The Lindsay-Fynn Trust
Report of the Trustees for the Year Ended 31[st] December 2023
The Trustees present their report for the 2023 year. On 2[nd] May 1966 Sir Basil Lindsay-Fynn founded and endowed a Charitable Trust. This Trust was set up by an irrevocable Deed of Appointment by Nigel Lindsay-Fynn and others on 4[th] January 1977. On 12[th] August 1987 the Trustees of the Basil Lindsay-Fynn Charitable Trust resolved to transfer their remaining assets to this Trust and wind up. At the same time the Trust adopted its current name, the Lindsay-Fynn Trust.
The current Trustees are Nigel Lindsay-Fynn, Piers Lindsay-Fynn, Miranda Lindsay-Fynn and Stephen Glover.
The Trust was set up to support the charities connected with or that have appealed to the Lindsay-Fynn family for support. The majority of the charities supported are active in the county of Devon, but otherwise it is not restricted to any geographic area or country. Among its recent supported charities are Exeter Cathedral, the Devon County Agricultural Association, the London Business School and the St Catherine’s Cultural Centre, Kinsale, Ireland.
FINANCIAL REVIEW
During 2023, income from donations received and charitable activities increased substantially to £22,471 (2022 £2,897). In particular donations of £11,000 were received in support of the Trust’s donation to the London Business School to contribute towards the award of the prize presented to the winner of the “Clean Tech Challenge” sponsored by the London Business School. Likewise charitable donations increased to £27,710 (2022 £9,993). However, investment income declined to £7,337 (2022 £19,005) due to the timing of the receipt of dividends.
In generally buoyant stock markets, the investment assets increased in value by £53,694 to £787,284. These markets had generally declined in 2022, leading to a reduction in the value of the investments by £174,231 in that year. Including the net movement in funds, the Trust retained a surplus in 2023 of £55,117 (2022 decline of £163,459). At 31[st] December 2023, the fund balance of listed investments and cash amounted to £831,036.
The Trust continues its fundraising activities, particularly from its opening to garden societies of the gardens at Lee Ford. The most significant donation during the year was to the London Business School of £12,500.
GOVERNANCE AND RISKS
The Trust has no employees and pays no remuneration or reimbursement of expenses to its Trustees. The selection and size of the charitable donations are entirely decided by the Trustees, one of them acting as professional investment manager overseeing the investments held by the Trust. The principal source of income for the Trust remains donations from the Lindsay-Fynn family and their charitable activities, enabling the Trustees to feel confident of the future financial stability of the Trust. The active involvement of the Trustees ensures that any future financial risk can be kept to an absolute minimum.
The Lindsay-Fynn Trust
Accounts for the Year Ended 31st December 2023
REGISTERED CHARITY NUMBER 272846
TRUSTEES AND PRINCIPAL OFFICE
N Lindsay-Fynn Esq Lee Ford P Lindsay-Fynn Esq Budleigh Salterton S R Glover Esq Devon
CONTENTS
Trustees Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts
Donations
The Lindsay-Fynn Trust
Report and Accounts for the Year Ended 31st December 2023
STATEMENT OF FINANCIAL ACTIVITIES
| Dec-23 | Dec-22 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Incoming Resources | |||||
| Donations | 22,471 | 2,897 | |||
| Investment Income | 4 | 7,337 | 19,005 | ||
| Total Incoming Resources | 29,808 | 21,902 | |||
| Resources Expended | |||||
| Charitable Expenditure: | |||||
| Charitable Donations Paid | 27,710 | 9,993 | |||
| Fund Managers Fees | 674 | 1,137 | |||
| 28,384 | 11,130 | ||||
| Net Incoming/ (Outgoing) Resources | 1,423 | 10,772 | |||
| Other Recognised Gains and Losses | |||||
| Realised profit/loss | |||||
| on sale of investements | 5 | 0 | 0 | ||
| Unrealised loss/profit | |||||
| on investment assets | 5 | 53,694 | -174,231 | ||
| Net Movement in Funds | 55,117 | -163,459 | |||
| Fund balances b/fwd at 1st January 2023 | £775,919 | £939,378 | |||
| £831,036 | £775,919 |
All funds are unrestricted funds.
The net incoming/outgoing resources and resulting net movement in funds arise from continuing operations.
The Trust has no recognised gains or losses other than the net movements in funds for the period ended 31st December 2023
The accompanying accounting policies and notes form an integral part of these accounts.
