Elilabeth Wright's Charity Report and Financial Statements For the year ended 31" December 2023
Elizabeth Wright's Charity Financial Statements $t For the year ended 31 December 2023 Contents Page Lcgdl (a AdLIIAlliStiativ¢ Illfonnation Trustees Report Independent Examiners Rq)ort Statcmcnt of Financial Activitie8 Balance Sheet Notes to the Financial Statements
F,li7.abeth Wright?s C.h2rity Legal and administrative information Trustees By a scheme dated the 5th June 1810. The Charity Commission appointcd thc Tntccs for thc tim¢ bGing of The Elizabeth Wright Charity Icharity R¢gistration number 203896] as trustees of the fid. Th¢ Charity's Tnt¢ during thc y¢ar Cndcd 31 Dcc¢mb¢r 2023 wctc: Dr. I.H. Mason Mr R S G Barnwell Mr K Aplin Reverend M Bradbury Mr S Harris Mr5 K Crowley Dr R. Wate QPM (appointed 09.03.2024) Address The coryespondenee address for the Tn]gtees is cjo Dr I. Mason, 13 Tavistoek Road, Wisbe.eh, Cambs. PE13 2DY. Banker$ Barclays Bank PLC, Leiccster LE87 2BB Independent Examiner L L bmithee TrLLA. 9110 The Crescent, WisbecEL Cambridgeshire PE13 IEH L¥nd Agents Maxey Grounds. 1-3 South Brink. Wisbcch. CambridEeshir¢ PE13 IJA Solicitors Fraser Dawbams LLP, 1-3 York Row, Wisbech. Cambridgeshire PEI 3 IEA
Elizabeth Wright's Charity Trustees Rcport The Tr4iste.pq preqent their report together with the financial statements of the Fund for the year ended 31" December 2023. The findnLial bldluiiuils liavr bcrii pk'cpaicd iii accotdancc with thc accountins polici¢s 8¢t out on pag¢s 9-12 and comply with applicable law. Lonstitution and obieets The Elizabeth Wrigbt's Charity was founded under the Will of Elizabeth Wright, proved in 1732. It has two aims. the relief of poverty and support in educatkon. Orgallisatlon and administration The Trus1¥¥s Iliavr a foiiiial iiieetiiig thrc¢ tim¢s a ycar with an AGM in thc autumn. During the year the trustees are circulated regarding Tequests for grants. Grant making policy and Public Benefit Jn 2023 the trnst¢¢s aeed to provide grants to 57 requests totalling £39,215 Githits wcr¢ madc in thc following catcg0ri¢3 £12,427 for the diTe¢t relief of poverty. Applications were receiv¢d from Social Services, Individuals and th¢ Health Visiting T¢arn. £4,708 for education81 purposes £5,380 administrative support for the Wisbech Food Bank £500 Fenland family baby bank £760 to St Peter & St Paul's Church for Heritage Educational events £1,310 Wisbech knngs John House £6,000 Wisbech Museurn £8,130 3rd Wisbech ScoubRallger Group Financial review and investment policy The Trustees have the aiithority tn VAry the. fnrni nf the inveqtment of'the Fund's pernianent endowrnent by virtue of powers granted by the Truslee Aci 2000. The majority of the pemianent endowment of the Fund remains invested in the agr1717ral land whic.h w88 part of the origin81 endowment of Elizabeth Wright. The Trustees undertake an annual land visit and revi¢w with the land agent. The balance of the permanent endowrnent where the Trustees have decided to realise development potentt.al is invested in units of two ?nvesttnent fund5, and the Trustees LuE]sider that this continues to be appropriate. A rnecting was held with thc DirGctor of Clicnt Invcstm¢nt$ CCLA on May 25th 2022 to discuss the portfolio.
