2022-06-30-accounts - East Wickham And Welling War Memorial Trust

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CHARITY REGISTRATION NUMBER: 206252

East Wickham and Welling War Memorial Trust Unaudited Financial Statements

30 June 2022

OPASS BILLINGS WILSON & HONEY LLP

Chartered Certified Accountants Numeric House 98 Station Road Sidcup Kent DA15 7BY

East Wickham and Welling War Memorial Trust

Financial Statements

Year ended 30 June 2022

	Pages
Trustees' annual report	1 to 5
Independent examiner's report to the trustees	6
Statement of financial activities	7
Statement of financial position	8
Notes to the financial statements	9 to 13

East Wickham and Welling War Memorial Trust

Trustees' Annual Report

Year ended 30 June 2022

The Trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2022.

Reference and administrative details

Registered charity name	East Wickham and Welling War Memorial Trust
Charity registration number	206252
Principal office	PO Box 628
	Welling
	Kent
	DA16 2TF
The Trustees
	Nigel Betts
	Warren Foot
	Jeremy Watkins
	John Caheny

Appointment Of Trustees

The Trustees appoint new Trustees. When a vacancy arises the Trustees consider any skills gap in the Trustee board and seek to fill that gap from either a resident of East Wickham and Welling or a person who has a strong connection to the area. If there is more than one candidate, an election is held.

The Trustees also appoint the Governors of the Trust and Members of the Trust. There are up to ten Governors and each is appointed for three years. Trustees and Governors are Honorary Appointments. The Governors meet to discuss grant applications, within the framework of the grant scheme, and make recommendations to the Trustees. There is a sub-committee of the Governors to organise the Annual Remembrance Festival.

The Secretary of the Trust is appointed by the Trustees and receives an honorarium and expenses.

East Wickham and Welling War Memorial Trust

Trustees' Annual Report (continued)

Year ended 30 June 2022

Governors	Nigel Betts
	Rev’d Carol Bates (appointed October 2021 - resigned September 2022)
	Corrine Botten
	Gillian Buckenham
	Phil Hinton (appointed July 2022)
	Jeremy Watkins
	Maura Garrod
	Tony Lay
	Michael Macey MBE
	Rev'd Peter Organ (resigned October 2021)
	Will Cooban (appointed July 2021)
Trust secretary	Linda Clayton
Independent examiner	Martyn Finnis ACA ACCA
	Opass Billings Wilson & Honey LLP
	Numeric House
	98 Station Road
	Sidcup
	Kent
	DA15 7BY

Structure, governance and management

The Trust

East Wickham and Welling War Memorial Trust (also known as the East Wickham Trust, the War Memorial Trust and formerly known as the East Wickham and Welling War Memorial Hall Trust) was originally set up in about 1920 for the construction and maintenance of a Social Institute/Public Hall in memory of those from the District who lost their lives in the Great War. The hall was requisitioned in 1939 for Civil Defence Purposes and never fully returned to community use. The Trust became redundant in the late 1940s. The revival of the Trust began in early 1992 and it started operation as a grant making charity in October 1995, using revenues from the commercial letting of the hall and surrounding land. The hall was sold during 2007 and the capital receipt has been invested with the Trust's financial advisors, Evelyn Partners.

The original Deed of Trust was sealed by the Charity Commission on 31st December 1930 and amended by the Scheme of the Commissioners dated 5th May 1995.

Governing Document

Summary of objects set out in the governing document

Upkeep of the East Wickham and Welling War Memorial housed in the parish church of St Michael, East Wickham.
Providing for the extraordinary repair, improvement or rebuilding of halls belonging to charities in East Wickham or Welling which are available for public use
In furthering the work of any charity the objects of which include:
(a) The promotion of education of persons in East Wickham and Welling
(b) The improvement of the conditions of life of people in East Wickham and Welling.
Such charitable purposes for the general benefit of the inhabitants of East Wickham and Welling as the Trustees think fit.

