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

## **REPORT OF THE TRUSTEES AND** 

## **FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2024** 

## **FOR** 

**WOKINGHAM UNITED CHARITIES (A COMPANY LIMITED BY GUARANTEE)** 



**WOKINGHAM UNITED CHARITIES** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

||**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 39|





## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

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 2024. 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 objective is 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 self-contained one-bed flats, with lounge, kitchen and bathroom with plenty of storage. The residents receive onsite support from the charity's Westende manager, within a quiet and safe community setting. There are regular social events with perhaps the highlights being a Christmas lunch in December  and a Strawberry Tea in June or July. 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 supplies household goods,  clothing, and educational grants to help vulnerable and in-need adults, families, and children. The charity also funds 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 £1,239,336 (2023 £1,119,297). This year the charity continued  to manage the Household Support Fund on behalf of Wokingham Borough Council. The Household Support Fund distributed £948,734 which benefitted 2,121 individuals (2023: 2,062 individual grants totalling £763,217). Through the charity's Relief in Need fund, £54,300 benefitted 121 individuals (2023: 181 individual grants totalling £86,673). There were also charitable organisations grants of £224,661 that benefited 31 local organisations (2023: 41 grants totalling £267,220). 

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## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The charity's objectives 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: 

- be unable to afford to buy or rent an equivalent sized dwelling in the area 

- be able to live independently (which means they do not need help in the flat and can shop and cook for 

- themselves) 

- be in financial or other significant need, for example in terms of social or family circumstances 

- have a strong connection with Wokingham, ideally by having lived there themselves 

- be of retirement age 

- understand that they are moving to a group of flats with a community ethos 

- have no current accommodation or be in unsuitable accommodation 

## Relief in Need Fund 

The charity funds grants to help individuals, families and local charities to address isolation, loneliness, prevent 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. 

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**WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **ACHIEVEMENT AND PERFORMANCE Charitable activities** 

## **Administration and staffing** 

Following the increase in the staff team the previous year, the team remained consistent with five members until March 2024. This was when, in preparation for the third year of the Tackling Poverty Strategy, recommendations were made to enhance the Tackling Poverty Project Co-ordinator role. As a result, it was agreed to bring this role in-house to the local authority. The Tackling Poverty Project Co-ordinator will  fulfil the remainder of their fixed-term contract within the local authority, whilst still working closely with the members of the Hardship Alliance and the charity to continue the implementation of the Tackling Poverty Strategy. 

Additionally, we continued to offer the Household Support Fund during this period. As a result, our administrator completed her fixed-term contract with us at the end of March 2024. Recognising both the strengths of our team and the uncertainty surrounding the continuation of the Household Support Fund, the Board made the decision to offer a permanent position to our HSF administrator, which she accepted. The role will now oversee the distribution of the Household Support Fund as it continues, while also taking on responsibilities related to the charity's marketing and social media projects. This expansion of the role reflects our commitment to adaptability ensuring the effective utilisation of our resources in addressing community needs. 

## **Strategy** 

Throughout 2023/2024, the Board dedicated efforts to develop the Staff Handbook and review policies and procedures, culminating in the Board's approval of the Staff Handbook in March 2024. Work will continue the ongoing review of policies and procedures. In addition, the charity continued to prioritise increasing brand awareness by partnering with the local newspaper, WokinghamToday to sponsor the Charity and Community pages. This partnership proved valuable in elevating the awareness of the charity and providing a platform to highlight the commendable work of other local charities. 

Furthermore, the Board took proactive steps to explore additional avenues for growth by engaging the services of Yoke Ltd to conduct an independent investment review. This strategic initiative aims to identify opportunities to enhance the investment performance and improve the financial sustainability of the charity. 

## **Almshouses** 

During 2023/4 three flats were refurbished. Two of these flats underwent redecoration to refresh the living conditions for current residents. One of these refurbishments included both redecoration and the installation of new flooring, while the other underwent redecoration only. 

Additionally, a third flat underwent refurbishment in preparation for a new resident. The refurbishment was completed before the new resident moved in during November 2023. 

It is worth noting that during the previous year, another flat required significant refurbishment, which was successfully completed in June 2023. Subsequently, a new resident moved in during July 2023. 

These refurbishment efforts reflect our ongoing commitment to providing comfortable and quality housing for our residents. 

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## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

In addition to flat refurbishments, significant improvements were made to improve the safety and aesthetics of the Almshouses. New locks were installed on all internal front doors, enhancing security measures. All corridors underwent redecoration and received new flooring, revitalising the overall appearance of our common areas. Furthermore, we successfully passed inspection by Berkshire Fire and Rescue,  demonstrating compliance with fire safety standards. Moreover, a Legionella Risk Assessment was conducted, ensuring  the safety of our residents and visitors by proactively managing our water systems to prevent the risk of Legionella contamination. These initiatives reflect our ongoing commitment to maintaining a safe and welcoming environment for residents, staff and visitors. 

## **Relief in Need** 

After an unusual few years contending with Covid-19 pandemic and a cost-of-living crisis, 2023/2024 was our first relatively "normal" year in some time. Whilst the cost-of-living crisis persisted, operations largely returned to business as usual. 

The grants committee decided to review applications on a rolling basis to ensure the charity could provide timely and effective support to local organisations. This approach allowed us to transition from primarily offering emergency support grants to considering more standard grant requests. 

This shift enabled us to better fulfil our mission of supporting local charities in a structed and consistent manner, addressing their needs with appropriate and timely grants. The return to regular operations has been a welcome change, allowing us to focus on sustainable growth and impact in our community. 

The charity continued working with Berkshire Community Foundation who launched the third Tackling Poverty grant programme. This grant programme was aimed at projects and services that tackle poverty in the Borough of Wokingham. 

