REGISTERED CHARrrY NUMBER: 516967 REPORT OF THE TRUSTEES AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR LUCY PRICE REUEF IN NEED CHARrrY LDP Luckmans 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB
LUCY PRICE RELIEF IN NEED CHARITY CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2023 Page Report of the Trustees 1 to 2 Independent Examinerfs Report statement of Flnancial Activities Balance Sheet Notes to the Financial Statements 6 to 12 Detailed Statement of Financial Actlvltles 13
LUCY PRICE RELIEF IN NEED CHARITY REPORT OF THE TRUSTEES for tl)¥ yeai" 31 t)¥[11br 2023 The trustees present their report with the financial ststemenls of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rerxjrting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). The Charity was established by the Chanty Commissioners, Scheme dated 4th January 1982. OBJECTWES AND ACTIVITIES Significant activitie5 The charity makes grants to-individuals in the Parish of Baginton under the terms of the Charity Commission Scheme date 4th January 1982. Public benefit In setting our objectives and planning our activities the Trustees have given careful consideration lo the Charity Commissioners, general guidance on Public Benefit. ACHIEVEMENT AND PERFORMANCE Investment performance The investment value of the capital fund, at £1,960,726 15 above the ind8x linked ring fenced" requirement of £1.605,070 vthich is considered by the trustees to be a prudent index linked growth larget based on the fund values at 31st December 2007. The trustees consider that the investment performance is in line with their expectations. FINANCIAL REVIEW Flnanclal position The Trust continues to operate in a prudent mode and will continue to do so until investrnent values have stabilised. The investment value of th8 capital fund, at £1,784,204 is b@low the index linked 'ring fenced" requirement of £1,914,768. This has arisen due to difficult global market conditions in a year of very high inflation. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity was established by the Charity Commissioners, Scheme dated 4th January 1982. Under the temis of the Scheme dated 4th January 1982 the Charity received on capital accounts from the Charity known as the Foundation of Mrs Price, of Price's School at Baginton, 17150ths of certain specified investments. In addition the Charity was entitled to receive for the benefit of its foundation 17150ths of all capital reiptS accruing to the Lucy Price Wasperton Estate Charity (including net royalties relating to mineral rights. if any). The Lucy Price Wasperton Estate Charity has disposed of its assets and appropriated the cash in accordance with the 17150ths split and no further funds will be received by this charity from this source. The income generated on these capital accounts is credited to Ihe Charity's Restricted Income Fund. These investments are held as the main income generator of the Charity. Recruitment and appointment of new trustees Trustees are nominated by the Parochial Church Council and the Pansh Council of Baginton Oryanisational structure While the Clerk to the Trust8es maintains the financial rerdS and deals with secretarial mattèrs on a day to day basis the Trustees m88t regularly to linter alia) consider and decide upon numerous granl applications from individuals and organisations, and to monitor and resolv8 on the Charty's investments and other 85sets. The Trustees do not receiv6 any r8muneration for their servic8S. Declslon making The Trustees are advised by Corrigans. Coventy as to their investments Page 1
LUCY PRICE RELIEF IN NEED CHARITY REPORT OF THE TRUSTEES for the year ended 31 December 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charity number 516967 Princlpal address clo Della Thomas 13 Hdly Walk Baginton Warwickshire CV8 3AE Trustsos D F J Hewer (decoas8d 30.9.23) L Given N Thomas S Williams R Newman L Deslandes Independent Examlnar LDP Luckmans 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB Clerk D Thomas Bankèrs Lloyds Bank PLC, Parade, Le8miThJton Spa Financial Advisors Corrigans, Coventry Approved by order of the board oftrustees on .........................,,.................. and signed on its behalfby.. L Given - Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LUCY PRICE RELIEF IN NEED CHARITY Independent examinerfs report to the trustses of Lucy Price Relief In Need Charlty I report to the charity trustees on my examination of the accounts of Lucy pri Relief In Need Charity (the Trust) for the year Ènded 31 December 2023. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the ACV). I report in respect of my examination of the Trusvs accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145{5)(b) of the Act. Independent examinerfs statement I have completed my examination. I cx)nfirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material SpeCt.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord wth Ihose records: or the accounts do not comply with the appliczble requirements conceming the fom and content of accounts set out in the Charities (Accounls 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 8xamination. I have no concems 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. M D Spafford FCCA ACA LDP Luckmans 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB Date: ............................................ Page 3
