Charity Registration No. 1069040
THE WOMEN OF VISION TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE WOMEN OF VISION TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr. J. Herman Mr. P. Taylor Ms. S. Chong-Tai Ms. K. Hedges Ms. J. Hemmings Charity number 1069040 Principal address 64 Park View Hatch End Pinner Middlesex HA5 4LN Independent examiner Gary Howard FCA Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Allied Irish Bank 51 Belmont Road Uxbridge Middlesex UB8 1RZ Lloyds Bank Plc 67 High Street Watford Hertfordshire WD17 2DU
THE WOMEN OF VISION TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
THE WOMEN OF VISION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "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
The charitable objects of The Women of Vision Trust as defined by the declaration of trust are:
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"To support the School ("Watford Grammar School for Girls"), in particular:
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to develop and maintain the fabric and amenities of the School;
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to advance the education of pupils of the School by providing or assisting in the provision of educational, recreational or other charitable resources in augmentation of such resources financed by the statutory body which maintains the School; and
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to apply such sum(s) in whatever other charitable ways the trustees consider to promote the wellbeing of the School and the education and welfare of the pupils of the School.
Public benefit statement
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
The trustees have continued to support the school with the development of the school’s facilities. In particular, the ongoing maintenance of the swimming pool as a valued school and community resource.
Parental donations of £96,153 (2020 - £123,414) have declined from the previous year. The Trustees are devoting additional resources to increase the number and amount of parental donations. Administration costs of £2,483 (2020 - £3,032 ) remain exceptionally low due to the pro bono contributions from Trustees and the investment in the website, administration and accounting systems.
Financial review
Donations of £ 118,368 (20 20 - £ 337,818 ) were received during the year. Donations of £139,000 were made to the School during this year (2020: £335,000) in support of the School's expenditure on facilities, equipment and general operations.
Reserves policy
The t rustees policy is to retain the greater of one year's operating expenses (currently £5,000) or £10,000. The trustees aim is to donate over time all funds in excess of that amount to Watford Grammar School for Girls.
The level of reserves held at 31 March 20 21 is shown on the balance sheet.
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THE WOMEN OF VISION TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Investment powers and policy
The t rustees may invest in the purchase of stocks, funds, shares, securities or other investments of whatsoever nature as the t rustees shall in their absolute discretion think fit. The t rustees have the same full and unrestricted powers of investing and transposing investments, in all respects, as if they were absolutely entitled to the Endowment Fund beneficially.
Risk management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.
COVID-19
Just before the start of the accounting year the COVID-19 pandemic spread throughout the World affecting all aspects of daily life. The Trustees considered the impact this may have on the affairs of the charity, revising operational and financial plans for the year ahead accordingly.
The Trustees will regularly reviewed the impact of the pandemic on the charity and its finances. The Trustees set an income strategy to manage the charity through this period. The Trustees remain confident that the charity will be able to deliver significantly against our aims and objects within the resources that will be available.
Plans for the future
The t rustees will continue to support the School in projects falling within the Trust's objects.
Structure, governance and management
The Women of Vision Trust was formed by a declaration of trust dated 16 March 1998.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr. J. Herman
Mr. P. Taylor Ms. S. Chong-Tai Ms. K. Hedges Ms. J. Hemmings
New trustees are appointed in accordance with the provisions of the Trustee Act 1925.
All of the t rustees named above served during the year.
The trustees' r eport was approved by the Board of Trustees.