The charity was successful in a bid to win £25,000 to distribute as grants on behalf of Wokingham Borough Council to create opportunities for children and young people from low-income households to access extra-curricular activities. The Bright Futures fund will offer funding provides financial support for a wide range of extracurricular activities, including school trips, club memberships, sports equipment, instrument rental and purchase and participation fees. From sports to arts, music to science clubs, creating  opportunities to enrich their childhood experience. 

In response to the charity's expansion and the increase in grant funding, the Board endorsed the proposal to invest in a grant management system. This strategic investment is designed to record, monitor and audit grant awards, ensuring greater transparency and efficiency in our operations. 

The primary objective of the new system is to streamline office administration. By offering more efficient online applications and automated monitoring reminders, the system will provide significant advantages to both the charity and its grant applicants. For the charity, it means reduced administrative burdens and enhanced accuracy in tracking grant progress. For applicants, it means a more user-friendly and accessible application process. 

Developing and preparing the system required several months of dedicated work to configure it precisely to the charity's needs. This meticulous preparation ensures that the system is tailored to optimise our grant management process. The planned launch date for the external rollout of the system is planned for 1st  April 2024. 

By implementing this grant management system, we are taking a significant step forward enhancing our operation capabilities and improving the overall grant application experience for our beneficiaries. This advancement underscores our commitment to leveraging technology to better serve our community and manage our growing resources effectively. 

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**WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **ACHIEVEMENT AND PERFORMANCE Notable Grants** 

## Relief in Need Grants 

For a fourth year, Citizens Advice Wokingham received £12,840 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 £5,350 towards the continued costs of their Mobile Advice Unit providing outreach support across the Borough. 

Due to the success and continued impact, ARC Youth Counselling received confirmation of a further two-year grant award of £15,000. This continues to help reduce the waiting times for students in need of counselling. Local schools value the input from ARC Youth Counselling for their students. 

Given the increasing demands on school budgets and the financial pressures local families face due to the cost-of-living crisis, we have observed a significant rise in request for financial support to enable students  to participate in school residential trips. These trips are a highly valued and worthwhile childhood experience, essential not only for enhancing academic studies but also broadening the experiences and opportunities available to local children. Recognising their importance, the grants committee has dedicated resources to ensure more students can benefit from these enriching activities. 

In addition to funding school trips, we also supported several schools by providing new outdoor equipment, further enhancing the education environment, and promoting active, healthy lifestyles among students. In total, we awarded £44,479 to local schools ensuring that the funds were effectively utilised to maximise impact. This financial support has been instrumental in enriching the educational experiences of many students, providing them with opportunities that might otherwise be inaccessible. 

For the fourth year running, the charity was pleased to be able to help with the Christmas Cheer! 2023  grant programme. Grant awards were given to local charities who were aiding residents over the Christmas period by providing food hampers and gifts. The charity awarded eight Christmas Cheer! 2023 grant awards totalling £10,685.50. 

## Household Support Fund 

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 again for 12 months to  begin in April 2023. Our Household Support Fund Administrator remained in role to facilitate this. The  Household Support Fund was divided into two components to address specific needs within our community. Firstly, Holiday Food Vouchers awarded to those families whose children qualify for means-tested free school meals, ensuring they have access to nutritious food during school holidays. Additionally, a one-time award was provided to individuals or families facing financial hardship who do not meet the criteria for means-tested free school meals but still need support. This dual approach allowed us to effectively target support to those most in need. It was confirmed that the Household Support Grant would continue for the following six months until September 2024. 

## Essential Item Grants 23/24 

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**WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **ACHIEVEMENT AND PERFORMANCE** 

During this financial year, £54,300 was awarded to individuals/families through our essential item grant programme which helped 121 individuals. Our continued effort to support vulnerable members of our community, we have awarded essential item grants to individuals and families in financial need. These grants are specifically designed to provide immediate financial relief by covering the cost of essential items such as white goods, and other item(s) and/or services that are crucial to them when they need. By addressing the fundamental needs, we aim to alleviate some of the financial burdens faced by those struggling. This targeted support not only enhances their quality of life but also fosters a sense of dignity and stability during challenging times. 

## **FINANCIAL REVIEW** 

## **Financial position** 

The unrestricted income of the charity during the year totalled £500,295 (2023: £524,759) composed of £186,191 (2023: £163,521) from the almshouse residents and £314,104 (2023: £361,019) income from investments. £215,718 (2023: £229,332) was spent on the upkeep and running costs of the almshouse, of which £70,366 (2023: £62,811) was charged to the designated repair funds. £1,239,336 (2023: £1,119,297) was spent on grants and a further £5,241 (2023: £1,696) on professional fees. Support costs totalled  £44,098 (2023: £42,944) and investment managers' fees totalled £41,571 (2023: £50,637). 

The total deficit for the year ended 31 March 2024, after net gains on investment of £1,044,418 (2023:  losses of £789,341) was £850,058 (2023: deficit of £803,316). 

## **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. 

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**WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **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 to pay salaries and running costs for 12 months which is considered prudent. The Almshouse running costs for the year ended 31 March 2024 were £215,718. 

The charity has total Almshouse reserves of £898,912 including £146,797 of functional assets and  £376,086 for restricted purposes, leaving £376,029 of free reserves. Of this, £292,405 has been set aside for  designated purposes, with the remaining £83,624 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 £150,000 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 £12,044,033 including £29,358 of functional assets and £11,442,715 for restricted purposes, leaving £571,960 of free reserves available for general use. Based on the trustees' current reserves policy, this would leave £321,960 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** 

During 2023/2024 period, our Board welcomed three new trustees, all of whom bring valuable skills and experience, enriching the collective experience of the Board. As the year drew to a close, our Chair stepped down, and a longstanding trustee assumed the role of interim Chair of the Board while we seek to recruit additional trustees. In response, we have onboarded new committee members, with the expectation that they will gradually assume greater responsibilities in the coming months. Recognising the ongoing need for new trustees, the Board has engaged the services of the InTrusted service at Involve Community Services to facilitate the recruitment of new trustees. 

