**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 2022** ## **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 2022** ## **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 2022** The Trustees present their annual report together with the financial statements of the company for the year 1 April 2021 to 31 March 2022. 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** WCT’s two main objectives for giving continued during the year. In India because of the restrictions of being able to send funds only via approved organisations holding FCRA (Foreign Contribution Regulation Act) the school in Khirwa Jalalpur is being supported by the Lady Fatema Trust UK. Every effort is being put to get Zahra Society in India registered for FCRA. Zahra Society is a local based charity in India. Amongst its members are the 4 trustees of WCT. The second activity in UK of supporting Battlers Well Foundation with it’s local community centre development in Harrow (The Salaam Centre) continues as BWF prepares to sign a major contract for the second phase of the construction which is expected in October 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 2022** ## **Achievements and performance** ## **a. REVIEW OF ACTIVITIES** Our main activity this year has been supporting Battlers Well Foundation with it’s local community centre development in Harrow (The Salaam Centre). ## **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. ## **e. RISK MANAGEMENT** The Trustees have assessed the major risks to which the company is exposed, in particular those related to the Page 3 WOL3EY CHARITABLE TRUST IA Mmpany by •u•rnnl••) TRU8TEES' REPORT (contlnu•d) POR ThE YEAR ENDED 31 IL4RCH 2022 operations arrfl finances of the coTrpMy, and arn sal*W th•t arnl wocedures we in pl•x to nlogate our exposu￿ to the major risks. Plans lor lutur• p•rlods . FUTURE DeVELOPMEIU8 A. Supportlng tm SaLaam Cenlre prqect in N(xth HarrTYW One of t1￿ trustrts of KT. naff* tk N Merali. is alw the lead tnth of thls yojert The Mcond ph••e of the ￿nstrUCt￿n is starting in 2022. B. Funding towards the cawtal ￿•1 and c4xI of a school, Z•hrn InternaUonal School, Khlrwa J41apur, Maerut, Oelhi. India. Thls rewt was apwoved ty th• Truiiw on 21112122 •KI thelr b•h•ff by.. N IA•r•ll Trustee Page 4 **WOLSEY CHARITABLE TRUST (A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022** ## **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 2022. 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** 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 2022** 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: 22 December 2022 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 2022** |**Note**
**INCOME FROM:**
Donations and legacies
2
Investments
3
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
Charitable activities
**TOTAL EXPENDITURE**
6
**NET INCOME / (EXPENDITURE) BEFORE INVESTMENT**
**GAINS**
Net gains on investments
8
**NET INCOME / (EXPENDITURE) BEFORE OTHER**
**RECOGNISED GAINS AND LOSSES**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricte**
**d funds**
**2022**
**£**
**87,620**
**8,249**
**95,869**
**2,496**
**389,556**
**392,052**
**(296,183)**
**24,871**
**(271,312)**
**(271,312)**
**1,092,622**
**821,310**|**Total**
**funds**
**2022**
**£**
**87,620**
**8,249**
**95,869**
**2,496**
**389,556**
**392,052**
**(296,183)**
**24,871**
**(271,312)**
**(271,312)**
**1,092,622**
**821,310**|_Total_
_funds_
_2021_
_£_
_353,750_
_8,904_| |---|---|---|---| ||||_362,654_| ||||_1,680_
_60,025_| ||||_61,705_| ||||_300,949_
_33,381_| ||||_334,330_
_334,330_
_758,292_| ||||_1,092,622_| The notes on pages 9 to 14 form part of these financial statements. Page 7 WOL8EY CHARrrABLE TRUST (A company limit•d by guarant••l REGISTERED NUMBER: 06945378 BALANCE SHEET A8 AT 31 MARCH 2022 2022 2021 Na¢• FIXED A88ETS Investments 283,655 CURRENT A88ETS Cash 8t bank and In hand 613.014 810,527 CREDITOR8: amounts fallin9 due within one year (1,560) NET CURRENT A88ET8 511.376 808,967 NET A88ET8 821.310 1,092,622 CHARrrY FUND8 Unrestrlcted funds 10 821.310 1,092.622 TOTAL FUN08 821,310 1,092,622 The company's financlal statenxnts h•ve t>oen prepared in acc(Kdan￿ with th• provisions applirable to companies sublecl to the small &xnpanle5 reginKI. The Tnjstees consider that th• company Is entitled to exemption from the rouirement to have an audrt under the provisions of section 477 of the Companies Act 2006 rt￿ Acri an¢Y rmmbers have not required the company to obtain an audit for the year in questK>n in x£ordanc¥3 Wth section 476 of the Act. The Trustees acknowledge their responsibiliti'es for comptyiftg with the requirements of Itbe Companies Acl 2008 with respect to ac£ountsng re￿IdS and the PTeparation of finanoal statements. The financial State￿nts vnre appru4ed and authorised for issue by the Trustees on 21112122 signed on their behall. by.. and N M•rnll The notes on pages 9 to 14 fom part of these financial Staten￿ts. Page 8 **WOLSEY CHARITABLE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **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. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. 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 **(A company limited by guarantee)** ## **WOLSEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **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 2022** ## **2. INCOME FROM DONATIONS AND LEGACIES** |Donations
_Total 2021_|**Unrestricte**
**d funds**
**2022**
**£**
**87,620**
_353,750_|**Total**
**funds**
**2022**
**£**
**87,620**
_353,750_|_Total_
_funds_
_2021_
_£_
_353,750_| |---|---|---|---| ||||| **3. INVESTMENT INCOME** |**Unrestricted**
**funds**
**2022**
**£**
Investment income - local listed investments
**3,904**
Bank interest received
**4,345**
**8,249**
_Total 2021_
_8,904_|**Total**
**funds**
**2022**
**£**
**3,904**
**4,345**
**8,249**
_8,904_|_Total_
_funds_
_2021_
_£_
_3,609_
_5,295_
_8,904_| |---|---|---| |||| ## **4. ANALYSIS OF GRANTS** |Grants to institutions
_Total 2021_|**Grants to**
**Institutions**
**2022**
**£**
**372,855**
_53,600_|**Total**
**2022**
**£**
**372,855**
_53,600_|_Total_
_2021_
_£_
_53,600_| |---|---|---|---| ||||| Page 11 **(A company limited by guarantee)** ## **WOLSEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **DETAILED GRANTS TO INSTITUTIONS** |Lady Fatema Trust
BW Foundation
The KSIMC of London
Other grants
KSI Medical Aids and Welfare Society

Total|**2022**
**£**
**26,000**
**326,500**
**10,000**
**10,355**
**-**

**372,855**|_2021_
_£_
_25,000_
_-_
_-_
_3,600_
_25,000_| |---|---|---| |||| |||| |||_53,600_| ## **5. SUPPORT COSTS** |Travel expenses
Accountancy
Legal and professional
Bank charges
_Total 2021_|**Charitable**
**activities**
**£**
**6,566**
**1,668**
**8,459**
**8**
**16,701**
_6,425_|**Total**
**2022**
**£**
**6,566**
**1,668**
**8,459**
**8**
**16,701**
_6,425_|_Total_
_2021_
_£_
_-_
_3,114_
_3,311_
_-_
_6,425_| |---|---|---|---| ||||| During the year ended 31 March 2022, the company incurred the following Governance costs: _£_ 1,668 _(2021 - £2,064)_ included within the table above in respect of Charitable activities. ## **6. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE** |**Other costs**
**2022**
**£**
Expenditure on investment management
**2,496**
**Costs of raising funds**
**2,496**
Charitable activities
**389,556**
**392,052**
_Total 2021_
_60,025_|**Total**
**2022**
**£**
**2,496**
**2,496**
**389,556**
**392,052**
_60,025_|_Total_
_2021_
_£_
_1,680_| |---|---|---| |||| |||| |||_1,680_
_60,025_| |||| |||| |||_61,705_| |||| Page 12 ## **WOLSEY CHARITABLE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **7. NET INCOME/(EXPENDITURE)** During the year, no Trustees received any remuneration (2021 - £NIL). During the year, no Trustees received any benefits in kind (2021 - £NIL). 2 Trustees received reimbursement of expenses amounting to £6566 in the current year, (2021 - 0 Trustees - £NIL). ## **8. FIXED ASSET INVESTMENTS** |**Market value**
At 1 April 2021
Revaluations
At 31 March 2022|**Listed**
**securities**
**£**
**283,655**
**26,279**| |---|---| ||**309,934**| ## **9. CREDITORS: Amounts falling due within one year** ||**2022**|_2021_| |---|---|---| ||**£**|_£_| |Accruals and deferred income|**1,638**|_1,560_| Page 13 **(A company limited by guarantee)** ## **WOLSEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **10. STATEMENT OF FUNDS** ## **STATEMENT OF FUNDS - CURRENT YEAR** |**Balance at**
**1 April 2021**
**£**
**Unrestricted funds**
General Funds - all funds
**1,092,622**
**STATEMENT OF FUNDS - PRIOR YEAR**
General Funds - all funds
Total of funds|**Income Expenditure**
**£**
**£**
**95,869**
**(392,052)**
_Balance at_
_1 April 2020_
_Income_
_£_
_£_
_758,292_
_394,355_
_758,292_
_394,355_|**Gains/**
**(Losses)**
**£**
**24,871**
_Expenditure_
_£_
_(60,025)_
_(60,025)_|**Balance at**
**31 March**
**2022**
**£**
**821,310**
_Balance at_
_31 March_
_2021_
_£_
_1,092,622_
_1,092,622_| |---|---|---|---| ## **11. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |Fixed asset investments
Current assets
Creditors due within one year
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**
Fixed asset investments
Current assets
Creditors due within one year|| |---|---| Page 14