East Wickham and Welling War Memorial Trust

Trustees' Annual Report (continued)

Year ended 30 June 2022

Structure, governance and management (continued)

The War Memorial

The Trustees have a responsibility under the Trust Deed, as amended, to maintain the East Wickham and Welling War Memorial to the fallen of the First World War. On Remembrance Sunday 1996 a new War Memorial was dedicated at St Michael's Church East Wickham. Further names were added to the memorial in 1998. During the Centenary period of the First World War, the Trust engaged volunteers to research the stories of the men on the War Memorial. During the research, further names were uncovered and an extension panel, listing the additional names, was added to the War Memorial and dedicated on Remembrance Sunday in 2018. An online war memorial is also now available on the Trust's website.

The Trust runs an annual Festival of Remembrance at St Michael's Church on Remembrance Sunday. This is now established as probably the most significant Act of Remembrance in the London Borough of Bexley, being supported by the Mayor of Bexley, the Deputy Lieutenant and local MPs and Councillors as well as many leading members of the local community.

Objectives and activities

The Trust continues to support activities of local residents and organisations through its Grants Schemes.

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers and duties. The Charity fulfils its obligations for public benefit by offering grants to all members of the public who fall within the area of benefit.

The Trust offers four types of grant to the public, and the criterion is restricted to location only, i.e. within the boundaries of East Wickham and Welling as identified by the map attached to the Scheme. It advertises its existence through social media as well as in many local publications and through the local press and has developed a network among local groups and organisations.

(1) Rental Grants - open to any community group that meets in the area of benefit, to help towards the cost of their meeting place.

(2) Capital Grants - open to those who run halls that are set up as charities and located within the area of benefit, to help pay towards costs of capital repairs and renovations on those halls.

(3) Individual Grants - open to any individual residing within the area of benefit who undertakes challenging courses and expeditions. In addition, the Trust offers one annual academic bursary to any student living within the area of benefit who will be studying Law, History or English at university.

(4) Community Grants - to assist charities and voluntary bodies with the cost of providing facilities, services or events which the Trustees consider to be for the educational, recreational, social or spiritual benefit of the general community of East Wickham and Welling. Applications for Community Grants are by invitation of the Trustees only.

The implementation of these schemes is delegated to the Governors of the Trust who make recommendations to the Trustees.

The Trustees keep under regular review the grant making schemes and develop new initiatives where appropriate and following such review this year, the Community grant was added, as detailed above. Through the Governors they continue to develop a network of volunteers and voluntary organisations and groups who may benefit from the Trust's grants.

East Wickham and Welling War Memorial Trust

Trustees' Annual Report (continued)

Year ended 30 June 2022

Objectives and activities (continued)

The Trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks.

Achievements and performance

The easing of restrictions from the Covid pandemic led to an increase in applications for rental and individual grants during the year back to near pre-pandemic levels. The Trustees increased the maximum amount for individual grants to £1,000 during the year and four grants were awarded, all for the World Scout Jamboree. A capital grant for £9,000 was awarded to Bishop Ridley School, for renovation and improvement of their playground, which enabled them to access larger funding from Rochester diocese. A grant was also awarded to Woodlands Farm, to pay for the planting of a memorial orchard, dedicated to the men from East Wickham and Welling who lost their lives in the First World War.

It was not possible to hold the normal Festival of Remembrance again due to restrictions under the Covid pandemic, but instead a simple service was held to remember the men who died. This was livestreamed and was also available to view on the Trust's website after the event. The Trust would normally hold a retiring collection after the Festival. Some donations were sent to the Trust which were added to other donations during the year and £750 was presented to the local Royal British Legion branch.

During the year a new Governor was appointed who acts at the Social Media Officer for the Trust. As a local historian and published author, he has developed the Trust's Facebook and Twitter pages to include news about the Trust, posts on some of the grant beneficiaries and relevant local history stories and pictures, as well as remembering those local people who died in the two world wars.

The Trustees also commissioned the website to be updated, which will include a Second World War online memorial. Volunteers are researching the stories of those local men and women who lost their lives in that war.

