The Walsgrove Charity
Report of the Trustees for the Year Ended 31 May 2021
The Trustees present their report with the financial statements of the charity for the year ended 31 May 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) FRS 102 Accounting and Reporting by Charities' effective from 1st January 2015.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 200732
Principal address 128 Battenhall Road Worcester WR5 2RQ
Trustees
Mrs H Davis Mrs S Gurney Mrs A King (from May 2021) Mr D Long (Chairman from May 2021) Mr M Rogers (from September 2021) Mrs E Smith Mr C Winwood Mr J Hubbard (Trustee and Chair until May 2021) Professional Advisers Investment Managers Blackrock Investment Managers (UK) Ltd Bank Lloyds TSB plc STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Charity is controlled by its governing document, a deed of trust which was sealed on 04.01.88 and constitutes an unincorporated charity.
Related parties
There are no related parties.
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives are to provide suitable accommodation, facilities and open space for people who have a need and who have some connection with the City of Worcester.
Review of Activities
The COVID-19 pandemic meant that interaction with residents was severely limited for most of the year, but was maintained via remote contact. In addition several personnel changes occurred; these included the retirement of the manager, and trustee changes. By year end , a new manager appointment was well into the process of picking up from where the last finished.
On the board of trustees, the chairman of many years resigned the chair and has now ceased to be a trustee. A new chairman has been appointed from the existing board, and a new trustee has joined , maintaining the board at 6 members.
Efforts continue to establish a full complement of trustees.
Most flats were occupied for the whole of the year , but at the end of the year, one, that has been empty for several months, remains unoccupied. Again, the pandemic has impeded efforts to find a new occupant , but there is hope that this will soon be resolved.
Mr J Johnson replaced Mr C Dendy as manager during the year.
The Trustees increased monthly contributions during the year to: Flats 1, 8 and 10 £370 per month Flat 9 £336 per month Page 1
FINANCIAL REVIEW
Reserves policy
The Charity aims to retain sufficient unrestricted funds to provide necessary working capital so that its normal activities can continue. The Trustees consider the value of the funds at the balance sheet date are adequate to fulfil their continuing obligations.
The Restricted Fund is maintained to finance major repairs. Additions are made in accordance with the deed of trust and further contributions when necessary.
Principal funding sources
The principal funding source is the contribution from residents.
GENERAL REVIEW
A former tenant was investigated by the police and subsequently found guilty of an illegal act. This did not involve any of the Charity's property, facilities or areas of responsibility and any link to the Charity is therefore tenuous.
The subsequent publicity made no mention of the Charity and hence has no effect on its reputation. Based on these facts the matter is not considered of material significance to the Charity.
ON BEHALF OF THE BOARD:
D Long - Trustee Date: 11th January 2022
Page 2
The Walsgrove Charity
Balance Sheet At 31 May 2021
| Unrestricted Restricted Fund Fund notes £ £ FIXED ASSETS Investments 6 238,595 127,096 CURRENT ASSETS Debtors 7 75 0 Cash at bank 83,985 (18,984) 84,060 (18,984) CREDITORS Amounts falling due within one year 8 (2,202) 0 NET CURRENT ASSETS 81,858 (18,984) TOTAL ASSETS LESS CURRENT LIABILITIES 320,453 108,112 NET ASSETS 9 320,453 108,112 FUNDS Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted Restricted Fund Fund notes £ £ FIXED ASSETS Investments 6 238,595 127,096 CURRENT ASSETS Debtors 7 75 0 Cash at bank 83,985 (18,984) 84,060 (18,984) CREDITORS Amounts falling due within one year 8 (2,202) 0 NET CURRENT ASSETS 81,858 (18,984) TOTAL ASSETS LESS CURRENT LIABILITIES 320,453 108,112 NET ASSETS 9 320,453 108,112 FUNDS Unrestricted funds Restricted funds TOTAL FUNDS |
