HANDSWORTH AREA COMMUNITY TRUST FUND
REPORT AND FINANCIAL STATEMENTS, YEAR ENDING 31ST MARCH 2025
CHARITY NUMBER: 1024357
TRUSTEES
Peter King Acting Chair of Trustees Keith Gillott Trustee Martin Ripley Trustee David Palmer Trustee
BANKING : Virgin Money, 66 Fargate, Sheffield, S1 2HE
INVESTMENT MANAGERS : Natwest, UK Operations, 1st Floor, Trinity Quay 2 Avon Street, Bristol, BS2 OPT
REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31ST MARCH 2024 : The Trust was established in 1993 with funding provided as part of a local development to improve the local area. The capital sum was invested with the aim of using the income generated from this investment to provide grants, rather than using any of the capital sum.
Grants are distributed “FOR ANY CHARITABLE PURPOSE FOR THE BENEFIT OF THE INHABITANTS OF THE PRESCRIBED AREA AND IN PARTICULAR TO RELIEVE POVERTY. TO ADVANCE THEIR EDUCATION AND TO ASSIST IN THE PROVISION OF FACILITIES FOR RECREATION AND LEISURE TIME OCCUPATION”. There are no deadlines for the receipt of applications for grants and they are generally reviewed on a regular basis through a meeting of Trustees.
Following the Covid pandemic and the death of a number of trustees, along with others moving out of the area the trustees reviewed the work of the Trust in line with its constitution. Following a period where accounts and annual reports had not been submitted to the Charity Commission these were all updated, agreed and returned in order that all records were up to date along with details of current trustees. During the previous financial year (2023/24) discussions had begun regarding the future of the Trust with the decision made to distribute final grants and begin to close the organisation down during 2024/25. In line with the constitution the closure of the Trust was started with the aim of completing the process and notifying the Charity Commission during 2025/26.
The final grants, distributed during 2024/25 were as follows, based on applications received to that point that still required funding.:
-
£2,600 St Mary’s PCC - boiler repairs
-
£200 Play and Praise - new toys
-
£300 Handsworth Historical Society - talks and presentations programme
-
£2,225 - Handsworth War Memorial - repairs to the war memorial
-
£300 - Handsworth Historical Society - repairs to the museum
In addition it was agreed (meetings of 26/03/24 and 22/04/24) to use the remaining funds to support the refurbishment of the Community Hub to create a resource for the people of Handsworth into the future.
- £110,000 - St Mary’s PCC - the creation of a community hub
The total grants distributed in 2024/25 were £115,625.
FINANCES : The opening portfolio value of the investment account at 1st April 2024 was £101,164 with a closing value at 31st March 2025 of £0. This was a result of agreeing to distribute all the remaining funds to the local community. The investment fund was confirmed as closed by the Nat West on 12th September with £102,281.33 paid into the Trust’s business account. There was to be then a final payment from the investment fund approximately 6 months later once the final investments had been calculated. The opening balance of the current account was £16,978.29 and a closing balance at 31st March 2025 of £4,545.354. The net present worth of the Trust at 31st March 2025 was £4,545.35. Once the final investment payment is received into the business account the final funds will be distributed as grants, with the account closed and the Trust also closed in line with the constitution and Charity Commission procedures.
HANDSWORTH AREA COMMUNITY TRUST FUND
| HANDSWORTH AREA COMMUNITY TRUST FUND | HANDSWORTH AREA COMMUNITY TRUST FUND |
|---|---|
| VIRGIN MONEY - 1st APRIL 2024 - 31st MARCH 2025 | |
| Opening Balance 1st April 2024 | £16,798.29 |
| INCOME - FROM INVESTMENT ACCOUNT | |
| 1st July 2024 | £1,103.73 |
| 11th September 2024 | £102,281.33 |
| 2nd January 2024 | £0.00 |
| 2nd April 2024 | £0.00 |
| SUB-TOTAL | £103,385.06 |
| EXPENDITURE | |
| Grants | £115,625.00 |
| Bank Charges | £13.00 |
| SUB-TOTAL | £115,638.00 |
| Closing Balance 31st March 2025 | £4,545.35 |
| NAT WEST INVESTMENT ACCOUNT 1st APRIL 2024 - 31st MARCH 2025 | |
| Portfolio Value at 1st April 2024 | £101,164.00 |
| Portfolio Value at 30th June 2024 | £101,098.00 |
| Portfolio Value at 30th September 2024 (account closed 11th September 2024) |
£0.00 |
| Portfolio Value at 31st December 2024 | £0.00 |
| Portfolio Value at 31st March 2025 | £0.00 |
| Variation in Value | -£101,164.00 |
| Percentage Variation in Value | -100.0% |
| NET PRESENT WORTH HACTF 31st March 2025 | |
| Virgin Money | £4,545.35 |
| NatWest | £0.00 |
| TOTAL | £4,545.35 |
1