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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 05278018 (England and Wales) REGISTERED CHARITY NUMBER: 1107171

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

WOKINGHAM UNITED CHARITIES (A COMPANY LIMITED BY GUARANTEE)

WOKINGHAM UNITED CHARITIES

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16 to 17
Balance Sheet 18 to 20
Cash Flow Statement 21
Notes to the Cash Flow Statement 22
Notes to the Financial Statements 23 to 38

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Wokingham United Charities is a registered charitable company limited by guarantee, incorporated on 4 November 2004, and registered as a charity on 8 December 2004.

Wokingham United Charities' mission is to enhance the quality of life of older people, children, adults and young adults in need living in our community. The charity's objects are the relief of poverty, hardship or distress of persons resident in the Borough of Wokingham, which is the charity's area of benefit.

The charity's work ranges from the provision of supported accommodation to the distribution of grant funding to help people in need.

Key facts and figures - in brief

Westende Almshouses

The charity provides accommodation through its Almshouses at Westende, London Road, Wokingham. There are 27 two-roomed flats, each one offering onsite support from the charity's Westende manager, and a quiet and safe community setting. This part of its work supports older people to live independently, reducing isolation and loneliness.

Relief in Need Grants

The charity provides targeted grants to help those who need it most. The grants help individuals and families living in crisis or hardship when there is no one else to help. The charity provides household goods, clothing, and educational grants to help vulnerable and in-need adults, families, and children. The charity also provides grants to local charities and organisations to address isolation, loneliness, preventing homelessness or to reduce the effects of poverty.

The Board of Trustees make every effort to grant money in different ways each financial year so that the lives of as many of the residents in the charity's area of benefit are enhanced as a result.

The charity's total grants for the year were £1,119,297 (2022 £322,620). This year the charity managed the Household Support Fund on behalf of the local authority, Wokingham Borough Council. The Household Support Fund distributed £763,217 which benefitted 2,062 individuals. Through the charity’s Relief in Need fund, £86,673 benefitted 181 individuals (2022 225 individual grants totalling £75,605). There were also charitable organisations grants of £267,220 that benefited 41 organisations.

The recovery from the Covid 19 pandemic was a focus at the beginning of the financial year. Returning to the office more often, the voluntary and community sector was busy returning to a pre-pandemic state, only to then be further impacted by the war in Ukraine that continued throughout the year. This led into the cost-of-living crisis which saw more and more people struggling to afford basic essentials. In consequence, the voluntary and community sector was under more pressure to provide support. The Board, although cautiously optimistic regarding income, were adaptable and reacted promptly to provide support to both families and individuals via the essential item grants programme but also by extending the Relief in Need organisational grant programmes.

Page 1

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects are the relief of poverty, hardship, or distress of persons resident in the Borough of Wokingham. This is achieved through the activities of the two funds of the charity:

Almshouse Fund

The income of the Almshouse Fund is applied to manage, maintain and improve the charity's almshouses at "Westende" and to benefit the residents' use and enjoyment of the property.

To qualify to become a resident, persons must:

There are four Almshouse funds: endowment, unrestricted and two designated funds - the Cyclical Maintenance Fund (for repairs recurring at infrequent but regular intervals) and the Extraordinary Repair Fund (for major "one-off" repairs and improvements).

Relief in Need Fund

The grants help individuals and families living in crisis or hardship when there is no one else to help. The charity provides household goods, clothing, and educational grants to help vulnerable and in-need adults, families, and children. The charity also provides grants to local charities and organisations to address isolation, loneliness, preventing homelessness or to reduce the effects of poverty.

The income from the permanent endowment funds covers this work.

Public benefit

In following the charity's aims and objectives, the trustees have had regard to the Charity Commission's published guidance in complying with their duty in section 17(5) of the Charities Act 2011 on Public Benefit.

The provision of the almshouse accommodation for those in need provides an identifiable public benefit which is directly in line with the charity's aims. Beneficiaries of the almshouses must be in need, as described above.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when setting the grant-making policy for the year.

Page 2

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE Charitable activities

Administration and staffing

2022/2023 saw the team expand by welcoming two new members.

Firstly, the Household Support Fund Administrator joined us in June 2022 to facilitate the Household Support Fund. Initially on a six-month fixed term contract, this was then extended following confirmation from the government that it would continue the Household Support Fund for a further six months. Early in 2023, it was confirmed that the Household Support Fund would continue until March 2024 and the charity is pleased that this role will continue.

Secondly, the Tackling Poverty Project Co-ordinator joined us in October 2022, employed on a fixed term contract until September 2024. This role supports the Hardship Alliance, a partnership of Age UK Berkshire, First Days Children's Charity and Citizens Advice Wokingham, Wokingham Borough Council and from August 2022 the Wokingham Foodbank. The Tackling Poverty Project Co-ordinator also engages with the wider voluntary and community sector through the Hardship Alliance action group, a voluntary and community networking group. The role is also responsible for the implementation of the Tackling Poverty Strategy in collaboration with colleagues at Wokingham Borough Council. The Hardship Alliance was formed in 2022 to tackle poverty in the Borough. The Tackling Poverty Strategy was co-produced by the Hardship Alliance with the long-term aspiration to do everything possible to prevent and reduce poverty. The aims of the strategy are to support people out of poverty, strengthen community resilience to prevent people falling into poverty and improving life opportunities for those living in poverty.

