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2021-03-31-accounts

Ref: NT87

Company Registration Number: 09084081 Charity Registration Number: 1157483

THE WYFOLD CHARITABLE TRUST

(a Company Limited by Guarantee and Registered as a Charity)

REPORT AND FINANCIAL STATEMENTS For the year ending 31 March 2021

THE WYFOLD CHARITABLE TRUST

CONTENTS

Page
Reference and Administrative Information 1
Trustees’ Annual Report 2 – 6
Report of the Independent Auditor 7 – 10
Statement of Financial Activities 11
Balance Sheet 12
Cash flow Statement 13
Notes to the Financial Statements 14 – 20

THE WYFOLD CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

The Wyfold Charitable Trust is a charitable company limited by guarantee and incorporated in England and Wales as Company number 09084081 on 12 June 2014 and registered as Charity number 1157483 on 16 June 2014.

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. The Directors of the charitable company are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees.

TRUSTEES/DIRECTORS

Adam R Fleming Angus R Fleming Roderick J Fleming Nicholas R D Powell Hermione K Fleming

COMPANY SECRETARY

Celia E S Scott

REGISTERED OFFICE

15 Suffolk Street London SW1Y 4HG

INDEPENDENT AUDITOR

Moore Kingston Smith LLP Devonshire House 60 Goswell Road London, EC1M 7AD

REGISTERED COMPANY NUMBER

09084081

REGISTERED CHARITY NUMBER

1157483

Page 1

THE WYFOLD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees are pleased to present their report together with the financial statements of the Charity for the period ended 31 March 2021 which are also prepared to meet the requirements for a Director’s Report and Accounts for Companies Act purposes.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with the Charities Act 2011, as amended, the Companies Act 2006 and the reviewed Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees who held office throughout the year are shown on page 1.

New Trustees, when required, are selected by the serving Trustees and are appointed by a Resolution of existing Trustees and confirmed by the Member at an annual general meeting, in accordance with the Articles of Association. New Trustees are informed of the history of the Charity and acquainted with the activities of the Charity.

No Trustee receives a fee for the service they provide to the charity, all time spent is donated free of charge.

RFT Management Services Limited provides the charity with corporate/charity administration and financial reporting services. The Trustees receive regular reports from RFT Management Services Limited.

The Trustees meet a minimum of two times a year.

OBJECTS AND ACTIVITIES

The Charity’s objects are to promote and support such charitable purpose or purposes and such charitable organisation or organisations, being purposes and organisations which are exclusively charitable according to the law of England and Wales, as the Trustees shall from time to time at their discretion decide.

The Charity’s objectives are wide in scope and allow the Trustees to modify their grant-making activity to consider varying charitable demands over time. This means that funding can be applied where the Trustees consider that it is most needed.

In furtherance of the objectives, the Trustees continue to make grants to charitable organisations both on a one-off and recurring basis.

The Trustees aim to continue to generate sufficient income to allow the Charity to meet its grant-making objective. This will be achieved by focusing on the long-term sustainability of the investments and maintaining the capital value to support this income requirement.

The Trustees monitor the performance of the investments against their income requirement and capital growth objectives in supporting income. Performance is discussed regularly with the investment manager against suitable industry benchmarks.

Page 2

THE WYFOLD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

GRANT MAKING POLICY

The Trustees support a variety of charitable purposes by providing financial support to other registered charities.

Whilst the Trustees are able to advance funds out of the expendable endowment fund, the intention for the foreseeable future is to pay expenses and grants solely out of income.

The Trustees met twice during the financial year covered by this report, in order to consider the applications for assistance made to them either by postal application received at the Charity’s registered office or by personal application to the Trustees. Each application is reviewed on its own merit.

The Trustees require all beneficiaries to acknowledge grants made and where possible to provide an update as to how funds have been applied by them in meeting their own charitable objectives and hence that the funds have been put to good use.

The Trustees have considered the Charity Commission’s guidance on public benefit including the guidance “public benefit: running a charity” when formulating the grant making policy. The Trustees consider how grants can be made to ensure maximum benefits flows through to the intended ultimate beneficiaries.

