OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-06-30-accounts

Trustees’ Annual Report for the period

From 1/7/23 Period start date To 30/6/24 Period end date

Charity name: Knaresborough Rotary Club Waugh Trust

Charity registration number: 1189795

Objectives and Activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 To fulfil the Wishes of our benefactor
the late Alan Waugh
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.		 Para 1.17 and
1.19		 Mr Waugh’s intent was use of legacy
monies, mainly in Knaresborough but
not against the wider Harrogate area, to:
improve the town area, restoration of
public buildings, town regeneration and
in education
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 Trustees acknowledge Charity
Commission guidance and application
Additional information (optional)
You may choose to include further statements where relevant about:
SORP reference
Policy on grant making Para 1.38 Trustees meet once monthly to consider
funding applications and specifically
seek to apply the conditions of our
benefactor
Policy on social investment
including program related
investment		 Para 1.38 Social investment is forefront of
considerations. In the ordinary way
grant applications are on-off or limited
to two maximum three years
commitment
Contribution made by
volunteers		 Para 1.38 Trustees and volunteers check funds
are properly and appropriately used
Other Followup is always made to ensure and
check useage of monies for the benefit
and purpose set out

Achievements and Performance

SORP reference
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 Grants made this year included the
community bus – double decker-
continuing our commitment to this local
cause designed to provide a mobile
service within the town to aid and foster
educational cultural and social activities
from young to older folk. Another grant
to refurbish the town Trompes some
now had been in poor condition (a
dozen or so window paintings which
illustrate past and present local heroes
etc). Another to a group involved in a
singing contest provided to youngsters
who might not otherwise be able to
partake. Towards a church carpark
resurface. Towards a kiosk at a
community hall badly in need of update.
Sponsoring an annual theatre
production in the town festival. A week
long student activity group (associated
and run by Rotary). A town crier uniform
– and finally towards enhancing the
town museum

Additional information (optional) You may choose to include further statements where relevant about:


Achievements against
objectives set
Para 1.41
Uppermost in making grants has been
complying with the benefactors wishes
and much time spent in checking funds
have been appropriately used
Performance of fundraising
activities against objectives
set		 Para 1.41 No fundraising activities – the grants
made are from investment income
Investment performance
against objectives		 Para 1.41 The monies invested have been
managed by a recognised and national
company (St James’s Place). Meetings
are held twice annually to review
progress and discuss investment tactics
Other -

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 A firm of accountants are employed to
provide a certified copy of the accounts
and activities
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 Minimal funds are held – a call is made
to the investment house to provide
monies as and when
Amount of reserves held Para 1.22 Working funds and commitments are
usually no more than £25,000
Reasons for holding zero
reserves		 Para 1.22 The investment house can provide
necessary monies within 10-14 days
Details of fund materially in
deficit		 Para 1.24 N/A
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 There are five trustees currently and
others available to be called on to so act
on a rotational basis. There is no current
concern about continuity

Additional information (optional) You may choose to include further statements where relevant about:


The charity’s principal
sources of funds (including
any fundraising)
Para 1.47
Our benefactor provided some £1.2m
funding and the grants made are from
income and on occasion from realising
investment. The general intent is to use
income
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46 Funds with our investment house are
cautious and non speculative. Also no
investment in arms and armaments
A description of the principal
risks facing the charity		 Para 1.46 There are no current risks. The trustees
maintain a close and regular review of
applications for funds and – if there is a
lull in applications – to promote our
trust eg to local schools
Other -

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing document
(trust deed, royal charter)		 Para 1.25 We have a written and properly
formulated Constitution (prepared by
solicitors)
How is the charity
constituted?
(e.g unincorporated
association, CIO)		 Para 1.25 Constitution prepared 22nd May 2020 as
a CIO
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 We could appoint up to 12 trustees but
elect for 5 (ensuring a positive decision
is always achieved ie with an odd
number so voting). Consideration is
given to rotate trustees with a minimum
of 3 years (continuity is desirable).
Trustees are drawn from the members
of Rotary Club of Knaresborough
(currently 39 members). A change is
considered at the AGM and voting taken
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures
adopted for the induction
and training of trustees		 Para 1.51 It is a working principal that all trustees
have a business or recognised
communitybackground
All trustees are obliged to attend
monthly meetings and reviews and to
work with a structured set of rules for
grant applications. New trustees are
briefed with the processes required
The charity’s organisational
structure and any wider
network with which the
charity works		 Para 1.51 All trustees have equal involvement.
Requests for funds generally, but not
alwys, considered by the main Rotary
club before being put to the Trust.
Relationship with any
related parties		 Para 1.51 Rotary is an international organisation
and their guiding principles apply
Other -

