LICHFIELD MUNICIPAL CHARITIES Registered Charity Number.. 254299 FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Dalns Audit Ltd Chartered Accountants St Johns Court Wlltell Road LiGhfleld Staffordshirg WS14 9DS
LICHFIELD MUNICIPAL CHARITIES INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE Annual Report Independenl Examiners Report Sialement of Flnancial Activities Balance Sheet Notes to the A¢counls
LICHFIELD MUNICIPAL CHARITIES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Refèrence and adminÈ$tratlve Infom7ation Tru5tee5: The Charity trustees who served during the yeaT and their appointsng bodies are.. W M Henwood C P Eamshaw H Ashton C Ball J M E8gland M Flèld JHFOX J A Greaves D Greatorex DrA Hughes K R Lomas C J M¢Neill E Newbould T J Roach J Russell S Sch8f8r N G Sedgwick C Rstokes Chaimian Vice chairman appointed Odober 2024 appointed November 2024 expired June 2024 explred Septernber 2024 appointed Novombar 2024 expired Novembar 2024 expired Novèmber 2024 explred May 2024 appointed June 2024 rèsigned April 2024 appointed September 2024 Co-optallvè Co-opt8tive Llchfield Cty Council Llchfield City Council Co-optalive Lichfield Ctty Council Lichfiel¢J Cty Council Lichfield Cliy Council Lichfield City Coundl Ex~ officAO C(FOPtalive Co-optstive C%>optslive Co-optstive Co-optative Ex-officio Co.oplative Co-opl8tlvo appolnled May 2024 PFinclpal Address: S R J8mes The Clefk Lt¢hfield Municipal Charities Bank House Farm Woodhouses Yoxall Stsffs DE13 8NR Webslto: www.llchfld1llunIcI al.o .uk Reglstsred Charlty No: 254299 Prln¢ip¥l Banker$: CAF Bank Ltd 25 Kings Hills Avenue Kings Hill Wesl Mallino ME194JQ Independent Ex#mlnor: M Gumey FCCA, DChA of Dain5 Audit Ltd Ghartered Accountants Sl Johns Court Wiltell Roa Lichfield Staffs WS14 9DS Investment Advlsers: RBC Brèwln Dolphin 6th floor, The cha1n Buildi 81. Colmore Row Birmingham 83 2BA Pag8 1
LICHFIELD LNICIPAL CHARITIES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINLED) Report of the TSteeS for the year ended 31 December 2024 The trnstees present th¢ir rq)ort along with the financial statements of the Charity for the year wd¢d 31 Dec¢mber 2024. The financial statements hai'¢ been preparcd in accordance with the a¢rounting poli¢ies s¢1 out on page 7 and ¥0pIY with the Charity CommissioD S¢heme, the ChArities Act 2011 and Accounting and Reporting by Charities.. Stal¢Tn¢nt of Recommended Practice applicable to ¢harili¢$ preparing their accounts in accordance with th¢ Financial Rew>rting Stsndard applicabl¢ irt the UK and Repllblic of Ireland ¢ffectiv¢ l January 2019. Strllcture, Governance and Management Hlstoryy Objectii'es and A¢tivities for the Publi¢ Benefit Lichfi¢ld Municipal Charities was establi5hcd in 1654 Ld is now regulated by a Charity Commission Scheme which was s¢al¢d on 24 Septcmher 1982. The Charity is an UnincoOrted asso¢iation. The Charity does not actively fundraise and s¢¢ks to continue tts phi12nthropic work through the ¢arefiLI stewardship of its existing resour¢es. Following the remodclling project, which was completed during 2022, Lichfield Municipal Ch8riiies now comprises twelve AlJnshouses known as William Lunn Homes, which are situated in Li¢hfs¢ld. All are $uitabl¢ for couples. The Almshouses ar¢ available for oc¢upaiion by poor illhabitants of the City of Lichfi¢ld. Afi¢r paying the co$ts of maintaining the property and expenses in¢idental to th¢ administration of the Chariiy, any sU]uS is available for th¢ relief of need. either g¢nerally or individually of persons resident in the area of the fornier City of Lichfield a5 ronstituted on 31 March 1974. Management and Governance Following an arn¢ndment during 2013, the Scheme provides for the appointm¢nt of 14 trnsiees, l ex- offi¢io, 3 nominative and 10 co-optstivc. The ex-officio trust¢¢ is the Mayor of the Ciry of Lichfi¢ld. The three nominativ¢ trustees are appointed by Lichfield City Council. Nominative trusteeg serve for a period of four years. Co-oprative tNstees sen'e for a period of five y¢ars. New co-optative trStee& are identified from people within the local communiry who have th¢ n¢¢essary skills and i11t¢$t and are appointed by th¢ r¢maining trugtees. Th¢ inductÉon process for any newly appointed irustee comprises all initial meeting with the board of trustees at whi¢h an inforniation pack is provided. Thi5 includes a copy of the governing document. a copy of