REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
THE LENNOX TRUST COMPANY LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
THE LENNOX TRUST COMPANY LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
THE LENNOX TRUST COMPANY LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Statement of Financial Activities | 4 |
Statement of Financial Position | 5 |
Notes to the Financial Statements | 6 | to | 12 |
THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 5 APRIL 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of 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) and the Charities Act 2011. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the Charity are:- |
a. To subscribe to any charities and to grant donations for any charitable purpose. |
b. To achieve gratuitously by means of pecuniary or other assistance necessitous persons. |
c. To promote generally the welfare of the poor and the relief of distress by social and spiritual agencies and to establish conduct, and carry on night shelters and other refuges for the poor. |
The Charity achieves its objectives by granting donations for any charitable purpose with an emphasis on support to organisations in the Sussex area. |
Public benefit |
In shaping our objectives and planning our activities for the year, the trustees have given consideration to the duties set out in section 17(5) of the Charities Act 2011 to have due regard to public benefit. In particular, the trustees have considered how the planned activities will contribute to the overall aims and objectives that they have set. The trustees believe that the following paragraphs, specifically on the 'Objectives and Activities' and 'Achievements and Performance' for the year, relate in detail the benefit that the Charity provides to the public. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During the year the Charity has continued to grant donations to a wide variety of organisations. Total donations of £9,450 (2023: £12,600) were made and are detailed on page 10. The charity continued the "Bear Us in Mind" project started in 2022, providing psychological toolkits for children. The project was started following the outbreak of the war in Ukraine in early 2022 and was launched to support those children who were suffering through separation, loss or bereavement. Separate funding has been raised for this project and donations of £761 (2023: £42,011) had been received for this project. |
FINANCIAL REVIEW |
Financial position |
Funds held as at the balance sheet date amounted to £245,188 (2023: £261,431). |
Principal funding sources |
The trustees aim to maintain the core investments of the Charity with a view to maintaining the income and level of annual donations. Outside the core investment funding, the trustees aim to expend income as it arises in furtherance of the Charity's objectives. |
Investment policy and objectives |
The trustees may invest monies of the Company not immediately required for its purpose in investments, securities or property as may be thought fit, subject nevertheless to such conditions (if any) as may for the time being be imposed or required by law. |
Reserves policy |
The trustees may from time to time, at their discretion, raise or borrow, or secure the payment of any sum or sums of money for the purposes of the Company. The Trust has no formal reserves policy. |
THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 5 APRIL 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
The Lennox Trust Company Limited (formerly the Earl of March's Trust Company Limited) was incorporated as a company limited by guarantee on 4 April 1955, registered number 00547279. The Company is also a registered charity, registered number 220116. |
The Charity's governing deed is the Memorandum of the Company. |
Trustees can only be appointed by election by the current trustees and by submission to the Company of an application framed in such terms as the trustees shall from time to time require. Any trustee shall have full power and discretion as to the admission or refusal of any person as trustee. The Company's Articles of Association provide that the total number of trustees may not exceed ten. |
Every member of the Company undertakes to contribute to the assets of the Company in the event of it being wound up during the time that he/she is a member or within one year afterwards, for debts and liabilities of the Company such amount as may be required, not exceeding in the case of any member the sum of £5. |
The Charity is under the direct control of the trustees who determine the appointment of investment managers for the Charity's core investments and the allocation of income by way of grants or donations in furtherance of the Charity's objectives. |
The trustees have reviewed the major risks to which the Company is exposed and are confident that controls are in place to mitigate those risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Principal address |
Goodwood House |
Chichester |
West Sussex |
PO18 0PY |
Trustees |
Company Secretary |
Investment Managers |
Cantab Asset Management |
50 Station Road |
Cambridge |
Cambridgeshire |
CB1 2JH |
THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 5 APRIL 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of The Lennox Trust Company Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Approved by order of the board of trustees on |
THE LENNOX TRUST COMPANY LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 5 APRIL 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities | 4 |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 261,431 |
THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279) |
STATEMENT OF FINANCIAL POSITION |
5 APRIL 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 11 |
CURRENT ASSETS |
Investments | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 238,562 |
Restricted funds | 22,869 |
TOTAL FUNDS | 261,431 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE LENNOX TRUST COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities, in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', the Companies Act 2006 and where applicable the Charities Act 2011. |
Monetary amounts in these financial statements are rounded to the nearest whole £1. The presentation currency is the pound (£) Sterling. |
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern due to the net asset position. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income from donations are recognised upon receipt. |
Investment income |
Investment income is income receivable in the year including tax credits thereon and is recognised upon receipt. |
