Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Yorkshire Building Society Charitable Foundation (A Company Limited by Guarantee)
Registered Number: 03545437 Registered Charity Number: 1069082
Annual Report and Financial Statements
for the year ended 31 December 2021
Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Contents
| ontents | |
|---|---|
| Page | |
| Trustees and Professional Advisors | 1 |
| Trustees’ Report (Incorporating the Directors Report) | 2 |
| Trustees’ Responsibilities Statement | 7 |
| Independent auditor’s report | 8 |
| Statement of Financial Activities (incorporating the income and expenditure account) | 12 |
| Statement of Financial Position | 13 |
| Statement of Cash Flows | 14 |
| Notes to the financial statements | 15 |
Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Trustees and Professional Advisers
Reference and administrative information
| Company number | 03545437 |
|---|---|
| Charity number | 1069082 |
| Trustees | V White |
| G Rogers | |
| S L Jackson | |
| L Latibeaudiere | |
| R J Brown (resigned 31 August 2021) | |
| E C G Fuller (appointed 18 November 2021) | |
| Secretary | D Colley |
| Registered office | Yorkshire House |
| Yorkshire Drive | |
| Bradford | |
| West Yorkshire | |
| BD5 8LJ | |
| Independent Auditors | PricewaterhouseCoopers LLP |
| Central Square | |
| 29 Wellington St | |
| Leeds | |
| LS1 4DL | |
| Banker | National Westminster Bank plc |
| PO Box 90 | |
| 1 Market Street | |
| Bradford | |
| BD1 1EQ |
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Trustees’ Report (incorporating the Directors’ Report)
for the year ended 31 December 2021
The Trustees, as listed on page 1, who act as directors for the purposes of company law, present their report and audited financial statements for the year ended 31 December 2021.
The Charity qualifies as a small company in accordance with s382(3) of the Companies Act 2006 and is therefore exempt from the requirement to prepare a strategic report. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption and the requirement to prepare a strategic report.
Structure, governance and management
Governing document
Yorkshire Building Society Charitable Foundation (‘the Charity’) is a company limited by guarantee, incorporated on 7 April 1998 and registered as a charity on 8 April 1998. The Charity was established under a Memorandum of Association which established the objects and powers of the Charity and is governed under its Articles of Association. The Trustees, who are also the members of the company, are required to contribute an amount not exceeding £1 in the event of the charitable company being wound up.
The Yorkshire Building Society Charitable Foundation is independent of the Yorkshire Building Society.
Appointment of Trustees
The power for the appointment and/or removal of Trustees lies with the Trustees or Yorkshire Building Society (‘the Society’). On appointment as Trustees, an induction is provided; however, all Trustees should preferably have had or have experience of other charities, voluntary service and/or public service organisations. Trustees register themselves for updates to changes to regulations and best practice from The Charity Commission as well as changes to financial reporting and Company Law requirements. The Trustees are the directors of the charitable company.
None of the Trustees have been paid any remuneration or received any other benefits from employment with the Charity.
Organisation
The Charity has a maximum of five Trustees, the majority of who must not be employed by the Society. Ms S L Jackson and Mr L Latibeaudiere have been employed by the Society throughout the year. The Trustees administer the Charity and meet quarterly, although day-to-day responsibility for routine administration rests with Society employees. To facilitate effective operations, the Society provides the Charity with facilities and with financial, administrative and technical support as needed by it, under a Framework Agreement between them. The principal activity of the Charity, making donations, is undertaken in accordance with the Donations Policy adopted by the Charity and within guidelines as agreed periodically by the Trustees.
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Trustees’ Report (incorporating the Directors’ Report)
for the year ended 31 December 2021 (continued) Structure, governance and management (continued) Organisation (continued)
The Trustees are the only persons authorised by the Charity to make any payments on its behalf and they do so within authorisation levels agreed in the mandate with the Charity’s bankers.
Applications for support are made through the submission of an online form. All nominations and requests are reviewed by the administrative personnel of the Society who are charged with undertaking support for the Charity under the Framework Agreement as referred to above.