Financial review

The Trust seeks to produce a balance between capital growth and income which, over the long term, will endeavour to maintain the real value of the assets. Thus, by delegating the investment management activities to the Investment Manager, the Trustees wish the Investment Manager to protect and enhance the value of the assets in order to maintain the purchasing power of the funds when taking into account the effects of inflation using the published UK CPI rate. The Trust adopts a total return approach to investment, generating the investment return from income and capital gains or losses. It is expected that if in any one year the total return is insufficient to meet the budgeted grant making expenditure, in the long term the real value of the assets will still be maintained in accordance with the investment objective above.

As at 30th June 2022, the Trust held total reserves of £1,670,800. Of this, £50,000 is held as a designated reserve fund known as the Charity Halls Repair Fund, in accordance with the provisions of the Scheme. This fund is held for the purpose of providing for the extraordinary repair, improvement or rebuilding of halls belonging to charities in East Wickham or Welling which are available for public use. The Scheme also provides for a designated reserve fund of £20,000 known as the War Memorial Hall Maintenance Fund, to be held for the purpose of providing for the maintenance, repair, improvement or rebuilding of the buildings of the Trust. Since the War Memorial Hall was sold in 2007, and the Trust owns no other buildings, no such designated fund is now shown in the accounts.

East Wickham and Welling War Memorial Trust

Trustees' Annual Report (continued)

Year ended 30 June 2022

Plans for future periods

The Trustees' future plans are similar to those in last year's report and can be prioritised as follows: -

a) To continue to develop its network of local organisations and groups who may benefit from the Trust's grants.

b) To keep under review the Grant making schemes and develop new initiatives where appropriate.

c) To monitor and review the Trust's investment policy through annual meetings with the Trust's financial advisor.

d) To continue to develop the administration of the Trust and establish good working practices.

e) To continue the bursary award for a local History, Law or English student in memory of the late Leyland Birch who had served the Trust since 1992 and put much work into re-establishing the Trust until his death in 1998.

f) To promote the legacy of the WElling WILL REMEMBER THEM project, by building on the research from the project and by continuing a programme of education about the local impact of the First World War in the local community.

The Trustees' annual report was approved on .............................. and signed on behalf of the board of Trustees by:

Nigel Betts

Chairman of Trustees

East Wickham and Welling War Memorial Trust

Independent Examiner's Report to the Trustees of East Wickham and Welling War Memorial Trust

Year ended 30 June 2022

I report to the trustees on my examination of the financial statements of East Wickham and Welling War Memorial Trust ('the charity') for the year ended 30 June 2022.

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 Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
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 accounts to be reached.

Martyn Finnis Opass Billings Wilson & Honey LLP Independent Examiner

Numeric House 98 Station Road Sidcup Kent DA15 7BY

East Wickham and Welling War Memorial Trust

Statement of Financial Activities

Year ended 30 June 2022

		2022	2022	2021
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	505	505	200
Investment income	5	27,188	27,188	37,526
		----------------------------	----------------------------	----------------------------
Total income		27,693	27,693	37,726
		============================	============================	============================
Expenditure
Expenditure on charitable activities	6	47,340	47,340	32,970
		----------------------------	----------------------------	----------------------------
Total expenditure		47,340	47,340	32,970
		============================	============================	============================
Net losses on investments	7	(7,444)	(7,444)	(18,835)
		----------------------------	----------------------------	----------------------------
Net expenditure and net movement in funds		(27,091)	(27,091)	(14,079)
		============================	============================	============================
Reconciliation of funds
Total funds brought forward		1,697,891	1,697,891	1,711,970
		------------------------------------------	------------------------------------------	------------------------------------------
Total funds carried forward		1,670,800	1,670,800	1,697,891
		==========================================	==========================================	==========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 13 form part of these financial statements.

East Wickham and Welling War Memorial Trust

Statement of Financial Position

30 June 2022

		2022	2021
	Note	£	£
Fixed assets
Investments	11	1,628,369	1,613,444
Current assets
Cash at bank and in hand		54,052	85,269
Creditors: amounts falling due within one year	12	11,621	822
		----------------------------	----------------------------
Net current assets		42,431	84,447
		------------------------------------------	------------------------------------------
Total assets less current liabilities		1,670,800	1,697,891
		------------------------------------------	------------------------------------------
Net assets		1,670,800	1,697,891
		==========================================	==========================================
Funds of the charity
Unrestricted funds		1,670,800	1,697,891
		------------------------------------------	------------------------------------------
Total charity funds	13	1,670,800	1,697,891
		==========================================	==========================================

These financial statements were approved by the board of Trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Nigel Betts Chairman of Trustees

The notes on pages 9 to 13 form part of these financial statements.

