## **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. 1 ## **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. 2 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 ststerr*Tht% 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 $￿eN￿￿t4 prepa￿ the financlal MatemeAts on the go(n8c*>Kern basis ￿lesS itis inapprorrriate io nresume thatthe (harttvwll contlnue In tAtsine5S. The Trustees are reSp￿sible for keeping woperattourfinKrecordsthat disclose with reasonableaccuracy at arytlrne the Il., financial position of the Charity and enable theMtoertsU￿ that the fimncial statEn*nts com￿¥With the CharitiesArt 2011. the Charity (Accounts and Rew)rtsl Rewlations 2(￿ and the provi5ws of the Trnst Oeed. They are 3150 resFonsible for Safeg￿rdIng the assets of ihe Charityartrd he￿￿f0￿￿kIng rea$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 4 ## **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 -----**
5 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. 7 ## **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. 8 ## **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**| |---|---| 9