**The Walsgrove Charity**
**Financial Statements**
**for the Year Ended 31 May 2022**
## **The Walsgrove Charity**
## **Contents of the Financial Statements for the Year Ended 31 May 2022**
||Page|
|---|---|
|Report of the Trustees|1 to 2|
|Balance Sheet|3|
|Statement of Financial Activities|4|
|Notes to the Financial Statements|5 to 7|
|Detailed Statement of Financial Activities|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 2022, 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 our opinion and state and draw attention to you particular 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 Members/Trustees concerning such matters.
The procedures we have undertaken do not provide all the evidence that wouild 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
20th December 2022
**The Walsgrove Charity**
## **Report of the Trustees for the Year Ended 31 May 2022**
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 Mr D Long (Chairman) Mr M Rogers (from September 2021) Mrs E Smith Mr C Winwood **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**
This year has seen a number of significant changes.
After a long period when we were unable to fill one of the flats, all 10 flats at Walsgrove Court have been in use for the majority of the year, which was also their state at the end of the accounting year.
Similarly, the position of Agent/Manager for the flats at the start of June 2021 had been filled after a long search, but as it turned out, only temporarily. Fortunately, a replacement Agent was appointed towards the end of 2021, and the Charity has been served professionally by him since then.
The last and probably most significant change was the decision by the board of trustees to assess how the Charity could best fulfil its mission into the future. It was decided that some of the charity's invested money could be put to better use , and a flat was purchased in the Arboretum area of Worcester: as our financial year ended , the flat was being readied and discussions were taking place with a view to finding and appointing its first resident.
As well as the new flat, considerable work has been going on in the original - Walsgrove Court- flats, to upgrade and fit them for the future. Not least this work is addressing the need to improve their thermal efficiency and more generally to provide homes that are comfortable for our residents
The board of trustees now consists of 7 members and we are looking at ways to ensure that a stable and ongoing board will remain in place in the longer term future.
Page 1
## **FINANCIAL REVIEW**
## **Review of Activities (continued)**
The Trustees increased monthly contributions during the year to: Flats 1, 8 and 10 £390 per calendar month Flat 9 £353 pcm
## **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.
**----- Start of picture text -----**
ON BEHALF OF THE BOARD:
D Long - Trustee
Date: 20th December 2022
**----- End of picture text -----**
Page 2
## **The Walsgrove Charity**
**Balance Sheet At 31st May 2022**
|Unrestricted
Restricted
Fund
Property
Fund
notes
£
£
£
**FIXED ASSETS**
Investments
6
143,951
0
134,081
Property
7
108,018
**CURRENT ASSETS**
Debtors
7
0
0
0
Cash at bank
81,479
0
(18,184)
81,479
0
(18,184)
**CREDITORS**
Amounts falling due within one year
9
(4,436)
0
0
**NET CURRENT ASSETS**
77,043
0
(18,184)
**TOTAL ASSETS**
**LESS CURRENT LIABILITIES**
220,994
108,018
115,897
**NET ASSETS**
220,994
108,018
115,897
**FUNDS**
Unrestricted funds
Property
Restricted funds
**TOTAL FUNDS**|Unrestricted
Restricted
Fund
Property
Fund
notes
£
£
£
**FIXED ASSETS**
Investments
6
143,951
0
134,081
Property
7
108,018
**CURRENT ASSETS**
Debtors
7
0
0
0
Cash at bank
81,479
0
(18,184)
81,479
0
(18,184)
**CREDITORS**
Amounts falling due within one year
9
(4,436)
0
0
**NET CURRENT ASSETS**
77,043
0
(18,184)
**TOTAL ASSETS**
**LESS CURRENT LIABILITIES**
220,994
108,018
115,897
**NET ASSETS**
220,994
108,018
115,897
**FUNDS**
Unrestricted funds
Property
Restricted funds
**TOTAL FUNDS**|31.5.22
31.5.21
Total
Total
Funds
Funds
£
£
278,032
365,691
108,018
0
0
75
63,295
65,001|
|---|---|---|
|||63,295
65,076
(4,436)
(2,202)|
||77,043
0
(18,184)|58,859
62,874|
||220,994
108,018
115,897|444,909
428,565|
||220,994
108,018
115,897|444,909
428,565|
|||220,994
320,453
108,018
0
115,897
108,112|
|||444,909
428,565|
The financial statements were approved by the Board of Trustees on 20th December 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 31st May 2022**