Reference and Administrative details

Charity name Knaresborough Rotary Club Waugh Trust
Other name the charity uses -
Registered charity number 1189795
Charity’s principal address ‘Wharfedale’, Arkendale Road, Staveley, Knaresborough,
North Yorkshire Hg5 9JX

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for whole
year		 Name of person (or body) entitled
to appoint trustee (ifany)
Ian Ibbotson Treasurer
Helen Theresa
Westmancoat
Robert Weddall
Deborah Wilson
Stephanie Blevins
Rotary Club of
Knaresborough acting within
the CIO Constitution authority

– Corporate trustees names of the directors at the date the report was approved Director name N/A

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year
N/A

Funds held as custodian trustees on behalf of others

Description of the assets None held in this way held in this capacity Name and objects of the The assets are invested with a national company (St charity on whose behalf the James’s Place). Medium risk is applied to funds invested assets are held and how this falls within the custodian Funds are called upon from those investments ’as and charity’s objects when’ to fulfil any grant applications. The charity constitution sets out the object and rule of our giving Details of arrangements for The trust assets are separate from the funds used in other safe custody and areas of the Rotary Club of Knaresborough work segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

-

Other optional information

-

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)

Full name(s) Ian Charles Ibbotson

Position (eg Secretary, Trustee and Treasurer elect Chair, etc)

Date

31/12/24

Company registration number: CE022070 Charity registration number: 1189795

Knaresborough Rotary Club Waugh Trust

(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 30 June 2024

Brays Riverview Court Castle Gate Wetherby West Yorkshire LS22 6LE

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 18

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration Number 1189795
Company Registration Number CE022070
The charity is incorporated in England and Wales.
Registered Office Wharfedale
Arkendale Road
Staveley
Knaresborough
HG5 9JX
Independent Examiner Brays
Riverview Court
Castle Gate
Wetherby
West Yorkshire
LS22 6LE
Solicitors: Wrigleys Solicitors LLP
19 Cookridge Street
Leeds
LS2 3AG

Page 1

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

TRUSTEES' REPORT

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 June 2024.

Objectives and activities

Objects and aims

The Trustees are empowered to apply both income and capital of the fund for the relief of the poor and needy or such other charitable purpose as the company members shall direct.

Objectives, strategies and activities

In 2019, The Rotary Club was advised of a legacy from a former Knaresborough resident, who was not personally known to any member of the Club, Mr Alan Waugh. This legacy comprised a domestic property, investments and bank and cash accounts together with a small amount of personal effects. The bequest was accompanied by an Expression of Wishes, which, because it would have restricted the activities relating to the bequest monies, caused the Club to set up a new Charitable CIO.

The Expression of Wishes expresses Mr Waugh’s preferences for the use of legacy monies, especially in the fields of improving and regenerating the town area, restoring public buildings and education. He preferred it not to be used for conservation/environment purposes (although this may conflict with the first two expressions and the trustees will use their discretion in any grant applications in this regard), sports funding or health.

Public benefit

The trustees have distributed income from the trust to further public benefit, as detailed in the Notes to the Financial Statements. They follow the Expression of Wishes compiled by Mr Waugh, and the specific aims to benefit the citizens and organisations of the town of Knaresborough and district. During the year, the Trustees have again supported the provision of support for educational services to schools and youth organisations within the district. They have also supported the annual Arts festival and new Museum Association, and the resurfacing of a Church Hall car park. This building houses the local Food Bank and other volunteer organisations.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Ian Ibbotson Helen Westmancoat Deborah Wilson Stephanie Blevins Robert Weddall

Page 2

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

TRUSTEES' REPORT

Structure, governance and management Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Knaresborough Rotary Club Waugh Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company 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:

Page 3

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

TRUSTEES' REPORT

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

06 Dec 2024

The annual report was approved by the trustees of the charity on …………………………. and signed on its behalf by:

......................................... Ian Ibbotson Trustee

Page 4

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KNARESBOROUGH ROTARY CLUB WAUGH TRUST ("THE COMPANY")

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of Knaresborough Rotary Club Waugh Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

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:

  1. accounting records were not kept in respect of Knaresborough Rotary Club Waugh Trust as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Jamie Dowse-Holmes

......................................

