## **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. 1 ## **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. 2 ## **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. 3 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 Sp￿Tea￿al¥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 aCc0th￿Ing 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 aCc￿ntIng sland8rds have been fdk)wed. su￿.eCt to any material departures th'sdosed and explain*J in the finarrial statements., Prepar6 the finarts'al statements ¢)n the going ¢oncem ba$1$ uthss il is inappropri*e 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 ena￿e them to ensure thal the financial $talemenls comply vAth thè Charities Act 2011, the Charity (Accounts Reports) Re9ulalions 2CQ8 and the Pro￿$40nS of the trust deed. They ar¢ also responsi￿e for safeguarding th8 assèts of charity and hence for takirvJ rgason8ble Stèps for the prevents.on and detsction of frau¢J and other Irregularity'es. Th8 Trustees Confi￿ that they have CL￿￿118￿ Mth the duty In Secbcn 17 of th8 Chariti&$ 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: 1. The accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. 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 5 ## **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| |---|---| 6 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 fin￿01 Stat￿8n1$. 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. 8 **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| |---|---|---| 9 ## **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**| |---|---| 10