East Wickham and Welling War Memorial Trust

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is PO Box 628, Welling, Kent, DA16 2TF.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

There were no estimates or judgements made in preparation of the financial statements.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
income from investments is recognised on receipt.

East Wickham and Welling War Memorial Trust

Notes to the Financial Statements (continued)

Year ended 30 June 2022

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Listed investments are measured at cost.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Donations
Donations	505	505	200	200
	==============	==============	==============	==============

East Wickham and Welling War Memorial Trust

Notes to the Financial Statements (continued)

Year ended 30 June 2022

5. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Income from listed investments	27,188	27,188	37,526	37,526
	============================	============================	============================	============================

6. Expenditure on charitable activities by activity type

		Activities
		undertaken		Total funds	Total fund
		directly	Support costs	2022	2021
		£	£	£	£
	Investment management costs	6,769	–	6,769	6,081
	Grants	26,381	–	26,381	12,330
	War Memorial	380	–	380	2,399
	Education and war memorial activities	647	–	647	192
	Payment to charity	750	–	750	–
	Clerical assistance	9,850	–	9,850	9,500
	Office rent	450	–	450	450
	Insurance	396	–	396	371
	Office expenses	640	–	640	676
	Advertising	140	–	140	70
	Sundry expenses	115	–	115	79
	Governance costs	–	822	822	822
		----------------------------	--------------	----------------------------	----------------------------
		46,518	822	47,340	32,970
		============================	==============	============================	============================
7.	Net losses on investments
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Gains/(losses) on listed investments	(7,444)	(7,444)	(18,835)	(18,835)
		========================	========================	============================	============================
8.	Independent examination fees
				2022	2021
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			822	822
				==============	==============

9. Staff costs

There were no staff costs for the year. The average head count of employees during the year was Nil (2021: Nil)

East Wickham and Welling War Memorial Trust

Notes to the Financial Statements (continued)

Year ended 30 June 2022

10. Trustee remuneration and expenses

No remuneration or other benefits from employment with the Trust were received by the Trustees during the year.

No Trustee expenses have been incurred during the year

11. Investments

	Listed
	investments
	£
Cost
At 1 July 2021	1,613,444
Additions	299,486
Disposals	(284,561)
	------------------------------------------
At 30 June 2022	1,628,369
	==========================================
Impairment
At 1 July 2021 and 30 June 2022
Carrying amount
At 30 June 2022	1,628,369
	==========================================
At 30 June 2021	1,613,444
	==========================================

All investments shown above are held at cost.

Financial assets held at fair value

The investments held at cost of £1,628,369 at 30th June 2022 had a market value of £2,246,171.

12. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	10,799	–
Accruals and deferred income	822	822
	----------------------------	--------------
	11,621	822
	============================	==============

East Wickham and Welling War Memorial Trust

Notes to the Financial Statements (continued)

Year ended 30 June 2022

13. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
				Gains and	At
	At 1 July 2021	Income	Expenditure	losses	30 June 2022
	£	£	£	£	£
General funds	1,647,891	27,693	(47,340)	(7,444)	1,620,800
Charity halls repair fund	50,000	–	–	–	50,000
	------------------------------------------	----------------------------	----------------------------	------------------------	------------------------------------------
	1,697,891	27,693	(47,340)	(7,444)	1,670,800
	==========================================	============================	============================	========================	==========================================
				Gains and	At
	At 1 July 2020	Income	Expenditure	losses	30 June 2021
	£	£	£	£	£
General funds	1,661,970	37,726	(32,970)	(18,835)	1,647,891
Charity halls repair fund	50,000	–	–	–	50,000
	------------------------------------------	----------------------------	----------------------------	----------------------------	------------------------------------------
	1,711,970	37,726	(32,970)	(18,835)	1,697,891
	==========================================	============================	============================	============================	==========================================