Strategy

The Board held its second away day in November 2022 to continue the strategic discussions. The Strategy Working group met frequently throughout the year to focus on the away day actions in order to keep momentum. The results identified priorities of trustee recruitment, diversifying income and increasing brand awareness and charity promotion. The Strategy Working Group have initiated a trustee skills analysis, staff handbook creation and a policy and procedure review. The group have also identified other areas to review, such as a Westende options appraisal and a grants programme review.

Almshouses

During 2022/2023 four flats were refurbished, three with minor re-decoration. One flat required extensive refurbishment, including repair to a structural wall, new kitchen, new flooring and redecoration throughout.

The four flats did not remain vacant for a substantial period, and the charity received a considerable number of applications for them. Each application was reviewed and the four residents in most need were awarded as beneficiaries.

The new residents were warmly welcomed by the current residents. All were invited to the annual strawberry tea party and the Christmas lunch event. Over the Christmas period the RAG band entertained the residents with Christmas carols.

Page 3

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE

Relief in Need Fund

The charity continued working with Berkshire Community Foundation who launched the second Tackling Poverty grant programme. This grant programme was aimed at projects and services that tackle poverty in the Borough of Wokingham, never more needed than during a cost-of-living crisis. Alongside this, it became apparent that local charities and organisations were struggling to meet demand during this period. The Board reacted quickly and launched its own Winter Hardship grant programme. This offered an additional funding stream to those specifically supporting residents struggling with the cost of living. In addition, the charity worked with Wokingham Borough Council and Berkshire Community Foundation to set up a Surviving Winter Crowdfunding initiative. It was agreed that the charity and Wokingham Borough Council would match fund the public donations. This amounted to the charity awarding £25,000. The total fund of £75,000 would be managed by Berkshire Community Foundation to distribute with support from Wokingham Borough Council and the charity. The public donations were raised early 2023, the charity’s contribution was given to Berkshire Community Foundation in March 2023 with the grants to be paid 23/24.

Notable Grants

Relief in Need Grants

For a third year, Citizens Advice Wokingham received £12,000 from the charity to continue their Advice at Home project. The Advice at Home project has made a real impact to those vulnerable residents who otherwise could not access support. The Board also approved a grant of £5,000 towards the continued costs of their Mobile Advice Unit. The Mobile Advice Unit provides outreach support across the Borough.

ARC Youth Counselling received the second instalment of £7,500 of their two-year funding. This helped to reduce the waiting times for students in need of counselling. Local schools value the input from ARC Youth Counselling for their students.

During 2021 through our grant programme with BCF the charity awarded £5,000 to CLASP a new initiative to work with Citizens Advice Wokingham to provide an advisor for their clients to provide outreach services to avoid financial and emotional hardship. This was a great initiative and the project proved invaluable for the financial support the advisor provided to CLASP members. In 2022, CLASP approached the charity at the end of the pilot project to request further funding. They had secured 50% of the costs from Wokingham Borough Council. The grants committee approved £5,000 to support the continuation of this project.

With the cost-of-living crisis at its peak during the Winter of 2022, local charities wanted to provide Christmas support to residents of the Borough.

For the third year running, the Board were pleased to be able to help with the Christmas Cheer! 2022 grant programme. Grant awards were given to local charities who were aiding residents over the Christmas period by providing food hampers and gifts. The Rotary Club Wokingham also received £1,000 for their Christmas efforts in providing food hampers and gifts. The Cowshed received £2,000 to provide Christmas gifts to their clients. First Days, Share Wokingham and the Grub Club received £2,000 each towards their joint Christmas Presence project providing gifts and food hampers to their clients. The Link Visiting Scheme received £1,000 towards a Christmas lunch for their members. Young People with Dementia received £1,200 towards their Christmas events for their members.

Page 4

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE

Household Support Fund Grants

First introduced in September 2021, the Household Support Fund is the government initiative that provided funding for local authorities across the country to help people in need with their fuel and food bills. The charity worked with Wokingham Borough Council alongside three other local charities, Age UK Berkshire, Citizens Advice Wokingham, and First Days Children Charity to facilitate the Household Support Fund and provide further support as required. The Household Support Fund was extended in April 2022 and due to the increase in demand, there were changes to the administration process. This involved recruiting a specific Household Support Fund Administrator to facilitate the process of issuing the Household Support Funds to ensure a better client journey. This Household Support Fund round 2 concluded in September 2022. The Household Support Fund was once again extended for a further six months until the end of March 2023, Household Support Fund round 3. First Days began issuing the holiday food support to those families in receipt to free school meals, the charity continued to issue the one-off Household Support Fund grants, awarding £763,217.

Essential Item Grants 22/23

During this financial year, £86,673 was awarded to individuals/families through our essential item grant programme which helped 181 individuals.

FINANCIAL REVIEW

Financial position

The unrestricted income of the charity during the year totalled £524,759 (2022: £480,604) composed of £163,521 (2022: £165,979) from the almshouse residents and £361,019 (2022: £307,567) income from investments. £229,332 (2022: £257,624) was spent on the upkeep and running costs of the Almshouses, of which £62,811 (2022: £89,556) was charged to the designated repair funds. £1,119,297 (2022: £332,620) was spent on grants and a further £1,696 (2022: £14,423) on professional fees. Support costs totalled £42,944 (2022: £34,787) and investment managers' fees totalled £50,637 (2022: £46,221).

The total deficit for the year ended 31 March 2023, after net losses on investment of £789,341 (2022: gains of £603,060) was £803,316 (2022: surplus of £516,982).

