WOODROFFE BENTON FOUNDATION (INCORPORATING THE S WOLFE MEMORIAL FUND AND THE BELTHLE FUND) REGISTERED CHARifi NUMBER 1075272 ANNUAL REPORT AND FINANCIAL STATEMENT5 FOR THE YEAR ENDED 2nd DECEMBER 2022
WOODROFFE BENTON FOUNDATION TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 2nd DECEMBER 2022 The Trustees present their Annual Report and Financial Statements of the Charity for the year ended 2nd December 2022. The Financial Statements have been prepared in accordance with the accounting policies set out in note I to the Accounts and comply with the Charity's Scheme, the Charities Act 2011 and the Statement of Recommended Practice-. Accounting and Reportlng by Chorities applicable to charities preparing their Account5 in 3ccordance with Financial Reportin8 Standard applicable to the UK and Republic nf Irp13nd l FRS in21 Thp Rponrl IAke% arcoiint nf the rpoijirpmpnt lor TriJstppE to TeDort anniially on Pijblir. eneiii dno iiie I ru51ees ndve Ildu ieudiu LU Liie Liidr ILV LU111411I55IVII S guiudsiLe uii fuuiiL Deiieiii. LEGAL AND ADMINISTRATIVE INFORMATION HISTORY AND CONSTITUTION The Foundation was set up by Trust Deed in November 1988 by the late Alfred Woodroffe Benton. It later amalgamated with the S Wolfe Memorial Fund and is now governed by a Scheme sealed by the Charity Commissioners for England and Wales on 6th April 1999. It is a Registered Charity. number 1075272. TRUSTEES The following Seed as Trustees from the commencement of the year up to the date of approval of the accounts in, where relevant. the stated capacity- Mr E Behrens (resigned 14" April 20221, Mr J l Hope, Mr R A Page. Mrs C Rimington. Mrs J Wesley. Mr E J White (Chairmanl, and Mr W White. WEBSITE www.woodroffebenton.org.uk SECRETARY AND ADDRESS FOR CORRESPONDENCE Mrs Joanna Noles, PO Box 309. Cirencester. GL7 9HA. BANKERS 8arc13y5 Bank plc Thorpe Bav, 140 The Broadway, Southend-on-sea. Essex SSI 3ES AUDITORS Bishop Fleming LLP, 10 Temple Back, Bristol BSI 6FL INVESTMENT MANAGERS Brewin Dolphin Limited, 12 Smithfield Street, London ECIA 9BD LEGAL ADVISORS Batchelors Solicitors. 35 Widmore R03d, Bromley BRI IRW.
08JEcfs OF THE FOUNDATION The Foundation's objects as set out in the Scheme arè the advancement of charitable purposes as the Trustees In their discretion think fit, by the provision of grants for such purposes and the provision of grants to benefit any charity. and in particular.. The relief of persons resident in the United Kingdom who are in need, hardship or distress including those who are in need, hardship or distress as a result of local or national disaster or by reason of their soci31 or economic cirtumstances. without any regard to any religious denomination. The provision and maintenance of a nursing home or sheltered accommodation for the benefit of persons who are in need, hardship or distress and who by reason of old age or infirmity are unable to support themselves. The promotion of education. and in particular the provision of financial assistance towards the maintenance and development of Queen Elizabeth's Grammar School. Ashbourne and other Schools in Derbyshire. and the furtherance of the education of pupils attending Queen Elizabeth's Grammar School, Ashbourne and other schools in Derbyshire by the aw3rd of Scholarships. bursaries or prizes. The conservation, preservation, protection and improvement of natural resources and amenity land in the United Kingdom for the public benefit and the encouragement of the provision of access to such land by members of the general public,. and The promotion of such other charitable pijrposes as the Trustees may in their absolute discretion think fit. PUBUC BENEFIT The Trustees consider that all the Foundation's activities are for the public benefit and thLSS fulfil its obli8atlQnS a5 a registered charity in this respert. STRucfuRE, GOVERNANCE AND MANAGEMENT The Board of Trustees, whFch can consist of between S and 8 individuals. administers the Foundation. Trustees are appointed by the Board of Trustees and serve for four years after which they may be reappointed for further four-year terms. The chairman 15 appointed by the Trustees and serves for a one- vear term. Nèw Trustees are found from the contacts and networks of ex¢sting Trustees. When recruiting new Trustees, the Board looks for individuals with skills and experience which are of value to the Foundation and which are not represented by existing Trustees. Potential Trustees are interviewed by the Board and are provided with a pack of information including recent accounts and a eopyof the Scheme. When a new Trustee joins the Board he or she is provided with further information regarding financès. governance and charitable objectives including minutes of Trustees, meetings for the prevTrous year. The Trustees are experienced individuals with an understanding of what is involved. Where appropriate the Foundation supports the training of Trustees including, for example. attendan at seminars organized by the Association of Charitable Foundations of