Company Registration Number - 07322855
The Charity Registration Number - 1139283
The Walter Carrington Educational Trust
Report and Accounts
31 July 2022
The Walter Carrington Educational Trust
Report and accounts for the year ended 31 July 2022
Contents
| Page | ||
|---|---|---|
| Charity information | 1 | |
| Trustees' Annual Report | 1 | |
| Statement of directors' responsibilities | 8 | |
| Funds Statements:- | ||
| Statement of Financial Activities | 11 | |
| Statement of Financial Activities - Prior Year statement | 12 | |
| Movements in funds | 13 | |
| Income and Expenditure account | 14 | |
| Balance sheet | 15 | |
| Notes to the accounts | 17 |
The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
The Trustees present their Report and Accounts for the year ended 31 July 2022, which also comprises the Directors' Report required by the Companies Act 2006.
Reference and administrative details
The charity name
The legal and operating name of the charity is:- The Walter Carrington Educational Trust.
The charity is also known by its operating name, The Walter Carrington Educational Trust.
The charity's area of operation and UK charitable registration.
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1139283.
The charity does not operate in any overseas jurisdictions.
Legal structure of the charity
The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
By operation of law all trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
The principal operating address of the charity is:-
13 The Boulevard Imperial Wharf, London, SW6 2UB
The registered office of the charity for Companies Act purposes is the same as the operating address shown above.
The Trustees in office on the date the report was approved were:-
Christopher Carrington (resigned 22 July 2022)
Mary Anne Sutherland (resigned 22 July 2022)
Frances Wynne (resigned 27 March 2022)
Joanna Elizabeth Sleight (appointed 25 June 2021)
Mitchell Albert (appointed 1 July 2021)
The trustees who served as a trustee in the reporting period were as shown above, and there were no other changes during the year, or in the period between the year end and the approval of the accounts.
Objects and activities of the charity
The purposes of the charity as set out in its governing document.
Furthering the knowledge of the public in the principles and practice of the Alexander Technique by
(a) training teachers of the Alexander Technique in a manner consistent with the training programme developed by Walter Carrington at The Constructive Teaching Centre (CTC) of Holland Park, London;
(b) maintaining and promoting The Constructive Teaching Centre archives on the Alexander Technique; and
(c) such other charitable means as the trustees see fit.
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
The main activities undertaken in relation to those purposes during the year.
Throughout the year the teacher training course (known informally as the Constructive Teaching Centre or CTC), run by the Walter Carrington Educational Trust, continued to train teachers of the Alexander Technique in a manner consistent with the programme developed by Walter Carrington in its premises at 13, The Boulevard, Imperial Wharf, London SW6 2UB.
The main activities undertaken during the year to further the charity's purpose for the public benefit.
The maintenance and promotion of the CTC archives: these are held at the Imperial Wharf premises. Certain factors, chief amongst them Ruth Murray’s death and the continuation of the COVID-19 pandemic, militated against consultation or exploitation of the archives for the period covered by this report.
The Alexander Technique course at the CTC is the only one of its kind for which students of limited means may be offered a bursary. During the period covered by this report, the trustees continued seeking to award bursaries to suitable candidates to study at the CTC, qualify as teachers and benefit society as a whole. A bursary was awarded to one student during the year.
Rooms on the premises of the CTC were also let to Alexander Technique teachers at reasonable rates, allowing teachers to keep their fees low and teach members of the public who otherwise would be unable to afford lessons.
Students of the CTC continued to receive what the WCET believes to be training in the Alexander Technique to the very highest standard, and graduates of the training course will go on to benefit the general public by teaching the Alexander Technique, with some of them working pro bono.
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
The main achievements and performance of the charity during the year.
There were eight students on the training programme during the period covered by this report. One student graduated on 7 April 2022.
In line with the resumption of normal activities, with health and safety guidelines applied where necessary, the COVID-19 pandemic no longer poses any disruptive threat to the CTC’s teaching programme.
During the period covered by this report, significant efforts have continued by Alan Philps, Duncan Knowles and Claire Butler to refine the CTC’s operations and infrastructure, building on the strong momentum initiated over the previous two years. Basic operating costs and expenditure continue to be monitored stringently, and venue hire operations remain key, and are stable and improved. The emphasis placed on overhauling operations since 2021 has borne fruit, and whilst there remain straits to navigate – including the UK’s cost of living crisis, and finding new revenue streams – it is possible now to speak cautiously of the CTC’s dire financial crisis as a thing of the recent past, and to have full confidence going forward.