This review is to ensure that, amongst other things, the application fits within the Charity guidelines which are published to Society colleagues and are available to the public through Society branches, online or direct from the administrative personnel. These guidelines provide a non-exhaustive list of the types of causes, activities and projects which are likely to be supported and, equally, those which are not.
Related parties
In so far as it is complementary to and supportive of the Charity’s objects, the Charity works closely with the Society.
Risk management
The Trustees recognise that the Charity is limited in the objects which it espouses and is closely linked with the Society and with members of the Society and its colleagues in connection both with funding and with its donation activities. Under the Framework Agreement which exists between the Society and the Charity, Society personnel and systems are provided subject to and in accordance with the processes and procedures which the Society, as a building society regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), has to and does maintain. Since it operates entirely within Society premises and utilises Society facilities, the Charity is subject to the same risks faced by the Society in those aspects of its operations. Key elements in the management of financial risk are the adoption of the Donations Policy, which the Trustees review on an annual basis, the mandates which the Trustees set for donations and operation of the Charity’s bank accounts and the setting of a Reserves Policy and it’s review by the Trustees. Other key risks, such as the risk of financial fraud, are managed by the Society colleagues under the controls framework and policy. The Trustees therefore believe all major risks are being appropriately managed.
Going concern
The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they have adopted the going concern basis of accounting in preparing the annual financial statements.
The ongoing COVID-19 pandemic, the UK's exit from the EU and the current rise in inflation are expected to have limited direct impact on the Charity. It is expected the Charity will continue to make donations in line with funding as received from the Society. It is expected that the Charity will continue to receive funding from the Society for at least 12 months from the date of signing these financial statements.
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Trustees’ Report (incorporating the Directors’ Report)
for the year ended 31 December 2021 (continued) Objectives and activities
The aim of the Charity is to support charities for the public benefit where the Society’s members and colleagues live and work, helping to demonstrate the value and support that the Society provides to local communities throughout the United Kingdom.
The objects for which the Charity is established are to promote such purposes being exclusively charitable according to the law of England and Wales as the Trustees of the Charity shall from time to time determine. Charities that receive donations in Scotland must be registered with the Office of the Scottish Charity Regulator (OSCR).
The objectives of the Charity are to apply the income and/or capital for charitable purposes, and to make donations to UK registered charities in such manner as the Trustees in their absolute discretion see fit.
The Trustees have adopted priorities which are to support UK registered Charities in particular focusing on prevention or relief of poverty, advancement of health or the saving of lives involving children, the seriously ill, the elderly, the homeless and disabled.
The Charity’s support is limited to the United Kingdom and the Trustees prefer to assist a charity for a specific purpose or with the purchase of specific items rather than donating to general funds or expenses. The Charity has focused its activities on seeking to help as many charities and causes as possible for the public benefit where those meet its donations criteria as set out in the Donations Policy and with predominantly smaller amounts (usually equal to or less than £2,000).
Note 9 on page 18 discloses the charities which have received total donations of £2,000 or more during the year. The Charity’s donation activities are supported through the activities of Society colleagues and concentrate on charities proposed by the Society’s members and colleagues.
From 2021, the Charity has also received funding from the Society in the form of the Opportunity and Resilience Fund. This fund supplements the regular income to the Charity, and is utilised, at the Trustees discretion, for larger donations to specific projects and charities. The donations made from this fund in 2021 were to Refugee Action (£30,000), Smart Works Leeds (£28,000), Canopy Housing (£21,000) and Groundwork NE & Cumbria (£21,000).
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the Donation Policy for the year. Society employees and members (who are spread throughout the UK) are encouraged to nominate charitable causes to receive a donation from the Charity.
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Yorkshire Building Society Charitable Foundation Annual Report and Financial Statements Registered Number: 03545437 for the year ended 31 December 2021
Trustees’ Report (incorporating the Directors’ Report)
for the year ended 31 December 2021 (continued) Financial review
Achievements and performance
The Charity received income of £406,679 (2020: £437,241) and spent £413,978 (2020: £422,155) during the year in line with the Charity objectives. The deficit for the year amounted to £7,299 (2020: £15,086 surplus). This deficit was funded from the accumulated funds, giving £70,191 (2020: the surplus was added to the accumulated funds, giving £77,490) available for future expenditure as at 31 December 2021. The deficit for the year decreases the reserves of the Charity in line with the Reserves Policy below.
