Charity number: 1171136
THE WOOSNAM FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
RPG Crouch Chapman LLP Chartered Accountants & Registered Auditor 14-16 Dowgate Hill London EC4R 2SU
THE WOOSNAM FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 16 |
THE WOOSNAM FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Trustees | M. S. Feldman, Trustee |
|---|---|
| I. Burman, Trustee | |
| Charity registered number 1171136 Accountants RPG Crouch Chapman LLP Chartered Accountants 5th Floor 14-16 Dowgate Hill London EC4R 2SU Bankers C. Hoare & Co. 37 Fleet Street London EC4P 2AP Solicitors Laytons Solicitors LLP 2 More London Riverside London SE1 2AP Investment advisors Canaccord Genuity Wealth Management 41 Lothbury London EC2R 7AE |
Page 1
THE WOOSNAM FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2020 to 31 December 2020.
Objectives and activities
a. Policies and objectives
The charity's objectives are to further such exclusively charitable purposes calculated to promote the advancement of research and education for public benefit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The charity achieves its objectives by making grants. Detais of these can be found in note 5 to the accounts which contains a list of projects supported.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The trustees hold a diverse investment portfolio which is managed by Canaccord Genuity Wealth Management. Income and gains from these investents is used to fund the charity's grant making activities.
Achievements and performance
a. Key performance indicators
The charity's key performance indicator is to maintain its level of net assets. the trustees accept that this will not be possible each year due to fluctuations in investment values.
b. Review of activities
The charity received investment income totalling £77,234 during the year. Grants of £80,000 were made as detailed in note 5 to the financial statements.
c. Investment policy and performance
During the year the portfolio realised net gains of £94,580. The market value of the portfolio at the balance sheet date was £3,293,848
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
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THE WOOSNAM FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management (continued)
a. Constitution
The Woosnam Foundation is a registered charity, number 1171136, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The trustees meet twice each year and awards are made however this has not always been possible due to the impact of Covid 19. As well as assessing the merits of the applicants' proposals and their congruence with the charity's aims and priorities, appraisal criteria include:Financial viability Value for money
Adequate provision for ongoing costs and maintenance
Plans for future periods
The trustees intend to launch a number of new grant-making initiatives during the year. The charity's activities will be subject to all applicable Covid 19 related restrictions.
Statement of Trustees' responsibilities
The Trustees 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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.
Approved by order of the members of the board of Trustees on 9 February 2021 and signed on their behalf by:
I Burman
Page 3
THE WOOSNAM FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent Examiner's Report to the Trustees of The Woosnam Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 9 February 2021 Jeffrey Nettleton FCA RPG Crouch Chapman LLP Chartered Accountants 5th Floor 14-16 Dowgate Hill London EC4R 2SU
Page 4
THE WOOSNAM FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities: 6 Grants 5 Support costs 7 Total expenditure Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 77,234 77,234 37,496 80,000 51,041 168,537 94,580 3,277 3,509,372 3,277 3,512,649 |
Total funds 2020 £ 77,234 77,234 37,496 80,000 51,041 168,537 94,580 3,277 3,509,372 3,277 3,512,649 |
Total funds 2019 £ 85,336 |
|---|---|---|---|
| 85,336 | |||
| 40,620 200,400 50,707 |
|||
| 291,727 | |||
| 471,284 | |||
| 264,893 | |||
| 3,244,479 264,893 |
|||
| 3,509,372 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 16 form part of these financial statements.
Page 5
THE WOOSNAM FOUNDATION
BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Fixed assets Tangible assets 10 Investments 12 Investment property 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current liabilities / assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
4,000 73,889 77,889 (124,588) |
2020 £ - 3,293,848 285,500 3,579,348 (46,699) 3,532,649 (20,000) 3,512,649 3,512,649 - 3,512,649 3,512,649 |
- 120,539 120,539 (107,318) |
2019 £ 285,500 3,290,651 - 3,576,151 13,221 3,589,372 (80,000) 3,509,372 3,509,372 - 3,509,372 3,509,372 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 09 February 2021 and signed on their behalf by:
M. S. Feldman
I. Burman
The notes on pages 7 to 16 form part of these financial statements.
