THE KEN WRIGLEY MEMORIAL CHARITY Registered Charity Number: 1071210 a- IlaL_ TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENT YEAR ENDED 5 APRJL 2022
The Ken Wrlgley Memorlal Charity Index to the Flnanclal Statements Year Ended 5 April 2022 Page Reference and Administrative Enformatlon Trustees, Annual Report Independent Examiners Statement io statement of Flnanclal Actlvlties li Balance Sheet 12-15 Notes to the Accounts
The Ken Wrlgley Memorlal Charity Page I Reference and Admlnlstratlve Information Year Ended 5 April 2022 Reference and Administrative Information Trustees Peter Roy Guest John Bruce Rostron Mark Allan Guest Sharon Ann Hallmark (Chair of Trustees) Secretary Kirsty McEwen Principal Offlce 3 Waterfront Business Park, Brierley Hill, West Midland5, DY5 ILX Charity Number: 1071210 Independent Examiners stephanie Churchill of 835 Birmingham New Road, Tipton, West Mldlands, DY4 8AS Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hlll, West Malling, Kent, ME19 4JQ Solicitors Higgs LLP, 3 Waterfront Buslness Park, Brierley Hill, West Midlands, DY5 ILX Investment Manager5 Nathan Darby, Fiathbones, Temple Point, l Temple Row, Birmlngham, West Midlands, B2 5LG
The Ken Wrlgley Memorlal Charity Page 2 Trustees Annual Report Year Ended 5 Aprll 2022 Report of the Trustees for the Year Ended 5 Aprll 2022 The Trustees present their annual report and financlal statements of the Charlty for the year ended 5 April 2022. The flnancial statements have been prepared in accordance with the accountlng policles set out In the accounts and to comply with the Charlty's Governlng Document, the Charities Act 2011 and the Statement of Recommended Practlce applicable to the charilies preparing their accounts with the Flnanclal Reporting Standard appllcable on 16 JLtly 2014. structure, Governance and Management The Charlty Ss a registered charltyi registered with the Charity Cornmisslon on 26 August 1998 under registered charity number 1071210. In hi5 Will dated 14 Aprll 1995, the late William Kenton Wrigley directed the Trustees of hls residuary estate to establish and endow a continuing charitable trust to be known as the Ken Wrigley Memorlal Charity. The Charity is constltuted under a Declaration of Trust dated 18 May 1998 ('the Governing Document').The Charity does not actively fundraise and seeks to contlnue the charitable work deslred by the donor through the careful stewardship of its existing resou rces. New Trustees are appointed by resolution of the exlsting Trustees passed at a special meeting. The Governing Document provides for a minlmum of three Trustees and no maximum. At the blannual Tru5tees' meetings, the Trustees agree the broad strategy and areas of activities for the Charity, including consideratlon of grant making, investment, reserves and rlsk management policies and performance. The Trustees meet at least two tlmes per year. The day to day administration of grants and the processing and handling of appllcations prlor to consideration is delegated to the Secretary. The Trustees formally approved arrangements complying wlth the ICSA guide 'Recrultment, Appointment and Induction of Charity Trustees, and intend, when the need to recruit new Trustees arises, to consider the recrultment of new Trustees based on their experience, empathy and knowledge of the Charity and Sts aa of benefit and to keep the skills and composition of the Trustee body and successlon planning under revlew. The Trustee5 are, wlth the support of the Secretaryi developing a code of conduct for Trustees including formal statements of roles and responsibilities and the provision of Trustees tralning. New Trustees may be sought by open advertisement or through a dialogue with major grant recipients and local community groups respectlng the ethos of the Charity to continue the charltable work intended by the Settlor, the Trustees actively seek those wlth a knowledge of the local area when considerlng any prospective candidate. The ultimate decislon on selection Is a matter for the Trustees. On appointment new Trustees slgn a Trustee Declaration and Undertaklng form committing them to the glvlng of their time and expertise. The induction process has been changed to follow the ICSA good practlce gLtide wlth a formal Inductlon programme for any newly
