THE LOCKER FOUNDATION FINANCIAL STATEMENTS For the year ended 5 April 2024
Kalculus Chartered Accountants
| THE LOCKER FOUNDATION | ||
|---|---|---|
| FINANCIAL STATEMENTS | ||
| As at 5 April 2024 | ||
| ONTENTS | ||
| Page | ||
| Trustees report | 1-2 | |
| Accountants' report | 3-5 | |
| Income Account | 6 | |
| Balance sheet | 7 | |
| Notes to the Accounts | 8-10 |
CONTENTS
Page 1
THE LOCKER FOUNDATION
TRUSTEES ANNUAL REPORT
The Trustees present their Annual Report together with the audited financial statements for the year ended 5 April 2024.
LEGAL AND ADMINISTRATIVE DETAILS
The Charity is established by a Trust Deed dated 27 March 1972 with a general charitable purpose. None of the funds are earmarked for particular projects. The Charitable Registration Number is 264180.
TRUSTEES
The Trustees who have served during the year and up to the date of this report were:
Mr. M Carter (chairman) Mrs S Segal
The principal address is 65 Flower Lane, Mill Hill, London NW7 2JN.
New Trustees are appointed by majority approval of the present Trustees.
ADVISORS
Auditors
Kalculus 119 Marylebone Road London NW1 5PU
Solicitors
The Wilkes Partnership LLP Stanton House, 54 Stratford Road Shirley, Solihull B90 3LS
Bankers
NatWest PLC 21 Golders Green Road London NW11 9EB
Surveyors and Valuers
Proxim Property Management Ltd 4 Croft Court, Croft Lane Temple Grafton, Warwickshire B49 6PW
Property Manager
DLM Property Management Limited The Coach House, 27 Chester Road Birmingham B36 9DA
IPM Property Consultants Ltd 4 Edwards Road Sutton Coldfield B75 5NG
TRUSTEES RESPONSIBILITIES
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity, and of the surplus or deficit for that period. In preparing those financial statements, the Trustees are required to:
-
select ,suitable accounting policies and apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its operations.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the financial statements comply with Charity Regulations. They are also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities
Page 2
THE LOCKER FOUNDATION
TRUSTEES ANNUAL REPORT continued
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Trustees target other charitable institutions whose activities principally relate to the welfare of the sick and disabled and the teaching of religion and, subject to be being satisfied that such institutions are themselves registered charities, will make grants to assist those charities in meeting their objectives. Grants are made by the unanimous agreement of the Trustees.
The Trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. The Trust carries out these objectives by providing grants to projects that are targeted in providing facilities for the sick and injured both in the UK and overseas and to a teaching organisation targeted in providing religious education to members of the public.
ACHIEVEMENTS AND PERFORMANCE
The principal source of funds to make grants derive from rental income and premiums for granting lease extensions. During the year under review these resources increased both in rents and lease premiums.
The amount of grants made decreased from £411,477 to £336,438 and the number of institutions to whom grants were made was 32 (compared with 32 in the previous year). The Trustees have identified that a number of these institutions are planning to embark on specific projects in the current year which the Trustees have pledged to support, and the level of grants in the current year is expected to be similar.
RISK REVIEW
The Trustees engage the services of independent surveyors and property managers to ensure that the rentals due on the investment properties are collected on a timely basis, that its properties are maintained and that the Charity has complied with its legal obligations. The Trustees meet with their professional advisors on a regular basis to identify any potential areas of risk. The Trustees have also examined other operational and business risks, which they face and confirm systems are in place to mitigate the 'significant' risks.
INVESTMENT POLICY AND PERFORMANCE
The source of income available to make grants arises from rents on properties held as investments and income on cash deposits. Within the portfolio of properties, the Charity owns a number of ground rents in respect of which it has received sums for the extension and variation of these. The Trustees regard these sums as available for grant making purposes and for reinvestment.
The Trustees have achieved by way of net rental income and premiums for lease extensions, a return of 8% (2023- 7%) on the value of the Charity's investment properties, which they consider satisfactory compared to the average return earned on cash deposits.
Our incoming resources from lease extensions increased by some 11% as a larger number of our flat owners are seeking extensions to their leases.
Our agents have engaged constructively with tenants in respect of rent arrears and the trustees are confident that outstanding rents will be collected in time. The trustees have reduced grants to other charitable entities and have spread support over a wide number. The trustees will continue to balance grants in line with income and available cash resources.
