Charity number: 280104 LANGLEY CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LANGLEY CHARrrABLE TRUST CONTENrs Page R•lornnco •nd admlnl•tr•dv• d•t•lh of th• Ch4rlty. its Tru•ta•• •nd *dvl8•r• Trust••J' r•port Tru8ts0•' r•spon8lbllbtI statsmont Indopend•nl exomlnerf8 rgport Statement of financlal actlvftle• Balance 8h¢et Notes to tho financial statements 9-17
LANGLEY CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARIry. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Tru8te•$ Sylvia Gilmour John Gilmoui Charlty rog18terod number 280104 Princlpal offlce Whealmoor Farm 301 Tamworth Road Sutton ColdfKgld B75 6JP Accountsnt• Crowe U.K. LLP Chartered Accountsnls Black Country House Rounds Gr8en Road Oldbury Wesl Midlands B69 2DG 8ank•rn Sven$ka Handelsbanken AB Ground Floor, Suite Billerscote Hou88 Bonehill road, Tamworth B78 3Q Sollcltorn Somerfield & Co 26a Bird Street Lichfield Slafford8hirg WS13 SPR Page 1
LANGLEY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Tfuslees present Ihgir annual report together with the financial stslemenls of thg Charity for the year 1 January 2023 to 31 Dember 2023. ObJ•ctl¥es and ftctlvltles . Pollcl•8 and obJe¢tivo8 The prlncipal activity of the tru81 is to advance the gospel of Jesus Christ and Chrislianily and the general weffare of humanity in ils creation, nurturing and development of Christk4n outreach In varied dimensions. Thè trust does not support projects that do not directly benefit or help people. In setting objoclwes and planning for aclivilies, the Trustees have given due consideration lo general guidancè published by the Charity Commission relating to public benefit. including the guidgnce 'Public benefit.. running a charity IP821'. b. Grant4naklng pollcl The trustegs meet on a regulgr ba818 to review requests for gran18 and to considgr projects under development. ¢. Corrn8pondgn¢o for grnnt •ppllc4tlon• The tru51e8s only repty where they require furth8r infomalion. No telephone calls or corspOndence will b8 enlored into concerning any proposed or declined applications. All eorrespondonee Should b6 addre88ed to.. The Tru$lee8. Whoalmoor Farm, 301 Tamworth Rogd, Sutton Coldfield, We81 Midlonds, B75 6JP. Achl•v•m•nts and yrfornan¢* Rovl•w of actlvltl08 The ¥lalemenl of financial activits'8s 18 8hown on p8ge 7. Grant making in the year lolalled £99,21012022'. £1,616,297> which mainly indudg$ £60,000 to Betèl UK. The net surplus of funds for the year was £67,574 {2022.. £1,647,977 1088) induding 0 £121,$84 gain on revaluation of investments {2022'. £285,115 loss}. Page 2
LANGLEY CHARrrABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal revlew a. Going concgm After making appropriate enquirw. the Trustees have a reasonable exFectstKJn that the Charity has adequate resources to continue in operats.onal existence for the foreseeable ftjture. For this reason, they Continue lo adopt the going concem basis in preparing the financ statements. Furthèr details regarding the adoption of the going concern basis can be found in the accounting FOlre$. b. Re8grva• poll¢y The trustees have accumulate(I reserves with a view to providing ongoing finaneral 8UPP)rt lo new projects gs well as providing one off grants. The tnjstees have eutrentPy adopted a polw to accumulate re8erv&s as part of a longer l&nn vision foi a pioject which will require signfficant caprtal investmenl. Current free reserves (not cumenl a8$9ts) are £1.875,725 {2022.' £1.195.056). Structurgl go¥•rnanc• and mnag•m•nt a. Con•tltutlon The Langley Charitable Trust ts an unincorporated tody whl¢h wa$ eslablishad a8 a grant making INSI on 24 January 1980 and registed as a charity on 19 March 1980. The ¢harity was e$tablished under a trust deed that e&tstAished the oblects and power3 of the trust. Mi J P Gilmour and Mrs S S Gilmour have hekl office as Irusl8es since the creab'on of the trust lo dale and havg complete discretion ov&r the use of ch•nty'8 fund8 afKI con8Kler allocation of grants and applicalon of funds for charitable purposes on a iegular basi$. b. Mèthod• of appolntm•nt or •ledlon of Tru8te¥• The management of the Charity is the $OnSIbI1ty of tha Tru8tses who ar elect¥d and cwpted undar thè lem$ of the Trust deed. c. OryanI84tlonal •tNcturn and docl8lon4naklng Olcl The chanty is managed by the trust. d. Flnanclal rf*k manag•m•nt The trustees believe that the charity is not exFosgd to SnKal extemal risk. Intemal risk8 are minimised by the implementation of procedures for authorisation of all transactions and proiects and lo ensure consistent quality of delivery for all operational aspects of the charity. These proCeduS are periodicalty reviewed lo ensure that they still meet the needs of the charrty. Page 3
LANGLEY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans forfuturg pèrfods The trust continues to support a number of initiatives and proje¢ls in line with the charity's principal objective of Christian outreach lo benefit and help people. The Iruslees are continuing to follow Adventure Plus and NAYC in their purposes . The trustees are prayerfully considering the diTection that thè Lord would have them tske in deciding upon further Pfojects lo support. Approved by order of the membgTS of the board of Trustees and signed on their behalf by: Syfvla Gllmour Date. Iql 10 la* Page 4