New clients were secured for venue hire, and new venue hire contracts, outlining rights and responsibilities in far greater detail, were created and implemented along with a new client induction procedure.
CTC Teacher workshares were reintroduced, as was the Summer Teachers’ Refresher Course.
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
Fundraising activities during the year.
The CTC has continued to receive some donations in memory of the late Ruth Murray, earmarked for the bursary fund. Student fees and the letting of rooms at the Imperial Wharf premises have provided the balance of funds.
The CTC also received some small donations from other regular donors, including via Amazon Smile.
No general fundraising campaigns were initiated.
The difference the charity's performance during the year has made to the beneficiaries of the charity.
The main beneficiaries of the charity are the students of the CTC, who have continued to receive what remains, in the view of the Trustees, amongst the best available training of its kind, with the most qualitative lineage.
The degree to which the achievements and performance during the year have benefited wider society.
Students who complete their training at the CTC will go on to teach a wide range of people to the benefit of their health. Consistent with many CTC alumni, some of these new teachers will work pro bono for the general public, as well as in the cultural sector (with symphony orchestras, dancers, actors, etc.).
Structure, governance and management of the charity
The methods used to recruit and appoint new charity trustees.
The two new Trustees appointed to the Board during the period covered by the last report were registered officially. Two long-serving Trustees, Christopher Carrington and Mary Anne Sutherland, resigned from their duties on 22 July 2022. It was decided thereafter to maintain a relatively compact Board, comprising Trustees with clearly defined roles who will work, when deemed necessary, in conjunction with external advisors sympathetic to the aims of the CTC and the Alexander Technique.
Andrew Lennox was recruited in the summer of 2022 and formally appointed to the Board as a Trustee on 16 November, bringing Board membership to three, currently. Soon afterward, he applied for the position of Trust Secretary, and was thus appointed.
Bankers
Accountants
HSBC Bank Plc, 593-599 Fulham Road, London. E1W 1YW
HaesCooper, Unit A, Farriers Courtyard, Spelmonden Road, Goudhurst. TN17 1HE
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
Financial review
The charity's financial position at the end of the year ended 31 July 2022
The financial position of the charity at 31 July 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
| Total Unrestricted Funds Restricted Revenue Funds Total Restricted Funds Total Funds Unrestricted Revenue Funds available for the general purposes of the charity Net income Unrestricted revaluation reserve |
2022 £ 20,831 338,310 555,867 894,177 7,116 7,116 901,293 |
2021 £ 547,658 321,169 555,867 877,036 3,426 3,426 880,462 |
|---|---|---|
Financial review of the position at the reporting date, 31 July 2022 .
During this reporting period, the Trustees considered the charity’s financial position overall as much recovered from ‘crisis’ status, thanks to judicious and foresighted management by Duncan Knowles and Claire Butler with Alan Philps. As noted in the two previous reports, the long period of precariousness had arisen on account of a number of factors, including the death of then-Director Ruth Murray, the onset of the COVID-19 pandemic and general demanding management of existing resources and revenue streams . This reporting period is the first in which the Trustees can declare that the worst has passed, though as noted, there remain significant challenges to bring the CTC to the point of robustness, i.e. to where it is maximising revenue, marketing itself strategically, expanding in line with capabilities and prepared to withstand further economic downturns. Yet these challenges should not obscure the very impressive resurgence that has taken place
The CTC’s financial position has continued to improve from previous years, thanks to an increase in venue hire fees and regular cost-cutting measures. The CTC has, in fact, made a modest surplus over the year covered by this report.
The financial forecast presented by Trustee Joanna Sleight can thus be characterised as one of realistic optimism, aiming once again at resilience and not merely critical maintenance. The increase in venue hire fees along with an increase of 4.7% in student fees, plus further cost-saving measures constitute strong movements in this direction. There has been no change to fixed assets, the premises at 13, The Boulevard being the main one.
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
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.
Availability and adequacy of assets of each of the funds
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Significant events which have affected the financial performance and the financial position.
The ongoing cost of living crisis in the UK, with price rises across the board, do play a role in generating an added point of uncertainty, as did the general strikes and political upheaval of the previous year. All things being equal, however, the CTC has continued on its course, weathering these factors.
Plans For the Future
Summary of plans for the future and the trustees' perspective of the future direction of the charity.