Investment policy and objectives

The aim is to produce sufficient resources annually to both produce an income to enable the charity to operate effectively as well as to maintain, and if possible, enhance the capital values of the funds of the charity. In seeking to achieve that objective, exposure to risk should be maintained at a reasonable level. The Investment Managers have discretion to invest within agreed parameters and reports regularly to the trustees, who review the extent to which it has been possible to achieve the investment objective.

The Relief in Need Fund portfolio performed roughly in line with Risk Profile 6, in relation to the target of CPI + 3%. The Almshouse Fund also performed roughly in line with the Risk Profile 7.

Page 5

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

Reserves policy

Almshouse Fund

The policy of charity reserves is that the trustees aim to keep them at a level which is sufficient for the charity to fulfil its obligations in excess of 12 months. This is considered prudent as it would cover in excess of 12 months salaries and running costs, which are currently £229,332 per annum for the almshouse.

The charity has total Almshouse reserves of £847,005 including £151,151 of functional assets and £348,662 for restricted purposes, leaving £347,192 of free reserves. Of this, £282,866 has been set aside for designated purposes, with the remaining £64,326 available for general use. This is in line with the trustees' reserves policy.

Relief in Need Fund

The trustees have a continuing reserve for the Relief in Need fund of a minimum of £175,000 for grants and £100,000 for salaries and annual running costs. The former is to ensure that there are sufficient reserves available to cover six months of expected grant making and/or sufficient funds available should the trustees wish to fund a large project urgently.

The charity has total Relief in Need reserves of £11,245,882 including £30,229 of functional assets and £10,625,314 for restricted purposes, leaving £590,338 of free reserves available for general use. Based on the trustees’ current reserves policy, this would leave £340,338 available as excess funds and the trustees are making plans to increase its grant making activity this coming year. As the trustees have increased the charity’s area of benefit and recognised the impacts of Covid 19, they are increasingly being proactive when exploring innovative ways to increase the impact that the charity can make.

Grant Making Policy

Grants for individuals to relieve need, hardship or distress are delivered, in the main, via support agencies completing an application form.

The charity does not fund items that are the obligation of the state or the local authority.

The trustees have continued with the grant making policy for charities in the light of the increased income arising from the charity's Relief in Need fund. Prioritising the "hand up" not just a "hand out" ethos has help diversify the grants the charity has made in order to provide support and create opportunities for applicants.

Fundraising policy

The charity had no fundraising activities that require disclosure under S162A of the Charities Act.

FUTURE PLANS

Three trustees left 2022/2023 and the upcoming retirement of the Chair, the Board is prioritising trustee recruitment. Taking this opportunity to conduct a skills audit, the charity has direction as to where to focus recruitment.

The Board are looking at ways to diversify the charity income to ensure sustainability for the future. With the continued effect of the war in Ukraine and the cost-of-living crisis, this has become a priority. The charity is pleased to have recruited the Tackling Poverty Project Co-ordinator. This role has been valuable in expanding the charity's network and its insight into the levels of hardship in the Borough. The charity looks forward to continuing this. A dedicated schools fund has been created to support the increase in requests from schools to support students in need of financial support.

The trustees intend to continue to maintain and improve the facilities of the flats at Westende for the benefit of the residents.

Page 6

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees are also the directors of the charitable company.

The trustees guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up.

Recruitment and appointment of new trustees

Potential trustees are identified by members of the board and considered against the board's requirements concerning eligibility, competence, specialist skills and knowledge. They seek to achieve a balance of experience, diversity and background.

Potential new trustees will attend a number of meetings as an observer or be appointed as a Volunteer Member on one of the Committees, before being admitted to the board to ensure the role is suitable.

There is a comprehensive induction process for the new appointees to the board involving briefing meetings with the chair of the trustees and the chairs of the relevant committees.

Structure, governance and management

All trustees are appointed for a term of four years and eligible for re-appointment if willing to serve.

The charity is administered by the body of trustees. There are seven general meetings and one annual general meeting per annum, of all the trustees and ad hoc meetings when required for specific subjects. All decisions are made by the general meetings which must have quorum of five trustees. The company secretary is responsible for maintaining the minute book. The background of the trustees covers a wide range of experience in business and other charity roles, such as accountancy, charity trustees, chartered surveyor, solicitors, retired general practitioner, owners of businesses and property management and investment.

None of the trustees has any beneficial interest in the company.

Sub-Committee Structure

Three sub-committees have continued to meet and communicate regularly, they are:

Westende - to administer the ongoing management and maintenance of the Almshouses.

Grants - to review, approve (where appropriate) and facilitate the giving of grants both to individuals and to other charitable organisations.

Finance - to maintain the accurate accounting function, to prepare an annual budget and to review the performance of the Investment Manager as per the agreed criteria.

Page 7

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have assessed the major strategies, business, and operational risks which they believe the charity faces. The external risks and exposure are kept under constant review, together with the internal aspects of health and safety.

A risk register has been established and will be reviewed annually to ensure they are effectively managed by the charity. The major risks and preventative measures in place are:

Investment Income

The investment managers, Brewin Dolphin PLC and CCLA Investment Management Limited, manage the charity's portfolio, within the agreed parameters, which are reported on quarterly, and all trustees are provided with summaries of these reports.

Damage to property, e.g. fire, lifts, heating, water

The trustees seek professional advice on the risks associated with the Almshouses and install and monitor safety equipment and measures on a regular basis.