The Lindsay-Fynn Trust
Report and Accounts for the Year Ended 31st December 2023
BALANCE SHEET AS AT 31st December 2023
| Dec-23 | Dec-22 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments at Market Value | 5 | 787,284 | 733,590 | ||
| Current Assets | |||||
| Debtors | 9,737 | ||||
| Cash at Bank | 43,752 | 32,592 | |||
| 43,752 | 42,329 | ||||
| Current Liabilities | |||||
| amounts falling due within one year | 0 | 0 | |||
| Net Current Assets | 43,752 | 42,329 | |||
| Net Assets | £831,036 | £775,919 | |||
| Funds | |||||
| Unrestricted general funds | £831,036 | £775,919 | |||
| £831,036 | £775,919 |
Signed on behalf of the Trustee's on the …………………………………………..
………………………………………………………….
by Nigel Lindsay-Fynn
The Lindsay-Fynn Trust
Report and Accounts for the Year Ended 31st December 2023
NOTES TO THE ACCOUNTS
1 PRINCIPLE ACCOUNTING POLICIES
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A Accounting Convention
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These Accounts have been prepared under the historical cost convention as modified by the inclusion of investments at market value. In preparing the Accounts the Charity follows best practise as laid down in the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005 ) issued in March 2005.
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B Investment Income Investment Income is accounted for in the period in which the Charity is entitled to its receipt.
C Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. All charitable donations are approved by the Trustees in the year in which they are accounted for and do not form part of a grant.
- D Funds
Capital Funds represent funds settled or transferred to the trust as amended by realised and unrealised gains and losses. Income Funds represent the balance of undistrubuted income from prior and current years. However, in accordance with the Trust Deed, both Capital and Income Funds are available for distribution.
2 STAFF INFORMATION
The Charity had no employees during the year.
The Trustees received no remuneration nor reimbursement of expenses during the year.
- 3 INDEMNITY ISURANCE
The Charity does not hold indemnity insurance for its Trustees.
The Lindsay-Fynn Trust
Report and Accounts for the Year Ended 31st December 2023
NOTES TO THE ACCOUNTS Contd
4 INVESTMENT INCOME
| Dec-23 | Dec-22 | ||
|---|---|---|---|
| £ | £ | ||
| Dividend Receipts | 7,260 | 19,001 | |
| Interest on cash deposits | 77 | 4 | |
| 7,337 | 19,005 | ||
| 5 | INVESTMENTS | ||
| Dec-23 | Dec-22 | ||
| £ | £ | ||
| Market value at 1st January 2023 | 733,590 | 907,821 | |
| Decrease/Increase in investment values | 53,694 | -174,231 | |
| Disposal | |||
| Purchased | 0 | 0 | |
| Market value at 31st December 2023 | £787,284 | £733,590 | |
| Investments at market value comprised: | |||
| UK unit trusts | 672,694 | 623,778 | |
| UK equities | 0 | 0 | |
| Fixed Interest | 114,590 | 109,812 | |
| £787,284 | £733,590 | ||
| Historical cost as at 31st December 2022/2021 | £731,480 | £731,480 |
The Lindsay-Fynn Trust
Report and Accounts for the Year Ended 31st December 2023
NOTES TO THE ACCOUNTS Contd
6 CAPITAL FUNDS
| Balance at 1/1/23 £ Settled Funds per Deed of Settlement 4th January 1977 100 Trust Fund transferred from the Lindsay-Fynn Charitable Trust 73,595 Profit/Loss on sale of investmen 85,892 Excess of Market Value over costs of Investments 2,110 £161,697 |
Balance at 1/1/23 £ Settled Funds per Deed of Settlement 4th January 1977 100 Trust Fund transferred from the Lindsay-Fynn Charitable Trust 73,595 Profit/Loss on sale of investmen 85,892 Excess of Market Value over costs of Investments 2,110 £161,697 |
Movements during year £ 53,694 |
Balance at 31/12/23 £ 100 73,595 85,892 55,804 |
|---|---|---|---|
| £161,697 | £53,694 | £215,391 |
7 INCOME BALANCES
| Undistributed Income at 1st January 2023 Net Surplus for the year Undistributed Income at 31st December 2023 |
Dec-23 £ 625,408 1,423 |
Dec-22 £ 614,636 10,772 |
|
|---|---|---|---|
| £626,831 | £625,408 |
For Trustees use only
The Lindsay-Fynn Trust
Report and Accounts for the Year Ended 31st December 2023
DONATIONS MADE
