Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
Company registration number: 06014930 Charity number: 1120865
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2024
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
Trustees R A Urwick C J Bajo
Company registered number 06014930 Charity registered number 1120865 Registered office Lynton House 7-12 Tavistock Square London WC1H 9LT Company secretary R A Urwick Accountants Menzies LLP Chartered Accountants Magna House 18-32 London Rd Staines-upon-Thames Surrey TW18 4BP Independent Examiner Janice Matthews Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the company for the 1 April 2023 to 31 March 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statements of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic (FRS 102) (effective 1 January 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.
Structure, governance and management
The company is constituted under a Memorandum of Association dated 30 November 2006 and is a registered charity number 1120865.
The Trustees who served during the year were as follows:R A Urwick C J Bajo
No person may be appointed or continue to hold his position as a director of the company unless he is a member, or becomes a member within one month of his appointment.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £5 in the event of a winding up.
The organisation is a registered charity, compliance oversight is relatively non-complex since there are few transactions. The charity is an independent company, whose activity is to receive funds from a variety of sources and make charitable donations.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and Activities
Policies and objectives
The charity's objects are to fund projects in the United Kingdom and overseas that work for the benefit of children/young people in the areas of medical health, poverty relief, education as well as those focused on environment and conservation.
To date the Charity has not conducted charitable project activities directly but instead has made donations to existing registered charities consistent with the objects in the Memorandum and Articles of Association. The Trustees are however considering whether to change the way in which the charity operates in future in particular to fund projects with which the charity will become directly involved.
We have referred to the guidance in the Charity's Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.
The Trustees have the power to invest in such assets as they see fit.
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
Review of activities
The trustees are satisfied with the level of activity during the year given current investment returns.
The charity received total investment income of £26,375 (2023: £23,557). Grants made in the year amounted to £nil (2023: 50,025). The total reserves as at 31 March 2024 were £3,335,547 (2023:£2,785,654).
Currently the charity has low levels of expenditure and therefore holds unrestricted funds far exceeding this level of expenditure. The Trustees keep under review appropriate projects for the charity to fund. Unrestricted funds are currently above and beyond six month's expenditure so that when appropriate projects are identified, they can be funded to a level which will make a significant difference to that project.
Reserves policy
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 sufficient to continue to make grants to beneficiaries as the need arises. Reserves are in the meantime invested to generate a return to fund future grants.
Small companies note
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ 4C619967970E4B1... R A Urwick
Date: 28-Nov-2024
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINERS' REPORT
Independent examiner's report to the Trustees of Urwick Benevolent Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
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.
Signed: Dated: 28-Nov-2024 634F24DE92A4471... Janice Matthews FCA
Menzies LLP
Chartered Accountants Magna House 18-32 London Rd Staines-upon-Thames Surrey TW18 4BP
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 26,375 26,375 4,078 4,485 8,563 17,812 532,081 549,893 2,785,654 549,893 3,335,547 |
Total funds 2024 £ 26,375 26,375 4,078 4,485 8,563 17,812 532,081 549,893 2,785,654 549,893 3,335,547 |
Total funds 2023 £ 23,557 |
|---|---|---|---|
| 23,557 5,623 52,915 |
|||
| 58,538 (34,981) 114,278 |
|||
| 79,297 2,706,357 79,297 |
|||
| 2,785,654 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee) REGISTERED NUMBER: 06014930
BALANCE SHEET AS AT 31 MARCH 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Investments | 10 | 3,339,747 | 2,789,080 | |||
| 3,339,747 | 2,789,080 | |||||
| Creditors: amounts falling due within one year | 11 | (4,200) | (3,426) | |||
| Net current liabilities | (4,200) | (3,426) | ||||
| Total assets less current liabilities | 3,335,547 | 2,785,654 | ||||
| Total net assets | 3,335,547 | 2,785,654 | ||||
| Charity funds | ||||||
| Restricted funds | 12 | - | - | |||
| Unrestricted funds | 12 | 3,335,547 | 2,785,654 | |||
| Total funds | 3,335,547 | 2,785,654 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ R A Urwick
Date: 28-Nov-2024
The notes on pages 7 to 13 form part of these financial statements.