The trustees are committed to ongoing efforts to enhance and maintain the facilities of the flats at Westende Almshouses, with the primary goal of ensuring the well-being and satisfaction of our residents. 

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## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **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 five 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** 

In 2023/2024, a Staffing sub-committee was introduced to oversee personnel management and governance matters within the charity. 

Four 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. 

Staffing - to oversee matters related to personnel management and governance. 

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## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **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 

## **Trustees** 

D C Auger - Chair from 1.4.24 K A M Hadfield (appointed 6.9.23) J E Hartley G M Hobbs A E King R Margetts (appointed 6.9.23) D Morrison (appointed 1.3.24) J F Rogers G Veitch D G Eyriey (resigned 31.3.24) J C Holloway - Chair to 31.03.24 (resigned 11.6.24) S J Price (resigned 31.10.23) 

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

Page 9 



## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **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 Bradbury Centre Rose Street Wokingham RG40 1XS 

## **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). 

Page 10 



## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **TRUSTEES' RESPONSIBILITY STATEMENT - continued** 

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 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping 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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **AUDITORS** 

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

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: 04/11/2024 

DCAuger DCAuger (Nov 4, 2024 09:04 GMT) ~~................................~~ ................................. D C Auger - Trustee 

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## **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 2024 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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

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**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: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies exemption from the requirement  to prepare a Strategic Report or in preparing the Report of the Trustees. 

## **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. 

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**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: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the charities sector; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011, employment and health and safety legislation; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

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

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

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

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; and 

- enquiring of management as to actual and potential litigation and claims. 

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. 

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. 

Page 14 



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

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: ............................................. 04/11/2024 

Page 15 



## **WOKINGHAM UNITED CHARITIES** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>4<br>**Charitable activities**<br>6<br>Relief in Need<br>Almshouse<br>Investment income<br>5<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>7<br>**Charitable activities**<br>8<br>Relief in Need<br>Almshouse<br>**Total**<br>Net gains on investments<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>19<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Designated<br>£<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,644**<br>**-**<br>**70,366**<br>**72,010**<br>**28,319**<br>**(43,691)**<br>**52,360**<br>**8,669**<br>**313,094**<br>**321,763**|General<br>£<br>**-**<br>**-**<br>**186,191**<br>**314,104**<br>**500,295**<br>**1,728**<br>**348,511**<br>**145,352**<br>**495,591**<br>**44,220**<br>**48,924**<br>**(52,360)**<br>**(3,436)**<br>**805,817**<br>**802,381**|Restricted<br>£<br>**-**<br>**943,990**<br>**-**<br>**-**<br>**943,990**<br>**-**<br>**1,032,845**<br>**-**<br>**1,032,845**<br>**-**<br>**(88,855)**<br>**-**<br>**(88,855)**<br>**158,480**<br>**69,625**|
|---|---|---|---|



The notes form part of these financial statements 

Page 16 



## **WOKINGHAM UNITED CHARITIES** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>4<br>**Charitable activities**<br>6<br>Relief in Need<br>Almshouse<br>Investment income<br>5<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>7<br>**Charitable activities**<br>8<br>Relief in Need<br>Almshouse<br>**Total**<br>Net gains/(losses) on investments<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>19<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**31.3.24**<br>**Total**<br>Endowment<br>**funds**<br>£<br>**£**<br>**-**<br>**-**<br>**-**<br>**943,990**<br>**-**<br>**186,191**<br>**-**<br>**314,104**<br>**-**<br>**1,444,285**<br>**38,199**<br>**41,571**<br>**-**<br>**1,381,356**<br>**-**<br>**215,718**<br>**38,199**<br>**1,638,645**<br>**971,879**<br>**1,044,418**<br>**933,680**<br>**850,058**<br>**-**<br>**-**<br>**933,680**<br>**850,058**<br>**10,815,496**<br>**12,092,887**<br>**11,749,176**<br>**12,942,945**|31.3.23<br>Total<br>funds<br>£<br>219<br>954,544<br>163,521<br>361,019<br>1,479,303<br>50,637<br>1,213,309<br>229,332<br>1,493,278<br>(789,341)<br>(803,316)<br>-<br>(803,316)<br>12,896,203<br>12,092,887|
|---|---|---|



## **CONTINUING OPERATIONS** 

All income and expenditure has arisen from continuing activities. 

The notes form part of these financial statements 

Page 17 



## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **BALANCE SHEET 31 MARCH 2024** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>15<br>Investments<br>16<br>**CURRENT ASSETS**<br>Debtors<br>17<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>18<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**|Designated<br>£<br>**29,358**<br>**292,862**<br>**322,220**<br>**-**<br>**-**<br>**-**<br>**(457)**<br>**(457)**<br>**321,763**<br>**321,763**|General<br>£<br>**146,797**<br>**626,808**<br>**773,605**<br>**22,324**<br>**56,374**<br>**78,698**<br>**(49,922)**<br>**28,776**<br>**802,381**<br>**802,381**|Restricted<br>£<br>**-**<br>**-**<br>**-**<br>**-**<br>**73,029**<br>**73,029**<br>**(3,404)**<br>**69,625**<br>**69,625**<br>**69,625**|
|---|---|---|---|



The notes form part of these financial statements 

continued... 