ACHIEVEMENTS AND PERFORMANCE

With the objects in mind the Trustees during the course of the period covered by this report made 33 grants totalling £225,500 to a variety of registered charities. These charities benefitted by way of increased financial resources to meet their charitable objects. The grants benefitted a number of public causes, as detailed in note 7.

A wide variety of causes were supported, the most significant was in the areas of

The Trustees look forward to being able to continue their charitable work in the coming years in accordance with the Grant Making Policy, which reflects the objectives of the Charity.

FINANCIAL REVIEW

The Charity’s principal source of income is from its investments, which amounted to £267,982 (2020 - £382,116).

FUTURE PLANS

The Trustees have carefully considered the impacts of coronavirus on the charity. Whilst the charity has no staff it has received confirmation from RFT Management Services Limited (RFTMS) who provide all charity administration and financial accounting services that RFTMS have taken necessary steps to protect their staff. The Trustees have and continue to follow Government advice and will monitor future developments closely.

Page 3

THE WYFOLD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

The Trustees do not envisage any material change to the operation of the Charity in the long-term. The investments will continue to be managed on a similar basis to now. Notwithstanding this, the Trustees remain flexible in terms of the type of organisations supported so as to meet the demands of the day.

RESERVES POLICY

It is the Trustees’ intention to sustain the unrestricted funds at a level which will provide sufficient investment income to cover the charity’s management and administration costs and to be able to respond to any emergency applications that may arise from time to time as well as to continue making grants in accordance with the formula for annual giving stated in the preceding paragraph relating to the Grant Making Policy of the Trustees. At the Balance Sheet date, the unrestricted expendable endowment fund and income reserves of the charity amounted to £10,001,525 (2020 - £8,999,790). The level of undistributed income at the year-end was £37,560 (2020: £66,281). The Trustees are satisfied with this level.

INVESTMENT POLICY

The Trustees have agreed an investment policy for the Charity’s investment portfolio and have instructed the investment managers that the portfolio is to be invested to produce a suitable mixture of income, in order that the level of grants may be maintained and capital growth to secure the future of the Charity in the coming years. This policy is monitored by regular investment reports and meetings with the investment managers.

To meet these objectives, the Charity's investments are managed across a range of asset classes to produce an appropriate balance between risk and return.

The Trustees have decided that it would be inappropriate to impose any specific ethical investment constraints upon the investment manager over and above those already contained within the managers’ own ethical and socially responsible investment policies.

RISK MANAGEMENT

The Trustees have reviewed the major risks to which the Charity is exposed, and systems have been established to mitigate these risks. The principal risk faced by the Charity is an investment risk. This risk could be the reduction in the capital value of the investments and the income derived from the investments, required by the Trustees in meeting their charitable objectives. This risk has been addressed by the appointment of professional advisors to monitor investment performance and to decide on acquisitions and disposals.

KEY MANAGEMENT PERSONNEL

The Trustees are considered to be the Key Management Personnel of the Charity, the Trustees are not remunerated for their services and there are no paid staff employed by the Trust. Day to day management is carried out under an agreement with RFT Management Services Limited.

Page 4

THE WYFOLD CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The Trustees (who are the directors of the Wyfold Charitable Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and the resources and application of resources, including income and expenditure. In preparing those financial statements, the Trustees are required to:

In so far as the Trustees are aware:

The Trustees are responsible for keeping the accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure the financial statements comply with the Charities Act 2006. 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 responsible for ensuring that the Trustees’ Annual Report is prepared in accordance with company law in the United Kingdom.

INDEPENDENT AUDITOR

In accordance with Section 487(2) of the Companies Act 2006, Moore Kingston Smith LLP are deemed to be reappointed as auditors of the Company for the following year.

Page 5

THE WYFOLD CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 ICONT'DI SMALL COfwIPANY EXEMPTION This report ha5 been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the Trustees and signed on their behalf by.. Trustee Date.. The Wyfold Charitable Trust Company Registration Number.. 09084081 Charity Registration N￿nber.. 1157483 Fase 6

THE WYFOLD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WYFOLD CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of The Wyfold Charitable Trust (the ’charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statements and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 7

THE WYFOLD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WYFOLD CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

THE WYFOLD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WYFOLD CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 9

THE WYFOLD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WYFOLD CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members, as a body, for our audit work, for this report, or for the opinion we have formed.