| Total £ Devon High Sherriff Charity Devon County Agricultural Association National Gardens Scheme British Red Cross London Fire Relief Fund London Business School Lions Club, Budleigh Salterton Painters Company Charity Grand Masters Lodge No. 1 Relief Chest St Catherines Cultural Centre Kinsale Worshipful Company of Gardeners Charity League of Friends of B. Salterton Hospital St Peters PCC Dean & Chpater Exeter Cathedral RNLI Paynter-Stainers Lodge Benelovent Fund Friends of the Royal Academy Budleigh Community Youth David Nott Foundation Royal Yatch Squadron IOW Foundation St Peters School Association, Budleigh salterton Dec Ukrainine Hum Appeal The Benevolent Society of St Patrick Freemasons Grand Charity Budleigh Salterton Arts Centre Fairlynch Museum Royal Marines Charity Dani Loewenstein BEAT Cure Parkinsons Trust Devon Young farmers Exeter Leukaemia Trust Royal Opera House Hospiscare Landworks St Petrock's Ocean Youth Trust Friends of Exeter Cathedral Devon Historic Churches Trust Federation of British Artists Addington Fund Calvert Trust Dame Hannah Rogers Faceup Cymru Grand Stewards Lodge Royal Agricultural Benevolent Institution Oriel College Boat Club St Patricks Catherdral Dublin Send a cow Age Concern Exeter Royal Academy for Deaf Cornucopia Chapter Rose Croix No 777 BUDFAS Chicks Devon Community Foundation Devon Royal British Legion Island Trust MacMillan Cancer Support Red Squirrel South West Projects The Stroke Association Tower of London Club Turning Point British Red Cross London Fire Relief Fund Mall Galleries Childrens Hospice SW High Sheriff of Gloucestershire Fund Holy Cross Church John Muir Trust Lord Mayor's Charity Fund Sussex Masonic Charities Wiltshire Community Foundation Friends of Exe Roy Foster Cancer Research Jeremiah's Journey Wadsworth Pavilion Budleigh Music Festival Suth West Community Chaplaincy Grand Master's Lodge No. 1 Benevolent Fund Grand Master's Lodge No. 1 Masonic Charities Association |
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 £ £ £ £ £ £ £ £ £ 11906 4229 7677 5600 500 500 500 500 500 1600 500 500 500 5050 500 250 500 800 1000 500 500 500 500 5000 5000 30000 25000 1000 1000 1000 1000 1000 4400 600 500 500 500 500 500 500 400 400 3600 800 400 400 400 400 300 300 300 300 2900 800 400 400 400 300 300 300 2588 2588 2300 500 250 250 250 250 200 200 200 200 2650 500 250 200 200 200 700 200 400 2000 2000 2000 1000 1000 1915 200 1465 250 1700 400 200 200 200 200 200 100 100 100 1166 135 135 131 131 128 125 97 97 97 90 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 900 200 100 100 100 100 100 100 100 800 400 400 750 250 500 700 500 150 50 619 619 500 500 500 250 250 500 500 500 500 500 500 475 200 125 50 100 472 250 222 450 250 200 400 100 50 50 50 50 50 50 385 385 325 25 75 125 25 25 25 25 300 200 100 290 50 42 42 42 38 38 38 250 250 250 250 250 250 250 250 250 250 250 250 200 200 200 200 200 200 150 50 100 150 50 100 120 20 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 50 50 100 100 100 100 100 100 100 50 50 150 50 50 50 100 100 50 50 50 50 50 50 50 50 50 50 50 50 75 25 25 25 25 25 20 20 10 10 400 400 500 500 |
|---|---|
| £104,441 £27,710 £9,993 £4,525 £3,106 £6,145 £10,676 £21,313 £11,160 £5,560 £4,253 |
Independent examiner's report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/ members of
Charity Name The Lindsay-Fynn Trust
On accounts for the year ended
31[st] December 2023
Charity no (if any)
272846
Set out on pages
One to Seven
(remember to include the page numbers of additional sheets)
Responsibilities and basis of report
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2023.
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed 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 (other than that disclosed below *) in connection with the examination which gives me cause to believe that in, any material respect:
-
accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. * Please delete the words in the brackets if they do not apply.
Signed:
Date: Name:
Relevant professional qualification(s) or body (if any):
1
October 2018
IER
Address:
Section B Disclosure
Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
Give here brief details of any items that the examiner wishes to disclose .
2
October 2018
IER