The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's rules, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
The trust's objective is to advance education in Lancashire to relieve poverty and unemployment. The policies adopted in furtherance of these objects, and the activities undertaken, are to obtain funding and to provide education in personal finance and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. The public benefit of providing education in personal finance is to avoid debt and poverty in the area.
The remaining unrestricted funds of the trust were disbursed in accordance with the trust's objectives.
During the year the trust received income of £Nil (2023: £Nil). The charity expenditure was £Nil (2023: £12) and was used in the furtherance of the trust's objectives. The total funds as at 31 March 2023 was £Nil (2023: £Nil).
The trustees consider that there is no need to maintain a level of reserves as the trust has no fixed costs to cover. The trust currently has reserves of £Nil (2023: £Nil). No future fixed costs are anticipated. The trust will only incur costs should future funding be obtained for discrete project-based activities. The trust will then aim to only incur costs up to the level of funding in achieving its objectives.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trust is a company limited by guarantee. The trust is also governed by a trust deed. The trust is registered with the Charity Commission as 'Lancashire Community Finance Trust Limited' with number 1106165. The registered office address is 4 Fleet Street, Preston PR1 2UT.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
P Donoghue
G Waterfield
V Drummond
R Stringfellow
The trustees are recruited from local organisations related to the objectives of the trust. They are appointed with the agreement of existing trustees. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of winding up.
The trustees, who are also the directors of Lancashire Community Finance Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law 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 trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these 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 UK 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 trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lancashire Community Finance Trust Limited for the year ended 31 March 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lancashire Community Finance Trust Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lancashire Community Finance Trust Limited and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Lancashire Community Finance Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Lancashire Community Finance Trust Limited. You consider that Lancashire Community Finance Trust Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Lancashire Community Finance Trust Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
All income and expenditure in the year were unrestricted
Lancashire Community Finance Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Fleet Street, Preston, PR1 2UT.
The financial statements have been prepared in accordance with the trust's rules, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Grants are credited to the income and expenditure statement when they are receivable.
Expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered. All charitable expenditure, including support costs and governance costs, are allocated to applicable expenditure headings in the statement of financial activities.
The expenditure on charitable activities includes any staff costs, telephone, bank charges and the issue of grants. Governance and support costs, if any, are allocated to the only charitable activity which is to advance education in Lancashire to relieve poverty and unemployment.
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
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Staff costs are the contracted costs to deliver each activity.
The charity is exempt from tax on income and gains falling within section 5
There were no related party transactions in the current or previous year.