Jamie Dowse-Holmes Institute of Chartered Accountants in England and Wales

Riverview Court Castle Gate Wetherby West Yorkshire LS22 6LE

06 Dec 2024

Date: …………………..

Page 5

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)

Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12
Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Unrestricted
funds
£
-
126,694
126,694
(44,327)
(44,327)
82,367
82,367
1,245,218
1,327,585
Unrestricted
funds
£
-
40,874
40,874
(76,408)
(76,408)
(35,534)
(35,534)
1,280,752
1,245,218		 Total
2024
£
-
126,694
126,694
(44,327)
(44,327)
82,367
82,367
1,245,218
1,327,585
Total
2023
£
-
40,874
40,874
(76,408)
(76,408)
(35,534)
(35,534)
1,280,752
1,245,218

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 12.

The notes on pages 8 to 18 form an integral part of these financial statements.

Page 6

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

(REGISTRATION NUMBER: CE022070) BALANCE SHEET AS AT 30 JUNE 2024

Note
Fixed assets
Investments
9
Current assets
Cash at bank and in hand
10
Creditors: Amounts falling due within one year
11
Net current assets/(liabilities)
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
12		 2024
£
1,293,434
36,113
(1,962)
34,151
1,327,585
1,327,585
1,327,585		 2023
£
1,246,741
89
(1,612)
(1,523)
1,245,218
1,245,218
1,245,218

For the financial year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

06 Dec 2024

The financial statements on pages 6 to 18 were approved by the trustees, and authorised for issue on …………………………. and signed on their behalf by:

----- Start of picture text -----
.........................................
Ian Ibbotson
Trustee
----- End of picture text -----

The notes on pages 8 to 18 form an integral part of these financial statements.

Page 7

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1 Charity status

The charity is limited by share capital, incorporated in England and Wales.

The address of its registered office is: Wharfedale Arkendale Road Staveley Knaresborough HG5 9JX

These financial statements were authorised for issue by the trustees on …………………………...

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

The financial statements have been prepared 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Knaresborough Rotary Club Waugh Trust 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 notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

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 the income receivable can be measured reliably.

Page 8

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 9

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 10

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 11

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 12

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 13

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Unrestricted
funds
Donations and legacies;
General
£
Legacies
-
-
Unrestricted
funds
Donations and legacies;
General
£
Legacies
-
-		 Total
2024
£
-
-
Total
2023
£
-
-

Page 14

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

4 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits
Other investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Other investment income
5 Expenditure on charitable activities
Knaresborough Museum
Connectors
A Addyman
Rotary 1040
FEVA
Community Stars
Holy Trinity
Renaissance Knaresborough
Aspin Park Academy
Total for 2024		 Unrestricted
funds
General
£
1
126,693
126,694
Unrestricted
funds
General
£
254
40,620
40,874
Activity
undertaken
directly
£
850
23,201
350
525
2,460
3,075
10,000
3,000
110
43,571		 Total
2024
£
1
126,693
126,694
Total
2023
£
254
40,620
40,874
Total
expenditure
£
850
23,201
350
525
2,460
3,075
10,000
3,000
110
43,571

In addition to the expenditure analysed above, there are also governance costs of £756 (2023 - £812) which relate directly to charitable activities. See note 6 for further details.

Page 15

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

6 Analysis of governance and support costs

Governance costs

Governance costs
Allocated support costs
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
756
756
812		 Total
funds
£
756
756
812

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year.

8 Taxation

The charity is a registered charity and is therefore exempt from taxation.

9 Fixed asset investments

Other investments 2024
£
1,293,434		 2023
£
1,246,741

Page 16

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Other investments
Cost or Valuation
At 1 July 2023
Movement
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
10 Cash and cash equivalents
Cash at bank
11 Creditors: amounts falling due within on
Trade creditors
Other creditors and Accruals
12 Funds
Unrestricted funds
General
Unrestricted funds
General		 e year
Balance at 1
July 2023
£
1,245,218
Balance at 1
July 2022
£
1,280,752		 Incoming
resources
£
126,694
Incoming
resources
£
40,874		 Unlisted
investments
£
1,246,741
46,693
1,293,434
1,293,434
1,246,741
2024
£
36,113
2024
£
756
1,206
1,962
Resources
expended
£
(44,327)
Resources
expended
£
(76,408)		 Unlisted
investments
£
1,246,741
46,693
1,293,434
1,293,434
1,246,741
2024
£
36,113
2024
£
756
1,206
1,962
Resources
expended
£
(44,327)
Resources
expended
£
(76,408)		 Total
£
1,246,741
46,693
1,293,434		 Total
£
1,246,741
46,693
1,293,434
1,293,434 1,293,434
1,246,741 1,246,741
2024
£
36,113
2024
£
756
1,206
1,962
Resources
expended
£
(44,327)
Resources
expended
£
(76,408)

