West Sussex Travel Society Charity
Trustees' annual report and accounts for the year ended 31 March 2024
Charity Number: 1189157
West Sussex Travel Society Charity Charity Information Charity Number: 1189157
Trustees
I Peterkin M Steele S Young J Shimwell M Turner E Woodley
Secretary Treasurer
Appointed 8 January 2024 Appointed 8 January 2024
Principal Office
41 The Beach Residences 123/25 Marine Parade Worthing West Sussex BN11 3FN
Independent Examiner
S Ede BFP FCA FCCA Lewis Brownlee (Chichester) Ltd Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
Solicitors
Coole Bevis LLP 79 Church Road Hove East Sussex BN3 2BB
Investment Advisers
Atomos Wealth & Financial Wellbeing Pacific House 126 Dyke Road Brighton West Sussex BN1 3TE
Bankers
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Page 1
West Sussex Travel Society Charity Trustees' report for the year ended 31 March 2024
Structure, governance and management
The West Sussex Travel Society Charity was established under a trust deed dated 18 January 1971. On 21 April 2020, the charity was re-registered as a Charitable Incorporated Organisation (CIO) with a new registered Charity Number (No 1189157). A formal constitution was adopted at that time at the unanimous decision of the trustees.
The presidents of the Chichester and Worthing Rotary clubs appoint the Trustees who control the charity. Each club at any one time has two appointed Trustees on the four-person board. On 8 January 2024 both clubs appointed an additional Trustee and the board increased to six.
The charity is funded by an endowment consisting of a let property and an investment portfolio. The Trustees have full powers as to how the endowment assets should be invested. The endowment is an expendable endowment.
The Trustees of the charity are set out below:
I Peterkin M Steele S Young J Shimwell M Turner Appointed 8 January 2024 E Woodley Appointed 8 January 2024
The Trustees carefully consider each year the current UK financial situation and how that will impact on the assets of the charity, in particular the investment portfolio. The Treasurer is in regular contact with the Investment Manager to ensure that the objectives for the management of the portfolio always consider the current financial markets situation; and where necessary the trustees amend the operating instructions. The Trustees also carefully monitor the maintenance of our property in Chichester, West Sussex ensuring that the property is fully insured and that the tenants are complying with all their obligations under the terms of the tenancy agreement.
Objective and activities of the charity
The objective of the charity is to provide assistance to any individual in need residing in West Sussex who is either:
a) over the age of sixty years and in the Trustees opinion in need of care, attention and comfort; or
b) persons under the age of sixty years who are similarly in need by reason of physical or mental disability.
The Trustees review their aims and objectives and their active way of operating the Trust at regular quarterly Trustees' Meetings, to ensure that they are able to fulfil the criteria laid down in the Trust Deed when making grants and donations. All charity meetings and financial donations that the trustees make are carried out by the Trustees with full recognition of the guidance issued by the Commission, so ensuring they are maximising the public benefit the Trust brings to those in need in West Sussex.
How our activities deliver a Public Benefit
The Trust focuses the grants and donations we make as far as possible to help alleviate an individual's problems, and in making grants to other charities the Trustees focus the money donated on particular aspects of their work which meets the terms of our Trust Deed. The trustees aim to meet direct operational costs of parts of their programmes. The charity does not make donations to cover any organisation's administration costs and the trustees request reports on the use of the money donated.
The trustees have had regard to the Charity Commission's guidance on public benefit.
Page 2
West Sussex Travel Society Charity Trustees' report for the year ended 31 March 2024
Achievements and performance
The charity has income of some £8,468 (2023: £2,785) arising from investment portfolio income. For the year ended 31 March 2024 the tenancy created property rental income of £32,500 in the year (2023: £36,250).
The trustees have continued their relationships with a number of local charitable organisations both to support their general work and also to support appropriate individuals’ needs. The trustees have also provided help directly via 35 donations amounting to £50,550 (2023: £47,314) being made during the year.