LANGLEY CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 rhe Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Aceounling Praclicel. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the slal8 of affairs of th8 Charity and of its incoming resources and application of resources, including ils income and expenditufe, for that pwiod. In preparing Ihe¥e financtal slalemenls, the Trustees are rèquired lo.. solect suitable aoUnting policies and then apply them consistently,. observe the m8lhods and principles of the Ch8rilie8 SORP IFRS 1021., make judgments and accounting eslimales that are reason8bl8 and prudent., Stale whether applicable UK Accountrng Standards IFRS 1021 have been followed, subje¢t lo any material departures disclosed and explained in the financial statements.. prépare the financial slalemenls on the going n¢rn basis unless h 18 inappropriate to pre8ume that the Charity will continue in business. The Trustees are rgsponsiblg for k¢eping adequate 8¢counling records that are sufficient lo show and explain the Charit18 transactions and disclose with reasonable accuracy al any lim8 the financial position of the Charity and enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Chartty (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed, They are also r88ponsible for safeguarding the assets of thè Charity and hen¢e for18king reasonable slaps for the prevention and detection of fraud and other irregularities. Apploved by order of the mambers of the board of Trusle8s and $igned on its behalf by.. Sylvla Gllmour Dalg. lQl16 IJ* Page 5
LANGLEY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent •xaminerf8 report to the Trustoes of Langley Charitable Trust I'tht Charlty'l Teport to the tharity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. R8spon81bllltlo8 ond ba81$ of report As the TTUStees of the Charity you are responsible for the preparation of the accotJnt$ in accordance with the requirèments of the Charities Act 2011 Ilh& 2011 Acti. I report in respect of my examination of the Charity's account$ Carred out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Direolions given by the Charity Commission under section 1451511bl of th8 2011 Act. Thè Charity should be subj8et lo audrt urbder the Chariti89 Act 2011 but, the Charity has bean gTanted an audit dispensation by thè Charity Commission, dated 29 June 2023, under Regulation 3413llbl of the Charitiès (Accounts and Reports) Regulations 2008, and the Charity 18 entitled to an independent examination. Indepondont examlnorfs Btatomont Your attention 18 drawn Ic the fad that the Charity ha8 prepared the aOunts in acwrdance wrth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Gharilies preparing Ihoir accounts in accordance with the Financial Reporting Standard applicable in the UK and Rgpublic of Irgland IFRS 1021 in preference to the A¢UntIng and Reporting by Chari118s'. Statement of Re¢ommendod Pr8clice i$su8d on 1 Aprll 2005 which is rgferred lo in the 6Xtant regulallons but ha8 been withdrawn. l understsnd that th18 h88 been done in order for the aount8 lo provide a Ifue and fair view in accordance with the Ggnerally Accepted Accounting Practice 8ffeGliv$ for roporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have coma lo my ottenlion in connection wrth the examination giving me cause to believe that in any maleiial respect.. 1. accounting records were not kopt in respect of the Charity as required by section 130 of the 2011 A¢t', or 2. the accounts do not accord with those words,. or 3. the accounts do not cornply with the applicable requirements Gon¢eming th8 fom and ¢ontenl of ac¢ounlg Sel out in the Charili¢s {Accounls and Reports) Regulations 2008 other than any rgquirèment that the 8ccounls give a Irue and fair, view which 18 not a matter considered as part of an independent examination. I h8ve no ¢oncerns and have come a¢ro88 no other matters in connection with the examination lo which attention shoukl be drawn in this report in order to enablg a proper undorslanding of the accounts to be reached. This report is madè solely lo the Charitys Trustees, as a l)ody, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stste to the Charity's Trustees those matters l am required to slate to them in an Independent examiner's report and for no other purpose. To the fullest 8Xtenl pemitted by law, I do not 8ccepl or assume responsibility to anyone other than the Charity and the Charitys Trusloes as a body. foi my work or for this TePQrt. Signed.. Halen Blundell LLB FCA FCIE DChA Crowe U.K. LLP Chartered Accountsnls Black County House Rounds Green Road Oldbury West Midlands B89 2DG Dated.. 22 October 2024 Page 6