RESERVES POLICY
The Trustees have reviewed their past reserves policy and after designating for reinvestment any annual capital receipts derived from its investments, will be applying incoming resources for the objects of the Charity, subject to the retention of sufficient funds, in respect of any future liabilities which have been identified.
MR M CARTER
Dated: 7 November 2024
Page 3
THE LOCKER FOUNDATION
Independent Auditor's Report to the Trustees of The Locker Foundation
Opinion
We have audited the financial statements of The Locker Foundation Charity (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2024, and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on work we have performed we have not identified any material uncertainties relating to events or conditions that individually or collectively may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
THE LOCKER FOUNDATION
Independent Auditor's Report continued
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities statement set out on page 1, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
During the planning of the audit, discussions were held with key entity staff to ensure: an understanding of the legal and regulatory framework, the entity's policies and procedures on compliance with laws and regulators, the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud
Audit procedures to detect material misstatements in respect of irregularities are outlined below:
Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation claims
Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
THE LOCKER FOUNDATION
Page 5
Independent Auditor's Report continued
Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatement of the financial statements may not be detected, even though the audit is properly planning and performed in accordance with the ISA (UK).
The potential effect of inherent limitations is particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated a carefully organised schemes designed to conceal it, including g deliberate failure to report transactions, collusion or intentional misrepresentations being made to us.
Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment of collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Horesh (Senior Statutory Auditor)
for and on behalf of Kalculus, Statutory Auditor
Kalculus
Chartered Accountants and Registered Auditors 119 Marylebone Road London NW1 5PU
Dated: 12 November 2024
Page 6
THE LOCKER FOUNDATION
INCOME ACCOUNT
For the year ended 5 April 2024
| Notes Incoming Resources-Unrestricted Funds Rents Receivable from U.K. Investment Properties Interest Receivable Premiums for Lease Extensions Total Incoming Resources 1 Cost of Generating Funds Property Outgoings 2 Trustees Fees 3 Net Incoming Resources Available for Charitable Application Grants Payable 4 Management and Administrative Costs 5 Total Resources Expended Net Incoming Resources before Revaluations and Investment Asset Disposals Surplus on Revaluation of Properties Net Movement in Funds Total funds brought forward Total funds carried forward |
336,438 22,039 |
2024 363,153 9,492 531,421 |
411,477 38,001 |
2023 318,038 3,308 477,075 |
|---|---|---|---|---|
| 904,066 193,992 - |
798,421 162,021 - |
|||
| 710,074 358,477 |
636,400 449,478 |
|||
| 351,597 - |
186,922 988,691 |
|||
| 351,597 11,023,986 |
1,175,613 9,848,373 |
|||
| 11,375,583 | 11,023,986 |
Page 7
| THE LOCKER FOUNDATION BALANCE SHEET As at 5 April 2024 Notes 2024 Fixed Assets Investment Properties 6 10,621,334 Current Assets Amount due from Agents 58,335 Other debtors and prepayments 106,782 Cash at Bank and in hand: - Current account 200,174 - Money Market account 450,000 815,291 11,436,625 Less Creditors falling due within one year: Sundry creditors and rents received in advance 61,042 Total Net Assets £11,375,583 Funds Revaluation reserve 7 7,349,395 Unrestricted funds 8 4,026,188 £11,375,583 Approved by the Trustees: M. CARTER, Esq. |
2023 10,450,000 75,002 35,948 121,067 425,000 657,017 11,107,017 83,031 £11,023,986 7,349,395 3,674,591 £11,023,986 |
2023 10,450,000 657,017 |
|
|---|---|---|---|
| 11,107,017 83,031 |
S. SEGAL, Mrs.
Dated this 7 November 2024
Page 8
THE LOCKER FOUNDATION NOTES TO THE ACCOUNTS
For the year ended 5 April 2024
1 Accounting Policies
The Accounts have been drawn up in pounds sterling and in accordance with the Financial Reporting Standard 102 and on the historical cost basis as modified by the revaluation of properties held for investment and in accordance with The Charities Statement of Recommended Practice (FRS102) and the Charities Act 2011 applying the following accounting policies. The charity constitutes a public benefit entity as defined by FRS l 02.