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. General information
The Woosnam Foundation is a registered charity, number 1171136, and is constituted under a Trust deed.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Woosnam Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
- Freehold property Not depreciated
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Investment income
| Unrestricted funds 2020 £ Investment income - local investment properties 19,500 Income from local listed investments 57,722 Investment income - local cash 12 77,234 Unrestricted funds 2019 £ Investment income - local investment properties 19,500 Income from local listed investments 65,745 Investment income - local cash 91 85,336 |
Total funds 2020 £ 19,500 57,722 12 |
|---|---|
| 77,234 | |
| Total funds 2019 £ 19,500 65,745 91 |
|
| 85,336 |
4. Investment management costs
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2020 | |
| £ | £ | |
| Investment management fees | 37,496 | 37,496 |
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Investment management costs (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2019 | 2019 | |
| £ | £ | |
| Investment management fees | 40,620 | 40,620 |
5. Analysis of grants
| Grants to Institutions 2020 £ Grants, The advancement of research and education 80,000 Grants to Institutions 2019 £ Grants, The advancement of research and education 200,400 The Charity has made the following material grants to institutions during the year: 2020 £ Name of institution Macmillan Cancer Care 60,000 Rays of Sunshine 20,000 CST - Tommy's - UCL Hospitals Charitable Foundation - Maggies - Norwood Ravenswood - Nightingale Hammerson - Total grants £5,000 and above 80,000 4 grants of less than £5,000 - Grants awarded 80,000 |
Total funds 2020 £ 80,000 |
|---|---|
| Total funds 2019 £ 200,400 |
|
| 2019 £ - - 5,000 40,000 120,000 10,000 10,000 7,500 |
|
| 192,500 7,900 |
|
| 200,400 |
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2020 £ The advancement of research and education 131,041 Unrestricted funds 2019 £ The advancement of research and education 251,107 |
Total funds 2020 £ 131,041 |
|---|---|
| Total funds 2019 £ 251,107 |
7. Analysis of expenditure by activities
| The advancement of research and education The advancement of research and education |
Grant funding of activities 2020 £ 80,000 Grant funding of activities 2019 £ 200,400 |
Support costs 2020 £ 51,041 Support costs 2019 £ 50,707 |
Total funds 2020 £ 131,041 |
|---|---|---|---|
| Total funds 2019 £ 251,107 |
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Accountancy fees Legal and professional fees Bank charges Accountancy fees Legal and professional fees Bank charges Printing and stationery Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
The advancement of research 2020 £ 9,600 41,256 185 51,041 The advancement of research 2019 £ 9,600 40,847 10 250 50,707 2020 £ 9,600 |
Total funds 2020 £ 9,600 41,256 185 |
|
|---|---|---|---|
| 51,041 | |||
| Total funds 2019 £ 9,600 40,847 10 250 50,707 2019 £ 9,600 |
|||
8. Independent examiner's remuneration
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| 10. Tangible fixed assets At 1 January 2020 Transfers between classes At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 11. Investment property Valuation Transfers between classes At 31 December 2020 |
Freehold property £ 285,500 (285,500) - - 285,500 Freehold investment property £ 285,500 285,500 |
|---|---|
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
12. Fixed asset investments
| Cost or valuation At 1 January 2020 Additions Disposals Revaluations At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 13. Debtors Due within one year Prepayments and accrued income 14. Creditors: Amounts falling due within one year Accruals and deferred income Grants accrued - institutional 15. Creditors: Amounts falling due after more than one year Accrued grants payable to institutions |
2020 £ 4,000 4,000 2020 £ 24,588 100,000 124,588 2020 £ 20,000 |
Listed investments £ 3,290,651 614,500 (868,104) 256,801 3,293,848 3,293,848 3,290,651 2019 £ - - 2019 £ 19,818 87,500 107,318 2019 £ 80,000 |
|---|---|---|
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
16. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 January 2020 £ 3,509,372 Balance at 1 January 2019 £ 3,244,479 |
Income £ 77,234 Income £ 85,336 |
Expenditure £ (168,537) Expenditure £ (291,727) |
Gains/ (Losses) £ 94,580 Gains/ (Losses) £ 471,284 |
Balance at 31 December 2020 £ 3,512,649 |
|---|---|---|---|---|---|
| Balance at 31 December 2019 £ 3,509,372 |
|||||
| Summary of funds - prior year | |||||
| General funds |
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2020 £ Fixed asset investments 3,293,848 Investment property 285,500 Current assets 77,889 Creditors due within one year (124,588) Creditors due in more than one year (20,000) Total 3,512,649 |
Total funds 2020 £ 3,293,848 285,500 77,889 (124,588) (20,000) |
|---|---|
| 3,512,649 |
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THE WOOSNAM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2019 £ 285,500 3,290,651 120,539 (107,318) (80,000) 3,509,372 |
Total funds 2019 £ 285,500 3,290,651 120,539 (107,318) (80,000) 3,509,372 |
|---|---|---|
18. Related party transactions
Fees of £22,406 (2019 £22,280) were paid to Laytons LLP for work done by Mr. I. Burman. Fees of £18,850 (2019 £18,657) were paid to Micfel Associates Limited for work done by Mr. M. S. Feldman.
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