Charity number: 280104
LANGLEY CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
LANGLEY CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Trustees' responsibilities statement | 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
LANGLEY CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
| Trustees | Sylvia Gilmour |
|---|---|
| John Gilmour | |
| Charity registered number 280104 Principal office Wheatmoor Farm 301 Tamworth Road Sutton Coldfield B75 6JP Independent auditor Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Barclays Bank PLC Solicitors Somerfield & Co 26a Bird Street Lichfield Staffordshire WS13 6PR |
Page 1
LANGLEY CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2022 to 31 December 2022.
Objectives and activities
a. Policies and objectives
The principal activity of the trust is to advance the gospel of Jesus Christ and Christianity and the general welfare of humanity in its creation, nurturing and development of Christian outreach in varied dimensions. The trust does not support projects that do not directly benefit or help people.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Grant-mkaing policies
The trustees meet on a regular basis to review requests for grants and to consider projects under development.
c. Correspondence for grant applications
The trustees only reply where they require further information. No telephone calls or correspondence will be entered into concerning any proposed or declined applications.
All correspondence should be addressed to: The Trustees, Wheatmoor Farm, 301 Tamworth Road, Sutton Coldfield, West Midlands, B75 6JP.
Achievements and performance
a. Review of activities
The statement of financial activities is shown on page 7.
Grant making in the year totalled £1,616,297 (2021: £181,500) which included a gift in kind of £1,510,297 to Adventure Plus, a charity which provides adventure and education in a positive Christian environment.
The net deficit of funds for the year was £1,647,977 (2021: £106,905) including a £285,115 loss on revaluation of investments (2021: £75,558 gain).
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LANGLEY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trustees have accumulated reserves with a view to providing ongoing financial support to new projects as well as providing one off grants. The trustees have currently adopted a policy to accumulate reserves as part of a longer term vision for a project which will require significant capital investment.
Current free reserves (net current assets) are £1,195,056 (2021: £896,154).
Structure, governance and management
a. Constitution
The Langley Charitable Trust is an unincorporated body which was established as a grant making trust on 24 January 1980 and registered as a charity on 19 March 1980.
The charity was established under a trust deed that established the objects and powers of the trust. Mr J P Gilmour and Mrs S S Gilmour have held office as trustees since the creation of the trust to date and have complete discretion over the use of the charity’s funds and consider allocation of grants and application of funds for charitable purposes on a regular basis.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The charity is managed by the trustees.
d. Financial risk management
The trustees believe that the charity is not exposed to significant external risk. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
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LANGLEY CHARITABLE TRUST TRUSTEES. REPORT {COMTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Plans for futur• p•rlod• The trust continues lo suppyt a numbw of initithes p(oiects in line thtyth the chaiivs princip81 objective of Christian outreach to benefft and hdp F. The Iruslees are conlinuing lo support A(fvenbJre Plus and NAYC In thelr purposos . The trusteès ar• prayerfulty COnsering tha direction thal the Lord would have them take in decidlng upon further pyoiecls to SUPF Approved by order of the MberS of the iwrd of Trust68s aThJ &y)ed cffj Ihalr behalf ty. Sylvla GIlm¢r Dalo- Pago 4
LANGLEY CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILThIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Twsle&s are reswnsible for pparing the Trustees. reFX)rt and the financial slalements in accordan wlth applicable law and United Kingdom Accounting Standards (United Kingdom Gerber811y Accepted Accounting Pr8clicel. The law applicable to charilies In England & Wales requires the Trustees to prep8re financial statements for gach financial ygar which give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of resour(*s, induding ils incomo and expenditure, for that period. In preparing these financkql $tstemenls, the Truste88 are Taquired lo.. salact suitable a¢untIng rKliaes and then apply them consistently,. observe the melh¢)ds and principlas of the Charities SORP IFRS 102).. make jLtdgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subled to any mater dopartures disdosod and explaingd in tho finanaal statements., prepare the finanal statements on the going concem basis unless il is inappropriate lo presume that the Chaty will continuè in business. Thè Trustees are reswnsible for kwwng adequate accounting records that are sufficient to show and explain tho Chariws transactions and disclose with reasonable accuracy al any time the financial p)silion of the Charity and enable them to ensure that the financial ststements compty with the Charits"es Act 2011, the Charity Accounts and Reports) Regulabons 2008 and the provisions of the TTUSt dged. They are also responsible for safeguarding the assets of the Charity and hence for tskbng reasonable $teps for the prevention and detection of fraud and other irregularille8. Approved by order of the members of the board of Trustees arKI signed on its behalf ty. Sylvla Gllmour Date: Iblal Paga 5
LANGLEY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Independent examiner's report to the Trustees of Langley Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity'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 2011 Act.