At regular meetings, the Trustees have advanced discussion of a capital campaign and appeals to alumni, and shall continue to evaluate various strategies with a view to initiating such an appeal in 2023. Discussion of special Alexander Technique events to be held at CTC remains a point of discussion as well, led by the management of the CTC itself.
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
Details of The Independent Examiner
Emma Barty
Member of Chartered Accountants and Tax Advisers
Unit A, Farriers Courtyard Spelmonden Farm, Spelmonden Road Goudhurst Kent TN17 1HE
Statement of the Directors Trustees' Responsibilities
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP).
In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
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to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of
recommended practice have been followed, subject to any material
departures disclosed and explained in the financial statements;
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The Walter Carrington Educational Trust
Company Registration Number - 07322855
Trustees' Annual Report for the year ended 31 July 2022
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
Method of preparation of accounts - Small company provisions
The financial statements are set out on pages 11 to 31.
The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)
These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
This report was approved by the board of trustees on 26 April 2023.
MITCHELL ALBERT Director and Trustee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WALTER CARRINGTON EDUCATION TRUST
I report on the accounts of the company for the year ended 31 July 2021, which are set out on pages 11 to 31.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006;
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and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Charities SORP FRS 102 have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
E L Barty
Emma Barty FCA CTA HaesCooper & Associates Ltd Unit A, Farriers Courtyard Spelmonden Farm, Spelmonden Road Goudhurst Kent TN17 1HE
27th April 2023
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The Walter Carrington Educational Trust - Statement of Financial Activities for the year ended 31 July 2022
Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 July 2022, as required by the Companies Act 2006)
| Current year Unrestricted Funds 2022 £ Income & Endowments from: Donations & Legacies A1 779 Charitable activities A2 65,250 Investments A4 2 Other A5 222 Total income A 66,253 Expenditure on: Raising funds B1 - Charitable activities B2 49,112 Other B3 - Total expenditure B 49,112 Net income for the year 17,141 Net income after transfers A-B-C 17,141 Other recognised gains/(losses) D1 - 17,141 Reconciliation of funds:- E Total funds brought forward 877,036 Total funds carried forward 894,177 SORP Ref Net gains on revaluation of fixed assets Net movement in funds |
Current year Restricted Funds 2022 £ 3,690 - - - 3,690 - - - - 3,690 3,690 - 3,690 3,426 7,116 |
Current year Total Funds 2022 £ 4,469 65,250 2 222 69,943 - 49,112 - 49,112 20,831 20,831 - 20,831 880,462 901,293 |
Prior Year Total Funds 2021 £ 22,635 28,259 - 653 51,547 - 59,756 - 59,756 (8,209) (8,209) 555,867 547,658 332,804 880,462 |
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
All activities derive from continuing operations
The notes attached on pages 17 to 31 form an integral part of these accounts.
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The Walter Carrington Educational Trust - Statement of Financial Activities for the year ended 31 July 2022
| Income & Endowments from: Donations & Legacies A1 Charitable activities A2 Other trading activities A3 Investments A4 Other A5 Total income A Expenditure on: Raising funds B1 Charitable activities B2 Other B3 Tax on surplus on ordinary activities B3 Other taxation B3 Total expenditure B B4 Net income for the year Transfers between funds C Net income after transfers Other recognised gains/(losses) D1 Reconciliation of funds:- E Total funds brought forward Total funds carried forward Net gains on revaluation of fixed assets Net movement in funds SORP Ref Net gains on investments |
Prior Year Unrestricted Funds 2021 £ 22,635 28,259 - - 653 51,547 - 59,756 - - - 59,756 - (8,209) - (8,209) - (8,209) 329,378 321,169 |
Prior Year Restricted Funds 2021 £ - - - - - - - - - - - - - - - - - - - - 3,426 3,426 |
Prior Year Total Funds 2021 £ 22,635 28,259 - - 653 51,547 - 59,756 - - - 59,756 - (8,209) - (8,209) 555,867 547,658 332,804 880,462 |
|---|---|---|---|
All activities derive from continuing operations
The notes attached on pages 17 to 31 form an integral part of these accounts.
