OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Lsa Charitable Trust

2025-03-31-accounts

LSA CHARITABLE TRUST

Registered charity number: 803671

TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

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 (resigned 25 April 2025)
Charity Registration Number 803671
Principal Address Farrer & Co
66 Lincoln's Inn Fields
London
WC2A 3LH
Independent Examiner Kelly Davies FCCA
Westcotts (SW) LLP
Chartered Accountants
7 Castle Street
Bridgwater
Somerset
TA6 3DD

1

LSA CHARITABLE TRUST

CHAIRMAN'S REVIEW

I enjoyed hearing from current Fellows and alumni about their work and interests at the 2025 Fellowship Day in Warwick, hosted by Prof Rosemary Collier. It is when I hear of the challenges they face day to day in sustaining crop productivity, and the enthusiasm and intelligence with which they overcome those challenges, that I can see the value of the Fellowship. It was particularly thought‐provoking to hear from a rose‐grower, working with a nine year rotation on a plot of land and needing to know how other tenants had treated their own crop on the same land in the intervening years ‐ a chain of custody of our precious soil, which ought to bring together people whose interests could more productively be shared.

We receive occasional requests from Fellows for their grant to be used in new ways, and we find ourselves perpetually refining our policies and guidance for them to optimise their experience in the scheme overall. We heard about a Fellow who used part of their grant, supplemented with an RHS Bursary, to visit growers in New Zealand. The buzz of her excitement in bringing antipodean ideas back to the UK was palpable.

Martin Emmett and Libby Rowland have continued to lead for Trustees on the oversight and development of the scheme. In 2025, Libby has moved away from the Trustee Board itself to take on the role of Fellowship Champion: a step forward for the scheme in putting down deep roots for its future. For the British Growers Association, Holly Jones has played a prominent role ensuring that the scheme runs smoothly day to day, and providing the primary point of contact and guidance for Fellows.

The Fellowship has supported 48 young professionals to date, with eight participants in each annual cohort, and we are impressed with the ever higher quality of candidates amongst whom we must choose.

Sadly, our last beneficiaries supported through our Poverty Alleviation objective ‐ past LSA tenants and their dependents ‐ have passed away, and we are grateful to RABI in their management of the scheme over the years. Trustees are now looking to the future, to explore new ways to serve our interests supporting those from the production horticulture worldi n financial distress, and particularly through partnership.

I remain, as ever, grateful for the diligence of my fellow Trustees. As we look ahead, our own succession planning will be a focus, and particularly to ensure that the Trustees can keep a finger on the pulse of the wonderful sector that we support.

Simon Thornton‐Wood

2

LSA CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their report and accounts for the year ended 31 March 2025.

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 six trustees who manage the charity. The trustees met four times in the year.

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 £2,461 (2024: £11,905) together with realised and unrealised gains/(losses) on investments on the unrestricted funds of £(35,997) (2024: £125,835). 31 March 2025 investment values were materially impacted by the temporary effect on markets of the President of the USA's 'liberation day' tariff announcements and recovered thereafter; at 30 June the investment value was £1,577,130.

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 2025

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. Funds are invested in the Rathbones Asset Management Core Investment Fund for Charities and drawn down for fees and working capital required from time to time.

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 …................... and signed on their behalf by

Simon Thornton‐Wood Chairman

4

LSA CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Note
INCOME
Investments
2
Total Income
EXPENDITURE
Expenditure on
Charitable activities
3
Support costs
4
Total expenditure
Net (losses)/gains on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
Net expenditure and net movement in
funds before (losses)/gains on investments
Income from		 General fund
£
42,075
42,075
32,999
11,537
44,536
(2,461)
(35,997)
(38,458)
1,585,343
Unrestricted Funds
1,546,885		 2025
Total
£
42,075		 2024
Total
£
33,626
42,075 33,626
32,999
11,537		 35,406
10,125
44,536 45,531
(2,461)
(35,997)		 (11,905)
125,835
(38,458)
1,585,343		 113,930
1,471,413
1,546,885 1,585,343

5

LSA CHARITABLE TRUST

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Investments
5
Current assets
Cash at bank and with brokers
Accruals
Grants committment provision
6
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted funds:
General funds
Total funds
7		 £
53,572		 2025
£
1,539,391
7,494
1,546,885
1,546,885
1,546,885		 £
55,013		 2024
£
1,578,812
6,531
4,975
41,103		 10,696
37,786
46,078 48,482
1,585,343
1,585,343
1,585,343

The financial statements were approved by the Trustees and authorised for issue on …................... 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 2025

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
£
42,075
‐
42,075		 Total
Total
2025
2024
£
£
42,075
32,686
‐
940
42,075
33,626

7

LSA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3 Grant expenditure

Grant expenditure
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		 Unrestricted
funds
£
32,999
32,999		 Total
Total
2025
2024
£
£
32,999
35,406
32,999
35,406
2025
2024
£
£
15,149
17,455
96
110
1,147
2,137
13,865
13,434
30,257
33,136
Grants to Individuals (for relief of poverty)
Paid via RABI
Total
Support costs
Investment manager fees
Administration costs
Insurance
Trustees expenses
Independent Examiners' fee		 Unrestricted
funds
£
3,840
5,287
279
697
1,434
2,742
2,270
32,999
35,406
Total
Total
2025
2024
£
£
3,840
3,637
5,287
4,985
279
‐
697
117
1,434
1,386
11,537 11,537
10,125

4 Support costs

There were no employees during the year (2024: nil).

Four (2023: one) trustee was reimbursed during the year for travel and subsistence costs relating to meetings, and totalling £697 (2024: £117). There were no other payments to Trustees or to other related parties.

8

LSA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5
Investments
Cost or valuation
At beginning of year
Additions
Disposal proceeds
Revaluations
At end of year
Other investments ‐ unlisted
6
Creditors: amounts falling due within one year
Accruals
Grants committment provision
7
Analysis of fund balances
At beginning
of year
£
Unrestricted funds
General fund
1,585,343
Total Unrestricted Funds
1,585,343		 Income
£
42,075
42,075		 Listed
investments
£
1,578,811
‐
(3,424)
(35,997)
1,539,390
Expenditure
£
(44,536)
(44,536)		 Total
Total
2025
2024
£
£
1,578,811
1,204,486
‐
1,466,525
(3,424)
(1,218,035)
(35,997)
125,835
1,539,390
1,578,811
1
1
Total
Total
2025
2024
£
£
4,975
10,696
41,103
37,786
46,078
48,482
Investment
At end
gains
of year
£
£
(35,997)
1,546,885
(35,997)
1,546,885

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 2025 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.

Kelly Davies FCCA

Westcotts

Chartered Accountants

7 Castle Street

Bridgwater

Somerset

TA6 3DD

10