**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 2022
**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 2022**
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**
14 Buckingham Street London WC2N 6DF
## **INDEPENDENT AUDITOR**
Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP
## **REGISTERED COMPANY NUMBER**
09084081
## **REGISTERED CHARITY NUMBER**
1157483
Page 1
**THE WYFOLD CHARITABLE TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022**
The Trustees are pleased to present their report together with the financial statements of the Charity for the period ended 31 March 2022 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 2022 (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 38 grants totalling £255,000 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
- advancement of health or the saving of lives
- advancement of education
- advancement of the arts, culture, heritage or science
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 £331,201 (2021 - £267,982).
## **FUTURE PLANS**
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.
Page 3
**THE WYFOLD CHARITABLE TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022 (CONT’D)**
## **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 £10,443,200 (2021 - £10,001,525). The level of undistributed income at the year-end was £33,235 (2021: £37,560). 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 2022 (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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether UK Accounting Standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
In so far as the Trustees are aware:
- There is no relevant audit information of which the charitable company’s auditor is unaware; and
- The Trustees have taken all steps that they ought to have taken to make themselves aware of any audit information and to establish that the auditor is aware of that information.
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 2022 (CONT'DI
SMALL COMPANY EXEMPTION
This report has 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 behalfby..
Adam R Fleming
Trustee
Date.. 18 November 2022
The Wyfold Charitable Trust
Company Registration Number: 09084081
Charity Registration Number.. 1157483
Pase 6
**THE WYFOLD CHARITABLE TRUST**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WYFOLD CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2022**
## **Opinion**
We have audited the financial statements of The Wyfold Charitable Trust (the ’charitable company’) for the year ended 31 March 2022 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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 2022 (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:
- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ annual report has been prepared in accordance with applicable legal requirements.
## **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:
- the charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the charity’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a strategic report.
## **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 2022 (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:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
- We obtained an understanding of how the charitable company complies with these requirements by discussions with management.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management.
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining additional corroborative evidence as required.
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
INDEPENDEwf AUDITOR'S REPORT TO THE MEMBERS OF THE WYFOLD CHARrrABLE
TRUST FOR THE YEAR ENDED 31 MARCH 2022 (co,D)
Identify and asfje&8 the rlsks of rnateTial misstatement of the financial ststements. whether due
to fraud OT error, design and perforni audit prdureS resPo1ve to those risks. and obtain
udit evidence that is suffiaent and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resultlns from fraud is hisherthan for one resultin8 from
error, as fraud may involve Collusio forgery. intentional OmilOnS. misrepresentations. or the
override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
pr(Kedures that are appropriate in the CircutareS, but not for the purposes of expressing an
opinion on the effectivene of the charitable companfs interr1 c(mtrol.
Evaluate the appropriateness of accountingpoliaes used and the reasonablene of accounting
estimates and re]ated disclosures rnade by the trustees.
Conclude on the appropriateness of the trustees. use of the going concern basis of accowiting
and. based on the audit evidence obtained. whether a material uncertainty exists related to
events or Conditions that may cast $ilfiCant doubt on the dwltable cOmpanS ability to
continue as a going concern. If we conclude that a Material uncertainty exists. we are required
to draw attention in our auditorfs report to the related disclostsres in the fjnancial statements
or, ifsuch disclos[ are inadequale, to modify OUT opiniorL Our condusions are based on the
audit evidence obtsined up to the dale of our auditorfs report. However, future events or
conditions may cause the charitable company to ase to continue as a soing Eoncem.
Evaluate the overall presentatioffj structure and content of the financial statements, inc]udin8
the disdosures. and whether the financial statementsrepresent theunderlyin8transactions and
events in a manner thai achieves fair presentatio
We communicate with those charged with 8ovemantr regardin& among other matters. the planned
scope and timins of the audit and SIlfIe#Tht audit 6ndin8s. includins any SIlfiCant deficiencies in
internal control that we identify during our audit.