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The Walter Carrington Educational Trust - Statement of Financial Activities for the year ended 31 July 2022
Movements in revenue and capital funds for the year ended 31 July 2022
Revenue accumulated funds
| Accumulated funds brought forward Closing revenue funds Revaluation Reserve Fund At 1 August Transfer (to)/from revenue funds At 31 July Summary of funds Share capital and share premium Revenue accumulated funds Revenue designated funds Fixed asset funds Revaluation reserve fund Total funds Net gains on revaluation of fixed assets Recognised gains and losses before transfers |
Unrestricted Funds 2022 £ 321,169 17,141 338,310 338,310 Unrestricted Funds 2022 £ 555,867 - - 555,867 Unrestricted Funds 2022 £ - 338,310 - - 555,867 894,177 |
Restricted Funds 2022 £ 3,426 3,690 7,116 7,116 Restricted Funds 2022 £ - - - - Restricted Funds 2022 £ - 7,116 - - - 7,116 |
Total Funds 2022 £ 324,595 20,831 345,426 345,426 Total Funds 2022 £ 555,867 - - 555,867 Total Funds 2022 £ - 345,426 - - 555,867 901,293 |
Last year Total Funds 2021 £ 332,804 (8,209) 324,595 324,595 Last year Total Funds 2021 £ - - 555,867 555,867 Last Year Total Funds 2021 £ - 324,595 - - 555,867 880,462 |
|---|---|---|---|---|
The notes attached on pages 17 to 31 form an integral part of these accounts.
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The Walter Carrington Educational Trust - Statement of Financial Activities for the year ended 31 July 2022
The Walter Carrington Educational Trust
Income and Expenditure Account for the year ended 31 July 2022 as required by the Companies Act 2006
| Income Income from operations Interest receivable Other operating income Gross income in the year before exceptional items Gross income in the year including exceptional items Expenditure Charitable expenditure, excluding depreciation and amortisation Depreciation and amortisation Governance costs Total expenditure in the year Tax on surplus on ordinary activities Retained surplus for the financial year Net income after tax in the financial year Net income before tax in the financial year |
2022 £ 69,719 2 222 69,943 69,943 48,728 24 360 49,112 20,831 - 20,831 20,831 |
2021 £ 50,894 - 653 51,547 51,547 59,363 33 360 59,756 (8,209) - (8,209) (8,209) |
|---|---|---|
All activities derive from continuing operations
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
The notes attached on pages 17 to 31 form an integral part of these accounts.
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The Walter Carrington Educational Trust - Balance Sheet as at 31 July 2022
| SORP | ||||||
|---|---|---|---|---|---|---|
| Note | Ref | 2022 | 2021 | |||
| £ | £ | |||||
| Fixed assets | A | |||||
| Tangible assets | 9 | A2 | 900,074 | 900,098 | ||
| Current assets | B | |||||
| Stocks | 11 | B1 | 2,950 | 3,373 | ||
| Debtors | 12 | B2 | 1,830 | 1,743 | ||
| Cash at bank and in hand | B4 | 23,139 | 10,732 | |||
| Total current assets | 27,919 | 15,848 | ||||
| Creditors: amounts falling due within | ||||||
| one year | 13 | C1 | (7,724) | (16,507) | ||
| Net current assets | 20,195 | (659) | ||||
| Net assets | 920,269 | 899,439 | ||||
| Creditors: amounts falling due after more | ||||||
| than one year | 14 | C2 | (18,976) | (18,977) | ||
| The total net assets of the charity | 901,293 | 880,462 | ||||
| The total net assets of the charity are funded | by the | funds of the | charity, as follows:- | |||
| Restricted funds | ||||||
| Restricted Revenue Funds | 20 | D2 | 7,116 | 3,426 | ||
| Unrestricted Funds | 7,116 | 3,426 | ||||
| Unrestricted Revenue Funds | 20 | D3 | 338,310 | 321,169 | ||
| Unrestricted Revaluation Reserve | 20 | D4 | 555,867 | 555,867 | ||
| Designated Funds | 894,177 | 877,036 | ||||
| Total charity funds | 901,293 | 880,462 |
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The Walter Carrington Educational Trust - Balance Sheet as at 31 July 2022
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA.
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 10.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
MITCHELL ALBERT
Trustee
Approved by the board of trustees on 26 April 2023
The notes attached on pages 17 to 31 form an integral part of these accounts.
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The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
1 Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
Going Concern
The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 30 June 2021, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.
Risks and future assumptions
The charity is a public benefit entity.
Policies relating to categories of income and income recognition.
Accounting for deferred income and income received in advance
Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.
Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.
When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.
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The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.
Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.
