Charity registration number 1152222 (England and Wales) JOHN WESTON STRErroN OF KIDDERMINSTER CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
JOHN WESTON STRErroN OF KIDDERMINSTER CHARITY LEGALAND ADMINISTRATIVE INFORMATION Trustèes C Stretton D H Malcomson T Gulliver E E Roberts P Newrick C Nock (Appointed 25 March 2024) (Appointed 24 March 2025) Charlty number 1152222 Principal address 2 Osbome House la Wictoria Road Malvem Worcestershlre WR14 2TD Independent examiner Ormerod Rutter Limited The Oakley lQdd8rminster Road Droitwich Worcestershire WR9 9AY Solicitors MFG Solicitors Tythe House 20-21 The Tything WorcA8Ster Worc8Ster5hir8 WR1 1HD
JOHN WESTON STRErroN OF KIDDERMINSTER CHARITY CONTENTS Page Trustees, report Independent examin8rfs report ststement of financial activities Balance sheet Notes to the financial statements 7-15
JOHN WESTON STRETTON OF KIDDERMINSTER CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The twstses present their annual report and financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance with th8 accounting policres set out In note 1 to the financial statements and comply with the charitys goveming document. the Charities Act 2011 and "Accounting and Reporting by Chartties: Ststement of Recommended Practi 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). Objectlves and actfvitleg The principal objectives of the tharity is to provide scholarships for the students training as d(Ktors at st Bartholomews Hospital. Cambridge Univetsity or at Worcester Universty. Pursuant to the temis of the will of Antony John Stretton deceased and the Amended Dedaration of Trust dated 27th March 2023 the objects of the charity ('the objects,) are". a) For the public benefft to advanc8 the education of people in all ar&% of medical training practise and surgery in such ways as the Trustees think fft. includin9 by= i) Awarding to such persons scholarships, maintenance allowances or grants tenable at Cambridge Untvarsity in respect of medical training. 11) AvRrdlng to such persons scholarships. maintenance allowances or grants tenable at st Bartholomews Hospital London. iii) Awarding to such persons scholarships. maintenance alloWanS or grants lenable at the Three Counties Medical School at the Universty of Worcester in resped of medical training. iv) Setting up by endowrnent or otheThvise a Chair at the University of Cambrldge or St Bartholomews Hospltsl London. v) To otherwise provide financial support and benefit to those named in i) and il) and iii) above as Ihe Trustees think fit. b) Such other charitsble purposes for the public benefrt as are exclusively charitable aCrdIng to the laws of England and Wales as the trustees may from time to time detemiine in accordance wrlh the temis of the Will of Antony John Strètton deceased. Public benefit The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and perfomianco Significant activities and achievements against objèdives During th8 period the Truste95 have conntrated their activities on promoting the availability of fundlng to assist medical students from Kidderminster and the surrounding area of the Counties of Wor¢estershir8 and West Midlands. The Trustees inFtially set geographic criteria based on residence and school location. During the years the Trustees have been in contsct with admissions stsff at Cambridge University, Universty of Worcester arKI the successor medical schools to St Bartholomev/s to find studènts currenlly studying at these institutions who match the geographic criteria. As a result of this exercise 22 students were Identified to whom. after the Trustees had satisfied themselves that their applications were in order, grants were made.
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Investment pollcy and perforn)ance The Trustees invest the assets of the ¢hartty with the aim ensuring that the charitsble objectives of the charity may be fulfilled. The objective is to generate investment retums that will enable the Charity to commit to providing funds by way of scholarships or bursaries to medical students over the full six years of their training and to meet its administration and Supp expenses. All decisions about the day-to4ay management of the assets have been delegated to the investrnent managers via a written agreemenL This delegation indudes decisions about: Realisation of investments Social, environmental and ethical consbjerations in the selection. retention and realisatron of investments and the exdusion of certain sectors. The exercise of rights (induding voting rights) attathing to the investments. Financial review During the year the charity made a net surplus of £247.306 (2023 - net deficit of £49,224). At the year end the charity had net assets of £3.967.370 (2023 - net assets of £3.720,064). Going conrn After making appropriate enqulries. the Trustees have a reasonable expectatlon that the chaiity has adequat8 resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt th8 going concem basis in preparing the finanual statements. Further details regarding the adoption of the going concem basis eAn be found in the Accounting Policies. Reserves poliGy The TNstees' ajrrent FM)licy is to build up inrne reserve to a level capable of sustaining the charitvs planned annual average, when reached. of up to 40 medical students being funded for the remainder of their six years of training. This equates to approximately £200.000 of grants a year. The Trustees are looking to maximise the investments income that they can obtain to achieve this level of support. At the year end the charity has totsl reserves of £3.967,370 (2023.