The Wolverhampton African-Caribbean Foundation Trust Limited
Charity No. 1149392
Company No. 07034967
Trustees' Report and Unaudited Accounts
30 September 2024
The Wolverhampton African-Caribbean Foundation Trust Limited Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Summary Income and Expenditure Account | 8 |
| Balance Sheet | 9 |
| Statement of Cash flows | 10 |
| Notes to the Accounts | 11 to 16 |
| Detailed Statement of Financial Activities | 17 to 18 |
Page 1
The Wolverhampton African-Caribbean Foundation Trust Limited Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 07034967
Charity No. 1149392
Registered Office
C/o Ian Richmond Limited Church Cottage Church Road Wolverhampton WV6 9AJ
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
E. Christie B.E. Emanuel A. Hazel B. Henry D. Lopez D. Nelson
P. Plummer
L. Prosser
B. Vassel
Accountants
Ian Richmond Limited Church Cottage Church Road Tettenhall West Midlands WV6 9AJ
OBJECTIVES AND ACTIVITIES
Our charity purposes are set out in the objects contained in the Company's Memorandom of Association and Articles of Association are to:
Page 2
The Wolverhampton African-Caribbean Foundation Trust Limited Trustees Annual Report
To advance the education of persons resident or domiciled in the United Kingdom without distinction of sex or race or of political, religious or other opinion bearing in mind the special needs of African-Caribbean origin and heritage in particular by: The provision of scholarships bursaries or other awards whether by way of grants or loan or other educational purpose; To relieve poverty by the provision of grants, gifts, loans and temporary aid in cases of financial hardship and distress and
To advance the education of the people of the United Kingdom concerning good citizenship in a multi-racial society and regarding the intellectual ,artistic, economic and cultural backgrounds of such people.
THE BOARD OF DIRECTORS/TRUSTEES MEETS GENERALLY ON A BI-MONTHLY BASIS
The board usually meets bi-monthly. At the meetings the Board discuss broad strategy and areas of activity for the Trust. Agenda items includes its property portfolio update, financial report, reserves & investments, applications received for funding, ongoing policies and performance.
The day-to- day administration of grant applications and the processing of the applications are overseen by the Secretary, who is also charged with presenting funding request to the Board for consideration. RECRUITMENT AND APPOINTMENT OF DIRECTORS
The Directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as Directors. Under the requirements of the Memorandum and Articles of Association the members of the Board of Directors are by appointment to serve for a period of five years after which they can be re-nominated to serve for further terms.
All member of the Board of Directors give their time voluntarily and receive no benefits from the charity.
Induction for all new Trustees is an ongoing process.
ACHIEVEMENTS AND PERFORMANCE
PLANS FOR THE FUTURE
Directors are in discussion with community leaders and organisations to determine how to assist with the cost of living crisis.
The Trust was pleased to be able to fund the successful applications, but is aware that much more needs to be done to provide other services, such as mentoring business and enterprise and to broaden its current age spectrum.
The Trust now has a presence on Facebook and Twitter and is seeking to embed these as well as make use of other social media platforms.
The Trust will continue to broaden its horizon by exploring different avenues of both fundraising and increasing its profile by networking with the local community and forming strategic alliances with recognised organisations within communities i.e. churches, businesses and educational organisations. The Trust now has presence on Facebook and Twiiter and is seeking to embed these as well as make use of other social media platforms.
FINANCIAL REVIEW
PRINCIPAL FUNDING SOURCES
The Trust main source of income comes from rental of premises owned by the Trust. The income is used to meet the Trust administrative and operational cost and provide the main sources of funds for grants, bursaries, scholarships, etc and meet the charitable priorities determined by the Board of Directors.
RISK MANAGEMENT
Page 3
The Wolverhampton African-Caribbean Foundation Trust Limited Trustees Annual Report
The Directors have given consideration possible risks involving fraudulent application and have put measure in place to prevent fraud on the Trust. The Board have to implemented systems and procedures to minimise such risks. The systems and procedures are reviewed and updated as necessary on an annual basis.