Page 17

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

13 Analysis of net assets between funds

13 Analysis of net assets between funds
Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
1,293,434
36,113
(1,962)
1,245,217
Unrestricted
funds
General
£
1,246,741
89
(1,612)
1,245,218		 Total funds at
30 June
2024
£
1,293,434
36,113
(1,962)
1,245,217
Total funds at
30 June
2023
£
1,246,741
89
(1,612)
1,245,218

14 Analysis of net funds

Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1 July 2023
£
89
89
At 1 July 2022
£
36,141
36,141		 Financing cash
flows
£
36,024
36,024
Financing cash
flows
£
(36,052)
(36,052)		 At 30 June
2024
£
36,113
36,113
At 30 June
2023
£
89
89

Page 18

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

STATEMENT OF FINANCIAL ACTIVITIES BY FUND FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted Funds
Total Total
Unrestricted Unrestricted
Funds Funds
2024 2023
£ £
Income and Endowments from:
Donations and legacies - -
Investment income 126,694 40,874
Total income 126,694 40,874
Expenditure on:
Charitable activities (44,327) (76,408)
Total expenditure (44,327) (76,408)
Net (expenditure)/income 82,367 (35,534)
Net movement in funds 82,367 (35,534)
Reconciliation of funds
Total funds brought forward 1,245,218 1,280,752
Total funds carried forward 1,327,585 1,245,218

This page does not form part of the statutory financial statements.

Page 19

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Income and Endowments from:
Donations and legacies (analysed below)
Investment income (analysed below)
Total income
Expenditure on:
Charitable activities (analysed below)
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2024
£
-
126,694
126,694
(44,327)
(44,327)		 Total
2023
£
-
40,874
40,874
(76,408)
(76,408)
82,367 (35,534)
82,367
1,245,218
1,327,585		 (35,534)
1,280,752
1,245,218

This page does not form part of the statutory financial statements.

Page 20

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Donations and legacies
Legacies and bequests
Appeals and donations
Investment income
Interest on cash deposits
Net income and FV movement to investments
Charitable activities
Purchases
Independent examiner's fee
Bank charges		 Total
2024
£
-
-
-
1
126,693
126,694
(43,571)
(756)
-
(44,327)		 Total
2023
£
-
-
-
254
40,620
40,874
(75,596)
(758)
(54)
(76,408)

This page does not form part of the statutory financial statements.

Page 21

Issuer

Brays

Document generated Fri, 6th Dec 2024 10:12:31 GMT

Document fingerprint 2df443db11835ffd6c27e8f4701fa5a5

Parties involved with this document

Document processed

Party + Fingerprint

Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 14:09:23 GMT

Mr Ian Ibbotson - Signer (5a2ac0042baded4b7aa7c9592f6be29a) Jamie Dowse-Holmes - Signer (212a33934514ae5366fee24527a0fe9a)

Audit history log

Date

Action

Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:18:07 GMT Fri, 6th Dec 2024 10:18:07 GMT Fri, 6th Dec 2024 10:18:07 GMT Fri, 6th Dec 2024 10:57:29 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 14:09:04 GMT Fri, 6th Dec 2024 14:09:23 GMT Fri, 6th Dec 2024 14:09:23 GMT Fri, 6th Dec 2024 14:09:23 GMT Fri, 6th Dec 2024 14:10:04 GMT