Neil Finlayson (Senior Statutory Auditor) Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD

Date:

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

Page 10

THE WYFOLD CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

`

Unrestricted
Expendable Unrestricted
Endowment Income Total
2021 2021 2021 2020
NOTE £ £ £ £
INCOME
Investment Income 4 - 267,982 267,982 382,116
TOTAL INCOME - 267,982 267,982 382,116
EXPENDITURE
Costs of generating funds 5 - 45,414 45,414 66,345
Charitable activities 7 - 251,186 251,186 376,566
TOTAL EXPENDITURE - 296,600 296,600 442,911
Gains/(Losses) on investments
Unrealised 9 874,655 - 874,655 (1,086,762)
Realised 9 160,503 - 160,503 (62,765)
NET INCOME/(EXPENDITURE) 1,035,158 (28,618) 1,006,540 (1,210,322)
OTHER RECOGNISED GAINS AND LOSSES
(Losses)/Gains on foreign (4,702) (103) (4,805) 1,507
exchange
NET MOVEMENT IN FUNDS 1,030,456
 (28,721) 1,001,735 (1,208,815)
RECONCILIATION OF FUNDS
Total funds brought forward 8,933,509 66,281 8,999,790 10,208,605
BALANCE CARRIED FORWARD 9,963,965 37,560 10,001,525 8,999,790

CONTINUING OPERATIONS: all of the charity’s activities relate to continuing operations.

TOTAL RECOGNISED GAINS AND LOSSES: the charity has no recognised gains and losses other than those shown in the Statement of Financial Activities.

Page 11

THE WYFOLD CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2021 N(yfE 2021 2020 FIXED ASSETS Investments 9,818,670 9,tll8,670 8,210,800 8,210,800 CURRENT ASSErs Debtor5 Cash at Bank io 13,240 194,108 207,348 7,439 809,723 817,162 LIABILITIES Creditors.. amount falling due within one year li {24,493) 128,1721 NBT CURRENT ASSETS 182,855 788,990 TOTAL ASSETS LESS CURRENT LIABILrriES 10,001,325 8,999,790 Representing.. UNRESTRICTED FUNDS Expendable Endowment Inconie 9,963,965 37,560 10,001,525 8,933,509 66,281 8,999,790 These accounts have been prepared in accordan￿ with the speeial provisions of Part 15 of the Companies Act 2[￿6 relating to small companies. Approved and authorised for issue Adam R Fleming Trustee Date: The Wyfold Charitable Trust Cotnpany Registered Number: 09084(k81 Charity Registered Number.. 1157483 Page 12

THE WYFOLD CHARITABLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Note
NET CASH PROVIDED BY OPERATING ACTIVITIES
(see below)
Cash flows from investing activities
Dividends and interest from investments
4
Proceeds from the sale of investments
9
Purchase of investments
9
Net cash provided by investing activities
Change in cash in period
Cash brought forward
Cash carried forward
RECONCILIATION OF NET MOVEMENT IN FUNDS TO
NET CASH FLOW FROM OPERATING ACTIVITIES
Net movement in funds for the period ended 31 March (as
per the Statement of Financial Activities, page 11)
Adjustments for:
Dividends and interest from investments
4
Realised (Gain)/Loss on the sale of investments
9
Unrealised (Gain)/Loss in revaluing investments
9
(Increase)/Decrease in debtors
10
Decrease in creditors
11
Net cash provided by operating activities (see above)		 2021
£
2020
£
(310,885)
(474,925)
267,982
382,116
1,817,276
1,987,501
(2,389,988)
(1,537,385)
(304,730)
832,232
(615,615)
357,307
809,723
452,416
194,108
809,723
1,001,735
(1,208,815)
(267,982)
(382,116)
(160,503)
62,765
(874,655)
1,086,762
(5,801)
1,000
(3,679)
(35,521)
(310,885)
(474,925)

Page 13

THE WYFOLD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

(a) Basis of Preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee in the United Kingdom and therefore has also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011. The accounts are prepared in sterling, which is the functional currency of the Charity, and rounded to the nearest pound.