Use ot OUT report
This report is made solely to the tharitable cornpanys members, as a b(Mly, in accordan with Chapter
3 of Part 16 of the CompanRe5 Ad 26. Our audit work has been undertaken that we might stale to
the charitable companf s members those matters which we are requird to stste to them in an auditorfs
report and Eor Tho other purpose. To the lleSt extent permitted by law, we do not accept or a55urne
responsibility to any paty other than the tharitable LL)mpany and charitable company's members, as a
body, for our audit work, for this reF or for the opinion we have fornied.
J.A LLV
••rf
Neil Finlayson (Senior Statutory Auditor)
Moore Kingston Smith LLP,
9 Appold Street
London
EC2A 2AP
Date: L Noveffbw 2022
MIM)re Kingston Smith LLP is e]i8tt•le to act as auditor in terms of Section 1212 of the Companies Act
Page 10
**THE WYFOLD CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
`
|NOTE
**INCOME**
Investment Income
4
**TOTAL INCOME**
**EXPENDITURE**
Costs of generating funds
5
Charitable activities
7
**TOTAL EXPENDITURE**
Gains on investments
Unrealised
9
Realised
9
**NET INCOME/(EXPENDITURE)**
Gains/(Losses) on foreign
exchange
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**BALANCE CARRIED FORWARD**|Unrestricted
Expendable
Endowment
Unrestricted
Income
2022
£
2022
£
2022
£
-
331,201
331,201|Total
2021
£
267,982|
|---|---|---|
||-
331,201
331,201|267,982|
||-
49,604
49,604
-
285,922
285,922|45,414
251,186|
||-
335,526
335,526|296,600|
||332,604
-
332,604
113,212
-
113,212|874,655
160,503|
||445,816
(4,325)
441,491
184
-
184|1,006,540
(4,805)|
||446,000
(4,325)
441,675
9,963,965
37,560
10,001,525|1,001,735
8,999,790|
||**10,409,965**
**33,235**
**10,443,200**|**10,001,525**|
**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 2022
Restated
2021
NOTE
2022
FIXED ASSETS
Investments
10,407,435
10.407A35
9,963,081
9,%3,081
CURREl+fT ASSETS
Debtors
Cash at Bank
io
13,240
49,697
61937
61,656
61,656
UABILITIES
Creditors.. amount fallins due wtthin one year
li
125,891)
(24,493)
NET CURRENf ASSETS
35,765
TOTAL ASSETS LESS CURRENT LIABILITIES
10,443,200
10,(X)1,525
RepTesentin&
UNRESTRicfED FUNDS
Expendable Endowment
Income
10,409,%5
33,235
10,443,200
9,963,965
37,560
10,001,525
These accounts have been prepared in accordance with the speoal provisions of Part 15 of the
Companies Act 2006 relatins to smajl curnpanie
Approved and authorised for issue
Adam R Fleming
Trustee
Date: 18 November 2022
The Wyfold Charitable Trust
Company Re8islered Number.. 09084081
Charity Registered Number: 1157483
Page 12
**THE WYFOLD CHARITABLE TRUST**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022**
|||||Restated|
|---|---|---|---|---|
|||Note|2022|2021|
||||£|£|
|**NET CASH PROVIDED BY OPERATING ACTIVITIES**|||(320,704)|(310,885)|
|**(see below)**|||||
|**Cash flows from investing activities**|||||
|Dividends and interest from investments||4|331,201|267,982|
|Proceeds from the sale of investments||9|1,755,271|1,817,276|
|Purchase of investments||9|(1,609,069)|(2,389,988)|
|Net cash provided by investing activities|||477,403|(304,730)|
|**Change in cash and cash equivalents in period**|||156,699|(615,615)|
|Cash and equivalents brought forward|||194,108|809,723|
|Cash and equivalents carried forward|||350,807|194,108|
|**RECONCILIATION OF NET MOVEMENT IN FUNDS TO**|||||
|**NET CASH FLOW FROM OPERATING ACTIVITIES**|||||
|Net movement in funds for the period ended 31|March (as||441,675|1,001,735|
|per the Statement of Financial Activities, page 11)|||||
|Adjustments for:|||||
|Dividends and interest from investments||4|(331,201)|(267,982)|
|Realised (Gain)/Loss on the sale of investments||9|(113,212)|(160,503)|
|Unrealised (Gain)/Loss in revaluing investments||9|(332,604)|(874,655)|
|(Increase)/Decrease in debtors||10|13,240|(5,801)|
|Decrease in creditors||11|1,398|(3,679)|
|**Net cash provided by operating activities (see above)**|||(320,704)|(310,885)|
|**Analysis of cash and cash equivalents**|||||
||As at 1||Cash Flow|As at 31|
||April 2021|||March 2022|
||£||£|£|
|Cash at Bank|49,697||11,959|61,656|
|Cash held in investments|144,411||144,740|289,151|
||194,108||156,699|350,807|
Page 13
**THE WYFOLD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **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. With respect to the next reporting period, 2022–23, 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 2022 (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**
During the year it was agreed that including cash held with investment managers within Fixed Asset Investments was a more accurate portrayal of how this cash is used. The prior year figures have also been updated to show this cash within Fixed Asset Investments rather than Cash at Bank as previously.