Financial review
The charity has two sources of income, the rental from 51a South Street, Chichester and investment income from a portfolio managed on a discretionary basis by Atomos Wealth & Financial Wellbeing. The bank balances at the end of the financial year were £28,766 a decrease of £13,971 over last year. The investment portfolio, as at 5 April 2024, stood at £421,796, an increase of £20,443 on the prior year. The trustees have reviewed the financial position and find it satisfactory.
Trustees’ responsibility for the accounts
The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the Charity's transactions and to disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that any statements of account comply with the requirements of the The Charities Act 2011 (Accounts and Audit) Order 2015 (SI 2015 No.321). 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, in accordance with the Charitable Incorporated Organisations (General) Regulations 2012, that at the year end the CIO did not have any outstanding guarantees to third parties nor any debts secured on assets of the CIO.
The accounts have been prepared for the year ended 31 March 2024 on a receipts and payments basis.
Independent Examiner
The independent examiner, Sam Ede of Lewis Brownlee (Chichester) Ltd, has expressed a willingness to continue in the office of independent examiner for the next year and a resolution to reappoint him will be proposed at the next Trustees' meeting.
Approved by the Trustees on ………………………………… and signed on their behalf by:
……………………………………………………………. M Steele - Hon Treasurer on behalf of the trustees
…………………………………………………………….
Date
Page 3
Independent Examiner's Report to the Trustees of West Sussex Travel Society Charity Charity Number: 1189157
I report to the charity trustees on my examination of the accounts of the West Sussex Travel Society Charity for the year ended 31 March 2024.
Respective responsibilities of Trustees and Examiner
As the charity's trustees, 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 which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities 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.
Sam Ede BFP FCA FCCA Lewis Brownlee (Chichester) Ltd
Date: 9 July 2024
Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
Page 4
| Incoming resources from generated funds: Rent Gross bank interest Recharged insurance Investment income: Equities Income from expendable endowment Gross Income Tax refund Total Receipts Payments: Governance costs Independent examination fees Costs of generating funds Professional fees Bank charges Premises costs Charitable payments: 4 Sight Vision Support 25th World Scout Jamboree - Unit 74 Age UK West Sussex CAMHSF Care for Veterans Chestnut Tree House Chichester Boys' Club Chichester Dementia Support Chichester Food Bank Chichester Men's Shed Chichester Rotary Club Chichester Stroke Club Contact 88 Handicapped Childrens Action Homestart Arun and Worthing Homestart Chichester Guild Care Kids Cancer Charity West Sussex Life Centre Macmillan Cancer Support Olly's Future Pagham & District Residents' Association Parkinsons UK Salvation Army SASBAH Snowdrop Trust St Barnabas Hospice St Catherine's Hospice Carried Forward |
West Sussex Travel Society Charity Receipts and Payments Account (General Purpose Fund) for the year ended 31 March 2024 £ £ £ £ 32,500 36,250 779 244 1,606 1,365 8,468 2,785 _ _ 8,468 2,785 _ _ 43,353 40,644 _ _ 43,353 40,644 - - _ _ 43,353 40,644 _ _ 2,640 2,400 7,831 6,272 60 72 - 888 _ _ 7,891 7,232 1,500 1,500 500 - 1,000 1,000 1,500 1,500 500 500 2,000 2,000 2,000 - 2,500 2,500 1,000 1,000 1,000 - 2,800 2,280 1,500 1,500 1,500 1,500 750 - 1,000 1,336 1,000 1,000 3,500 3,500 500 - - 1,000 2,000 2,000 - 500 1,000 - 2,000 2,000 3,000 3,000 500 500 1,500 1,500 2,500 2,500 2,500 2,500 41,050 10,531 36,616 9,632 2024 2023 |
