LIEBENROOD CHARITABLE TRUST
FINANCIAL STATEMENTS
5 APRIL 2024
Contents
Page
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Administrative Information 2. Trustees' report 3. Independent Examiner's Report 4. Statement of Financial Activities 5. Balance Sheet
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- Notes to the Financial Statements
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FLETCHER & PARTNERS
CHARTERED ACCOUNTANTS
SALISBURY
Page 1
LIEBENROOD CHARITABLE TRUST
ADMINISTRATIVE INFORMATION
TRUSTEES
Mr Colin Liebenrood Mrs Anne Liebenrood Mr Mark Liebenrood Mr James Fletcher
CHARITY ADDRESS
Crown Chambers Bridge Street Salisbury SP1 2LZ
ADVISERS
Independent Examiner
Andrew Radice Chartered Accountant
Bankers
Cater Allen
Investment Managers
Rathbone Investment Management Limited
REGISTERED NUMBER
270322
Page 2
LIEBENROOD CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their Annual Report and Accounts for the year ended 5 April 2024, which have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was established by trust deed dated 18 January 1974 by Mr C.J.F. Liebenrood and is registered with the Charity Commission, No, 270322. Under clause 14 of the Trust Deed trustees are appointed by the Founder, Colin Liebenrood.
The trustees have reviewed the main risks to which the charity is exposed and confirm that systems have been established to mitigate those risks.
PUBLIC BENEFIT
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
OBJECTIVES AND ACTIVITIES
The object of the trust is to distribute its income to such charities or for such charitable purposes as the trustees decide.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity made donations to seventeen charities totalling £34,000.
FINANCIAL REVIEW
The trust's total income amounted to £80,412 which consisted of investment income of £36,662 and donations of £35,000 plus gift aid £8,750. It donated £34,000 to other charities. Governance and investment management costs amounted to £12,369. The trust's investments realised gains of £9,830 and unrealised gains of £32,583 so that overall the net assets increased by £76,456 to £2,056,324 (2023: £1,979,868).
INVESTMENT POLICY
The Trustees seek to ensure compliance with the provisions of the Trustee Act 2000 and have appointed Rathbone Investment Management Limited to manage the investment portfolio, with the aim of applying criteria for socially responsible investment, to invest at a medium level of risk, to maximise total returns and to maintain the charity's capital.
RESERVES POLICY
The Trustees aim to maintain a level of reserves that will produce an annual income sufficient to cover the grant applications and management and administration costs.
PLANS FOR FUTURE PERIODS
The Trustees plan to continue to make donations to other charities at around the same monetary level.
Signed on behalf of the Trustees C J F Liebenrood .................................................. Trustee Approved by the Trustees on 16 July 2024 .................................................. Date
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LIEBENROOD CHARITABLE TRUST
I report to the trustees on my examination of the accounts of the Liebenrood Charitable Trust (the Trust) for the year ended 5 April 2024, which are set out on pages 4 to 8.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Trustees’ 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 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
(2) the accounts do not accord with those records; or
(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Andrew Radice
Name: A J Radice FCA
Address: Guelder Cottage, Hanging Langford, Salisbury, SP3 4NW
Date: 9 September 2024
Page 4
LIEBENROOD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Notes INCOME FROM: Donations Investments 2 Total Income EXPENDITURE ON: Raising funds: Investment management costs Charitable activities 3 Total Expenditure NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/LOSSES OTHER RECOGNISED GAINS AND LOSSES Realised gains/(losses) on disposal Unrealised gains/(losses) NET MOVEMENT IN FUNDS Total funds brought forward Total funds carried forward |
Income Fund - 36,662 36,662 - 36,056 36,056 606 - - 606 34,687 £35,293 |
Capital Fund 43,750 - 43,750 10,313 - 10,313 33,437 9,830 32,583 75,850 1,945,181 £2,021,031 |
Total 2024 43,750 36,662 80,412 10,313 36,056 46,369 34,043 9,830 32,583 76,456 1,979,868 £2,056,324 |
Total 2023 45,000 35,994 80,994 10,271 31,038 41,309 39,685 (10,975) (151,864) (123,154) 2,103,022 £1,979,868 |
|---|---|---|---|---|
The notes on pages 6 to 8 form part of these accounts
Page 5
LIEBENROOD CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Debtors 6 Cash at bank and in hand LIABILITIES Creditors falling due within one year 7 NET CURRENT ASSETS TOTAL NET ASSETS Representing : THE FUNDS OF THE CHARITY (UNRESTRICTED) Income Fund Capital Fund TOTAL CHARITY FUNDS |
2024 1,962,050 8,750 90,114 98,864 4,590 94,274 £2,056,324 35,293 2,021,031 £2,056,324 |
1,893,292 9,000 82,350 91,350 4,774 86,576 £1,979,868 34,687 1,945,181 £1,979,868 2023 |
1,893,292 9,000 82,350 91,350 4,774 86,576 £1,979,868 34,687 1,945,181 £1,979,868 2023 |
|---|---|---|---|
| £1,979,868 | |||
| 34,687 1,945,181 |
|||
| £1,979,868 |
Signed on behalf of the Trustees C J F Liebenrood ................................................................. Trustee Approved by the Trustees 16 July 2024 ................................................................. Date
The notes on pages 6 to 8 form part of these accounts
Page 6
LIEBENROOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES
a. Basis of accounting
The financial statements are prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102) and the Charities Act 2011 and applicable regulations. These financial statements are drawn up on the historical cost accounting basis except that investment assets are carried at market value.