Information Damage

The trustees have taken advice on prevention of information theft and are enhancing the IT system, its use, and the safeguarding of data.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05278018 (England and Wales)

Registered Charity number

1107171

Registered office

22-24 Broad Street Wokingham Berkshire RG40 1BA

Page 8

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Trustees

D C Auger D G Eyriey M A Hall - Chair (resigned 31.3.23) J E Hartley (appointed 19.4.22) G M Hobbs J C Holloway - Vice Chair, appointed Chair 1.4.23 I J Hossack (deceased 27.12.22) A E King J Morrison (resigned 9.3.23) S J Price J F Rogers G Veitch

The key management are the Board of Trustees and Amy Garstang as Charity Manager is managing the day-to-day operations of the charity.

Auditors

Vale & West Accountancy Services Limited Chartered Accountants Statutory Auditors Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

Solicitors

Clifton Ingram LLP 22 - 24 Broad Street Wokingham Berkshire RG40 1BA

Bankers

Barclays Bank Plc 31 Market Place Wokingham Berkshire RG40 1AR

Page 9

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Investment Fund Managers

Brewin Dolphin Plc 12 Smithfield Street London EC1A 9BD

CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees (who are also the directors of Wokingham United Charities for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company 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 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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:

AUDITORS

The auditors, Vale & West Accountancy Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 10

WOKINGHAM UNITED CHARITIES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by: 26/09/2023

Jane Holloway (Sep 26, 2023 13:14 GMT+1) ~~......................................~~ ..................................... J C Holloway - Trustee

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WOKINGHAM UNITED CHARITIES

Opinion

We have audited the financial statements of Wokingham United Charities (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe 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 statements, we have concluded that the trustees' use of the going 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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 Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion 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 such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.

Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WOKINGHAM UNITED CHARITIES

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

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 and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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.

Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WOKINGHAM UNITED CHARITIES

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WOKINGHAM UNITED CHARITIES

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jason Pyke FCA (Senior Statutory Auditor) for and on behalf of Vale & West Accountancy Services Limited Chartered Accountants Statutory Auditors Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

Date: .............................................

Page 15

WOKINGHAM UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Charitable activities
6
Relief in Need
Almshouse
Investment income
5
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Relief in Need
Almshouse
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
19
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Designated
£
-
-
-
-
-
2,014
-
62,811
64,825
(30,702)
(95,527)
45,304
(50,223)
363,318
313,095		 General
£
219
-
163,521
361,019
524,759
2,108
407,245
166,521
575,874
(33,582)
(84,697)
(45,304)
(130,001)
935,817
805,816		 Restricted
£
-
954,544
-
-
954,544
-
806,064
-
806,064
-
148,480
-
148,480
10,000
158,480

The notes form part of these financial statements

Page 16

WOKINGHAM UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Charitable activities
6
Relief in Need
Almshouse
Investment income
5
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Relief in Need
Almshouse
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
19
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.3.23
Total
Endowment
funds
£
£
-
219
-
954,544
-
163,521
-
361,019
-
1,479,303
46,515
50,637
-
1,213,309
-
229,332
46,515
1,493,278
(725,057)
(789,341)
(771,572)
(803,316)
-
-
(771,572)
(803,316)
11,587,068
12,896,203
10,815,496
12,092,887		 31.3.22
Total
funds
£
7,058
155,000
165,979
307,567
635,604
46,221
402,940
272,521
721,682
603,060
516,982
-
516,982
12,379,221
12,896,203

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 17

WOKINGHAM UNITED CHARITIES

BALANCE SHEET 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
15
Investments
16
CURRENT ASSETS
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS		 Designated
£
30,229
283,926
314,155
-
2,697
2,697
(3,757)
(1,060)
313,095
313,095		 General
£
151,151
514,165
665,316
21,040
151,710
172,750
(32,250)
140,500
805,816
805,816		 Restricted
£
-
-
-
-
159,617
159,617
(1,137)
158,480
158,480
158,480

The notes form part of these financial statements

continued...

Page 18

WOKINGHAM UNITED CHARITIES

BALANCE SHEET - continued 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
15
Investments
16
CURRENT ASSETS
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS		 Endowment
£
-
10,825,885
10,825,885
-
-
-
(10,389)
(10,389)
10,815,496
10,815,496		 31.3.23
Total
funds
£
181,380
11,623,976
11,805,356
21,040
314,024
335,064
(47,533)
287,531
12,092,887
12,092,887		 31.3.22
Total
funds
£
186,605
12,662,668
12,849,273
27,888
62,588
90,476
(43,546)
46,930
12,896,203
12,896,203

The notes form part of these financial statements

continued...

Page 19

WOKINGHAM UNITED CHARITIES

BALANCE SHEET - continued 31 MARCH 2023

Endowment
Notes
£
FUNDS
19
Unrestricted funds:
Almshouse
Relief in Need
Cyclical Maintenance
Extraordinary Repair
Restricted funds:
Household Support
Hardship Alliance
Local Welfare Provision
Endowment funds:
Relief in Need
Almshouse
TOTAL FUNDS		 31.3.23
Total
funds
£
185,248
620,568
124,809
188,286
1,118,911
147,352
(553)
11,681
158,480
10,466,834
348,662
10,815,496
12,092,887		 31.3.22
Total
funds
£
219,912
715,905
145,228
218,090
1,299,135
10,000
-
-
10,000
11,204,772
382,296
11,587,068
12,896,203

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and26/09/2023 were signed on its behalf by:

