The Linden Charitable Trust Financial Statements for the year ended 5th April 2024 Charity Number.. 326788
The Linden Charitable Trust Contents Poge Trustees and Advisors Trustee's Report Independent Examiner's Report Statement of Flnancial Affalrs Balance Sheet Notes to the Financial Statements 10-17 Page 2 of 17
The Linden Charitable Trust Trustees & Advisors For the year ended 5th April 2024 Charity Number.. 326788 Trustees J F H Swales KASwales M G Swales R W H Swales Prlnclpal Offlce POBox826 Harrogate HGI 9XQ Investment Banker5 Redrnayne Bentley LLP 9 Bond Court Leed5 LSI 2JZ Quilter Cheviot Asset Management 5 St Paul's Square Llverpool L3 9SJ Independent Examiners Lithgow Perkins LLP Crown Chambers Princes Street Harrogate HGI INJ Solicitors Addleshaw Goddard Sovereign House Sovereign street Leeds LSI IHQ Page 3 of 17
The Linden Charitable Trust Trustees Report For the year ended 5th April 2024 The Trustees present their annual report and financial statements for the charity forthe year ended 5th April 2024. The financial statements have been prepared in accordance with the accounting policie5 set out in note I to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their financial statement5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 {January 2022). Objertives and Artlvltles The objectives of the Charity are defined widely in the governing documents to include any charitable activity. The Trustees have considered the Charity Commission's guidance on public benefit and currently the trustees, policy is to beneflt charities specialising in cancer relief and research, those particularly Involved wlth hospices, those involved in arts, charities supporting children, lonellness and combattlng general disease as well as a wlder range of charities based In and around North and West Yorkshlre. The Trustees confirm that they have referred to the guidance contained In the Charity Commission's general guidance on public benefit when reviewing the Charity's aim and objectives and in planning future activities and setting the grant making policy for the year. Requests from larger charitie5 and for larger one off amount5 are also considered rf they are particularly pertinent to the Charity's objectives and benefit the North and West Yorkshire region. This geographical restriction is deemed reasonable by the Trustees. Grant Maklnq Pollcy The Charity has establlshed its grant making pollcy to benefit charlties in Ilne with Its charitable objects and purposes in the United Kingdom as the trustees see fit. Flnanclal Revlew The Charity is reliant on income from it5 investment portfolio. At 5th April 2024, the market value of the portfolio was £3,308,77212023 £3,075,834) and during the year the Charity received £80,957 12023 £69,953) of dividend5 and interest. Total expenditure in the year was £114,775 {2023 £120,284). This amount includes £94,300 {2023 £98,188) of grants paid during the year. Investment Pollcy• Performance and Achievements The Trust's investments managers have been instructed by the Trustees to maximise the total return on the Charity'5 funds within the constraints of a medium to low risk portfolio. During the year, there were additions of £963,48912023 £362,242) to the portfolio and sales of £877,42812023 £471,537). There was a revaluation gain during the year of £282,725 {2023 loss £497,600) leaving the market value at 5th April 2024 (excluding cash) at £3,291,95212023 £2,923,166). Page 4 of 17
The Linden Charitable Trust Trustees & Advisors For the year ended 5th April 2024 During the year, the Charity made grants totalling £94,30012023 £98,188) to a number of different recipients. The full list of the grants paid during the year can be found in note 5 to these financial Statements. Risk Management The principal risk faced by the Charity lies in the performance of inve5trnents. The Trustees consider variability of investment returns to constitute the charity's major financial risk. This mitigated by retaining expert investment managers and having a diversified investment portfolio. ReseThes Policy The Trustees have power to establish funds for particular purposes or to maintain reserves. The Trustees intention is to hold the investment portfolio at a consistent level (subject to market fluctuations) and expend any income received in the year on charitable purposes. The balance held as unrestricted funds at 5th April 2024 was £3,427,507, the majority of which is represented by the investment portfolio. The Trustees have reviewed the level of available reserve and are satisfied that there are sufficient for meeting necessary costs over the next year. Achlevements of the Chority The achievement of the Charlty throughout the year was donating to various charities. The grants were used by the various charities for a multitude of purposes dependent on the nature of the speciflc