2021-09-30-accounts - Warner Priory Charitable Trust

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WARNER PRIORY CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

REGISTERED CHARITY NO. 1159667

WARNER PRIORY CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
CONTENTS
	PAGE
REPORT OF THE TRUSTEES	1 - 4
INDEPENDENT EXAMINER'S REPORT	5
STATEMENT OF FINANCIAL ACTIVITIES	6
BALANCE SHEET	7
NOTES TO THE FINANCIAL STATEMENTS	8 - 10

WARNER PRIORY CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

The Trustees present their annual report along with the financial statements of the Charity for the year ended 30 September 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 8 on a receipts and payments basis and comply with the Charity's Trust Deed and the Charities Act 2011.

REFERENCE AND ADMINISTRATION DETAILS

Full name: Warner Priory Charitable Trust

Registered Charity number: 1159667

Principal address & Solicitors: Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD

Trustees: Alan Tristram Nicholas Warner (life) Susan Voase Warner (life) Nicholas Redston Warner

Independent Examiner: Michael Flynn ACA Compass House, Lypiatt Road Cheltenham GL50 2QJ

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.

There were no changes to the Trustees during the year ending 30 September 2021.

Appointment of Trustees

New Trustees are appointed in writing by the Settlor and subject thereto by:

a resolution of the Trustees passed at a special meeting. - by deed.

WARNER PRIORY CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Appointment of Trustees

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 being re-elected 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 received rental income from both properties.

Grants paid in 2021: £34,500 (2020: £51,430). 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 chariable objectives of education, conservation, arts and general charitable purposes. The Trustees will not consider unsolicited requests for funding.

FINANCIAL REVIEW

Income of £71,508 was received in the year (2020: £58,624). Total expenditure was £49,363 (2020: £64,736) comprising grants of £34,500 (noted above) and support costs of £14,863 (2020: £13,306).

Both commercial tenants were given a 25% COVID concession for the first lockdown for the March 2020 quarter rent payment. Since then, payment plans or other measures have been agreed where necessary.

WARNER PRIORY CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Reserves policy and going concern policy

The Trustees ensure that they have sufficient reserves to meet their expenses on a rolling six month basis and this is reviewed as needed. The Trustees are satisfied there will be no long-term impact on the going concern status 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.

Public benefit statement

The Trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit in deciding what activities the Trust should undertake in furtherance of the charitable objects of the Trust.

Fund raising policy

The Charity's income is generated from rental income, it does not undertake fundraising activities, it is nevertheless mindful of the code issued by the fundraising regulator.

WARNER PRIORY CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 STATEMENT OF TRUSTEE RESPONSIBILrriES The Trusteees arg responsible for prèparing Ihg Trustses, Rewrt and the fin8naal statements in C¢nCe wilh SpTeaal¥W and United Kingdom A¢counbng Standards Iunttad Kingdom Generally Accepted Accounting PractiC81. The law 8PPticable to chari119s in England & Wales requires the trusteeg to prepare financia statèments for each finanaal yèar which giw 8 truo and foir wew of tho Sto19 of affairs of th8 tha and of the incoming resources and applic8tlon of r8$ourcè$ cd the chty lor that penod. In preparing thèse finanogl sialgments, the trustees are required lo." Select sultaue aCc0thIng polides than appty them conjlstenlly," Observe the methods and principles in the ChRritio8 SORP., Make ju¢Jgements and e$timat6$ Ihal arè roa$able wudent.. State whether applicaL4e aCcntIng sland8rds have been fdk)wed. su.eCt to any material departures th'sdosed and explainJ in the finarrial statements., Prepar6 the finarts'al statements ¢)n the going ¢oncem ba$1$ uthss il is inapproprie to prèsum¢ It the charlty will Contin In sInesS. The trustees are responsible lor keepirfj wjper accounting rècords that th'scloso wth reasonable curaGy 81 any lim8 the f nan¢ial posttion ol the charity and enae them to ensure thal the financial $talemenls comply vAth thè Charities Act 2011, the Charity (Accounts Reports) Re9ulalions 2CQ8 and the Pro$40nS of the trust deed. They ar¢ also responsie for safeguarding th8 assèts of charity and hence for takirvJ rgason8ble Stèps for the prevents.on and detsction of frau¢J and other Irregularity'es. Th8 Trustees Confi that they have CL118 Mth the duty In Secbcn 17 of th8 Chariti&$ A¢t 2011 to have due regard to the public benefit guldance put41shed by th8 Chanty Cc*nmission in detemiinlng the actiwties undertaken by the chaflty. Slgnèd on beh•lf of the board ol Tmstees: Name: Date:

WARNER PRIORY CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

I report to the Trustees on my examination of the accounts of the Warner Priory Charitable Trust (the Trust) for the year ended 30 September 2021.

