THE LINNET TRUST
REPORT AND ACCOUNTS YEAR ENDED 5th April 2023
THE LINNET TRUST
| CONTENTS | PAGE |
|---|---|
| Trustees and professional advisors | 2 |
| Trustees’ report | 3-5 |
| Independent Examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9-12 |
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THE LINNET TRUST
TRUSTEES AND PROFESSIONAL ADVISORS
| Trustees | |
|---|---|
| Mrs. RB Suenson-Luke | |
| Mr. JK Suenson-Taylor | |
| Rose Cottage | |
| Address | Old Bristol Road |
| West Harptree BS40 6HQ | |
| Independent Examiner | Dick Maule FCA |
| Chartered Accountant | |
| The Cross House | |
| South Woodchester | |
| GL5 5EL | |
| Charity Registration No. | 326365 |
| Barclays Bank plc | |
| Bankers |
86 Queens Road |
| Bristol BS8 1RB | |
| Investment advisors |
Rathbones |
| Port of Liverpool Building | |
| Liverpool L3 1BW |
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Trustees Report for the year ended 5[th] April 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice, 'Accounting and Reporting by Charities' issued in March 2005.
Structure, governance and management
The Linnet Trust was established by Trust Deed on March 1983. The Trust is registered as a charity, number 326365
The trustees who served during the year were Mrs R B Suenson-Luke and Mr J K Suenson-Taylor
Objectives and activities
The Trust exists to make donations for such charitable purposes as the trustees shall determine from time to time.
The trustees have agreed that the best means of achieving their objectives is by providing financial support to existing charities. Most of the donations are for core costs over the medium to long term. The Linnet Trust focuses on charities operating in the South West of England that are innovative, cost effective, administratively efficient and well respected in their field. Their work may well lead to ground-breaking changes of government policy in supporting their clients. We target disadvantaged groups with mental, physical or behavioural problems, often a consequence of poverty. Whether a charity is expanding or contracting, experiencing organisational or financial problems, we will always expect a charity to be actively helping the appropriate number of clients.
As the Linnet Trust prefers to make long term commitments to charities, we have a limited capacity for new charities. The Linnet Trust welcomes new applications consistent with our objectives of time limited interventions and opportunities for clients to transform or recover control over their lives. Only postal applications will be considered. We are now focusing on mental health where small amounts of money can enable huge benefits. Charities are well suited to this, and simply need more money to meet the massive demand. We would like more applications from small mental health charities
However the Linnet Trust will not support individuals, religious or faith based charities, arts or animal charities.
The trustees have paid due regard to guidance issued by the charity Commission in deciding what activities the Charity should undertake for public benefit.
Achievements and performance
The trustees' policy is to distribute 8% annually of all endowment donations to the Trust. This equates to about £115,000 per year. This will limit the lifespan of the charity to another 10-15 years depending on the performance of the Trust's investments.
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The trustees continue to be pleased with the value, performance and effectiveness of the charities which the Trust supports.
Since establishment the Trust has donated £2,268,500 to 29 charities.
Financial review
The total income for the year was £25,622 ( 2022 £25,503 ) whilst total expenses were £105,865 ( 2022 £115,556 ) . The latter included grants paid of £99,000 (2022 £108,000).
The net(loss)/ gain on investments was £(54,425) ( 2022 gain £38,144 ).
The trustees have continued to develop the investment portfolio in order to produce income and gains for future distribution. Clearly our portfolio is dependent upon financial markets, which have been poor for a few years.
We began supporting Gwealan Tops Adventure Playground in Redruth Cornwall. They are embedded in the community and have an ambitious philosophy towards play.
We made our final 20[th] annual donation to UK Cap which closed this year. Empowering children and giving them the skills to protect themselves from abuse is not something the government and other funders want to support. Shame on them.
Reserves policy
The Linnet Trusts' policy is to distribute considerably in excess of its income each year by selling assets, and therefore to have a limited lifespan. The Trusts' assets are professionally managed with a conservative approach by respected asset managers and the trustees conduct regular performance reviews with these managers.
Risk policy
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to major risks.
The charity limits risk to its activities by only donating to registered charities with some track record. All charities are reviewed once or twice a year as necessary to ensure they are operating successfully. Where appropriate the Linnet trustees will assist charities with improvements to their management. All charities are expected to demonstrate that they are successfully offering benefits and opportunities to their clients in a cost-effective and socially aware way. All charities are expected to report on time, provide accurate and clear accounts, not to hoard donations, and be willing to undergo scrutiny. We avoid charities that cannot provide criteria or methodology for monitoring and evaluating benefits and effectiveness to their clients.