The Directors have considered the potential of possibility fraudulent grant applications and to militate against this, rigorous and careful checks are undertaken to verify the authenticity of each application. Where necessary face-to-face conversations with each applicant as well as other identification checks, such as reference checks are carried out.
Follow-up contact via email, telephone or in person is made to every grant applicant whether successful or not. The possibility of providing a mentoring service isstill being currently reviewed by the Trust.
PUBLIC BENEFIT
The Trust’s benefit to the public is by supporting poor, disadvantaged and marginalized people with financial assistance, the purpose of which is summarised under Purpose and Aims above. In the past year under review, these include:
• provide funding for JamFolk performing art group. The group specialises in promoting Caribbean traditional dance, drama, poetry and folk music.
• provide funding to a drama group whose aims are to support local residents to support local residents to experience the world of creative arts.
PLANS FOR FUTURE PERIODS
Directors are in discussion with community leaders and organisations to determine how to assist with the cost of living crisis.
The Trust was pleased to be able to fund the successful applications, but is aware that much more needs to be done to provide other services, such as mentoring business and enterprise and to broaden its current age spectrum.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is a charitable company limited by guarantee, incorporated on the 30th September 2009 and registered as a charity on the 19th October 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.00.
GRANT MAKING POLICY
The Trust has established its grant making policy to achieve its objective of assisting applicants in achieving their potential through education, arts, cultural, and vocational programmes.
The grant making policy is reviewed annually by the Trustees to ensure that it reflects the Trusts objectives and continues to advance public benefit.
The main beneficiaries of our grant making policy are those considered to be from disadvantaged backgrounds.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
The Wolverhampton African-Caribbean Foundation Trust Limited Trustees Annual Report
The Directors invites applicants to apply for funding via its Website, adverts and through leaflets placed strategically within organisations where the Trust’s target groups gather. Applications are encouraged to be submitted via TWACFTwebsite. Due to the limited funds of the Trust there is an eligibility criteria based on age and a maximum limit of funding for each applicant. However an applicant can apply more than once for funding, this has happened several times.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
E. Christie
Trustee
15 January 2025
Page 5
The Wolverhampton African-Caribbean Foundation Trust Limited Independent Examiners Report
Independent Examiner's Report to the trustees of The Wolverhampton African-Caribbean Foundation Trust Limited
I report to the charity trustees on my examination of the financial statements of The Wolverhampton African-Caribbean Foundation Trust Limited for the year ended 30 September 2024.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity 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 your charity's financial statements as 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 material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements 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 financial statements to be reached.
Ian Richmond ICAEW Ian Richmond Limited Church Cottage Church Road Tettenhall West Midlands WV6 9AJ 15 January 2025
Page 6
The Wolverhampton African-Caribbean Foundation Trust Limited Statement of Financial Activities
for the year ended 30 September 2024
