## **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