WARNER PRIORY CHARITABLE TRUST
Trustees' Annual Report and Financial Statements Year Ended 30 September 2024 Registered Charity No. 1159667
Warner Priory Charitable Trust
Trustees' Annual Report and Financial Statements for the year ended 30 September 2024
| 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 2024
The Trustees present their annual report along with the financial statements of the Charity for the year ended 30 September 2024. 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 | Zeeshan Munawar |
| ACCA | |
| UK Accountancy & Tax Consultant | |
| LHR, PAK |
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 2024.
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.
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 Trustee meeting of 15 November 2024, 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 2024 (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 £70,975 was received in the year (2023: £89,193). Total expenditure was £73,228 (2023: £88,235) comprising donations of £47,135 (2023: £40,625) and support costs of £26,093 (2023: £47,610). Included within the 2024 expenditure was fire alarm and emergency lighting work at 159 Priory Road of £3,848 and minor works at 175 Priory Road of £4,008 (2023: £24,858 in relation to roof repair work 159 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 Charitable Trust
Report of the Trustees for the year ended 30 September 2024 (continued)
Statement of Trustee Responsibilities
The Trusteees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP (FRS 102);
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.
Signed on behalf of the Board of Trustees:
Nicholas Redston Warner Trustee
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Warner Priory Charitable Trust
Independent Examiner's Report for the year ended 30 September 2024
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 2024.
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:
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The accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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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.
Zeeshan Munawar ACCA LHR, PAK
16-Mar-25
Date:
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Warner Priory Charitable Trust
Statement of Financial Activities
for the year ended 30 September 2024
----- Start of picture text -----
Unrestricted Endowment Total Total
Fund Fund Fund Fund
2024 2023
Notes £ £ £ £
Income
Income 3 70,975 - 70,975 89,193
Total Income 70,975 - 70,975 89,193
Expenditure on
Charitable Activities
Donations 4 47,135 - 47,135 40,625
Support Costs 5 26,093 - 26,093 47,610
-
Total Expenditure 73,228 73,228 88,235
Net income/expenditure (2,252) - (2,252) 958
Unrealised gains/(losses) on
-
revaluation of leasehold properties 18,000 18,000 5,000
Net Movement in Funds (2,252) 18,000 15,748 5,958
Reconciliation of Funds
Funds brought forward 28,523 479,000 507,523 501,565
Total Funds at 30 September 2024 8 26,271 497,000 523,271 507,523
----- End of picture text -----
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Warner Priory Charitable Trust
Statement of Assets and Liabilities for the year ended 30 September 2024
| Notes Fixed Assets Leasehold Properties 2 |
2024 2023 £ £ 497,000 479,000 |
|---|---|
| 497,000 479,000 |
|
| Current Assets Cash at bank 7 |
26,271 28,523 |
| Total current assets | 26,271 28,523 |
| Net assets | 523,271 507,523 |
| Funds of the Charity Unrestricted Fund 8 Endowment Fund 8 |
26,271 28,523 497,000 479,000 |
| Total Funds | 523,271 507,523 |
Approved by the Board of Trustees and signed on their behalf by:
Nicholas Redston Warner Date: 16th March 2025 Trustee `
The notes on pages 7 to 9 form part of these financial statements.
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Warner Priory Charitable Trust
Notes to the Financial Statements
for the year ended 30 September 2024
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 2024
2. Leasehold Properties (Endowment Fund)
| Value brought forward as at 30 September 2023 Revaluation Value carried forward as at 30 September 2024 |
2024 £ 479,000 18,000 497,000 |
2023 £ 474,000 5,000 479,000 |
|---|---|---|
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 |
2024 £ 70,951 24 70,975 |
2023 £ 89,160 33 89,193 |
|---|---|---|
4. Charitable Donations
| Charitable Donations to institutions National Trust of Scotland Speakers Trust Other Donations 24 donations were paid during the year (2023:36 donations) |
2024 £ 7,500 9,250 30,385 47,135 |
2023 £ 8,000 5,000 27,625 40,625 |
|---|---|---|
The Charity makes annual recurrent donations to some charities. During the year to 30 September 2024, recurrent donations were made to 11 charities totalling £21,250 (2023: 10 charities received £22,625).
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 2024
| 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 Total charitable donations and support costs |
2024 £ 4,786 9,695 3,724 7,828 - 60 26,093 73,228 |
2023 £ 5,121 33,002 3,351 4,992 1,084 60 47,610 88,235 |
|---|---|---|
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 (2023 - nil in all cases).
7. Cash at bank
| CAF bank Maunder Taylor rent account 8. Summary of fund movements Balance B/fwd Income/ gains 2023/24 Unrestricted Fund 28,523 70,975 Endowment Fund 479,000 18,000 Total 507,523 88,975 2022/23 Unrestricted Fund 27,565 89,193 Endowment Fund 474,000 5,000 Total 501,565 94,193 |
2024 £ 26,271 - 26,271 Expenditure/ losses (73,228) - (73,228) (88,235) - (88,235) |
2023 £ 13,744 14,779 28,523 Balance C/fwd 26,271 497,000 523,271 28,523 479,000 507,523 |
|---|---|---|
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