Elizabeth Wright's Charity Reserves policy During the year ¢nd¢d 315t December 2023, the total net income of the Charity was £49,864 of which £43,408 was expended in acwrdance with its objects and the surplus of £6,456 has been added to the reserves. The movement in the market value of investments amounting to £96,391 increaqed in the lu¥LI.[(d <uid Ili¥ iiii1¥{¢ ill li1 valu¥ Iiub bcui ada¥d Lu ihe Enduwm¢nt fund. Th¢ trusl¢cs dwar¢ of the current level of General Reserves and will look to further distribute fimds in accordance with their aims during the COTning years. Trustees, responsibilities in relation to the fmancial statements Tli¢ law applicabl¢ to GliatitI iii lS1]d & Wal¢s i"wuii"cs tli¢ tiuslccs to pl¢pt fAiiaiicAaJ siatoii¢iits foL" each financial year which give a true and fair view of the Fund's financial activities during the yw and of its financial position at the end of the year. In preparing these Financial Statements, the TnteeS are required Lo." l. Select suitable accounting policies and then apply them consistently 2. Make judg¢m¢nts and estimates that are reasonable aud prudent 3. Stat¢ wh¢ther appli¢obl¢ stondords ond stat¢ments of recommended pra¢tic¢ hov¢ been followed subject to any departures disclosed and explained in the financial statements. and 4. Prq)are the Financia] Statements on the going concern basis unless it is inappropriate to presume that thc Fund will continuc Th¢ Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial positioTh of the Charity and to cnable them to cnsurc that th¢ Financial Statements Comply with the Charities Act 2011{'the Act,). They are also responsible for Safe78rding the assets of the Charity and hence for taking reasonable steps for th¢ prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by Dr. l. Mason. Trustee K. W. Aplin, vice CbYdirm4n Dated . ¥Ap ZLe*-
JNDEPEIYDENT ELIMINERS REPORT To the Trusteeg of Elizgbeth Wright?$ ChArity I report to the tn]st¢es on my examination of the accounts foT the year ended 3 1st December 2023 which llr¢ set out on pages 7 to I l. Respectlve respollsibllities of trnstees and examlner The chariry's (Irc l¥bPVllbiblt foi" tlic ptcparation of th¢ accounts in oe¢ordan¢¢ with the requirements of the Chariti¢s Act 2011 ('the Act,). I rwort in rcsp¢¢t of my cxominotion of the Trust's accounts carrled out under se¢.tion 145 nf the 2011 Act and in caffying out my examination I have followed all the applicable DirectsoThs given by the Charity Commission under section 145(5)(b) of the Act. Dasis of ind¢p¢ndent cxamincr 8 rcport My examination was CTI¢d out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by th¢ charity and a cornparison of the aeeDiints prese.nteJ with thnqe records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees Concerning any such matters. The procedures undertaken do not provide all the evidence that woiild he required in an autht. and Consequently no opinion Is Riven as to Wheth Lli¥ uLcowits present a 'true and fair view, and the report is limited to thosc matters sct out in th¢ statement b¢low. ludepelldcnt exaJnin¢r's statement I havc completed my examination. I confirni that no material matters have Corne to my attention in connection with the examination giving me cause to believe that in any material respect: accountin8 rccords wer¢ not kept in respe¢t of the Tru8t as required by section 130 of the. Act. nT the accounts do not accord with those rewrds", or th¢ accounts do not Comply with the applicable requirements conc¢rning the forni and content of accounts set out in the Charities (Accoimts and Repnrtq). Regulah"ons 2UUI4 other than any requiTement that the accounts give a 'true and fair view. which is not a matter Considered as part of an independent examination. I have no Conc8 and havc come ooross no other matters in conne¢tion with the examination to which attention should be drawn in this report in order to enabl¢ a proper understanding of the acci)unts to be reached. C L Smithee FCCA TC Group 9110 Thc Crcs¢¢nt, WISBECH Cambs PE13 IEH Dated. 031 !LIknLIr...