Mr. P. Taylor
Trustee Dated: 23 November 2021
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THE WOMEN OF VISION TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2021
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE WOMEN OF VISION TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE WOMEN OF VISION TRUST
I report to the trustees on my examination of the financial statements of The Women of Vision Trust (the trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Gary Howard FCA
Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE
Dated: 13 December 2021
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THE WOMEN OF VISION TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 118,368 - Investments 4 136 2 Total income 118,504 2 Expenditure on: Support of Watford Grammar School for Girls 5 130,580 15,000 Net gains/(losses) on investments 8 200,802 - Net movement in funds 188,726 (14,998) Fund balances at 1 April 2020 912,277 104,587 Fund balances at 31 March 2021 1,101,003 89,589 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 118,368 151,754 186,064 138 819 773 118,506 152,573 186,837 145,580 259,448 82,250 200,802 (27,811) - 173,728 (134,686) 104,587 1,016,864 1,046,963 - 1,190,592 912,277 104,587 |
Total 2020 £ 337,818 1,592 339,410 341,698 (27,811) (30,099) 1,046,963 1,016,864 |
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE WOMEN OF VISION TRUST
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Current assets Debtors 10 Investments 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Income funds Restricted funds 13 Unrestricted funds General unrestricted funds Revaluation reserve |
2021 £ £ 22,212 1,026,400 143,380 1,191,992 (1,400) 1,190,592 89,589 784,603 316,400 1,101,003 1,190,592 |
2020 £ £ 44,588 825,598 147,868 1,018,054 (1,190) 1,016,864 104,587 796,679 115,598 912,277 1,016,864 |
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The financial statements were approved by the Trustees on 23 November 2021
Mr. J. Herman Trustee
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THE WOMEN OF VISION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
The Women of Vision Trust is a registered charity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011 and "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, despite the ongoing and potential effects of COVID-19, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees continue to adopt the going concern basis of accounting in preparing the financial statements and no adjustments to the results or the carrying values declared in these financial statements are required, and none have been made.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are funds received which can only be used for the specific purpose as laid out by th e donor. Expenditure which meets this criteria is identified to the fund, together with a fair allocation of overhead costs. The aim and use of each restricted fund is set out in the note to the financial statements.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE WOMEN OF VISION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.5 Expenditure
Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of VAT.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust 's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust ’s contractual obligations expire or are discharged or cancelled.
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THE WOMEN OF VISION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| UnrestrictedUnrestricted Restricted funds funds funds 2021 2020 2020 £ £ £ Donations and gifts 96,153 123,414 65,000 Legacies receivable - - 104,814 Gift aid recoverable 22,215 28,340 16,250 118,368 151,754 186,064 Investments Unrestricted Restricted TotalUnrestricted Restricted funds funds funds funds 2021 2021 2021 2020 2020 £ £ £ £ £ Interest receivable 136 2 138 819 773 |
Total 2020 £ 188,414 104,814 44,590 337,818 Total 2020 £ 1,592 |
|---|---|
4 Investments
5 Support of Watford Grammar School for Girls
| Donations to Watford Grammar School for Girls Administration costs Governance costs Website development |
2021 £ 139,000 2,483 540 3,557 145,580 |
2020 £ 336,000 3,032 660 2,006 341,698 |
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Included in governance costs are independent examiner's fees of £540 (2020 - £660).
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THE WOMEN OF VISION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
7 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Number | Number | ||
| Total | - | - | |
| There were no employees whose annual remuneration was more than £60,000. | |||
| 8 | Net gains/(losses) on investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Revaluation of investments | 200,802 | (27,811) | |
| 9 | Financial instruments | 2021 | 2020 |
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 1,026,400 | 825,598 | |
| 10 | Debtors | ||
| 2021 | 2020 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 22,212 | 44,588 | |
| 11 | Current asset investments | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Listed investments | 1,026,400 | 825,598 |
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THE WOMEN OF VISION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
12 Creditors: amounts falling due within one year
| Accruals and deferred income Restricted funds The income funds of the charity include restricted funds donations and grants held on trust for specific purposes: Movement in funds Balance at 1 April 2019 Incoming resources Resources expended £ £ £ School Swimming Pool Fund - 81,250 (81,250) Esme Clark Bequest Fund - 105,587 (1,000) - 186,837 (82,250) |
2021 2020 £ £ 1,400 1,190 comprising the following unexpended balances of Movement in funds Balance at 1 April 2020 Incoming resources Resources expended Balance at 31 March 2021 £ £ £ £ - - - - 104,587 2 (15,000) 89,589 104,587 2 (15,000) 89,589 |
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13 Restricted funds
The Swimming Pool Fund is to cover costs to maintain and improve Watford Girls Grammar School's swimming pool.
Esme Clark Bequest Fund is a bequest left to Watford Girls Grammar School by a former teacher, Miss Esme Clark, for the sole benefit of the pupils of the School with an express wish that the fund will be used inter alia to finance Scholarships or Exhibitions for University places and an annual prize for English. The Trust will administer the fund on behalf of the School's governors but have no right to any income or capital from the bequest.
14 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 March 2021 are represented by: Current assets/ (liabilities) 1,101,003 89,589 1,101,003 89,589 |
TotalUnrestricted funds 2021 2020 £ £ 1,190,592 912,277 1,190,592 912,277 |
Restricted funds 2020 £ 104,587 104,587 |
Total 2020 £ 1,016,864 1,016,864 |
|---|---|---|---|
15 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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