Jane Holloway (Sep 26, 2023 13:14 GMT+1) ~~......................................~~ ....... J C Holloway - Trustee

Graeme Hobbs

Graeme Hobbs (Sep 26, 2023 14:12 GMT+1) ~~.........................................~~ .... G M Hobbs - Trustee

The notes form part of these financial statements

Page 20

WOKINGHAM UNITED CHARITIES

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Net movement in cash flows attributable to endowment
investments
Movement of cash included in investments
Dividends received
Net cash provided by investing activities
Cash flows from financing activities
Expenditure attributable to endowment
Net movement in cash flows attributable to endowment
investments
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.3.23
£
(312,419)
(312,419)
(2,152,544)
2,846,015
(46,515)
(444,120)
361,019
563,855
(46,515)
46,515
-
251,436
62,588
314,024		 31.3.22
£
(493,998)
(493,998)
(1,660,369)
1,696,840
(42,122)
29,449
307,567
331,365
(52,511)
42,122
(10,389)
(173,022)
235,610
62,588

The notes form part of these financial statements

Page 21

WOKINGHAM UNITED CHARITIES

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Dividends received
Expenditure attributable to endowment
Cash now held by investment managers
Decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations		 31.3.23
£
(803,316)
5,225
789,341
(361,019)
46,515
-
6,848
3,987
(312,419)		 31.3.22
£
516,982
5,225
(603,060)
(307,567)
52,511
(150,000)
7,010
(15,099)
(493,998)

2.

ANALYSIS OF CHANGES IN NET FUNDS

Net cash At 1.4.22
£		 At 1.4.22
£		 Cash flow
£		 At 31.3.23
£		 At 31.3.23
£
Cash at bank 62,588 251,436 314,024
62,588 251,436 314,024
Total 62,588 251,436 314,024

The notes form part of these financial statements

Page 22

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. COMPANY INFORMATION

Wokingham United Charities is a charitable company limited by guarantee, domiciled and incorporated in England and Wales. The charity's registered office is 22 - 24 Broad Street, Wokingham, Berkshire, RG40 1BA.

The principal activities of the charity are the provision of almshouses in Wokingham and making of grants for those in need, hardship or distress.

The financial statements are presented in sterling (£) and are rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going concern

After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities.

Consolidated accounts

The accounts of Wokingham United Charities have not been consolidated with those of WUC Land Management Ltd as the trustees consider that the amounts involved are not material.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of obligation can be measured reliably. Certain expenditure is apportioned to categories based on the estimated amount attributable to that activity in the year. The irrecoverable element of VAT is included with the expense to which it relates.

Raising funds comprise the costs associated with managing the charity's investment portfolio.

continued...

Page 23

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Expenditure

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs comprise costs incurred centrally in support of the charity. This includes governance costs, these are the costs of running the charitable company, including strategic planning, external audit, any legal advice for directors, and all costs of complying with constitutional and statutory requirements, such as the costs of board and committee meetings and of preparing statutory accounts and complying with public accountability.

Grants payable

Grants payable are recognised as expenditure in the year in which a binding commitment to make payments is entered into and there are no conditions to be met relating to the grant which remain in the control of the charity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - Straight line over 50 years
Fixtures and fittings - Straight line over 10 years

Contributions towards the cost of fixed assets are included as income whilst the gross cost of fixed assets are capitalised. Items under £500 are not capitalised.

Fixed asset investments

Fixed asset investments comprising listed securities are initially recognised at acquisition cost. At the balance sheet date they are valued at the relevant market quoted mid-price. The market movement on the revaluation is transferred to the profit and loss account for the year.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 24

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments

Financial assets and financial liabilities are recognised when the charitable company becomes a party to the contractual provisions of the instrument, and are offset only when the charitable company has a legal enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise and settle the liability simultaneously.

Financial assets:

Trade and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Cash and cash equivalents comprise cash at bank and in hand and deposits held at call with banks.

Listed investments are initially recorded at their transaction value and subsequently valued at measured at fair value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Financial liabilities:

Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into. Trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Contingent liabilities

In accordance with the SORP, a contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees' control.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity's accounting policies, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that may not be readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects the current and future periods.

The critical judgement that has the most significant effect on amounts recognised in the financial statements is the market value of listed fixed asset investments. Listed investments are revalued at each balance sheet date and the market movement is recognised as a gain or loss in the statement of financial activities for the period, The trustees engage professional investment fund managers who value the investments at each accounting date by reference to stock market indices. The listed investments are therefore subject to market volatility and any changes in value may significantly affect results of the period and future periods.

continued...

Page 25

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

4. DONATIONS AND LEGACIES

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Donations
219
-
-
5.
INVESTMENT INCOME
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Investment income
361,019
-
-
6.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Relief in Need
Maintenance charges
Almshouse
Guest room charges
Almshouse
Grants received, included in the above, are as follows:
Wokingham Borough Council - Household Support
Wokingham Borough Council - Local Welfare Provision
Wokingham Borough Council - Hardship Alliance		 31.3.23
Total
funds
£
219
31.3.23
Total
funds
£
361,019
31.3.23
£
954,544
163,346
175
1,118,065
31.3.23
£
920,192
18,868
15,484
954,544		 31.3.22
Total
funds
£
7,058
31.3.22
Total
funds
£
307,567
31.3.22
£
155,000
165,979
-
320,979
31.3.22
£
155,000
-
-
155,000

continued...

