REGISTERED CHARITY NUMBER: 1190192
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
FOR
THE WEST FOUNDATION
BCO Accountants LLP 34 Middle Street South Driffield East Yorkshire YO25 6PS
THE WEST FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| Detailed Statement of Financial Activities | 9 |
THE WEST FOUNDATION
REPORT OF THE TRUSTEES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the period 30 June 2020 to 30 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the CIO are:
(a) the advancement of education for the public benefit;
(b) the relief of poverty for the public benefit;
(c) the relief of sick, ill and disabled people and the preservation of health for the public benefit; and
(d) such other purposes being exclusively charitable according to both the law of England and Wales and the law of Scotland as the Trustees may from time to time determine.
Public benefit
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, Charities and Public Benefit.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
During the period the charity received hedge fund investments totalling £90,166 from two local settlements.
Investment performance
During the period the investments fell in value by £4,053.
FINANCIAL REVIEW
Reserves policy
Unrestricted funds are being built up to enable the charity to fulfill its charitable objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a charitable incorporated organisation (CIO) which is controlled by its governing document adopted on 30 June 2020.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1190192
Principal address
Hotham Services Limited Manor Farm Main Street Hotham Yorkshire YO43 4UD
Trustees
M S Healey (appointed 30/6/2020) Mrs A M Healey (appointed 30/6/2020) Miss J M Oldfield (appointed 30/6/2020) Mrs C M Maurice (appointed 30/6/2020)
Page 1
THE WEST FOUNDATION
REPORT OF THE TRUSTEES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
BCO Accountants LLP 34 Middle Street South Driffield East Yorkshire YO25 6PS
Approved by order of the board of trustees on 10 May 2023 and signed on its behalf by:
Miss J M Oldfield - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WEST FOUNDATION
Independent examiner's report to the trustees of The West Foundation
I report to the charity trustees on my examination of the accounts of The West Foundation (the Trust) for the period 30 June 2020 to 30 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
C B Wilson The Association of Chartered Certified Accountants
BCO Accountants LLP 34 Middle Street South Driffield East Yorkshire YO25 6PS
10 May 2023
Page 3
THE WEST FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 90,166 | |
| EXPENDITURE ON | ||
| Other | 600 | |
| Net gains/(losses) on investments | (4,053) | |
| NET INCOME | 85,513 | |
| TOTAL FUNDS CARRIED FORWARD | 85,513 |
The notes form part of these financial statements
Page 4
THE WEST FOUNDATION
BALANCE SHEET 30 DECEMBER 2021
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| FIXED ASSETS | ||
| Investments | 3 | 86,113 |
| CREDITORS | ||
| Amounts falling due within one year | 4 | (600) |
| NET CURRENT ASSETS | (600) | |
| TOTAL ASSETS LESS CURRENT | ||
| LIABILITIES | 85,513 | |
| NET ASSETS | 85,513 | |
| FUNDS | 5 | |
| Unrestricted funds | 85,513 | |
| TOTAL FUNDS | 85,513 |
The financial statements were approved by the Board of Trustees and authorised for issue on 10 May 2023 and were signed on its behalf by:
J M Oldfield - Trustee
The notes form part of these financial statements
Page 5
THE WEST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 30 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the period ended 30 December 2021.
Page 6
continued...
THE WEST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
3. FIXED ASSET INVESTMENTS
| 3. | FIXED ASSET INVESTMENTS | |||||
|---|---|---|---|---|---|---|
| Listed | ||||||
| investments | ||||||
| £ | ||||||
| MARKET VALUE | ||||||
| At 30 June 2020 | 90,166 | |||||
| Revaluations | (4,053) | |||||
| At 30 December 2021 | 86,113 | |||||
| NET BOOK VALUE | ||||||
| At 30 December 2021 | 86,113 | |||||
| There were no investment assets outside the UK. | ||||||
| Cost or valuation at 30 December 2021 is represented by: | ||||||
| Listed | ||||||
| investments | ||||||
| £ | ||||||
| Valuation in 2021 | 86,113 | |||||
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| £ | ||||||
| Other creditors | 600 | |||||
| 5. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| in funds | 30/12/21 | |||||
| £ | £ | |||||
| Unrestricted funds | ||||||
| General fund | 85,513 | 85,513 | ||||
| TOTAL FUNDS | 85,513 | 85,513 | ||||
| Net movement in funds, included in the above are as follows: | ||||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 90,166 | (600) | (4,053) | 85,513 | ||
| TOTAL FUNDS | 90,166 | (600) | (4,053) | 85,513 |
Page 7
continued...
THE WEST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
6. RELATED PARTY DISCLOSURES
During the year the charity received hedge fund investments totalling £90,166 from two settlements in which one of the charity trustees is a director of the companies that act as trustees for the settlements.