During the year, the Charity made donations of £406,666 (2020: £415,555). This includes several large donations to specific projects through the new Opportunity and Resilience Fund provided by the Society amounting to a total of £100,000 in donations. These donations align with the Society’s own objectives but have been chosen at the discretion of the trustees of the charity. All donations were made to charities and none made to individuals which is in line with the Charity’s objectives.
Note 9 of this report includes a list of the charities which received in excess of £2,000 from the Charity during the year, either as one donation or a number of smaller donations.
Reserves Policy
It is the policy of the Charity to maintain free reserves at a level which takes into account the relative stability of the source of funds and the active management of all donation processes. The Trustees review the Reserves Policy annually and have agreed upon a free reserves target of 10% of the anticipated annual income. This is intended to provide sufficient funds to cover administration costs, outstanding commitments and to respond to urgent applications for donations, which arise from time to time. The income of the Charity is not received evenly throughout the year, and donations are made to charities on a quarterly basis, therefore the level of reserves fluctuates at each month end. Free reserves at 31 December 2021 amounted to £70,191 (2020: £77,490), 17% (2020: 18%) of income for the year. At the lowest point in the year free reserves were £45,181 (2020: £40,569), 11% (2020: 9%) of income for the year.
Funding and investments
The Charity receives donations from the Society and other funding arranged by the Society in connection with specific donation activities. This additional funding comes primarily from the Small Change Big Difference® (SCBD) scheme which the Society includes as an optional term in most of its savings and mortgage products. SCBD is a scheme promoted by the Society, under which the holders of savings or mortgage accounts agree to transfer to the Charity an amount equivalent to the pence of interest received on a savings account, or, rounding up to the nearest pound, the pence of interest paid on a mortgage account (never exceeding 99p per year, per account). Members of the Society can opt in or out of the SCBD scheme at any time. The Trustees continue to have the power to invest money in shares, stocks, funds, securities, land, buildings and/or other investments or property, as they think fit. However, it has been their practice to maintain a liquid bank account in order to meet commitments as they fall due, so as to maintain a continuous programme of donations which in turn is matched by an ongoing funding programme, where income is spread over the financial year.
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Trustees’ Report (incorporating the Directors’ Report)
for the year ended 31 December 2021 (continued) Disclosure of information to the auditors
The Trustees who held office at the date of approval of this Trustees’ Report confirm that, so far as they are aware, there is no relevant audit information of which the Charity’s auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.
Plans for future years
The Charity plans to continue the activities outlined above in the forthcoming years, subject to satisfactory funding arrangements and annual reviews of the Donations and Reserves policies.
The Charity plans to continue the activities outlined above in the forthcoming years, subject to satisfactory funding arrangements and annual reviews of the Donations and Reserves policies.
The Trustees are mindful of the potential for an impact on the Charity’s income arising from the current economic climate, with specific consideration of the potential impact of the COVID-19 pandemic and the rising cost of living, but are satisfied that continuing to operate in line with the Reserves Policy will afford the best chance of prudently managing financial resources.
The charity aims to maintain reserves levels at 10% of income over the coming years to ensure funds are distributed to beneficiaries within a reasonable timeframe; this will not require any significant increase in donations or in the conduct of the Charity’s activities.
The majority of funding available to the Charitable Foundation is generated by the Society’s members through the Small Change Big Difference scheme therefore recommendations of charities to receive support are only accepted from members or employees of the Society. This will continue for the foreseeable future.
The Trustees confirm that the Charity has complied with section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.
The Trustees have confirmed their intention to re-appoint PwC as the Charity’s auditor.