the most rec¢nt annual report and a¢counts, copy minutes of preiOuS tru5t¢¢s' meetings and a copy of the Charity Commission GuidaD¢e'The Essential Trusi¢e" and 'Charities ¥nd Public Benefit,. The trnstees nornially meet four tie$ a year to consider the Charity's affairg and as and when appmpriai¢ the broad sirategy and area of activity for the Chdriiy, including consideration of grant making, investments, reserves and risk management polici¢s 2nd perfonnance. The day lo day administration of the Charity is d¢l¢gated to the Clerk. Ri$k Review The trustees have examined the major int¢mal and external risks which the Charity faces and eonftrni that systems have been ¢st8blished to minimise these risks. Grant making poll¢y and procedures The Charity is well known in the City and invites applications from individuals and organisations. Each application is congidered on its own rnerits. (irant appli¢alTon forn)s arc available from the Cl¢rk whose address is shown on page l or from th¢ website, www.liehfieldmunicipal.owg.uk P*ge2
LICHFIELD MUNICIPAL CHARITIES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Co'TNIuED) Achievement$ and Perform#nee Following the refurbishment project, th¢ Almshouses ar¢ fully occupied. Other charitable expenditure 1Suring the year totalled £l1.796. A detailed breakdown of this figure is given in note 4 to th¢ ac¢ounts. Financial Revlew Ini'cstment Policy and Performance The Charity derives its income from its portfolio of inv¢siments and a small holding of land. The investment portfolio is managed by external fLmd managcrs on a discretionary basis lo achxeve a balanced r¢ium froin income and capital groth by accepting tt moderate level of risk. The investment portfolio generated a total return of 7.950/0 net of fees over the cours¢ of the year. This compares wilh a return of 13.13 /D for the RBC BrewEll Dolphin Category 6 Tndex and 8.23 % for the ARC Steady Growth index over the same period. The trnStees monitor the perforniknce of (he fund on a quarterly b8SiS. Reseryes Poll¢) Charity funds at 31 December 2024 totalled £3,110,409 and coinprised perman¢nl ¢ndowment £2,074,533, traordinary repairs fund £112,763 and unrestricted reserves £923,113. The truste¢s aim to maintsin Such reserves as arc ne¢ess2ry for the fuNr¢ r¢pair, improvement and r¢furbishment of the Almshouses and to finance working capital requirements. Public Benefit The Truslecs confimi that they have referred to the guidance contained in the Charity Commission's gene] guidance on public benefit when reviewing the Charity's aims and objectives and in planning and setting their grant making policy for the y¢ar and have Complied with their duties under th¢ Charities Act 2011. Trustees) Responsibilities in Reliitlon to the FiD¥ncial Ststement5 Law applicable to charities in England Wales requires the Trustees to pr¢pare financial statem¢nts for each financial year which giv¢ a trlle and fair view of the Charity's financial aciivities during th¢ year and of its financial position at the end of the year. In pr¢paring ihose financial statements, the Trugtees are required to: s¢lect suitable accounting policies and then apply them ¢onsist¢nily' observe the rnethods and principles ill the Charities SORP; ake judgements and estimates that ar¢ reasonable and prndent. state whether applicable accounting gthndards have b¢ followed, subje¢t to any mai¢rial departures disclosed 2nd explained in the financial statements. and prepare th¢ financial slatements on the going concern basis unless it is inappropriate to presume that the Chariry will continue in business. The Trnstees are responsible for keeping accounting r¢cords which disclose wilh reasonable accurdcy at any time the financial positioT) of the Charity and ¢nable them to ensur¢ that the financial statements comply with th¢ Charities Act 2011. They are also r¢sponsible for safeguarding the assels of the Charity and hence for takit]g reasonable 5t¢ps for thc pr¢veniion and detection of hud and other irregularities. Approved by th¢ Trnstees on 4 March 2025 and signed on their behalf by: W H¢nwood Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LICHFIELD MUNICIPAL CHARITIES I report lo the charity Iruslees on my examinalion of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 5-9. Responslbllltles and basis of report As the ch8riWs Iruslees you are responsible for the preparation of the