- £3.720,064}. Of this £53,514 (2023: £79.839) was unrestricied and £3,913,856 (2023: £3,640.225) vS held as an endowment to generate fvture income for the charity. The charitys free r8serv85 are equivalent to its unrestricted reserves. Structure. governance and management The day to day administration of the trust has been delegated to the derk. who is a solicitor with access to the facilities of his fom)er partnerships. The Trustees met at least once 8ach quarter. Two committees meet from time to time to deal wrth finance and other matters in greater detail. The Gharity works within a very focused area of activty. Its investments are managed by CCLA Investment Manag8ment Limtted. The Trustees believe the charity complies wilh the governance suggestions set out in the Charity Govemance Code for Smaller Charities. The Trustees have tasked its g8neral submmittee with reviewing that Code and ensuring that the charity continues to comply and that the Trustees are given whatever training is appropriate to ensure the continuing compliance. The Trustees who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: C Stretton SHLBrown D H Malcomson T Gulliver E E Roberts P Newrick C Nock (Deceased 9 April 2025) (Appointed 25 March 2024) (Appointed 24 March 20251
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Recruilment and appoinbnent of tmsteas The management of the charity is the responsibilty of the Trustees who are elected and c(OPted under the terms of the Trust deed made on 26 May 2013 and amended on 27th March 2023. Related party relatlonshlps The Trustees have made a provision for the balance owed to the chaty by Strettons of Kidderminster Limited, a subsidiary company. The amount of the provision is equal to the net defit on the balance sheet of the subsidiary company less £30.000 which will be released to the company under the investment agreement it has with Teledu Telesgop Cyf. It is the belief of the directo of the Subsidiary company that this amount will be released. The trustees, report was approiied by the Board of Trustees. Dr D H Malcomson Trust80 Date: ..
JOHN WESTON STRErroN OF KIDDERMINSTER CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JOHN WESTON STREThON OF KIDDERMINSTER CHARITY I report to the trustees on my examination of the financial statements of John Weston Stretton of Kidderminster Charity (the charity) for the year ended 31 August 2024. Responslbilltles and basis of report As the trustees of the charity you are responsible for the preparation of the financial statemènts in accorrlance with the requirements of the Charities Act 2011. I report in respect of my examination of the charity's financial statements carried out under section 145 of tha Charities Act 2011. In (xrying out my examinatron I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. Independent examlnerfs statement Your attention Is drawn to the fact that the charity has prepared the financAal statements in a¢¢ordance with the relevant version of the Ststement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Finanrial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charitres: Statement of Recommended Practtce issued on 1 April 2005 which is refeed to in the extsnt regulations but has now been withdrawn. l understand that this has been done in order for the financial ststements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I hav8 completed rny examination. l ¢onfinn that no matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were nol kept in spect of the chaiity as requlred by section 130 of the Charities Act 2011. the financial ststements do not accord with those records; or the financial statements do not ryjmply with the applicable requirements conceming the fonn and content of financial ststements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair vlew, vthich is not a matter considered as part of an independent examination. I have no c1)nmS and have come across no other matters in connection with the examination to which attention should b8 drawn in this report in order to enable a proper understsnding of the financial statements to be reached. Tony Archer Omierod Rutter Limited The Oakley Kiddemiinster Road Droitwich Worcestershire WR9 9AY Dated..
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Endowment funds funds 2024 2024 Total Unrestrlctod Endowment funds funds 2023 2023 Total 2024 2023 Notes Income from: Investments 102,196 102.196 101.414 101,414 Total income 102,196 102.196 101.414 101.414 Expèndllure on: Chaiitable activities 128.521 128.521 89.869 89,869 Totsl expendlture 128.521 128.521 89.869 89,869 Net gainsl(losses) on investments 273.631 273.631 (60.769) (60,769) Net Incomel(expendlture) and movement in funds {26.325) 273.631 247.306 11,545 {60.769} (49.224) Reconclliation of funds: Fund balances at 1 Septsmber 2023 79,839 3,640,225 3.720.064 68,294 3.700.994 3.769,288 Fund balances at 31 August 2024 53.514 3,913,856 3.967.370 79,839 3.640.225 3.720.064 The statement of financial activities includes all gains and lossès recognised in the year. All income and expenditure derive from continuing activities.