Donations |
Donation income is recognised upon receipt. |
Expenditure |
Resources expended are accounted for on an accruals basis and include irrecoverable VAT. |
Governance costs comprises all costs associated with constitutional and statutory requirements with which the Charity must comply. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds: funds which are expendable at the discretion of the Trustees in the furtherance of the objectives of the charity are classified as unrestricted funds. |
Restricted funds: donations or incoming resources which the donor has earmarked for a specific purpose are treated as restricted funds. |
Investments |
Investments are valued at the closing market value on the Statement of Financial Position date which is considered to be the fair value. Movements in fair value are recognised in the Statement of Financial Activities. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities. |
THE LENNOX TRUST COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
2. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Income from listed investments |
Interest received |
3. | RAISING FUNDS |
Investment management costs |
2024 | 2023 |
£ | £ |
Portfolio management | 1,928 | 2,018 |
4. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 5) | note 6) | Totals |
£ | £ | £ |
Expenditure on charitable activities | 26,714 | 1,320 | 28,034 |
5. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2024 | 2023 |
£ | £ |
Donations | 9,450 | 12,600 |
Professional fees | 35 | 211 |
BUIM costs | 18,229 | 133,967 |
Unclaimed donation | (1,000 | ) | - |
26,714 | 146,778 |
6. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
Expenditure on charitable activities | 60 | 1,260 | 1,320 |
Support costs, included in the above, are as follows: |
Finance |
2024 | 2023 |
Expenditure |
on |
charitable | Total |
activities | activities |
£ | £ |
Bank charges | 60 | 95 |
THE LENNOX TRUST COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
6. | SUPPORT COSTS - continued |
Governance costs |
2024 | 2023 |
Expenditure |
on |
charitable | Total |
activities | activities |
£ | £ |
Accountancy fees | 1,260 | 1,440 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Accountancy fees | 1,260 | 1,440 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023. |
9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 234,069 | 114,800 |
THE LENNOX TRUST COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
TOTAL FUNDS CARRIED FORWARD | 238,562 | 22,869 | 261,431 |
10. | SCHEDULE OF DONATIONS PAID |
2024 | 2023 |
£ | £ |
Christian Youth Enterprises | - | 500 |
Parents & Carers Support | 500 | - |
Safe Families for Children | 250 | - |
Case | 100 | 600 |
Chichester Cathedral Trust | 1,000 | 2,000 |
Ditch The Label | - | 500 |
Lavant Parochial Church Council | 1,000 | 1,000 |
Dreams Come True Charity | - | 500 |
Make Them Smile | 250 | - |
Lifecentre | - | 500 |
PCC Southbourne | - | 1,000 |
RSPCA Mount Noddy | - | 500 |
St Andrews PCC | 1,000 | 1,000 |
St Georges PCC | - | 1,000 |
Horsham Matters Ltd | 250 | - |
Strongbones Children | - | 1,000 |
Sunny Day Children's Fund | - | 500 |
Tangmere Primary Academy | 500 | - |
Bramber Bakehouse | 500 | - |
CAMHSF | 100 | - |
Cancerwise | 500 | - |
Douglas Bader Foundation | 500 | - |
Havant Passion Play Ltd | 250 | - |
BDAA | 500 | - |
Miss A L Pullen | 200 | - |
Mr K D Turnbull | 200 | - |
Oving Scarecrows Goodwood Estate | 100 | - |
SeeKenya | 250 |
The Priory Church St Mary | 1,000 | 2,000 |
The Respite Association | 250 | - |
Tylers Trust | 250 | - |
------------------ --- |
------------------ -- |
9,450 | 12,600 |
========= == |
========= == |
THE LENNOX TRUST COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
11. | FIXED ASSET INVESTMENTS |
Investments |
£ |
MARKET VALUE |
At 6 April 2023 |
Additions |
Disposals | ( |
) |
Realised and unrealised gains |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 | 195,793 |
At 5 April 2023 | 196,239 |
There were no investment assets outside the UK. |
Cost or valuation at 5 April 2024 is represented by: |
Investments |
£ |
Valuation in 2024 | 767 |
Cost | 195,026 |
195,793 |
12. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Cash and cash equivalents | 14,547 | 11,998 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Goodwood Estate Company Ltd | 4,279 | 2,779 |
Accrued expenses |
14. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 6/4/23 | in funds | 5/4/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 238,562 | 1,225 | 239,787 |
Restricted funds |
Bear Us In Mind | 22,869 | (17,468 | ) | 5,401 |
TOTAL FUNDS | (16,243 | ) | 245,188 |
THE LENNOX TRUST COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
14. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 5,916 | (11,733 | ) | 7,042 | 1,225 |
Restricted funds |
Bear Us In Mind | 761 | (18,229 | ) | - | (17,468 | ) |
TOTAL FUNDS | ( |
) | (16,243 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 6/4/22 | in funds | 5/4/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 234,069 | 4,493 | 238,562 |
Restricted funds |
Bear Us In Mind | 114,800 | (91,931 | ) | 22,869 |
TOTAL FUNDS | 348,869 | (87,438 | ) | 261,431 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 33,990 | (16,389 | ) | (13,108 | ) | 4,493 |
Restricted funds |
Bear Us In Mind | 42,011 | (133,942 | ) | - | (91,931 | ) |
TOTAL FUNDS | 76,001 | (150,331 | ) | (13,108 | ) | (87,438 | ) |
THE LENNOX TRUST COMPANY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
14. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 6/4/22 | in funds | 5/4/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 234,069 | 5,718 | 239,787 |
Restricted funds |
Bear Us In Mind | 114,800 | (109,399 | ) | 5,401 |
TOTAL FUNDS | 348,869 | (103,681 | ) | 245,188 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 39,906 | (28,122 | ) | (6,066 | ) | 5,718 |
Restricted funds |
Bear Us In Mind | 42,772 | (152,171 | ) | - | (109,399 | ) |
TOTAL FUNDS | 82,678 | (180,293 | ) | (6,066 | ) | (103,681 | ) |
Restricted funds are solely for use in the 'Bear Us in Mind' project, which provides psychological toolkits for children who are suffering through separation, loss or bereavement, as a result of the war in Ukraine. Funds are received for this project from multiple sources. |
15. | RELATED PARTY DISCLOSURES |
Accountancy fees of £1,260 (2023: £1,440) were incurred on behalf of The Lennox Trust Company Limited by a company under common control. At the year end £4,279 (2023: £2,779) was owed to the company under common control. The balance is unsecured and repayable on demand. |