The Ken Wrigley Memorlal Charity Page 3 Trustees Annual Report Year Ended 5 April 2022 appointed trustee being led by the Secretary, to include an Initial meeting with the Chair, followed by a series of short meetings with the Secretary on investments, the grant making process, power and responsibilitie5 of the trustee board and the sub committees (where relevant). The welcome pack includes, amongst other information and gu Idance, a brief history of the Charity, copy Trustee mlnutes, a copy of the last three years of annual reports and accounts, a copy of the Governing Document and a copy of the Charity Commlssion's guidance 'The Essential Trustee: What You Need to Know, and 'Charltles and Public Benefit,. All Trustees give of thelr tlme freely and no Trustees remuneratlon was paid in the year. Trustees are required to disclose all relevant interests and register them with the Secretary and in accordance wlth the Charlty's pollcy wlthdraw from decisions where a conflict of interest arises. Risk Management The Trustees consider variablllty of investment returns on the portfolio to constitute the Charity's major flnanclal risk, The portfolio is well diversified wlth an appropriate consideration of rlsk and incorne requirements belng adopted in the consideration of asset allocation. The Trustees engage the services of Rathbones (Mr N Darby) on a discretionary management basis to manage the portfollo and to advise on risk, diversification, suitability, meeting income requlrements and managing capital growth, Mr N Darby has retained a watchful eye and contlnued to advise the Trustees on the ever changing risks. The Trustees have welcomed his careful stewardship and note the performance of the portfolio during the perlod, wlth reasonable and 5UStained capital growth despite the circumstances, with income continulng to be generated to enable the trustees to meet their obligations and grant commltments. Objects and Activities for the Publlc Benefit The objects of the Charity are "to make grants for charitable purposes for charities and individuals resident in the parish of Kinver in the County of Stafford" The Trustees confinn that they have referred to the guidance contained in the Charity Commission's general guldance on public benefSt when revlewing the Charity's aims and objectives and in plannlng future activlties and setting the grant making policy for the year. The Charity carries out these objects by providing grants to indlvlduals (for charitable purposes) and charitable or not for profit organlsations withln the parish of Kinver in the County of Stafford.
The Ken Wrlgley Memorial Charlty Page 4 Trustees Annual Report Year Ended 5 April 2022 By focuslng on these areas, the Charlty achleves Its strategic prlorltles of malntaining a stable grant making programme, with balancing support to both individuals and Charltable or not for profit organisations. Grant Maklng Pollcy The Charity has established Its grant making policy to achieve its objects for the public beneflt, to Improve the Ilves of Indivlduals and tci support charitable and not for profit organisations within the geographical area of benefit which the Trustees have established and which they revlew on an annual basis. The Trustees revlew the grant making policy annually to ensure it reflects the Charity's objects and thereby advances publlc beneflt. The Trustees have power to spend or retain both capltal and Income, but generally operate on the basis that the capital is retained, with the income being expended on an annual basis in furtherance of the objects. The Trustees revlew the grant maklng pollcy annually to ensure that It reflects the Charlty's objects and thereby advance Its public beneflt. The Charlty's beneflclarles are Indivlduals who Ilve within the parish of Klnver In the County of Stafford and charitable or not for profit organisations situated or operating withln the same, all of whom must demonstrate that the activitles they undertake advances the public benefit. The Charity also provldes some support to statutory bodles dlrectly or Indlrectly for projects for whlch a statutory body has no avallable statutory funding. The Trustees preference is for the enhancement of servlces rather than for provlslon of what they consider to be basic needs. Before making grants to statutory bodles, the Charlty obtalns written confirmatlon from the statutory body that no publlc funding is available towards the need for which an application has been made. Funding is not normally available for the usual costs of education i,e. school, college or university fees, but one-off grants may be given towards the cost of books and travel. Grants are awarded to charltable or not for proflt orgar)isations for capital projects withln the area of beneFIt, and the Trustees wlll consider applications from charitable and not for proflt organlsations towards core admlnlstratlon costs for example, staff costs, property cost5 etc. The general policy of the Trustee5 Is not to give retrospective grants and the Trustees will only consider one application per year from any applicant. Grant Maklng Procedure Applications can only be considered If they are on the Charity's Standard application form. The appllcatlon form must be completed and returned (together wlth a copy of any supporting information relevant to the application} to the Secretary at least four weeks before the meeting at which the appllcatlon Is to be considered. The Trustees meet at least two tlmes a year to conslder applications. It Is the policy of the Trustees Is to consider grants on an equal opportunities basis, regardless of gender, rellglon and ethnic background.