Incoming Resources
All resources are recognised on the Statement of Financial Activities when the charity is legally entitled to the funds and the amounts can be quantified with reasonable accuracy.
Taxation
The charity is exempt from taxation on its charitable activities.
Fund Accounting
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Property held for Investment
Properties held for investment are included in the accounts on a fair value basis as determined by external surveyors. Gains and losses are recognised in the Statement of Financial Activities account for the period. Therefore no depreciation is provided on investment properties.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third part, it is probable that settlement will be required and the amount of the obligation can be measured.
Grants payable
Grants to charitable institutions are recognised when there is a constructive obligation to make the payment.
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Creditors and provisions
Creditors and provisions are recognised when there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third part and the amount due to settle the obligation can be measured or estimated reliably.
Cash at bank
Cash on deposit and cash equivalent held to meet short term cash commitments are valued at fair value.
THE LOCKER FOUNDATION NOTES TO THE ACCOUNTS continued
Page 9
For the year ended 5 April 2024
| 2 Property Outgoings Ground Rents Payable Agents Collection Charges Insurance Repairs and Service Charges Professional Fees Expenses on empty properties 3 Trustees Fees Mr. M. Carter Trustee's expenses for travelling 4 Grants |
2024 2023 - 1,175 30,998 29,328 2,162 6,640 116,910 81,639 42,550 39,949 1,372 3,290 193,992 162,021 20242023- 10,615 |
|---|---|
Grants made to charitable institutions in furtherance of the objects of the Foundation.
| 5 Management and Administrative Costs Auditor's Remuneration Bookkeeping charges Travelling Expenses Bank Charges Property Valuation Costs Legal expenses Secretarial assistance and postage Insurance |
20249,000 10,290 - 74 - 529 2,146 £22,039 |
20239,000 10,330 10,615 84 4,290 1,536 2,146 £38,001 |
|---|---|---|
THE LOCKER FOUNDATION
Page 10
NOTES TO THE ACCOUNTS continued
For the year ended 5 April 2024
| 6 U.K. Investment Properties 2024 At Valuation 10,450,000 Additions (at cost) 171,334 Sales (at cost) Movement on revaluation - At Market Value 10,621,334 Historical Cost 3,271,939 |
2023 8,940,000 521,309 988,691 10,450,000 |
|---|---|
| 3,100,605 |
The properties were valued as at the 5[th] April 2023 by Carters an independent firm of Chartered Surveyors on the basis of open market value on an existing use basis.
| 7 Revaluation reserve Balance at beginning of year 7,349,395 Transfer from Statement of Financial Activities - Balance at end of year £7,349,395 8 Unrestricted Funds Balance at beginning of year 3,674,591 Surplus for year 351,597 4,026,188 9 Financial commitments At the year end the charity has made commitments to make grants to the value of £120,000 |
6,360,704 988,691 £7,349,395 3,487,669 186,922 £3,674,591 |
|---|---|
| £52,500 |
THE LOCKER FOUNDATION FINANCIAL STATEMENTS For the year ended 5 April 2024
Kalculus Chartered Accountants
| THE LOCKER FOUNDATION | ||
|---|---|---|
| FINANCIAL STATEMENTS | ||
| As at 5 April 2024 | ||
| ONTENTS | ||
| Page | ||
| Trustees report | 1-2 | |
| Accountants' report | 3-5 | |
| Income Account | 6 | |
| Balance sheet | 7 | |
| Notes to the Accounts | 8-10 |
CONTENTS
Page 1
THE LOCKER FOUNDATION
TRUSTEES ANNUAL REPORT
The Trustees present their Annual Report together with the audited financial statements for the year ended 5 April 2024.
LEGAL AND ADMINISTRATIVE DETAILS
The Charity is established by a Trust Deed dated 27 March 1972 with a general charitable purpose. None of the funds are earmarked for particular projects. The Charitable Registration Number is 264180.
TRUSTEES
The Trustees who have served during the year and up to the date of this report were:
Mr. M Carter (chairman) Mrs S Segal
The principal address is 65 Flower Lane, Mill Hill, London NW7 2JN.
New Trustees are appointed by majority approval of the present Trustees.
