LYNWOOD TRUST
ANNUAL REPORT AND ACCOUNTS 5TH APRIL 2024
Trustees Miss J S Barling Mr T W Slater Mrs F H Cummins Mr S Smith
Charity Registration Number 289535
Shaw Gibbs Limited
Salatin House 19 Cedar Road Sutton Surrey SM2 5DA
LYNWOOD TRUST
ANNUAL REPORT AND ACCOUNTS 5TH APRIL 2024
| Contents | Page |
|---|---|
| Trustees’ annual report | 1 – 3 |
| Independent Examiner’s Report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the accounts | 7 – 13 |
(1)
LYNWOOD TRUST TRUSTEES’ ANNUAL REPORT
The Trustees have pleasure in presenting their report and the financial statements of the Trust for the year ended 5th April 2024 which have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), the Charities Act 2011 and the Trust Deed.
Structure, Governance and Management
The Trust is governed by Trust Deed dated 8th May 1984 and is a registered charity. The Trust was established in the sum of £10 and a further sum of £70,980 in the form of investments was settled by Miss Jean Barling on 26th March 1985. The Charitable Trust is known as the Lynwood Trust.
The names of the persons who were Trustees at any time during the year and up to the date of approval of this report were as follows:
Miss J S Barling Mrs F H Cummins Mr T W Slater Mr Simon Smith
The statutory power of appointing new Trustees applies to the Trust. The Trustees meet annually to review and discuss business matters relating to the Trust.
Principal address
The principal address of the Trust is: Lynwood Nevill Ridge Nevill Park Tunbridge Wells Kent TN4 8NN
Professional advisers
Bankers
Coutts & Co 440 Strand London WC2R OQS
Financial Advisers
Brewin Dolphin Securities Ltd 12 Smithfield Street London EC1A 9BD
(2)
LYNWOOD TRUST TRUSTEES’ ANNUAL REPORT
(continued)
Objectives and Activities for the public benefit
The objects of the trust are the advancement of any one or more of the following:
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a) the administration of any property or estate used or intended for any religious or other charitable object, institution or work.
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b) the support by contribution, loan, gift, subscription or otherwise of any religious or other charitable institution or work which shall be established or maintained for any of the following purposes:
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i) the advancement of the Christian Faith either in the United Kingdom or overseas.
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ii) the encouragement of missionary activity designed for the spread of such Christian Faith. iii) the furtherance of religious or secular education.
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iv) the relief of the poor and needy.
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v) the help and comfort of the sick and aged.
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c) generally the advancement of any religious, educational or other charitable object not consistent with the foregoing which may from time to time commend itself to the Trustees.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
Achievements and performance of the Trust
The charity invites applications for grants in line with its objects through the directory of grant making trusts. Applications are reviewed against specific criteria agreed by the Trustees. The Trust also makes regular grants to institutions on an annual basis. The Trustees have continued to support causes in line with their objects throughout the year and intend to continue to do so.
Future plans
The Trustees will continue to consider applications which fully meet the criteria of the Trust.
Financial review and reserves
The Trustees may use both the capital and income of the Trust in promoting its objects. The Trustees have power to invest funds in any lawful manner but only after having obtained advice from a financial adviser and having regard to the suitability of investments and the need for diversification.
The Trustees have delegated the management of their investments to Brewin Dolphin Securities Ltd on a discretionary basis. The transactions are reported to the Trustees and the performance is reviewed regularly. The Trustees are entitled to cancel the delegation arrangement at any time. The benchmark for the performance of the portfolio is Risk level 6 – Moderate Investment Risk. The investment income has increased to £27,605 (2023: £29,778). The Trustees consider that the various investments held will continue to generate sufficient funds to enable the Trust to continue to meet its future financial plans and commitments.
Risk management
As the Trust has no employees, property, expenses or clients and does not provide advice or services it does not foresee any risks. However, the Trustees are aware of the possibility of fraudulent grant requests and in cases where the applicant is not known to the Trustees the application is very carefully vetted before any grant is made.
(3)
LYNWOOD TRUST TRUSTEES’ ANNUAL REPORT
(continued)
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (FRS 102) (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ON BEHALF OF THE TRUSTEES
_____ J Barling Trustee
4 February 2025
(4)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LYNWOOD TRUST
I report to the Trustees on my examination of the accounts of The Lynwood Trust (the Trust), charity number 289535, for the year ended 5 April 2024, which are set out on pages 5 to 13.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).
The charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the applicable Directions given by the Charity Commission (under section 145(5)(b) of the Act, and
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to state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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.
______ Bhupindar Chowdhary FCA (Senior Statutory Auditor) For and on behalf of Chowdhary & Co Chartered accountants & statutory auditor 46 Syon Lane Osterley Middlesex TW7 5NQ
4 February 2025
(5)
LYNWOOD TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5TH APRIL 2024
| Unrestricted Note Fund £ Incoming resources Investment income 2 26,942 Interest received 663 Total incoming resources 27,605 Resources expended Cost of generating funds Investment Management costs - Charitable Activities 5 27,210 Governance costs 6 3,948 Total expenditure 31,158 Net (outgoing)/incoming resources (3,553) Other recognised gains: Realised gain/(loss) on investments - Unrealised gain/(loss) on revaluation of investments (1,806) Net movement in funds (5,359) Reconciliation of funds Total funds brought forward at 5th April 2023 60,018 Total funds carried forward 54,659 at 5th April 2024 |
Expendable Endowed Fund £ - - - 6,172 - 390 6,562 ( 6,562) 2,929 50,853 47,220 737,992 785,212 |
Expendable Endowed Fund £ - - - 6,172 - 390 6,562 ( 6,562) 2,929 50,853 47,220 737,992 785,212 |
Total 2024 £ 26,942 663 27,605 6,172 27,210 4,338 37,720 (10,115) 2,929 49,047 41,861 798,010 839,871 |
Total 2023 £ 29,637 141 29,778 9,914 11,931 3,840 25,685 4,093 (5,627) (42,419) (43,953) 841,963 798,010 |
|---|---|---|---|---|
All recognised gains and losses are reflected through the Statement of Financial Activities and no separate Statement of Total Recognized Gains or Losses is presented. There were no discontinued or acquired activities during the current year or preceding year.
(6)
LYNWOOD TRUST STATEMENT OF FINANCIAL POSITION AS AT 5TH APRIL 2024
| Expendable Unrestricted Endowed Fund Fund Note £ £ FIXED ASSETS Investments at market value 2 15,348 809,022 CURRENT ASSETS Accrued income 2,134 - Inter-fund balances 21,435 (21,435) Bank current account 19,762 - 43,331 (21,435) Less:CURRENT LIABILITIES Professional fees 8 4,020 2,375 NET CURRENT ASSETS/(LIABILITIES) 39,311 (23,810) TOTAL ASSETS 54,659 785,212 Represented by: Unrestricted Fund 9 54,659 - Expendable Endowed Fund 9 - 785,212 FUND BALANCE 54,659 785,212 |
Total 2024 £ 824,370 2,134 - 19,762 21,896 6,395 15,501 839,871 54,659 785,212 839,871 |
Total 2023 £ 778,557 3,182 - - 25,911 6,458 19,453 798,010 60,018 737,992 798,010 |
|---|---|---|
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).
The financial statements were approved by the Trustees on 4 February 2025.
J S BARLING
F H CUMMINS
) ) ) Trustees )
)
(7)
LYNWOOD TRUST NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5TH APRIL 2024
1) ACCOUNTING POLICIES
Basis of preparation and assessment of going concern
The financial statements have been prepared 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) (Charities SORP (FRS102)), the Charities Act 2011 and applicable regulations.
The trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are drawn up on the going concern basis which assumes Lynwood Trust will continue in operational existence for the foreseeable future. The Trustees consider the current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for at least 12 months.
The accounting policies adopted by the trustees are outlined below:
a) Income recognition
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(i) Donations are recognised on a received basis. Income tax recoverable on gift aid payments is recognised on a receivable basis.
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(ii) Interest and dividends are accounted for in the period in which they are payable. Income tax recoverable on investment income is accounted for at the same time as the income to which it relates.
b) Resources expended
Expenditure is included on an accruals basis and has been analysed between:
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(i) Cost of generating funds – all expenditure directly related to investments management. The cost is charged against investment capital, reflecting the total return approach to investment management. Any cost associated with the sale or purchase of investments is accounted for as part of the sale or purchase price of the investment.
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(ii) Charitable activities – all expenditure directly related to the objects of the Trust which is charged in the year.