which the Foundation is a member. The Trustees met three times during the year to consider, inter alia, recommendations for, and make final decisions on, the awarding of grants. The day-to-day administration of grants and the processing of applications prior to consideration by the Trustees is delegated to the Secretary. RISK MANAGEMENT The Trustees have considered the major risks to which the charity is exposed and have regularly reviewed those risks and where appropriate established procedures to manage them. They have specifically agreed that no emergency steps are needed in the short temi to cope with any financial crisi5, having regard to the long-established policy of payin8 grants from the retum of the portfolio of investments during the previous year.
The records maintained by the Treasurer and Secretary, which are vital for the efFicient operation of the harity, are regularly archived and Stored in an exiernal location. GRANT-MAKING POLiaES, PRIORMES AND APPUCAnoNS Grants a normally made only to registered or exempt charities within the United Kingdom and not to individua15. The Foundation funds charities in a broad range of areas. but generally not overseas projects or branches of national orEanisations. The Trustees are particularly interested in providing unrestricted fundin a5 well as support for Specific projects, and in givin8 SUPPOrt to smaller charities where modest grants are likely to be of proportionately greater berbefit. The Foundation also has 3 webslte Iwww.woodroffebenton.or which provides full background to its grant mèking policies and priorities. Applications to the Small Grants Programme have to be submitted using a fomi which can be actes5ed from the website,. the Trustees then manage evaluation for the award of grants online. REVIEW OF AcfiviTIES The Trustees met three times during the year and agreed 140 grants12021- 971 to a total value of £239.200 12021.. £344,725) and specifically by.. Providing ongoing support to a number of charities in the fomi of a commitment to pay a substantial annual grant, in Some cases for a fixed period. plus occasional additional amounts when the need arises. DurinE the year under review 21 grants were paid to 18 charitie5 and organisations with charitable status totalling £111.7¢JO12021= 27 grants to 21 charities totalling £289.2251. A Small Grants Programme proce55ing online applications. 335 applications were received12021.. 4101. 107 grants wère made with a total value of £118,({2021.. 55 grants totalling £52.5001. Grants awarded at the discretion of individual Trustees. tld Trustees for a period of five years Subsequent to their retirement. and the Foundation Secretary, each of whom is authorised to make grants up to a total of £2.000 in each financial year. to charities of his or her choice. 13 such grants were made totalling £13,CM)012021= 14 grants totalling £11,5(Kll. RECONCILIATION OF GRANTS PAID AS ABOVE WITH FIGURE5 SHOWN IN THE ACCOUNTS 2022 2021 Substantial ongoing support Small Grants Programme Trustees. Grants 111,7OJ 118.C(KJ 13.¢ 289.225 52,5iJl ii.s Total Grants Paid Less.. Awarded in previous yearlsl 242.7(K) 42,5 353,225 51,C(i) 2CKI.2C#J 39,0 302.225 42.5(Xl Add: Allocated for payment in future years Grants as shown in the accounts 239,2C 344,725
SIGNIFICANT EVENTS The Trustees durin8 the year- Appointed two new Trustee5 and accepted the resignation of one of them Appointed 3 8ookkeeper • Undertook a review of the Foundation's Strategic aims and way of working Reopened the Small Grants Programme in March 2022 following a VIeW of strategy Reviewed and agreed the Financial Management Policy Reviewed and agreed the Investment Policy to move to total return for the Unrestricted portfolio Reviewed and agreed their Risk Management Policy Reviewed and agreed their Data Protection and Privary Statements Reviewed and agreed their Oisaster Recovery Procedures Reviewed and agreed thebr Grant-making and Funding Policy Reviewed and agreed the Statement of Trustees. role. responsibilities and code of condurt Reviewed and agreed their Trustee Eligibility Policy PERFORMANCE MONITORING AND REVIEW For all charities to which regular long-term support is provided. a Trustee is apkY)inted to keep in touch with and monitor that charity and regularly report to the Board as to its perf0rnan and requirements. FINANCIAL REVIEW INCOMING RESOURCES The Foundation is dependent on the performance of its investments and property. The income amounted to £213,22812021- £224.1201. Grènts awarded by the Trustees and paid, or in the case of long-term support grants confirmed to the recipients, totalled £239,200 12021". £344,725). After allowing for the cost of generating funds of £43.669 grant related support costs of £25,748 and Bovemance costs of £14,259 lin 2021 these three items totalled £80.4801, there was a deficit of £109,64812021.. £201,085 deficit). INVESTMENT POLICY The Foundation seek5 to produce the best financial tUrn within an acceptable level of risk. The current investment objective is to generate a return of inflation plus 3.25% per annum over the long term, which should enable the Foundation to maintain the real value of the assets. while funding annual grant makinB expenditure in the region of 3.25%. Income is expetted to grow at or above inflation levels. At their meeting in july 2020. the Trustees agreed that the Unrestrirted Fund would be managed on a total return basis of Consumer Price Index plus 3.0% after expenses. which would retain the real value of the assets, with no tsrBet income requirement and that the Permanent Endowrnent Fund would be managed to have a minimum income yield of above 3.