(b) Going Concern

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Trustees have carefully considered the impacts of coronavirus on the charity. Whilst the charity has no staff it has received confirmation from RFT Management Services Limited (RFTMS) who provide all charity administration and financial accounting services that RFTMS have taken necessary steps to protect their staff. The Trustees have and continue to follow Government advice and will monitor future developments closely. With respect to the next reporting period, 2021–22, the most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for more information).

(c) Fund Structure

Unrestricted Funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.

The Expendable Endowment Fund represents those assets which are held for the longer term for the Charity. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Income Fund. As the Expendable Endowment Fund can be used in accordance with the objects of the Charity and is included in the unrestricted income, capital can also be spent in certain circumstances in fulfilment of the Charity’s objectives. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that Fund.

(d) Income

All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:

Page 14

THE WYFOLD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

1. ACCOUNTING POLICIES (CONT’D)

Investment Income

Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief.

(e) Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:

Costs of generating funds

The costs of raising funds consist of investment management and related costs.

Charitable Activities

Costs of charitable activities include grants made and support and governance costs. Grants payable are recognised when they are approved by the Trustees and the recipient of the grant has been informed of the amount to be paid.

Support and Governance Costs

Support and governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include expenses related to statutory audit fees, professional and legal fees and support costs.

(f) Fixed Asset Investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

The unlisted investments are valued according to the amount stated by the Investment Fund Managers.

(g) Foreign Currencies

Transactions in foreign currencies are recognised at the rate of exchange at the date of transaction. Monetary assets and liabilities are translated into sterling at the rate of exchange on the balance sheet date. Exchange differences are recognised through the statement of financial activities.

(h) Realised and Unrealised Gains and Losses

All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as all the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).

Page 15

THE WYFOLD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

1. ACCOUNTING POLICIES (CONT’D)

(i) Critical accounting estimates and areas of judgement

In preparing financial statements, it is necessary to make certain adjustments, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

(j) Cash and cash equivalents

(k) Financial Instruments

The Charity has elected to apply the provisions of Section 11 Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity’s balance sheet when the Charity becomes party to the contractual 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 right 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 simultaneously.

2. INFORMATION REGARDING TRUSTEES AND EMPLOYEES

In the year ended 31 March 2021, none of the Trustees received any remuneration or had expenses reimbursed by the Charity.

The Trustees are considered to comprise the Charity’s key management.

3. LIABILITY OF MEMBERS

The Wyfold Charitable Trust is a charitable company limited by guarantee.

Each member of the Charity undertakes to contribute such an amount as may be required (not exceeding £10) to the Charity’s assets if it should be wound up whilst he/she is a member.

Page 16

THE WYFOLD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

4. INVESTMENT INCOME

Income from Investments
Income from Investments – Prior year Accrued Income
Income from Investments – Current year Accrued Income
Interest on cash deposits		 2021
£
2020
£
264,904
377,958
(7,439)
(6,439)
8,240
7,439
2,277
3,158
267,982
382,116

5. COSTS OF GENERATING FUNDS

Investment Management Fee
Custodian Fees		 2021
£
2020
£
34,938
57,961
10,476
8,384
45,414
66,345

6. CHARITABLE ACTIVITIES

The charity undertook no direct charitable activities but awarded grants to a number of institutions in furtherance of its charitable activities. These are as follows: -

The Fleming-Wyfold Art Foundation
Young Epilepsy
Alice Marshall Hall
Bridewell Gardens
Fields in Trust
Fleetwood Museum
Haydn Festival Trust
Missing Salmon Alliance
Mission Care: Love Walk Resident Care Home
Royal Shakespeare Company
Scotland’s Air Ambulance
Wordsworth Trust
All other grants below £10,000
Total Grants for the year		 £
25,000
15,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
85,500
225,500

Page 17

THE WYFOLD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

7. ANALYSIS OF GRANTS MADE

The number of grants and amounts payable in the year were made for the following purposes: -

