Canary Wharf Contractors Fund Registered Charity Number.. 1097007 Financial statements for the year ended 31st March 2024 together with Trustees, and Independent Examiner's Report
Canary Wharf Contractors Fund Trustees and Officers Trustees Alec Vallintine {Chairman) Giles Woolley Nicholas Curran Secretary Alan Ruddy Regislered office Canary Wharf Contractors Fund One Canada Square London E14 SAB Charity No: 1097007 Accountants & Independent Examiner Riordan O'sullivan & Co Chartered Certified Accountants 40 Chamberlayne Road London NW10 3JE Bankers Barclays Bank Leicesler LE87 2AB Page 2 Canary Wharf Contractors Fund
Canary Wharf Contractors Fund Trustees, report for the period ended 31 March 2024 Flnancial Statements The Trustees present their report and financial statements for the period from 1 April 2023 to 31 March 2024. Constitution The Fund was established by a declaration of trust on 25 April 2002 and was registered with the Charity Commission on 11 April 2003 under registration number 1097007. Objectives The objects of the Fund are, but are not limited to: the relief of poverty generally but wilh special regard to persons and their dependent families who have been or are employed in the building and engineering trades and professions. the relief of sickness and distress of persons, who by reason of their work in or association with the building and engineering trades, have becorne partially or totally incapacitated through injury or illness- to support the bereaved families of persons working in the building and engineering trades or who have retired but had previously worked in the building or engineering trades; to foster and promote high educational and training standards in the fields of building, engineering and archilecture. to support young people in the local community in education, training, citizenship and sport., to support families in the community whose children are ill or are life limited and to support institutions in the community who provide welfare and healthcare support. Organisation The trustees who served during the period and since the period end are set out on page 2. The Trustees are appointed by the board of trustees and serve for an unlimited period. The trustees meet as frequently as required to plan fund raising evenls and to assess grant applications. Overall control and decision making rests with the Board of Trustees. Day to day operational managemenl is performed by employees of Canary Wharf Contractors Limited. Page 3 Canary Wharf Contractors Fund
Canary Wharf Contractors Fund Trustees, report (continued} for the period ended 31 March 2024 Grant making policy The charity invites applications for funding of projects. Applicants are invited to submit a summary of their proposals. The applications are reviewed against specific criteria in particular the charitable objectives set out above. Financlal review As the impact of the coronavirus pandemic eased considerably during the year the fund was able to hold Ihree fund raising events again being a golf day, a dragon boat racing evening and a five-a-side football tournament. The golf raised £125,376, the football £13,270 and dragon boat racing £8.140, in each cases net of expenses. The fund was able to make grants totalling £202,961 in the period. The fund made a net delicit on a cash basis in Ihe period of £53.679. The deficit was planned as the board agreed to reduce the amount of cash reserves held. Reserves The Fund had unrestricted reserves of £99,864 as at 31 March 2024. Risk Managemeni The trustees are involved in all significant decisions and as such, actively review the major risks which the Fund faces. Our main risks are- a deterioration in the economic environment or level of construction activity leading to a reduction in income generation and a new pandemic. These risks could affect the ability to make or meet grant commitments. This would be countered by reducing grants made and by holding a cash reserve to act as a buffer should it be needed. Page 4 Canary Wharf Conlractors Fund
Canary Wharf Contractors Fund Trustees, report (continued) for the period ended 31 March 2024 Trustees. Responsibililies Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that year. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subjecl to any material departures disclosed and explained in the financial statements. and prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Annual Report and Financial Slalemenls were approved by the Board of Trustees on 271h November 2024 and signed by the trustees: Alec Vallintine Truslee oolley Trusle Page 5 Canary Wharf Contractors Fund