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:

The accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or

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.

Michael Flynn ACA

Compass House, Lypiatt Road, Cheltenham GL50 2QJ

Date: 29/07/2022

WARNER PRIORY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Notes
INCOME AND EXPENDITURE
Income and Endowments from
Rental income
3
Total Income
EXPENDITURE ON
Charitable Activities
Grants
4
Support costs
4
Total Expenditure
Net income before other gains/losses
Other recognised gains/losses
Unrealised gains/(losses) on revaluation of
leasehold properties
Net Movement in Funds
Reconciliation of Funds
Funds brought forward
TOTAL FUNDS CARRIED FORWARD AT
30 SEPTEMBER 2021
page 7

UNRESTRICTED
ENDOWMENT
TOTAL
TOTAL
FUND
FUND
2021
2020
£
£
£
£
71,508
-
71,508
58,624
71,508
-
71,508
58,624
34,500
-
34,500
51,430
14,863
-
14,863
13,306
49,363
-
49,363
64,736
22,145
-
22,145
(6,112)
-
2,450
2,450
(7,100)
22,145
2,450
24,595
(13,212)
11,526
455,050
466,576
479,788
33,671
457,500
491,171
466,576

WARNER PRIORY CHARITABLE TRUST BAIANCE SHEET AS AT JO SEPTEMBER 2021 Notes 2021 2020 Flxed Assets Leasehold propwti•s 467,600 455,050 467,600 455,050 Currènt As••ts Cash at bank 33.671 13.914 Totsl current assets 33,671 13.914 Less: Credltor8 BD8 Pitman fees {2,388) ¢urrent as8•ts 33,671 11.526 Net asset• 491.171 466.578 Funds of the Charlty Unrestricted Fu)d Fund page 6 page 6 33.671 467.600 11.526 45S,0S0 Total Funds 491.171 466.576 The Mt•s on pages 8 to 10 ffxm part of these fin01 Stat8n1$. Approv•d and *lgn•d on behalf of tho TTUSte••: Nam•: Date:

WARNER PRIORY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. 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 they have been prepared on a receipts and payments basis. The Charity constitutes a public benefit entity as defined by FRS 102. Having assessed the Charity's financial position and plans for the forseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.

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 a payments basis and have been classified under headings that aggregate all costs to the category. Donations are recognised when paid. All expenses are deducted from the Unrestricted Fund (unless they relate specifically to the restricted funds). All payments are now charitable expenditure (support costs), and there are no governance costs.

Grants

Grants are recognised on a payments basis.

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)

Value brought forward Revaluation Value carried forward	2021 £ 455,050 2,450 457,500	2020 £ 462,150 (7,100) 455,050

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 Taylor have provided an informal valuation as at the balance sheet date.

WARNER PRIORY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

3. Income Rental income received from properties 4. Charitable Grants and Support Costs Charitable Grants As at 30 September 2021, the charity had committed to make grants of Support costs BDB Pitmans LLP - administration fees Maunder Taylor - management fees Property repairs and maintenance Rent, rates and insurance Legal fees Lease renewal fees CAF bank charges Total support costs Total charitable grants and support costs 29 grants were paid during the year (2020: 22 grants)	2021 £ 71,508 71,508 2021 £ 34,500 £25,375 in future years. 1,800 3,967 2,111 2,222 1,976 2,700 87 14,863 49,363	2020 £ 58,624 58,624 2020 £ 51,430 1,788 7,142 1,751 2,565 - - 60 13,306 64,736

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 (2020 - nil in all cases).

6. Cash at bank

CAF bank Maunder Taylor rent account	2021 £ 23,093 10,578 33,671	2020 £ 13,914 - 13,914

WARNER PRIORY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

7. Summary of fund movements

2020/21 Unrestricted Fund Endowment Fund Total 2019/20 Unrestricted Fund Endowment Fund Total	Balance B/fwd Income/ gains Expenditure/ losses Balance C/fwd 11,526 71,508 (49,363) 33,671 455,050 2,450 - 457,500 466,576 73,958 (49,363) 491,171 17,638 58,624 (64,736) 11,526 462,150 - (7,100) 455,050 479,788 58,624 (71,836) 466,576