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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
(Limited by Guarantee) UNAUDITED FINANCIAL STATEMENTS Year Ended 31 March 2025
CHARITY NUMBER 1052124 COMPANY NUMBER 2434328
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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
YEAR ENDED 31 MARCH 2025
CONTENTS
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| Legal & Administrative Information | 1 |
| Trustees' Report | 2-4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7-8 |
| NotestotheFinancialStatements | 9-12 |
WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
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| TRUSTEES/DIRECTORS | N Hole (appointed 12 September 2024) |
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| N Sprague | |
| R Marsh | |
| J Brookes | |
| H R Parkin (resigned 12 September 2024) | |
| SECRETARY | R Whitson (appointed 31 May 2024) |
| R Thomas (resigned 31 May 2024) | |
| REGISTERED OFFICE | Tuckers Hall 140 Fore Street |
| Exeter | |
| Devon | |
| EX4 3AN | |
| INDEPENDENT EXAMINER | C Dymond FCCA, ACA, CTA |
| Streets Bush Limited | |
| 2 Barnfield Crescent | |
| Exeter | |
| EX1 10T | |
| BANKERS | Lloyds Bank Plc |
| High Street | |
| Exeter | |
| SOLICITORS | Michelmores LLP |
| Woodwater House | |
| Pynes Hill | |
| Exeter | |
| EX25WR |
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| PUBLIC BENEFIT STATEMENT
WEAVERS FULLERS & SHEARMEN
CHARITIES LIMITED
TRUSTEES' REPORT
YEAR ENDED 31 MARCH 2025
GOVERNANCE
This report also serves as a directors’ report as required by company law.
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| The Company was incorporated in England and Wales on 20 October 1989 and is limited by 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 ("the charity") are its trustees for the purpose of charity law andmembe th r oughouts of the thischaritable report arecompany collectivelyattendingreferredthe toAnnual as theGeneral trustees.Meeting.TrusteesEach are appointyear on e dthird by theof the Trustees retire from office but are eligible for re-election. The number of trustees shall not be less than 3 nor more than 20.
The Trustees delegate decisions to an Executive Committee of the Incorporation of Weavers 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 Incorporation of Weavers Fullers | & Shearmen, who consist of prominent local business people who become assistants by invitation | and are provided with a full history of the Charity, its objectives and management procedures. They are also Trustees of Tuckers Hall (Exeter) Limited, charity number 0291764, company number 1885692.
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The Trustees have reviewed the outcomes and achievements of our objectives and activities for the 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 guidance 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 the county of Devon.
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| GRANT MAKING POLICY | Grants are made to 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.
FINANCIAL REVIEW
£6,820 (2024: £12,278), including gift aid, has been raised in the financial year with further donations promised in future years. Total income for the year was £29,914 (2024: £33,899) and total expenditure £7,833 (2024: £4,714). After gains on investments, the net income for the year was £25,051 (2024: £27,891).
Charitable payment totalling £nil (2024: £1,800) were made during the past year in respect of the charity's main objective. Two gifts totalling £600 (2024: £600) were made to local churches in two parishes in Devon. It is anticipated that a similar level of grants will be made next year.
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The charities reserves 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 £271,604 (2024 £246,553).
WEAVERSCHARITIES FULLERSLIMITED & SHEARMEN
TRUSTEES' REPORT
YEAR ENDED 31 MARCH 2025
All work done on behalf of the charity by the Trustees and the Executive Committee was entirely voluntary.
ACHIEVEMENTS AND PERFORMANCE
| 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 | TheHair HairAcademy,Academyrunto relocateby Mary Pugsleyits businessMBE, withinhelps Exeterdisadvantaged as it had toyoung vacatepeopleits existingin the premises.local area Theto obtain training, particularly in the hair sector, enabling them to obtain skills that they can use to | suppeo p ortle themselveslocally into thein theworkplac futur e. This fits with the aims and objectives of the charity to help young
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 the early months of 2020 priorto it being occupied by The Hair | Academy. This brought the building up to standard prior to the granting of the new lease. The charities investments comprise a holding in M&G Charifund Units. The capital value of investments have slightly reduced in the year. The trustees trustees aim to maintain the level of reserves to ensure that the income is sufficient to meet charitable giving.