Page 18 



## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **BALANCE SHEET - continued 31 MARCH 2024** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>15<br>Investments<br>16<br>**CURRENT ASSETS**<br>Debtors<br>17<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>18<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**|**31.3.24**<br>**Total**<br>Endowment<br>**funds**<br>£<br>**£**<br>**-**<br>**176,155**<br>**11,726,263**<br>**12,645,933**<br>**11,726,263**<br>**12,822,088**<br>**-**<br>**22,324**<br>**33,302**<br>**162,705**<br>**33,302**<br>**185,029**<br>**(10,389)**<br>**(64,172)**<br>**22,913**<br>**120,857**<br>**11,749,176**<br>**12,942,945**<br>**11,749,176**<br>**12,942,945**|31.3.23<br>Total<br>funds<br>£<br>181,380<br>11,623,976<br>11,805,356<br>21,040<br>314,024<br>335,064<br>(47,533)<br>287,531<br>12,092,887<br>12,092,887|
|---|---|---|



The notes form part of these financial statements 

continued... 

Page 19 



## **WOKINGHAM UNITED CHARITIES (REGISTERED NUMBER: 05278018)** 

## **BALANCE SHEET - continued 31 MARCH 2024** 

|**31.3.24**<br>**Total**<br>Endowment<br>**funds**<br>Notes<br>£<br>**£**<br>**FUNDS**<br>19<br>Unrestricted funds:<br>Almshouse<br>**201,063**<br>Relief in Need<br>**601,318**<br>Cyclical Maintenance<br>**100,265**<br>Extraordinary Repair<br>**221,498**<br>**1,124,144**<br>Restricted funds:<br>Household Support<br>**67,541**<br>Hardship Alliance<br>**-**<br>Local Welfare Provision<br>**-**<br>Bright Futures<br>**2,084**<br>**69,625**<br>Endowment funds:<br>Relief in Need<br>**11,373,090**<br>Almshouse<br>**376,086**<br>**11,749,176**<br>**TOTAL FUNDS**<br>**12,942,945**|31.3.23<br>Total<br>funds<br>£<br>185,248<br>620,568<br>124,809<br>188,286<br>1,118,911<br>147,352<br>(553)<br>11,681<br>-<br>158,480<br>10,466,834<br>348,662<br>10,815,496<br>12,092,887|
|---|---|



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 04/11/2024............................................. and were signed on its behalf by: 

DCAuger (Nov 4, 2024 09:04 GMT) ~~................................~~ DCAuger ............. D C Auger - Trustee 

## Graeme Hobbs 

> Graeme Hobbs (Nov 4, 2024 09:06 GMT) ~~......................................~~ ....... 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 2024** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of fixed asset investments<br>Sale of fixed asset investments<br>Net movement in cash flows attributable to<br>endowment investments<br>Movement of cash included in investments<br>Dividends received<br>Net cash provided by investing activities<br>**Cash flows from financing activities**<br>Expenditure attributable to endowment<br>Net movement in cash flows attributable to<br>endowment investments<br>Net cash provided by financing activities<br>**Change in cash and cash equivalents**<br>**in the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end**<br>**of the reporting period**|**31.3.24**<br>**£**<br>**(449,685)**<br>**(449,685)**<br>**(2,750,510)**<br>**2,745,138**<br>**(38,199)**<br>**27,833**<br>**314,104**<br>**298,366**<br>**(38,199)**<br>**38,199**<br>**-**<br>**(151,319)**<br>**314,024**<br>**162,705**|31.3.23<br>£<br>(312,419)<br>(312,419)<br>(2,152,544)<br>2,846,015<br>(46,515)<br>(444,120)<br>361,019<br>563,855<br>(46,515)<br>46,515<br>-<br>251,436<br>62,588<br>314,024|
|---|---|---|



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 2024** 

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

|**31.3.24**<br>**£**<br>**Net income/(expenditure) for the reporting period (as per the**<br>**Statement of Financial Activities)**<br>**850,058**<br>**Adjustments for:**<br>Depreciation charges<br>**5,225**<br>(Gain)/losses on investments<br>**(1,044,418)**<br>Dividends received<br>**(314,104)**<br>Expenditure attributable to endowment<br>**38,199**<br>(Increase)/decrease in debtors<br>**(1,284)**<br>Increase in creditors<br>**16,639**<br>**Net cash used in operations**<br>**(449,685)**|31.3.23<br>£<br>(803,316)<br>5,225<br>789,341<br>(361,019)<br>46,515<br>6,848<br>3,987<br>(312,419)|
|---|---|



## **2. ANALYSIS OF CHANGES IN NET FUNDS** 

|**Net cash**|At 1.4.23<br>Cash flow<br>**At 31.3.24**<br>£<br>£<br>**£**|
|---|---|
|Cash at bank|**314,024**<br>**(151,319)**<br>**162,705**|
||**314,024**<br>**(151,319)**<br>**162,705**|
|**Total**|**314,024**<br>**(151,319)**<br>**162,705**|



The notes form part of these financial statements 

Page 22 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **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: 

- Monthly maintenance contributions are recognised when receivable. 

- Grants where entitlement is not conditional on the delivery of a specific performance by the  charity, are recognised when the charity becomes unconditionally entitled to the grant. 

- Investment income is included when receivable. 