Donated goods, facilities and services
Donated fixed assets are recognised at the current fair value. All such donations are recognised as donation income, and debited to fixed assets.
Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably measure the value of the donated items.
In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of the item to the donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any anticipated costs of sales.
If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh the benefits, the donated goods are recognised as income when sold, with an equivalent amount being recognised as an expense.
The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upon receipt. When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at the time of sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made.
The carrying amount of any stock held for distribution is assessed for impairment at the reporting date. All donated goods are recognised as donation income, and debited to trading stock.When trading stock is subsequently sold, or appropriated to meet an expense, then the carrying value of the stock is recognised as an expense. In accordance with the SORP, goods donated for distribution to beneficiaries, or for consumption by the charity are included in 'legacies and donations '. Goods donated for resale are included in 'Income from other trading activities'
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt. If the goods held are to be distributed freely or for a nominal consideration, then the carrying amount is subsequently adjusted to reflect the lower of deemed cost adjusted for any loss of service potential and replacement cost. Replacement cost is the economic cost incurred if the charity was to replace the service potential of the donated goods at its own expense in the most economic manner.
Donated services and facilities (including seconded staff and use of property) are included in the accounts on the basis of the value of the gift to the charity.
All donated services and facilities are recognised as donation income when received,(provided the value of the gift can be measured reliably) and recognised as an expense with an equivalent value.
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The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
Policies relating to expenditure on goods and services provided to the charity.
Recognition of liabilities and expenditure
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
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The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
Policies relating to assets, liabilities and provisions and other matters.
Tangible fixed assets
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.
| Freehold land and buildings | revalued every 5 yrs | revalued every 5 yrs |
|---|---|---|
| Plant and machinery | 25 | % reducing balance |
| Fixtures and fittings | 25 | % reducing balance |
A regular annual review of the likelihood of asset impairment is undertaken. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks and work in progress
Stock is valued at the lower of cost and net realisable value.
Debtors
Debtors are measured at their recoverable amounts at the balance sheet date.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classed as current liabilities if they are due within one year or less. Trade creditors are recognised at transaction price.
Cash and bank balances
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
There are no designated funds, which are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.
There are no endowment funds.
20
The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
2 Liability to taxation
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose.
3 Winding up or dissolution of the charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
4 Significance of financial instruments to the charity's position
There are no significant implications of financial instruments to the charity's position.
5 Net surplus before tax in the financial year
| The net surplus before tax in the financial year is stated after charging:- Depreciation of owned fixed assets Current year Current year Unrestricted Funds 2022 £ Revaluation of :- Property - Intangible assets - - Number of trustees to whom benefits accrued under money purchase pension schemes |
Current year Restricted Funds 2022 £ - - - |
2022 £ 24 - Current year Total Funds 2022 £ - - - |
2021 £ 33 - Prior Year Total Funds 2021 £ 555,867 - 555,867 |
|---|---|---|---|
21
The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022 6 Staff costs and emoluments
| The estimated full time equivalent number of all staff employed in the year was 5 The estimated equivalent number of full time staff deployed in different activities in the year was:- Engaged on charitable activities 4 Engaged on management and administration 1 The estimated full time equivalent number of all staff employed as above 5 |
5 4 1 5 |
|---|---|
Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.
No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.
Highest paid employee
| The remuneration in the year year was Total remuneration package included in total salaries above |
8,640 8,640 |
12,290 12,290 |
|---|---|---|
7 Defined benefit pension scheme
The charity does not operates a defined benefit pension scheme.
8 Remuneration and payments to Trustees and persons connected with them
No trustees or persons connected with them received any remuneration from the charity, or any related entity.
22
The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
9 Tangible fixed assets
| Current Year Cost At 1 August 2021 Additions Transfers to fixed assets Surplus on revaluation Disposals At 31 July 2022 Depreciation At 1 August 2021 Charge for the year On disposals At 31 July 2022 Net book value At 31 July 2022 At 31 July 2021 Prior Year Cost 31 July 2020 Surplus on revaluation Disposals 31 July 2021 Depreciation 31 July 2020 Charge for the year On disposals 31 July 2021 Net book value 31 July 2021 30 July 2020 |
Land and Buildings £ 1,153,575 - - - - 1,153,575 253,575 - - 253,575 900,000 900,000 Land and Buildings £ 597,708 555,867 - 1,153,575 253,575 - - 253,575 900,000 344,133 |
Plant and machinery £ - - - - - - - - - - - - Plant and machinery £ 1 - (1) - 1 - (1) - - - |
Fixtures and fittings £ 1,075 - - - - 1,075 977 24 - 1,001 74 98 Fixtures and fittings £ 1,075 - - 1,075 944 33 - 977 98 131 |
Total £ 1,154,650 - - - - 1,154,650 254,552 24 - 254,576 900,074 900,098 Total £ 598,784 555,867 (1) 1,154,650 254,520 33 (1) 254,552 900,098 344,264 |
|---|---|---|---|---|
23
The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
10 Investment pooling schemes and arrangements
There are no investment pooling schemes opertating within the charity.