Approved by order of the Board of Directors and signed on behalf of the Board
Signed on behalf of the Trustees: G Rogers Trustee 20[th] June 2022
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Trustees’ Responsibilities Statement
The trustees (who are also directors of Yorkshire Building Society Charitable Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, 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 Statement of Recommended Practice (SORP);
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
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There is no relevant audit information of which the charitable company's auditor is unaware; and
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The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Independent auditors’ Report to the members of Yorkshire Building Society Charitable Foundation
Report on the audit of the financial statements
Opinion
In our opinion, Yorkshire Building Society Charitable Foundation’s financial statements (the “financial statements”):
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, and cash flows, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
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have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report and financial statements (the “Annual Report”), which comprise: the statement of financial position as at 31 December 2021; statement of financial activities (incorporating an income and expenditure statement), and the statement of cash flows for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report and financial statements other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Independent auditors’ Report to the members of Yorkshire Building Society Charitable Foundation (continued)
Reporting on other information (continued)
and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Trustees’ Annual Report
In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Annual Reportfor the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements.
In addition, in light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in the Trustees’ Annual Report. We have nothing to report in this respect.
Responsibilities for the financial statements and the audit
Responsibilities of the trustees for the financial statements
As explained more fully in the Trustees’ Responsibilities Statement , the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Independent auditors’ Report to the members of Yorkshire Building Society Charitable Foundation (continued)
Responsibilities for the financial statements and the audit (continued)
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the charitable company, we identified that the principal risks of noncompliance with laws and regulations related to breaches of UK Company and Charity regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls through posting of inappropriate manual journal entries and making unapproved cash payments during the period. Audit procedures performed included:
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Enquiries with management and those charged with governance throughout the year including consideration of known or suspected instances of non-compliance with laws and regulations.
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Testing of journal entries made during the period for consistency with underlying audit work performed.
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Testing of appropriate review and approval of grants paid during the period.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
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we have not obtained all the information and explanations we require for our audit; or
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• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Independent auditors’ Report to the members of Yorkshire Building Society Charitable Foundation (continued)
Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: prepare financial statements in accordance with the small companies’ regime; and take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.
Heather Varley (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds 20[th] June 2022
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Statement of Financial Activities (incorporating the income and expenditure account)
For the year ended 31 December 2021
| Notes Income from: Donations and legacies 3 Investment Income 4 Total Income Expenditure on: Other Expenditure 5 Charitable Activities 6 Total Expenditure Net Movement in Funds Funds Brought Forward Funds Carried Forward |
2021 2020 £ £ 406,666 437,104 13 137 |
|---|---|
| 406,679 437,241 (6,600) (6,600) (407,378) (415,555) |
|
| (413,978) (422,155) |
|
| (7,299) 15,086 77,490 62,404 |
|
| 70,191 77,490 |
There are no recognised gains or losses during the current year or preceding year other than the movement in funds for the year stated above.
The results are wholly derived from the continuing operations of the Charity.
The Statement of Financial Activities incorporates an income and expenditure account and the net movement in funds represents the net income for the year. All funds are unrestricted.
The notes on pages 15 to 19 form part of these financial statements.
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Statement of Financial Position
As at 31 December 2021
| Note Current Assets Cash at bank and in hand Debtors - amounts falling due within one year Total assets Current Liabilities Creditors - amounts falling due within one year 5 Total liabilities Net Current Assets Net Assets Unrestricted Funds |
2021 £ 53,522 23,269 76,791 6,600 6,600 70,191 70,191 70,191 |
2020 £ 56,765 27,325 |
|---|---|---|
| 84,090 | ||
| 6,600 | ||
| 6,600 77,490 77,490 |
||
| 77,490 |
These financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies’ regime. The financial statements have been prepared in accordance with the provisions of Section 1A of FRS 102
These financial statements were approved and authorised for issue by the Trustees on 20 June 2022 and were signed on their behalf by:
The notes on pages 15 to 19 form part of these financial statements.
G Rogers Trustee 20 June 2022
Registered company number: 03545437 Registered charity number: 1069082
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Statement of Cash Flows
For the year ended 31 December 2021
| Cash Flows from Operating Activities Net movement in funds Increase/(decrease) in accruals (Increase)/decrease in Accrued Income Interest income receivable Net Cash Flows from Operating Activities Cash Flows from Investing Activities Interest Received Net Cash Flows used in Investing Activities Net Increase in Cash and Cash Equivalents Cash at Bank and in hand As at 1 January As at 31 December Net Movement in Cash at bank and in hand |
2021 £ (7,299) - 4,056 (13) (3,256) 13 13 (3,243) 56,765 53,522 (3,243) |
2020 £ 15,086 600 5,635 (137) |
|---|---|---|
| 21,184 137 |
||
| 137 | ||
| 21,321 35,444 56,765 |
||
| 21,321 |
The notes on pages 15 to 19 form part of these financial statements.