ADVISORS
Auditors
Kalculus 119 Marylebone Road London NW1 5PU
Solicitors
The Wilkes Partnership LLP Stanton House, 54 Stratford Road Shirley, Solihull B90 3LS
Bankers
NatWest PLC 21 Golders Green Road London NW11 9EB
Surveyors and Valuers
Proxim Property Management Ltd 4 Croft Court, Croft Lane Temple Grafton, Warwickshire B49 6PW
Property Manager
DLM Property Management Limited The Coach House, 27 Chester Road Birmingham B36 9DA
IPM Property Consultants Ltd 4 Edwards Road Sutton Coldfield B75 5NG
TRUSTEES RESPONSIBILITIES
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity, and of the surplus or deficit for that period. In preparing those financial statements, the Trustees are required to:
-
select ,suitable accounting policies and apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its operations.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the financial statements comply with Charity Regulations. They are also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities
Page 2
THE LOCKER FOUNDATION
TRUSTEES ANNUAL REPORT continued
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Trustees target other charitable institutions whose activities principally relate to the welfare of the sick and disabled and the teaching of religion and, subject to be being satisfied that such institutions are themselves registered charities, will make grants to assist those charities in meeting their objectives. Grants are made by the unanimous agreement of the Trustees.
The Trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. The Trust carries out these objectives by providing grants to projects that are targeted in providing facilities for the sick and injured both in the UK and overseas and to a teaching organisation targeted in providing religious education to members of the public.
ACHIEVEMENTS AND PERFORMANCE
The principal source of funds to make grants derive from rental income and premiums for granting lease extensions. During the year under review these resources increased both in rents and lease premiums.
The amount of grants made decreased from £411,477 to £336,438 and the number of institutions to whom grants were made was 32 (compared with 32 in the previous year). The Trustees have identified that a number of these institutions are planning to embark on specific projects in the current year which the Trustees have pledged to support, and the level of grants in the current year is expected to be similar.
RISK REVIEW
The Trustees engage the services of independent surveyors and property managers to ensure that the rentals due on the investment properties are collected on a timely basis, that its properties are maintained and that the Charity has complied with its legal obligations. The Trustees meet with their professional advisors on a regular basis to identify any potential areas of risk. The Trustees have also examined other operational and business risks, which they face and confirm systems are in place to mitigate the 'significant' risks.
INVESTMENT POLICY AND PERFORMANCE
The source of income available to make grants arises from rents on properties held as investments and income on cash deposits. Within the portfolio of properties, the Charity owns a number of ground rents in respect of which it has received sums for the extension and variation of these. The Trustees regard these sums as available for grant making purposes and for reinvestment.
The Trustees have achieved by way of net rental income and premiums for lease extensions, a return of 8% (2023- 7%) on the value of the Charity's investment properties, which they consider satisfactory compared to the average return earned on cash deposits.
Our incoming resources from lease extensions increased by some 11% as a larger number of our flat owners are seeking extensions to their leases.
Our agents have engaged constructively with tenants in respect of rent arrears and the trustees are confident that outstanding rents will be collected in time. The trustees have reduced grants to other charitable entities and have spread support over a wide number. The trustees will continue to balance grants in line with income and available cash resources.
RESERVES POLICY
The Trustees have reviewed their past reserves policy and after designating for reinvestment any annual capital receipts derived from its investments, will be applying incoming resources for the objects of the Charity, subject to the retention of sufficient funds, in respect of any future liabilities which have been identified.
MR M CARTER
Dated: 7 November 2024
Page 3
THE LOCKER FOUNDATION
Independent Auditor's Report to the Trustees of The Locker Foundation
Opinion
We have audited the financial statements of The Locker Foundation Charity (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2024, and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on work we have performed we have not identified any material uncertainties relating to events or conditions that individually or collectively may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
THE LOCKER FOUNDATION
Independent Auditor's Report continued
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities statement set out on page 1, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
During the planning of the audit, discussions were held with key entity staff to ensure: an understanding of the legal and regulatory framework, the entity's policies and procedures on compliance with laws and regulators, the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud
Audit procedures to detect material misstatements in respect of irregularities are outlined below:
Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation claims
Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
THE LOCKER FOUNDATION
Page 5
Independent Auditor's Report continued
Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatement of the financial statements may not be detected, even though the audit is properly planning and performed in accordance with the ISA (UK).
The potential effect of inherent limitations is particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated a carefully organised schemes designed to conceal it, including g deliberate failure to report transactions, collusion or intentional misrepresentations being made to us.
Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment of collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Horesh (Senior Statutory Auditor)
for and on behalf of Kalculus, Statutory Auditor
Kalculus
Chartered Accountants and Registered Auditors 119 Marylebone Road London NW1 5PU
Dated: 12 November 2024
Page 6
THE LOCKER FOUNDATION
INCOME ACCOUNT
For the year ended 5 April 2024
| Notes Incoming Resources-Unrestricted Funds Rents Receivable from U.K. Investment Properties Interest Receivable Premiums for Lease Extensions Total Incoming Resources 1 Cost of Generating Funds Property Outgoings 2 Trustees Fees 3 Net Incoming Resources Available for Charitable Application Grants Payable 4 Management and Administrative Costs 5 Total Resources Expended Net Incoming Resources before Revaluations and Investment Asset Disposals Surplus on Revaluation of Properties Net Movement in Funds Total funds brought forward Total funds carried forward |
336,438 22,039 |
2024 363,153 9,492 531,421 |
411,477 38,001 |
2023 318,038 3,308 477,075 |
|---|---|---|---|---|
| 904,066 193,992 - |
798,421 162,021 - |
|||
| 710,074 358,477 |
636,400 449,478 |
|||
| 351,597 - |
186,922 988,691 |
|||
| 351,597 11,023,986 |
1,175,613 9,848,373 |
|||
| 11,375,583 | 11,023,986 |
Page 7
| THE LOCKER FOUNDATION BALANCE SHEET As at 5 April 2024 Notes 2024 Fixed Assets Investment Properties 6 10,621,334 Current Assets Amount due from Agents 58,335 Other debtors and prepayments 106,782 Cash at Bank and in hand: - Current account 200,174 - Money Market account 450,000 815,291 11,436,625 Less Creditors falling due within one year: Sundry creditors and rents received in advance 61,042 Total Net Assets £11,375,583 Funds Revaluation reserve 7 7,349,395 Unrestricted funds 8 4,026,188 £11,375,583 Approved by the Trustees: M. CARTER, Esq. |
2023 10,450,000 75,002 35,948 121,067 425,000 657,017 11,107,017 83,031 £11,023,986 7,349,395 3,674,591 £11,023,986 |
2023 10,450,000 657,017 |
|
|---|---|---|---|
| 11,107,017 83,031 |
S. SEGAL, Mrs.
Dated this 7 November 2024
Page 8
THE LOCKER FOUNDATION NOTES TO THE ACCOUNTS
For the year ended 5 April 2024
1 Accounting Policies
The Accounts have been drawn up in pounds sterling and in accordance with the Financial Reporting Standard 102 and on the historical cost basis as modified by the revaluation of properties held for investment and in accordance with The Charities Statement of Recommended Practice (FRS102) and the Charities Act 2011 applying the following accounting policies. The charity constitutes a public benefit entity as defined by FRS l 02.
Incoming Resources
All resources are recognised on the Statement of Financial Activities when the charity is legally entitled to the funds and the amounts can be quantified with reasonable accuracy.
Taxation
The charity is exempt from taxation on its charitable activities.
Fund Accounting
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Property held for Investment
Properties held for investment are included in the accounts on a fair value basis as determined by external surveyors. Gains and losses are recognised in the Statement of Financial Activities account for the period. Therefore no depreciation is provided on investment properties.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third part, it is probable that settlement will be required and the amount of the obligation can be measured.
Grants payable
Grants to charitable institutions are recognised when there is a constructive obligation to make the payment.
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Creditors and provisions
Creditors and provisions are recognised when there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third part and the amount due to settle the obligation can be measured or estimated reliably.
Cash at bank
Cash on deposit and cash equivalent held to meet short term cash commitments are valued at fair value.