Page 26

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

7. RAISING FUNDS

Investment management costs

Investment management costs Investment management costs
Unrestricted
funds
£
Portfolio management
4,122
CHARITABLE ACTIVITIES COSTS
Relief in Need
Almshouse
Direct Costs, included in the above, are as follows:		 Restricted
funds
£
-
Direct
Costs
£
65,438
214,962
280,400		 Endowment
funds
£
46,515
Grant
funding of
activities
(see note
9)
£
1,119,297
-
1,119,297		 31.3.23
Total
funds
£
50,637
Support
costs (see
note 10)
£
28,574
14,370
42,944		 31.3.22
Total
funds
£
46,221
Totals
£
1,213,309
229,332
1,442,641
Staff costs
Rates and water
Insurances
Light and heat
Telephone
Advertising
Office and sundries
Professional fees
Repairs
Maintenance
Cleaning
Gardening
Security
Depreciation		 Relief in Need
£
47,151
-
277
1,625
1,772
-
13,482
-
-
-
260
-
-
871
65,438		 Almshouse
£
38,261
3,416
6,758
17,023
1,313
500
3,275
1,696
108,573
19,590
4,957
4,570
676
4,354
214,962		 31.3.23
£
85,412
3,416
7,035
18,648
3,085
500
16,757
1,696
108,573
19,590
5,217
4,570
676
5,225
280,400		 31.3.22
£
86,556
3,652
5,713
16,559
4,369
450
10,848
11,609
143,740
4,770
6,754
2,150
5,659
5,225
308,054

8. CHARITABLE ACTIVITIES COSTS

Repairs include £37,074 expended from the designated cyclical maintenance fund and £24,866 from the designated extraordinary repair fund.

continued...

Page 27

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9. GRANTS PAYABLE

----- Start of picture text -----
31.03.23 31.03.22
£ £
Grants payable for the furtherance of the charity's objectives:
Grants awarded to 41 organisations (2022: 18) 267,220 121,976
Essential Item Grants awarded to 181 individuals (2022: 225) 86,673 75,605
-
Local Welfare Provision Grants awarded to 6 individuals (2022: nil) 2,187
Household Support Grants awarded to 2,062 individuals (2022: 698) 763,217 135,039
1,119,297 332,620
----- End of picture text -----

----- Start of picture text -----
Donations and grant awards to organisations were made during the year to the following:
Grants via Berkshire Community Foundation:
ASD Family Matters 2,376
----- End of picture text -----

Berkshire Vision
Berkshire Women's Aid
Browns CIC
Camp Mohawk
First Days Children's Charity
Freely Fruity
Home-Start Wokingham District
PACT
The Cowshed
Sub-total
Age Concern Twyford
Age UK
All Saints Wokingham
ARC
Berkshire Community Foundation
Berkshire MS Therapy Centre
Building for the Future
Chemogiftbags
CLASP
Dingleys Promise
Finchampstead C of E (Aided) Primary School
First Days Children's Charity
Growing Places-Berkshire
Headway
Home-Start Wokingham District
Involve Community Services
Kaleidoscopic UK
Kimel Café
Renova Trust
Rotary Club of Wokingham		 3,795
10,000
10,000
10,000
5,000
5,000
7,600
10,000
10,000
73,771
4,500
1,000
50,400
7,500
7,371
6,071
1,000
2,000
13,798
3,322
10,000
8,700
200
1,569
5,000
5,000
1,750
6,300
2,500
1,000

continued...

Page 28

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9. GRANTS PAYABLE - continued

----- Start of picture text -----
Share Wokingham 1,000
The Cowshed 12,000
The Link Visiting Scheme 10,398
The Wokingham Volunteer Centre 2,140
Twyford District Youth & Community Centre 300
Twyford Together 579
Wokingham & District Citizens Advice Bureau 20,900
Wokingham In Need 740
Woodley Lunch Bunch 1,000
Yeldall Manor 212
Younger People with Dementia (Berkshire) CIO 7,200
Sub-total 269,220
LESS: Grant award withdrawn - Wokingham Macular Society (2,000)
Total 267,220
----- End of picture text -----

Grants paid in the year were all to help those in need, including individuals and families living in hardship, where there is no one else to help. Grants were provided for physical items such as household goods, clothing and for educational items, and also to address isolation, loneliness and homelessness.

10. SUPPORT COSTS

Governance
Management
costs
£
£
Relief in Need
20,522
8,052
Almshouse
11,686
2,684
32,208
10,736		 Totals
£
28,574
14,370
42,944

Support cost, included in the above, are as follows:

Relief in Need Almshouse 31.3.23 31.3.22
Salaries and other expenses
Miscellaneous costs including professional
fees
Auditors' remuneration		 £
5,160
15,362
8,052
28,574		 £
5,160
6,526
2,684
14,370		 £
10,320
21,888
10,736
42,944		 £
9,544
14,423
10,820
34,787

General administration costs are allocated as appropriate.

continued...

Page 29

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.23 31.3.22
£ £
Auditors' remuneration 6,270 6,420
Auditors' remuneration for non audit work 4,466 4,400
Depreciation - owned assets 5,225 5,225

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

The trustees were reimbursed £100 (2022: £1,096) for sundry expenses incurred on the charity's behalf during the year.

13. STAFF COSTS

Wages and salaries 31.3.23
£
91,277		 31.3.22
£
91,960
Social security costs 2,609 3,134
Other pension costs 1,846 1,006
95,732 96,100
The average monthly number of employees during the year was as follows:
Full time 31.3.23
2		 31.3.22
2
Part time 2 1
4 3

No employees received emoluments in excess of £60,000.