| Notes Income and endowments from: Donations and legacies 4 Investments 5 Other 6 Total Expenditure on: Charitable activities 7 Other 9 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ - - 25,708 |
Total funds 2024 £ - - 25,708 |
Total funds 2023 £ 1 499 22,311 |
|---|---|---|---|
| 25,708 7,000 10,608 |
25,708 7,000 10,608 |
22,811 3,640 11,295 |
|
| 17,608 - |
17,608 - |
14,935 - |
|
| 8,100 - |
8,100 - |
7,876 - |
|
| 8,100 | 8,100 | 7,876 | |
| 8,100 506,733 |
8,100 506,733 |
7,876 498,857 |
|
| 514,833 | 514,833 | 506,733 |
Page 7
The Wolverhampton African-Caribbean Foundation Trust Limited Summary Income and Expenditure Account
for the year ended 30 September 2024
| Income Interest and investment income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Tax payable Net income for the year |
2024 £ 25,708 - 25,708 17,608 17,608 8,100 - 8,100 |
2023 £ 22,312 499 |
|---|---|---|
| 22,811 | ||
| 14,819 | ||
| 14,819 | ||
| 7,992 (116) |
||
| 7,876 |
Page 8
The Wolverhampton African-Caribbean Foundation Trust Limited Balance Sheet
at 30 September 2024
| Company No. 07034967 Notes 2024 £ Fixed assets Tangible assets 10 370,302 370,302 Current assets Cash at bank and in hand 146,631 146,631 Creditors:Amount falling due within one year 11 (2,100) Net current assets 144,531 Total assets less current liabilities 514,833 Net assets excluding pension asset or liability 514,833 Total net assets 514,833 The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds 514,833 514,833 Reserves 12 Total funds 514,833 |
2023 £ 370,302 |
|---|---|
| 370,302 137,776 |
|
| 137,776 (1,345) |
|
| 136,431 506,733 |
|
| 506,733 | |
| 506,733 | |
| 506,733 | |
| 506,733 | |
| 506,733 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 September 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
Approved by the board on 15 January 2025
And signed on its behalf by:
E. Christie
Trustee
15 January 2025
Page 9
The Wolverhampton African-Caribbean Foundation Trust Limited Statement of Cash flows
for the year ended 30 September 2024
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Increase in trade and other payables Net cash used in operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
2024 £ 8,100 (25,708) 755 (16,853) 25,708 25,708 - 8,855 137,776 146,631 146,631 146,631 |
2023 £ 7,876 (22,810) 104 |
|---|---|---|
| (14,830) 22,810 |
||
| 22,810 | ||
| - | ||
| 7,980 | ||
| 129,796 | ||
| 137,776 | ||
| 137,776 | ||
| 137,776 |
Page 10
The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts
for the year ended 30 September 2024
- 1 Accounting policies
Basis of preparation
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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 11
The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs.
-
Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Investment propertied are included in the balance sheet at their open market value.
Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 12
The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| 3 Statement of Financial Activities - prior year |
||
|---|---|---|
| Income and endowments from: Donations and legacies Investments Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies Secondary Projects 5 Income from investments Bank Interest |
Unrestricted funds 2023 £ 1 499 22,311 22,811 3,640 11,295 14,935 7,876 7,876 7,876 498,857 506,733 Total 2024 £ - - Total 2024 £ - - |
Total funds 2023 £ 1 499 22,311 |
| 22,811 3,640 11,295 |
||
| 14,935 | ||
| 7,876 | ||
| 7,876 | ||
| 7,876 498,857 |
||
| 506,733 | ||
| Total 2023 £ 1 |
||
| 1 | ||
| Total 2023 £ 499 |
||
| 499 |
Page 13
The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts
6 Other income
| Rental income 7 Expenditure on charitable activities Expenditure on charitable activities Grants made Governance costs 8 Analysis of grants Activity or programme Tuition Arts Activity or programme Tuition Arts |
