## **The Langton Trust Unaudited** **Annual report and accounts for the year end** **5 April 2022** **Registered Charity No: 801386** Page 1 ## **THE LANGTON TRUST** ## **REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022** |**CONTENTS**||**Pages**| |---|---|---| |Legal and Administrative Information||2| |Report of the trustees||3-4| |Independent Examiner’s report||5| |Receipts and payments account||6| |Statement|of assets and liabilities|7| |**Notes**||| |1.|Accounting policies|8| |2.|Investment income|9| |3.|Taxation|9| |4.|Grants paid|9| |5.|Expenditure|9| |6.|Fixed assets - Quoted Investments|9| |7.|Fixed Assets - Investment Property|10| |8.|Employee information|10| |9.|Related party transactions|10| Page 2 ## **THE LANGTON TRUST** ## **ANNUAL REPORT AND ACCOUNTS** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Name and registered number** The charity is known as The Langton Trust and its **of charity** registration number is 801386 **Status** The charity was established by a Charitable Trust Deed dated 28 March 1989. Its objects are described in the Managing Trustees’ Report on page 3 and 4. **Principal address** c/o Evelyn Partners LLP Onslow House Onslow Street Guildford, Surrey GU1 4TL **Trustees** Michael Wates Caroline Wates James Garwood Michael Wates **Accountants** Evelyn Partners LLP Onslow House Onslow Street, Guildford, Surrey GU1 4TL **Independent Examiner** Susan Kumar ACA Holden Granat LLP Springfield House, 23 Oatlands Drive Weybridge Surrey KT13 9LZ **Investment Managers** Evelyn Partners Investment Management Onslow House Onslow Street Guildford Surrey GU1 4TL **Solicitors** Boodle Hatfield 6 Worcester Street Oxford OX1 2BX Page 3 ## **THE LANGTON TRUST** ## **ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022** ## **TRUSTEES’ REPORT** The Managing Trustees present their report along with the accounts for the year ended 5 April 2022. ## **Objects** The Trust’s objectives are the relief of poverty, the provision of education, and assistance to religious, medical and other charitable organisations. Grants are only made to registered charities. ## **Governance** The Langton Trust (charity number 801386) was established by Mr M E Wates on 28 March 1989 and was registered as a charity under Section 4 of the Charities Act 1960. The power to appoint new, or additional trustees, vests in the settlor during his lifetime. The Trustees who served during the year were: Michael Wates Caroline Wates James Garwood Michael Wates ## **Principal address** Onslow House, Onslow Street, Guildford, Surrey GU1 4TL ## **Objectives and Activities** The Trust generates funds through income from its investment property, its investment portfolio and cash held. Donations were made during the year from an account with Charities Aid Foundation funded by the Trust in earlier years. ## **Risk Management** The Trustees consider that they hold adequate funds to meet current liabilities. The Trustees have identified and examined the major risks to which the charity is exposed, and have established procedures for taking all reasonable steps to lessen or mitigate them. The Trustees review these risk management procedures annually. ## **Reserves Policy** The Trustees have determined that the large gifts made by Mr M E Wates to the Trust, including taxation recovery, totalling £839,781 should be retained as a permanent endowment. The unexpended net income generated from these funds is available for future donations. The permanent endowment fund balance at year end was £1,489,341, including unrealised gains on investments. The Trustees consider that it is appropriate to carry unrestricted reserves equal to one year’s expenditure. Investments The Trustees have taken the a¢fvice of their Investment Managers regarding the investment of funds. InVestn￿rtt FM)licies and performances are reviewed at TNstees' meetings. Publlc Benefit Requirement The Trustees have given due considerntion to Charity Comrnission's published guidance on the operation of the wblic benefit requTrement. Financlal review Donations and investment income generated incorning reswrces of £28,028 {2021: £29,864). At 5 April 2022 the Endowment Fund amounted to £1.489,341 12021: £1,440,309) which included realised and unrealTsed gains on listed investments of £58,579 during the year 12021: gains of C307,1621. Unrestricte(I funds of £124.248 12021: £96.364) are available to fund future trust expenditure and donations. Trustees. Responsibilities Statement The trustees are responsTble for preparing the Tnjstees. Report and the accounts in accordance with applicable law and regulations. The law applicable to charities in EnglaTrJ and Wale5 requires the trustees to prepare acccHJnts for each financial year in accordance wth United Kingdom Generally Accepted Accounting Practice (United Kingdom AccountTng Standards and applicable regulations). In preparing these accounts, the trustees are required to: select suitable accounting pjlicies and then apply them con51Stently" make judgements and accounting estimates that are reasonable and prudent. and state whether applicable accounting starKlards have been followed, subjert to any material departures disc105ed and explained in the accounts: The trustees are responsible for keeping adequate accounting records which are Sufficient to show and explain the charity's transactions and disclose wth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities {Accounts and Reports) Regulations 2￿8 and the provisions of the trust deed. They are also reswnsible for safeguarding the assets of the charity and hence for taking reasonable steps for the Preventi￿ and detection of fraud and other irregularities. Approved by the Board of Trus ees of The Langton Trust on 26 April 2023 and signed on its behalf by Michael Wates. Trustee. Page 5 ## **THE LANGTON TRUST** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE LANGTON TRUST** I report on the accounts of The Langton Trust for the year ended 5 April 2022, which comprise the Statement of Assets and Liabilities, Receipts and Payments account, and the related notes 1 to 9. ## **Respective responsibilities of trustees and examiner** As the charity’s trustees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act, follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act, and state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the 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 you as 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 matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. **Susan Kumar ACA** Springfield House **Holden Granat LLP** 23 Oatlands Drive Weybridge Surrey KT13 9LZ Date: 26 April 2023 Page 6 ## **THE LANGTON TRUST** ## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022** |**Notes Endowment Unrestricted**
**fund**
**funds**
**£**
**£**
**Receipts**
Investment income
2
-
28,027
Investment transactions (net) - -
**Total Receipts**
-
28,027