Envelope generated with fingerprint f3de41c37bd987646e71d9ddfc8269a735.176.231.177 Document generated with fingerprint 79ee730b581f01c2826f249a2bdcf2f8.35.176.231.177 Document generated with fingerprint 2df443db11835ffd6c27e8f4701fa5a5.35.176.231.177 Mr Ian Ibbotson has been assigned to this envelope.35.176.231.177 Jamie Dowse-Holmes has been assigned to this envelope.35.176.231.177 Envelope generated Sent the envelope to Mr Ian Ibbotson for signing Document emailed to party email3.8.151.214 Mr Ian Ibbotson viewed the envelope86.142.110.202 Mr Ian Ibbotson signed the envelope86.142.110.202 Sent the envelope to Jamie Dowse-Holmes for signing86.142.110.202 Document emailed to party email3.10.209.183 Mr Ian Ibbotson viewed the envelope86.142.110.202 Jamie Dowse-Holmes viewed the envelope185.145.154.156 Jamie Dowse-Holmes signed the envelope185.145.154.156 This envelope has been signed by all parties185.145.154.156 Jamie Dowse-Holmes viewed the envelope185.145.154.156 Jamie Dowse-Holmes viewed the envelope40.94.96.8

Company registration number: CE022070 Charity registration number: 1189795

Knaresborough Rotary Club Waugh Trust

(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 30 June 2024

Brays Riverview Court Castle Gate Wetherby West Yorkshire LS22 6LE

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 18

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration Number 1189795
Company Registration Number CE022070
The charity is incorporated in England and Wales.
Registered Office Wharfedale
Arkendale Road
Staveley
Knaresborough
HG5 9JX
Independent Examiner Brays
Riverview Court
Castle Gate
Wetherby
West Yorkshire
LS22 6LE
Solicitors: Wrigleys Solicitors LLP
19 Cookridge Street
Leeds
LS2 3AG

Page 1

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

TRUSTEES' REPORT

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 June 2024.

Objectives and activities

Objects and aims

The Trustees are empowered to apply both income and capital of the fund for the relief of the poor and needy or such other charitable purpose as the company members shall direct.

Objectives, strategies and activities

In 2019, The Rotary Club was advised of a legacy from a former Knaresborough resident, who was not personally known to any member of the Club, Mr Alan Waugh. This legacy comprised a domestic property, investments and bank and cash accounts together with a small amount of personal effects. The bequest was accompanied by an Expression of Wishes, which, because it would have restricted the activities relating to the bequest monies, caused the Club to set up a new Charitable CIO.

The Expression of Wishes expresses Mr Waugh’s preferences for the use of legacy monies, especially in the fields of improving and regenerating the town area, restoring public buildings and education. He preferred it not to be used for conservation/environment purposes (although this may conflict with the first two expressions and the trustees will use their discretion in any grant applications in this regard), sports funding or health.

Public benefit

The trustees have distributed income from the trust to further public benefit, as detailed in the Notes to the Financial Statements. They follow the Expression of Wishes compiled by Mr Waugh, and the specific aims to benefit the citizens and organisations of the town of Knaresborough and district. During the year, the Trustees have again supported the provision of support for educational services to schools and youth organisations within the district. They have also supported the annual Arts festival and new Museum Association, and the resurfacing of a Church Hall car park. This building houses the local Food Bank and other volunteer organisations.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Ian Ibbotson Helen Westmancoat Deborah Wilson Stephanie Blevins Robert Weddall

Page 2

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

TRUSTEES' REPORT

Structure, governance and management Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Knaresborough Rotary Club Waugh Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company 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:

Page 3

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

TRUSTEES' REPORT

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

06 Dec 2024

The annual report was approved by the trustees of the charity on …………………………. and signed on its behalf by:

......................................... Ian Ibbotson Trustee

Page 4

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KNARESBOROUGH ROTARY CLUB WAUGH TRUST ("THE COMPANY")

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of Knaresborough Rotary Club Waugh Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

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:

  1. accounting records were not kept in respect of Knaresborough Rotary Club Waugh Trust as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Jamie Dowse-Holmes

......................................

Jamie Dowse-Holmes Institute of Chartered Accountants in England and Wales

Riverview Court Castle Gate Wetherby West Yorkshire LS22 6LE

06 Dec 2024

Date: …………………..

Page 5

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)

Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12
Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Unrestricted
funds
£
-
126,694
126,694
(44,327)
(44,327)
82,367
82,367
1,245,218
1,327,585
Unrestricted
funds
£
-
40,874
40,874
(76,408)
(76,408)
(35,534)
(35,534)
1,280,752
1,245,218		 Total
2024
£
-
126,694
126,694
(44,327)
(44,327)
82,367
82,367
1,245,218
1,327,585
Total
2023
£
-
40,874
40,874
(76,408)
(76,408)
(35,534)
(35,534)
1,280,752
1,245,218

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 12.