## **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 2024** 

## **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 2024** 

## **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 2024** 

|**4.**<br>**DONATIONS AND LEGACIES**<br>Unrestricted<br>Restricted<br>Endowment<br>funds<br>funds<br>funds<br>£<br>£<br>£<br>Donations<br>**-**<br>**-**<br>**-**<br>**5.**<br>**INVESTMENT INCOME**<br>Unrestricted<br>Restricted<br>Endowment<br>funds<br>funds<br>funds<br>£<br>£<br>£<br>Investment income<br>**314,104**<br>**-**<br>**-**<br>**6.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Grants<br>Relief in Need<br>Maintenance charges<br>Almshouse<br>Guest room charges<br>Almshouse<br>Grants received, included in the above, are as follows:<br>Wokingham Borough Council - Household Support<br>Wokingham Borough Council - Local Welfare Provision<br>Wokingham Borough Council - Hardship Alliance<br>Wokingham Borough Council - Bright Futures|**31.3.24**<br>**Total**<br>**funds**<br>**£**<br>**-**<br>**31.3.24**<br>**Total**<br>**funds**<br>**£**<br>**314,104**<br>**31.3.24**<br>**£**<br>**943,990**<br>**186,066**<br>**125**<br>**1,130,181**<br>**31.3.24**<br>**£**<br>**910,000**<br>**-**<br>**31,906**<br>**2,084**<br>**943,990**|31.3.23<br>Total<br>funds<br>£<br>219<br>31.3.23<br>Total<br>funds<br>£<br>361,019<br>31.3.23<br>£<br>954,544<br>163,346<br>175<br>1,118,065<br>31.3.23<br>£<br>920,192<br>18,868<br>15,484<br>-<br>954,544|
|---|---|---|



continued... 

Page 26 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **7. RAISING FUNDS** 

## **Investment management costs** 

|**Investment management costs**|**Investment management costs**|**Investment management costs**||||||
|---|---|---|---|---|---|---|---|
|Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>Portfolio management<br>**3,372**<br>**-**<br>**CHARITABLE ACTIVITIES COSTS**<br>Direct<br>Costs<br>£<br>Relief in Need<br>**111,058**<br>Almshouse<br>**202,582**<br>**313,640**<br>Direct Costs, included in the above, are as follows:|||Endowment<br>funds<br>£<br>**38,199**<br>Grant<br>funding of<br>activities<br>(see note<br>9)<br>£<br>**1,239,336**<br>**-**<br>**1,239,336**||**31.3.24**<br>**Total**<br>**funds**<br>**£**<br>**41,571**<br>Support<br>costs (see<br>note 10)<br>£<br>**30,962**<br>**13,136**<br>**44,098**||31.3.23<br>Total<br>funds<br>£<br>50,637<br>Totals<br>£<br>**1,381,356**<br>**215,718**<br>**1,597,074**|
|Staff costs<br>Rates and water<br>Insurances<br>Light and heat<br>Telephone<br>Advertising<br>Office and sundries<br>Professional fees<br>Repairs<br>Maintenance<br>Cleaning<br>Gardening<br>Security<br>Depreciation|Relief in Need<br>£<br>72,779<br>-<br>592<br>1,968<br>2,839<br>5,031<br>21,737<br>5,241<br>-<br>-<br>-<br>-<br>-<br>871<br>111,058|Almshouse<br>£<br>36,680<br>2,814<br>7,431<br>16,139<br>1,700<br>-<br>6,741<br>-<br>107,522<br>11,789<br>4,581<br>2,382<br>449<br>4,354<br>202,582|||31.3.24<br>£<br>109,459<br>2,814<br>8,023<br>18,107<br>4,539<br>5,031<br>28,478<br>5,241<br>107,522<br>11,789<br>4,581<br>2,382<br>449<br>5,225<br>313,640||31.3.23<br>£<br>85,412<br>3,416<br>7,035<br>18,648<br>3,085<br>500<br>16,757<br>1,696<br>108,573<br>19,590<br>5,217<br>4,570<br>676<br>5,225<br>280,400|



## **8. CHARITABLE ACTIVITIES COSTS** 

Repairs include £66,980 expended from the designated cyclical maintenance fund and £2,515 from the designated extraordinary repair fund. 

continued... 

Page 27 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **9. GRANTS PAYABLE** 


**----- Start of picture text -----**<br>
31.03.24 31.03.23<br>£ £<br>Grants payable for the furtherance of the charity's objectives:<br>Grants awarded to 31 organisations (2023: 41) 224,661 267,220<br>Essential Item Grants awarded to 121 individuals (2023: 181) 54,300 86,673<br>Local Welfare Provision Grants awarded to 30 individuals (2023: 6) 11,641 2,187<br>Household Support Grants awarded to 2,121 individuals (2023: 2,062) 948,734 763,217<br>1,239,336 1,119,297<br>Donations and grant awards to organisations were made during the year to the following:<br>All Saints Primary  1,932<br>ARC 7,500<br>Berkshire Community Foundation 110,000<br>Clasp 1,255<br>Crowthorne Churches Together 2,000<br>Edgbarrow School 946<br>Finchampstead Baptist Church 245<br>First Days  2,000<br>Gorse Ride Junior School  17,230<br>Headway Thames Valley 1,500<br>Kaleidoscopic 2,000<br>Nine Mile Ride Primary School  9,670<br>PACT 10,000<br>Polehampton Junior School  200<br>Promise Inclusion 5,000<br>Remap 1,000<br>Share Wokingham 10,000<br>St Nicolas Church of England Primary School 245<br>Swallowfield Pre School  5,000<br>The Cowshed 2,000<br>The Forest School  5,967<br>The Hawthorns Primary School 468<br>The Holt School 651<br>The Rotary Club Wokingham  500<br>The Wokingham Lions  1,000<br>Twyford, Wargrave & District Volunteer Centre 1,000<br>Winnersh Primary School  250<br>Wokingham & District Citizens Advice Bureau 25,290<br>Wokingham Baptist Church 1,400<br>Wokingham Borough Charities 1,307<br>Woodley CofE Primary School 1,920<br>Yeldall Manor 185<br>229,661<br>LESS: Grant award withdrawn - Swallowfield Pre School (5,000)<br>Total 224,661<br>**----- End of picture text -----**<br>


continued... 

