s&w The Langton Trust Unaudited Annual report and accounts for the year end 5 April 2023 Reglstered Charlty No: 801386 THE LANGTON TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 CONTENTS Pago5 Legal and Administrative Information Report of the trustees Independent Examiner's report Receipts and payments account Statement of assets and liabilities Notes Accounting policies Investment income Taxation Grants paid Expenditure Fixed assets - Quoted Investments Fixed Assets - Investment Prt¥)erty Employee information Related party transactions 10 10 10 THE LANGTON TRUST ANNUAL REPORT ANDAccouKrs LEGAL AND ADMINISTRATIVE INFORMATION Namo and règistered numbor of charity The charity is known as The Langton Trust and its registration number is 801386 Status The charity was established by a Charitable Trust Deed dated 28 March1989. Its objects are described in the Managing Trustees. Report on page 3 and 4. Principal address clo S&W Partners LLP Onslow House Onslow Street Guildford. Surrey GUI 4TL Trustees Michael Wates Caroline Wates James Garwood Michael Wates Aceountants S&W Partners LLP Onslow House Onslow Street. Guildford. Surrey GUI 4TL Independent Examlner 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 GU14TL Solicitors Boodle Hatfield 6 Worcester Street Oxford OXI 2BX Pa THE LANGTON TRUST ANNUAL REPORT AND Accoupifs FOR THE YEAR ENDED 5 APRIL 2023 TRUSTEES. REPORT The Managing Trustees present their report along with the accounts for the year ended 5 April 2023. Objects The Trust's objectives are the relief ot poverty. the provision of education. and assistance to religious, medical and other charitable organisations. Grants are only made to registered charities. Govarnance 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 Act1960. The power to appoint new, or additional trustees. vests in the settlor during his lifetime. The Trustees who served during the year wertr. Michael Wates Caroline Wates James Garwood Michael Wates Prlnclpal address Onslow House. Onslow Street. Guildford. Surrey GU14TL Objectlves and Actlvttl•s The Trust generates funds through income from its investment property. its investment porttolio and cash held. Donations were made during the year from an account with Charities Aid Foundation funded by the Trust in earlier years. Risk Managemont 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 Poil¢y The Trustees have determined that the large gifts made by Mr M E Wates to the Trust, including taxation recovery. totalling £949,781 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 £1.294,036, including unrealised gains on investments. The Trustees consider that it is appropriate to carry unrestricted reserves equal to one yearfs expenditure. Investments The Trustees have taken the advice of their Investment Managers regarding the investment of funds. Investment policies and performances are reviewed at Trustees, meetings. Publlc Bonoflt Requlrément The Trustees have given due consideration to Charity Commission's published guidance on the operation of the public benefit requirement. Flnancial rgvlew Donations and investment income generated incoming resources of £25.99912022: £28,028), At 5 April 2023 the Endowment Fund amounted to£l.294.036 (2022: £1.489.3411 which included realised and unrealised gains on listed investments of £(105.214) during the year12022: gains of £58,579). Unrestricted funds of £114,90412022. £124.248) are available to fund future trust expenditure and donations. Trustees, Responslbllitles Statement The trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustee5 to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). In preparing these accounts. the trustees are required t select suitable accounting policies ar￿ then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; and state whether applicable accounting standards have been followed. subject to any material departures disclosed 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 with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Att 2011. the Charities IAecounts and Reports) Regulations 2008 and the provistons of the trust deed. 