a¢¢ounls in accordance with the requirements of the Charities Act 20111.lhe Act'l. I report in respect of my examination of the chariws a¢¢ounts 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 14515}Ibl 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 records were not kept in respect of Ihe charity as requlred by section 130 of the Act., or 2. the accounts do not accord wth 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 {Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which Is not a matter consldered as part of an independent examination. I have no concern$ and have come acr055 rio other matters in connection with the examination lo which attention should be drawn in this report in order to enable a propel understanding of the accounts lo be reached. M Gurney FCCA, Dcha of Dains Audit Ltd Si John's Court Willell Road Lichfield Slaffordshire WS14 9DS Date: March 4, 2025 Page 4
LICHFIELD MUNICIPAL CHARITIES STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Incom Fund Extraordinary Endowment R¥pairs Fund Fund Total 2024 Total 2023 Note Incomtr and endowments from: Charitable a¢livllies Maintenance ¢onlribulions receivable 62,246 62,246 52.857 Investments Income Irom listed investments Deposit interest and similar income Rental income 53,792 679 365 4.958 58,750 679 365 53,329 2.312 365 Dorsalions and Legacies Legacy- R S Owen Roger Hinton's Charity Other donatior¢ Total 85.918 200 195,881 117,082 4,958 122.040 Expgnditure on: Almshous6 running costs Oihet ¢h8rit8ble expenditur8 Investment management charges InsuranTr etc re18nd at Damfor(J Clerk's salary Independent examinerfs féas Sur¢dry expenses Impaimienl review Depraciation Solaf panels Total 47.933 11.796 3,053 346 16.750 2.940 1,803 47,933 11,796 11,287 346 18,750 2,940 1.803 34.302 10.011 10.293 326 15.882 2,874 1,591 2.934 2,691 80,904 618 7,618 4.003 88,624 4.003 96,858 616 7,618 Gainsllknssesl on investments 10 14.705 2.683 95,350 107.372 69,109 Net Incomellexp¢ndityr81 43.163 1.659 87.732 132,554 184.086 Net movement In funds ,163 1,659 87,732 132,554 184.086 Re¢onclliation of funds.. Total funds brought forward 879.950 111,104 1,986,801 2,977,855 2.793.769 Total fund5 ¢arrled lorward 923,113 112,763 2.074,533 3.110,409 2,977,855 P896 5
LICHFIELD MUNICIPAL CHARITIES BALANCE SHEET 31 DECEMBER 2024 Income Fund Extraordinary Endowment Repalrs Fund Fund Total 2024 Total 2023 Note Fixed Assots Freehold Land and Buildings Solar Panels Investment Property Listed Investments 284,565 33,342 680.000 964,565 964.565 33,342 24,220 7,500 7,500 7,500 111,995 1,395,480 2,060,087 1,958,639 111.995 2,082,980 3.065.494 2,954.924 10 552.612 870,519 Current Assets Debtors Balances al Bank: Deposit urrenl Total current assets 11 7,424 493 7.917 6.350 44,771 8,691 60,886 44,771 2,628 55,316 18.081 11,233 35.664 432 925 6.495 16,4951 Llabilities 12 Credilors.. Amounts due within 1 year Net Current Assets 8,292 52,594 157 768 1.952 18,4471 10,401 44,915 12,733 22,931 Net Assets 923,113 112,763 2,074,533 3.110,409 2,977.855 The funds of the charity: Permanent endowment Extraordinary repairs fund UnTeslricled income funds 2,074,533 2,074,533 1,986.801 112,763 111.104 923,113 879,950 3.110,409 2,977,855 112,763 923.113 923,113 112,763 2,074,533 These financial Statements were approved by the Board of Trustee5 on 4 March 2025 and signed on their behalf by: W M Henwocrtg C P Earnshaw Page 6
LICHFIELD MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Accountlng Policio Basis of AccoLtnling The financi81 statements have been prepared in accordance with A¢¢ounting and Reporting by Charilies.. Statèmgnt of Recommended Practice applicable lo charilios preparing their a¢¢ounts in aCrd3ce with the Financial Reptsrtlng Standard applicable in tho UK and Republi¢ of Ireland {FRS10218ffective 01101r2019, the Flnaneial Reporting Stsndard applicable in the UK and Ireland IFRS102) and the Charities Act 2011. The charity constilules a pybll¢ benefit entity 8$ defined by FRS 102. The finan¢i81 statemen15 comply with FRS 102. The financial stslemenls have been prepared under the historical cost convéntion with ilerns recognised al c05t or transaction value unless otherwise stslod. b Freehold Land and Build5ngs Freehold Land and Buildings are included 81 their rainstatement value for insurance purposes as at July 2004 with remodelling and refurbishment costs incurred since that date