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
## **(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 2022 (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**
- Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months of less.
## **(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.
## **(l) Restatement within investments**
At the year end, it was agreed that some cash accounts held by the investment managers were more accurately classified within investments as opposed to cash at bank. For purposes of comparability, the 2021 figures were also updated to show these as investments. See note 9.
## **2. INFORMATION REGARDING TRUSTEES AND EMPLOYEES**
In the year ended 31 March 2022, none of the Trustees received any remuneration or had expenses reimbursed by the Charity (2021 – none).
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 2022 (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|2022
£
2021
£
339,437
264,904
(8,240)
(7,439)
-
8,240
4
2,277
**331,201**
**267,982**|
|---|---|
## **5. COSTS OF GENERATING FUNDS**
|Investment Management Fee
Custody and Administration fees|2022
£
2021
£
37,741
34,938
11,863
10,476|
|---|---|
||**49,604**
**45,414**|
## **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: -
|British Heart Foundation
The Fleming-Wyfold Art Foundation
British Red Cross
Chronic Disease Research Foundation
Global Warming Policy Foundation
Institute of Economic Affairs
Red Squirrel Survival Trust
Renewable Energy Foundation
Supporting Wounded Veterans
Westminster Abbey Foundation
All other grants below £10,000
Total Grants for the year|£
30,000
25,000
20,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
110,000|
|---|---|
||**255,000**|
Page 17
**THE WYFOLD CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 (CONT’D)**
## **7. ANALYSIS OF GRANTS MADE**
The number of grants and amounts payable in the year were made for the following purposes: -
|The prevention of relief of poverty
The advancement of education
The advancement of religion
The advancement of health or the saving of lives
The advancement of citizenship or community
development
The advance of the arts, culture, heritage or science
The advancement of environmental protection or
improvement
The relief of those in need by reason of youth, age, ill-
health, disability, financial hardship or other disadvantage
The advancement of animal welfare
The promotion of the efficiency of the armed forces of the
Crown, or of the efficiency of the policy, fire and rescue
services or ambulance services
Any other purposes that are recognised as charitable
under sub-section (4)
Repayment of unused donation money
**Support and Governance costs (see note 8)**
**Charitable Activities**|2022
No.
2021
No.