THE LOCKER FOUNDATION NOTES TO THE ACCOUNTS continued
Page 9
For the year ended 5 April 2024
| 2 Property Outgoings Ground Rents Payable Agents Collection Charges Insurance Repairs and Service Charges Professional Fees Expenses on empty properties 3 Trustees Fees Mr. M. Carter Trustee's expenses for travelling 4 Grants |
2024 2023 - 1,175 30,998 29,328 2,162 6,640 116,910 81,639 42,550 39,949 1,372 3,290 193,992 162,021 20242023- 10,615 |
|---|---|
Grants made to charitable institutions in furtherance of the objects of the Foundation.
| 5 Management and Administrative Costs Auditor's Remuneration Bookkeeping charges Travelling Expenses Bank Charges Property Valuation Costs Legal expenses Secretarial assistance and postage Insurance |
20249,000 10,290 - 74 - 529 2,146 £22,039 |
20239,000 10,330 10,615 84 4,290 1,536 2,146 £38,001 |
|---|---|---|
THE LOCKER FOUNDATION
Page 10
NOTES TO THE ACCOUNTS continued
For the year ended 5 April 2024
| 6 U.K. Investment Properties 2024 At Valuation 10,450,000 Additions (at cost) 171,334 Sales (at cost) Movement on revaluation - At Market Value 10,621,334 Historical Cost 3,271,939 |
2023 8,940,000 521,309 988,691 10,450,000 |
|---|---|
| 3,100,605 |
The properties were valued as at the 5[th] April 2023 by Carters an independent firm of Chartered Surveyors on the basis of open market value on an existing use basis.
| 7 Revaluation reserve Balance at beginning of year 7,349,395 Transfer from Statement of Financial Activities - Balance at end of year £7,349,395 8 Unrestricted Funds Balance at beginning of year 3,674,591 Surplus for year 351,597 4,026,188 9 Financial commitments At the year end the charity has made commitments to make grants to the value of £120,000 |
6,360,704 988,691 £7,349,395 3,487,669 186,922 £3,674,591 |
|---|---|
| £52,500 |
THE LOCKER FOUNDATION FINANCIAL STATEMENTS For the year ended 5 April 2024
Kalculus Chartered Accountants
| THE LOCKER FOUNDATION | ||
|---|---|---|
| FINANCIAL STATEMENTS | ||
| As at 5 April 2024 | ||
| ONTENTS | ||
| Page | ||
| Trustees report | 1-2 | |
| Accountants' report | 3-5 | |
| Income Account | 6 | |
| Balance sheet | 7 | |
| Notes to the Accounts | 8-10 |
CONTENTS
Page 1
THE LOCKER FOUNDATION
TRUSTEES ANNUAL REPORT
The Trustees present their Annual Report together with the audited financial statements for the year ended 5 April 2024.
LEGAL AND ADMINISTRATIVE DETAILS
The Charity is established by a Trust Deed dated 27 March 1972 with a general charitable purpose. None of the funds are earmarked for particular projects. The Charitable Registration Number is 264180.
TRUSTEES
The Trustees who have served during the year and up to the date of this report were:
Mr. M Carter (chairman) Mrs S Segal
The principal address is 65 Flower Lane, Mill Hill, London NW7 2JN.
New Trustees are appointed by majority approval of the present Trustees.
ADVISORS
Auditors
Kalculus 119 Marylebone Road London NW1 5PU
Solicitors
The Wilkes Partnership LLP Stanton House, 54 Stratford Road Shirley, Solihull B90 3LS
Bankers
NatWest PLC 21 Golders Green Road London NW11 9EB
Surveyors and Valuers
Proxim Property Management Ltd 4 Croft Court, Croft Lane Temple Grafton, Warwickshire B49 6PW
Property Manager
DLM Property Management Limited The Coach House, 27 Chester Road Birmingham B36 9DA
IPM Property Consultants Ltd 4 Edwards Road Sutton Coldfield B75 5NG
TRUSTEES RESPONSIBILITIES
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity, and of the surplus or deficit for that period. In preparing those financial statements, the Trustees are required to:
-
select ,suitable accounting policies and apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its operations.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the financial statements comply with Charity Regulations. They are also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities
Page 2
THE LOCKER FOUNDATION
TRUSTEES ANNUAL REPORT continued
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Trustees target other charitable institutions whose activities principally relate to the welfare of the sick and disabled and the teaching of religion and, subject to be being satisfied that such institutions are themselves registered charities, will make grants to assist those charities in meeting their objectives. Grants are made by the unanimous agreement of the Trustees.
The Trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. The Trust carries out these objectives by providing grants to projects that are targeted in providing facilities for the sick and injured both in the UK and overseas and to a teaching organisation targeted in providing religious education to members of the public.
ACHIEVEMENTS AND PERFORMANCE
The principal source of funds to make grants derive from rental income and premiums for granting lease extensions. During the year under review these resources increased both in rents and lease premiums.