charity, all of which will benefit the public in the North and West Yorkshire area. The grants made in the year amounting to £94,300 (2023 £98,188) have continued to fulfil the Charity's objectives. In additional to continuing to support smaller charities, the Charity also aims to make some larger one off 8rants in the future in line with their objectives. Fundraising Artlvities The Charity does not seek to fundraise externally and does not run any external fundraising campaigns or publicity. Plansfvr the Future The Trustees plan as far as is possible that sufficient income is available to be able to continue to make donations at similar leve15 as at present to potential beneficiaries who may be eligible. Strurture, Governance & Management The Trust is a registered charity, number 326788, and 15 constituted under a trust deed dated 31st January 1985. Pa8e 5 of 17
The Llnden Charftable Trust Trustees & Advisors For the year ended 5th April 2024 The trustees have administered the Charity during the year, as far a practicable, in atcordance with the terms and objects of the Charity as laid down in the origin31 deed. The power of recruitin8 and appointlng new and additional trustees is set out in clause 12 of theTrust Oeed and vests with the trurtees. New trustees undertake approprlate training and advlce In relatlon to being a charlty trustee. Keymonugement Personn¢lRemunerotlon The Trustee5 consider the board ol trustees a5 cgrnprlsln8 the key mana8ement personnel of the charlty in char8e of directin8 and conLrollln8 the charlty and running and operatlng ihe charity on a day to day basis. Ail but one trusteès glve of thelr timefreeSy. One of the tnJstee5 has received Tenumeratlon via a related patty for the pparaon of the account5. Trvstses'Responslbllltlesth relatlon to the Flnonclolstotements The charlty trustees are responsible for preparing and trusteès, annual report and financial statements In accordance with applicable law and Unlted Kingdom Accountln8 Standards IUnSted Kingdom Generally Accepted Accountln8 Prartlcel. The law applicable to charltles in England and Wales requSred the charlty trustees to prepare Ilnanclal statemenis for each year whlch glve a true and fair vlew ol the state of affalrs ol the charity and of the Sftcomln8 re50ur¢es and appli¢atlon ol resources, of the ¢harltv for that perlod. In preparlng the flnan¢lal statements. the trustees are requlred to- select sultable a¢countln8 pollcies and then apply them conslstentlvi obseNe the methods and prlnclplès.ln the applicable Charitles SORP,. make judgernents and estlmates that are responsible and prudent; state whethef applicoble accountin8 Standards have been followed, subject to any materlal departures that must be dlsc105ed and explained In the fln3nclal stalements; prepare the flnancial statements on the 8olnB concern bas15 unless It 15 Inappropriate to presume that the Charlty will continue In buslness. The Trustees are responslble for keeping proper a¢¢ountln8 reccsrds that dlsclose wlth reasonable accura¢y at any tlme the flnancial posltlon ol the ¢harlty io enable them to ensure that the finan¢lal siatements ¢omply with the Charities Act 2011, the appllcable Charltles (Accounts and Reporrsl Re8ulations, and the provislons of the trust deed. They are also responslble lor safeguarding the assets of the charfty and takln8 reasonable steps for the prevention and detertlon of fraud and other Irre8ularlties. Approved by Trustees and s18ned on thelr behalf bv.. K Swale5 Trustee Date.. Page 6 of 17
The Linden Charitable Trust Independent Examiner's Report to the Trustees of the Linden Charitable Trust For the year ended 5th April 2024 I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 5 April 2024. Responsibilities and basis of report As the charity's trustees, you are responslble for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act"). I report In respect of my examinatlon of the Trust's accounts carried out under sectlon 145 of the 2011 Act and In carrylng out my examination, I have followed all the applicable Directlons glven by the Charlty Commlssion under sectlon 14515llb} of the Act. Independent examlner'5 Statement I have completed my examlnation. I confirm that no material matters have corne to my attentlon in connection wlth the examinatlon which gives me cause to believe that in, any material respect: the accounting records were not kept In accordance with sectlon 130 of the Charitle5 Act; or the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements concernin8 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 fairf 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 connectlon 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. Michael Briggs FCA LlthEow Perkins LLP Crown Chambers Princes Street Harrogate HGI INJ Date: 03 February 2025 Page 7 of 17