**Payments**
Grants paid 4
-
-
Investment management costs
9,548
-
LEI fee - 144
Charitable expenditure 5
-
-
Investment transactions (net) 11,151 -
20,699
144
**Net receipts/(payments) for the year**
(20,699)
27,883
**Bank account balances**
**at 5 April 2021**
(74,533)
96,364
_
**Bank account balances**
**at 5 April 2022**
(95,232)
124,247|**Total**
**2022**
**£**
28,027
-
28,027
-
9,548
144
-
11,151
20,843
7,184
21,831
29,015|| |---|---|---| THE LANGTON TRUST STATEMEirr OF ASSEfs AND LIABILMES FOR THE YEAR ENDED 5 APRIL 2022 Notes Endowment Unre5trfcted fund funds Total 2022 Total 2021 Investment Assets Investments Investment property 1,384,573 200,(KKJ 1.384,573 200,0(KI 1,314,842 200,OCKi 1.584,573 1,584,573 1.514,842 Monetary Assets Cash and bank balances Evelyn Partners - Dividend Account Evelyn Partners - Deposit Account 924 123,323 924 28,091 893 20,938 {95.232) (95,232) 124,247 29,015 21,831 TOTAL ASSErs 1.489.341 124.247 1.613,588 1.536.673 Current Ilabllities Independent examiner Accountancy Investment management fees (1,9201 {7,950) 11,9201 {7,9501 12,4231 (9601 {3.348) 12,284) {2,423) (2,423) {8,910) 111,3331 {6,592) Approved by the Board of Trustees and signed on its behalf by Michael Wates, as Trustee. 26 April 2023 The notes on pages 8 to 10 fo part of these accounts. Page 8 ## **THE LANGTON TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022** ## **1. Accounting Policies** ## 1.1 **Basis of Accounting** The accounts have been prepared on a receipts and payments basis and in accordance with applicable accounting standards. ## 1.2 **Incoming resources** Income is accounted for on a cash received basis in these accounts. Any associated income tax recovery is recognised as income when received. ## 1.3 **Resources expended** Grant payments are recognised in the year of payment. Costs have been allocated based on actual fees incurred. No apportionment between charitable activity is required. ## 1.4 **Funds** The Trust has a permanent endowment fund arising from donations made by Mr M E Wates. The unexpended net investment income on this fund is available to cover unrestricted expenditure. Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. ## 1.5 **Investments** Listed investments have been valued at market value as at the year end. All movements are shown in note 6. ## 1.6 **Tangible fixed assets** Tangible fixed assets represent an investment property donated to the Trust by the settlor in March 2009. The property is included in the accounts at open market value at 5 April 2012. Depreciation is not provided on investment properties. ## 1.7 **Irrecoverable VAT** Irrecoverable VAT is charged against the category of expenditure for which it was incurred. Page 9 ## **THE LANGTON TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022** ## **2. Investment income** |Investment Dividends
Investment Interest
Deposit interest
Income tax repayment
Rental profit|**Total**
**2022**
**£**
12,522
5,262
-
-
10,243
28,027|**Total**
**2021**
**£**
12,915
6,582
-
-
10,367
29,864| |---|---|---| ## **3** . **Taxation** As a charity, the Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. ## **4. Grants paid** |Charities Aid Foundation
**5**.**Expenditure**
Charitable expenditure:
Accountancy
Independent examiner

**6**.**Fixed assets - Quoted Investments**
Investments:
At 6 April 2021
Additions
Disposals
Realised gains/(losses)
Unrealised gains/(losses)

At 5 April 2022|**Total**
**Total**
**2022**
**2021**
**£**
**£**
-
110,000
- 110,000
**Total**
**Total**
**2022**
**2021**
**£**
**£**
-
8,160
- 960
-
9,120
**2022**
**2021**
**£**
**£**
1,314,842
1,070,225
585,798
147,682
(574,646)
(210,227)
174,501
25,984
(115,922)
281,178
1,384,573
1,314,842| |---|---| Page 10 ## **THE LANGTON TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022** ## **7** . **Fixed assets – Investment Property** |7 Cobham Road, Blandford Forum DT11 7YB
Valuation as at 6 April 2021
Revaluation in the year
Valuation as at 5 April 2022|£
200,000
-
200,000| |---|---| The investment property is held at the trustees’ estimate of open market value as at 5 April 2012. The property has not been revalued at 5 April 2022. The historic cost of the investment property was £184,500, being the transfer value at date of gift in March 2009. ## **8. Employee information** There were no employees of the Charity in the year ended 5 April 2022 (2021: £nil). ## **9. Related party transactions and Trustees’ remuneration** No expenses were reimbursed to any of the Trustees during the year ended 5 April 2022 (2021: £nil). None of the Trustees received any remuneration during the year ended 5 April 2022 (2021: £nil).