(XJ%.The Foundation has entrusted Brewin Dolphin to manage the assets on a discretionary basis and report quarterly to the Trustees, Investment Committee. Brewin Dolphin attend one Trustees, meeting a year to discuss future strategy and asset allocation. RESERVES POUCY The operations of the Foundation are suth that there are few fixed overheads or long-term commitments for which significant reserves levels are required. The Foundation consider it appropriate to maintain available cash balances of £SOO,(XK). This level will allow the Foundation to cover its fixed costs and cover ongoing commitments for a period of twelve months. At 2 December 2022 the Foundation had cash at bank and in hand of £435.19612021.. £676.4181. The Investment Committee is responsible for reviewing the reserve policy on an ongoing basis throughout the financial year.
FUTURE PLANS The Foundation aims to continue to offer long term regular support to most of its existing 8rantees, to seek to identify other charitie5 which fulfil the selection criteria and to continue to award grants to those making unsolicited Applications. The Trustees are aware of the severe impact that the COVID-19 outbreak, together with the current e05t of living crisis, has had on many charitable organisations and the Foundation is monitoring the impact on its existing grantees. The disposal of an independently held asset is likely to result in a substantial donation to thè tharty in the next financial year. TRUSTEES RESPONSIBILITIES IN RELATION TO ThE FINANaAL STATEMENTS The law applicable to charities In England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Foundation's financial artivities in the year and of its financial posltion at its year*nd. In preparing financial statements giving a true and fair view, the Trustees are required to.. select Sultable accounting policies and apply them consistently; observe the methods and principles in the èpplicable Charities SORP: make jLtdgments and estimates that are reasonable and prudent. state whether applicable accounting standards and statements of recommended practice have been followed. subject to any material departures disclosed and explained in the finèncial Statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and which enable them to ensure that the financial statements compfy with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the scheme. They are also responsible for safegu3rdin8 the Foundation's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Foundation and financial information included on the Foundation'5 website. APPROVAL This report was approvtd by the Trustees on 031os/ 2023 and signed on their behalf. fLL// E J Whlte CHAIRMAN
WOODROFFE BENTON FOUNDAnoN R£GISTEREO CHARITY NUMBER 1075272 REPORT OF THE INDEPENDENT AUDoR5 TO THE TRUSTEES Oplnlon We have audited the finanaal statements of Woodroffe Benton Foundation Ithe'charity'l forthe year ended 2nd December 2022 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Accepted Accounting Practicel. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standèrds applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2(XJ5 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in ac¢ordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. In our opinion the financial statements.. give a true and fairviewof the state of the charity's affairs as at 2nd December 2022 and of its incoming resources and application of re50UTces for the year then ended.. have been properly prèpared in accordance with United Kin8dom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Art 2011. Basis for opinion We conducted our audit in accordance wrfch International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standafds are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We belTreve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial 5taternents. we have concluded that the Trustees. use of the Boin8 concern basis of accounting in the preparation of the financial statements is appropriate. 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financi31 statements are authorised for issue. Our responsibilities and the responsibilitie5 of the Trustees with respect to 80ing concern are described in the relevant sections of this report. Other inlorniation The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial Statements and our Auditors, port thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the finantial statements. our responsibility is to read the other information