31.5.21 31.5.20 Total Total Funds Funds £ £ 365,691 301,291 75 75 65,001 43,370 |
|---|---|---|
| 65,076 43,445 (2,202) (1,268) |
||
| 81,858 (18,984) |
62,874 42,177 |
|
| 428,565 343,468 |
||
| 428,565 343,468 |
||
| 320,453 258,538 108,112 84,930 |
||
| 428,565 343,468 |
The financial statements were approved by the Board of Trustees on 11th January 2022 and were signed on its behalf by:
D Long - Trustee
The notes form part of these financial statements
Page 3
The Walsgrove Charity
Statement of Financial Activities for the Year Ended 31 May 2021
| Statement of Financial Activities for the Year Ended 31 May 2021 |
|||||
|---|---|---|---|---|---|
| 31.5.21 | 31.5.20 | ||||
| Unrestricted | Restricted | Total | Total | ||
| Fund | Fund | Funds | Funds | ||
| notes | £ | £ | £ | £ | |
| INCOMING RESOURCES | |||||
| Incoming resources from generated funds | |||||
| Activities for generating funds | 2 | 39,210 | 39,210 | 42,196 | |
| Investment income | 3 | 4,867 | 2,592 | 7,459 | 9,658 |
| Total incoming resources | 44,077 | 2,592 | 46,669 | 51,854 | |
| RESOURCES EXPENDED | |||||
| Costs of generating funds | |||||
| Costs of generating voluntary income | 17,954 | 17,954 | 22,348 | ||
| Governance costs | 558 | 558 | 1204 | ||
| Total resources expended | 18,512 | 0 | 18,512 | 23,552 | |
| NET INCOMING/(OUTGOING) RESOURCES | |||||
| BEFORE TRANSFERS | 25,564 | 2,592 | 28,157 | 28,302 | |
| Net transfers between funds | 9 | (800) | 800 | ||
| Net incoming/(outgoing) resources before | 24,764 | 3,392 | 28,157 | 28,302 | |
| other recognised gains and losses | |||||
| Other recognised gains/losses | |||||
| Gains/losses on investment assets | 37,151 | 19,790 | 56,940 | (25,798) | |
| Net movement in funds | 61,915 | 23,182 | 85,097 | 2,504 | |
| Total funds brought forward | 258,538 | 84,930 | 343,468 | 340,964 | |
| TOTAL FUNDS CARRIED FORWARD | 320,453 | 108,112 | 428,565 | 343,468 |
The notes form part of these financial statements
Page 4
The Walsgrove Charity
Notes to the Financial Statements for the Year Ended 31 May 2021
1 ACCOUNTING POLICIES
Accounting convention
The Financial Statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, in accordance with the Financial Reporting Standard (FRS 102) issued on 16th July 2014, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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 acordance 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 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.
Tangible fixed assets
The Freehold property of Walsgrove Court, Worcester has been fully depreciated in previous accounting periods. It has been classified as a tangible asset in accordance with section 10.25 of the SORP and no revaluation is therefore required. The trustees consider that the cost of revaluing property would exceed the benefits of doing so. The insured value including contents is £1,199,611.
2
ACTIVITIES FOR GENERATING FUNDS
3
| 31.5.21 | 31.5.20 | |
|---|---|---|
| £ | £ | |
| Contributions from Alms people | 39,210 | 42,196 |
| INVESTMENT INCOME | ||
| 31.5.21 | 31.5.20 | |
| £ | ||
| Dividends | 7,459 | 9,060 |
4 TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees remuneration, expenses or other benefits for the years ended 31st May 2021 or 31st May 2020
Page 5
The Walsgrove Charity
Notes to the Financial Statements- continued for the Year Ended 31 May 2021
5 STAFF COSTS
There were no employees during the year or previous year.
