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2024-03-31-accounts

LSA CHARITABLE TRUST

Registered charity number: 803671

TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

LSA CHARITABLE TRUST

CONTENTS

Page
Charity information 1
Chairman's review 2
Trustees' report 3 to 4
Statement of Financial Activities 5
Balance sheet 6
Notes to the financial statements 7 to 9
Independent Examiner's report 10

LSA CHARITABLE TRUST

CHARITY INFORMATION

Chairman Simon Thornton‐Wood
Trustees
Paul Hadley
Simon Thornton‐Wood
Martin Emmett
Alex Spofforth FCA
Adrian Parkhouse
Libby Rowland
Charity Registration Number 803671
Principal Address Farrer & Co
66 Lincoln's Inn Fields
London
WC2A 3LH
Independent Examiner Tara Bell CTA ATT (Fellow)
Westcotts (SW) LLP
Chartered Accountants
7 Castle Street
Bridgwater
Somerset
TA6 3DT

1

LSA CHARITABLE TRUST

CHAIRMAN'S REVIEW

It has been gratifying over the past year to hear from other Trusts and Foundations, working in closely‐related areas, how much they admire the Fellowship scheme that we have nurtured in recent years. It's an indication for me of the maturing of the scheme and speaks to the remarkable work of our growing alumni community. Opportunities for collaboration have been developing more recently, which we pursue with interest, but with particular regard for its integrity.

The Fellowship is in its seventh year and has supported 40 young professionals to date. We have been able to expand the scheme from six to eight participants in a cohort, and we are impressed with the ever higher quality of candidates amongst whom we must choose.

I am particularly grateful to Martin Emmett and Libby Rowland who continue to lead for the Trustee Board on the oversight and development of the scheme, notwithstanding the busy professional lives that both enjoy. The British Growers Association deliver the programme on our behalf, and this has been a year of change, with the departure of Coral Clark, who has been the prominent point of contact for Fellows from the conception of the scheme, and Holly Jones, who had taken on the role from Coral for a period.

We sustain a small but undimmed commitment to the remaining beneficiaries under our poverty alleviation objectives, managed by RABI.

I remain, as ever, grateful for the diligence of my fellow Trustees. We have enjoyed a good first year with our new investment managers, Rathbones, led by Alex Spofforth, and David Fox continues to provide energetic management of our affairs. My thanks to them both.

Simon Thornton‐Wood

2

LSA CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report and accounts for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the governing document, statutory requirements and the Statement of Recommended Practice: Accounting and Reporting by Charities 2015 (SORP).

Structure, Governance and Management

The charity is organised so that the Trustees meet and communicate as necessary by email, to manage its affairs. There are currently five trustees who manage the charity. The trustees met four times in the year, online.

In selecting individuals for appointment as Trustees regard is had to the skills, knowledge and experience needed for the effective administration of the charity. New trustees are shown the trust deed and latest report and accounts, and apprised of the application of the charitable objectives set, and of the essential duties of a Trustee. This includes an annual evaluation of risks facing the Trust in pursuit of its charitable objectives.

Risk Management

The Trustees have informally assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate the exposure to major risks.

Objectives

The trust is constituted by a Trust Deed of 19 May 1989 for, first, the advancement of education in the field of horticulture and agriculture, and second, the relief of poverty of former members, employees and tenants of the Land Settlement Association Limited.

These objectives were met through the activities set out in the Achievements and performance note below.

Grant Making Policy

Grant applications are considered by the Trustees and grants are given to deserving cases consistent with the charity's objectives.

Statement of Public Benefit

We have reviewed the Trust’s objectives in accordance with the Charities Commission guidance on public benefit, when reviewing the charity's aims and in planning future activities. The trust is a public benefit entity as defined by FRS 102.

Financial Review

The Statement of Financial Activities is shown on page 5. There was a net deficit of £11,905 (2023: £54,685, together with realised and unrealised gains/(losses) on investments on the unrestricted funds of £125,835 (2023: £(79,368) ).

The Trustees confirm that the charity’s assets are available and adequate to fulfil its financial obligations.

3

LSA CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

Grants to assist individuals continued to be assisted by the services of The Royal Agricultural Benevolent Institution.

Investment Policy and Performance

There are no restrictions on the charity's investment powers. The investment strategy is set by the Trustees after consultation with their investment advisors, Rathbones, and balances the need for income against capital growth and maintenance. As less income was required during the year, the investment strategy was to rebuild income and capital generation whilst re‐balancing the portfolio to react to changing market conditions in a resilient fashion. This has been helped by our move to Rathbones at the beginning of the year.

Reserves Policy

Whilst the need for certain specific reserves are identified in the accounts, the balance representing the general fund is retained on the basis of working capital being required in order to allow the charity to fund future activities in furtherance of its charitable objects. The reserves were initiated as an expendable endowment.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and UK Generally Accepted Accounting Principles.