and, in doing so, consider whether the other infomiation is rnaterial inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements. we are required to detem)ine whetherthere is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforrnation, we are required to report that fart. We have nothing to report in this regard. Matters on which we are required to report by e)Kception We have nothinE to report in respect of the following matters where the Chartties IAccountS and Reportsl Regulations 2008 requires us to report to you if. in our opiniorb= the information given in the TfUStees' rèport is irhconsistent in any material re5pert with the financial statements- or sufficient accounting record5 have not been kept: or the financial statements are not in agreement with the accounting records and returns- or we have not received all the information and explanations we require for our audit. Responsibilities of tru5tee5 As explained more lully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view. and for such internal control as the Trustees determine FS 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 assessin8 the charity's abilityto continue as a going concern. disclosing. as applicable. matter5 related to going concern and using the going concern basis of accounting unle55 the Trustees etther intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Auditors, responsibilrties for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives 8re to obtèin reasonable assurance about whether the financial statements a5 a whole are free from material misstatement. whether due to fraud or ermr. and to issue an Auditors, report that includes our opinion. Reasonable a55urance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 basi5 of these financial statements. Irregularities. induding fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. OLrtlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= We have considered the nature of the sector, control environment and financial performance; We have considered the results of enquiries with management and Trustees in relation to their own identification and assessment of the risk of irregularities within the entity,. and We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. As a result of these procedures. we have considered the opportunities and incentives that may exist within the organi5ation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year end cut off. In common with all audits under ISAS IUKI we are a150 required to perform specifi'c procedures to respond to the risk of management override.
We have also obtained understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those12ws and regulations that had a dirert effect on the determination of material amounts an(1 disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities SORP, FRS 102 and UK tax legislation. In additions. we considered the provisions of other laws and regulations that do not have a direct effect on the financial st3t@ment5 but compliance with which may be fundamental to the Chariry's ability to operaie or avoid a material pen31ty. Our procedures to respond to risks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documèntation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the finan¢i¥l 5tatements.' Performing analytical procedure5 to identify unusual or unexperted relationships that may indicate risk5 of material misstatement due to fraud,. Reviewing Trustee meeting minutes- Enqijiring of management in relation to actual and potential claims or litigations: Performing detailed transartional testing in relation to the recognition of revenue with a particular focus around year end cut off.. and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments- asses5in8 whether the judgments made in accounting estimates are indicative of potential bias,. and evaluating the business rationale of significant transactions that are unusual or outside the normal course of busines We also communicated identified laws and regulations and potential fraud rrsks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities forthe audit of thefinancial ststements is located on the Financial Reporting Council's website at- Vn•4w.frc.org.uklauditorsresponsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charity's trustees, a5 a body, in accordan with Part 4 of the Charities IAccounts and Reportsl Re8ul3tions 2CKJ8. Our audit work has been undertaken 50 that we might state to the charity'5 trustees those matters we are required to state to them in an Auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and its trustee5, as a body, for our audbt work, for this report, or for the opinions we have formed. Bishop Flemlry LLP Chartered Accountants Statutory Auditor5 10 Temple Back Bristol BSI 6FL Date.. 24 May 2023 Bishop Fleming LLP are eligible to art as auditors in terrns of section 1212 of the Companies Act 2LN)6.