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Statement of Trustees’ Responsibilities
Charity law requires the trustees to prepare statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any 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 operational existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
- So far as they trustees are aware, there is no relevant information of which the charity’s independent examiner is unaware, and
The trustees have taken all the steps that they ought to have taken in order to make themselves aware of any relevant information and to establish that the charity’s independent examiner is aware of that information
Signed on behalf of the charity’s trustees
Mr J.K. Suenson- Taylor Trustee
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Independent Examiner's Report to the Trustees of The Linnet Trust
I report on the accounts of the charity for the year ended 5th April 2023 which are set out on pages 7 to 12.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records [; or
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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.
Name : Dick Maule F.C.A. Address : The Cross House, South Woodchester GL5 5EL
Date:
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The Linnet Trust
Statement of Financial Activities for the year ended 5th. April 2023
| Notes Income Donations Investment income 2 Expenditure 3 Costs of raising funds Investment management costs Support for other charities with disadvantaged groups Charitable activities Total Expenditure Net expenditure Other recognised gains and losses Gains/ [losses] on investment income Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2023 £ - 25,622 25,622 6,015 99,000 850 105,865 (80,243) (54,425) (134,668) 1,291,367 1,156,699 |
2022 £ 3,375 22,128 25,503 6,706 108,000 850 115,556 (90,053) 38,144 (51,909) 1,343,276 1,291,367 |
|---|---|---|
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The Linnet Trust
Balance sheet as at 5th. April 2023
| Notes Fixed assets Investments 7 Current assets Debtors and prepayments 8 Cash at bank and on hand Total current assets Current liabilities Creditors: amounts falling due within 12 months 9 Net Current assets Net assets The funds of the charity: Unrestricted income funds (6) |
2023 £ - 55,343 55,343 (850) |
£ 1,102,205 54,493 1,156,699 1,156,699 |
2022 £ 675 44,621 45,296 (850) |
£ 1,246,921 44,446 |
|---|---|---|---|---|
| 1,291,367 | ||||
| 1,291,367 |
Approved by the Trustees and signed on their behalf by:
Mr J.K. Suenson-Taylor
Trustee
Dated:
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The Linnet Trust
Notes to the accounts for the year ended 5th. April 2023.
(1) Principal Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.
(a) Basis of preparation
The charity constitutes a public benefit entity as defined by FRS 102. 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) , as updated by Update Bulletin 2 and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention.
(b) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
(c) Income
Income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.
[i] Income received by way of donations , gifts and gift aid tax is included in full in the Statement of Financial Activities when receivable.
(d) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered
[ii] Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them [iii]All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
(e) Investments
Investments are included in the balance sheet at market value. Realised and unrealised gains are included in the statement of financial activities.
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The Linnet Trust
Notes to the accounts for the year ended 5th. April 2023.
(2) Investment income
Income from listed United Kingdom investments Income from listed overseas investments Interest receivable (3)Expenditure Costs of raising funds Investment management costs Charitable activities Support for other charities with disadvantaged groups Independent examiner's fees Total Expenditure |
2023 £ 17,351 8,111 160 25,622 6,015 99,000 850 105,865 |
2022 £ 14,496 7,142 490 |
|---|---|---|
| 22,128 | ||
| 6,706 108,000 850 |
||
| 115,556 |
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The Linnet Trust
Notes to the accounts for the year ended 5th. April 2023.
(4) Grants payable
Support for other charities with disadvantaged groups comprise:
Grants made Resolve West Help Counselling Services Bridge Foundation B & D Tranquiliser Project Cruse Bereavement Care Devon Child Assault Prevention Somewhere House Room 13 Hareclive Sight Savers SWEDA Gwealan Tops Whizz-kidz |
2023 £ 6,000 8,000 10,000 - 9,000 20,000 10,000 5,000 4,000 10,000 7,000 10,000 99,000 |
2022 £ 4,000 7,000 10,000 5,000 8,000 35,000 10,000 5,000 4,000 10,000 10,000 - 108,000 |
|---|---|---|
(5) Employee information
There were no employees during this year or the previous year.
(6) Trustee information
None of the trustees or any related party received any remuneration during this year or the previous year for work performed on behalf of the charity.
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The Linnet Trust
Notes to the accounts for the year ended 5th. April 2023.
| (7) Fixed Assets investments | Listed | Listed |
|---|---|---|
| Investments | Investments | |
| 2023 | 2022 | |
| £ | £ | |
| Market value at start of year | 1,246,921 | 1,309,722 |
| Acquisitions at cost | 58,412 | 197,040 |
| Disposal in the year | (148,703) | (297,985) |
| 1,156,630 | 1,208,777 | |
| Change in value in year | (54,425) | 38,144 |
| Market value at end of year | 1,102,205 | 1,246,921 |
| Historical cost | ||
| At 5th. April 2023 | 893,104 | 926,738 |
| At 5th. April 2022 | 926,738 | 839,556 |
| (8) Debtors | ||
| £ | £ | |
| Gift aid recoverable | - | 675 |
| (9) Creditors | ||
| Amounts falling due within 12 months | ||
| Independent examiner's fees | 850 | 850 |
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