Unrestricted £ 25,708 - 25,708 |
Total 2024 £ 25,708 - 25,708 |
Total 2023 £ 22,287 24 |
|---|---|---|---|
| 22,311 | |||
| Unrestricted £ 7,000 7,000 Grants to Individuals £ 5,000 2,000 7,000 Grant funding of activities £ 5,000 - 5,000 |
Total 2024 £ 7,000 7,000 Total 2024 £ 5,000 2,000 7,000 Total 2024 £ 5,000 - 5,000 |
Total 2023 £ 3,640 |
|
| 3,640 | |||
| Total 2023 £ 3,640 - |
|||
| 3,640 | |||
| Total 2023 £ |
|||
| 3,640 | |||
| - | |||
| 3,640 |
Page 14
The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts
9 Other expenditure
| 9 Other expenditure |
||||
|---|---|---|---|---|
| Corporation tax charge/(credit) Premises costs General administrative costs Legal and professional costs 10 Tangible fixed assets Cost or revaluation At 1 October 2023 At 30 September 2024 Depreciation and impairment At 1 October 2023 At 30 September 2024 Net book values At 30 September 2024 At 30 September 2023 11 Creditors: amounts falling due within one year Corporation tax Other creditors Accruals 12 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds |
At 1 October 2023 506,733 506,733 |
Unrestricted £ - 6,107 1,712 2,789 10,608 £ 370,302 370,302 - - 370,302 370,302 2024 £ - 850 1,250 2,100 Incoming resources (including other gains/losses ) £ 25,708 25,708 |
Total 2024 £ - 6,107 1,712 2,789 10,608 £ 732 732 732 732 - - Resources expended £ (17,608) (17,608) |
Total 2023 £ 116 4,045 1,625 5,509 |
| 11,295 | ||||
| £ 371,034 |
||||
| 371,034 | ||||
| 732 | ||||
| 732 | ||||
| 370,302 | ||||
| 370,302 | ||||
| 2023 £ 95 - 1,250 |
||||
| 1,345 | ||||
| At 30 September 2024 £ 514,833 |
||||
| 514,833 |
Page 15
The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts
13 Analysis of net assets between funds
| 13 Analysis of net assets between funds | |||
|---|---|---|---|
| Fixed assets Net current assets 14 Reconciliation of net debt Cash and cash equivalents Net debt |
Unrestricted funds £ 370,302 145,381 515,683 At 1 October 2023 £ |
Restricted funds £ - (850) (850) Cash flows £ |
Total £ 370,302 144,531 |
| 514,833 | |||
| At 30 September 2024 £ |
|||
| 137,776 | 8,855 | 146,631 | |
| 137,776 137,776 |
8,855 8,855 |
146,631 | |
| 146,631 |
15 Related party disclosures
Controlling party
There is no controlling party.
Page 16
The Wolverhampton African-Caribbean Foundation Trust Limited Detailed Statement of Financial Activities
for the year ended 30 September 2024
| Income and endowments from: Donations and legacies Secondary Projects Investments Bank Interest Other Rental income Total income and endowments Expenditure on: Charitable activities Grants made Total of expenditure on charitable activities Other expenditure Corporation tax charge/(credit) Premises costs Premises repairs and maintenance General administrative costs, including depreciation and amortisation General insurances Software, IT support and related costs Stationery and printing Sundry expenses Legal and professional costs Accountancy and bookkeeping Consultancy fees Other legal and professional costs |
Unrestricted funds 2024 £ - - - - 25,708 - 25,708 25,708 7,000 7,000 7,000 - - 6,107 6,107 791 - - 921 1,712 - - 2,789 |
Total funds 2024 £ - - - - 25,708 - 25,708 25,708 7,000 7,000 7,000 - - 6,107 6,107 791 - - 921 1,712 - - 2,789 |
Total funds 2023 £ 1 |
|---|---|---|---|
| 1 | |||
| 499 | |||
| 499 | |||
| 22,287 24 |
|||
| 22,311 | |||
| 22,811 3,640 |
|||
| 3,640 | |||
| 3,640 116 |
|||
| 116 | |||
| 4,045 | |||
| 4,045 | |||
| 778 588 62 197 |
|||
| 1,625 | |||
| 390 5,000 119 |
Page 17
The Wolverhampton African-Caribbean Foundation Trust Limited Detailed Statement of Financial Activities
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
2,789 10,608 17,608 - 8,100 8,100 - 8,100 506,733 514,833 |
2,789 10,608 17,608 - 8,100 8,100 - 8,100 506,733 514,833 |
5,509 |
| 11,295 | |||
| 14,935 - |
|||
| 7,876 | |||
| 7,876 - |
|||
| 7,876 | |||
| 498,857 | |||
| 506,733 |
Page 18