The amount of grants made decreased from £411,477 to £336,438 and the number of institutions to whom grants were made was 32 (compared with 32 in the previous year). The Trustees have identified that a number of these institutions are planning to embark on specific projects in the current year which the Trustees have pledged to support, and the level of grants in the current year is expected to be similar.
RISK REVIEW
The Trustees engage the services of independent surveyors and property managers to ensure that the rentals due on the investment properties are collected on a timely basis, that its properties are maintained and that the Charity has complied with its legal obligations. The Trustees meet with their professional advisors on a regular basis to identify any potential areas of risk. The Trustees have also examined other operational and business risks, which they face and confirm systems are in place to mitigate the 'significant' risks.
INVESTMENT POLICY AND PERFORMANCE
The source of income available to make grants arises from rents on properties held as investments and income on cash deposits. Within the portfolio of properties, the Charity owns a number of ground rents in respect of which it has received sums for the extension and variation of these. The Trustees regard these sums as available for grant making purposes and for reinvestment.
The Trustees have achieved by way of net rental income and premiums for lease extensions, a return of 8% (2023- 7%) on the value of the Charity's investment properties, which they consider satisfactory compared to the average return earned on cash deposits.
Our incoming resources from lease extensions increased by some 11% as a larger number of our flat owners are seeking extensions to their leases.
Our agents have engaged constructively with tenants in respect of rent arrears and the trustees are confident that outstanding rents will be collected in time. The trustees have reduced grants to other charitable entities and have spread support over a wide number. The trustees will continue to balance grants in line with income and available cash resources.
RESERVES POLICY
The Trustees have reviewed their past reserves policy and after designating for reinvestment any annual capital receipts derived from its investments, will be applying incoming resources for the objects of the Charity, subject to the retention of sufficient funds, in respect of any future liabilities which have been identified.
MR M CARTER
Dated: 7 November 2024
Page 3
THE LOCKER FOUNDATION
Independent Auditor's Report to the Trustees of The Locker Foundation
Opinion
We have audited the financial statements of The Locker Foundation Charity (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2024, and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on work we have performed we have not identified any material uncertainties relating to events or conditions that individually or collectively may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
THE LOCKER FOUNDATION
Independent Auditor's Report continued
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities statement set out on page 1, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
During the planning of the audit, discussions were held with key entity staff to ensure: an understanding of the legal and regulatory framework, the entity's policies and procedures on compliance with laws and regulators, the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud
Audit procedures to detect material misstatements in respect of irregularities are outlined below:
Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation claims
Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
THE LOCKER FOUNDATION
Page 5
Independent Auditor's Report continued
Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatement of the financial statements may not be detected, even though the audit is properly planning and performed in accordance with the ISA (UK).
The potential effect of inherent limitations is particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated a carefully organised schemes designed to conceal it, including g deliberate failure to report transactions, collusion or intentional misrepresentations being made to us.
Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment of collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Horesh (Senior Statutory Auditor)
for and on behalf of Kalculus, Statutory Auditor
Kalculus
Chartered Accountants and Registered Auditors 119 Marylebone Road London NW1 5PU
Dated: 12 November 2024
Page 6
THE LOCKER FOUNDATION
INCOME ACCOUNT
For the year ended 5 April 2024
| Notes Incoming Resources-Unrestricted Funds Rents Receivable from U.K. Investment Properties Interest Receivable Premiums for Lease Extensions Total Incoming Resources 1 Cost of Generating Funds Property Outgoings 2 Trustees Fees 3 Net Incoming Resources Available for Charitable Application Grants Payable 4 Management and Administrative Costs 5 Total Resources Expended Net Incoming Resources before Revaluations and Investment Asset Disposals Surplus on Revaluation of Properties Net Movement in Funds Total funds brought forward Total funds carried forward |
336,438 22,039 |
2024 363,153 9,492 531,421 |
411,477 38,001 |
2023 318,038 3,308 477,075 |
|---|---|---|---|---|
| 904,066 193,992 - |
798,421 162,021 - |
|||
| 710,074 358,477 |
636,400 449,478 |
|||
| 351,597 - |
186,922 988,691 |
|||
| 351,597 11,023,986 |
1,175,613 9,848,373 |
|||
| 11,375,583 | 11,023,986 |
Page 7
| THE LOCKER FOUNDATION BALANCE SHEET As at 5 April 2024 Notes 2024 Fixed Assets Investment Properties 6 10,621,334 Current Assets Amount due from Agents 58,335 Other debtors and prepayments 106,782 Cash at Bank and in hand: - Current account 200,174 - Money Market account 450,000 815,291 11,436,625 Less Creditors falling due within one year: Sundry creditors and rents received in advance 61,042 Total Net Assets £11,375,583 Funds Revaluation reserve 7 7,349,395 Unrestricted funds 8 4,026,188 £11,375,583 Approved by the Trustees: M. CARTER, Esq. |
2023 10,450,000 75,002 35,948 121,067 425,000 657,017 11,107,017 83,031 £11,023,986 7,349,395 3,674,591 £11,023,986 |