|**Statement of Financial Activities**
**for the Year Ended 31st May 2022**||||||
|---|---|---|---|---|---|
|||||31.5.22|31.5.21|
|||Unrestricted|Restricted|Total|Total|
|||Fund|Fund|Funds|Funds|
||notes|£|£|£|£|
|**INCOMING RESOURCES**||||||
|**Incoming resources from generated funds**||||||
|Activities for generating funds|2|42,624||42,624|39,210|
|Investment income|3|7,151|3,801|10,952|7,459|
|**Total incoming resources**||49,775|3,801|53,576|46,669|
|**RESOURCES EXPENDED**||||||
|**Costs of generating funds**||||||
|Costs of generating voluntary income||45,142||45,142|17,954|
|Governance costs||586||586|558|
|**Total resources expended**||45,728|0|45,728|18,512|
|**NET INCOMING/(OUTGOING) RESOURCES**||||||
|**BEFORE TRANSFERS**||4,047|3,801|7,848|28,157|
|**Net transfers between funds**|9|(800)|800|||
|**Net incoming/(outgoing) resources**|**before**|3,247|4,601|7,848|28,157|
|**other recognised gains and losses**||||||
|**Other recognised gains/losses**||||||
|Gains/losses on investment assets||5,975|3,183|9,159|56,940|
|**Net movement in funds**||9,222|7,784|17,007|85,097|
|**Amortisation**||-663||-663||
|**Total funds brought forward**||320,453|108,112|428,565|343,468|
|**TOTAL FUNDS CARRIED FORWARD**||329,012|115,897|444,909|428,565|
The notes form part of these financial statements
Page 4
## **The Walsgrove Charity**
## **Notes to the Financial Statements for the Year Ended 31st May 2022**
## 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 the property would exceed the benefits of doing so. The insured value of the Infirmary Walk property is £1,506,000.
The flat acquired in the Arboretum is being depreciated over the period of its long term lease of 171 years. This property is insured by the freeholder.
## **Repair Costs**
These costs included work carried out further to a fire inspection which was undertaken during the year, which consisted of necessary work plus opportunistic upgrading.
## 2 **ACTIVITIES FOR GENERATING FUNDS**
|||31.5.22|31.5.21|
|---|---|---|---|
|||£|£|
||Contributions from Alms people|42,624|39,210|
|3|**INVESTMENT INCOME**|||
|||31.5.22|31.5.21|
||||£|
||Dividends|10,952|7,459|
Page 5
**The Walsgrove Charity**
## **Notes to the Financial Statements- continued for the Year Ended 31st May 2022**
## 4 **TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees remuneration, expenses or other benefits for the years ended 31st May 2022 or 31st May 2021
- 5 **STAFF COSTS**
There were no employees during the year or previous year.
- 6 **FIXED ASSET INVESTMENTS**
8
9
|MARKET VALUE
At 1 June 2021
Income/transfers
Investments/(Realisations)
Revaluations
At 31 May 2022
NET BOOK VALUE
At 31 May 2022
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
2022
£
365,691
10,952
-107,770
9,159
278,032
278,032
143,951
134,081
278,032
104,304
31.5.22
£
0
31.5.22
£
4,436|2021
£
301,291
7,459
0
56,941|
|---|---|---|
|||365,691|
|||365,691|
|||238,595
127096|
|||365,691|
|||144,730
31.5.21
£
75
31.5.21
£
2202|
Page 6
## **The Walsgrove Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31st May 2022**
## 9 **MOVEMENT OF FUNDS**
|**MOVEMENT OF FUNDS**||
|---|---|
|Unrestricted funds
General Fund
Restricted funds
Extraordinary repair fund
Amortisation
TOTAL FUNDS|Net
Transfers
movement in
between
At 1.6.21
funds
funds
At 31.5.22
£
£
£
£
320,453
10,022
(800)
329,675
108,112
6,984
800
115,896
0
(663)
-663|
||428,565
17,006
0
444,909|
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
£
50,575
4,601
55,176|Resources
expended
£
45,728
0
45,728|Gains and
Movement in
losses
funds
£
£
5,975
102,279
3,183
7,784
9,158
110,063|
|---|---|---|---|
Page 7
## **The Walsgrove Charity**
## **Detailed Statement of Financial Activities for the Year Ended 31st May 2022**
|INCOMING RESOURCES
Activities for generating funds
Contributions from Alms people
Investment income
Dividends
Total incoming resources
RESOURCES EXPENDED
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
Amortisation
Realised recognised gains and losses
Realised gains(losses) on fixed asset investments
Net income|**31.5.22**
£
42,624
42,624
10,952
53,576
5,427
0
187
674
1,090
4,253
0
7
14,139
18,422
943
45,142
586
0
45,728
7,848
-663
9,159
16,344|**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
0
56,941|
|||85,098|
This page does not form part of the statutory financial statements Page 8