| 11 Stocks & Work in Progress Stocks before write downs 12 Debtors Trade debtors Prepayments and accrued income Other debtors 13 Creditors: amounts falling due within one year Bank loans and overdrafts Trade creditors Accruals PAYE, NIC VAT and other taxes Other creditors |
2022 £ 2,950 2,950 2022 £ 70 1,760 - 1,830 2022 £ 2,632 2,284 15 42 2,751 7,724 |
2021 £ 3,373 3,373 2021 £ - 1,467 276 1,743 2021 £ 2,632 4,081 2,752 563 6,479 16,507 |
|---|---|---|
24
The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
14 Creditors: amounts falling due after one year
| Creditors: amounts falling due after one year Bank loans and overdrafts |
2022 £ 18,976 18,976 |
2021 £ 18,977 18,977 |
|---|---|---|
15 Loans to trustees included in debtors
There are no loans to trustees included in debtors.
16 Guarantees made by the charity on behalf of trustees
There are no guarantees made by the charity on behalf of trustees.
| 17 Income and Expenditure account summary At 1 August 2021 Surplus after tax for the year At 31 July 2022 |
2022 £ 324,595 20,831 345,426 |
2021 £ 332,804 (8,209) 324,595 |
|---|---|---|
18 No related party transactions
There were no transactions with related parties in the year.
19 Particulars of how particular funds are represented by assets and liabilities
| At 31 July 2022 Tangible Fixed Assets Current Assets Current Liabilities Long Term Liabilities |
Unrestricted funds £ 900,074 20,803 (7,724) (18,976) 894,177 |
Designated funds £ - - - - |
Restricted funds £ - 7,116 - - 7,116 |
Total Funds £ 900,074 27,919 (7,724) (18,976) 901,293 |
|---|---|---|---|---|
25
The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
| At 31 July 2021 Tangible Fixed Assets Current Assets Current Liabilities Long Term Liabilities |
Unrestricted funds £ 900,098 12,422 (16,507) (18,977) 877,036 |
Designated funds £ - - - - - |
Restricted funds £ - 3,426 - - 3,426 |
Total Funds £ 900,098 15,848 (16,507) (18,977) 880,462 |
|---|---|---|---|---|
20 Change in total funds over the year as shown in Note 19 , analysed by individual funds
| Funds brought forward from 2021 £ Unrestricted and designated funds:- Unrestricted Revenue Funds 321,169 Unrestricted Revaluation Reserve 555,867 Total unrestricted and designated funds 877,036 Restricted funds:- Restricted fund 3,426 Total restricted funds 3,426 Total charity funds 880,462 21 Analysis of movements in funds over the year as shown in Note Income 2022 £ Unrestricted and designated funds:- Unrestricted Revenue Funds 66,253 Restricted Revenue Funds 3,690 69,943 |
Movement in funds in 2022 See Note 21 £ 17,141 3,690 20,831 - 3,690 24,521 20 Expenditure 2022 £ (49,112) - (49,112) |
£ - - - - - - Other Gains & Losses 2022 £ - - - Transfers between funds in 2022 |
Funds carried forward to 2023 £ 338,310 559,557 897,867 3,426 7,116 904,983 Movement in funds 2022 £ 17,141 3,690 20,831 |
|---|---|---|---|
Unrestricted and designated funds:-
22 The purposes for which the funds
26
The Walter Carrington Educational Trust
Notes to the Accounts for the year ended 31 July 2022
Unrestricted Revenue Funds
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.
Restricted funds:-
Restricted fund
These funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.
23 Ultimate controlling party
The charity is under the control of its legal members.
27
The Walter Carrington Educational Trust
Detailed analysis of income and expenditure for the year ended 31 July 2022 as required by the SORP 2015
This analysis is classsified by conventional nominal descriptions and not by activity.