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(iii) Governance costs – all expenditure for the running of the Trust itself as an organisation.
c) Fixed asset investments
- Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their closing mid-market value at the balance sheet date. Any gain or loss is taken to the statement of financial activities. Listed investments are dealt on a recognised stock exchange.
d) Fund accounting
The charity’s fund is unrestricted, and the Trustees are free to use it in accordance with the charitable objects. The fund is represented only by fixed asset investments. Any realised or unrealised gains or losses arising on the investments form part of the fund.
e) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and current and deposit bank account balances and are subject to insignificant risk of change in value.
(8)
LYNWOOD TRUST NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5TH APRIL 2024
(continued)
g) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
2) SCHEDULE OF INVESTMENTS AND INCOME
Year ended 5[th] April 2024
| Income Fund Ordinary stocks and shares Endowed Fund Ordinary and preference stocks and shares Unit Trusts Loan stocks Foreign Stocks Brewin Dolphin Securities Total at 5th April 2024 Year ended 5th April 2023 Income Fund Ordinary stocks and shares Endowed Fund Ordinary and preference stocks and shares Unit Trusts Loan stocks Foreign Stocks Brewin Dolphin Securities Total at 5th April 2023 |
Cost £ 5,522 281,746 199,899 5,138 102,584 12,869 602,236 607,758 Cost £ 5,522 229,126 182,232 61,717 102,767 18,498 594,340 599,862 |
Market Gross Value income £ £ 15,348 594 448,949 13,501 239,639 6,972 23,875 325 83,690 5,550 12,869 - 809,022 26,348 824,370 26,942 Market Gross Value income £ £ 17,154 590 389,770 14,451 206,672 7,080 54,562 2,854 91,901 4,662 18,498 - 761,403 29,047 778,557 29,637 |
|---|---|---|
(9)
LYNWOOD TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR TO 5TH APRIL 2024
(continued)
| 3) CHANGES IN INVESTMENTS Endowed Fund – Acquisitions Holding MAN Fixed Interest ICVC Man 20,000 GLG Sterling CORP BD INTL G Dis MAN Fixed Interest ICVC Man - Contl Eurp Gth Prfsnl C Acc Total Acquisitions Endowed Fund - Disposals Holding 3i Group 500 Ordinary £0.74 Lazard World Trust Fund 50 ORD USD 0.20 2,000 HG Capital Trust ORD £0.25 Total disposals |
Date Cost £ 23.09.2023 17,596 31.07.2023 72 17,668 Market value Cost 6.4.23 or Realised later cost Proceeds gain £ £ £ £ 1,904 8,323 10,112 1,789 183 160 168 8 2,055 6,790 7,922 1,132 4,142 15,273 18,202 2,929 |
|---|---|
4) RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION
No remuneration or expenses were paid to the Trustees during the year (2023: £nil).
(10)
LYNWOOD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR TO 5TH APRIL 2024
(continued)
5) ANALYSIS OF CHARITABLE EXPENDITURE
Grants payable
The amount payable in the year comprises:
| Grants to Institutions and religious organisations: Angel Foundation CARE Church of Christ Hope For Justice Israeli Support Organisation Mosaic Middle East Restore Counselling Revelation Foundation Spurgeons Tunbridge Wells Youth for Christ 12 grants below £1,000 to other Institutions (2023: 4) |
2024 £ 1,500 1,000 4,300 1,000 1,000 2,750 4,000 - - 7,500 4,160 27,210 |
2023 £ - 1,000 5,200 - - - 1,971 1,000 1,200 1,200 460 11,931 |
|---|---|---|
6) GOVERNANCE COSTS
| GOVERNANCE COSTS | |||||
|---|---|---|---|---|---|
| Unrestricted | Expendable | Total | |||
| Fund | Endowed | 2024 | |||
| Fund | |||||
| £ | £ | £ | |||
| Accountancy fees | 3,288 | 390 | 3,678 | ||
| Independent examiner’s fees | 660 | - | 660 | ||
| 3,948 | 390 | 4,338 | |||
| Unrestricted | Expendable | Total | |||
| Fund | Endowed | 2023 | |||
| Fund | |||||
| £ | £ | £ | |||
| Bank charges | 3,180 | - | 3,180 | ||
| Accountancy fees | 660 | - | 660 | ||
| 3,840 | - | 3,840 |
(11)
LYNWOOD TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR TO 5TH APRIL 2024
(continued)
