WEAVERS FULLERS & SHEARMEN CHARITIES UMITED {Limited by Guarantee) UNAUDtfED FINANCIAL STATEMENTS Year Ended 31 March 2024 CHARITY NUMBER 1052124 COMPANY NUMBER 2434328
WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED YEAR ENDED 31 MARCH 2024 CONTENTS Page Legal & Administrative Information Trustees, Report 24 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-12
WEAVERS FULLERS & SHEARMEN CHARITIES UMITED LEGAL AND ADMINISTrATIVE INFORMATION TRUSTEES N Hole lappointed 12 September 20241 HR Parkin Iresigned 12 September 20241 l T Gardner N Sprague R Marsh J Brookes SECRETARY R Thomas Iresign8d 31 May 20241 R Whitson (appointed 31 May 20241 REGISTERED OFFICE Bush & Co Limited 2 8arnfield Crescent Exeter EX1 1QT INDEPENDENT EXAMINER C Dymond FCCA, ACA, CTA Bush & Co Limited 2 Barnfield Crescent Exeter EXI IQT BANKERS Lloyds Bank PIC High Street Exeter SOLICITORS Michelmores LLP Woodwater House Pynes Hill Exeter EX2 5WR
WEAVERS FULLERS & SHEARMEN CHARITIES UMITED TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 GOVERNANCE This report also serves as a directors. report as required by company law. The Company was incorporated in England and Wales on 20 October 1989 and is limit8d bv guarantee under Company number 02434328. It is a registered Charity under number 1052124 and is governed by its Memorandum and Articles of Association. The directors of the charitable company I'the charity") are its trustees for the purpose of charity law and throughoul this report are collectively referred to as the trustees. Trustees are appointed by the members of the charitable company attending the Annual General Meeting. Each year one third of the Trustees retire from office but are eligible for re-election. The numb8r of trustees shall not be less than 3 nor more than 20. The Trustees delegate decisions to an Executive Committee of the Incorporation of Weav8rs Fullers & Shearmen who are appointed annually. All administration functions are carried out by the Clerk. The Trustees are appointed from The Court of Assistants of The Incorpor8tion of W88ver8 Full8r8 & Shearmen. who consist of prominent local business people who become 8SSiStants by invitation and are provided with a full hislory of the Charity, its objectives and management procedures. They are also Trustees of Tuckers Hall IExeterl Limited, charity number 0291764. company number 1885692, PUBLIC BENEFIT STATEMENT The Trustees have reviewed the Outcomes and achievements of our objectives and activities for th8 year, to ensure they remain focused on our charitable aims. and continue to deliver benefits to the public. We have complied with the duty under the Charities Act 2006 to have due regard to public benefit guidanc8 published by the Commission. OBJECTS AND ACTIVITIES The object of the charity is to relieve cases of need. hardship or distress suffered by residents in th8 county of Devon. GRANT MAKING POLICY Grants are made lo two local Devon parishes and a further grant is made to a charity chosen by the current Master of the Incorporation of Weavers Fullers & Shearmen. ACHIEVEMENTS AND PERFORMANCE £12,27812023.. £10.4561. including gift aid. has been raised in the financial year with further donations promised in future years. Total income for the year was £33.899 12023.. £41,503) and total expenditure £4.71412023: £22,243>. After gains on investments. the net income for the year was £27,89212023: £14.6521. Charitable payment totalling £1,80012023: £7,350> were made during the past year in respect of the charity's main objective. Two gifts totalling £60012023.. £6001 were made to local churches in two parishes in Devon. It is anticipated that a similar level of grants will be made next year.
