Charity registration number 1192633
THE BILLIE ELIZABETH WOOD TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE BILLIE ELIZABETH WOOD TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr R D Wood |
|---|---|
| Mr J S Dubowitz | |
| Ms S E Wood | |
| Ms J V Evans | |
| Mr G T Perry | |
| Charity number | 1192633 |
| Principal address | Maurice Lay Distributions Ltd |
| Fourth Way | |
| Bristol | |
| United Kingdom | |
| BS11 8DW | |
| Independent examiner | Peter McNulty FCA FCCA |
| Hammond McNulty LLP | |
| Bank House | |
| Market Square | |
| Congleton | |
| Cheshire | |
| England | |
| CW12 1ET |
THE BILLIE ELIZABETH WOOD TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
THE BILLIE ELIZABETH WOOD TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The Billie Elizabeth Wood Trust (BEWT) was formed with the basic objective of funding research into Subarachnoid Haemorrhage (SAH) and Vasospasms.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are:
(a) the promotion of medical research for the public benefit in neurological illnesses such as subarachnoid haemorrhage and the publication of useful results;
(b) the advancement of education for the public benefit in matters relating to subarachnoid haemorrhage, its treatment and the rehabilitation of people affected by it; and
(c) to assist in the treatment and care of persons suffering from subarachnoid haemorrhage or in need of rehabilitation as a result of such illness, in particular but not exclusively by providing grants and items to individuals in need, charities and/or organisations that provide or assist in the provision of information, support, services and social activities for people affected by subarachnoid haemorrhage, as well as their friends, families, carers and the professionals who work with them.
ACHIEVEMENTS AND PERFORMANCE
Significant activities and achievements against objectives
Charitable activities
In 2023 we raised a further £75,000 approx from various fundraising and donations. As at the end of 2023 the total raised from the start was over £265,000 - a truly incredible figure - we are of course immensely grateful to every single person who has helped to achieve this.
Future Plans
In January 2023 we signed an agreement with Southmead Hospital Charity for BEWT to fund a research project into Vasospasm. Following recruitment of a research facilitator and a research nurse the project commenced in Spring 2023. It is of course too early to expect to see any specific results from this research, but the trustees do of course receive regular updates. The agreement is to pay £200,000 over two years. The first payment was made in January 2023 and the next payment is due in 2024 - subject to the trustees being happy with the progress of research contained in reports from Southmead Hospital Charity.
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THE BILLIE ELIZABETH WOOD TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing document, a trust deed dated 26 November 2020, and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1192633
Principal address
Maurice Lay Distributions Ltd Fourth Way Bristol BS11 8DW
Trustees
R D Wood J S Dubowitz S E Wood J V Evans G T Perry
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Hammond McNulty LLP Bank House Market Square Congleton Cheshire CW12 1ET
The trustees' report was approved by the Board of Trustees.
Trustee - G T Perry
14 August 2024
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THE BILLIE ELIZABETH WOOD TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE BILLIE ELIZABETH WOOD TRUST
I report to the trustees on my examination of the financial statements of The Billie Elizabeth Wood Trust (the Charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Peter McNulty FCA FCCA
Hammond McNulty LLP Bank House Market Square Congleton Cheshire CW12 1ET England
Dated: 15 August 2024
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THE BILLIE ELIZABETH WOOD TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 11,917 | 64,355 |
| Other trading activities | 4 | 61,790 | 26,730 |
| Investments | 5 | 1,031 | - |
| Total income | 74,738 | 91,085 | |
| Expenditure on: | |||
| Charitable activities | 6 | 101,837 | 395 |
| Total expenditure | 101,837 | 395 | |
| Net income/(expenditure) and movement in funds | (27,099) | 90,690 | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2023 | 192,836 | 102,146 | |
| Fund balances at 31 December 2023 | 165,737 | 192,836 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE BILLIE ELIZABETH WOOD TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Current assets Cash at bank and in hand Net current assets Net assets excluding pension liability The funds of the Charity Unrestricted funds |
2023 £ 165,737 |
£ 165,737 165,737 165,737 165,737 |
2022 £ 192,836 |
£ 192,836 |
|---|---|---|---|---|
| 192,836 | ||||
| 192,836 | ||||
| 192,836 |
The financial statements were approved by the trustees on 14 August 2024
Mr G T Perry Trustee
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THE BILLIE ELIZABETH WOOD TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Billie Elizabeth Wood Trust is a charitable trust.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE BILLIE ELIZABETH WOOD TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE BILLIE ELIZABETH WOOD TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 11,917 | 64,355 | |
| 4 | Income from other trading activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fundraising events | 61,790 | 26,730 | |
| 5 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 1,031 | - | |
| 6 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| Expenditure | Expenditure | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 7) | 100,000 | - | |
| Share of support and governance costs (see note 8) | |||
| Support | 1,837 | 395 | |
| 101,837 | 395 | ||
| Analysis by fund | |||
| Unrestricted funds | 101,837 | 395 |
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THE BILLIE ELIZABETH WOOD TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7 Grants payable
| Grants payable | |
|---|---|
| Charitable | |
| Expenditure | |
| 2023 | |
| £ | |
| Grants to institutions: | |
| Southmead Hospital Charity | 100,000 |
| 8 Support costs allocated to activities Just Giving Fees Analysed between: Charitable Expenditure |
2023 £ 1,837 1,837 |
2022 £ 395 |
|---|---|---|
| 395 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE BILLIE ELIZABETH WOOD TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | At 1 January | Incoming | Resources | TransfersAt 31 December | TransfersAt 31 December | |
|---|---|---|---|---|---|---|
| 2023 | resources | expended | 2023 | |||
| £ | £ | £ | £ | £ | ||
| General donations | 66,428 | 12,948 | (730) | - | 78,646 | |
| Paris Marathon | 2,520 | - | - | - | 2,520 | |
| Style for Stroke | 6,000 | - | - | - | 6,000 | |
| Badminton 3 Peaks | 7,697 | - | - | - | 7,697 | |
| Ben Nevis | 3,933 | - | - | - | 3,933 | |
| Turner & Son Bike Ride | 6,258 | - | - | - | 6,258 | |
| Southmead Hospital Charity | 100,000 | - | (100,000) | - | - | |
| Rowing challenge | - | 48,171 | (1,066) | - | 47,105 | |
| 34 Mile walk | - | 1,074 | (27) | - | 1,047 | |
| Sirius fundraiser | - | 12,545 | (14) | - | 12,531 | |
| 192,836 | 74,738 | (101,837) | - | 165,737 | ||
| Previous year: | At 1 January | Incoming | Resources | TransfersAt 31 December | ||
| 2022 | resources | expended | 2022 | |||
| £ | £ | £ | £ | £ | ||
| General donations | 46,629 | 64,355 | (73) | (44,483) | 66,428 | |
| Paris Marathon | - | 2,525 | (5) | - | 2,520 | |
| Style for Stroke | - | 6,000 | - | - | 6,000 | |
| Badminton 3 Peaks | - | 7,882 | (185) | - | 7,697 | |
| Ben Nevis | - | 3,933 | - | - | 3,933 | |
| Turner & Son Bike Ride | - | 6,390 | (132) | - | 6,258 | |
| London Marathon | 2,455 | - | - | (2,455) | - | |
| Coffee Morning | 1,648 | - | - | (1,648) | - | |
| 3 Peaks Challenge | 5,279 | - | - | (5,279) | - | |
| TrekFest | 1,161 | - | - | (1,161) | - | |
| General funds | 44,974 | - | - | 55,026 | 100,000 | |
| 102,146 | 91,085 | (395) | - | 192,836 |
12 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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