REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
LIFE TRUST LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
LIFE TRUST LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
LIFE TRUST LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 13 |
LIFE TRUST LIMITED (REGISTERED NUMBER: SC215044) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 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 31 January 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) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The charitable objects are the advancement of the Christian faith, the support of Christian ministries and the relief of poverty, suffering and distress and disease in the United Kingdom and worldwide. |
The charity has been fortunate to have had various properties donated to it which it holds for investment. The property is held in a subsidiary company, Projects for Life Limited. Any profit from that company is transferred by way of gift aid to the charity. |
The charity also has substantial cash investments and the income generated from such investments is used to make donations to suitable bodies in compliance with the objects set out above. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The charity continues to operate as in previous years by way of making grants to Christian charities. |
FINANCIAL REVIEW |
Financial position |
The trustees of the charity are satisfied with the performance in the current year. |
The level of reserves held at 31 January 2024 amounted to £2,216,379 (2023 - £2,322,744). The trustees believe that this level of reserves provides a strong capital base. |
Investment policy and objectives |
The trustees continue to review the investment policy of the charity. |
The subsidiary undertaking, Projects for Life, continued to hold investment property. |
FUTURE PLANS |
The trustees plans for future years include continuing the policy of making grants to Christian chanties. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
LIFE TRUST LIMITED (REGISTERED NUMBER: SC215044) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Trustees |
Independent Examiner |
Gavin Curr FCCA |
Martin Aitken & Co Ltd |
Chartered Accountants |
Caledonia House |
89 Seaward Street |
Glasgow |
G41 1HJ |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
LIFE TRUST LIMITED |
I report on the accounts for the year ended 31 January 2024 set out on pages four to thirteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Gavin Curr FCCA |
The Association of Chartered Certified Accountants |
Martin Aitken & Co Ltd |
Chartered Accountants |
Caledonia House |
89 Seaward Street |
Glasgow |
G41 1HJ |
22 January 2025 |
LIFE TRUST LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME FROM |
Donations and legacies |
Other trading activities | 2 |
Total |
EXPENDITURE ON |
Direct charitable costs |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 2,322,744 |
LIFE TRUST LIMITED (REGISTERED NUMBER: SC215044) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 10 |
Unrestricted funds | 2,322,744 |
TOTAL FUNDS | 2,322,744 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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. |
LIFE TRUST LIMITED (REGISTERED NUMBER: SC215044) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
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 |
LIFE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
Life Trust Limited is a company limited by guarantee incorporated in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ. |
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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. |
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. |
The financial statements are presented in Sterling (£). |
Going concern |
The financial statements have been prepared on a going concern basis, which the trustees believe to be appropriate for the reasons set out in the Trustees' Report. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
Debt instruments like other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when |
applicable, are shown within borrowings in current liabilities. |
LIFE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | ACCOUNTING POLICIES - continued |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. |
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. |
Other revenue streams are recognised when there is an understanding of the terms to both parties and the charity has invoiced the appropriate entity. In the event that a service is subject to conditions that require a level of performance before the charity is entitled to funds, the income is deferred and not recognised until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Charitable activities |
Costs of charitable activities are incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading. |
Governance costs |
These are indirect costs attributable to the management function that supports the direct provision of charitable services. |
Allocation and apportionment of costs |
Where possible expenditure is allocated directly to an activity. Items of expenditure which contribute to more than one activity are apportioned on a reasonable, justifiable and consistent basis. |
Support costs which are not attributable to a single activity but rather provide the organisational infrastructure that enables output producing activities to take place are allocated on the same basis as expenditure incurred directly in undertaking an activity. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Holiday home | - |
Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of non-financial assets |
LIFE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The Trustees consider there are no such significant judgements. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
2. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Income from listed investments |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
LIFE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME FROM |
Donations and legacies |
Other trading activities |
Total |
EXPENDITURE ON |
Direct charitable costs |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 2,322,744 |
LIFE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | TANGIBLE FIXED ASSETS |
Holiday |
home |
£ |
COST |
At 1 February 2023 and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
MARKET VALUE |
At 1 February 2023 | 1,098,599 |
Additions | 705,000 |
Revaluations | ( |
) | (8,946 | ) |
At 31 January 2024 | 1,794,653 |
NET BOOK VALUE |
At 31 January 2024 | 100 | 1,794,553 | 1,794,653 |
At 31 January 2023 | 100 | 1,098,499 | 1,098,599 |
There were no investment assets outside the UK. |
Cost or valuation at 31 January 2024 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2024 | - | (127,957 | ) | (127,957 | ) |
Cost | 100 | 1,922,510 | 1,922,610 |
100 | 1,794,553 | 1,794,653 |
LIFE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
10. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/2/23 | in funds | 31/1/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 2,322,744 | (106,365 | ) | 2,216,379 |
TOTAL FUNDS | (106,365 | ) | 2,216,379 |
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 | 34,412 | (104,784 | ) | (35,993 | ) | (106,365 | ) |
TOTAL FUNDS | ( |
) | ( |
) | (106,365 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1/2/22 | in funds | 31/1/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 2,539,022 | (216,278 | ) | 2,322,744 |
TOTAL FUNDS | 2,539,022 | (216,278 | ) | 2,322,744 |
LIFE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | MOVEMENT IN FUNDS - continued |
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 | 30,903 | (109,348 | ) | (137,833 | ) | (216,278 | ) |
TOTAL FUNDS | 30,903 | (109,348 | ) | (137,833 | ) | (216,278 | ) |
11. | RELATED PARTY DISCLOSURES |