|---|---|
Page 5
| West Sussex Travel Society Charity | West Sussex Travel Society Charity | |||
|---|---|---|---|---|
| Receipts and | Payments Account (General Purpose Fund) | |||
| for the year ended 31 March 2024 | ||||
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| Brought Forward | 41,050 | 10,531 | 36,616 | 9,632 |
| St Wilfrid’s Hospice | 2,500 | 2,500 | ||
| Superstar Arts | 500 | 1,000 | ||
| Terry's Place | 500 | - | ||
| Tylers Trust | - | 1,000 | ||
| UK Harvest | 1,000 | 1,000 | ||
| West Sussex CC | - | 698 | ||
| West Sussex Mind | 1,000 | 1,000 | ||
| West Sussex Carers Support | 1,000 | 1,000 | ||
| Worthing Food Bank | 500 | 500 | ||
| Worthing Food Foundation | 500 | 500 | ||
| Worthing Women's Aid | 2,000 | 1,500 | ||
| 50,550 | 3,236 | 47,314 | ||
| ___ | ___ | |||
| Total Payments | 61,081 | 56,946 | ||
| ___ | ___ | |||
| Net (expenditure) for the year | (17,728) | (16,302) |
Page 6
| West Sussex Travel Society Charity | West Sussex Travel Society Charity | ||||
|---|---|---|---|---|---|
| Statement of Assets and Liabilities | |||||
| for the | year ended 31 March 2024 | ||||
| 2024 | 2023 | ||||
| Note | £ | £ | £ | £ | |
| Monetary Assets | |||||
| Cash at bank | 28,766 | 42,737 | |||
| Debtors: | |||||
| Prepayments - property insurance | 1,553 | 1,374 | |||
| _ | _ | ||||
| 30,319 | 44,111 | ||||
| Liabilities: | |||||
| Professional fees accrual | 2 | 4,575 | 3,859 | ||
| _ | _ | ||||
| General purpose funds | 25,744 | 40,251 | |||
| _ | _ | ||||
| Investment Assets | |||||
| Freehold property at 51a South Street | |||||
| at market value | 3 | 600,000 | 600,000 | ||
| Investment portfolio (as at 5 April 2024) | 4 | 421,796 | 401,353 | ||
| _ | _ | ||||
| Endowment funds | 1,021,796 | 1,001,353 | |||
| _ | _ | ||||
| The accounts on pages 5 to 8 were approved by the Trustees | on | ……………………………. | |||
| ……………………………….. | |||||
| M Steele - Hon Treasurer on behalf of the trustees |
Page 7
West Sussex Travel Society Charity Notes to the accounts for the year ended 31 March 2024
1. Accounting Basis
The accounts have been prepared on a receipts and payments basis as allowed under section 133 of the Charities Act 2011.
2. Professional Fees Accrual
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accountancy accrual | 3,000 | 2,400 |
| Investment management accrual | 1,575 | 1,459 |
| _ | _ | |
| 4,575 _ |
3,859 _ |
3. Freehold Property
The property is a retail premises at 51a South Street Chichester and is a listed building.
The property was revalued in 2009 by Cluttons Tod Miller. The property has been included within the statement of assets and liabilities.
4. Investments
A firm of investment advisors on behalf of the charity manages the investments, the funds are invested in a range of unit trusts.
Market Value of Investments
| Market Value of Investments | ||
|---|---|---|
| 2024 | 2023 | |
| Investments | £ | £ |
| At 1 April 2023 | 395,337 | 413,937 |
| Add purchases | 197,100 | 557,761 |
| Less disposals | (201,249) | (554,136) |
| Redemption/change in share structure | (731) | (1,099) |
| Profit/(loss) on disposals based on cost | 6,981 | (20,255) |
| Increase/(decrease) in market value on remaining investments | 16,095 | (871) |
| _ | _ | |
| At 31 March 2024 | 413,533 | 395,337 |
| Cash account | 8,263 | 6,016 |
| _ | _ | |
| Total funds at 31 March 2024 | 421,796 | 401,353 |
| _ | _ |
The cash account is the closing balance at the 31 March 2024 after deduction of management fees of £5,203 (2023: £2,092).
5. Trustees Remuneration and Expenses
No trustees nor any persons connected to them have received any remuneration during the period.
No expenses have been met by the charity for individuals as trustees.
6. Future Donations
As at 31 March 2024 the charity had outstanding pledges of £4,000 (2023: £1,720).
Page 8