The Charity should be subject to audit under the Charities Act 2011 but, the Charity has been granted an audit dispensation by the Charity Commission, dated 29 June 2023, under Regulation 34(3)(b) of the Charities (Accounts and Reports) Regulations 2008, and the Charity is entitled to an independent examination.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Helen Blundell LLB FCA FCIE DChA
Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG
Dated:
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LANGLEY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations and legacies 3 Investments 4 Other income Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 250,320 30,405 - 280,725 18,811 1,624,776 1,643,587 (1,362,862) (285,115) (1,647,977) 5,683,033 (1,647,977) 4,035,056 |
Total funds 2022 £ 250,320 30,405 - 280,725 18,811 1,624,776 1,643,587 (1,362,862) (285,115) (1,647,977) 5,683,033 (1,647,977) 4,035,056 |
Total funds 2021 £ - 31,063 928 31,991 24,041 190,413 214,454 (182,463) 75,558 (106,905) 5,789,938 (106,905) 5,683,033 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
Page 7
LANGLEY CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Not8 Flxed amots Tanglbia assets Investments Social inveslments 1,510.656 2.424.779 851,444 2.122,904 717.096 10 2,840,000 4, 786.879 Curr•nt asmts Debtors Cash at bank and in hand 11 3.314 1,195.042 2,188 897,2T8 1,198.356 899,466 Credllor8'. amounts falling duo Withln onè
t8r 12 13.300) (3.312) Net curronl a•••t• 1,195.OS6 896, 154 Totsl ngt •M•t• 4.035.056 &683.033 Charlty lund• Restricted fund8 Unro$trktad funds 4035,056 5,683,033 Total lund• 4,035.058 5,683,033 The ffnandBI st#lemen15 were approved and authortsed for Issue by the Trustees and signed on thelr behalf by. Sylv1• Gllrnour Date.. Iblwla3 The notes on pages 9 to 17 fom) part of Ihe¥o finanoal ststement8. Pa9e 8
LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. General information
Langley Charitable Trust is a charitable trust registered in England and Wales. The address of its registered office is Wheatmoor Farm, 301 Tamworth Road, Sutton Coldfield, B75 6JP, which is also the address of its principal place of business. The principal activity of the trust is supporting organisations which are aligned with the Trust's objectives.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Langley Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 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.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.3 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Freehold land and buildings are held primarily as a programme related investment in furtherance of charitable objectives and are accounted for as tangible fixed assets.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less estimated residual value, over there expected useful lives.
The Trustees consider that the residual value of the buildings is such that there is no depreciation charged. The property is reviewed for impairment on an annual basis.
Depreciation is provided on the following basis:
- Office equipment over 3 years
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Programme related investments
Programme related investments held as fixed assets represent long term loans and advances, sometimes on terms that are interest free, to assist in the acquisition and development of property and projects for charitable purposes by third parties.
The loans are initially measured at fair value, being the amount advanced, and subsequently measured at amortised cost using the effective interest rate method, less impairment.
