Charity registration number 327873
MILTON- LLOYD CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
MILTON- LLOYD CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr H. Walters Mr P.H.J. Jackson Mrs A. Jackson Mr C.W. Jackson
Charity number 327873 Registered office 42-44 Norwood High Street London SE27 9NR Independent examiner Matthew Eade Bright Grahame Murray Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG
MILTON- LLOYD CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
MILTON- LLOYD CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 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 dated 27 June 1988, the Charities Act 2011 and “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 amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The Charity's objects are to apply funds for charitable purposes and make donations to charitable institutions and foundations.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
Financial review
The charity's policy is to use its available funds to make grants to other charities and individuals, rather than build up reserves. Grants are considered to any undertakings or individuals that satisfy the objectives of the charity and are subject to approval by the Trustees.
The charity's only source of funding is from Jackson Trading Company PLC.
The charity received income of £54,000 during the year and made charitable donations of £37,439.
At the balance sheet date, the charity had reserves of £498,458. As the charity derives its income from an annual donation, the trustees are of the view that a sufficient level of reserves are required to be maintained in order to guarantee distributable income for the trust.
The Charity intends to continue to consider all applications for grants in the future and will make distributions that it feels are relevant to the Charity's objectives.
Structure, governance and management
The Charity is governed by its trust deed dated 27 June 1988.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr H. Walters Mr P.H.J. Jackson Mrs A. Jackson Mr C.W. Jackson
The power to appoint trustees is vested in the Board of Trustees.
The charity has no full time staff and operates from the premises of Jackson Trading Company PLC.
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MILTON- LLOYD CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 New trustees are trained by existing trustees. The trustees, report was approved by the Board of Trustees. alters Trustee Approved by the trustees on ......
MILTON- LLOYD CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MILTON- LLOYD CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Milton- Lloyd Charitable Trust (the Charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with 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:
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1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Matthew Eade
Bright Grahame Murray
Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG
Dated: 12 June 2024
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MILTON- LLOYD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes Income from: Donations and legacies 2 Expenditure on: Charitable activities 3 Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 January 2023 Fund balances at 31 December 2023 |
2023 £ 54,000 37,509 16,491 481,967 498,458 |
2022 £ 65,000 74,300 (9,300) 491,267 481,967 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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MILTON- LLOYD CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets 279,943 279,943 Current assets Cash at bank and in hand 218,515 202.024 Net current assets 218.515 202,024 Total assets less current liabilities 498,458 481,967 Net assets excluding pension liability 498,458 481,967 The funds of the Charity Unrestricted funds 498,458 481,967 498,458 481,967 The financial statements were approved by the trustees on H. Wal ustee ers MrP. Trustee
MILTON- LLOYD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Milton Lloyd Charitable Trust is an unincorporated charity, registered with the Charity Commission under charity number 327873, and is constituted by its Trust Deed dated 27 June 1988. Its registered office is 42-44 Norwood High Street, London, SE27 9NR.
1.1 Accounting convention
The accounts have been prepared in accordance with the Charity's Trust Deed dated 27 June 1988, the Charities Act 2011 and “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 amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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MILTON- LLOYD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Resources expended
Governance costs relating to the general running of the Charity are recognised in the Statement of Financial Activities when the liability arises.
1.6 Tangible fixed assets
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
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MILTON- LLOYD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 54,000 | 65,000 |
| Charitable activities | ||
| Charitable | Charitable |
|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Bank charges | 70 | 72 |
| Grant funding of activities (see note 4) | 37,439 | 74,228 |
| 37,509 | 74,300 |
3 Charitable activities
4 Grants payable
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Grants to institutions: | ||
| St Dunstan's Educational Foundation | 20,000 | 20,000 |
| Glebeland's Community Centre | 5,000 | - |
| St Christopher's | 3,000 | 3,400 |
| Ferring Country Centre | 2,650 | - |
| O2e | 2,205 | - |
| Play Area | 1,650 | - |
| St Luke's Primary | 1,000 | - |
| Dubai Duty Free Foundation | - | 42,230 |
| Tom & Chess | - | 3,648 |
| Crackerjacks | - | 2,600 |
| Donations less than £1,000 | 1,934 | 2,350 |
| 37,439 | 74,228 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year, and no trustee expenses have been incurred.
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MILTON- LLOYD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
7 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
8 Tangible fixed assets
| Freehold land | |
|---|---|
| and buildings | |
| £ | |
| Cost | |
| At 1 January 2023 | 279,943 |
| At 31 December 2023 | 279,943 |
| Carrying amount | |
| At 31 December 2023 | 279,943 |
| At 31 December 2022 | 279,943 |
9 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 481,967 54,000 (37,509) 498,458 January 2022 Incoming resources Resources expended At 31 December 2022 £ £ £ £ 491,267 65,000 (74,300) 481,967 |
|---|---|
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MILTON- LLOYD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
10 Related party transactions
During the year, the Charity received donation income of £54,000 (2022: £65,000) from Jackson Trading Company PLC, a company in which the Trustees are shareholders and directors.
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