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. Approved by the Board of Trustees of The Langton Trust on and signed on its behalf by Michael Wates. Trustee. THE LANGTON TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LANGTON TRUST I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2023 which are set out on pages 6 to10. Rèsponsib4(ities and basis of roport As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act,). I report in respect of my examination of the charitrfs accounts carried out under section145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ibl of the Act. Indèpendènt èxamlner's statemnt I have completed my examination. I confirm that no material Matters have come to my attention in connection with the exarnination giving me cause to believe that in any material respect". accounting records were not kept in respect of the charity as required by section130 of the Act,. or 2 the accounts do not accord with those record& 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. Signed: Susan Kumar ACA Holden Granat LLP Springfield House 23 Oatlands Drive Weybridge Surrey KT13 9LZ Date: 10 lune 2025 THE LANGTON TRUST RECEIPTS AND PAYMENTS AccouKf FOR THE YEAR ENDED 5 APRIL 2023 Notos Endovmient Unrestricted fund funds Totsl 2023 Total 2022 Receipts Investment income Investment transactions {netl Total Recelpts 25.999 25.999 28.027 79,674 25.999 105.673 28,027 79.674 79,674 Payments Grants paid Investment management costs LEI fee Charitable expenditure Investment transactions (net) 110.000 110.000 9,273 9.273 9,548 144 6.162 6,162 11,151 .843 15.43 110.00 125,43 Net re¢elptJl(payments) for Ihe y 64.239 184.Th)11 (19.762) 7.184 Bank account balaneos at 5 Aprll 2022 Bank account balances at 5 Aprll 2023 195,23W 124.247 29,015 21,831 (30,993) 40.246 9,253 29,015 THE LANGTON TRUST STATEMENT OF ASSEfs AND LIABILITIES FOR THE YEAR ENDED 5 APRIL 2023 Notos Endowment Unrestricted fund funds Total 2023 Total 2022 Investment Assets Investments Investment property 1.199.687 200,000 1.199.687 1,384.573 200,000 200.000 1.399.687 1.399.687 1,584.573 Monotary As$8t8 Cash and bank balances Evelyn Partners- Dividend Account Evelyn Partners - Deposit Account 1.182 39.064 1.182 8.071 924 28.091 (30.9931 (30.9931 40,246 9.253 29.015 TOTAL ASSETS 1.368.694 40,246 1,408.940 1.613,588 Current liabilitle$ Independent examiner Accountancy Investment management fees 1960) (960) (4.290) (4,290) 12.126) 11,920) 17,9501 (2.423) 11.333 (2.126) Approved by the Board of Trustees and signed on its behalf by Michael Wates. as Trustee. The notes on pages 8 to10form part of these accounts. THE LANGTON TrUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 1. Accountlng Poll¢los Basls of A¢¢ounting The accounts have been prepared on a receipts and payments basis arbd in accordance with applicable accounting standards. Incomlng resources Income is accounted for on a cash received basis in these accounts Any associated income tax recovery is recognised as income when received. R¢sour¢es oxpondad Grant payments are recognised in the year of payment. Costs have been allocated based on actual fees incurred. No apportionment between charitable activity Fs required. Fund8 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. Investments Listed investments have been valued at market value as at the year end. All movements are shown in note 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. Irreeoverable VAT Irrecoverable VAT is charged against the category ot expenditure for which it was incurred, Pa THE LANGTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 2. Investment Income Total 2023 Total 2022 Investment Dividends Investment Interest Deposit interest Rental profit 13,457 4.424 258 7.860 12.522 5.262 10,243 25.999 28,027 3. Taxatlon As a charity. the Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act1988 or section 256 of the Taxation of Chargeable Gains A¢t1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. Grants paid Total 2023 Total 2022 Charities Aid Foundation iio.000 110.000 5. Expenditure Total 2023 Total 2022 Charitable expenditure: Accountancy Independent examiner 4.050 2.112 6.162 6. Fixèd as$ots- Quoted Investments 2023 2022 Investments: At 6 April 2022 Additions Disposals Realised gainslllossesl Unrealised gainslllosses) At 5 April 2023 1.384.573 1,314,842 433.861 585,798 1513.533) 1574.6461 112.345 174,501 217 559 115 922 1.199.687 1,384,573 e10 THE LANGTON TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 7. Flxed assets - Investment Proporty 7 Cobham Road. Blandford Forum DT117YB Valuation as at 6 April 2022 200.000 Revaluation in the year Valuation as at 5 April 2023 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 2023. The historic cost of the investment property was £184,500, being the transfer value at date of gift in March 2009. 8. Employee Infomiath)n There were no employees of the Charity in the year ended 5 April 2023 (2022. nil). 9. Relat￿ party transaetions and Trustees. remuneratlon No expenses were reimbursed to any of the Trustees during the year ended 5 April 2023 12022: nill. None of the Trustees received any remuneration during the year ended 5 April 202312022- nill.