THE WOODROFFE BENTON FOUNDATION 5TATEMENfoF FINANaALAcnvmES FOR Tme YEAR ENDED Znd DEceMBER 2012 NOTE UNRESTRICTED FUND PfRMANEKr tP1[WmeT FUND TOTAL Futlos 122 TOTAL FVNDS V12121 INCOME Property Income Net Incorne from Investments Bank interest Other income 2.918 160,510 201 2W 2,918 209.909 201 21XJ 2.921 221,184 15 49,399 TOTAL 163,829 49.399 213.228 224,120 EXPENDITURE Cost of generating funds Grant Expenditure Grant related support costs 35.273 239.2CM) 25.748 8.396 43.669 239,2(KJ 25.748 44.575 344.725 12,121 COST OF GRANT-MAKING Governance costs 14.259 14.259 23.784 TOTAL 314.480 8.396 322.876 425.205 NET OUTGOING RESOURCE5 FOR YEAR BEFORE OTHER RECOGNISED GAINS & LOSSE5 1150.6511 41.(X)3 1109.6481 1201,0851 Net gainslllossesl on investments 1437,4861 145.9111 1483.3971 1.220.619 NET INCOME 1588.137) 14.9081 1593.0451 1,019.534 Reallocation of reserves 49.208 149.2081 NET MOVEMENTIN FUNDS 1538.9291 154,1161 1593,0451 1,019.534 BALANCE BROUGHT FORWARD 7,743.346 1,663.248 9.406,594 8,387,060 BALANCE CARRIED FORWARD 7.204.417 1.609.132 8.813.549 9,406.594 io
THE WOODROFFE BENTQN FOUNDATION BALANCE SHEET AT DECEMBER Z021 IIP4RE5t8lCTED PEIIMANENr FUND ENOOWMENT ND TOTAL FVt4D5 02112122 TOTAL FUNDS 02112121 FIXED ASSETS lat market valu•l Investrneni property 87,5 87.51JO 87.5 Investments- Shareholdin85 6.729.439 1.609.132 8,338.571 8.698.514 TOTAL FIXED ASSETS 6.816.939 1.609.132 8.426.071 8.786.014 CURRENT ASSETS Debiors Cash at Bank and in Hand 402 435,196 402 676,318 43S.196 TOTAL cuRRETr ASSETS 435.598 435.598 676.720 LIABILMES Creditors falling due withln one year io 48.120 48.120 56,140 NET CUARENT ASSErs 387.478 387.478 620,580 TOTAL NET ASS5 7,204.417 l.fJJ9.132 8,813.549 9,406,594 THE FUNDS OF THE CHARiri Permanent Endowment Fund 1.609.132 1,663,248 Vnre5tricted Fund 7,204,417 7.743.346 8.813.549 9.406,$94 APPROVAL Th15 report was approved by the Tn on 03 / c£ / 2023 and si8ned on their behalf. YLL.C£ E J White CHAIRMAN li
THE WOODROFFE BElON FOUNDATION srATEMENTOF CASH FLOWS YEAR ENDED 2ND DECEMBER 2022 PIOTE TOTAL FUND5 2021 TOTAL FUNDS 2021 TOTAL INCOME 213.228 224.120 NET PROCEEDS FROM SALE OF INVESTMEwrs Additions at cost Disposal proceeds 13,037.4361 3.187.397 11,996,867) 2.413.066 149.961 416.199 363.189 640,319 NE[ CASH USED IN OPERATING ACTIVITIES 12 1604.3101 1428,4651 CHANGE IN CASH AND CASH EQUIVALENTS FOR THE YEAR 1241.1211 211.854 CASH AND CASH EQUIVALENT5 BROUGHT FORWARD 676.318 464.464 CARRIED FORWARD 435.197 676,318 12
THE WOODROFFE 8EPfft)N FOUNDAnoN NOTES TO THE FINANaAL STATEMENTS FOR ThE YEAR ENDED 2nd DECEMBER 2022 I. ACCOUNTING POUCIES 1.1 BASIS OF PREPARATION The Financial Statements have been prepared underihe historical cost convention, with items reco8nised at cost or transaction value unlèss otherwise ststed In the relevant notelsl to these accounts, in accordance wilh the Statement of Recommended Practice.. Aecounting and Reporting by Charities preparing their accounts in accordance w5th the Financial Aeporting Standard applicable in the UK and Republic of Ifeland IFRS 1021 and the Charities Act 2011. 1.2 PUBUC BENEF AND GOING CONCERN The Charity constitutès a public benefit as defined by FRS 102. The Tmstees consider that there are no material uncertainties about the Charitys ability to continue as a going concem. They have considered the future of the charity and confirm that it is a going concern for the next tWee months due to holding sufficient funds and the spend being at Trustees. discretion 1.3 RECONCIUATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNnNG PRAcncE In preparin6 the Attounts. the Trustees have considered whether in applyin8 the xcountin8 policie5 required by FRS 102 and the Charities SORP a restatement of comparative items was needed. No re5taternents were required. 