LUCY PRICE REUEF IN NEED CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 2023 2022 Accumulated Foundation Income Capital Fund Fund Unrestricted fund Total funds Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 7.860 7,860 796 Investment income 27,334 27,334 29,926 Totsl 7,860 27,334 35,194 30,722 EXPENDITURE ON Raising funds 123 123 Charitable activities Grant making 40,364 40,364 86,948 Total 40.487 40.487 86,948 Net gainsl{lossesl on investments 84,560 84,560 (278,342) NET INCOMEI{EXPENDITURE) Transfers between funds (32.627) 40,000 111,894 (40,000) 79.267 {334,568) Net movement In funds 7,373 71,894 79,267 {334,5681 RECONCILIATION OF FUNDS Total funds brought forward 42,351 1.712,311 1,754,662 2,089,230 TOTAL FUNDS CARRIED FORWARD 49,724 1.784,205 1,833,929 1.754,662 The notes fomi part of these financial statements Page 4
LUCY PRICE RELIEF IN NEED CHARITY BALANCE SHEET 31 December 2023 2023 2022 Accumulated Foundation Income Capital Fund Fund Unrestricted fund Total funds Total funds Notes FIXED ASSETS Investments 1,784,205 1,784,205 1.712,311 CURRENT ASSETS Cash at bank 50,824 50,824 43,328 CREDITORS A[rUnts lalling due within one year (1.100) (1,100) (9T1) NET CURRENT ASSETS 49.724 49.724 42.351 TOTAL ASSETS LESS CURRENT LIABILITIES 49,724 1,784,205 1.833.929 1,754.662 NET ASSErs 49,724 1.784,205 1.833,929 1,754,662 FUNDS Restricted funds.. Acujmulated Income Frjnd Foundation Capital Fund 49,724 1,784,205 42,351 1,712,311 1,833,929 1,754,662 TOTAL FUNDS 1.833,929 1,754,662 Thè flnancial ststements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: L Given - Trustee The notes form part of these financial statements Page 5
LUCY PRICE RELIEF IN NEED CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES Basis of prapartng the financlal statements The financial statements of Ihe charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191,. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convenb'on, with the eXPtiOn of investments which are included at market value. as modified by the revaluab'on of rtain assets. Income All income is recognised in the Ststement of Financial Activities once Ihe charity has entiuement to the funds, it is probable that the income will be received and the amount can be measured reliably. Under the terms of the Scheme dated 4th January 1982 the Charity reIVed on capital accounts from the Charity known as the Foundation of Mrs Price. of pri's School at Baginton, 17150ths of rtain speciFied investments. In addiiion the Charity was entitled to receive for the benefit of its foundation 17150ths of all C2Pital reIpts accruing to the Lucy Pri Wasperton Esiale Charity linduding net royalties relating to mineral rights, rf any). The Lucy Price Wasperton Estate Charity is now dosed. The income generated on these capital accounts is credited to the Charity's Restricted Income Fund. These investments are held as the main income generator of the Charity. Similarfy the Charity was entitled to raceive on income account 17150ths of the rents and other income, less expenses, of the Lucy Pri Wasperton Estate Charity. The Lucy Price Wasperton Estate Charity has disposed of its assets and appropriated the cash in accordance with the 17150ths split and no further fvnds 11 bé received by this charity from this source. Additionally, the Charity receives interest on investments and other interést which is credited to the income acxount when received. Where dividends are accumulated into the investment fijnd, then they are recognised as part of the uplift in value of that fijnd, and not as part of income. These investments are h81d as the main income generator of the Charity. APPLICATION OF INCOME: Clauses 34 and 35 of the Schem8 datéd 4th January 1982 provides that.. 1 } The Trustees shall appty the clear income of the Relief in Need CharFty in relieving either generally or individually persons under the age of 25 years who are in conditions of need. hardship or distress by making grants of money or providing or paying for items, services or facilsties calculated to raduce the need. hardship or distress of such persons. 2) The Trustees may pay for such items, ServIS or facilities by way of donations or subscriptions to institutions or organisations which provide or which undertake in return to provide suth items. services or facilities for such persons. 3) In applying income under the provisions of this Clause, preference shall be given to persons qualified as aforesaid who are resident in the Parish of Baginton. 41 Restrictions in applying the income for relief in need the Trustees shall observe the ft)Ilowing restrictions- a) they shall not apply any part of the income directly in relief of tes. taxes or other public funds but may apply income in supplementing relief or assistance provided out of public funds. b) Ihey shall not commit themselves to repeat or renew the relief granted on any occasion in any case. Page 6 continued...