The Linden Charitable Trust Statement of Financial Activities For the year ended 5th April 2024 Total unrestrirted fvnds Year Ended 5th April 2024 Totol unrestrirted fund5 Year Ended 5th Aprll 2023 Notes Incomefrom.. Investments 80,957 69,953 Total Income 80,957 69,953 Expenditure on.. Charitable activities Raising funds 96,119 18,656 101,752 18,532 Total Expendlture 114,775 120,284 Net (expendlturej befvre golns and1055es on Investments 133,8181 (50,331) Net (lossJ/galn on Investments 282,725 (497,6001 Net Movement inlund5 248,907 {547,931) Reconclliatlon ofAunds Total funds bou8ht forward 3,210,434 3,758,365 Totalfvnds carriedfvrword 3,459,341 3,210,434 The notes on pages 10 to 17 form part of these financial statements. Page 8 of 17
The Linden Charitable Trust Balance Sheet For the year ended 5th April 2024 Totol unrestrirted fvnds Yeor Ended 5th April 2024 Total unrestricted fvnds Year Ended 5th Aprf12023 Notes FlxedAssets.' Investments Tangible fixed assets 3,308,772 3.075,834 Trtal FixedAssets 3,308,772 3,075,834 Current Assets.. Debtors Prepayments Cash at bank and in hand io 121,256 135,620 Total CurrentAssets 121,256 135,620 Current Llabllltles.. Creditors failing due within one yea li 12,5211 11.0201 Net CurrentAssets 118.735 134,600 Net assets 3,427,507 3,210,434 The funds of the charlty: Unrestricted income funds 12 3,427,507 3.210,434 Totol Charfty Funds 3,427.507 3,210,434 The flnancial statements on pages 8 to 17 were approved by the board to trustees and authorlsed for Issue on 31 January 2025 and are si8ned on its behalf by: K Swale5 Trustee The notes on pages 10 to 17 form part ofthe5e financial statements, Pa8e 9 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 l. Accounting Policies Basis of preparation The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction valueless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Statements of Recommended Practice: Accounting and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (January 20221 and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The trustees have a reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future. They continue to believe they going concern basis of accounting Is appropriate in preparing the financial statements. Incoming Resources All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the arnount of income receivable can be measured reliably. Any donations are recognised when the Charity has been notified in writing of both the amount and the settlement date. Investment income from bank interest Is bought into the account gross when receivable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the Charity's investment advisor of the dividend yield of the investment portfolio. Resources Expended All expenditure is accounted for on accruals basis. Governance costs include those incurred in the governance of the charity and its assets and primarily associated with constitutional and statutory requirements. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant is outside of the control of the Charity. Page 10 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 Provislons for grants are made when the intention to make a grant has been communlcated to the recipient but there is uncertainty as to the timing of the grant or the amount of the 8rant payable. Costs of Ralslng Funds The costs ofgenerating funds consist of investment management costs and certain legal fee5. Charltable Artivltles The costs of charltable actlvates Include grants made and 8overnance costs. Fixed Asset Investment Investments are a form of basic financial instrument and are Initlally reco8nised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the c1051ng quoted market price. The Statement of Financial Activities includes the net 8alns and losses arisin8 on revaluation and disposals throu8hout the year. Flxed Assets Tan8ible fixed a55ets are inltially measured at cost and subsequently measured at cost, net of depreciatlon and any impairment losses. The charity's depreciation policy is set out below: Computer equipment 5 years straight line In the year of purchase, depreciation is calculated on a monthly basis. Reallsed and Unreallsed Galns and Losses All gains and losses are taken to the Statement of Flnanclal Activltles as they arlse. Reallsed gains and losses on Investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase price if acquired subsequent to the first day of the financlal year. Unrealised gains and105ses are calculated as the difference between their fair value at the year end and thelr carrying value. Realised and unrealised investment gains and losses are comblned in the Statement of Financlal Activities. Unrestrlcted Funds Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Taxation As a registered charity, The Linden Charitable Trust is exempt from the payment of income and capital gains tax in respect of its charitable activities. Page 