The Ken Wrlgley Memorial Charlty Page 5 Trustees Annual Report Year Ended 5 Aprll 2022 Public Benefit The Trustees confirm that they have referred to the Snformatlon contained in the Charity Commission's general guidance on publlc benefit when revlewing the Charity's objects and activities, their grant rnaklng policy and plans for future period. The objects and activities of the Charity are largely determined by the provisions of the Governing Document, and from there the Trustees exercise a discretion in considering how best to meet the public benefit test and ensure that as many individuals and charltable and not for profit organisations with particular needs will gain advantage. Further details of the grants made are set out in the achievements and performance section below and on page 14 of the accounts. Monltoring and Achlevement The Trustees have continued with an asplration to seek a reasonable return over the long term, balancing capltal growth wlth Income generatlon. In recent years capital growth of the portfolio has continued positively and the Trustees consider that the long term objectives remaln achievable. Durlng the year the performance of the principal investment portfolio was managed by Rathbones on a discretlonary basis and was considered satlsfactory with all benchmarks being laryely achleved. Grants awarded durlng the period are Ilsted on page 14 of the accounts. Financial Revlew The Charity's work is entirely reliant on income and returns from its capital. As at 5 April 2022, the value of the trust fund stood at £1,918,645 represented by the market value of the investment portfolio of £1,883,288 and the cash (less credltors) of £35,357. Durlng the year the income of the Charity increased to £55,488. Investment Policy and Performance The investment power5 of the Trustees are wlde. The Trustees have an absolute dlscretlon in this regard and are treated as the absolute owners beneficlally entitled. The principal Investment holdings of the Charity comprise funds and portfolios of quoted securities. As at 5 April 2022, the value Presented IOOVO of the Charity's investment5. The management of the portfolio Is undertaken on a dlscretionary management basls by Rathbones and the written investment policy is reviewed on at least an annual basls by the Secretary in conjunction with the investment managers and ultimately approved by the Trustees. The discretlonary managers are instructed to maximise the income on the portfollo whllst preserving the capltal, within the constraints of a balanced medium investment portfolio, As at the year end the Trustees held £12,258 at Rathbones and cash In the bank with CAF Bank of £25,749.
The Ken Wrigley Memorlal Charlty Page 6 Trustees Annual Report Year Ended 5 April 2022 Reserves Policy The whole of the Charity's capital is expendable and this distinction between capital and Income Is not relevant. That sald, the Trustees malntaln free reserves in unrestricted funds at a level which equates to approxlmately three months of unrestricted charitable expenditure. The Trustees conslder that thls level wlll provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds avallable to cover support and governance costs. The Trustees consider the level of three months is sufficient given the activities and operations of the Charlty, Plan for Future Periods The Trustees believe their grants have translated Into significant pu blic benefit. The Charity is a lasting testimony to the generosity and charltable concerns of the Settlor. In cementing the arrangements already in place, and continuing with its current activities as set out in this report, so that the many ar)d varied charitable and not for profit organisations, and individuals may continue to benefi't In real terms from Its financial support, the Charity aims to provide a longer term commitment and thereby encourage and support individuals and charitable and not for proflt organisations withln the geographical area of benefit.