JOHN WESTON STREoN OF KIDDERMINSTER CHARITY BALANCE SHEET ASAT31 AUGUST2024 2024 2023 Notes Flxed assets Investments 11 3,795,299 3.521,667 Current assets Debtors Cash at bank and in hand 12 107.884 94,563 107.812 119.563 202.447 227,375 Creditors: amounts falling due wtthin one year 13 (1.160) (1,104) Net current assets 201.287 226.271 Totsl assets less current liabilities 3.996,586 3.747,938 Provlslons for liabilities 14 (29.216) (27.874) Net assets 3.967,370 3.720,064 Capital funds Endowment funds- general Income funds Unrestricted funds 15 3,913.856 3,640,225 53.514 79,839 3.967.370 3.720,064 The financial ststements were approved by the Trustees on Dr D H Malcomson Trustee
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policles Charfty Informatlon John Weston Stretton of Kidderminster Charity ts a charity registered in England and Wales and is govemed by its constitution adopted on 28 May 2013. The principle address is Tythe House, 20-21 The Tything, Worcester, Worcestershire. WR1 1 HD. 1.1 Accountlng convention The financial ststements have been prepared In accordance wÉth the charitys goveming document. th8 Charities Act 2011. FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland. ('FRS 102") and the Charities SORP "Accountlng and Reporting by Chare$. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1 January 2019). The charity is a Public Benefft Enw as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to preparg a Statement of Cash Flows. The ffinancial statements have depart8d from the CharFties (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This deparbjre has involved following th8 Statement of Recommended Practi for ¢hariti8s applying FRS 102 rather than the version of the Statement of Recommended Pradice which is referred to in the Regulatlons but which has since been withdrawn. The financial statements are prepared in sterling. which is the functional cuTncY of the chanty. Monetsry amounts in th&%e financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to indude the revaluation of freehold prop8rties and to include inveslmant properties and rtain financial instruments at fair value. The principal accounting polides adopted are set out below. 1.2 Golng concern At th8 time of approving the financial statements. the tNst88s have a reasonable expectstion that the charity has adequate resources to continue in operational ex5Stenc6 for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds ar8 available for use at the discretion of the trustegs in furtheran of their Charitable objectives. Restricted fvnds are subject to specific Conditions by donors or grantors as to how they may be used. The purpose5 and uses of the restricted funds are set out in the notes to the financial statsments. Endowment funds are subject to specific conditions by donors that the Capital must be maintsined by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfonnance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. LegarAes are recognised on receipt or otherwise rf the charity has bèen notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. Income tax recoverable in relation to investment income is recognised at the time the investment income 15 recelvable.
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcies (Contlnued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in setdement, and the arnount of the obligation can be measured reliably. Expenditure 15 dassified by aclliAty. The costs of each aGtivty are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each acttvity. Direct costs attributable to a single activity are allocated directty to that activty. Shared costs whith contribute to more than one activity and support costs which are not attributable to a single acliifjty are apportioned belween those activities on a basis consistent with the use of resour5. Central staff costs are allocated on the basis of time spent. and depreciation charges are altocated on the portion of the asseys use. Charitable activities and Govemance costs are costs incurred on the charitys educational operations. including support costs and costs relating to the govemance of the charity apportioned to chaTitable activities. Grants payable are charged in the year when the offer is made eXpt in these cases where the offer is conditional, such grdnts being rerngnised as expenditure when the nditionS attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expendtiure. 1.6 Fixed asset investments Fixed asset investrnents are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair valu8 are reo)gnised in net in¢omel{expendtiure) for the year. Transaction costs are expensed as incurr8d. 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held at call with banks. other short-term liquid invastments with original maturities of three months or less, and bank overdrydfts. Bank overdrafts are shown within borrowings in current Ilabilities. 1.8 Flnanclal Instruments The charity has elected to apply th8 provisions of Section 11 '8asic Financial Instruments. and Sectton 12 'Oihèr Financial Instwments Issues. of FRS 102 to all of ts financial instrurnents. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contrathial provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally enforceable rtght to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultan8ousIy. Baslc financlal assets Basic financial assets, which include debtors and G3sh and bank balan. are initially measured at transaction price including transaction costs and are subsequently Carried at amorttsed cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivabl8 within one year are not amortised.