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Notes to the financial statements
1. Accounting policies
The Yorkshire Building Society Charitable Foundation, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having share capital.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.
1.1 Basis of preparation
The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Except where otherwise stated, all figures in the financial statements are presented pounds sterling (£). The financial statements have been prepared on the going concern basis as discussed in the Trustees' Report on page 3, under the heading, going concern.
The Statement of Cash flows has been prepared in compliance with FRS 102 Section 7 ‘Statement of Cash flows’. The cash flow has been presented under the indirect method.
The Statement of Cash Flows presents cash flows from operating and investing activities. The Charity did not undertake any financing activities in the year. The net cash flows from all three categories are totalled to show the movement in cash and cash equivalents during the year, which is then used to reconcile cash and cash equivalents.
1.2 Unrestricted funds
The use of these funds has not been restricted to a particular purpose by the donors or their representatives.
1.3 Income
Investment income is recognised on an accruals basis. Gifts and donations are credited to the Statement of Financial Activities as they are received or when it is probable they will be received. The Charity is entitled to income from SCBD when the interest on an account is earned and applied. This is the point at which it is then recognised. Other income is only recognised once receipt is expected and is reliably measurable. Any related tax credits are accounted for on an accruals basis.
1.4 Expenditure
Expenditure is included on an accruals basis. Governance costs are those costs incurred in meeting the Charity’s statutory and regulatory obligations and under FRS 102 are included within other expenditure on the Statement of Financial Activities.
No trustee expenses have been paid in the year 2021 (2020: £nil).
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Notes to the financial statements (continued)
1. Accounting policies (continued)
1.5 Donations payable
It is considered that there is a constructive obligation to make the donation once the cash has been approved and the recipient informed of this. Once this criteria is met, the donations are accrued for and subsequently paid.
1.6 Financial instruments
Debtors represents accrued income due in under one year and relates wholly to balances due from Yorkshire Building Society in relation to period end SCBD income.
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.
Creditors relate wholly to amounts owed in respect of audit fees.
2. Critical accounting judgements and key sources of estimation uncertainty
The Charity makes judgements in applying its accounting policies that may have a significant impact on the amounts recognised in the financial statements. In addition, estimates and assumptions are used which could affect the reported amounts of assets and liabilities in the next financial year. There are no critical judgements or key sources of estimation uncertainty in these financial statements.
3. Donations and Legacies
| Small Change Big Difference Income Coronavirus Response Fund income Opportunity and Resilience Fund Income Other Donations from Yorkshire Building Society |
2021 2020 £ £ 296,666 307,104 - 100,000 100,000 - 10,000 30,000 |
|---|---|
| 406,666 437,104 |
SCBD is a scheme promoted by Yorkshire Building Society under which the holders of savings or mortgage accounts agree to the transfer to the Charity an amount equivalent to the pence of interest received on a savings account, or, rounding up to the nearest pound, the pence of interest paid on a mortgage account (never exceeding 99p per year, per account).
Each year the Society has made an additional donation to the foundation, this year being £10,000 (2020: £30,000). This year, the Society made a donation of £100,000 for the Opportunity and Resilience Fund to allow the Charity to contribute to a number of larger projects which are strategically aligned with the Society’s aims. All funds are unrestricted.
In 2020, the Foundation set up a Coronavirus Response Fund with a donation of £100,000 from the Society. The fund supported 61 smaller charities helping communities across the country to cope with
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Notes to the financial statements (continued)
3. Donations and Legacies (continued)
the impact of the COVID-19 pandemic, with grants ranging from £500 to £2,000. This was not continued into 2021.