The notes on pages 8 to 18 form an integral part of these financial statements.

Page 6

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

(REGISTRATION NUMBER: CE022070) BALANCE SHEET AS AT 30 JUNE 2024

Note
Fixed assets
Investments
9
Current assets
Cash at bank and in hand
10
Creditors: Amounts falling due within one year
11
Net current assets/(liabilities)
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
12		 2024
£
1,293,434
36,113
(1,962)
34,151
1,327,585
1,327,585
1,327,585		 2023
£
1,246,741
89
(1,612)
(1,523)
1,245,218
1,245,218
1,245,218

For the financial year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

06 Dec 2024

The financial statements on pages 6 to 18 were approved by the trustees, and authorised for issue on …………………………. and signed on their behalf by:

----- Start of picture text -----
.........................................
Ian Ibbotson
Trustee
----- End of picture text -----

The notes on pages 8 to 18 form an integral part of these financial statements.

Page 7

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1 Charity status

The charity is limited by share capital, incorporated in England and Wales.

The address of its registered office is: Wharfedale Arkendale Road Staveley Knaresborough HG5 9JX

These financial statements were authorised for issue by the trustees on …………………………...

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

The financial statements have been prepared 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Knaresborough Rotary Club Waugh Trust 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 notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

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 the income receivable can be measured reliably.

Page 8

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 9

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 10

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 11

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 12

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 13

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Unrestricted
funds
Donations and legacies;
General
£
Legacies
-
-
Unrestricted
funds
Donations and legacies;
General
£
Legacies
-
-		 Total
2024
£
-
-
Total
2023
£
-
-

Page 14

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

4 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits
Other investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Other investment income
5 Expenditure on charitable activities
Knaresborough Museum
Connectors
A Addyman
Rotary 1040
FEVA
Community Stars
Holy Trinity
Renaissance Knaresborough
Aspin Park Academy
Total for 2024		 Unrestricted
funds
General
£
1
126,693
126,694
Unrestricted
funds
General
£
254
40,620
40,874
Activity
undertaken
directly
£
850
23,201
350
525
2,460
3,075
10,000
3,000
110
43,571		 Total
2024
£
1
126,693
126,694
Total
2023
£
254
40,620
40,874
Total
expenditure
£
850
23,201
350
525
2,460
3,075
10,000
3,000
110
43,571

In addition to the expenditure analysed above, there are also governance costs of £756 (2023 - £812) which relate directly to charitable activities. See note 6 for further details.

Page 15

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

6 Analysis of governance and support costs

Governance costs

Governance costs
Allocated support costs
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
756
756
812		 Total
funds
£
756
756
812

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year.

8 Taxation

The charity is a registered charity and is therefore exempt from taxation.

9 Fixed asset investments

Other investments 2024
£
1,293,434		 2023
£
1,246,741

Page 16

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Other investments
Cost or Valuation
At 1 July 2023
Movement
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
10 Cash and cash equivalents
Cash at bank
11 Creditors: amounts falling due within on
Trade creditors
Other creditors and Accruals
12 Funds
Unrestricted funds
General
Unrestricted funds
General		 e year
Balance at 1
July 2023
£
1,245,218
Balance at 1
July 2022
£
1,280,752		 Incoming
resources
£
126,694
Incoming
resources
£
40,874		 Unlisted
investments
£
1,246,741
46,693
1,293,434
1,293,434
1,246,741
2024
£
36,113
2024
£
756
1,206
1,962
Resources
expended
£
(44,327)
Resources
expended
£
(76,408)		 Unlisted
investments
£
1,246,741
46,693
1,293,434
1,293,434
1,246,741
2024
£
36,113
2024
£
756
1,206
1,962
Resources
expended
£
(44,327)
Resources
expended
£
(76,408)		 Total
£
1,246,741
46,693
1,293,434		 Total
£
1,246,741
46,693
1,293,434
1,293,434 1,293,434
1,246,741 1,246,741
2024
£
36,113
2024
£
756
1,206
1,962
Resources
expended
£
(44,327)
Resources
expended
£
(76,408)

Page 17

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

13 Analysis of net assets between funds

13 Analysis of net assets between funds
Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
1,293,434
36,113
(1,962)
1,245,217
Unrestricted
funds
General
£
1,246,741
89
(1,612)
1,245,218		 Total funds at
30 June
2024
£
1,293,434
36,113
(1,962)
1,245,217
Total funds at
30 June
2023
£
1,246,741
89
(1,612)
1,245,218