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to:

‐ select suitable accounting policies and then apply them consistently;

‐ observe the methods and principles in the Charities SORP;

‐ make judgements and estimates that are reasonable and prudent;

‐ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and

‐ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

This report was approved by the Trustees on 18 September 2024 and signed on their behalf by

Simon Thornton‐Wood Chairman

4

LSA CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME
Investments
2
Total Income
EXPENDITURE
Expenditure on
Charitable activities
3
Support costs
4
Total expenditure
Net gains/(losses) on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
Net expenditure and net movement in
funds before gains/(losses) on investments
Income from		 General fund
£
33,626
33,626
35,406
10,125
45,531
(11,905)
125,835
113,930
1,471,413
Unrestricted Funds
1,585,343		 2024
Total
£
33,626		 2023
Total
£
38,923
33,626 38,923
35,406
10,125		 66,033
27,575
45,531 93,608
(11,905)
125,835		 (54,685)
(79,368)
113,930
1,471,413		 (134,053)
1,605,466
1,585,343 1,471,413

5

LSA CHARITABLE TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Investments
5
Current assets
Cash at bank and with brokers
Creditors: amounts falling due within one
year
Accruals
Grants committment provision
6
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted funds:
General funds
Total funds
7		 £
55,013		 2024

£
1,578,812
6,531
1,585,343
1,585,343
1,585,343		 £
314,218		 2023
£
1,204,487
266,926
55,013 314,218
10,696
37,786		 6,859
40,433
48,482 47,292
1,471,413
1,471,413
1,471,413

The financial statements were approved by the Trustees and authorised for issue on 18 September 2024 and signed on behalf of the Trustees by

Simon Thornton‐Wood Trustee

6

LSA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Principal accounting policies

Basis of accounting

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement 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 (FRS102) and the Financial Reporting Standard applicable in the UK. The financial statements are prepared in sterling, which is the functional currency of the trust.

Incoming resources

Income to the charity is recognised when the receipt is considered probable to occur.

Resources expended

Expenses and grants payable are recognised in the accounts when they are committed to by the charity.

Investments

Investments are stated at market value. Realised and unrealised gains and losses on investments are recognised within the Statement of Financial Activities. Dividend income is credited to income on an accruals basis, using the date of payment of the dividend.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short term, highly liquid investments.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts supported. These estimates and judgements are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Reserves

The charity holds reserves in order to fund future charitable activities and grants in furtherance of the charitable objectives.

2 Investment income

Income from listed investments
Interest receivable on cash deposits		 Unrestricted
funds
£
32,686
940
33,626		 Total
Total
2024
2023
£
£
32,686
38,507
940
416
33,626
38,923

7

LSA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

3 Grants made

Grants made
Charitable Grants
Grants to Institutions (for advancement of education)
Fellowship grants
Fellowship interview costs
Fellowship general costs
British Growers as administrators of the LSA Fellowship Scheme
Grants to Individuals (for relief of poverty)
Paid via RABI
Total
Support costs
Investment manager fees
Administration costs
Trustees expenses
Independent Examiners' fee		 Unrestricted
funds
£
35,406
35,406
Unrestricted
funds
£
3,637
4,985
117
1,386		 Total
Total
2024
2023
£
£
35,406
66,033
35,406
66,033
2024
2023
£
£
17,455
49,343
110
607
2,137
2,744
13,434
9,975
33,136
62,669
2,270
3,364
35,406
66,033
Total
Total
2024
2023
£
£
3,637
14,676
4,985
11,328
117
251
1,386
1,320
10,125 10,125
27,575

4 Support costs

There were no employees during the year (2023: nil).

One (2023: one) trustee was reimbursed during the year for travel and subsistence costs relating to meetings, and totalling £117 (2023: £251). There were no other payments to Trustees or to other related parties.

5 Investments

Cost or valuation
At beginning of year
Additions
Disposal proceeds
Revaluations
At end of year
Other investments ‐ unlisted		 Listed
investments
£
1,204,486
1,466,525
(1,218,035)
125,835
1,578,811		 Total
Total
2024
2023
£
£
1,204,486
1,461,810
1,466,525
167,690
(1,218,035)
(345,646)
125,835
(79,368)
1,578,811
1,204,486
1
1

8

LSA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6 Creditors: amounts falling due within one year
Creditors: amounts falling due within one year
Accruals
Grants committment provision		 Total
Total
2024
2023
£
£
10,696
6,859
37,786
40,433
48,482
47,292

7 Analysis of fund balances

Unrestricted funds
General fund
Total Unrestricted Funds		 At beginning
of year
£
1,471,413
1,471,413		 Income
£
33,626
33,626		 Expenditure
£
(45,531)
(45,531)		 Investment
At end
gains
of year
£
£
125,835
1,585,343
125,835
1,585,343

8 Registered charity

The charity is registered in England (No. 803671) and as such is not liable to tax.

9

LSA CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

Independent examiner's report to the trustees on the unaudited accounts of LSA Charitable Trust

I report on the accounts for the year ended 31 March 2024 set out on pages 5 to 9.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.

The charity's gross income exceeded £25,000 but was less than £250,000 and I am qualified to undertake the examination by being a member of the Institute of Chartered Accountants in England and Wales.

It is my responsibility to

Basis of independent examiner’s statement

My examination was carried out in accordance with 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 the 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:

‐ to keep accounting records in accordance with section 130 of the 2011 Act; and

‐ to prepare financial statements which accord with the accounting records and to 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 financial statements to be reached.

Tara Bell CTA ATT (Fellow)

Westcotts

Chartered Accountants 7 Castle Street

Bridgwater

Somerset TA6 3DT

19 October 2024

10