2023-09-30-accounts

WARNER PRIORY CHARITABLE TRUST

Trustees' Annual Report and Financial Statements Year Ended 30 September 2023 Registered Charity No. 1159667

Warner Priory Charitable Trust

Trustees' Annual Report and Financial Statements for the year ended 30 September 2023

Contents

	Page
Report of the Trustees	1 - 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Statement of Assets and Liabilities	6
Notes to the Financial Statements	7 - 9

Warner Priory Charitable Trust

Report of the Trustees

for the year ended 30 September 2023

The Trustees present their annual report along with the financial statements of the Charity for the year ended 30 September 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 7 on a receipts and payments basis and comply with the Charity's Trust Deed, the Charities Statement of Recommended Practice, and the Charities Act 2011.

Reference and Administration Details

Trustees	Alan Tristram Nicholas Warner (life)
	Susan Voase Warner (life)
	Nicholas Redston Warner
Registered Charity Number	1159667
Registered Address	Charles Russell Speechlys LLP
	5, Fleet Place
	London
	EC4M 7RD
Solicitors	Charles Russell Speechlys LLP
	5, Fleet Place
	London
	EC4M 7RD
Independent Examiner	Timothy John Phillips MA
	47, St Cross Road
	Winchester
	Hampshire

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 was appointed for an initial period of 5 years.

There were no changes to the Trustees during the year ending 30 September 2023.

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.

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.

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Warner Priory Charitable Trust

Report of the Trustees for the year ended 30 September 2023 (continued)

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.

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 £89,193 was received in the year (2022: £75,661). Total expenditure was £88,235 (2022: £81,767) comprising donations of £40,625 (2022: £43,200) and support costs of £47,610 (2022: £38,567). Included within the 2023 expenditure was roof repair work at 159 Priory Road of £24,858 (2022: £25,385 in relation to 175 Priory Road).

Reserves 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, however, it is nevertheless mindful of the code issued by the fundraising regulator.

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Warner Priory Charitsble Trust Re￿ ofthe Tntstee5 the ye•r ended 30September2023 {cortlThJedl siaternent of Trustee Resp(ffi5Sbillties The Trusteees are responsible for preparin¢ the Trusrees, and the finaftctsl stBternent5 In atc(dante with appliiable Ihw and United Kingdom Accounting Standard5 IUDrted Klngdom Generalty Actekrfed ACCO￿ling Practice). The lèw applicable to charities in England & Wale5 FEquires the tnJ5teestowtpave fina￿la1 state￿ts for each tiftanclal year which Ei¥Je a true and fairview ol Ihe state of affairs of the cha￿ty0nd of the IncrMnlriK resources and appllcatlon of resource5 of the Charity for ihat ￿r￿d. In weparfngthesefirtarKtsI ststerrTht% theinsteesare reqwred to: Select suirable accounting ￿KleSandthen app￿thern consistenttr, Obserwe the methods and prlnclpks Inthe Charftle5 SORP IFRS 102}; Mèke judÉementsand eslfmatesthat •re reawable Ind wudeTrt: State whether apKAicable account1n8￿antsrd$ have beenfollowed 5ubJ'ecttoanv material departures disclosed and exrdained In the financlal $￿eN￿￿t4 prepa￿ the financlal MatemeAts on the go(n8c>Kern basis ￿lesS itis inapprorrriate io nresume thatthe (harttvwll contlnue In tAtsine5S. The Trustees are reSp￿sible for keeping woperattourfinKrecordsthat disclose with reasonableaccuracy at arytlrne the Il., financial position of the Charity and enable theMtoertsU￿ that the fimncial statEnnts com￿¥With the CharitiesArt 2011. the Charity (Accounts and Rew)rtsl Rewlations 2(￿ and the provi5ws of the Trnst Oeed. They are 3150 resFonsible for Safeg￿rdIng the assets of ihe Charityartrd he￿￿f0￿￿kIng rea$Cffja￿e stepsforthe &Ye¥ent￿Tr and detection of frnud and other irregularitSes. The Trusiees (￿firMthat they have complied wrth the duty in Section 17 of the Charitie5 Art 2011 to have due regard to the publ¢c benelit&uidan£e published tythe Charity Comnwssion in dEteTmining the act1wil￿$ undertaken by the charity. 518rrtd on behalf olthe Board olTrustees: Nlcholas Redston Wamer Trusiee

Warner Priory Charitable Trust

Independent Examiner's Report

for the year ended 30 September 2023

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 2023.

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 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.

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.