Key management remuneration during the period (including employer's national insurance and employer's pension costs) was £35,245 (2022 - £63,617).

continued...

Page 30

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND
ENDOWMENTS FROM
Donations and legacies
Charitable activities
Relief in Need
Almshouse
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Relief in Need
Almshouse
Total
Net gains on investments
NET
INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Designated
£
-
-
-
-
-
2,319
-
90,427
92,746
9,529
(83,217)
45,052
(38,165)
401,483
363,318		 General
£
7,058
-
165,979
307,567
480,604
(8,609)
257,940
182,094
431,425
25,290
74,469
(45,052)
29,417
906,400
935,817		 Restricted
£
-
155,000
-
-
155,000
-
145,000
-
145,000
-
10,000
-
10,000
-
10,000		 Endowment
£
-
-
-
-
-
52,511
-
-
52,511
568,241
515,730
-
515,730
11,071,338
11,587,068		 Total
funds
£
7,058
155,000
165,979
307,567
635,604
46,221
402,940
272,521
721,682
603,060
516,982
-
516,982
12,379,221
12,896,203

continued...

Page 31

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

15. TANGIBLE FIXED ASSETS

----- Start of picture text -----
Fixtures
Freehold and
property fittings Totals
£ £ £
COST
At 1 April 2022 and 31 March 2023 258,870 480 259,350
DEPRECIATION
At 1 April 2022 72,601 144 72,745
Charge for year 5,177 48 5,225
At 31 March 2023 77,778 192 77,970
NET BOOK VALUE
At 31 March 2023 181,092 288 181,380
At 31 March 2022 186,269 336 186,605
All fixed assets are used for activities in either the furtherance or support of the charity's objects.
FIXED ASSET INVESTMENTS
31.3.23 31.3.22
£ £
Shares in group undertaking 1 1
Listed investments 11,481,572 12,076,144
Cash held by investment managers 142,403 636,523
11,623,976 12,712,668
Listed investments
31.3.23 31.3.22
£ £
MARKET VALUE
At 1 April 2022 12,076,144 11,459,555
Additions 2,596,664 1,710,369
Disposals (2,587,573) (1,574,004)
Market movement (603,663) 480,224
At 31 March 2023 11,481,572 12,076,144
HISTORIC COST 11,220,731 10,755,897
----- End of picture text -----

16. FIXED ASSET INVESTMENTS

continued...

Page 32

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. FIXED ASSET INVESTMENTS - continued

Analysis of listed investments:

Analysis of listed investments:
31.3.23 31.3.22
UK Bonds
Overseas Bonds
UK Equities
North American Equities
European Equities
Japanese Equities
Asian Pacific Equities
Emerging Market Equities
Global Investments
Absolute Return
Property
Private Equity
Other Investments
Commodities
Cash Products		 £
526,816
660,665
1,843,682
2,246,888
458,265
243,418
552,315
130,512
3,389,207
311,092
230,901
203,268
378,866
100,008
205,670
11,481,572		 £
533,537
548,478
2,366,231
2,529,306
513,907
310,930
565,201
134,113
3,504,022
123,675
210,274
315,757
420,713
-
-
12,076,144
Investments forming more than 5% of the total portfolio value:
31.3.23 31.3.22
Vanguard Funds Plc S&P 500 UCITS ETF USD DIS
COIF Charities Global Equity Income Fund
Fidelity UCITS ICA US QUAL INC UCITS ETF GBP I		 £
-
2,861,673
592,278		 £
613,043
2,966,927
-

The above are collective investments and there is no holding in a single stock that forms more than 5% of the portfolio.

There were no investment assets outside the UK.

Group undertaking

----- Start of picture text -----
31.3.23 31.3.22
£ £
One ordinary share of £1 in the subsidiary undertaking 1 1
----- End of picture text -----

The charity owns 100% of the share capital of WUC Land Management Limited (CRN 10788162 and registered office at 22-24 Broad Street, Wokingham, Berkshire RG40 1BA). The company's principal activity is property management.

continued...

Page 33

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accrued expenses
31.3.23
£
214
502
792
19,532
21,040
31.3.23
£
15,002
32,531
47,533		 31.3.22
£
-
502
-
27,386
27,888
31.3.22
£
22,392
21,154
43,546

continued...

Page 34

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

19. MOVEMENT IN FUNDS

Unrestricted funds
Almshouse
Relief in Need
Cyclical Maintenance
Extraordinary Repair
Restricted funds
Household Support
Hardship Alliance
Local Welfare Provision
Endowment funds
Relief in Need
Almshouse
TOTAL FUNDS
Net movement in funds, included in the
above are as follows:
Unrestricted funds
Almshouse
Relief in Need
Cyclical Maintenance
Extraordinary Repair
Restricted funds
Household Support
Hardship Alliance
Local Welfare Provision
Endowment funds
Relief in Need
Almshouse
TOTAL FUNDS		 At 1.4.22
£
219,912
715,905
145,228
218,090
1,299,135
10,000
-
-
10,000
11,204,772
382,296
11,587,068
12,896,203
Incoming
resources
£
186,794
337,965
524,759
920,192
-
-
15,484
18,868
954,544
-
-
-
1,479,303		 Net Movement
£
10,640
(95,337)
(48,531)
(46,996)
(180,224)
137,352
(553)
11,681
148,480
(737,938)
(33,634)
(771,572)
(803,316)
Resources
expended
£
(167,114)
(408,760)
(37,779)
(27,046)
(640,699)
(782,840)
(16,037)
(7,187)
(806,064)
(44,445)
(2,070)
(46,515)
(1,493,278)		 Transfers
£
(45,304)
-
28,112
17,192
-
-
-
-
-
-
-
-
-
Gains and
losses
£
(9,040)
(24,542)
(10,752)
(19,950)
(64,284)
(693,493)
-
-
-
-
(31,564)
(725,057)
(789,341)		 At31.3.23
£
185,248
620,568
124,809
188,286
1,118,911
147,352
(553)
11,681
158,480
10,466,834
348,662
10,815,496
12,092,887
Movement
in funds
£
10,640
(95,337)
(48,531)
(46,996)
(180,224)
137,352
(553)
11,681
148,480
(737,938)
(33,634)
(771,572)
(803,316)

