WARNER PRIORY CHARITABLE TRUST Registered Charity Number 1159667
Trustees' Report and Financial Statements For the year ended 30 September 2020
WARNER PRIORY CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their annual report along with the financial statements of the Charity for the year ended 30 September 2020. The financial statements have been prepared in accordance with the accounting policies set out on 7 and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS102).
REFERENCE AND ADMINISTRATION DETAILS
Name of charity WARNER PRIORY CHARITABLE TRUST Charity Registration Number 1159667 Charity Principal Office One Bartholomew Close, London EC1A 7BL Trustees Alan Tristram Nicholas Warner (life) Susan Voase Warner (life) Nicholas Redston Warner Solicitors` BDB Pitmans LLP One Bartholomew Close London EC1A 7BL Independent Examiner Julia Strike TEP One Bartholomew Close London EC1A 7BL
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
A deed dated 7 October 2014 established the Trust and appointed the First Trustees. Alan and Susan are Trustees for life and Nicholas is appointed for an initial period of 5 years. He was eligible for reelection this period.
There were no changes to the Trustees during the period ending 30 September 2020.
Appointment of Trustees
New Trustees are appointed in writing by the Settlor and subject thereto by:
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a resolution of the Trustees passed at a special meeting.
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• By deed.
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20013150.1
WARNER PRIORY CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
Any future trustee appointed shall be appointed for a term of five years and is eligible to be reappointed to act as a Trustee. During the 2 September 2019 trustee meeting, Alan and Susan Warner agreed to Nicholas Redston Warner re-election as trustee for a further five year term.
Trustee Induction and Training
It is the responsibility of the senior Trustee to induct any new trustees and explain his/her responsibilities and duties whilst providing copies of the trust instrument, past accounts and guidance booklets provided by the Charity Commission. No special skills are required as the Charity does not provide a service.
Objectives and Activities
The Trust was established by a deed dated 7 October 2014 with general charitable objects and purposes. The Trustees meet three times a year on a four-monthly basis.
ACHIEVEMENTS AND PERFORMANCE
The Trust received a gift of cash from Alan Warner during 2014/15 on its creation. A leasehold property was also transferred: 159 Priory Road, London N8 8NB. On 1 April 2016 a further leasehold property was added: 175 Priory Road London N8 8NB. During the year the Trust has received rental income from both properties.
Grants in 2020 made/committed: £51,430 (2019: £42,000). The plan is to distribute cash reserves for charitable purposes (after expenses) which will be shown in subsequent accounts. The Trustees consider supporting charities in accordance with their charitable objectives of education, conservation, arts and general charitable purposes. The Trustees will not consider unsolicited requests for funding.
FINANCIAL REVIEW
Income of £58,624 was received in the year (2019: £60,483). Total expenditure was £64,736 (2019: £57,937) comprising grants of £51,430 (noted above) and support costs of £13,306 (2019: £15,937).
Both commercial tenants were given a 25% COVID concession for the first lockdown for March 2020 quarter rent payment. Since then, payment plans or other measures have been agreed where necessary.
Reserves policy and going concern policy
The Trustees ensure that they have sufficient reserves to meet their expenses on a rolling 6 month basis and this is reviewed as needed. The Trustees have reviewed the impact of COVID-19 on the rental income. The Trustees are satisfied there will be no long-term impact on the going concern of the charity.
Risk Management
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems and procedures have been established to manage those risks. In particular, the Trustees do not enter into commitments in excess of their available cash resources and as a result they operate in a very low risk environment. Any drop in rental income received will be matched by an appropriate reduction in expenditure. As mentioned above, the Trustees have been in discussions with tenants in respect of the impact of the COVID-19 pandemic and the restrictions imposed by the UK government on recovering rental arrears.
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20013150.1
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WARNER PRIORY CHARITABLE TRUST
INDEPENDENT EXAMINER’S FOR THE YEAR ENDED 30 SEPTEMBER 2020
I report to the Trustees on my examination of the accounts of the Warner Priory Charitable Trust Charity (the Trust) for the year ended 30 September 2020.
Responsibilities and basis of report
As the Charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act;
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or the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Julia Strike TEP
One Bartholomew Close, London, EC1A 7BL
15 July Date…………………………………. 2021
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20144305.1
WARNER PRIORY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2020
| Unrestricted | Endowment | ||||
|---|---|---|---|---|---|
| Fund | Fund | Total | Total | ||
| 2020 | 2020 | 2020 | 2019 | ||
| Income and Expenditure | Notes | £ | £ | £ | £ |
| Income and Endowments from: | |||||
| Rental income | 3 | 58,624 | - | 58,624 | 60,483 |
| Total income | 58,624 | - | 58,624 | 60,483 | |
| Expenditure | |||||
| Charitable Activities | |||||
| Grants | 4 | 51,430 | - | 51,430 | 42,000 |
| Support costs | 4 | 13,306 | - | 13,306 | 15,937 |
| Total expenditure | 64,736 | - | 64,736 | 57,937 | |
| Net income/expenditure before (losses)/ | gains | (6,112) | - | (6,112) | 2,546 |
| Net recognised gains/(losses) | |||||
| Unrealised (losses) on revaluation of | |||||
| leasehold properties | 2 | - | (7,100) | (7,100) | (2,750) |
| Net Movement in Funds | (6,112) | (7,100) | (13,212) | (204) | |
| Reconciliation of Funds | |||||
| Balances brought forward | |||||
| at 30 September 2019 | 17,638 | 462,150 | 479,788 | 479,992 | |
| Balances carried forward | |||||
| at 30 September 2020 | 11,526 | 455,050 | 466,576 | 479,788 |
The notes on pages 7 to 9 form part of the financial statements.