| investments have slightly reduced in the year. The trustees trustees aim to maintain the level of reserves to ensure that the income is sufficient to meet charitable giving. | Over the past year, the charity committee has undertaken extensive discussions to identify a meaningful long-term initiative aligned with our founding principles and our charitable objectives. As a result, we have committed to exploring the development of affordable accommodation for young people in Exeter. The Exeter Housing Initiative for Young People aims to help those starting out in their careers, whether in skilled trades or professional pathways, remain in the city despite rising living costs. Too often, young talent is forced to relocate due to a lack of accessible housing. Our goal is to change that. We are actively identifying suitable properties and have launched a fundraising campaign to support this endeavour. While this marks the beginning of our journey, we are confident that within the next 12 months, we will secure one or more properties, laying the foundation for a legacy that helps young people stay, thrive, and contribute to Exeter’s future.
RELATED PARTIES
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The charity has common Trustees with Tuckers Hall (Exeter) Limited - another charity. Both charities were set up by the Incorporation of Weavers Fullers & Shearmen. TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Company law requires the trustees to prepare financial statements for each financial year which preparing the financial statements the trustees are required to: | showa true and fair view of the state of affairs of the charity and its total income for that period. In | + select suitable accounting policies and then apply them consistently; | + make judgements and estimates that are reasonable and prudent;
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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
TRUSTEES' REPORT
YEAR ENDED 31 MARCH 2025
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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
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The 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
ThisCompaniesreport, Actwhich 2006hasrelatingbeen toprepared small companies,in accordance was approvedwith the specialby the Boardprovisionson... ee2.fo: WAZ 4 of the and signed on its behalf.
| Gardner Chairman
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INDEPENDENT EXAMINERS REPORT
TO THE TRUSTEES OF
WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
| report on the accounts of the Charity for the year ended 31 March 2025, which are set out on pages 6 to 12.
Respective Responsibilities of Trustees and Examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). The charity's trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 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:
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° examine the accounts under section 145 of the 2011 Act;
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° to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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° 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 Examiner's Statement
In connection with my examination, no matter has come to my attention:
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° which gives me reasonable cause to believe that, in any material respect, the requirements a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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b) 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 Reporting by Charities
) have not been met or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
C Dymond FCCA, ACA CTA Streets Bush Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 10T
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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2025
| Note | Unrestricted | Income Funds | |
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| INCOME FROM | |||
| Donations and Legacies: | |||
| Gifts and Donations | 5,865 | 10,928 | |
| Gift Aid Recoverable | 955 | 1,350 | |
| Investments: | |||
| Rent received | 17,750 | 17,000 | |
| Dividends Received | 4,174 | 4,105 | |
| Deposit Account Interest | 1,170 | 516 | |
| TOTAL INCOME | 29,914 | 33,899 | |
| EXPENDITURE ON | |||
| Charitable Activities | |||
| GrantsPayableinFurtheranceoftheCharity's Objects: | |||
| Charitable Gifts | 5 | 600 | 600 |
| Donations | 5 | - | 1,800 |
| SupportCosts. | |||
| Fees for Independent Examination | 2,016 | 1,985 | |
| Property Repairs | - | - | |
| Sundry Expenses | 647 | 328 | |
| Legal and Professional Fees | 4,570 | - | |
| TOTAL EXPENDITURE | 7,833 | 4,713 | |
| (LOSSES)/GAINS ON INVESTMENTS | 7 | 2,970 | (1,293) |
| NET(EXPENDITURE)/INCOME | 25,051 | 27,892 | |
| Fund balances broughtforward | 246,553 | 218,660 | |
| FundBalancescarriedforward | 271,604 | 246,553 |
The notes on pages 9 to 12 form part of these financial statements.