1.4 FUND ACCOU14TING The Unresthrted Fund can be spent on any purpose within the Foundation's objects at the discretion of the Trustees. The Permanent Endowment Fund is for income generation. I.S INCOMING RESOURCES All incoming resource5 are included in the statement of financval activities when the chafity 15 legally entitled to the income and the amount can be quantified with reasonable accuracv. 1.6 EXPENDThURE Expenditure is recognised once there is a legal or constnjctive obligation to transfer economic benefit to third party. it is prgbable that a transfer of economic benefits will be reqUId in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dsrect costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable toa single activity are allocated directly to th3t artivitv. Sharèd t05t5 which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of fe50urce5. Central staff costs are allocated on the basis of lime spent. Grants payable are charged In the year when the offer 15 made except in those cases where the offer is conditional. such grants bein8 reco8ni5ed as expenditure when the conditions attaching are fulfilled. Gfant5 offered subject to conditions which have not been metat the yeai*nd are rboted asa commttment. but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT_ 1.7 COSTS OF GENERATING FUNDS The costs of generating fur5 con51St of investment management fees. Ia
1.8 CHARITABLE ACTIVITIES The Trnstees consider that grnnt-making is the Foundation's sole charitable activity. SUPPORT COSTS These comprise a proportion of secretarial costs and expenses and costs of Trustees. meetings. and their allocation is based on estimated time spent. 1.10 GOVERNANCE COSTS Governance c05ts comprise all costs invofving the public accountabilrty of the charity and its compliance with regulation ènd good practice. These costs indude costs related to statLrtory audit and legal fees together with an 3110(ation of suppon costs_ 1.11 INVESTMENTS Investments consist of investment property and fiyed asset investments. Fixed asset investments are a form of financial instrument and a initially recognised at their transaction t05t and subsequently measured at their fair value ai the Balante sheet date. unless the value cannot be measured reliably in which case r( is measured at cost les5 impairnient. Investment properry is measured initially at cost and subsequentty at fair value at the reporting date. Investment gains and losses. wheiher realised or unrealised. ave combined and presented as 'Gains I ILossesl on Invèstments. in the Statement of Financial actNlties. 1.12 CASH AT BANK AND IN HAND 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 acquisltion or opening of the depostt or similar account. 1.13 FINANCIAL IN5fRUMENrs The Company only has fifiancial asse and financial liabilitie5 of a kind that qualify as basic financial Instrumenis. Basic financial instrvments are initially recognised at transaction value and subsequently measured at their settlement value. 1.14 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discovnt offered. PTepayrnents are valued at the amount prepaid net of any trade discounts due. 1.15 cREDOR5 Liabilities are re£ogni5ed when there is an obligation at the Balance sheet date a5 a result of a past event. it is probable that a transfer of econornic benefit will be required in settlement. and the amount of the settlement and be estimated reliably. Liabilities are recognised at the amount that the Companv anticipate5 It will pay to settlethe debt or the amount tr has received as advanced paymeTht5 forthe goods or services it musi provide 2. TRUSTEES. REMUNERATFON Trustees reteived no remuneration. The Trustees wefe reimbursed with expenses nece55arily incurred in performance of their duties amounting to £18012021- £2101. 14