11 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 2. Income from Investments 2024 2023 Dividends received Interest received 74,927 6,030 65,610 4,343 80,957 69,953 3. Expenditure on Charitable Activitles Notes 2024 2023 Grants paid to instltutions Support Costs Governance Costs 94,300 98,188 408 3,156 1,819 96,119 101,752 4. Expendlture on Ralsing Funds 2024 2023 Investment management fees 18,656 18,532 18,656 18,532 Page 12 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 5. Anatysis of Grants pald to Instltutions 2024 2023 A Stroke of Luck Candlelighters Trust Carerfs Resource Caring for Life Cheshire Disability Children's Heart Surgery Fund Children with Cancer Clic Sargent Dementia Forward Disability Action Emma Maltby Memorial Fund Emmaus Leeds Follifoot Park Disabled Riders Group Forget Me Not Children's Hospice Friends of Harrogate Hospital Guide Dogs Harrogate Theatre Hearing Dogs for Deaf People Henshavls Society for the Blind Herriot Hospice Homecare Hope Pastures (The Phyllis Harvey Horse and Donkey TrL Horticap Inn Churches, Bradford Leeds Children's Charity Leeds College of Music Leeds Samaritans Leeds Teaching Hospital Leonard Cheshire Disability (Wharfedale House, Wetherb. Lifeline Harrogate Little Sisters of the Poor Macmillan Cancer Support Marie Curie Martin House Hospice MIND (Harrogate) National Children's Deaf Society Northem Ballet Opera North Foundation PDSA (Head Office) RNLI Royal Airforce Benevolent Fund Samaritans of Harrogate SASH (Safe & Sound Homes) Subtotal carried forward 1,000 1,000 1,000 3,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 1,000 1,000 1,000 1,000 1.000 2,000 1,000 1,000 1,000 1.000 2,000 500 1,000 4,000 1,000 1,000 2,000 500 1,000 4,000 1,000 1,160 1,300 1,000 1,000 1,000 1,000 2.000 2,000 2,000 2,000 1,000 1,000 1,000 1,000 500 1,000 1,000 1,000 2,000 2,000 2.000 2,000 1,000 1,000 1,000 500 1,000 1.000 1,000 45.160 39,300 Pa8e 13 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 5. Analysis of Grnnts pald to Institution5 continued 2024 2023 Subtotal Caled forward 39.300 45,160 School for Conduct Sick Children Trust St Gemma's Hospice St George's Crypt St Johns Catholic School for the Deaf St Michael's Hospice Steve Rosser (Generators for Ukraine) Sue Ryder Care - Wheatfields Hospice Sunshine and Smiles - Leeds Down Syndrome Network Supporting Older People CIO Sylvia Wright Trust The Mary Wood Trust Theodora Children Ukraine Appeal Veterans Aid Vision Support Harrogate District Walk This Way War memorial Trust West Yorkshire Dog Rescue Yorkshire Air Ambulance Yorkshire Cancer Research Yorkshire Cat Rescue Yorkshire Eye Research (Giving of Sight) Yorkshire Wildlife Trust 500 1,000 2,000 2,000 1,000 2,000 3,028 2,000 1,000 1,000 2.000 5,000 500 20,000 1,000 1,000 500 2,000 2,000 1,000 2,000 2,000 2,000 35,000 1,000 500 1,000 2,000 2,000 1,000 1,000 500 1,000 2,000 2,000 1,000 1,000 500 TOTAL Page 14 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 6. Governonce and Support Costs 2024 2023 Governance Costs Accountancy Fees Independent examiner's fees Administrative expenses 1,450 1,071 {7021 1,380 1,020 756 1,819 3,156 Support Costs Depreciation 408 408 7. Fixed Asset Investments 2024 2023 Movement in fixed assets listed investments Market value brought forward (excluding cash) Additions to investments at cost Disposals at carrying value Equalisation Net Iloss)/gain on revaluation 2,923,166 963,489 1877,4281 3,530,062 362,242 1471,537) 282,725 3,291,952 16,820 3,308,773 (497,6001 2,923,166 152,668 3,075,834 Cash held within the portfolio Market value carried forward Investrnents at fair value Comprised: Equities Fixed Interest securities Funds Cash held within the investment portfolio 2.255,107 375,230 661,614 16,821 3,308,773 1,945,993 146,074 831,100 152,668 3,075,835 Page 15 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 8. Tangible FixedA55ets 2024 2023 Cost Additions 2,040 2,040 C105ing Cost at 5 Aprll 2,040 2,040 Depreciation Bought forward Char8e 12,0401 11,6321 14081 Closing Cost at S April 12.0401 12,0401 Net Book Value at 5 Aprll 9. Debtors 2024 2023 Debtors 10. Prepayments 2024 2023 Prepayments 11. Creditors.. Amountsfvlling due withln one year 2024 2023 Accruals 2,521 1,020 12. Movement in Funds Incoming res¢)urces Resources expended Galns and Losses At 6th Aprll 2023 At Sth Aprll 2024 Unrestrirted Funds General Funds 3,210,434 49,124 {114,776} 282,725 3,427,507 Total Charity Funds 3.210,434 49,124 {114,7761 282,725 3,427,507 Page 16 of 17
The Linden Charitable Trust Notes to the Financial Statements For the year ended 5th April 2024 13. Related Party Trans(Jctions One trustee is paid to provide professional accountancy services via a related party, details of the costs are captured in note 6 of the accounts £1,450 (2023 £1,380). All other trustees give their tirne and expertise freely. Page 17 of 17