ELIZABETH WRIGHfs ClWilTY STATEMENT OF FINANCIAL AcnvmES For the year ended 31$1 DeGeniber 2023 Unre5trictsd Endowmènt Funds Fund 2023 2023 Total 2023 Total 2022 Notes INCOME Rsnts from land Investment Income 20,190 29,674 20,190 29,674 24.361 29,295 TOTAL INCOME 4g,864 49.864 53.656 EXPENDITURE Diract Chgritablo Grgnts Admlnlsirazion 39,215 4,193 39.21S 4,193 26.607 4,522 TOTAL EXPENDITURE 43,408 43,408 31,129 NET INCOMEI(EXPENDrnJREI FOR THE YEAR 6.456 6.456 22.527 TRANSFER BETWEEN FUNDS Cost of investrnenls NET GAINSI(LOSSES) ON INVESTMENTS Unrealised - Freehold Investment land Realised - Investment gain Unrealised - Investments gainslllossesl 89,935 89,935 128,7831 NEf MOvEmEr IN FUNDS 6,456 89,935 96,391 1106,256} TOTAL FUNDS BROUGHT FORWARD at 1s1 January 2023 155.521 1,b24,020 1,079,547 1.765.803 TOTAL FUNDS CARRIED FORWARD at 31$t DecombDI 2023 161,983 1,613,955 1,775,938 1,679,547
ELIZABETH WRIGHTS CHARrrf BALANCE SHEET As at 31bl D¢Leiiiber 2023 Unrestricted Endowment Funds Funds Total 2023 Total 2022 Notes FIXED ASSETS Tangible Assets Intangible Assets Investmen1$ 652.000 652,0110 552,000 2,333 2,333 1.068,656 978,721 1,722,989 1,633,064 2.333 1.068.656 1,720,656 2.333 CURRENT ASSETS Debtors Lash ai Bank 1,057 30,397 31,454 1.057 58,696 59,753 12,043 42,357 ts4,4VU 26,299 28,299 Creditors: amosjnts falling due thIn one year 9 6,804 6,804 7,907 CURRENT ASsETSI(LIABILIEsl 24,650 28,299 52,949 46,493 TOTAL ASSEI S LESS CURRENT LIABILITIES 20,983 1,748,9th) 1,775,938 1,679,547 Credltors: amountg falling due after more that one year NET ASSETS 26.983 1,748,955 1.775.938 1.679.547 TOTAL FUNDS OF THE CHARI 161.983 1,blJ955 1 775 938 1,079.547 The note5 thai follow form part of Ihese accDUllt5 Approved by the Trustees on and signed on their behelf by. Dr. l. Mason. Trustee Mr K.W. Ap]in, vice Chairman
ELIZABETH WRIGHTS CHARITY Not•s to th• Finaneial Stat•monts For the year ended 31st Dernber 2023 l A¢MvntSng Poli¢i¢¥". Accounting convention The financial statements are prepared under the historiGal cost convention as modiffed by the Incluslon of invp8lmp.nlg 21 markp.t v21iip. And in Aer.nrdAnttp. with l+ie. xpplirghle. 3C.mLinlino standards. In prepgrini the financial statements the Gharity fdlows best practice db Idid dvwNI ITI Ilie SidleiTi¥iII vl RELviniTievidei Practice.. Accounting and Reporting by Charities, ISORP 2015) leffeclive 1 January 20151. Investment Income Rents are Included on an accruals basls and Invesiment Income credlted as recelve(S. Resources Expended Expenditur& is included on an accruals ba81$. ExpendSluro includes any VAT which cannot bo recovered and is reporteiy as part of tn& expen(Jrture to which li felaies. Management and administration comprises the costs for the running of the Gharity itself as an organitsation. Fixod Asset Investments Investments are induded at closing mid-market value at the balance sheet date. Any gain or loss on rcvolualion is takcn to thc Statcmcnt of FinanGiol A¢tivitics. Fund accountlng Detalls and purpose of each fund is set out in note 10. 2 Tangible Fixed Assets and Income Therefrom Annual Ront 2023 Valuation on 2022 31112123 31112122 Freehold Agricultural Land: 7.894 acres land, Wlsbech High Fen, Wisbech st.mary 2.900 ace3 land, Wi5bech St. Mary 13.640 and 5.609 acres land, Gedney Hill Gate. Gedney Hill 21.062 aGres, Spelldla's Lane, Long Sutton & Old Eau Farni. Tydd St. Mary 9.9225 acres land. 8pp.nd12'$ 1.2np. Lnng Siitton 0.437 aGres land, Gowts Lane, Long Sutton 3.856 and 7.856 acres land. Childergste Lane. qLitton St. Jampg 48.210 ALb lillld, Turf Fen, Doddington 5.14 Acres Land High Side, Wisbeeh 9.18 acres Gox'5 Lane, WibbeLlI St Mdly Reference AftCOOS 800 800 32,000 32.000 500 500 12,000 12,000 ARCUD8& ARCOD7 3,173 2,280 76,000 76.000 AW3 2,787 eo,000 80,000 *RCOOb 1.240 1,910 40.000 40,000 AllC•IO 740 1,240 24,000 24,000 ARC011 3.245 48.000 48,000 ARQJ12 0,670 Q,870 192,000 192,000 ARCth3 430 20,000 20.000 1.370 1.677 24,361 120,000 652,000 120,000 652,000 I he I rustees nave valued the lan(J al Jl st December 2U2J on the basis of curreni circumstances. at approximately £4,000 per acre. The Trustees believe that this valuation is appropriate at this time.