LUCY PRICE RELIEF IN NEED CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 December 2023 ACCOUNTING POLICIES- continued Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing Ihe chartty to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe obligation can be measured reliably. Exp8nditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost related to the category. Whare costs cannot be directty attributed to particular headings they have been all¢xated to aclivitias on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at Ihe year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of th8 trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restiicted pUOS&s. Restricted Foundallon Capital Fund This fund is considered by the Trustees to be that of an expendable endowment and, as such. all inveslments have been classified as capital. Following the review of the fund, it consists of an increased proportion of accumulation funds and, as such, the Trustees propose to disp)se of units in investment funds, as advised, in order to fund any income shortfall. The Trustees have also passed a resolution whereby they have ring-fend £1,065,500 of the capital fund so as not to be disposed of. They will increase this £1,065,51)O valuation annually indexed to inflation so as to protect the long-term future of incoming resources for the Charity. At 31st [}ember 2022, its indexed valuation is £1,914,768. The Trustees will endeavour to maintsin the fund value above the indexed valuation level. Restricted Accumulated Income Fund Similarly th8 Charity was entitled to receive on income account 17150ths of the rents and other income, less expenses, of the Lucy Price Wasperton Estate Charity. The Lucy Price Wasperton Estate Charity has disposed of its assets and appropriated the cash in accordan with the 17150ths split and no further nds will be received by this charity from this source. Addth"onally, the Charty reiVeS interest on investmerrts and other interest which is credited to the income account when received. Where dividends are accumulated into the investment fund. then they are recognised as part of the uplift in value of that fulld, and not as part of income. These investments are held as the main income generator of the Charity. Investments Investments are valued at market value at 31 December. Page 7 continued...
LUCY PRICE RELIEF IN NEED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023 DONATIONS AND LEGACIES 2023 2022 Donations 7,860 796 INVESTMENT INCOME 2023 2022 Dividends from fixed asset investments Interest receivable Investment incorne 10,466 16.869 {1) 14.208 15,718 27,334 29.926 GRANTS PAYABLE 2023 2022 Grant making 39,285 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefrts for the year ended 31 Dember 2023 nor for the year ended 31 December 2022. Trustees. expenses There were no trustees, expenses paid for the year ended 31 Dec8mber 2023 nor for the year ended 31 Dec8mber 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Accumulated Foundation Income Capital Fund Fund Unrestricted fund Tolal funds INCOME AND ENDOWMENTS FROM Donations and legacies 796 796 Investment income 29,926 29,926 Total 796 29,926 30,722 EXPENDrruRE ON Charitable actlvliles Grant making 86,948 86,948 Net gainsl(losses) on investments (278,342) (278,342) NET INCOMEI(EXPENDITURE) (86,152) (248,416) (334,5681 Page 8 continued...
LUCY PRICE RELIEF IN NEED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- contlnued Accumulated Foundation Income Capital Fund Fund Unrestricted fund Total funds RECONCILIATION OF FUNDS Total funds brought forward 128,503 1,960,727 2.089,230 TOTAL FUNDS CARRIED FORWARD 42,351 1.712,311 1,754,662 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 January 2023 Additions Diswsals Revaluations 1.712,311 27.334 {37,464) 82,024 At 31 Dernber 2023 1,784,205 NET BOOK VALUE At 31 Dember 2023 1,784,205 At 31 December 2022 1,712,311 There were no investment assets outside the UK. Cosl or valualior) al 31 December 2023 is represented by= Llsted investment Valuation in 2023 1,784,205 Page 9 continued...