LANGLEY CHARrrABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Total funds 2023 Tolal funds 2022 Note Incomfy from: Donations and legacies Investments 250.320 30,405 69,981 69.981 Totol Incomè 69,981 69,981 280, 725 Expenditure on: Raising funds Charitable activities 17,324 106,667 17.324 106.667 18.811 7,624, 776 Total oxpenditurg 123.991 123.991 1.643,587 Net expenditure before not gainsl(losses) on investments Net gainslllossesl on investments 154.010) 121,584 {54,010} (1,362,862) 121,584 (285, 115) Net Movement in funds 67.574 67,574 (1,647.977) Rocon¢lllation of fund8: Totsl funds brought forward Nel movement in funds 4,035,056 67,574 4,035.056 67.574 5,683,033 (1,647,977) Totsl funds carried forward 4.102,630 4.102,630 4.035,056 The Slalemenl of Financial Aclivrties includes all gains and losses recognised in the year. The notes on pages g to 17 fonn part of these financial slatemenls. Page 7
LANGLEY CHARABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Fix•d as88ts Investments Social investrnenls 1.632.531 694.374 2. 122,904 71 T,096 10 2,226,905 2,840,000 Curr•nt a880ts Debtors Cash at bank and in hand 11 10,249 1.868.950 3,314 1,195,042 1.879.199 1, 198.356 Creditors.. amounts falling due wthin ono year 12 13N74) (3,300J Not curronl a8¥0ts 1,87S,725 1,195,056 Total not 18#•ts 4.102.630 4,035,056 Charlty fund• Unrestricted funds 4,102,630 4,035,056 Total tund8 4102,630 4,035,056 The financsal statements were approved and authorlsed for i85ug by thg Trustees and signed on their behalf by.. Sylvla Gllmour Date. Iilio Ilkl Thg notes on page5 9 to 17 fomi part of these financial Statemts. Page 8
LANGLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Gongral Informatlon Langley Charitable Trust is a charitable trust registered in England and Wales. The address of its registered office is Whealmoor Fann, 301 Tamworth Road. Sutton Coldfield, B75 6JP. which is also the address of ils principal place of business. The principal activity of the trust is supporting organisation8 which are aligned with the Trust's objectives. A¢¢ounttng pollcle• 2.1 8a81$ of pr8parntlon of Ilnanelal •t•tom•nts The financi81 slatsmenls have begn prepared in accordance with the Chariti63 SORP IFRS 1021 Accounting ond Reporting by Charities.. Statement of Recommended Practice applicable lo charitie8 preparing their accounts in 8ccord8nce with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (gffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charitie$ Act 2011. The financial stslem8nts h8ve beèn prepared lo give a 'true and fairf view and have departed from the Charities IAccounl8 and Reports) Regulations 2008 only lo the extent required to provid8 a 'lrue and fail view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Rocommended Practice èffective from 1 April 2005 which has sinc8 been withdrawn. Langkryy Charitsble Trust meg18 the deflnilion of 8 publlc benafit enty under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction valug unless olhorwise stated in the relevant accounting policy. 2.2 Incom• All income is recognised once th8 Charity ha8 enlrtlemenl lo the incoma, it 1$ probable that thè income will be received and the amount of income reco1vab can bo measured roliably. In¢ome tax recoverable in relalion lo Investment Income 1$ recognised at the time the investment income is rgceivable. 2.3 Expondlturo Expenditure is recognised once there is 8 legal or constructive obligation to tTansfer economic benefit lo a third party, it is probable that a transfer of economie benefits will be required in settlgmenl and the amount of th& obligation can be mea$ur9d reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allributable lo a singl8 activity a allocated dirgctly to that activity. Shared costs which ntrIbUte to more than one activity and support costs which are not attributable to a single activity are apportioned beeen th08e activities on a b8815 consistent with the use of resources. Support Costs are those costs incurred directty in support of expenditure on the objects of the charity Govemance costs are those incurred in connection with administration of the charity and compliance with conslttutional and 8talulory requirements. Expenditure on raising funds includes all expenditure incurred by th8 Charity to raise funds for its charitablé purposes and includas costs of all fundraising ath"vilies events and non-charitable trading. Page 9
LANGLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos (contlnuod) 2.3 Exponditurn Icontlnuod) Expénditure on ¢haritsblg acliviti8s is incurred on directly undertaking the activities which further th8 Charitys objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered Subjeel to conditions which have not been mel at the year end are noted as a commitment. but not accrued #s expenditure. All exp8nditur8 is inclusive of iirecov8rable VAT. 2.4 Int•ro8t rne•lv•blo Inl$resl on funds held on dgposit 18 included when receivable and the amount can be measured reli8bly by the Charity,. this is normally upon nolfficalion of the interest paid or payable by the institution with whom the fund6 are depo#iled. 2.5 Invgstmont• Fixéd asset invgslments arg a fomi of financial in$trument and are initially recognised al their transaction co$1 and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measurèd feli8bly in which case il is mg08ured at cost less impaiment. Investment gains and losse8. whgther reali8gd or unreali$ed, are combined and pre8enled as 'GainsllLtssse81 on Investments. in the Ststemenl of financial acts'vTtie8. 