Charity registration number 273336 (England and Wales)
Company registration number 00135234
LETCHWORTH CIVIC TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | D P M Allen - NHDC | |
|---|---|---|
| M Iredale | ||
| K J R Jones - LGCHF | ||
| I Mantle - LGCHF | ||
| M R Muir - HCC | ||
| L A Needham, Chairperson | ||
| C A Rogers | ||
| C Sparshott, Treasurer | ||
| J A Williams | ||
| E V Fernandes - NHDC | (Appointed 1 October 2024) | |
| Secretary | S Jenkins | |
| Charity number (England and Wales) | 273336 | |
| Company number | 00135234 | |
| Principal address | 5 Gernon Walk | |
| Letchworth Garden City | ||
| Hertfordshire | ||
| SG6 3HW | ||
| Registered office | Suite 501 | |
| The Nexus Building | ||
| Broadway | ||
| Letchworth Garden City | ||
| Herts | ||
| SG6 9BL | ||
| Independent examiner | TC Group | |
| Suite 501 | ||
| The Nexus Building | ||
| Broadway | ||
| Letchworth Garden City | ||
| Herts | ||
| SG6 9BL |
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2025
The trustees present their annual report and financial statements for the year ended 30 June 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)".
Objectives and activities
The objectives of the trust are to promote and advance charitable purposes for the benefit of the public of Letchworth Garden City and its immediate neighbourhood. This is achieved primarily by the distribution of income, by way of grants to individuals, schools, clubs and other organisations operating in Letchworth Garden City.
The trust has continued its educational grant support to the university student and further education population and other school pupils and students in Letchworth Garden City. The trust also gives grants to a number of charitable organisations. The number and size of grant applications received from charities during the year is similar to the previous year. A website has increased awareness of the trusts's existence.
The trust has no plans to change its objectives or the means to achieve them.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
Significant activities and achievements against objectives
There has been a 10% increase in the number of 1st year students applying this year for educational support grants to help them with their further education. There has continued to be a large increase in primary school applications driven by the ongoing cost of living squeeze for families. We are very pleased that we have been able to accommodate all requests.
The trust has made a surplus in the year.
We are in the process of reviewing our investment portfolio with ethical investments being our aim.
Financial review
The trustees have noted the risks associated with changes in global markets, particularly the war in Ukraine, and are closely monitoring the returns on the trust's investments. Income via dividends for the year has been above that forecast, and also above that of the previous year. In view of general global unrest, the trust is in a healthy financial position.
Reserves policy
Under the reserves policy of the trust, the trustees aim to maintain free reserves in unrestricted funds at a level to meet the anticipated grant applications and governance costs in the period up to the receipts of significant income from investments and grants.
The balance held as unrestricted at 30 June 2025 was £273,011 all of which are regarded as free reserves, against anticipated expenditure of £75,000 up to the end of October 2025. The trustees consider that these reserves will be adequate to meet the requirements of the reserves policy.
The major investments are held primarily for their income potential and capital growth.
Structure, governance and management
The charity is controlled by its governing document, the Memorandum and Articles of Association dated 15 April 1914 as amended 14 June 2022. The trust is established as a company limited by guarantee.
- 1 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
D P M Allen - NHDC M Iredale P M Jackson (Deceased 22 February 2025) K J R Jones - LGCHF I Mantle - LGCHF M R Muir - HCC L A Needham, Chairperson C A Rogers C Sparshott, Treasurer P C Weeder - NHDC (Resigned 30 September 2024) J A Williams E V Fernandes - NHDC (Appointed 1 October 2024)
Recruitment and appointment of trustees
Trustees are either elected as term trustees or appointed by the Letchworth Garden City Heritage Foundation (LGCHF), North Herts District Council (NHDC) or Herts County Council (HCC).
Decision making
The trustees:
-
Adopt a policy of distribution of all income, net of expenses, by way of grants. The accumulated funds are maintained so as to achieve future income at a level needed to maintain future expenditure.
-
Approve all grant applications prior to payment, and all investments policy decisions, although the day to day administration is undertaken by the secretary.
-
Consider the major risk to be the diminution of the value of and returns on its investments. The trustees review the investment policy and mitigate this risk by following a widespread investment policy.
The trustees hold four board meetings in each year. Where necessary, a sub committee of the trustees meets in between board meeting to process additional grant applications.
The trustees' report was approved by the Board of Trustees.
L A Needham, Chairperson
Trustee
24 September 2025
- 2 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LETCHWORTH CIVIC TRUST
I report to the trustees on my examination of the financial statements of Letchworth Civic Trust (the trust) for the year ended 30 June 2025.