Page 28 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **9. GRANTS PAYABLE - continued** 

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** 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Governance|
|Management|costs|Totals|
|£|£|£|
|Relief in Need|22,255|8,707|30,962|
|Almshouse|10,233|2,903|13,136|
|32,488|11,610|44,098|

**----- End of picture text -----**<br>


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


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Relief in Need|Almshouse|31.3.24|31.3.23|
|£|£|£|£|
|Salaries and other expenses|5,844|5,515|11,359|10,320|
|Miscellaneous costs including|
|professional fees|16,411|4,718|21,129|21,888|
|Auditors' remuneration|8,707|2,903|11,610|10,736|
|30,962|13,136|44,098|42,944|

**----- End of picture text -----**<br>


General administration costs are allocated as appropriate. 

## **11. NET INCOME/(EXPENDITURE)** 

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


**----- Start of picture text -----**<br>
||||
|---|---|---|
|31.3.24|31.3.23|
|£|£|
|Auditors' remuneration|6,998|6,270|
|Auditors' remuneration for non audit work|4,612|4,466|
|Depreciation - owned assets|5,225|5,225|

**----- End of picture text -----**<br>


continued... 

Page 29 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **12. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. 

## **Trustees' expenses** 

The trustees were reimbursed £1,007 (2023: £100) for sundry expenses incurred on the charity's behalf during the year. 

## **13. STAFF COSTS** 

|Wages and salaries<br>Social security costs<br>Other pension costs|**31.3.24**<br>**£**<br>**113,971**<br>**4,452**<br>**2,395**<br>**120,818**|31.3.23<br>£<br>91,277<br>2,609<br>1,846<br>95,732|
|---|---|---|



The average monthly number of employees during the year was as follows: 

|Full time<br>Part time|**31.3.24**<br>**2**<br>**3**<br>**5**|31.3.23<br>2<br>2<br>4|
|---|---|---|



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 £42,779 (2023 - £35,245). 

## **14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>**Charitable activities**<br>Relief in Need<br>Almshouse<br>Investment income<br>**Total**|Designated<br>£<br>-<br>-<br>-<br>-<br>-|General<br>£<br>219<br>-<br>163,521<br>361,019<br>524,759|Restricted<br>£<br>-<br>954,544<br>-<br>-<br>954,544|Total<br>Endowment<br>funds<br>£<br>£<br>-<br>219<br>-<br>954,544<br>-<br>163,521<br>-<br>361,019<br>-<br>1,479,303|
|---|---|---|---|---|



continued... 

Page 30 



## **WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

|**14.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|
|---|---|---|---|---|---|---|
|||||||Total|
|||Designated|General|Restricted|Endowment|funds|
|||£|£|£|£|£|
||**EXPENDITURE ON**||||||
||Raising funds|2,014|2,108|-|46,515|50,637|
||**Charitable activities**||||||
||Relief in Need|-|407,245|806,064|-|1,213,309|
||Almshouse|62,811|166,521|-|-|229,332|
||**Total**|64,825|575,874|806,064|46,515|1,493,278|
||Net gains/(losses) on<br>investments|(30,702)|(33,582)|-|(725,057)|(789,341)|
||**NET**<br>**INCOME/(EXPENDITURE)**<br>**Transfers between funds**|(95,527)<br>45,304|(84,697)<br>(45,304)|148,480<br>-|(771,572)<br>-|(803,316)<br>-|
||**Net movement in funds**<br>**RECONCILIATION OF**<br>**FUNDS**<br>Total funds brought<br>forward|(50,223)<br>363,318|(130,001)<br>935,817|148,480<br>10,000|(771,572)<br>11,587,068|(803,316)<br>12,896,203|
||**TOTAL FUNDS**<br>**CARRIED FORWARD**|313,095|805,816|158,480|10,815,496|12,092,887|
||||||||



continued... 

Page 31 



## **WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **15. TANGIBLE FIXED ASSETS** 

|**TANGIBLE FIXED ASSETS**|**TANGIBLE FIXED ASSETS**|**TANGIBLE FIXED ASSETS**|
|---|---|---|
|Fixtures<br>Freehold<br>and<br>property<br>fittings<br>Totals<br>£<br>£<br>£<br>**COST**<br>At 1 April 2023 and 31 March 2024<br>**258,870**<br>**480**<br>**259,350**<br>**DEPRECIATION**<br>At 1 April 2023<br>**77,778**<br>**192**<br>**77,970**<br>Charge for year<br>**5,177**<br>**48**<br>**5,225**<br>At 31 March 2024<br>**82,955**<br>**240**<br>**83,195**<br>**NET BOOK VALUE**<br>At 31 March 2024<br>**175,915**<br>**240**<br>**176,155**<br>At 31 March 2023<br>181,092<br>288<br>181,380<br>All fixed assets are used for activities in either the furtherance or support of the charity's objects.<br>**FIXED ASSET INVESTMENTS**|||
|Shares in group undertaking<br>Listed investments<br>Cash held by investment managers|31.3.24<br>£<br>1<br>12,475,696<br>170,236<br>12,645,933|31.3.23<br>£<br>1<br>11,481,572<br>142,403<br>11,623,976|
||||
|**Listed investments**|||
||31.3.24|31.3.23|
|**MARKET VALUE**<br>At 1 April 2023<br>Additions<br>Disposals<br>Market movement<br>At 31 March 2024|£<br>11,481,572<br>2,694,844<br>(2,736,998)<br>1,036,278<br>12,475,696|£<br>12,076,144<br>2,596,664<br>(2,587,573)<br>(603,663)<br>11,481,572|
||||
||||
|**HISTORIC COST**|11,083,051|11,220,731|
||||
|Analysis of listed investments:|||
||31.3.24|31.3.23|
|UK Bonds<br>Overseas Bonds<br>UK Equities|£<br>562,799<br>914,404<br>1,753,741|£<br>526,816<br>660,665<br>1,843,682|



## **16. FIXED ASSET INVESTMENTS** 

continued... 