The Ken Wrigley Memorlal Charlty Page 7 Trustees Annual Report Year Ended 5 April 2022 Tru$tees' Responsibilities in Relatlon to the Flnancial Statements The Trustees are responslble for preparing the Trustees, Report and the financial Statements In accordance with applicable law and regulations and Unlted Kingdom Accounting Standards, The law appllcable to charities in England and Wales required the Trustees to glve a true and falr view of the state of affairs of the Charity and of the incoming resources and appllcatlor) of resources, including income and expenditure of the Charity for that perlod. In preparlng these flnanclal statements, the Trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charltles SORP, make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial staternent5; and prepare the flnancial statements on the going concern basis unless it Is Inappropriate to presume that the Charity wlll continue in operatlon. The Trustees are responslble for keeplng adequate accountlng records that are sufflclent to show and explaln the Charlty's transactlons and dlsclose wlth reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wlth the Charitles Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the Governing Document. They are also responslble for safeguardlng the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud any other Irregularities. Approved by the Trustees and signed on their behalf by: Sharon Ann Hallmark Chair of Trustees
The Ken Wrlgley Memorlal Charlty Page 8 Independent Examlner's Statement Year Ended S Aprll 2022 I report on the accounts of the Charity for the year ended 5 April 2022 which are set out on pages 10 to 15. Respective Responsibilitles of Trustees and Examlner As the Trustees you are responsible for the preparatlon of the accounts; you consider that an audit is not required for thi5 year under section 122(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to., Examine the accounts under section 145 of the 2011 Art. To follow the procedures laid down in the general Dlrections given by the Charily Commission under section 145(5)(b) of the 2011 Act. and To state whether particular matters heve come to my attention state. Basis of Independent Examlner's report My examinatlon was carrled out in accordance with the General Directions given by the Charity Commission. An examination includes a revlew of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any Ljnusual items or disclosures in the accounts, and seeklng explanations from you as Trustees concerning any such matters, The procedures undertaken do not provide all the evidence that would be required in an audlt, and consequently I do not express an audlt opinion on the view given by the accoLsnts. Independent Examlner's Statement In connection with my examination, no matter has come to my attentlon: (i) which glves me reasonable cause to believe that in any rllaterial respect the requirements to keep accounting records In accordance with Section 130 of the 2011 Act; and to prepare accounts whlch accord wlth the accountlng records and to comply with the accounting requirements of the 2011 Act have not been met. or 12) to which, in my oplnion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
The Ken Wrigley Memorial Charity Page 10 statement of Financial Activities Year Ended 5 April 2022 Notes Unrestricted Funds Total Funds 2022 2021 Incoming resources: Incoming resources from generated funds 55,488 55,488 47,869 Total incoming resources 55,488 55,488 47,869 Resources expended: Cost of generatlng funds Charitable actlvlties Cost of grant maklng Govemance costs 12,690 12,690 12,504 Total resources expended 80,472 80,472 61,189 Net (Outgoing)/incoming resources before other recognised gains and losses (24,984} (24,984) (13,320) Reallsed gains/(losses) on investment assets 185 185 3,525 Unreallsed galns/(10sses) on investment assets 128,412 128,412 327,316 Net movement in funds Reconciliation of funds Total funds brought forward 1,815,032 1,815,032 1,497,511 Total funds carrled fonNard 1 918 645 1 918 645 1 815 032
The Ken Wrlgley Memorlal Charlty Page 11 Balance Sheet Year Ended 5 April 2022 Notes Unrestrlcted Funds Total Funds 2022 2021 Fixed Assets Investments 1,883,288 1,883,288 1,706,223 Total Flxed Assets 1 883 288 1 883 Z88 1 706 223 Current A$$ets Cash In bank Debtors 38,007 38,007 114,491 Total current assets 38,007 38,007 114,491 Liabilities Creditors falllng due within one year Net current assets 35,357 35,357 108,809 Total a$set$ less current Ilabllltles 1 918 645 1 918 645 1 815 032 Creditors amounts falllng due after more than one year Net assets 1 918 645 1 918 645 1 815 032 The funds of the Charity Unrestricted income fund 1,918,645 1,918,645 1,815,032 Total Charlty Funds 1 918 645 1 918 645 1 815 032 The notes at pages 12 to 15 form part of these accounts Approved by the Trustees and signed on their behalf by.. Sharon Ann Hallmark Chair of Trustees
