Charity registration number 1110896
WOODCOCK CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
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WOODCOCK CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
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Trustees
MN Woodcock S M Woodcock R J Woodcock AM Woodcock
Charity number 1110896
Principal address 3 Lincoln's Inn Fields London WC2A 3AA Independent examiner Mark Bailey FCA CTA TC Group 5th Floor 3 Dorset Rise London EC4Y 8EN
Bankers
C. Hoare & Co 37 Fleet Street London EC4P 4DQ
WOODCOCK CHARITABLE TRUST
CONTENTS
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Trustees’ report 1
Independent examiner's report 2
Statement of financial activities 3
Statement of financial position 4
Notes to the financial statements 5-9
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WOODCOCK CHARITABLE TRUST
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TRUSTEES‘ REPORT FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "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).
Objectives and activities
The charity's objects are to hold the capital and income of the trust for or towards charitable purposes, and to make donations to such charitable institutions as determined by the founder. If the founder does not give direction 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 towards charitable purposes and make donations to charitable institutions The policies adopted in furtherance of these objects are to 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 Egmont Trust £260,000, The Alexandra Wylie Tower Foundation £5,000, The Global Returns Project £5,000 and Schoo! Readers £300 during the year.
Financial review
The charity generated net income for the year of £167,352 (2024: deficit of £6,320), with retained funds of £212,516 (2024: £45,164) at the year end. Donations of £440,000 were received during the year (2024: £250,000).
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 charitable trust deed on 1 June 2005.
The trustees who served during the year and up to the date of signature of the financial statements were: M N Woodcock
S M Woodcock R J Woodcock AM 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 to the major risks.
The trustees’ report was approved by the Board of Trustees.
M N Woodcock Trustee 40, 2S. Date! cscsccascissmaeveesccanssavacwnecene
WOODCOCK CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOODCOCK CHARITABLE TRUST
| report to the trustees on my examination of the financial statements of Woodcock Charitable Trust (the charity) for the year ended 5 April 2025.
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 Act 2011 (the 2011 Act).
| 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of The Institute of Chartered Accountants of England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
| 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.
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or 3 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.
| 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.
Mek S rl Mark Bailey FCA CTA
TC Group
5th Floor 3 Dorset Rise London EC4Y 8EN
4 —_
Dated: rL19./2S
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WOODCOCK CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
eeTS
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donationsand legacies | 2 | 440,000 | 250,000 |
| Investments | 3 | 462 | 590 |
| Total income | 440,462 | 250,590 | |
| Charitable activities | 4 | 273,110 | 256,910 |
| Netincome/(expenditure) and movement infunds | 167,352 | (6,320) | |
| Reconciliation offunds: | |||
| Fund balances at6April 2024 | 45,164 | 51,484 | |
| Fundbalancesat5April2025 | 212,516 | 45,164 |
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
AS AT 5 APRIL 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Current assets | |||||||
| Trade and other receivables | 10 | 190,000 | - | ||||
| Cash at bank and in hand | 23,266 | 45,164 | |||||
| 213,266 | 45,164 | ||||||
| Current liabilities | 11 | 750 | - | ||||
| Net current assets | 212,516 | . | 45,164 | ||||
| Thefunds ofthe charity | |||||||
| Unrestricted funds | 212,516 | 45,164 | |||||
| 212,516 | 45,164 |
The financial statements were approved by the trustees on AAO. TUS...
MN Woodeusk: : S M Woodtock Trustee Trustee
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WOODCOCK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
a
1Accounting policies
Charity information Woodcock Charitable Trust is a charitable trust 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 the UK and Republic of Ireland” (“FRS 102") and the Charities SORP "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). 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 (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended 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 accounting 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 to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
- 1.3. Charitable 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 grantors as to how they may be used. The purposes and uses of the restricted funds are set out 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 to it after any performance conditions have been met, the amounts can be measured reliably, and it 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 deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
WOODCOCK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
- 1 Accounting policies
(Continued)
- 1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 activity 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 activity. 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 hand, deposits held at call with bank.
1.7 Financial instruments
The charity has elected to apply the statutory provisions of Section 11 ‘Basic Financial Instrument of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 at a market rate 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 the present value of the future payments discounted at 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 at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
WOODCOCK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
SSa
2 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donationsand gifts | 440,000 | 250,000 | |
| 3 | Incomefrominvestments |
| Unrestricted Unrestricted |
Unrestricted Unrestricted |
||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable | 462 | 590 | |
| 4 | Charitable activities | ||
| Total Funds | Total Funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grantfunding ofactivities (see note 5) Share ofgovernancecosts (seenote 6) |
270,300 2,810 |
256,550 360 |
|
| 273,110 | 256,910 |
5 Grants payable
| Total Funds | Total Funds | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Grants to institutions: | ||
| TheAlexandraWylieTower Foundation The EgmontTrust Royal College ofMusic The Ollie Foundation School Readers |
5,000 260,000 - - 300 |
5,000 250,000 250 1,000 300 |
| Global Returns Project | 5,000 | - |
| 270,300 | 256,550 |
WOODCOCK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
6 Support costs
| Support costs | ||||||
|---|---|---|---|---|---|---|
| Support | Governance | 2025 | Support | Governance | 2024 | |
| costs | costs | costs | costs | |||
| £ | £ | £ | £ | z | £ | |
| Bank Charges | - | 380 | 380 | - | 360 | 360 |
| Auditfees | - | 2,430 | 2,430 | - | zi | - |
| Analysed between | ||||||
| Charitableactivities | - | 2,810 | 2,810 | - | 360 | 360 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
There were no employees during the year (2024: nil).
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Trade and other receivables
| 10 | Trade and other receivables | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Amounts falling due within oneyear: | £ | £ | |
| Other receivables | 190,000 | - | |
| 11. | Current liabilities | ||
| 2025 | 2024 | ||
| & | £ | ||
| Accrualsanddeferredincome | 750 | a |
spES
WOODCOCK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
12 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.
| At6April | Incoming | Resources | At 5April | |
|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |
| £ | £ | £ | £ | |
| General funds | 45,164 | 440,462 | (273,110) | 212,516 |
| Previous year: | At 6April 2023 |
Incoming resources |
Resources expended |
At 5April 2024 |
| £ | £ | £ | £ | |
| Generalfunds | 51,484 | 250,590 | (256,910) | 45,164 |
13 Related party transactions
During the current year, donations of £250,000 were received from the trustees (2024: £250,000).