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WARNER PRIORY CHARITABLE TRUST BALANCE SHEET A• at 30 8EPTEM8ER 2020 2020 Flx•d A•••l• L•a••hcld mrtl•• 462.150 CuTh•nt A•••ts 13.914 18.712 U•blllllM fdllng du• ¥Athln )n• Crnthl(Y. BD8 LLP 17,&)8 Total A•••l• R•w•Mnt•d by: Urrn•bl¢•d Fu)d 11.5 17,ffj8 482.150 ol lh• Trw*•J W•rrhv. Truth•
WARNER PRIORY CHARITABLE TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 September 2020
1. PRINCIPAL ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust's financial statements.
General
The financial statements have been prepared under the historical cost convention, with the exception that investments are shown at market value as at the balance sheet date and are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Incoming Resources
All income is recognised but voluntary and rental income is recorded when received.
Resources Expended
All expenditure and liabilities are accounted for on an accruals basis and have been classified under headings that aggregate all costs to the category. Donations are recognised when paid or an earlier commitment made. All expenses are deducted from the Unrestricted Fund (unless they relate specifically to the restricted funds). All payments are now charitable expenditure (support costs), there are no governance costs.
Grants
Grants are recognised on a payable basis or when an earlier unconditional commitment is made.
Fund Accounting
The Unrestricted Fund is used for holding liquid assets available for distribution, the Endowment Fund holds the Charity's properties.
| 2. LEASEHOLD PROPERTIES (Endowment Fund) Leasehold properties Reduction to present value Net book value |
2020 2019 £ £ 462,150 464,900 (7,100) (2,750) |
|---|---|
| 455,050 462,150 |
The properties comprise shops and flats from which rental income is received.
Formal valuations of the leaseholds are carried out every 3-5 years. The last formal valuations were undertaken by Maunder Taylor, who also collect the rental income. Maunder Tylor have provided an informal valuation at the balance sheet date.
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WARNER PRIORY CHARITABLE TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 September 2020
| 3. INCOME Rental income received from properties Total 4. CHARITABLE GRANTS AND SUPPORT COSTS Charitable Grants 25 grants were made or committed to institutions during the year (28 grants - 2019) Support Costs BDB Pitmans LLP - administration fees Maunder Taylor - management fees Property repairs and maintenance Rent, rates and insurance CAF charges Total support costs Total of charitable grants and support costs |
2020 2019 £ £ 58,624 60,483 |
|---|---|
| 58,624 60,483 |
|
| 2020 2019 £ £ |
|
| 51,430 42,000 |
|
| 1,788 1,074 7,142 8,252 1,751 4,044 2,565 2,507 60 60 |
|
| 13,306 15,937 |
|
| 64,736 57,937 |
5. DISCLOSURE OF TRUSTEES REMUNERATION, BENEFITS AND EXPENSES
None of the Trustees have been paid any remuneration or received any other benefits from an employment with their Charity or a related entity, no Trustee expenses have been incurred nor have there been any related party transactions in the reporting period that require disclosure (2019 - nil in all cases). (2019 - nil in all cases).
| 6. CASH AT BANK CAF Bank Total |
2020 2019 £ £ 13,914 18,712 |
|---|---|
| 13,914 18,712 |
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WARNER PRIORY CHARITABLE TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 September 2020
7. SUMMARY OF FUND MOVEMENTS
| SUMMARY OF FUND MOVEMENTS | ||||
|---|---|---|---|---|
| Balance | Income/ | Expenditure/ | Balance | |
| 2019/20 | B/fwd | gains | losses | c/fwd |
| £ | £ | £ | £ | |
| Unrestricted Fund | 17,638 | 58,624 | 64,736 | 11,526 |
| Endowment Fund | 462,150 | - | 7,100 | 455,050 |
| Total | 479,788 | 58,624 | 71,836 | 466,576 |
| Balance | Income/ | Expenditure/ | Balance | |
| 2018/19 | B/fwd | gains | losses | c/fwd |
| £ | £ | £ | £ | |
| Unrestricted Fund | 15,092 | 60,483 | 57,937 | 17,638 |
| Endowment Fund | 464,900 | - | 2,750 | 462,150 |
| Total | 479,992 | 60,483 | 60,687 | 479,788 |
| ANALYSIS OF ASSETS AND LIABILITIES | ||||
| Unrestricted | Endowment | |||
| Fund | Fund | Total | Total | |
| 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | 455,050 | 455,050 | 462,150 |
| Current Assets | 13,914 | - | 13,914 | 18,712 |
| Current Liabilities | (2,388) | - | (2,388) | (1,074) |
| 11,526 | 455,050 | 466,576 | 479,788 | |
| Unrestricted | Endowment | |||
| Fund | Fund | Total | Total | |
| 2019 | 2019 | 2019 | 2018 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | 462,150 | 462,150 | 464,900 |
| Current Assets | 18,712 | - | 18,712 | 15,092 |
| Current Liabilities | (1,074) | - | (1,074) | - |
| 17,638 | 462,150 | 479,788 | 479,992 |
8. ANALYSIS OF ASSETS AND LIABILITIES
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