Charity registration number 1110896 WOODCOCK CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 WOODCOCK CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees M N Woodcock S M Woodcock R J Woodcock A M Woodcock Charity number 1110896 Principal address 3 Lincoln's Inn Fields London WC2A 3AA Independent examiner Citroen Wells 5th Floor 3 Dorset Rise London EC4Y 8EN Bankers C. Hoare & Co 37 Fleet Street London EC4P 4DQ WOODCOCK CHARITABLE TRUST CONTENTS Page Truslees, report Independenl examinerfs report Statement of financial activities Statement of financial position Noles to the financial statements WOODCOCK CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in nole 1 to the financial statements and comply with the charity's Trust Deed. the Charities Act 2011 and "Accounling 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 IFRS 102)" leffeclive 1 January 2019). Objectlves and activities The charity's objects are to hold the capital and income of the trusl for or towards charitable purposes. and lo make donations to such charilable institutions as determined by the founder. If the founder does not give direclion as to the disposal of income generated in a particular year, by 5 April in the income tax year following that in which income arises, then the trustees have the discretion to apply the income lowards charitsble purposes and make donations to charitable institutions The policies adopted in furtherance of these objects are lo make donations to charitable institutions and there has been no change in these during the year. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance The charity donated monies to The Alexandra Wylie Tower Foundation £5,000, The Ollie Foundation £1.000 and £250,000 to The Egmont Trust during the year. Financial review There was a deficit for the year of £6,320 12023.. surplus of £44,815), with retained funds of £45,164 (2023= £51,484) at the year end. Donations of £250.000 were received during the year {2023'. £250,025). It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding. they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. structure, governance and management The charity was established by a Gharilable trust deed on 1 June 2005. The trustees who served during the year and up to the dale of signature of the financial statements were.. M N Woodcock S M Woodcock R J Woodcock A M Woodcock The founder of the charity is M N Woodcock. The power of appointing new trustees is vested in the founder. The day to day running of the trust is managed by the trustees. The trustees have assessed the major risks to which the charity is exposed. and satisfied that systems are in place to mitigate exposure lo the major risks. The trustees, report was approved by the Board of Trustees. M N Woodcock Trustee Date: 04.02.2025 WOODCOCK CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOODCOCK CHARITABLE TRUST I report to the trustees on my examination of the financial statements of Woodcock Charitable Trust {the charity) for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Acl 2011 (Ihe 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ib) of Ihe 2011 Act. Independent examlner's statement Since the charity's gross income exceeded £250,000 your examiner must bè a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants In England and Wales, which is one of the listed bodies. Your attention is drawn to Ihe fact that the charity has prepared financial stalements in accordance with Accounting and Pieporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities= Statement of Recommended Praclice issued on 1 April 2005 which is referred to in the extant regulations but has now bepn. withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my altention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respeGt of the charity as required by section 130 of the 2011 Act-, or the financial statements do not accord with those records.. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be. reached. Use of thls report This report is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation5 2008. My independent examination work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and Ihe charity's trustees as a body, for my independent examination work . for this report, or for Ihe opinions I have formed. /ftt Citroen Wells Michael Berry 51h Floor 3 Dorset Rise London EC4Y 8EN Dated.. (.'.¥.l. Q: WOODCOCK CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from: Donations and legacies Investments 250,000 590 250,025 160 Total income 250.590 250.185 Charitable activities 256,910 205.370 Net incomel{expenditure} and movement in funds (6,320) 44,815 Reconciliation of funds: Fund balances at 6 April 2023 51.484 6.669 Fund balances at 5 April 2024 45,164 51,484 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. WOODCOCK CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION ASAT 5APRIL 2024 2024 2023 Notes Current assets Cash at bank and in hand 45,164 51,484 Net current assets 45,164 51.484 The funds of the charity Unrestricted funds 45,164 51,484 45,164 51,484 The financial statements were approved by the trustees on . M N Woodcock Trustee S M Vlloodcock Trustee WOODCOCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity information Woodcock Charitable Trust is a charitable Irust with an objective to hold the capital and income of the trust for or towards charitable purposes. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland" I'FRS 102.) and Ihe Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities {Accounls and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recomm¢Jnded Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in pound sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound sterling. The financial statements have been prepared under the historical cost convention. The principal accounling policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial ststements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restricted funds are set oul in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled lo it after any performance condilions have been mel, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deed5 Of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othemise if the charity has been notified of an impending distribution. the amount is known, and receipt is expeded. If the amount is not known, the legacy 15 treated as a contingent asset. WOODCOCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies Icontlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a. third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each aclivily are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in ￿.and, deposits held at call with bank. Basic financial assets Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at Ihe present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially al transaction price and subsequently measured at amortised Gost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligalitsns expire or are discharged or cancelled. Income from donations and legacies Unrestricted Unrestrlcted funds funds 2024 2023 Donations and gift5 250,000 250,025 WOODCOCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 590 160 Charitable actlvltles Total Funds Total Funds 2024 2023 Grant funding of activities {see note 51 ¢hare of governance costs (see note 6) 256,550 360 205.010 360 256,910 205,370 Grants payable Total Funds Total Funds 2024 2023 Grants lo instilulions: The Alexandra Wylie Tower Foundation The Egmont Trust Royal College of Music The Ollie Foundation School Meaders 5,000 250,000 250 1,000 300 5,010 200,000 256,550 205,010 Support costs Support Governance costs Costs 2024Support costs Governance costs 2023 Bank Charges 360 360 360 360 Analysed be￿een Charitable activities 360 360 360 WOODCOCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustees None of the trustees (or any persons connected with them} received any remuneration or benefits from the charity during the year. Employees There were no employees during the year (2023.. nill. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 10 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 6 April 2023 Incoming resources Resources expended At 5 April 2024 General funds 51,484 250.590 (256.910) 45,164 Previous year.. At 6 April 2022 Incoming resources Resources expended At 5 April 2023 General funds 6.669 250,185 {205,370) 51.484 11 Related party transactlons During the year, a donation of £250.000 (2923.. £250,000) was received from the one of the trustees, S Woodcock.