in¢luded at cost. ¢ Investment Property Investmenl property has been valued by the Iruslees al open market value subj-ect to existing use. d Lisled Investmènts Listed investments a staled at market value. Funds The income fund mpriSeS thosts funds which the trustees are free to use in accordance with the charitable objects. The permanent endowment represents those assets which must be held p8iman8nlly by the oharity. Income arising on the endowment fund can be used in a¢cordance with the objects of the charity and is Included as unrastricled income. Any ¢apilal gains or losses arising on the investments fom part of that fund. Investment management charges relating to the fund are charged against Ihat fund. The extraordinary repairs fund is a de&gnatad reserve whlch repsentS am¢unl$ Sel 8sid8 to carry oul major repalrs on tho freehold buildings. 2 Incomo from Listed Invèstments In 2023 in¢ome from listed iftvestments totslled £53,329 of which £49.055 rapres8nted unrestricted income funds and £4,274 representad ihe exlraordinary repairs fund. 3 Almshouse Running Costs 2024 2023 Insurance Garden Mainten8ne8 Water, Council Tax and Electric Lifeline and Smoke Alarm Syst8m Repairs and Renewals Advertising Sundry Expenses 1.704 5.342 4,822 373 34,201 400 1,091 47.933 1.672 7.625 7.569 680 14,317 2,439 34,302 Pag8 7
LICHFIELD MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 Other Charitable Expenditure 2024 2023 Sl Giles Hospi¢e English Language School Grants lo 15 individuals {2023- 18) 2,500 1,260 8,036 11,796 10,011 10.011 S Investment management Charges In 2023 the expenditure on investment management charges totslled £10.293 of which £7,365 was from the endowment fund. £614 from the extraordinary repair fund and £2,314 from unrestricted income funds. 6 Trustees Remuneration and Expenses and Related Party Transactions 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 confftcled wth any of them. An Annual Dinner was held for trustees at a cost of £659 {202&£495 }. No expenses were paid to any trustee during the year.(2023- nil) 7 Freehold Land and Bulldlngs 2024 2023 12 Bungalows known as William Lunns Homes At 1 January 2024 and 31 December 2024 964,565 964,565 8 Solar Panels 2024 2023 At cost 1 January 2024 AddEtions: Ballery storage Disposal Cost 31 December 2024 26,911 13.125 9,773 26,911 9,773 26.911 40,036 Depreciation at 1 January 2024 Depreciation charge for the year Impairment Disposal Depreciation at 31 December 2024 2,691 4,003 6,839 2,691 2,934 9,773 2,691 6.694 Nel book value al 31 De¢ember 2024 33.342 24,220 The solar panels and associated batteries are being depreciated at Iook on a straight line basis. 9 Invostment Property 2024 2023 Land al Darnford-Al 1 January 2024 and 31 December 2024 7.500 7,500 Page 8
LICHFIELD MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 List8d Investments 2024 2023 Listed UK Investments Investment Portfollo Cash 2,038,760 21,327 2.060,087 1,94D,480 18,159 1,958,639 In¢om9 Extraordinary Endowment Fund RepaSrs Fund Fund Totsl 2024 Total 2023 Investments held 8101.01.24 Additions at cost Disposals at catrying value Add nel gainlllossl on revaluatlon Investments held at 31.12.24 532.825 132,688 1137,533) 14.705 542,685 101.842 21,827 {16,9991 2,683 103,987 1,305,813 221.421 {230.4961 95,350 1.392,088 1,940,480 1,719.705 375.936 454,158 {385.0281 (302,4921 107,372 69,109 2,038,760 1,940,480 All investments are quoted on the London Stock Exchange and are carried al their market value. Asset sales and purchases are CogniSed al the dale ol trade al cost Ithal 15 their transaction value). RBC Brewin Dolphin Limited provide a discreuonary management service 11 Dgbtors 2024 2023 Maintsnanco ContribLFtsons Recelvable Other Debtors and Prepayments Investment Income 337 1,315 6.265 7,917 685 1.373 4,292 6,350 12 Creditors 2024 2023 Creditors and accrued expenses Grants payable 9.141 1,260 10,401 12,733 Pemianent endowmenl Exlr8ordinary repairs fund Unrestricted Income funds 1,952 157 8,292 10,401 1,836 10,743 12,733 Page 9
LICHFIELD MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Analysis of Net Assets Between Funds A¢cumulated Extraordinary Endowment Income Fund Repairs Fund Fund Total 2023 Fixed Assets Current Assets Current Liabilities Fsjnd Balance 848,982 41.711 10.743 879.950 110,826 432 154 111,104 1.995,116 2,954,924 {6,4791 35,664 11,836 12,7331 1.986.801 2,977,855 Page 10