Canary Wharf Contractors Fund Independent Examiner's report to the Trustees of Canary Wharf Contractors Fund for the period ended 31 March 2024 We report on the financial statements of Canary Wharf Contraclors Fund {"the Fund"} for the period ended 31 March 2024, which are set out on pages 8 to 9. This report is made solely to the Fund's trustees, as a body, in accordance with section 144 of the Charities Act 2011 ("the 2011 Act). Our examination has been undertaken so that we might state to the Fund's truslees those matters we are required to state lo them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ihe Fund and Ihe Fund's trustees as a body for our exaTnination, for this report or for the opinions we have formed. Respective responsibilities of Trustees and Examiner The Fund's Trustees are responsible for the preparation of the accounts. The Fund's trustees consider that an audit is not required for this year {under section 144 {2) of the Charities Act 2011 (the 2011 Acl)) and that an independent examination is needed. It is our responsibility to.. examine the accounts (under section 145 of the 2011 Act). to follow the procedures laid down in the General Directions given by the Charity Commission (under section 14515)(b) of the 2011 Act). and to state whether particular matters have come to oLJr attention. Basis of independent examiner's report Our examination was carried out in accordance with the general Directions given by the Charity Commission. An exarnination includes a review of the accounling records kept by the Fund and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below. Page 6 Canary Wharf Contraclors Fund
Canary Wharf Contractors Fund Independent Examiner's report to the Trustees of Canary Wharf Contractors Fund for the period ended 31 March 2024 (continued) Independent examiner's statement In connection wilh our examination, no matter has come to our attention: which gives us reasonable cause to believe that in any material respect the requirements: a) to keep accounting records in accordance with section 130 of the 2011 Acl. and b) lo prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met., or to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Patrick McNamara For and on and behalf of Riordan O'sullivan & Co. Chartered Certified Accountants 40 Chamberlayne Road London NW10 3JE Date: 27th November 2024 Page 7 Canary Wharf Contractors Fund
Canary Wharf Contractors Fund Statemenl of financial activities For the period 1 April 2022 to 31 March 2024 Notes 2024 2023 Incoming resources Activities for generating funds.. Events Interest receivable 347,005 2,570 378,237 647 Total incoming resources Resources expended Cosl of generating lunds.. Events 349,575 378,884 1200,218) (183,107) Direct charilable expenditure Grants (202,961) (176,100) Bank Charges (75) (84) Total resources expended (403,254) {359,291) Net incoming/(outgoing) resources {53,679) 19,593 All income and expenditure relates to continuing activities, there were no gains or losses other than those reported above. All funds were unrestricted. The accompanying notes form an integral part of these financial statements. Page 8 Canary Wharf Contractors Fund
Canary Wharf Contractors Fund Balance Sheet At 31 March 2024 Notes 2024 2023 Curreni assets Cash at bank and in hand 99.863 153,542 Current liabiliiies Nel assets 99,864 153,542 Total funds in reserve 99,863 153,542 The financial stalements on pages 8 10 9 were approved by the Board of Trustees on 27th November 2024 and signed by: Alec Vallintine Trustee Glles Woolle Trustee The accompanying notes form an integral part of these financial statements. Page 9 Canary Wharf Contractors Fund
Canary Wharf Contractors Fund Notes to the financial statements For the period ended 31 March 2024 Accounting policies Basis of accounting These financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements comply with the Statement of Recommended Practice "Accounling & Reporting by Charities" SORP {FFIS 102). b) Incoming Resources Incoming resources are accounted for on a received basis. Resources expended Expenditure is included on a cash basis. Costs of generating funds comprise the cost of running fundraising events. Grants payable are charged in the year when the offer is conveyed lo the recipient except in those cases where the offer is conditional, such grants being recognised as expendilure when the conditions attaching are fulfilled. No management and administration costs were incurred as the trustees and Reporting Accountants provided their services for free. d) Fund accounting General funds are available for use at the discretion of the Trustees in furtherance of the general objectives ot the charity. Cash flow slatement No cash flow statement has been produced as, in the opinion of the Trustees. it would not add to the information given in the accounts. Taxation No corporation tax has been provided for in these accounts because the income of the charity is within the exemption granted by Section 505 of the Income and Corporation Taxes Act 1988. Page 10 Canary Wharf Conlraclors Fund
Canary Wharf Contractors Fund Notes to the financial statements (continued) For the period ended 31 March 2024 Grants payable The amount payable in the period comprise.. 2024 London Air Ambulance Spread a Smile Coney Demelza Cardboard Citizens Construction Youth Trust St Joseph's Hospice Lighlhouse Belhnal Green Swimming Club Sundry small donations Taylor Made Dreams 25,000 32,896 5,000 25,000 10,000 25,000 45,000 30,000 2,080 1,485 1,500 202,961 Trustees The trustees did not receive any remuneration and were not reimbursed for any personal expenses in the period. Page 11 Canary Wharf Contractors Fund