Responsibilities and basis of report
As the trustees of the trust (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no 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 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Scott Rouse FCA TC Group
Suite 501 The Nexus Building Broadway Letchworth Garden City Herts SG6 9BL
Dated: 1 October 2025
- 3 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 50 | - |
| Investments | 4 | 128,790 | 119,889 |
| Total income | 128,840 | 119,889 | |
| Expenditure on: | |||
| Charitable activities | 5 | 97,123 | 103,247 |
| Total expenditure | 97,123 | 103,247 | |
| Net gains/(losses) on investments | 9 | 34,239 | 27,558 |
| Net income and movement in funds | 65,956 | 44,200 | |
| Reconciliation of funds: | |||
| Fund balances at 1 July 2024 | 1,168,133 | 1,123,933 | |
| Fund balances at 30 June 2025 | 1,234,089 | 1,168,133 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET
AS AT 30 JUNE 2025
| Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2025 £ £ 963,874 273,011 (2,796) 270,215 1,234,089 1,234,089 1,234,089 |
2024 £ £ 929,635 241,198 (2,700) 238,498 1,168,133 1,168,133 1,168,133 |
2024 £ £ 929,635 241,198 (2,700) 238,498 1,168,133 1,168,133 1,168,133 |
|---|---|---|---|
| 1,168,133 | |||
| 1,168,133 | |||
| 1,168,133 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2025.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 24 September 2025
| L A Needham, Chairperson | C Sparshott, Treasurer |
|---|---|
| Trustee | Trustee |
| Company Registration No. 00135234 |
- 5 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
Charity information
Letchworth Civic Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 501, The Nexus Building, Broadway, Letchworth Garden City, Herts, SG6 9BL.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
- 7 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
(Continued)
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
1.9 Taxation
The charity is exempt from corporation tax on its charitable activities.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Valuation of unlisted investments
The company adopts the following policy using the principles outlined below, taking into account the specific circumstances of itself and the nature of its investment in Letchworth Housing Investments Limited.
The unlisted investment is valued on the assets basis, applying a minority interest discount of 70% reflecting the limited market for the asset. At each statement of financial position date, an impairment test is undertaken in order to determine whether any impairment is required for the investment by comparing the investment's carrying value to its estimated recoverable amount.
The recoverable amount is based on the net asset value of the underlying asset and is sensitive to the discount rate used.
- 8 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donations and gifts | 50 | - | |
| 4 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Letchworth Housing Investments Limited | 103,680 | 95,580 | |
| COIF Charities Investment Fund | 3,554 | 3,477 | |
| Charifund | 16,277 | 15,472 | |
| Interest receivable | 5,279 | 5,360 | |
| 128,790 | 119,889 |
5 Charitable activities
| Honorarium Office expenses Bank charges General expenses Grant funding of activities (see note 6) Governance costs - Audit and accountancy |
2025 £ 3,000 1,500 148 560 5,208 88,975 2,940 97,123 |
2024 £ 3,000 1,500 130 383 |
|---|---|---|
| 5,013 95,384 2,850 |
||
| 103,247 |
- 9 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6 Grants payable
| Grants to institutions: J Archer Headway Herts St Thomas Church Create Community Network CIC Make Lunch Letchworth Local schools Saracens Foundation Warriorz Performing Arts NHDC Citizens Advice Bureau Letchworth Garden Shed Resolve 79 University and further education students received average grants of £500 for educational learning materials Non University grants 3 individuals received an average of £400 for miscellaneous local grants |
2025 £ - 3,250 12,000 180 25,938 200 1,000 2,000 500 500 45,568 39,500 2,708 1,199 88,975 |
2024 £ 5,000 900 - - 51,754 - - 5,000 1,000 - |
|---|---|---|
| 63,654 31,430 - 300 |
||
| 95,384 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration from the trust during the year.
During the year, an honorarium of £3,000 and office expenses of £1,500 were paid to the secretary (2024 - £3,000 and £1,500 respectively).
8 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
- 10 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
9 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 34,239 | 27,558 |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Fixed asset investments
| Listed investments Unlisted investments £ £ Cost or valuation At 1 July 2024 499,635 430,000 Valuation changes 14,239 20,000 At 30 June 2025 513,874 450,000 Carrying amount At 30 June 2025 513,874 450,000 At 30 June 2024 499,635 430,000 |
Total £ 929,635 34,239 |
|---|---|
| 963,874 | |
| 963,874 | |
| 929,635 |
The unlisted investments represent the charitable company's shareholding in Letchworth Housing Investments Limited, a company registered in England (Registered number 07128548), whose registered office address is Unit 1b, Focus Four, Fourth Avenue, Letchworth Garden City, Hertfordshire, England, SG6 2TU.
Revaluation
Listed investments are revalued using market value share prices at the balance sheet date. Unlisted investments are revalued based on a calculated recoverable amount on the net asset value of the underlying asset (details of which are included in note 2).
If fixed asset investments had not been revalued they would have been included at historical cost which is £294,905 (2024 - £294,905).
| 12 | Financial instruments | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 499,635 | 499,635 |
- 11 -
FOR THE YEAR ENDED 30 JUNE 2025
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
13 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Accruals and deferred income | 2,796 | 2,700 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
July 2024 Incoming resources Resources expended Gains and losses At 30 June 2025 £ £ £ £ £ 1,168,133 128,840 (97,123) 34,239 1,234,089 July 2023 Incoming resources Resources expended Gains and losses At 30 June 2024 £ £ £ £ £ 1,123,933 119,889 (103,247) 27,558 1,168,133 |
|---|---|
15 Analysis of net assets between funds
| Unrestricted | |
|---|---|
| funds | |
| 2025 | |
| £ | |
| At 30 June 2025: | |
| Investments | 963,874 |
| Current assets/(liabilities) | 270,215 |
| 1,234,089 | |
| Unrestricted | |
| funds | |
| 2024 | |
| £ | |
| At 30 June 2024: | |
| Investments | 929,635 |
| Current assets/(liabilities) | 238,498 |
| 1,168,133 |
- 12 -
LETCHWORTH CIVIC TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
16 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
- 13 -