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
Urwick Benevolent Limited is a private company, limited by guarantee without share capital, registered in England and Wales, registration number 06014930. The registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.
The address of the principal office of the charity is 12 Kensington Square, London, W8 5HE.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Urwick Benevolent Limited 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.
2.2 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 investment income is recognised at the time the investment income is receivable.
2.3 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 allocated on the portion of the asset’s use.
Expenditure on raising funds consists of investment management fees.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
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.
All expenditure is inclusive of irrecoverable VAT.
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 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 the 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 presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.5 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.
2.6 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.
2.7 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.
Investment income, gains and losses are allocated to the appropriate fund.
3. Investment income
| Dividends received Total 2023 |
Unrestricted funds 2024 £ 26,375 23,557 |
Total funds 2024 £ 26,375 23,557 |
Total funds 2023 £ 23,557 |
|---|---|---|---|
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Investment management costs
| Investment management fees Total 2023 Analysis of grants Grants, Brighton College Total 2023 |
Unrestricted funds 2024 £ 4,078 5,623 Grants to Institutions 2024 £ - 50,025 |
Total funds 2024 £ 4,078 5,623 Total funds 2024 £ - 50,025 |
Total funds 2023 £ 5,623 |
|---|---|---|---|
| Total funds 2023 £ 50,025 |
|||
5. Analysis of grants
6. Analysis of expenditure on charitable activities
Summary by fund type
| Grant funding activity Total 2023 |
Unrestricted funds 2024 £ 4,485 52,915 |
Total 2024 £ 4,485 52,915 |
Total 2023 £ 52,915 |
|---|---|---|---|
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Analysis of expenditure by activities
| Grant funding activity Total 2023 |
Grant funding of activities 2024 £ - 50,025 |
Support costs 2024 £ 4,485 2,890 |
Total funds 2024 £ 4,485 52,915 |
Total funds 2023 £ 52,915 |
|---|---|---|---|---|
8. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 3,500 | - |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Fixed asset investments
| Cost or valuation At 1 April 2023 Additions Disposals Revaluations Foreign exchange movement At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Listed investments £ 2,748,908 - - 531,447 - 3,280,355 3,280,355 2,748,908 |
Other fixed asset investments £ 40,172 25,812 (7,226) - 634 59,392 59,392 40,172 |
Total £ 2,789,080 25,812 (7,226) 531,447 634 3,339,747 3,339,747 2,789,080 |
|---|---|---|---|
11. Creditors: Amounts falling due within one year
Accruals and deferred income
| 2024 | 2023 |
|---|---|
| £ | £ |
| 4,200 | 3,426 |
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 April 2023 £ 2,785,654 Balance at 1 April 2022 £ 2,706,357 |
Income £ 26,375 Income £ 23,557 |
Expenditure £ (8,563) Expenditure £ (58,538) |
Gains/ (Losses) £ 532,081 Gains/ (Losses) £ 114,278 |
Balance at 31 March 2024 £ 3,335,547 |
|---|---|---|---|---|---|
| Balance at 31 March 2023 £ 2,785,654 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Fixed asset investments Creditors due within one year Total |
Unrestricted funds 2024 £ 3,339,747 (4,200) 3,335,547 |
Total funds 2024 £ 3,339,747 (4,200) |
|---|---|---|
| 3,335,547 |
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Docusign Envelope ID: D1297028-6B5B-401D-98CA-D1F069230B69
URWICK BENEVOLENT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Fixed asset investments Creditors due within one year Total |
Unrestricted funds 2023 £ 2,789,080 (3,426) 2,785,654 |
Total funds 2023 £ 2,789,080 (3,426) |
|---|---|---|
| 2,785,654 |
14. Related party transactions
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 March 2024.
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