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Donations | 250,320 | 250,320 | - |
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
4. Investment income
| Unrestricted funds 2022 £ Rental income 238 Loan interest on programme related investments 23,308 Bank interest 6,859 30,405 Unrestricted funds 2021 £ Rental income 298 Loan interest on programme related investments 27,512 Bank interest 3,253 31,063 |
Total funds 2022 £ 238 23,308 6,859 |
|---|---|
| 30,405 | |
| Total funds 2021 £ 298 27,512 3,253 |
|
| 31,063 |
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Analysis of grants
| Grants payable Grants payable Analysis of grants continued Northamptonshire Association of Youth Clubs United Christian Broadcasters Sutton Coldfield Baptist Church Navigators The Severn Hospice Betel UK Keele University Adventure Plus Adventure Plus - gift in kind |
Grants to Institutions 2022 £ 1,616,297 Grants to Institutions 2021 £ 181,500 2022 £ 75,000 20,500 5,000 5,000 500 - - - 1,510,297 1,616,297 |
Total funds 2022 £ 1,616,297 |
|---|---|---|
| Total funds 2021 £ 181,500 |
||
| 2021 £ - 1,500 - - - 150,000 5,000 25,000 - |
||
| 181,500 |
5. Analysis of grants continued
There was a gift in kind made to Adventure Plus of the freehold title to Lower Farm and Windmill Farm on 19 December 2022. The value of the gift equates to the original cost shown in the financial statements.
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
6. Analysis of expenditure by activities
| Charitable activities Charitable activities Analysis of support costs Secretarial Postage and stationery Independent examiner's fee Legal fees Bank charges/interest Light and heat Repairs Insurance Donations Depreciation |
Grant funding of activities 2022 £ 1,616,297 Grant funding of activities 2021 £ 181,500 |
Support costs 2022 £ 8,479 Support costs 2021 £ 8,913 Total funds 2022 £ 2,182 170 3,833 1,602 115 114 104 - - 359 8,479 |
Total funds 2022 £ 1,624,776 |
|---|---|---|---|
| Total funds 2021 £ 190,413 |
|||
| Total funds 2021 £ 1,856 346 3,464 1,818 93 - - 928 50 358 |
|||
| 8,913 |
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL) .
The trust does not have any employees and therefore there is no one earning more than £60,000 per annum.
8. Tangible fixed assets
| Cost or valuation At 1 January 2022 Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold property £ 1,510,297 (1,510,297) - - - - - 1,510,297 |
Office equipment £ 1,075 - 1,075 716 359 1,075 - 359 |
Total £ 1,511,372 (1,510,297) 1,075 716 359 1,075 - 1,510,656 |
|---|---|---|---|
Included in land and buildings is freehold land at cost of £Nil (2021: £860,297). The estimated residual value of the buildings is considered to be at least equal to the cost and therefore no depreciation charge arises.
The land and buildings have been gifted during the year and no longer held.
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9. Fixed asset investments
| Cost or valuation At 1 January 2022 Disposals Revaluations At 31 December 2022 |
Unlisted investments £ 2,424,779 (16,760) (285,115) |
|---|---|
| 2,122,904 |
10. Social investments
| Programme related investments £ Cost or valuation At 1 January 2022 851,444 Repayments (134,348) At 31 December 2022 717,096 |
Total £ 851,444 (134,348) |
|---|---|
| 717,096 |
In 2019 the loans to NAYC were renegotiated to amalgamate the two existing loans into one loan with an interest rate of 2.85% above base repayable in monthly instalments. A temporary loan repayment holiday was agreed for part of 2020. In accordance with the terms of the loan agreement, the interest accrued during the repayment holiday can be capitalised and was therefore added to the loan. This deferrment was added onto the final completion date. The loan is now repayable by 2 October 2027.
11. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Accrued income | 3,314 | 2,188 |
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LANGLEY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
12. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals | 3,300 | 3,312 |
13. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2022.
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