The Ken Wrigley Memorial Charlty Page 12 Notes to the Accounts Year Ended 5 Aprll 2022 l. Accounting Pollcles (a) Basls of preparatlon The financial statement5 have been prepared under the historic cost convention, wlth the exception that Investments are included at market value. The financial statements have been prepared In accordance wlth the Statement of Recommended Practice.. Accounting and Reporting by Charities (FRSEE) issued in January 2015 and applicable UK Accounting standards and the Charities Act 2011. (b) Funds structure The charity has one fund, an unrestricted Income fund, This is a fund which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestrlcted funds include deslgnated funds where the Trustees, at their discretion, have created a fund for a speclfic purpose, (c) Incomlng resources All Incomlng resources are recognised once the charity has entitlement to the resources, It is certain that the resources will be received and the monetary value of incoming resources can be measured with sufflcient reliability. (d) Resources expended Liabilities are recognlsed a5 resources expended as soon as there is a legal or constructive obllgatlon committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to charitable organisatlons in the furtherance of the charltable objectives of the Charity. Single or mLJlti-year grants are accounted for when either the reclplent has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant Is outside the control of the charity. Provisions for grants are made when the Intentlon to make a grant has been communlcated to the recipient but there is uncertainty about either the timing of the grant or the amount of the grant payable. (e) Costs of generatlng funds The costs of generating funds conslsts of Investment management fees, legal fees, accountancy fees and other governance and regulatory fees. (f) Charltable Activities The costs of charltable activitie5 include grants made,
The Ken Wrlgley Memorlal Charlty Page 13 Trustees Annual Report Year Ended 5 April 2022 (g) Governance costs Governance costs comprise all costs involving the public accountability of the charity and it5 compliance with regulation and good practice. These costs include costs related to the preparation of the accounts, the independent examination fee and legal fees. (h) Flxed asset investments Investments are stated at market value as at the balance sheet date. The statement of financlal activities includes the net gain and losses arising on revaluation and disposals throughout the year. (l) Reallsed gains and losses All gains and losses are taken to the Statement of Financial Activities as they arlse, Realised galns and losses on Investrnents are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the dlfference between and market value at the year end and openlng markel value (or purchase date if later). Realised and unrealised gains are rTrot separated in the Statement of Flnancial Actlvltles. U) Contlngent Ilabllltles and provlslons In accordance with the SORP, a contingent liability is disclosed for those grants, whlch do not represent liabilities, where the possible obligation, which arises from past events, will only be conflrmed by the occurrence of one or more uncertain future events not wholly wlthln the Trustees, control. Provisions are recognised for those grants where there is uncertainty as to the timing or amount, and any uncertainty regarding the amount is more than one of determining a basis for reasonable estimation of the liability arising from that constructive obllgation. 2. Related party transactlons and Trustees. remuneration Trustees received no emoluments and claimed no expenses in the year. 3. Investment income 2022 2021 Dividends UK Equities Dlvldends - Non UK Equities Interest - UK flxed interest securities Interest on cash deposlts Interest - Non UK fixed interest securities 38,630 6,141 7,056 33,345 6,170 6,343 1,993 18 4. Investment Manager's Cost 2022 2021 Investment management fees
The Ken Wrlgley Memorial Charity Page 14 statement of Financlal Activities Year Ended 5 April 2022 5. Analysis of charltable expendlture The charity undertakes its charitable actlvities through grant maklng and awarded grants to a number of organisations in furtherance of Its charltable activities. Grant funded activlty 2022 2021 st Peter's Church Kinver Sports & Cornmunlty Association Kinver Old Peoples Welfare Mary Stevens Hosplce Action Heart Kinver Methodist Church Enville Cricket Club Kinver Edge Committee Kinver Action Group Kinver Bowling Club Kinver Minibus for the Elderly Kinver & District Horticultural Society Kinver Big Tree Campalgn Claire Louise Smith Elliott Cotterllll Tara Page Samuel Brown 12,000 9,633 8,000 5,000 5,000 2,500 2,500 2,460 2,000 2,000 1,500 779 750 250 10,000 7,000 5,000 5,000 4,000 3,500 2,070 200 200 loo Total
The Ken Wrigley Memorial Charity Page 15 statement of Financial Activities Year Ended 5 April 2022 6. Governance costs 2022 2021 Independent examination fee Bank charges Legal fees: Adrninistration Accounts preparatlon VAT 432 108 8,875 1,250 432 72 8,750 1,250 7. Fixed Asset Investments Movement In fixed asset Investments 2022 2021 Market value as at 5 April 2021 Addition5 to investments at cost Disposals at carrying value Net gain/loss on revaluation 1,706,223 113,311 (64,658) 128,412 1,396,230 211 (17,534) 327,316 Market value as at 5 April 2022 1 883 288 1 706 223 Investment at market value Comprlsed.. 2022 2021 Equities Fixed Interest Securities Alternatives Total 1,579,960 238,254 1,388,254 258,734 1 883 288 1 706 223 8. Analysls of current Ilabllltles and long term credltors 2022 2021 Credltors under l year Legal fees Independent examinerfs fee 2,650 5,250 432