Page 32 



## **WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **16. FIXED ASSET INVESTMENTS - continued** 


**----- Start of picture text -----**<br>
North American Equities 3,008,850 2,246,888<br>European Equities 523,965 458,265<br>Japanese Equities 264,878 243,418<br>Developed Asia ex Japan Equities 546,439 552,315<br>Emerging Market Equities 91,621 130,512<br>Global Investments 3,720,698 3,389,207<br>Absolute Return 84,481 311,092<br>Property 254,808 230,901<br>Private Equity 251,162 203,268<br>Other Investments 271,266 378,866<br>Commodities 101,763 100,008<br>Cash Products 124,820 205,670<br>12,475,696 11,481,572<br>Investments forming more than 5% of the total portfolio value:<br>31.3.24 31.3.23<br>£ £<br>COIF Charities Global Equity Income Fund 3,296,610 2,861,673<br>-<br>Fidelity UCITS ICA US QUAL INC UCITS ETF GBP I 592,278<br>**----- End of picture text -----**<br>


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 -----**<br>
31.3.24 31.3.23<br>£ £<br>One ordinary share of £1 in the subsidiary undertaking 1 1<br>**----- End of picture text -----**<br>


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. 

||31.3.24|31.3.23|
|---|---|---|
|Aggregate capital and reserves<br>Loss for year|£<br>(502)<br>-|£<br>(502)<br>-|



There were no transactions between the subsidiary company and the charity in the year. 

continued... 

Page 33 



## **WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

|**17.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade debtors<br>Amounts owed by group<br>undertakings<br>Other debtors<br>Prepayments and accrued income<br>**18.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>Accrued expenses<br>**19.**<br>**MOVEMENT IN FUNDS**<br>Net<br>movement<br>At 1.4.23<br>in funds<br>£<br>£<br>**Unrestricted funds**<br>Almshouse<br>**185,249**<br>**68,174**<br>Relief in Need<br>**620,568**<br>**(19,250)**<br>Cyclical Maintenance<br>**124,808**<br>**(57,639)**<br>Extraordinary Repair<br>**188,286**<br>**13,948**<br>**1,118,911**<br>**5,233**<br>**Restricted funds**<br>Household Support<br>**147,352**<br>**(79,811)**<br>Hardship Alliance<br>**(553)**<br>**553**<br>Local Welfare Provision<br>**11,681**<br>**(11,681)**<br>Bright Futures<br>**-**<br>**2,084**<br>**158,480**<br>**(88,855)**<br>**Endowment funds**<br>Relief in Need<br>**10,466,834**<br>**906,256**<br>Almshouse<br>**348,662**<br>**27,424**<br>**10,815,496**<br>**933,680**<br>**TOTAL FUNDS**<br>**12,092,887**<br>**850,058**|**31.3.24**<br>**£**<br>**1,507**<br>**502**<br>**792**<br>**19,523**<br>**22,324**<br>**31.3.24**<br>**£**<br>**34,332**<br>**29,840**<br>**64,172**<br>Transfers<br>between<br>funds<br>£<br>**(52,360)**<br>**-**<br>**33,096**<br>**19,264**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|31.3.23<br>£<br>214<br>502<br>792<br>19,532<br>21,040<br>31.3.23<br>£<br>15,002<br>32,531<br>47,533<br>At<br>31.3.24<br>£<br>**201,063**<br>**601,318**<br>**100,265**<br>**221,498**<br>**1,124,144**<br>**67,541**<br>**-**<br>**-**<br>**2,084**<br>**69,625**<br>**11,373,090**<br>**376,086**<br>**11,749,176**<br>**12,942,945**|
|---|---|---|



continued... 

Page 34 



## **WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **19. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>Almshouse<br>Relief in Need<br>Cyclical Maintenance<br>Extraordinary Repair<br>**Restricted funds**<br>Household Support<br>Hardship Alliance<br>Local Welfare Provision<br>Bright Futures<br>**Endowment funds**<br>Relief in Need<br>Almshouse<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**205,672**<br>**294,623**<br>**-**<br>**-**<br>**500,295**<br>**910,000**<br>**31,906**<br>**-**<br>**2,084**<br>**943,990**<br>**-**<br>**-**<br>**-**<br>**1,444,285**|Resources<br>expended<br>£<br>**(145,836)**<br>**(349,755)**<br>**(67,556)**<br>**(4,454)**<br>**(567,601)**<br>**(989,811)**<br>**(31,353)**<br>**(11,681)**<br>**-**<br>**(1,032,845)**<br>**(36,508)**<br>**(1,691)**<br>**(38,199)**<br>**(1,638,645)**|Gains and<br>losses<br>£<br>**8,338**<br>**35,882**<br>**9,917**<br>**18,402**<br>**72,539**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**942,764**<br>**29,115**<br>**971,879**<br>**1,044,418**|Movement<br>in funds<br>£<br>**68,174**<br>**(19,250)**<br>**(57,639)**<br>**13,948**<br>**5,233**<br>**(79,811)**<br>**553**<br>**(11,681)**<br>**2,084**<br>**(88,855)**<br>**906,256**<br>**27,424**<br>**933,680**<br>**850,058**|
|---|---|---|---|---|



continued... 