INVESTMENT INCOME zo Z021 Dividends Interest on Securities & Cash Deposits 196,509 13.4 210.658 10.526 209. 221.184 co OF GENERATING FUNDS Investment management fees 43.669 44.575 ALLOCATION OF SUPPORT C05rs MAKING fjOVERNANCE 2022 2022 2022 2021 Secretarial Costs and Expenses IT Software and consumables Subscriptions Trustees, Expenses General expense5 Legal expell5e5 PO Box number Audit arnd accountancy Fees Insurance IT Support 15,810 2.160 1.175 5.139 20.949 2.160 1.175 17,756 910 960 210 1,429 2.347 360 11,933 941 941 378 2.718 336 2.050 378 11.838 336 2.050 9.120 25,748 14.259 40,IK17 35,5 6. SECRETARIAL cosrs The Foundation paid its Secretary fee5 totslling £19.33612021= £17.1831 and expenses £1.613 12021= £5731. There is no pension scheme. 7. INVESTMENT PROPERTY 202Z 2021 Market value at 3rd December 87,5 33,(QO Unrealised gain on revaluation Market valuè at 2nd Decemb 87.50) 87,5C The Charitls one half interest in the properties collectwefy known as R¢xhford Estates consisting of a bltsck of eleven garage5 was revalued at £87,SCXI in May 2021 by Sor11.5. (independent RICS registered chartered surveyorsl. The fair value of the investment property was calculated based upon comparable sales pvites. The Trustee5 do not consider that the values of the gara8es have materially altered since that date. 15
- INVESTMENTS SHAREHOLDINGS 2022 2021 MOVEMENT IN FIXED ASSET LISTED INVESTMENTS Market Value at 3rd December Additions at Cost Disp05als at cost Revaluations Bank balances 8.698,S14 3,037.436 12.225.710> 11.445.083) 273.414 7.948,594 1.996,867 11.734,4891 487.542 MARKET VALUE AT 2nd DECEMBER 8.338.571 8,698,514 HISTORICAL COST AT 2nd DECEM8ER 7.288.264 6,202,776 BASIS OF VALUATION. Stock Exchange Official List for listed securities. There are no unlisted securities held. INVESTMENTS AT FAIR VALUE COmPRID 2022 2021 Bonds & Fixed Interest Securr(ies UK Equities Overseas Equitses Global Investments Property Other Bank balances 227,050 2.255,795 3.769,249 533.707 250,474 1,028,882 273,414 46,499 3.071,143 4.301,768 685,153 52,679 541.272 8.338.571 8.698, 514 OEBTORS 2022 2021 Rochforil Estaies-apporrionments Subscription prepayment 222 222 402 402 io. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Audit Fee Grants Payable 9.120 39.IXKI 8,640 47,500 48.120 56.140 ii. GRAP COMMtfMEPlf5 The Charity had no commitmet)ts at the balance sheet date other than to pay 6rants awarded of £39.12021 £47,5(K)I. 16
RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM OPERATING AcfiviTIES 2022 2021 Net movement in funds Deduct total income Dedutt Tealised gains on investments Dedutt unrealised gains on investments Dedutt unrealised gain on In¥estment property Deduct decreasÈ In creditors Dedua bank balances 1593.0451 1213.2281 1961,6871 1.445.084 1,019,534 1224,1201 1678,5761 1487,5431 154,5001 13,2601 18.0201 1273.4141 Net cash used in operating artivifies 1604.3101 1428.4651 13. FINANCIAL INSfRVMENTS 2021 FINANCIAL ASSErs Financial assets measured at fair value through incorne and expenditu 8,338,571 8.698.514 Financial a55et5 measured at fair value through income and expenditure comprsse5 investments in listed shares. 14. RELATED PARTIES In the current year the Fourtdation paid £2.050 to Mr W D M Hope for Th Support. Mr W D M Hope is the son of Mr J J Hgpe. During the previous year the Foundation paid legal fees amountin8 to £2,347 to Batchelors Solicitors. Mr E J White. the Foundation's Chairman. is also a partner in Batchelors Solicitors. 15. OTHER INFORMATION The Foundation was set up by Trust Deed in November 1988 by the late Alfred W(MxlFofle 8enton. It later amalgamated with the S Wolfe Memorial Fund and is now governed by a Scheme sealed by the Charity Commi55iOrter5 foi England and Wales on 6th April 1999. It is a Re8lStered Charity. number 1075272. Its registered address is. Woodroffe 8enion Foundation PO Box 309 Cirencester GL79HA A description of the nature of its operations and principal activities are disclosed in the Trustees, Report on pages 2 to 6. 17