2023 10,450,000 657,017 |
|
|---|---|---|---|
| 11,107,017 83,031 |
S. SEGAL, Mrs.
Dated this 7 November 2024
Page 8
THE LOCKER FOUNDATION NOTES TO THE ACCOUNTS
For the year ended 5 April 2024
1 Accounting Policies
The Accounts have been drawn up in pounds sterling and in accordance with the Financial Reporting Standard 102 and on the historical cost basis as modified by the revaluation of properties held for investment and in accordance with The Charities Statement of Recommended Practice (FRS102) and the Charities Act 2011 applying the following accounting policies. The charity constitutes a public benefit entity as defined by FRS l 02.
Incoming Resources
All resources are recognised on the Statement of Financial Activities when the charity is legally entitled to the funds and the amounts can be quantified with reasonable accuracy.
Taxation
The charity is exempt from taxation on its charitable activities.
Fund Accounting
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Property held for Investment
Properties held for investment are included in the accounts on a fair value basis as determined by external surveyors. Gains and losses are recognised in the Statement of Financial Activities account for the period. Therefore no depreciation is provided on investment properties.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third part, it is probable that settlement will be required and the amount of the obligation can be measured.
Grants payable
Grants to charitable institutions are recognised when there is a constructive obligation to make the payment.
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Creditors and provisions
Creditors and provisions are recognised when there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third part and the amount due to settle the obligation can be measured or estimated reliably.
Cash at bank
Cash on deposit and cash equivalent held to meet short term cash commitments are valued at fair value.
THE LOCKER FOUNDATION NOTES TO THE ACCOUNTS continued
Page 9
For the year ended 5 April 2024
| 2 Property Outgoings Ground Rents Payable Agents Collection Charges Insurance Repairs and Service Charges Professional Fees Expenses on empty properties 3 Trustees Fees Mr. M. Carter Trustee's expenses for travelling 4 Grants |
2024 2023 - 1,175 30,998 29,328 2,162 6,640 116,910 81,639 42,550 39,949 1,372 3,290 193,992 162,021 20242023- 10,615 |
|---|---|
Grants made to charitable institutions in furtherance of the objects of the Foundation.
| 5 Management and Administrative Costs Auditor's Remuneration Bookkeeping charges Travelling Expenses Bank Charges Property Valuation Costs Legal expenses Secretarial assistance and postage Insurance |
20249,000 10,290 - 74 - 529 2,146 £22,039 |
20239,000 10,330 10,615 84 4,290 1,536 2,146 £38,001 |
|---|---|---|
THE LOCKER FOUNDATION
Page 10
NOTES TO THE ACCOUNTS continued
For the year ended 5 April 2024
| 6 U.K. Investment Properties 2024 At Valuation 10,450,000 Additions (at cost) 171,334 Sales (at cost) Movement on revaluation - At Market Value 10,621,334 Historical Cost 3,271,939 |
2023 8,940,000 521,309 988,691 10,450,000 |
|---|---|
| 3,100,605 |
The properties were valued as at the 5[th] April 2023 by Carters an independent firm of Chartered Surveyors on the basis of open market value on an existing use basis.
| 7 Revaluation reserve Balance at beginning of year 7,349,395 Transfer from Statement of Financial Activities - Balance at end of year £7,349,395 8 Unrestricted Funds Balance at beginning of year 3,674,591 Surplus for year 351,597 4,026,188 9 Financial commitments At the year end the charity has made commitments to make grants to the value of £120,000 |
6,360,704 988,691 £7,349,395 3,487,669 186,922 £3,674,591 |
|---|---|
| £52,500 |