevant nows) to these account8. Tht financial statements have been prepar8d on an ac¢ruab ba51$. Grants Grants payable are charg8¢ In th8 year when the offer is conveyed to the reclpitnt, axcepl whère the offer is conditional. such grants baing cOgnised as expenditure ¥vhen Ihe condibons allad)ing are fulfilled. Grants offered subject to condltions which have rK>I b9en rnet al the yearend are noted as a commitment bul not accrued as expenditure. Funds Unrestrrt6d income fjJnds Comprise Imse funds whith the trustees are fr88 to use in accordan( smth the charilable objects The endowment fund represents those a$5els wtmth musl be hehj p8miananly bythe charity. principally inveslmenls. Income arising on tha endowfflent fund can be used In accordanca with the 04ects of the charity and is indudg(S as unrestricted incomt.Any Gapital gain5 or105se$ arising on the invesiments fomi part ofthat fund Investmenl m8n8gement charges relati to the fund are charged against Ihe fund. 2 Charltable A¢tlvitlas 2024 2023 Grants to Or9anisations Grants lo 912023-141 IndivhJLgls 34,188 21,442 5,510 2.300 39.698 23,742 Grants to organisations aro as follows.. Lichfmild Arts re Blues arKI Jazz Festival LKhfi•ld Prpde Lrhf161d Youlh Musical Theatra Elile AG4demy Lichfield Garrick Youth Theatre Wa¢Je Street Church Lichfi8ld Festival Nether Stowe School LiChr1 Arts re FeslNal of Folk LIchld Friary Sthool Guild of St Maws Centr& Lichfield Ric Nic Christ Churth School Assocration chfiehJ Arts re FUSE Festival 1st Lichfield Scout Group 7th Lichftald Sl Chads Guid85 Lichfield C81hedr81 City of Lpchfield Shrievalty PCC of Sl Micha81 and St Mary Lithfeld Lichfield 'English Class" Friends of Lichfield City Slalion Llthfield Tablt Ténnis Club LIthfIe W8larwodKs Twst 1.000 2.000 6.000 900 3.000 800 3.000 1,500 1.000 500 2.500 916 5.000 3.500 1.822 750 3.000 500 soo 3,462 2.000 2.OOD 3.000 2.OOD 2.000 515 1.000 3,465 23,442 2,000 21,442 34.188 Less Grantwrfttan back.. U¢M8ld TtEatre 34.188 Pa*7
LICHFIELD CONDUIT LANDS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3 Investment management charges In 2023 the expenditure on investment management charges lolalled £8,053 of which £1,228 was expenditure from unreslricled funds and £6,825 was expenditure from the endowment fund. 4 Independent Examiner 2024 2023 Independent Examiner's Fees re independent examinatlon Independent Examiner's Fees for other services 600 1,020 1,620 600 900 1,500 5 Trustees Remuneration and Expenses No remuneration directly or Indirectly out of the funds of the Charity was paid or payable for the year lo any Iruslee or lo any person or persons known to be connected with any of them. In 2024 an Annual Feast was held for Iruslees at a cost of £799 (2023 - £7291. 6 Listed Investments Total 2024 Total 2023 UK Listed Investments Investment Portfolio Cash 1,523,066 1,423,757 7,506 12,372 1,530,572 1.436,129 Accumulated Endowment Income Fund Fund Total 2024 Total 2023 Investments held al 01.01.24 Additions al cost Disposals al carrying value Add nel gainl{lossl on revaluation Investments held at 31.12.24 215,051 10,000 110,0211 13,964 211,066 1,208,706 1,423.757 1,365,931 136,743 146,743 375,425 1139,8551 1149,8761 1378,733} 106.406 102,442 61.134 1,312,000 1.523,066 1,423,757 All investments are carried at their market value. All investmen15 are qLJoled on the London Stock Exchange. Asset sales and purchases are recognised al the dale of trade al cost (that is their transaction value). 7 Debtors 2024 2023 Investment Income 3,834 2,053 3,834 2,053 In 2023 all debtors relate lo unreslrieled income funds. Page 8
LICHFIELD CONDUIT LANDS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 Bank balances 2024 2023 Deposit Current 12,298 800 13,098 19,297 3,099 22,396 Unrestricted income funds Endowment fund 15,984 12,8861 13,098 23,677 {2,871 22,396 9 Creditors 2024 2023 Creditors and accrued expenses Grants authorised bul not pai(S 3,918 3,761 3,918 3,761 Unrestricted income funds Endowment fund 2,080 1,838 3,918 2,055 1,706 3.761 10 Related Party Transactlons The Charity has a very close relationship with Lichfield District Council and Lichfield City Council. The Mayor of Lichfield and the Chairman of Lichfield District Council are ex-officio trustees. In addition, Lichfield City Council appoints one Iruslee. 11 Analysis of Net Assets Bètwegn Funds Accumulated Endowment Income Fund Fund Total 2023 Fixed Assets Current Assets Current Liabilities Fund Balance 218,380 29,049 2,055 245,374 1,217,748 1,436,128 12,6731 26,376 1,7061 13,7611 1.213,369 1.458,743 Page 9