Page 8
THE WEST FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Gifts Total incoming resources EXPENDITURE Support costs Governance costs Accountancy fees Total resources expended Net income before gains and losses Gains and losses Gains/(losses) on investments Net income |
£ 90,166 90,166 600 600 89,566 (4,053) 85,513 |
|---|---|
This page does not form part of the statutory financial statements
Page 9
REGISTERED CHARITY NUMBER: 1190192
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
FOR
THE WEST FOUNDATION
BCO Accountants LLP 34 Middle Street South Driffield East Yorkshire YO25 6PS
THE WEST FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| Detailed Statement of Financial Activities | 9 |
THE WEST FOUNDATION
REPORT OF THE TRUSTEES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the period 30 June 2020 to 30 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the CIO are:
(a) the advancement of education for the public benefit;
(b) the relief of poverty for the public benefit;
(c) the relief of sick, ill and disabled people and the preservation of health for the public benefit; and
(d) such other purposes being exclusively charitable according to both the law of England and Wales and the law of Scotland as the Trustees may from time to time determine.
Public benefit
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, Charities and Public Benefit.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
During the period the charity received hedge fund investments totalling £90,166 from two local settlements.
Investment performance
During the period the investments fell in value by £4,053.
FINANCIAL REVIEW
Reserves policy
Unrestricted funds are being built up to enable the charity to fulfill its charitable objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a charitable incorporated organisation (CIO) which is controlled by its governing document adopted on 30 June 2020.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1190192
Principal address
Hotham Services Limited Manor Farm Main Street Hotham Yorkshire YO43 4UD
Trustees
M S Healey (appointed 30/6/2020) Mrs A M Healey (appointed 30/6/2020) Miss J M Oldfield (appointed 30/6/2020) Mrs C M Maurice (appointed 30/6/2020)
Page 1
THE WEST FOUNDATION
REPORT OF THE TRUSTEES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
BCO Accountants LLP 34 Middle Street South Driffield East Yorkshire YO25 6PS
Approved by order of the board of trustees on 10 May 2023 and signed on its behalf by:
Miss J M Oldfield - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WEST FOUNDATION
Independent examiner's report to the trustees of The West Foundation
I report to the charity trustees on my examination of the accounts of The West Foundation (the Trust) for the period 30 June 2020 to 30 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
C B Wilson The Association of Chartered Certified Accountants
BCO Accountants LLP 34 Middle Street South Driffield East Yorkshire YO25 6PS
10 May 2023
Page 3
THE WEST FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 90,166 | |
| EXPENDITURE ON | ||
| Other | 600 | |
| Net gains/(losses) on investments | (4,053) | |
| NET INCOME | 85,513 | |
| TOTAL FUNDS CARRIED FORWARD | 85,513 |
The notes form part of these financial statements
Page 4
THE WEST FOUNDATION
BALANCE SHEET 30 DECEMBER 2021
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| FIXED ASSETS | ||
| Investments | 3 | 86,113 |
| CREDITORS | ||
| Amounts falling due within one year | 4 | (600) |
| NET CURRENT ASSETS | (600) | |
| TOTAL ASSETS LESS CURRENT | ||
| LIABILITIES | 85,513 | |
| NET ASSETS | 85,513 | |
| FUNDS | 5 | |
| Unrestricted funds | 85,513 | |
| TOTAL FUNDS | 85,513 |
The financial statements were approved by the Board of Trustees and authorised for issue on 10 May 2023 and were signed on its behalf by:
J M Oldfield - Trustee
The notes form part of these financial statements
Page 5
THE WEST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 30 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the period ended 30 December 2021.
Page 6
continued...
THE WEST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
3. FIXED ASSET INVESTMENTS
| 3. | FIXED ASSET INVESTMENTS | |||||
|---|---|---|---|---|---|---|
| Listed | ||||||
| investments | ||||||
| £ | ||||||
| MARKET VALUE | ||||||
| At 30 June 2020 | 90,166 | |||||
| Revaluations | (4,053) | |||||
| At 30 December 2021 | 86,113 | |||||
| NET BOOK VALUE | ||||||
| At 30 December 2021 | 86,113 | |||||
| There were no investment assets outside the UK. | ||||||
| Cost or valuation at 30 December 2021 is represented by: | ||||||
| Listed | ||||||
| investments | ||||||
| £ | ||||||
| Valuation in 2021 | 86,113 | |||||
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| £ | ||||||
| Other creditors | 600 | |||||
| 5. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| in funds | 30/12/21 | |||||
| £ | £ | |||||
| Unrestricted funds | ||||||
| General fund | 85,513 | 85,513 | ||||
| TOTAL FUNDS | 85,513 | 85,513 | ||||
| Net movement in funds, included in the above are as follows: | ||||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 90,166 | (600) | (4,053) | 85,513 | ||
| TOTAL FUNDS | 90,166 | (600) | (4,053) | 85,513 |
Page 7
continued...
THE WEST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
6. RELATED PARTY DISCLOSURES
During the year the charity received hedge fund investments totalling £90,166 from two settlements in which one of the charity trustees is a director of the companies that act as trustees for the settlements.
Page 8
THE WEST FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 30 JUNE 2020 TO 30 DECEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Gifts Total incoming resources EXPENDITURE Support costs Governance costs Accountancy fees Total resources expended Net income before gains and losses Gains and losses Gains/(losses) on investments Net income |
£ 90,166 90,166 600 600 89,566 (4,053) 85,513 |
|---|---|
This page does not form part of the statutory financial statements
Page 9