ELIZABETh WRIGHTS CHARITY Notes to the Financial StaTrments {cortlnu¢d) For the year ended 31st December 2023 In81•t Ineomg 2023 20?.? Divldends received from COIF Inryjme Sha Bank Interest W#e3ve COIF Deposit Acthunt Interest ReservoirFlshlng Licen 29,338 29.228 67 17 56 29,674 29.295 Direct Charltabl• Grants 2023 2022 Wi8bcch Charrtic- Alrn$houeas- Ghristmas glfts and Tmps foi 1¥sidEiILè Wi5beth St Peters Churth Wisb8ch Museum Music Proledslschools Various orants to individuals and organi5ations Food Bank 1.310 760 6.000 4.708 500 1,000 6,360 13,547 5,200 5.380 26.607 5 Adminlstrallon 2023 2022 Drainage Rat95 AIAiJui"IlanGy Admin Expense5 Rent Collection fee 111 1.500 54T 2.263 103 1.500 019 2.527 4A21 4.749 L068: Contribt2tlon from the WrvJht Educationsl Foundation 228 227 4,193 4.522 The TTUStee6 received ng rwnuneration during the year. 10
ELIZABETH WRIGHTS CHPRITY Not•s to the Financial StstÈm•nts Icontlnuedl For the year end Jist uecemt18r 2023 Intanglbl? A¥1 2023 2022 BPS Entitlements Purchas8d 21.662 acrès Spendlas Lan8. Long Sutton & Old Eau Farm. Tydd St. Mary 1,500 1,500 RPA Ent8rnentS Purchased 4.7(l Ha.qiJltrkn qt.IArn 833 833 As at 31st Drnber 2,333 2,333 7 Inwstmonts 2023 2022 COIF_ Ch4riti•B Inv•6tm•nt Fund- Ineomp Uniis Al Cu>1 Market Valuè as at 3181 Decernber 509,474 1,068,656 978,721 Excess Market Value over Cosl 559,182 469,247 Fund A1 at 1-t Jonuory Movemeni In year en(Jed 31S1 Decernber 469.247 89,935 128,783 As at 31st December 559,182 469,247 Market Value as at 1st January Proceeds of disposals Rt61i5ed gain on ¢Jisposal Nel Gains on Revaluation as 31sl December 978,721 1.107.$04 Markol Value a8 at 31st 0ècemr 2023 1068,656 978,721
EUZABETH WRIGHT'S CHARtrY Notes to the Financlal Staternents (continued} For the year ended 31st December 2023 8 0¢lptors 2023 2022 Debior8 and Prepayments 1,057 12,043 12,1143 Credltor5- Amvuiits falllng due withln one year Z023 2022 Rents received in Advance Sundry Croditors 5,304 1.500 6,407 7.907 10 Funds I Intri fijnds cnmprisé thosè funds whid) the Iruslee5 are freg to use in accordance wth the ¢haritable objects. Th8 endowment lund represents those assets whith must be held permananlly by Charity. Income arising on the endowment fund can be used in accordan with the oble&s of th8 charity and is inrjtjded as unrestriued Income. Any capiial galn5 or10sses ai15iriy vii Ilie iiivtrbtsiieii15 fortn part rAthe lund. 11 Taxation Elizabeth Wight,. Charity is a rogistergd Charity, and is, th9rofore exempt from lisbihy to tsyatinn t)n Income and capltal galns. 12