2021 2020 2021 2020
No. No. £ £
The prevention of relief of poverty 4 3 13,500 15,000
The advancement of education 8 13 42,500 72,000
The advancement of religion - 1 - 10,000
The advancement of health or the saving of lives 7 10 56,000 120,000
The advancement of citizenship or community 1 2 10,000 7,000
development
The advance of the arts, culture, heritage or science 5 11 56,000 80,000
The advance of amateur sport - 3 - 22,500
The advancement of environmental protection or 3 1 25,000 5,000
improvement
The relief of those in need by reason of youth, age, ill- 1 1 5,000 5,000
health, disability, financial hardship or other disadvantage
The advancement of animal welfare 2 2 7,500 7,500
The promotion of the efficiency of the armed forces of the 1 - 5,000 -
Crown, or of the efficiency of the policy, fire and rescue
services or ambulance services
Any other purposes that are recognised as charitable 1 - 5,000 -
under sub-section (4)
33 47 225,500 344,000
Repayment of unused donation money - - (5,000) -
Support and Governance costs (see note 8) - - 30,686 32,566
Charitable Activities 33 47 251,186 376,566
8. SUPPORT AND GOVERNANCE COSTS
Unrestricted
Expendable
Unrestricted		 2021 2020
Endowment Income Total Total
£ £ £ £
Auditor’s remuneration
- current year - 9,500 9,500 9,500
- prior year under accrual - 880 880 720
Legal and Professional - 19,873 19,873 21,953
Bank Charges - 433 433 307
Sundry Fees - - - 86
To Charitable Activities - (30,686) (30,686) (32,566)
- - - -

Page 18

THE WYFOLD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

9. FIXED ASSET INVESTMENTS

Movement in fixed asset investments

Balance brought forward
Add: Acquisitions at cost
Less Disposal Proceeds
Realised gain/(loss) on disposals
Net (loss)/gain on revaluation
Market Value at 31 March
Historical Costs at 31 March
Geographical Analysis
United Kingdom investments
Overseas investments		 Unlisted Securities
Listed Securities
Total
2021
£
2020
£
2021
£
2020
£
2021
£
2020
£
278,349
418,243
7,932,451
9,392,200
8,210,800
9,810,443
-
-
2,389,988
1,537,385
2,389,988
1,537,385
(2,877)
(146,464)
(1,814,399)
(1,841,037)
(1,817,276) (1,987,501)
2,877
5,085
157,626
(67,850)
160,503
(62,765)
(37,723)
1,485
912,378
(1,088,247)
874,655
(1,086,762)
240,626
278,349
9,578,044
7,932,451
9,818,670
8,210,800
367,917
367,917
9,129,831
8,545,294
9,497,748
8,913,211
39,345
51,542
9,247,775
7,601,939
9,287,120
7,604,241
201,281
226,807
330,269
330,512
531,550
606,559
240,626
278,349
9,578,044
7,932,451
9,818,670
8,210,800

The following investments comprise in excess of 5% of the value of the portfolio:

Investment Name
Charities Property Fund
Rathbones Ethical Bond Fund
M&G Equity Investment Fund for Charities
BNY Mellon Global Fund
Artemis Global Income Fund
Royal London UK Equity Income M
T Bailey Funds Global Investor Series GIS Hedged
PIMCO Global Income Fund
0. DEBTORS
Repayment from Charity of unused donation money
Accrued Interest Income		 Holding
(in units)
Value
£
950,838
1,178,564
1,065,276
1,105,011
59,330
873,581
379,600
705,221
257,150
627,523
80,818
602,422
403,836
522,161
49,120
512,321
2021
£
2020
£
5,000
-
8,240
7,439
13,240
7,439

10. DEBTORS

Page 19

THE WYFOLD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONT’D)

11. ANALYSIS OF LIABILITIES Creditors falling due within one year

Accruals
Accruals
12. FUND ANALYSIS
Investments
Debtors
Cash at bank
Creditors
Investments
Debtors
Cash at bank
Creditors		 Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2021
Total
£
-
24,493
24,493
-
24,493
24,493
Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2020
Total
£
-
28,172
28,172
-
28,172
28,172
Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2021
Total
£
9,818,670
-
9,818,670
-
13,240
13,240
145,295
48,813
194,108
-
(24,493)
(24,493)
9,963,965
37,560
10,001,525
Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2020
Total
£
8,210,800
-
8,210,800
-
7,439
7,439
722,709
87,014
809,723
-
(28,172)
(28,172)
8,933,509
66,281
8,999,790

13. RELATED PARTY TRANSACTIONS

Hermione Fleming is an ambassador for Young Epilepsy to whom a grant of £15,000 was paid during the year (2020: £20,000).

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