14 Analysis of net funds

Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1 July 2023
£
89
89
At 1 July 2022
£
36,141
36,141		 Financing cash
flows
£
36,024
36,024
Financing cash
flows
£
(36,052)
(36,052)		 At 30 June
2024
£
36,113
36,113
At 30 June
2023
£
89
89

Page 18

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

STATEMENT OF FINANCIAL ACTIVITIES BY FUND FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted Funds
Total Total
Unrestricted Unrestricted
Funds Funds
2024 2023
£ £
Income and Endowments from:
Donations and legacies - -
Investment income 126,694 40,874
Total income 126,694 40,874
Expenditure on:
Charitable activities (44,327) (76,408)
Total expenditure (44,327) (76,408)
Net (expenditure)/income 82,367 (35,534)
Net movement in funds 82,367 (35,534)
Reconciliation of funds
Total funds brought forward 1,245,218 1,280,752
Total funds carried forward 1,327,585 1,245,218

This page does not form part of the statutory financial statements.

Page 19

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Income and Endowments from:
Donations and legacies (analysed below)
Investment income (analysed below)
Total income
Expenditure on:
Charitable activities (analysed below)
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2024
£
-
126,694
126,694
(44,327)
(44,327)		 Total
2023
£
-
40,874
40,874
(76,408)
(76,408)
82,367 (35,534)
82,367
1,245,218
1,327,585		 (35,534)
1,280,752
1,245,218

This page does not form part of the statutory financial statements.

Page 20

KNARESBOROUGH ROTARY CLUB WAUGH TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Donations and legacies
Legacies and bequests
Appeals and donations
Investment income
Interest on cash deposits
Net income and FV movement to investments
Charitable activities
Purchases
Independent examiner's fee
Bank charges		 Total
2024
£
-
-
-
1
126,693
126,694
(43,571)
(756)
-
(44,327)		 Total
2023
£
-
-
-
254
40,620
40,874
(75,596)
(758)
(54)
(76,408)

This page does not form part of the statutory financial statements.

Page 21

Issuer

Brays

Document generated Fri, 6th Dec 2024 10:12:31 GMT

Document fingerprint 2df443db11835ffd6c27e8f4701fa5a5

Parties involved with this document

Document processed

Party + Fingerprint

Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 14:09:23 GMT

Mr Ian Ibbotson - Signer (5a2ac0042baded4b7aa7c9592f6be29a) Jamie Dowse-Holmes - Signer (212a33934514ae5366fee24527a0fe9a)

Audit history log

Date

Action

Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:12:31 GMT Fri, 6th Dec 2024 10:18:07 GMT Fri, 6th Dec 2024 10:18:07 GMT Fri, 6th Dec 2024 10:18:07 GMT Fri, 6th Dec 2024 10:57:29 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 11:03:49 GMT Fri, 6th Dec 2024 14:09:04 GMT Fri, 6th Dec 2024 14:09:23 GMT Fri, 6th Dec 2024 14:09:23 GMT Fri, 6th Dec 2024 14:09:23 GMT Fri, 6th Dec 2024 14:10:04 GMT

Envelope generated with fingerprint f3de41c37bd987646e71d9ddfc8269a735.176.231.177 Document generated with fingerprint 79ee730b581f01c2826f249a2bdcf2f8.35.176.231.177 Document generated with fingerprint 2df443db11835ffd6c27e8f4701fa5a5.35.176.231.177 Mr Ian Ibbotson has been assigned to this envelope.35.176.231.177 Jamie Dowse-Holmes has been assigned to this envelope.35.176.231.177 Envelope generated Sent the envelope to Mr Ian Ibbotson for signing Document emailed to party email3.8.151.214 Mr Ian Ibbotson viewed the envelope86.142.110.202 Mr Ian Ibbotson signed the envelope86.142.110.202 Sent the envelope to Jamie Dowse-Holmes for signing86.142.110.202 Document emailed to party email3.10.209.183 Mr Ian Ibbotson viewed the envelope86.142.110.202 Jamie Dowse-Holmes viewed the envelope185.145.154.156 Jamie Dowse-Holmes signed the envelope185.145.154.156 This envelope has been signed by all parties185.145.154.156 Jamie Dowse-Holmes viewed the envelope185.145.154.156 Jamie Dowse-Holmes viewed the envelope40.94.96.8