6 FIXED ASSET INVESTMENTS
7
8
| MARKET VALUE At 1 June 2020 Income/transfers Investments Revaluations At 31 May 2021 NET BOOK VALUE At 31 May 2021 There were no investment assets outside the UK. Investments comprise: Unrestricted General Fund: Blackrock Charities UK Equity Fund 10,637,310 Accumulation Units Designated Funds Extraordinary Repair Fund: Blackrock Charities UK Equity Fund 5,666,333 Accumulation Units Market value Historical Cost DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
Listed Investments 2020 £ 301,291 7,459 56,941 365,691 365,691 238,595 127,096 365,691 144,730 31.5.21 £ 75 31.5.21 £ 1,268 |
2019 £ 317,431 9,658 0 (25,798) |
|---|---|---|
| 301,291 | ||
| 301,291 | ||
| 196,577 104714 |
||
| 301,291 | ||
| 144,730 31.5.20 £ 75 31.5.20 £ 1268 |
Page 6
The Walsgrove Charity
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
9 MOVEMENT OF FUNDS
| MOVEMENT OF FUNDS | |
|---|---|
| Unrestricted funds General Fund Restricted funds Extraordinary repair fund TOTAL FUNDS |
Net Transfers movement in between At 1.6.20 funds funds At 31.5.21 £ £ £ £ 258,538 101,340 (800) 359,078 84,930 22,382 800 108,112 |
| 343,468 123,722 0 467,190 |
As advised by the Charity Commission on 4th January 1988, £800 is transferred each year from the general fund to the Extraordinary Repair Fund.
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Extraordinary repair fund TOTAL FUNDS |
Incoming resources £ 44,877 3,392 48,269 |
Resources expended £ 18,512 0 18,512 |
Gains and Movement in losses funds £ £ 37,151 100,540 19,790 23,182 56,940 123,722 |
|---|---|---|---|
Page 7
The Walsgrove Charity
Detailed Statement of Financial Activities for the Year Ended 31 May 2021
| INCOMING RESOURCES Activities for generating funds Contributions from Alms people Investment income Dividends Total incoming resources RESOURCES EXPENDED Costs of generating voluntary income Manager's fee Advertising Subscriptions Water Insurance Light and heat Telephone Postage and Stationery Repairs and Renewals Property Improvement Sundry Governance costs Accountancy Solicitors costs Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains(losses) on fixed asset investments Net income |
31.5.21 £ 39,210 39,210 7,459 46,669 1,955 0 182 1,084 1,060 9,132 34 118 4,263 0 126 17,954 558 0 18,512 28,157 56,941 85,098 |
31.5.20 £ 42,196 |
|---|---|---|
| 42,196 9,658 |
||
| 51,854 | ||
| 1,989 0 217 994 1,022 12,144 4 86 5,729 0 163 |
||
| 22,348 558 646 |
||
| 23,552 | ||
| 28,302 (25,798) |
||
| 2,504 |
This page does not form part of the statutory financial statements Page 8
INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF THE WALGROVE CHARITY
We report on the Association’s accounts for the period ended 31[st] May 2021, which are set out on the following pages 3 to 8.
RESPECTIVE RESPONSIBILITIES
As the Association’s Committee and Trustees you are responsible for the preparation of the accounts and confirmation that section 43(2) of the Charities Act 1993 (the Act) does not apply and that the trustees may prepare accounts on a receipts and payments basis in accordance with section 42 (3).
It is our responsibility to carry out procedures in order to enable us to report my opinion and state and draw attention to you; particularly matters that may have come to our attention.
BASIS OF INDEPENDENT EXAMINERS’ REPORT:
Our examination was carried out in accordance with the Statement of Standards for Reporting Accountants and the SORP requirements of the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Committee Member/Trustees concerning such matters. The procedures we have undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT:
In connection with our examination, no relevant matter has come to our attention that needs further disclosure.
Hampton and Co Chartered Accountants County House St Mary’s Street Worcester WR1 2RS
11[th] January 2022