2.6 Programm• relatod InvMtm•nt8 Programme related inve8trmenls held as fixed a88ets fepresenl long term loans and advance8. sometimes on lems that arg interest free, to assist in the acquisition and dévelopment of property and projects for charitable purposes by third partie$. The loans 8re initially measured at fair value, being the amount adv8nc6d, and subsequenty measurod at amortised cost Using the effeclivfj interest rate method, loss impairment. 2.7 Debtorn Trade and olh$r debtors are recognised at the settlement amount after any trade diseount offergd. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Ca•h at bank and In hand Cash at bank and in hand includes cash and short-tem highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or simitar account. Page 10
LANGLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢lo8 (contlnuod) 2.9 Liablllties and provlslon8 Liabilities ar8 reeognised when there is an obligation al the Balanee sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated relthly. Liabilities are recognised at the amount that the Charity antscipat8S it wiil pay to Séttle the debt or the amount il has received as athanc*d payments for the gcKMls or servus Il musl provide. Provisrons are measured at the best estimate of th8 amounts required to settie the obligation. Where the effect of the lime value of money ig material, the provision 15 based on th8 pSent value of those amounts. discounted al the pre-tsx disUnt ralo that reflects the risks specific lo the liability. The unwinding of the discount 18 recognised in Ihe Stalemenl of financ1 activiti.es as a finanGe c08t. 2.10 Fln•nclAI In•trum•nts The Charity onty has ffinanc¢al assets and financial liabilitbgs of a kind that qualfy a8 basic financi81 instruments. Basic financial instruments are initially recognised al transadion value and sub$8quenlly measured at their settlement valug with the exception of bank loans whth are sub8equently measured al amortised c081 using the effectwe interest method. 2.11 Fund ae¢ountlng General funds are unTe8tri¢ted furKls which are availabl8 for u8e at the di$cretK>n of the Trustee$ in further8nce of the general oty'ectives of the Chanty and which have not been dg3ign8led for other purposes. Income from donatlon8 and l•gacl8• Unre8trtct funds 2023 Total funds 2023 Donation$ un$tcted funds 2022 Tot?1 funds 2022 Donations 250,320 250,320 Page 11
LANGLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Invèstmont in¢omo Unro$tricted funds 2023 Total funds 2023 Rental income Loan interest on programme related investrnents Bank interest 876 34,934 34,171 876 34.934 34.171 69,981 69.981 Unrestilcted funds 2022 Total funds 2022 Rental income Loan interest on programme related investrnenls Bank interest 238 238 23,308 6.859 23,308 6,859 30,405 30,405 Page 12
LANGLEf CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees. remuneration and •xpon8es During the year, no Trustees received any remuneration or other benefits (2022- £NILJ. During the year ended 31 December 2023, no Trustee expenses have been incurred (2022- £NIL). The trust does not have any emYeeS and therefore there 15 no one eaming more than £60,000 per annum. Tangible fixed assets Office equipment Cost or valuation Al l January 2023 1,075 At 31 December 2023 1,075 Depreciation Al l January 2023 1.075 Al 31 December 2023 1,075 Net book value At 31 December 2023 At 31 December 2022 The land and buildings have been gffted during the prev)US year. Pa9e 15
LANGLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Fixed assgt in¥6stment6 Unlisted investments Cost or valuatlon At 1 January 2023 Disposals Revaluations 2.122,904 1611,9571 121.S84 Al 31 December 2023 1,632.531 10. Sooial investments Programmo rolated invè8tm&nts Total Cost or valuation Al 1 January 2023 Repayments 717,096 1122,7221 717,096 (122, 722) At 31 December 2023 594,374 594,374 In 2019 the loans lo NAYC were renOllated to amalgamate the iwo existing loans into one loan with an interest rate of 2.85Vo 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 durin9 the repayment holiday can be capitalised and was therefore added to the loan. This deferrrnenl was added onlo the final completion date. The loan is now repayable by 2 October 2027. 11. Debtors 2023 2022 Due withln one year Accfued income 10,249 3,314 Page 16
LANGLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Crodltors.. Amounts falllng duo withln ono year 2023 2022 Accruals 3,474 3,300 13. Rglat•d party tran8aCtionb The Charity has not entered into any related paty Iran$aclion during the year, nor are there any outstanding balan¢es owing betwgen related parties and the Charity 8131 December 2023. Page17