4. Investment Income
| 4. Investment Income | |
|---|---|
| Bank Interest 5. Other Expenditure Auditors Fees 6. Charitable activities Charitable Donations Coronavirus Response Fund donation |
2021 2020 £ £ 12 137 |
| 2021 2020 £ £ 6,600 6,600 |
|
| 2021 2020 £ £ 407,378 315,555 - 100,000 |
|
| 407,378 415,555 |
The Charity made 215 (2020: 299) charitable donations to charities. No donations were made to individuals in the year. Note 9 provides a breakdown of donations of £2,000 and over made to individual charities during the year.
7. Net expenditure for the year
| . Net expenditure for the year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Net expenditure is stated after charging: | ||
| Fees payable to the charity’s auditors for the audit of the charity’s | 6,600 | 6,600 |
| annual financial statements |
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
Notes to the financial statements (continued)
8. Related party transactions
During the year the Charity received donations of £110,000 (2020: £130,000) from the Society; it also received £296,666 (2020: £307,104) during the year from the Society’s SCBD scheme (see Note 3 for more information). The Society provides administration services under a Framework Agreement; the cost of services provided is considered immaterial
9. Donations made to institutions of £2,000 and over
The following shows total donations of £2,000 and over made to individual charities during the year.
| Refugee Action | 30,000 |
|---|---|
| Smart Works Leeds | 28,000 |
| Canopy Housing | 21,000 |
| Groundwork Ne & Cumbria | 21,000 |
| Give Bradford – No Child Cold | 10,000 |
| Ace | 2,000 |
| Age Uk Exeter | 2,000 |
| Asthma Uk And British Lung Foundation Partnership | 2,000 |
| Autism Angels Ltd | 2,000 |
| B:Friend | 2,000 |
| Bare Necessities Toiletry Bank | 2,000 |
| Bauer Radio'S Cash For Kids Charities (Scotland) | 2,000 |
| Blackburn Foodbank | 2,000 |
| Blackpool Community Homeless Project | 2,000 |
| Blackpool Food Bank | 2,000 |
| Brook Lane Community Church | 2,000 |
| Caritas Anchor House | 2,000 |
| Children 1St | 2,000 |
| Chris'S House | 2,000 |
| Community Food Initiatives North East Limited | 2,000 |
| Community Lives Matter | 2,000 |
| Dartmouth Caring | 2,000 |
| Derbyshire Air Ambulance | 2,000 |
| Derbyshire Carers Association | 2,000 |
| Eats Rosyth | 2,000 |
| Emmaus Transformation Trust Limited | 2,000 |
| Fresh Start Borders | 2,000 |
| Glasgow Care Foundation | 2,000 |
| Hale Civic Society | 2,000 |
| Headway Norfolk And Waveney Ltd | 2,000 |
| Homestart Kincardine | 2,000 |
| Hour Community | 2,000 |
| Key Unlocking Futures Ltd | 2,000 |
| Liberty Christian Family Centre Trust | 2,000 |
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Yorkshire Building Society Charitable Foundation Registered Number: 03545437
Annual Report and Financial Statements for the year ended 31 December 2021
| Notes to the financial statements (continued) | |
|---|---|
| 9. Donations of £2000 and over made to institutions (continued) | |
| Little Village | 2,000 |
| Mikeysline | 2,000 |
| Mindmosaic Counselling & Therapy | 2,000 |
| North West Air Ambulance | 2,000 |
| Ormiston Children And Families Trust | 2,000 |
| Safe In Scotland | 2,000 |
| Sevenoaks Larder | 2,000 |
| Somebody Cares | 2,000 |
| Space4Autism | 2,000 |
| St George'S Crypt | 2,000 |
| The Children'S Hospital Charity | 2,000 |
| The Feed Foundation | 2,000 |
| The Haven Torbay | 2,000 |
| The Holme Valley Mountain Rescue Team | 2,000 |
| The Louise Hamilton Trust | 2,000 |
| The Oxygen Works | 2,000 |
| The Parochial Church Council Of The Ecclesiastical Parish Of Lavant | 2,000 |
| The Peterborough Soup Kitchen | 2,000 |
| United Response | 2,000 |
| Wellspring Therapy & Training | 2,000 |
| Wirral Foodbank | 2,000 |
| Zoe's Place Trust - Middlesbrough | 2,000 |
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