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WEAVERS FULLERS & SHEARMEN
CHARITIES LIMITED
BALANCE SHEET (Registered Number 2434328) AS AT 31 MARCH 2025
| Note | 2025 | 2024 | |||
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| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Investment Property | 6 | 283,452 | 283,452 | ||
| Investments | wf | 72,467 | 69,497 | ||
| 355,919 | 352,949 | ||||
| CURRENT ASSETS | |||||
| Cash at Bank | 76,427 | 67,921 | |||
| Gift Aid Debtor | 940 | 1,369 | |||
| Accrued Income | 1,000 | 1,145 | |||
| 78,367 | 70,435 | ||||
| CURRENT LIABILITIES | |||||
| Creditors | 8 | 600 | 600 | ||
| Accruals | 2,082 | 1,981 | |||
| Deferred Income | 8 | - | 4,250 | ||
| Loan | 8 | 10,000 | 10,000 | ||
| 12,682 | 16,831 | ||||
| NETCURRENTASSETS | 65,685 | 53,604 | |||
| LONG-TERM LIABILITIES | |||||
| Loan | 9 | (150,000) | (160,000) | ||
| NETASSETS | 271,604 | 246,553 | |||
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| RESERVES | |||||
| Unrestrictedfunds | 10 | 271,604 | 246,553 |
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 2025.
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 2011 and Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
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a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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b) 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 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 company.
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of trustees on BOOS. JAB cccccrvevee and were signed by:
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| Gardner (Trustee
The notes on pages 9 to 12 form part of these financial statements.
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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES
Accounting Convention
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 2015)’, Section 1A “Small Entities” of 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.
Going Concern
The financial statements have been prepared on a going concern basis as there are no material uncertainties about the charity's ability to continue operating.
Recognition of Income and Expenditure
Incoming resources are included in the financial statements when receivable. Resources expended are recognised 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 Statement of Financial Activities.
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 the deposit.
Creditors
Creditors are recognised where the charity has a present obligation arising from a past event that will probably result 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 the 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 are initially recognised at transaction value and subsequently measured at their settlement value.
- TAXATION
The Charitable Company is exempt from corporation tax on its charitable activities.
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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
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3. TRUSTEES’ REMUNERATION AND EXPENSES
No remuneration directly or indirectly out of the funds of the charity was paid or payable 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.
There were no other financial transactions made with trustees during the year.
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- AVERAGE EMPLOYEES
The average number of employees during the year was nil (2024: nil).
- GIFTS, GRANTS AND DONATIONS PAYABLE
| 2025 | 2024 | ||
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| a | £ | ||
| Gifts | |||
| Vicar of Stokenham | 300 | 300 | |
| VicarofOttery StMary | 300 | 300 | |
| 600 | 600 | ||
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| Donations | |||
| Exeter Sea Cadets | - | 300 | |
| Force Cancer | - | 1,000 | |
| Exeter Street Pastors | - | 500 | |
| . | 1,800 | ||
| 6. | FIXED ASSETS | ||
| Investment Property | |||
| £ | |||
| Balance at 1 April 2024 | 283,452 | ||
| Balanceat31March2025 | 283,452 |
The investment property was valued on an open market basis on 31 March 2025 by the trustees.
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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
7H INVESTMENTS
These consist of 4,772.92 income units in The M & G Equities Investment Fund for Charities (Charifund) as follows:
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| (Charifund) as follows: | |||
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| £ | |||
| Balance at 1 April 2024 | 69,497 | ||
| Revaluation to Market Value | 2,970 | ||
| Balance at 31 March 2024 | 72,467 | ||
| Historical Cost at 31 March 2025 | 49,847 | ||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | |
| 2025 £ |
2024 £ |
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| Creditors | - | - | |
| Gifts payable | 600 | 600 | |
| Accruals | 2,082 | 1,982 | |
| Deferred Income | - | 4,250 | |
| Loan | 10,000 | 10,000 | |
| 12,682 | 16,832 | ||
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORETHAN ONE YEAR | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Loan | 150,000 | 160,000 | |
| This loan is interest free with annual repayments of £10,000. | |||
| 10. | RESERVES | ||
| Unrestricted Income Funds | |||
| Income and Expenditure | |||
| £ | |||
| Balance brought forward | 246,553 | ||
| Net incoming resources before other | 25,051 | ||
| Recognised gains and losses | |||
| Unrealised gain/(loss) on revaluation of | - | ||
| assets held for investment purposes. | |||
| Balancecarriedforward | 271,604 |
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WEAVERS FULLERS & SHEARMEN CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025
11. COMPANY LIMITED BY GUARANTEE
Every member of the company undertakes to contribute such amounts as may be required (not exceeding £1) 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.
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