The charity meets the definition of a public benefit entity under FRS 102.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
b. Fund structure
Under the deed of trust by which the charity is constituted, income and capital have to be distinguished. The trustees' power to accumulate income ended on 18 January 1995. The trust deed also gives the trustees the power (but not the duty) to distribute capital, which therefore does not form permanent endowment.
c. Income
Income is accounted for in the period in which the charity is entitled to the income, it is probable that the income will be received and the amount of income can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
d. Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is included on an accruals basis. Grants and donations are included in the statement of financial activities in the period in which they became payable.
e. Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
f. Debtors
Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services.
g. Cash at bank and in hand
Cash at bank and in hand includes cash and cash on deposit.
h. Creditors
Creditors are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide.
i. Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.
| 2. INVESTMENT INCOME Dividends from UK equities and unit trusts Property income distributions Interest on UK equities and unit trusts Deposit interest Dividends from overseas equities Overseas fixed interest Reportable income on offshore funds |
2024 18,337 1,818 9,659 1,059 1,373 3,509 907 £36,662 |
2023 18,343 3,117 9,324 657 2,123 1,645 785 |
2023 |
|---|---|---|---|
| £35,994 |
Page 7
LIEBENROOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2024
| 3. CHARITABLE EXPENDITURE Grantmaking Medical charities Bowel Disease Research Foundation Marie Curie Cancer Care Motor Neurone Disease Salisbury Hospicecare Trust Ltd Thrive (Society for Horticultural Therapy) Versus Arthritis Relief of Poverty/Welfare Childrens Chance The Children's Society Karuna Trust Refugee Council Save the Children Shelter Trussell Trust Environmental charities Campaign for Better Transport Charitable Trust Friends of the Earth Animal Welfare Cats Protection League PDSA Governance costs (Note 4) 4. GOVERNANCE Accountancy Independent Examination |
2024 500 2,000 2,000 1,500 1,500 3,500 1,500 2,000 2,000 1,500 2,000 5,500 3,000 1,500 1,500 1,000 1,500 2,056 £36,056 2024 1,806 250 £2,056 |
2023 500 2,000 2,000 1,000 1,000 3,000 1,000 2,000 2,000 - 2,000 5,000 2,500 1,000 1,500 1,000 1,500 2,038 |
2023 |
|---|---|---|---|
| £31,038 | |||
| 2023 1,788 250 |
2023 | ||
| £2,038 |
The accountancy fees are payable to Fletcher & Partners, Chartered Accountants, a firm in which Mr J Fletcher is a partner, under authority provided by Clause 8 of the Trust Deed.
Page 8
LIEBENROOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2024
5. FIXED ASSET INVESTMENTS
| Market value at 6 April 2023 Additions at cost Disposals at opening value Unrealised gains/(losses) Increase in cash held by investment manager Market value at 5 April 2024 Investments at market value comprise: Investment assets in the UK Investment assets outside the UK Cash held by investment manager Historical cost at 5 April 2024 6. DEBTORS Income tax recoverable 7. CREDITORS: Amounts due within one year Accruals Accountants fees Independent examination fee Stockbrokers management fee |
Listed investments 1,893,292 309,093 (278,201) 32,583 5,283 £1,962,050 1,359,598 564,274 38,178 £1,962,050 £1,500,623 2024 £8,750 2024 1,740 250 2,600 £4,590 |
2023 £9,000 |
2023 |
|---|---|---|---|
| 2023 1,674 500 2,600 |
2023 | ||
| £4,774 |