REGISTERED CHARITY NUMBER: 1149552
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2022
for
Wright Vigar Charitable Trust
Wright Vigar Charitable Trust
Contents of the Financial Statements for the Year Ended 31 August 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
Wright Vigar Charitable Trust
Report of the Trustees for the Year Ended 31 August 2022
The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects, as set out in the Trust Deed, are to further such charitable purposes for the benefit of the public as the Trustees see fit from time to time.
The Trustees further the Objects by facilitating fundraising for charitable purposes. In deciding which activities to pursue, the Trustees have due regard to the guidance of the Charity Commission on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This year saw an increase in the number of fundraising events. Alongside the annual C2C2C bike ride, there were two golf days, a concert and a walking challenge, raising a total of just over £33,000 for good causes as noted in the accounts.
FINANCIAL REVIEW
Reserves policy
Following the 2020 cancellation and the rising costs for the 2021 and 2022 events, it was agreed to increase the reserves held specifically for the C2C2C annual event.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Wright Vigar Charitable Trust was established by a Deed of Settlement on 13 September 2012 and is governed by its Trust Deed of that date as amended 11 October 2012.
Recruitment and appointment of new trustees
Trustees are appointed by the Board. The charity has no paid staff but is run by the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1149552
Principal address
15 Newland Lincoln Lincolnshire LN1 1XG
Trustees
J E O'Hern N M Roberts P D Harrison J P Sewell K M Shaw P G L Colcomb
Approved by order of the board of trustees on 28 June 2023 and signed on its behalf by:
P G L Colcomb - Trustee
Page 1
Independent Examiner's Report to the Trustees of Wright Vigar Charitable Trust
Independent examiner's report to the trustees of Wright Vigar Charitable Trust
I report to the charity trustees on my examination of the accounts of Wright Vigar Charitable Trust (the Trust) for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
C Joynes
28 June 2023
Page 2
Wright Vigar Charitable Trust
Statement of Financial Activities for the Year Ended 31 August 2022
| Castle to Unrestricted Coast to Restricted funds Castle funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 500 27,214 10,440 Other trading activities 2 - 19,225 - Investment income 3 187 - - Total 687 46,439 10,440 EXPENDITURE ON Raising funds 4 500 15,965 3,883 Charitable activities Donations - 30,840 2,166 Total 500 46,805 6,049 NET INCOME/(EXPENDITURE) 187 (366) 4,391 RECONCILIATION OF FUNDS Total funds brought forward 326 7,338 - TOTAL FUNDS CARRIED FORWARD 513 6,972 4,391 |
2022 Total funds £ 38,154 19,225 187 57,566 20,348 33,006 53,354 4,212 7,664 11,876 |
2021 Total funds £ 13,840 37,427 - |
|---|---|---|
| 51,267 | ||
| 16,356 31,773 |
||
| 48,129 | ||
| 3,138 4,526 |
||
| 7,664 |
The notes form part of these financial statements
Page 3
Wright Vigar Charitable Trust
Balance Sheet
31 August 2022
| Castle to Unrestricted Coast to Restricted funds Castle funds Notes £ £ £ CURRENT ASSETS Cash at bank 513 7,715 5,991 CREDITORS Amounts falling due within one year 7 - (743) (1,600) NET CURRENT ASSETS 513 6,972 4,391 TOTAL ASSETS LESS CURRENT LIABILITIES 513 6,972 4,391 NET ASSETS 513 6,972 4,391 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 Total funds £ 14,219 (2,343) 11,876 11,876 11,876 7,485 4,391 11,876 |
2021 Total funds £ 15,687 (8,023) 7,664 7,664 7,664 7,664 - 7,664 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 June 2023 and were signed on its behalf by:
P G L Colcomb - Trustee
The notes form part of these financial statements
Page 4
Wright Vigar Charitable Trust
Notes to the Financial Statements for the Year Ended 31 August 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Donated goods
Donated professional services and donated goods are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and donated goods are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Sponsorships | 19,225 | 37,427 |
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Wright Vigar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
3. INVESTMENT INCOME
| Interest receivable - trading RAISING FUNDS Raising donations and legacies Event expenses Support costs GRANTS PAYABLE Donations |
2022 £ 187 2022 £ 19,848 500 20,348 2022 £ 33,006 |
2021 £ - 2021 £ 15,856 500 |
|---|---|---|
| 16,356 | ||
| 2021 £ 31,773 |
4. RAISING FUNDS
5. GRANTS PAYABLE
During the period the Charity paid the following grants to institutions:
| £ | |
|---|---|
| St Barnabas | 840 |
| Headway Lincs | 10,000 |
| EDAN Lincs | 10,000 |
| Just Lincolnshire | 10,000 |
| Beaumond House - Walking challenge | 966 |
| Development Plus | 1,200 |
| 33,006 | |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
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Wright Vigar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Other creditors | 2,343 | 8,023 | ||
| 8. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.9.21 | in funds | 31.8.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 326 | 187 | 513 | |
| Castle to Coast to Castle | 7,338 | (366) | 6,972 | |
| 7,664 | (179) | 7,485 | ||
| Restricted funds | ||||
| Golf Day | - | 1,825 | 1,825 | |
| Musicians for Ukraine | - | 2,566 | 2,566 | |
| - | 4,391 | 4,391 | ||
| TOTAL FUNDS | 7,664 | 4,212 | 11,876 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 687 | (500) | 187 | |
| Castle to Coast to Castle | 46,439 | (46,805) | (366) | |
| 47,126 | (47,305) | (179) | ||
| Restricted funds | ||||
| Golf Day | 6,908 | (5,083) | 1,825 | |
| Walking Challenge | 966 | (966) | - | |
| Musicians for Ukraine | 2,566 | - | 2,566 | |
| 10,440 | (6,049) | 4,391 | ||
| TOTAL FUNDS | 57,566 | (53,354) | 4,212 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.9.20 | in funds | 31.8.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 326 | - | 326 | |
| Castle to Coast to Castle | 4,200 | 3,138 | 7,338 | |
| 4,526 | 3,138 | 7,664 | ||
| TOTAL FUNDS | 4,526 | 3,138 | 7,664 |
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Wright Vigar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 500 | (500) | - |
| Castle to Coast to Castle | 44,960 | (41,822) | 3,138 |
| 45,460 | (42,322) | 3,138 | |
| Restricted funds | |||
| Golf Day | 5,034 | (5,034) | - |
| Xmas Quiz | 773 | (773) | - |
| 5,807 | (5,807) | - | |
| TOTAL FUNDS | 51,267 | (48,129) | 3,138 |
Unrestricted Fund
The unrestricted fund has arisen from bank account interest less charges arising during the operations of the charity.
Castle to Coast to Castle
The Castle to Coast to Castle fund has arisen from the fundraising bicycle ride event organised by local businesses. Income is received via donations and gift aid and following the deduction of direct costs, the surplus is donated to charitable causes selected by the trustees, in line with the objectives of the event, which is to promote local charities within the local business community.
Golf Day
Golf Days are organised to raise funds for local charities. In the year to August 2022, funds were raised for Development Plus.
Musicians for Ukraine
The Musicians for Ukraine is a free concert put on to raise funds for the Disasters Emergency Committee and to support Young Musicians in Ukraine. Donations were made after the financial year end.
Walking Challenge
A walking challenge was organised to encourage Wright Vigar employees to be more active during the winter. Funds were raised for Beaumond House, a local charity.
9. RELATED PARTY DISCLOSURES
During the period Wright Vigar Limited, a company in which the Trustees are directors, donated services valued at £500 (2021: £500).
During the year a grant of £Nil (2021: £3,000) was made to the Lincolnshire and Nottinghamshire Air Ambulance. This is a charity in which J O'Hern is also a trustee.
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Wright Vigar Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
10. FUNDS HELD AS CUSTODIAN
In the prior years, funds amounting to £5,000 were received to be held on behalf of CYCLINC, a local community group which aims to promote better cycling provision in Lincoln. At the end of the prior and current years the remaining £2,350, £1,600 respectively, of the grant was still held by the Wright Vigar Charitable Trust on behalf of CYCLINC.
This is shown as a separate restricted fund with a bank balance and a creditor due back to CYCLINC.
Page 9
Wright Vigar Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 31 August 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 33,926 | 9,728 |
| Gift aid | 4,228 | 4,112 |
| 38,154 | 13,840 | |
| Other trading activities | ||
| Sponsorships | 19,225 | 37,427 |
| Investment income | ||
| Interest receivable - trading | 187 | - |
| Total incoming resources | 57,566 | 51,267 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Event expenses | 19,848 | 15,856 |
| Charitable activities | ||
| Grants to institutions | 33,006 | 31,773 |
| Support costs | ||
| Governance costs | ||
| Accountancy | 500 | 500 |
| Total resources expended | 53,354 | 48,129 |
| Net income | 4,212 | 3,138 |
This page does not form part of the statutory financial statements
Page 10