**Registered number: 05945378 Charity number: 1116597** ## **WOLSEY CHARITABLE TRUST** **(A company limited by guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** |**CONTENTS**|| |---|---| ||Page| |**Reference and administrative details of the charity, its trustees and advisers**|1| |**Trustees' report**|2 - 4| |**Independent examiner's report**|5 - 6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Notes to the financial statements**|9 - 14| ## **WOLSEY CHARITABLE TRUST** **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021** ## **Trustees** N Merali, Chairman F Merali A Merali A Dewji-Aliu ## **Company registered number** 05945378 ## **Charity registered number** 1116597 ## **Registered office** Radius House, 51 Clarendon Road, Watford, Herts, WD17 1HP ## **Company secretary** N Merali ## **Accountants** Hillier Hopkins LLP, Radius House, 51 Clarendon Road, Watford, Herts, WD17 1HP Page 1 ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021** The Trustees present their annual report together with the financial statements of the company for the year 1 April 2020 to 31 March 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the 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) issued in October 2019. Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. ## **Objectives and Activities** ## **a. POLICIES AND OBJECTIVES** In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit. ## **b. ACTIVITIES FOR ACHIEVING OBJECTIVES** During the year the charity has: 1. Earmarked £600,000 towards the Salaam Centre project in Harrow, UK which is being developed by a charity called BW Foundation. This is a modern purpose-built community centre for religious, leisure and educational facilities open to people of all denominations and will mainly serve the residents of Harrow and surrounding areas. Construction work begun in January 2014 and two floors of the basement construction have been completed towards which the trust contributed approximately £400,000. After a break the next phase of the construction is planned to commence in January 2022. The trust will meet its obligation by transferring the remaining £600,000 in the first 2 quarters of 2022 2. Continued to support a school project under the name of Zehra International School in Kherwa Jalalpur, Meerut, India. Some £250,000 has already been contributed to acquire land and develop a school housing 550 children. Due to the pandemic, the Trustees have not been able to travel at all this year. However, we have channelled our funding through our partners. Distant learning was successfully introduced for the first time. Luckily the village has escaped any major COVID-19 infection. Once the UK vaccine programme is rolled out the trustees hope to visit in the first quarter of 2022 ## **c. GRANT MAKING POLICIES** The trustees apply the funds of Wolsey Charitable Trust at their discretion and in accordance with the charitable purposes and objectives of the charity. Page 2 ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021** ## **Achievements and performance** ## **a. REVIEW OF ACTIVITIES** Our main activity this year has been supporting scholarships and sponsoring medical treatments via KSI medical aids and welfare society. ## **Financial review** ## **a. RESERVES POLICY** It is the Trustees' policy to aim to create reserves above three months running costs. The level of reserves is monitored and reviewed annually by the Trustees. ## **b. PRINCIPAL FUNDING** The Wolsey Charitable Trust is primarily funded by Nizar and Farida Merali. No non family donations are solicited or encouraged. However if any party do decide to contribute it will not be rejected in totality. ## **Structure, governance and management** ## **a. CONSTITUTION** The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 30 August 2006. The principal object of the company is the relief of sickness and financial hardship and to provide for better education, either generally or individually, in various parts of the world, but particularly in Africa and India. ## **b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES** The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. ## **c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES** Trustees will in the near future explore online training modules on all matters necessary to enable them to perform their duties effectively. ## **d. RELATED PARTY RELATIONSHIPS** The trustees recognise that Related Party relationships can present potential or actual conflicts of interest and create the appearance that the trustees decisions are based on considerations other than the best interests of the Charity. Accordingly, it is the Charity’s preference generally to avoid all Related Party relationships as far as possible. Page 3 WOLSEY CHARITABLE TRUST (A company Ilmlted by guarnntee) TRUSTEES. REPORT {contlnued) FOR THE YEAR ENDED 31 MARCH 2021 •. RISK MANAGEMENT The Trustees have a888s8ed the major risks to whlch the company is exposed, in particular th05e related to the operations and fin8nees of the company, and are Satisfied that systems and procedures are in place to mrtwale our 8xpo8ure to thè major risks. Plans for future porlod• . FUTURE OEVELOPMENTS The Wo18ty Charitable TruBt IWCD is concentrating on charitable pmject8'. A. Supportlng the Salaam Centre project in North Harrow One of the truslg8$ of WCT, namèly Dr N MeralS, 18 also Ihe168d Iru8lee of this project. After the lender 8X8rci88 8 preferred conlrador is likely to ￿ cho$gn by January 2022 for the next ph88e of the construction, namety the Superstructure for an estimated cost of £5.75m. WCT'8 commitment for a further £600.000 is Ilkely lo be rolled out durbng the first 6 months of 2022 B. Funding toward8 the caphal ¢o¥t and operational cost of a school, Zehra Intemational School, Khirwa Jalapur. Meerul, Delhi, India, The plans are to support further caprtal costs for adding S labor8tori98 and comml88ioning a 6port8 field The ènlicip81gd cost over the next 12 rnonlhs is £60,000 This report wa8 approvgd by the Trustee$, on 2011012021 and spon￿ on their behaw by. N Mèrnll Trustee Page 4 **WOLSEY CHARITABLE TRUST (A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOLSEY CHARITABLE TRUST (the 'company')** I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2021. This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I 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 company and the company's Trustees as a body, for my work or for this report. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **INDEPENDENT EXAMINER'S STATEMENT** Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of (enter body here), which is one of the listed bodies. I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. Page 5 **WOLSEY CHARITABLE TRUST (A company limited by guarantee)** **INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021** 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 accounts to be reached. Signed: Dated: 20 October 2021 Neil Cundale BSc FCA ## **HILLIER HOPKINS LLP** Chartered Accountants Radius House 51 Clarendon Road Watford Herts WD17 1HP Page 6 ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021** |**Unrestricted**
**funds**
**Note**
**2021**
**£**
**INCOME FROM:**
Donations and legacies
2
**353,750**
Investments
3
**40,605**
**TOTAL INCOME**
**394,355**
**EXPENDITURE ON:**
Charitable activities
**60,025**
**TOTAL EXPENDITURE**
6
**60,025**
**NET INCOME / (EXPENDITURE) BEFORE OTHER**
**RECOGNISED GAINS AND LOSSES**
**334,330**
**NET MOVEMENT IN FUNDS**
**334,330**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**758,292**
**TOTAL FUNDS CARRIED FORWARD**
**1,092,622**|**Total**
**funds**
**2021**
**£**
**353,750**
**40,605**
**394,355**
**60,025**
**60,025**
**334,330**
**334,330**
**758,292**
**1,092,622**|_Total_
_funds_
_2020_
_£_
_128,856_
_8,485_
_137,341_
_143,177_
_143,177_
_(5,836)_
_(5,836)_
_764,128_
_758,292_| |---|---|---| The notes on pages 9 to 14 form part of these financial statements. Page 7 WOLSEY CHARITABLE TRUST IA Company Ilmitod by guarantsel REGISTERED NUMBER: 05945378 BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note FIXED ASSETS Investments 283.666 CURRENT ASSETS Cash at bank and in hand 810,627 759, 792 CREDITORS: amoun15 falling due within one year 11.660) (1,￿) NET CURRENT ASSETS 808,987 758,292 NET ASSETS 1.092,622 758,292 CHARITY FUNDS UnrestrKled fund8 10 1,092,622 758.292 TOTAL FUNDS 1,092,622 758,292 The eompanls financial Btalement8 have b8en prepared in acccvdance witti the provi8ions appluble to companies Subjacl to Ihg small compani88 regime. The Tru81ee8 con81der that the company is entrtl8d lo éxomplion from the requirnment lo ha￿ an audit under thè provi8lon8 of sectlon 477 of the Companie8 Act 20061"Ihe Act") and membeTS have not requiréd tho company to obtain an audit for the year in question in accordance wlth 8&tion 476 of the Acl. The Tru$l¢e8 acknowledge their responsibililigs for Ccfflplying with the rèquiremen18 of the Compan[88 A¢t 2C wrth respect lo accounting records and th8 preparatson of financial Slalemenls. The financial slatemnl8 were appfoved and author18ed lor i83uo by the Trustees on sign on their behalf, 2011012021 and N Merall The notes on page8 9 10 14 fom part of th88e financlal 8tatem¢nls. Page 8 **(A company limited by guarantee)** ## **WOLSEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **1. ACCOUNTING POLICIES** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with 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 (FRS102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. WOLSEY CHARITABLE TRUST meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **1.2 Company status** The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. ## **1.3 Income** All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. ## **1.4 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. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Page 9 ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **1.5 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account. ## **1.6 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank. ## **1.7 Cash at Bank and in hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. ## **1.9 Financial instruments** The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Page 10 ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **2. INCOME FROM DONATIONS AND LEGACIES** |**Unrestricted**
**funds**
**2021**
**£**
Donations
**353,750**
_Total 2020_
_128,856_|**Total**
**funds**
**2021**
**£**
**353,750**
_128,856_|_Total_
_funds_
_2020_
_£_
_128,856_| |---|---|---| |||| **3. INVESTMENT INCOME** |**Unrestricted**
**funds**
**2021**
**£**
Investment income - local listed investments
**35,310**
Bank interest received
**5,295**
**40,605**
_Total 2020_
_8,485_
**ANALYSIS OF GRANTS**
**Grants to**
**Institutions**
**2021**
**£**
Grants to institutions
**53,600**
_Total 2020_
_134,628_|**Total**
**funds**
**2021**
**£**
**35,310**
**5,295**
**40,605**
_8,485_
**Total**
**2021**
**£**
**53,600**
_134,628_|_Total_
_funds_
_2020_
_£_
_-_
_8,485_
_8,485_| |---|---|---| |||_Total_
_2020_
_£_
_134,628_| |||| ## **4. ANALYSIS OF GRANTS** Page 11 **(A company limited by guarantee)** ## **WOLSEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **DETAILED GRANTS TO INSTITUTIONS** |Lady Fatema Trust
Zahra School
Alimaan Charitable Trust
Other grants
KSI Medical Aids and Welfare Society

Total|**2021**
**£**
**25,000**
**-**
**-**
**3,600**
**25,000**

**53,600**|_2020_
_£_
_11,746_
_1,882_
_60,000_
_1,000_
_95,000_| |---|---|---| |||| |||| |||_169,628_| ## **5. SUPPORT COSTS** |Travel expenses
Accountancy
Legal and professional
Bank charges
_Total 2020_|**Charitable**
**activities**
**£**
**-**
**3,114**
**3,311**
**-**
**6,425**
_8,549_|**Total**
**2021**
**£**
**-**
**3,114**
**3,311**
**-**
**6,425**
_8,549_|_Total_
_2020_
_£_
_2,986_
_2,502_
_2,934_
_127_
_8,549_| |---|---|---|---| ||||| During the year ended 31 March 2021, the company incurred the following Governance costs: _£_ NIL _(2020 - £NIL)_ included within the table above in respect of Charitable activities. ## **6. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE** |**Other costs**
**2021**
**£**
Charitable activities
**60,025**
_Total 2020_
_143,177_|**Total**
**2021**
**£**
**60,025**
_143,177_|_Total_
_2020_
_£_
_143,177_| |---|---|---| |||| ## **7. NET INCOME/(EXPENDITURE)** During the year, no Trustees received any remuneration (2020 - £NIL). During the year, no Trustees received any benefits in kind (2020 - £NIL). During the year, no Trustees received any reimbursement of expenses (2020 - £NIL). Page 12 **(A company limited by guarantee)** ## **WOLSEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **8. FIXED ASSET INVESTMENTS** |**Market value**
At 1 April 2020
Additions
Revaluations
At 31 March 2021
**9.**
**CREDITORS: Amounts falling due within one year**
Accruals and deferred income
**10.**
**STATEMENT OF FUNDS**
**STATEMENT OF FUNDS - CURRENT YEAR**|**2021**
**£**
**1,560**||**Listed**
**securities**
**£**
**-**
**250,000**
**33,655**| |---|---|---|---| ||||**283,655**| ||||_2020_
_£_
_1,500_| ||||| |**STATEMENT OF FUNDS - CURRENT YEAR**||| |---|---|---| |**Balance at**
**1 April 2020**
**£**
**Unrestricted funds**
General Funds - all funds
**758,292**
Other General funds
**-**
**758,292**
**STATEMENT OF FUNDS - PRIOR YEAR**
_Balance at_
_1 April 2019_
_£_
General Funds - all funds
_764,128_
Total of funds
_764,128_|**Income Expenditure**
**£**
**£**
**359,045**
**(308,370)**
**35,310**
**248,345**
**394,355**
**(60,025)**
_Income_
_Expenditure_
_£_
_£_
_137,341_
_(143,177)_
_137,341_
_(143,177)_|**Balance at**
**31 March**
**2021**
**£**
**808,967**
**283,655**
**1,092,622**| |||_Balance at_
_31 March_
_2020_
_£_
_758,292_| |||_758,292_| Page 13 ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **11. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |**Unrestricted**
**funds**
**2021**
**£**
Fixed asset investments
**283,655**
Current assets
**810,527**
Creditors due within one year
**(1,560)**
**1,092,622**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**
_Unrestricted_
_funds_
_2020_
_£_
Current assets
_759,792_
Creditors due within one year
_(1,500)_
_758,292_|**Total**
**funds**
**2021**
**£**
**283,655**
**810,527**
**(1,560)**
**1,092,622**
_Total_
_funds_
_2020_
_£_
_759,792_
_(1,500)_
_758,292_| |---|---| Page 14