2022
£
3
4
27,500
10
8
58,000
1
-
10,000
12
7
83,500
2
1
5,000
3
5
35,000
3
3
15,000
2
1
6,000
2
2
15,000
-
1
-
-
1
-|2021
£
13,500
42,500
-
56,000
10,000
56,000
25,000
5,000
7,500
5,000
5,000|
|---|---|---|
||38
33
255,000|225,500|
||-
-
(2,500)
-
-
33,422|(5,000)
30,686|
||38
33
**285,922**|**251,186**|
## **8. SUPPORT AND GOVERNANCE COSTS**
|Auditor’s remuneration
- current year
- prior year under accrual
Legal and Professional
Bank Charges
To Charitable Activities|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2022
Total
£
-
10,000
10,000
-
1,180
1,180
-
22,041
22,041
-
201
201
-
(33,422)
(33,422)|2021
Total
£
9,500
880
19,873
433
(30,686)|
|---|---|---|
||**-**
**-**
**-**|**-**|
Page 18
**THE WYFOLD CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 (CONT’D)**
## **9. FIXED ASSET INVESTMENTS**
## **Movement in fixed asset investments**
|Balance brought forward
Add: Acquisitions at cost
Less Disposal Proceeds
Realised (loss)/gain on disposals
Net (loss)/gain on revaluation
Cash for Investment
**Market Value at 31 March**
_Historical Costs at 31 March_
**Geographical Analysis**
United Kingdom investments
Overseas investments|Unlisted Securities
Listed Securities
Total Restated
2022
£
2021
£
2022
£
2021
£
2022
£
2021
£
240,626
278,349
9,578,044
7,932,451
9,818,670
8,210,800
-
-
1,609,069
2,389,988
1,609,069
2,389,988
(20,266)
(2,877)
(1,735,005)
(1,814,399)
(1,755,271) (1,817,276)
(8,591)
2,877
121,803
157,626
113,212
160,503
(162,881)
(37,723)
495,485
912,378
332,604
874,655
-
-
-
-
289,151
144,411|Unlisted Securities
Listed Securities
Total Restated
2022
£
2021
£
2022
£
2021
£
2022
£
2021
£
240,626
278,349
9,578,044
7,932,451
9,818,670
8,210,800
-
-
1,609,069
2,389,988
1,609,069
2,389,988
(20,266)
(2,877)
(1,735,005)
(1,814,399)
(1,755,271) (1,817,276)
(8,591)
2,877
121,803
157,626
113,212
160,503
(162,881)
(37,723)
495,485
912,378
332,604
874,655
-
-
-
-
289,151
144,411|
|---|---|---|
||**48,888**
**240,626**
**10,069,396**
**9,578,044**
**10,407,435**|**9,963,081**|
||_259,432_
_367,917_
_9,080,988_
_9,129,831_
_9,340,420_
45,339
39,345
9,701,977
9,247,775
9,747,316
3,549
201,281
367,419
330,269
370,698|_9,497,748_
9,287,120
531,550|
||**48,888**
**240,626**
**10,069,396**
**9,578,044**
**10,118,284**|**9,818,670**|
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
Artemis Global Income Fund
Trojan Income Fund
T Bailey Evenlode GBL INC “F” GBP
**0. DEBTORS**
Repayment from Charity of unused donation money
Accrued Interest Income|**Holding**
**(in units)**
**Value**
**£**
950,838
1,304,265
1,065,276
1,020,748
59,330
937,242
352,691
914,176
462,675
865,896
403,836
575,548
2022
£
2021
£
-
5,000
-
8,240|
|---|---|
||**-**
**13,240**|
## **10. DEBTORS**
Page 19
**THE WYFOLD CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 (CONT’D)**
## **11. ANALYSIS OF LIABILITIES Creditors falling due within one year**
|Accruals
Accruals
**12. FUND ANALYSIS**
Investments
Cash at bank
Creditors
Investments
Debtors
Cash at bank
Creditors|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2022
Total
£
-
25,891
25,891|
|---|---|
||**-**
**25,891**
**25,891**|
||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2021
Total
£
-
24,493
24,493|
||**-**
**24,493**
**24,493**|
||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2022
Total
£
10,407,435
-
10,407,435
2,530
59,126
61,656
-
(25,891)
(25,981)|
||**10,409,965**
**33,235**
**10,443,200**|
||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
Restated
2021
Total
£
9,963,081
-
9,963,081
-
13,240
13,240
884
48,813
49,697
-
(24,493)
(24,493)|
||**9,963,965**
**37,560**
**10,001,525**|
## **13. RELATED PARTY TRANSACTIONS**
Hermione Fleming is an ambassador for Young Epilepsy to whom a grant of £5,000 was paid during the year (2021: £15,000).
Page 20