continued...

Page 35

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
Almshouse
Relief in Need
Cyclical Maintenance
Extraordinary Repair
Restricted funds
Household Support
Endowment funds
Relief in Need
Almshouse
TOTAL FUNDS		 At 1.4.21
£
254,441
651,959
136,467
265,016
1,307,883
-
10,695,035
376,303
11,071,338
12,379,221		 NetMovement
Transfer
£
£
10,523
(45,052)
63,946
-
(19,715)
28,476
(63,502)
16,576
(8,748)
-
10,000
-
509,737
-
5,993
-
515,730
-
516,982
-		 At31.3.22
£
219,912
715,905
145,228
218,090
1,299,135
10,000
11,204,772
382,296
11,587,068
12,896,203

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
Almshouse
Relief in Need
Cyclical Maintenance
Extraordinary Repair
Restricted funds
Household Support
Endowment funds
Relief in Need
Almshouse
TOTAL FUNDS		 Incoming
resources
£
183,574
297,030
480,604
155,000
-
-
635,604
-
-
-		 Resources
expended
£
(177,277)
(254,148)
(23,052)
(69,694)
(524,171)
(145,000)
(50,127)
(2,384)
(52,511)
(721,682)		 Gains and
Movement
losses
in funds
£
£
4,226
10,523
21,064
63,946
3,337
(19,715)
6,192
(63,502)
34,819
(8,748)
-
10,000
559,864
509,737
8,377
5,993
568,241
515,730
603,060
516,982

continued...

Page 36

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

19. MOVEMENT IN FUNDS - continued

General funds

General funds are available for the furtherance of the charity's objectives as follows:

Almshouse Fund - funds for the provision of almshouses in Wokingham.

Relief in Need Fund - funds for the making of grants for those in need, hardship or distress.

Designated funds

Funds have been set aside for specific purposes by the trustees as follows:

Cyclical Maintenance Fund - funds for almshouse repairs recurring at infrequent but regular intervals.

Extraordinary Repair Fund - funds for major "one-off" almshouse repairs and improvements.

Restricted funds

Funds with restricted purposes are as follows:

Household Support Fund - funds for the provision of financial support for food and fuel to those in need in Wokingham.

Local Welfare Provision Fund - funds for the provision of critical short-term help and assistance with limited one-off household goods.

Hardship Alliance Fund - funds to tackle poverty in Wokingham Borough.

Endowment funds

These are the capital funds received by various predecessor charities, where there is no power to convert

this into income.

Transfers between funds

Transfers are made to the designated almshouse repair funds based upon the guidelines issued by the National Almshouse Association.

During the year £17,192 was transferred to the Extraordinary Repair Fund from the general Almshouse Fund (2022: 16,576) and £28,112 was transferred to the Cyclical Maintenance Fund from the general Almshouse Fund (2022: 28,476).

20. CONTINGENT LIABILITIES

As at 31 March 2023, the charity had authorised grants for payment in the next financial period subject to satisfactory completion of grant acceptance procedure, as follows:

Wokingham & District Citizens Advice Bureau £
4,100
4,100

Page 37

WOKINGHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - continued

21. RELATED PARTY DISCLOSURES

J Morrison, a trustee of the charity, is employed as the CEO of Wokingham Citizens Advice. During the year, the charity made a total of £20,900 (2022: £18,610) in grants to Wokingham Citizens Advice.

A King, a trustee of the charity, is a trustee of All Saints Church Wokingham. During the year, the charity made a total of £50,400 (2022: £nil) in grants to All Saints Church Wokingham.

22. CONTINGENT ASSET

A cash deposit of £521,893 is held in trust by Wokingham Borough Council on behalf of the Charity as a security for the Charity's obligation for the ongoing maintenance of local Suitable Alternative Natural Green Space (SANG) land. This contingent asset is not recognised in the Charity's accounts due to the long term nature of the obligation and uncertainty of recovering the deposit.

23. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost
Financial assets measured at fair value
Financial liabilities measured at amortised cost		 31.3.23
£
21,040
11,623,976
47,533		 31.3.22
£
27,888
12,712,667
43,546

The charity's income, expense, gains and losses in respect of financial instruments are summarised below:

Financial assets measured at fair value 361,019 307,567
Financial liabilities measured at amortised cost - -

Financial assets measured at amortised cost comprise trade debtors, amounts owed from subsidiary undertakings, accrued income and cash equivalents.

Financial assets measured at fair value are investments.

Financial liabilities measured at amortised cost comprise grants payable, other creditors and accruals.

Page 38