JOHN WESTON STRErroN OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policles (Contlnued) Baslc financlal liabilloos Basic financlal liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of the future payments discounted at a market rate of interesL Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently Carried at amortised cost, using the effectlve interest rat8 method. Trade credttors are obligation5 to pay for gi)ods or services that have been acquired in the ordinary ¢ourse of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not. Ihey are presented a5 non-cufTent liabilities. Trade creditors are recognised initially at transaction price and subsequendy measured at amortised cost using the effeclive interest method. Derecognftlon of Ilnancial Ilabllltles Financial liabilityes are derecognised when the charitys contractual obligations expire or are dÈscharged or canlled. 1.9 Provisions Provisions ar8 recognlsed when the Charity has a18gal or constnjctive present obligalton as a result of a past event. it is probable that the chaiity will be required to settle that obllgation and a reliable estlmate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material. the amount expected to be required to settle the obligation is regnised at pr8sent value. When a provision is measured at present value. the unynding of Ihe discount is recognised as a finance cost in net incomel(experKliture) in th8 period in which it aris8S. Crftlcal accounting estlmates and Judgements In the application of the charivs accounting policies. the trustees are required to make judgements, estimates and assumptions aboLrt the r2rrying amount of assets and liabilities that are not adity apparent from other SoUrs. The estimates and associated assumptions are based on historical experience and olh8r factors that are considered to be relevant. Actual results may differ from these estimatès. The estimates and undertying assurnptions are reviewed on an ongoing basls. Revlsions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the pèriod of the revision and future periods where the revision affects both current and future periods. Income from Investments Unrestricted Unrestricted fund8 nds 2024 2023 Income from listed investments 102,196 101.414
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charltsble actlvlties Grant Grant funding of funding of activities activities 2024 2023 Grant fijnding of activities (see note 5) 110.000 72.120 Share of support costs (see note 6) Share of govemance costs (see note 6) 3.611 14.910 1.735 16.014 128,521 89,869 Grants payabl8 Grant Grant funding of fvndlng of activities activities 2024 2023 Grants to individuals 110,000 72.120 110.000 72,120 Support costs allocated to a1VitIS Totsl 2024 Totsl 2023 Provision of intercornpany debt Insuran Marketin9 Govemance 1.342 235 2.034 14,910 1.148 522 66 16,014 18,521 17.750 10-
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support costs allocated to actlvllies (Contlnued) 2024 2023 Govemance costs comprfse: Independent examiners fee Professional fees 1.160 13.750 1.014 15,000 14,910 16,014 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023: nil). Employeas 2024 Number 2023 Number Totsl There were no employees whose annual remuneration was mor8 than £60.000. Romuneratlon of koy management personnel The key managem8nt personnel of Ihe charity consists of the Trustees and the clerk. The key management personnel are not employees of the charity as the charlty has no employees. The totsl remuneration paid to key management personnel during the year was £13.750 (2023: £15.000). Galns and losses on investments Endowment Endowment funds funds 2024 2023 Gainsl(losses) arising on: Revaluation of investrnènts 273.631 (60,769> 10 Taxation The charity is exempt from tsxation on its activities because all its income is applied for charitable purposes. 11
JOHN WESTON STRErroN OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Flxed asset investments Llsted investments Cost or valuatlon At 1 September 2023 Valuation Ghanges 3,521.667 273,632 At 31 August 2024 3.795.299 Carrying amount At 31 August 2024 3.795.299 At 31 August 2023 3.521.667 12 Debtors 2024 2023 Amounts falling due within one year: Amounts owed by subsidiary undertakings 107,884 107,812 13 Creditors: amounts falling due within one year 2024 2023 Accruals and d8ferred income 1,160 1,104 12-
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Provlslons for Ilabllllies 2024 2023 Provision for intercornpany debt 29,216 27,874 Movements on provisions: Provlslon for Intercompany debt At 1 September 2023 Additional provisions in the year 27.874 1.342 At 31 August 2024 29.216 15 Endowmant funds Endowrnent funds represent assets which musl be held pemianently by the charity. Income arising on the endowment funds can be used in acGordance with the objects of the charity and is induded as unrestricted income. Any capttal gains or losses arising on the assets form part of the fund. At1 September 2023 Galns and At 31 August losses 2024 Permanent èndowments 3.640.225 273.631 3.913,856 Previous year" A11 September 2022 Galns and At 31 August losses 2023 Pernianent end¢)wmènts Endowment Funds- all funds 3,700.994 (60.769) 3.640,225 13-
JOHN WESTON STRErroN OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Unrestrlctod funds The UnStrIcted funds of the chaiity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Incoming Resources At 31 August resources expended 2024 September 2023 G8neral funds 79.839 102.196 (128.521) 53.514 Previous year. At1 September 2022 Incomlng resources Resource5 At 31 August expended 2023 General funds 68,294 101,414 (89.869) 79.839 17 Analysls of net assets botween funds Unrestrlcted Endowment funds fvnds 2024 2024 Total Unrestricted Endobvment funds funds 2023 2023 Total 2024 2023 Fund balances at 31 August 2024 are represented by: Investments Current assetsl(liabilities) Provisions 3.795.299 118.557 3.795,299 201,287 (29,216) 3,521,667 118,558 3.521,667 226,271 (27.874) 82.730 (29,216) 107,713 (27,874) 53,514 3,913,856 3,967.370 79,839 3,640,225 3,720,064 18 Related party transactions The key management personnel of the charity consists of the Trust88s and the derk. The key management personnel are not employees of the Charity as the charity has no employees. The total remuneration paid to key management personnel during the year was £13.750 (2023: £15,000). 14-
JOHN WESTON STREThON OF KIDDERMINSTER CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Related party transactlons (Contlnued) The following amounts were outstsnding at the reporting end date: Amounts Amounts owed owed by by related related parties parties 2024 2023 Balance Balance Strettons of Kidderminster Limited (subsidiary) 107.885, 107.812 107,885 107,812 15-