24 Donations, Grants and Legacies
| Donations, Grants and Legacies | ||||
|---|---|---|---|---|
| Donations and gifts from individuals Total Donations, Grants and Legacies A1 Small donations individually less than £1000 Government grants Government grants Other income Total Government grants Total donations and gifts from individuals Other small donations Total Other income |
Current year Unrestricted Funds 2022 £ 779 779 Current year Unrestricted Funds 2022 £ - - Current year Unrestricte d Funds 2022 £ - - |
Current year Current year Restricted Funds Total Funds 2022 2022 £ £ 3,690 4,469 3,690 4,469 Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - - - - Current year Current year Restricted Funds Total Funds 2022 2022 £ £ - - - - |
Prior Year Total Funds 2021 £ 8,463 8,463 Prior Year Total Funds 2021 £ 443 443 Prior Year Total Funds 2021 £ 13,729 13,729 22,635 |
|
| 779 | 3,690 | 4,469 |
28
The Walter Carrington Educational Trust
Detailed analysis of income and expenditure for the year ended 31 July 2022 as required by the SORP 2015
25 Income from charitable activities - Trading Activities
| Current year Current year Unrestricted Funds 2022 £ Primary purpose and ancillary trading 64,685 565 65,250 26 Other income and gains Current year Current year Unrestricted Funds 2022 £ 222 Total other income A5 222 27 Expenditure on charitable activities - Direct spending Current year Current Year Unrestricted Funds 2022 £ - 423 83 Total Direct spending B2a 506 Sale of books and DVDs Total Primary purpose and ancillary trading Course fees and venue hire Guest lecturers Book royalty income Stock Postage for book sales |
Current year Restricted Funds 2022 £ - - - Current year Restricted Funds 2022 £ - - Current year Restricted Funds 2022 £ - - - - |
Current year Total Funds 2022 £ 64,685 565 65,250 Current year Total Funds 2022 £ 222 222 Current year Total Funds 2022 £ - 423 83 506 |
Prior Year Total funds 2021 £ 27,322 937 28,259 Prior Year Total Funds 2021 £ 653 653 Prior Year Total Funds 2021 £ 1,795 734 - 2,529 |
|---|---|---|---|
29
The Walter Carrington Educational Trust
Detailed analysis of income and expenditure for the year ended 31 July 2022 as required by the SORP 2015
| 28 Current year Current year Current Year Unrestricted Funds Restricted Funds 2022 2022 £ £ Employee costs not included in direct costs 27,787 - 1,122 - Premises Expenses 12,350 - Administrative overheads 658 - 108 - 96 - 630 - 663 - 842 - 1,122 - Financial costs 2,844 - 24 - Total support costs - Current Year 48,246 - The basis of allocation of costs between activities is described under accounting policies Bank charges and loan interest Accountancy fees Printing, postage and stationery Property costs Travel and subsistence - staff Support costs for charitable activities Staff costs Insurance Telephone, fax and internet Software licences and expenses Advertising and website Sundry expenses Depreciation |
Current year Total Funds 2022 £ 27,787 1,122 12,350 658 108 96 630 663 842 1,122 2,844 24 48,246 |
Prior Year Total Funds 2021 £ 40,150 675 11,579 922 86 - 10 - 540 777 2,095 33 56,867 |
|---|---|---|
30
The Walter Carrington Educational Trust
Detailed analysis of income and expenditure for the year ended 31 July 2022 as required by the SORP 2015
All the expenditure in the prior year was unrestricted.
29 Other Expenditure - Governance costs
| Current Year Independent Examiner's fees Total Governance costs |
Current year Unrestricted Funds 2022 £ 360 360 |
Current year Restricted Funds 2022 £ - - |
Current year Total Funds 2022 £ 360 360 |
Prior Year Total Funds 2021 £ 360 360 |
|---|---|---|---|---|
All the expenditure in the prior year was unrestricted.
30 Total Charitable expenditure
| Current Year Total Direct spending B2a Total support costs B2d Total Governance costs B2e Total charitable expenditure B2 |
Current year Unrestricted Funds 2022 £ 506 48,246 360 49,112 |
Current year Restricted Funds 2022 £ - - - - |
Current year Total Funds 2022 £ 506 48,246 360 49,112 |
Prior Year Total Funds 2021 £ 2,529 56,867 360 59,756 |
|---|---|---|---|---|
All the expenditure in the prior year was unrestricted.
31