LUCY PRICE RELIEF IN NEED CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 December 2023 CREDITORS: AMOUNTS FALLING DUE yrHIN ONE YEAR 2023 2022 Other creditors 1,100 977 MOVEMENT IN FUNDS Net movement in funds Transfers betMeen funds At1.1.23 31.12.23 Restricted funds Accumulated Income Fund Foundation Capital Fund 42,351 1,712.311 132,6271 111,894 40.000 140,000) 49.724 1,784,205 1.754,662 79.267 1,833.929 TOTAL FUNDS 1,754.662 79,267 1,833.929 Net movement in funds, included in the above are as follows-. Incoming resources Resources expended Gains and losses Movement in funds Restricted funds Accumulated Income Fund Foundation Capital Fund 7,860 27,334 140,4871 (32,627) 111,894 84,560 35,194 140,487) 84,560 79,267 TOTAL FUNDS 35,194 (40,487) 84,560 79,267 Comparatives for movement in funds Net movement in funds At 31.12.22 At1.1.22 Restricted funds Accumulated Income Fund Foundation Capitsl Fund 128,503 1.960,727 186,152) (248,416) 42,351 1,712.311 2,089,230 {334,568) 1,754,662 TOTAL FUNDS 2,089,230 {334,568) 1,754.662 Page 10 continued...
LUCY PRICE REUEF IN NEED CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 December 2023 MOVEMENT IN FUNDS- continued Comparative net movem8nt in fvjnds, induded in the above aro as follows: Incoming resources Resources expended Gains and losses Movement in funds Restrfcted funds Accumulated Income Fund Foundation Capital Fund 796 29,926 {86,948) (86,152) (248,416) 1278,342) 30,722 {86,9481 (278,342) {334,568) TOTAL FUNDS 30,722 (86,9481 (278,342) 1334,5681 A (XJent year 12 months and prior year 12 months combined posibon is as follows.. Net movement in funds Transfers between funds At 31.12.23 At 1.1.22 Restricted funds Accumulated Income Fund Foundation Capital Fund 128,503 1,960,727 (118.7791 (136,5221 40,000 140,000) 49.724 1,784,205 2,089.230 {255,301) 1.833,929 TOTAL FUNDS 2,089,230 (255,301) 1,833,929 A current year 12 months and prior year 12 months combined net movement in funds. induded in the above are as follow5.. Incoming reSoUrS Resources expended Gains and losses Movement in funds Restricted funds Accumulated Income Fund Foundation Capital Fund 8,656 57,260 (127,435) (118.779) (136.522) 1193,782) 65.916 (127,435) {193,782) (255.301 } TOTAL FUNDS 65.916 (127.4351 (193,782) 1255,3011 Page11 continued...
LUCY PRICE REUEF IN NEED CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2023 10. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023. 11. COMMITMENTS AT 31ST DECEMBER 2023 A number of grants made by the Trustees relate to students attending University or College. While such grants are normally approved on an 'academic yeart basis they are paid by three equal instslments on a em)If basis. No provision has been made in these financial statements for Spring and Summer Term instalments payable in 2024, which are well covered by unallocated and subsequent Charity income. Page 12
LUCY PRICE RELIEF IN NEED CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Donations 7,860 796 Investment income Dividends from fixed asset investments Interest receivable Investment income 10,466 16,869 (1) 14,208 15,718 29.926 Total incoming resources 35,194 30,722 EXPENDrruRE Charitable activities Grants to individuals 34,946 39,285 Support costs Management Sundries 293 42,893 Finance Clerk's honorarium 4,075 3,750 Governance costs Independent Examiner's fee 1,173 1,020 Total resources expended 40,487 86,948 Net expendlture before galns and losses (5,293) 156,2261 Reallsed recognised galns and losses Realised gainslllosses) on fixed asset investments 2,536 Net expenditure (2,757) (56,226) This page does not form part of the statutory financial statements Page 13