Timothy John Phillips MA 47, St Cross Road Winchester Hampshire

Date: 25 July 2024

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Warner Priory Charitable Trust

Statement of Financial Activities for the year ended 30 September 2023

----- Start of picture text -----
Unrestricted Endowment Total Total
Fund Fund Fund Fund
2023 2022
Notes £ £ £ £
Income
Income 3 89,193 - 89,193 75,661
Total Income 89,193 - 89,193 75,661
Expenditure on
Charitable Activities
Donations 4 40,625 - 40,625 43,200
Support Costs 5 47,610 - 47,610 38,567
-
Total Expenditure 88,235 88,235 81,767
Net income/expenditure 958 - 958 (6,106)
Unrealised gains/(losses) on
-
revaluation of leasehold properties 5,000 5,000 16,500
Net Movement in Funds 958 5,000 5,958 10,394
Reconciliation of Funds
Funds brought forward 27,565 474,000 501,565 491,171
Total Funds at 30 September 2023 8 28,523 479,000 507,523 501,565
----- End of picture text -----

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Wamer Prlory Charitable Trust ststement of A￿ets and Llabllitles forthè yearended 30 Septèmber 2023 Noie5 2023 2022 Flxed Assèts Leasehold Properties 479XK 474.000 479m) 474,000 Current Assets Cash at bank 28523 27.565 Total current 35sets 28523 27.565 Net assets S07.523 501,565 Funds of the Charity Unrestricted Fund Endowment Fund IS￿23 479.￿1 27,565 474.(lJO Total Funds $07,S23 501.565 Approved by the Board of Trustees and signed on their behalf by= Q,LLJ_ Nithola5 Redston Wamer Tiustee Datw.

Warner Priory Charitable Trust

Notes to the Financial Statements

for the year ended 30 September 2023

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 of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming Resources

All incoming resources are accounted for on a receipts basis.

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. 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.

Donations

Donations are recognised on a payments basis.

Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.

Taxation

The Charity is exempt from tax on its charitable activities.

Fund Accounting

The Unrestricted Fund is used for holding liquid assets available for distribution. The Endowment Fund holds the Charity's properties.

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Warner Priory Charitable Trust

Notes to the Financial Statements

for the year ended 30 September 2023

2. Leasehold Properties (Endowment Fund)

Value brought forward as at 30 September 2022 Revaluation Value carried forward as at 30 September 2023	2023 £ 474,000 5,000 479,000	2022 £ 457,500 16,500 474,000

The properties comprise shops and flats from which rental income is received.

The value of the leasehold properties is determined using marketing appraisals, as at the balance sheet date, prepared by a RICS (Royal Institution of Chartered Surveyors) chartered surveyor.

3. Income

Rental income and rechargeable costs Bank interest	2023 £ 89,160 33 89,193	2022 £ 75,655 6 75,661

4. Charitable Donations

Charitable Donations to institutions National Trust of Scotland Speakers Trust Other Donations 24 donations were paid during the year (2022:36 donations)	2023 £ 8,000 5,000 27,625 40,625	2022 £ 7,500 8,250 27,450 43,200

The Charity makes annual recurrent donations to some charities. During the year to 30 September 2023, recurrent donations were made to 10 charities totalling £22,625 (2022: 11 charities received £25,550).

Recurring donations are made for periods of up to five years, whereupon the Trustees decide whether or not to extend. No formal commitments to provide recurrent funding after the balance sheet date have been made by the Trustees. Donations are and will only be made when the Trustees are satisfied the Charity has sufficient net property income after support costs.

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Warner Priory Charitable Trust

Notes to the Financial Statements for the year ended 30 September 2023

5. Support Costs Maunder Taylor - management fees Property repairs and maintenance Rent, rates and insurance Legal and professional fees Lease renewal fees CAF bank charges Total support costs	2023 £ 5,121 33,002 3,351 4,992 1,084 60 47,610	2022 £ 3,150 28,279 3,668 2,700 680 90 38,567

6. Disclosure of trustees remuneration, benefits and expenses

No Trustee has been paid any remuneration or received any other benefits from an employment with the 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 (2022 - nil in all cases).

7. Cash at bank

CAF bank Maunder Taylor rent account	2023 £ 13,744 14,779 28,523	2022 £ 10,614 16,951 27,565

8. Summary of fund movements

2022/23 Unrestricted Fund Endowment Fund Total 2021/22 Unrestricted Fund Endowment Fund Total	Balance B/fwd Income/ gains Expenditure/ losses Balance C/fwd 27,565 89,193 (88,235) 28,523 474,000 5,000 - 479,000 501,565 94,193 (88,235) 507,523 33,671 75,661 (81,767) 27,565 457,500 16,500 - 474,000 491,171 92,161 (81,767) 501,565

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