7) RECONCILIATION OF OPENING AND CLOSING VALUES
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Market value at 6th April | 2023 | 778,557 | 836,128 | ||||
| Acquisitions at cost | 17,668 | 60,783 | |||||
| Disposals | (15,273) | (66,266) | |||||
| Profit/(loss) in the year | 49,047 | (48,051) | |||||
| Capital cash movement | ( 5,629) | ( 4,037) | |||||
| Market value at 5th April | 2024 | 824,370 | 778,557 | ||||
| Investments at market value | comprised: | ||||||
| Ordinary stocks and shares | 464,297 | 406,924 | |||||
| Loan stocks and shares | 23,875 | 54,562 | |||||
| Unit Trusts | 239,639 | 206,672 | |||||
| Foreign Stocks | 83,690 | 91,901 | |||||
| Capital cash | 12,869 | 18,498 | |||||
| 824,370 |
778,557 | ||||||
| Historical cost as at 5th April | 607,758 | 599,862 | |||||
| 8) CREDITORS: Amounts falling due within | one year | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Accountancy fees | 3,750 | 3,750 | |||||
| Independent Examiner’s fee | 660 | 660 | |||||
| Broker’s management fee | 1,985 | 2,048 | |||||
| 6,395 | 6,458 | ||||||
| 9) ANALYSIS OF MOVEMENTS | IN FUNDS | ||||||
| Analysis of movements in funds – current year | |||||||
| At 6th April | Incoming | Resources | Other gains | At 5th April | |||
| 2023 | resources | expended | / (losses) | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | 60,018 | 27,605 | (31,158) | ( 1,806) | 54,659 | ||
| Expendable | |||||||
| Endowed Funds | 737,992 | - | ( 6,562) | 53,782 | 785,212 |
(12)
LYNWOOD TRUST NOTES TO THE ACCOUNTS
FOR THE YEAR TO 5TH APRIL 2024
(continued)
9) ANALYSIS OF MOVEMENTS IN FUNDS (continued)
Analysis of movements in funds – prior year
| At 6th April | Incoming | Resources | Other | **At 5th ** | 3pril | |
|---|---|---|---|---|---|---|
| 2022 | resources | expended | gains | 2023 | ||
| £ | £ | £ | / (losses) | £ | ||
| £ | ||||||
| Unrestricted funds | 43,003 | 29,778 | (15,771) | 3,008 | 60,018 | |
| Expendable | ||||||
| Endowed Funds | 798,960 | - | ( 9,914) | (51,054) | 737,992 |
10) ANALYSIS OF FUNDS ASSETS AND LIABILITIES
The balances carried forward on the various funds held are as follows:
Analysis of funds assets and liabilities – current year
| Analysis of funds assets and | liabilities – current year | liabilities – current year | |||
|---|---|---|---|---|---|
| Unrestricted | Endowed | Total | |||
| funds | funds | 2024 | |||
| £ | £ | £ | |||
| Fixed assets | 15,348 | 809,022 | 824,370 | ||
| Current assets | 43,331 | ( 21,435) | 21,896 | ||
| Current liabilities | ( | 4,020) | ( 2,375) | ( | 6,395) |
| 54,659 | 785,212 | 839,871 | |||
| Analysis of funds assets and | liabilities – prior year | ||||
| Unrestricted | Endowed | Total | |||
| funds | funds | 2023 | |||
| £ | £ | £ | |||
| Fixed assets | 17,154 | 761,403 | 778,557 | ||
| Current assets | 46,884 | ( 20,973) | 25,911 | ||
| Current liabilities | ( | 4,020) | ( 2,438) | ( | 6,458) |
| 60,018 | 737,992 | 798,010 |
(13)
LYNWOOD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR TO 5TH APRIL 2024
(continued)
11) TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES
Shaw Gibbs Limited provided accountancy services totalling £3,678 (2023: £3,570) inclusive of VAT during the year. Two of the trustees, Tim Slater and Frances Cummins, are partners in Shaw Gibbs Limited.
12) FUNDS
The unrestricted fund comprises those funds which the Trustees are free to use in accordance with the Charitable Objects.
The Expendable Endowed Fund forming the Lynwood Trust was established on 8th May 1984 in the sum of £10 for the advancement of religious and other charitable purposes.
A further sum of £70,980 was settled on 26th March 1985.
The fund is represented mainly by fixed asset investments.
Income arising on the endowed fund can be used in accordance with the objects of the charity and is included in unrestricted income. Any realised or unrealised gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
The Trustees are free to use the fund in accordance with the charitable objects.