WEAVERS FULLERS & SHEARMEN CHARITIES UMITED TRUSTEES. REPORT YEAR ENDED 31 MARCH 2024 All work done on behalf of the charity by the Trustees and the Executive Committee was entirely voluntary. The charit18s r8serves are held and invested to produce as high an income as possible without prejudicing the long term capital value of the investments. At the year end the reserves amounted to £246,55312023 £218,660). In March 2020, the charity purchased a commercial property in Exeter for £274,515 funded partly from the charity's own resources and by a £200.000 loan from a private individual. The loan is interest free and repayable over 20 years. The reason for the purchase is to enable a company called The Hair Academy to relocate its business within Exeter as it had to vacate its existing premises. The Hair Academy, run by Mary Pugsley MBE. helps disadvantaged young people in the local area to obtain training, particularly in the hair sector, enabling them to obtain skills that they can use to support themselves in the future. This fits with the aims and objectives of the charity to help young people locally into the workplace. The Hair Academy entered into a 15 year commercial lease with the charity as at 1 June 2020. the income from which will enable the loan to be repaid and also from which grants can be made. The charity renovated the building in Ihe early months of 2020 prior lo it being occupied by The Hair Academy. This brought the building up to standard prior to the granting of the new lease. The charities investmenls comprise a holding in M&G Charifund Units. The capital value of investments have slightly reduced in the year. The trustees aim to maintain the level of reserves to ensure that the income is sufficient lo meet charitable giving. RELATED PARTIES The charity has common Trustees with Tuckers Hall (Exeterl Limited- another charity. Both charities were set up by the Incorporation of Weavers Fullers & Shearmen. TRUSTEES RESPONSIBIUTIES IN RELATION TO THE FINANCIAL STATEMENTS Company law requires the trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and ils total income for that period. In preparing the financial statemenls the truslees are required to: selecl suitable accounting policies and then apply them consistently". make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed, subject to any 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 operational existence. Th8 trustees are responsible for keeping proper 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 Companies Act 2006 and the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.
STATUS OF REPORT This report. Compani and si ch has been prepared in accordance with the special provisions of Part 15 of the 006 relating io small companies, was approved by the Board on . 2811 O/ZOZ!tr s behalf. Act N Sprague (Director) R Marsh IDirector)
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED I report on the accounts of the Charity for the year ended 31 March 2024, which are set out on pages 6t012. Respective Responsibilities of Trustees and Examiner The trustees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. The charity's trustees considerthat an audit is not required for this year under Section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed. Having satisfied myself that the Charity is not subject to audit under Part 16 of the 2006 Act and is eligible for an independent examination it is my responsibility to: examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commission under section 1451511bl of the 2011 Act: and to state whether particular matters have come to my attention. Basis of Independent Examiner's Report My examination was carried out in accordance with the 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 the seeking of 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, 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 Examinar's Statement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with section 386 of the Companies Act 2006; and bl to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 the Companies Act and with methods and principles of the Statement of Recommended Practice Accounting and Fleporting by Cha rities have not been met or to which, in my opinion, attention should be drawn in order to enabl8 a proper understanding of the accounts to be reached. C Dymond FCCA. ACA CTA Streets Bush Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT
WEAVERS FULLERS & SHEARMEN CHARITIES LIMED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 Note Unrestricted Income Funds 2024 2023 INCOME FROM Donations and Legacles: Gifts and Donations Gift Aid Recoverable 10,928 1,350 8,435 2,021 Investments: Rent received Dividends Received Oth8r income Insurance Fleceipt Deposit account interest 17.000 4.105 17.000 5,131 668 8,248 516 TOTAL INCOME 33,899 41,603 EXPENDITURE ON Charitable Activities Grants Payable in Furtherance olthe Charitys Objeets.. Charitable Gifts Donations Support Costx Fees for Independent Examination Property Repairs Sundry Expenses Legal and Professional Fees 600 1.800 600 7,350 1.985 2,431 11,419 199 244 328 TOTAL EXPENDITURE 4.713 22,243 ILOSSESIIGAINS ON INVESTMENTS 11,2931 14,6081 NET IEXPENDITUREIIINCOME 27.892 14,652 Fund balances brought forward 218,660 204,008 Fund Balances carried forward 246.553 218,660 The notes on pages 9 to 11 form part of these financial statements.
WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED BALANCE SHEET (Registered Number 2434328) AS AT 31 MARCH 2024 2024 2023 FIXED ASSETS Investment Property Investments 283,452 69.497 283.452 70,790 352.949 354.242 CURRENT ASSETS Cash at Bank Gift Aid Debtor Accrued Income 67.921 1.369 1.145 48.152 2.046 1.146 70.435 51,344 CURRENT LIABILMES Creditors Accruals 600 1,981 200,IJOO 4.250 10.000 787 1.889 Deferred Income Loan 4,250 10,000 16.831 16,926 NET CURRENT ASSETS 53.604 34,418 LONG-TERM LIABILITIES Loan 1160.0001 1170,0001 NET ASSETS 246.553 218,660 RESERVES Unrestricted fund$ 10 246,553 218.660 The financial statements were approved by the Board of Trustees on The company is entitled to exemption from audit under the Charities Act 2011 and Section 477 of the Companies Act 2006 for the year ended 31 March 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with the Charities Act 201 l and Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for-. ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and bl preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year i n 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 company.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The fina signe tements were approved by the board of trustees on 28/ioizoi and were N Sprague (Dire or) R Marsh (Director) The notes on pages 9 to I I form part of these financial statements.
WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Accounting Convention The financial statements of the charitable company. which is a public benefil entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 (effective 1 January 20151.. Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in th8 UK and Republic of Ireland, and the Companies Act 2006. The financial statements have be8n prepared under the historical cost convention with the exception of investments which are included at market value. Going Concern The financial statements have been prepared on a going concern basis as there are no material unc8rtainties about the charity's ability to continue operating. Recognttion of Income and Expenditure Incoming resources are included in the financial statements when receivable. Resources exp8nded are recognis8d in the period in which they are incurred. Investments Investments are stated at market value at the balance sheet date and the gain or loss is taken to the Statemenl of Financial Aclivities. Debtors Debtors are included at the settlement amount due. Cash at bank Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of th8 deposit. Creditors Creditors are recognised where the charity has a presenl obligation arising from a past event that will probably r8suII in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount, Grants Payable Grants payable are charged in Ihe year when the offer is conveyed to the recipient. Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments ar8 initially recognis8d at transaction value and subsequently measured at their settlement value. TAXATION The Charitable Company is exempt from corporation tax on its charitable activities.
WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 TRUSTEES, REMUNERATION AND EXPENSES No remuneration directly or indirectly out of the funds of the charity was paid or payabl8 for the year to any trustee or to any person or persons known to be connected with any of them. No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year. AVERAGE EMPLOYEES The average number of employees during the year was nil12023: nill. GIFTS, GRANTS AND DONATIONS PAYABLE 2024 2023 Glfts Vicar of Stokenham Vicar of Ottery St Mary 300 300 300 300 600 600 Donations Exeter Dementia Alliance Exeter Food Aclion Tedd Wragg Trust Hospice Care Rock to Recovery Exeter Sea Cadets Force Cancer Exeter Street Pastors 1,000 1,500 3,600 250 1.000 300 1,000 500 1.800 7,350 FIXED ASSETS Investment Property Balance at l April 2023 283.452 Balance at 31 March 2024 283,452 The investment propety was valued on an open market basis on 31 March 2024 by the trustees. 10
WEAVERS FULLERS & SHEARMEN CHARMES UMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 INVESTMENTS These consist of 4,772.92 income units in The M & G Equities Investment Fund for Charities Icharifund) as follows: Balance at 1 April 2023 Revaluation to Market Value 70,790 11,2931 Balance at 31 March 2024 69.497 Historical Cost at 31 March 2024 49,847 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Creditors Gifts payable Accruals Deferred Income Loan 187 600 1.889 4,250 10,000 600 1.982 4,250 10.000 16.832 16,926 CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Loan 170,000 180,000 This loan is interest free with annual repayments of £10.000. 10. RESERVES Unrestri¢ted Income Funds Income and Expenditure Balance brought forward 218.660 Net incoming resources before other Recognised gains and losses 29.153 Unrealised gainlllossl on revaluation of assets held for investment purposes. Balance carried fonNard 247,813
- COMPANY LIMITED BY GUARANTEE Every member of the Company undertakes to contribute such amounts as may be required (not exceeding £11 to the assets of the company if it should be wound up while he is a member or within one year after he ceases to be a member. for payment of the company's debts and liabilities contracted before he ceases to be a member. and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves. 12