Page 35 



## **WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **19. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>Almshouse<br>Relief in Need<br>Cyclical Maintenance<br>Extraordinary Repair<br>**Restricted funds**<br>Household Support<br>Hardship Alliance<br>Local Welfare Provision<br>**Endowment funds**<br>Relief in Need<br>Almshouse<br>**TOTAL FUNDS**|At 1.4.22<br>£<br>219,912<br>715,905<br>145,228<br>218,090<br>1,299,135<br>10,000<br>-<br>-<br>10,000<br>11,204,772<br>382,296<br>11,587,068<br>12,896,203|Net<br>movement<br>in funds<br>£<br>10,640<br>(95,337)<br>(48,531)<br>(46,996)<br>(180,224)<br>137,352<br>(553)<br>11,681<br>148,480<br>(737,938)<br>(33,634)<br>(771,572)<br>(803,316)|Transfers<br>between<br>funds<br>£<br>(45,304)<br>-<br>28,112<br>17,192<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|At<br>31.3.23<br>£<br>185,248<br>620,568<br>124,809<br>188,286<br>1,118,911<br>147,352<br>(553)<br>11,681<br>158,480<br>10,466,834<br>348,662<br>10,815,496<br>12,092,887|
|---|---|---|---|---|



continued... 

Page 36 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **19. MOVEMENT IN FUNDS - continued** 

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

|**Unrestricted funds**<br>Almshouse<br>Relief in Need<br>Cyclical Maintenance<br>Extraordinary Repair<br>**Restricted funds**<br>Household Support<br>Hardship Alliance<br>Local Welfare Provision<br>**Endowment funds**<br>Relief in Need<br>Almshouse<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>186,794<br>337,965<br>-<br>-<br>524,759<br>920,192<br>15,484<br>18,868<br>954,544<br>-<br>-<br>-<br>1,479,303|Resources<br>expended<br>£<br>(167,114)<br>(408,760)<br>(37,779)<br>(27,046)<br>(640,699)<br>(782,840)<br>(16,037)<br>(7,187)<br>(806,064)<br>(44,445)<br>(2,070)<br>(46,515)<br>(1,493,278)|Gains and<br>losses<br>£<br>(9,040)<br>(24,542)<br>(10,752)<br>(19,950)<br>(64,284)<br>-<br>-<br>-<br>-<br>(693,493)<br>(31,564)<br>(725,057)<br>(789,341)|Movement<br>in funds<br>£<br>10,640<br>(95,337)<br>(48,531)<br>(46,996)<br>(180,224)<br>137,352<br>(553)<br>11,681<br>148,480<br>(737,938)<br>(33,634)<br>(771,572)<br>(803,316)|
|---|---|---|---|---|



## **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. 

continued... 

Page 37 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **19. MOVEMENT IN FUNDS - continued** 

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

Bright Futures Fund - funds to empower children from low-income households through enriching extracurricular experiences 

## **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 £19,264 was transferred to the Extraordinary Repair Fund from the general Almshouse Fund (2023: £17,192) and £33,096 was transferred to the Cyclical Maintenance Fund from the general Almshouse Fund (2023: £28,112). 

## **20. CONTINGENT LIABILITIES** 

As at 31 March 2024, the charity had authorised grants for payment in the next financial period subject to satisfactory completion of grant acceptance procedure, as follows: 

|ARC<br>Renova Trust<br>St Sebastians Parent Teacher Association|£<br>7,500<br>15,000<br>6,000<br>28,500|
|---|---|



## **21. RELATED PARTY DISCLOSURES** 

D Auger, a trustee of the charity, is governor of the Forest Academy Trust. During the year, the charity made a total of £5,967 (2023: £nil) in grants to The Forest School Academy Trust. 

K Hadfield, a trustee of the charity, is also a trustee at ARC. During the year, the charity made a total of £15,000 (2023: £7,500) in grants to ARC. This grant is to span two years, covering the period to  31 March 2025. 

K Hadfield and G Veitch, trustees of the charity, are also trustees at Finchampstead and Barkham Relief in Sickness Fund. During the year, the charity received a total of £407 (2023: £nil) from Finchampstead and Barkham Relief in Sickness Fund as a reimbursement of an essential grant. At  the year end, a balance of £2 was in the Trade Creditors. 

A King, a trustee of the charity, is a trustee of All Saints Church Wokingham. During the year, the charity made a total of £nil (2023: £50,400) in grants to All Saints Church Wokingham. 

R Margetts, a trustee of the charity, is the chair of governors at Nine Mile Ride school. During the year, the charity made a total of £9,560 (2023: £nil) in grants to Nine Mile Ride School. 

continued... 

Page 38 



**WOKINGHAM UNITED CHARITIES** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **21. RELATED PARTY DISCLOSURES - continued** 

D Morrison, a trustee of the charity, is the CEO of CLASP. During the year, the charity made a total of £1,255 (2023: £13,798) in grants to CLASP. 

J Rogers, a trustee of the charity, is a trustee of Crowthorne Churches Together. During the year, the charity made a total of £2,000 (2023: £nil) in grants to Crowthorne Churches Together. 

## **22. CONTINGENT ASSET** 

A cash deposit of £572,676 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** 


**----- Start of picture text -----**<br>
31.3.24 31.3.23<br>£ £<br>Financial assets measured at amortised cost 22,324 21,040<br>Financial assets measured at fair value 12,645,933 11,623,976<br>Financial liabilities measured at amortised cost 64,172 47,533<br>**----- End of picture text -----**<br>


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

|Financial assets measured at fair value|314,104|361,019|
|---|---|---|
|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 39 



## 2024 Financial Accounts Approval - Wokingham United Charities 

Final Audit Report 

2024-11-04 

Created: 2024-10-02 By: Elaine Bukiej (ebukiej@valewest.com) Status: Signed Transaction ID: CBJCHBCAABAABZ0rOjvmKhAkDNnGBBosbbifuVyMteRH 

## "2024 Financial Accounts Approval - Wokingham United Charitie s" History 

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## Agreement completed. 

2024-11-04 - 9:07:48 AM GMT