Charity Registration Number: 214160 WATFORD HEALTH TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED TH 30 SEPTEMBER 2024
WATFORD HEALTH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 TH The Trustees present the annual report and financial statements of the charity for the year ended 30 Septem er 2024. The financial statements comply with current statutory requirements and the requirements of the Charity, governing document. Objectives and Activities The charitable objects of Watford Health Trust as defined by the Scheme are to relieve persons resident in the Borough of Watford and the neighbourhood thereof who are sick, convalescent, disabled, handicapped or infirm by providing o paying for or towards items, services or facilities which are calculated to alleviate the suffering or assist the recovery such persons in such cases but are not readily available to them from other resources. In applying the income of the Charity, the Trustees shall observe the following restrictions: They shall not apply any part of the income directly in relief of rate, taxes or other public funds but may apply income in supplementing relief or assistance provided out of public funds. They shall not commit themselves to repeat or renew the relief granted on any occasion in any case. The Trustees may make arrangements for such items, services or facilities to be provided for that object by other institutions in return for donations or subscriptions out of the income of the Charity. In exceptional cases the Trustees may grant relief to persons otherwise eligible therefore who are resident outside the said borough or the neighbourhood thereof but in the opinion of the Trustees ought nevertheless for sufficient reason to be treated as if resident therein or who are located for the time being within the said Borough or the neighbourhood thereof. When awarding grants the trustees give due regard to the Charity Commission general guidance on public benefit. Achievements and performance During the year under review the Trustees received applications for grants from various bodies on behalf of qualifying individuals in need of financial support. 25 grants were made during the year totalling £8,886 (2023: 26 grants totall £9,954). Grants refunded to the Trust totalled £Nil (2023: £Nil). The appropriation of the benefits of the trust is made by the trustees at meetings of their body and not separately b any individual trustee or trustees. Provided that the trustees from time to time may appoint two or more of their body to be a committee for dealing with any cases of emergency but all acts and proceedings of committees s reported in due course to the trustees. uring the year under review no qualifying application for a grant was refused. The trustees take all reasonab measures to confirm the authenticity of applications and that the grounds for an application conform with the terms of the scheme. Generally the trustees do not make grants directly to applicants but through official bodies or familiar with the need of the applicant. ractices
WATFORD HEALTH TRUST TRUSTEES. REPORT (continued) TH FOR THE YEAR ENDED 30 SEPTEMBER 2024 Financial Review stees have considered the requirement for free reserves which are those unrestrict fund sset investments, designated for specific purposes or otherwise committed. The Trustees conside between to 2 years of charitable expenditure. At this level, the Trustees believe they could continue th arity in the event of a significant drop in funding and to respond to emergency applications fo rom time to time. This level of reserves has been maintained throughout the year. stees are not restricted in their investment policy. The trustees have appointed a leading firm of City O ondo Stockbrokers to manage the investments of the trust on their behalf. The investment policy Is to secure an in me adequate to fund the trust's activities and to generate growth in both capital and income. Structure. Governance and Management Warford Health Trust is constituted under a Scheme dated 19th August 1982. Trustees are appointed by the current trustees for a term of five years by a resolution passed at a special meeting. A casual vacancy in the office of Trustees may be filled by a resolution of the Trustees passed at a meeting of their body, but a person so appointed shall retain office only as long as the vacating Trustee would have retained office i no vacancy had occurred. The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to review these risks and ensure steps can be taken to lessen these risks. The day to day operation of the Trust is managed by the trustees as there are no paid staff. Reference and Administrative details of the Charity. its Trustees and Advisers Watford Health Trust is registered with Charity Commission (number 214160). The principal operating address of the charity is 95 Parkside Drive, Warford, WD17 3AY e trustees who served in the year and up to the date of this report were Chair (Deceased 22 December 2024) Trustee Trustee Trustee Trustee Jean Spivey Valerie Wigman Camilla Woods James Hugh Hughes Paul Ashley Woods
WATFORD HEALTH TRUST TRUSTEES, REPORT (continued) TH FOR THE YEAR ENDED 30 SEPTEMBER 2024 Statement of Trustees, Responsibilities lie ustees are responsible for preparing the accounts in accordance with applicable aw Generally Accepted Accounting Practice. ndun Law applicable to charities in England and Wales requires the trustees to prepare accounts for each fina ia give a true and fair view of the Charity's financial activities during the year and of its financial p ition at the yea earw In preparing accounts giving a true and fair view, the trustees should follow best practice and: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have followed, subject to any departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity wil continue in operation. The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy the finan al position of the Charity and which enable them to ascertain the financial position of the charity and which enable the to ensure that the accounts comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the board of trustees C Woods Trustee Dated: 31 March 2025
WATFORD HEALTH TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES TH FOR THE YEAR ENDED 30 SEPTEMBER 2024 I report to the trustees of Warford Health Trust (Charity number. 214160) on my examination of the accounts for the year ended 30 September 2024 as set out on pages 5 to 8. Responsibilities and basis of report As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts 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: 1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. The accounts do not accord with those records. 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. PJ. WINDMILL FCA MYERS CLARK CHARTERED ACCOUNTANTS Egale 1, 80 St Albans Road, Watford, erts WD17 1DL Dated:
WATFORD HEALTH TRUST STATEMENT OF FINANCIAL ACTIVITIES TH FOR THE YEAR ENDED 30 SEPTEMBER 2024 Note 2024 2023 Income and endowments from: Investments 32,461 28,541 Total income 32.461 28,541 Expenditure on Grants to individuals Investment managers, fee Independent examiners fees Accountancy Trustee expenses (8,886) (8,682) (2,520) (1,200) (56) (9,954) (8,275) (1,720) (920) Totsl expenditure (21.344) (20.869) Gain/(Loss) on investments 115.515 40.109 Net income for year 126.632 47.781 Reconciliation of funds Funds at 1st October 2023 1,270,492 1,222,711 th Funds at 30 September 2024 1.397.124 1.270.492 All funds are unrestricted The notes on pages 7 to 8 form part of these accounts.
WATFORD HEALTH TRUST BALANCE SHEET FOR THE YEAR ENDED 30- SEPTEMBER 2024 2024 2023 Note Fixed Assets Investments 1,329,887 1,191,796 Current Assets Cash at bank and in hand 69,757 83,196 Current liabilities Creditors (2,520) (4,500) 67,237 78,696 Totsl Assets less Current Liabilities 1.397.124 1.270.492 Funds Unrestricted 1.397.124 1.270.492 Approved by the Trustees on 31 March 2025 C Woods TRUSTEE J H Hughes TRUSTEE The notes on pages 7 to 8 form part of these accounts.
WATFORD HEALTH TRUST NOTES TO THE ACCOUNTS TH FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting Policies Basis of preparation The accounts have been prepared under the historical cost convention with items recognised at transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Rep ing Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019, rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Income recognition Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by investment managers of the receipt of the dividend. Expenditure recognition Expenditure is accounted for on the accruals basis of accounting and recognised when a liability is incurred. Grant payments are recognised when the recipient has been advised of the grant and there is an obligation to pay. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Investments Listed investments are a form of basic financial interest and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the mid- market value. Realised and unrealised gains are taken to the Statement of Financial Activities. Funds structure Unrestricted Income Funds are those funds that are available to the trustees to apply to the general charitable purposes as laid out in the Trust Deed.
WATFORD HEALTH TRUST NOTES TO THE ACCOUNTS (continued) TH FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investments 2024 2023 Market value at 1st October 2023 Portfolio management fees and charges Income reinvested Change in value in the year 1,191,796 (8,682) 31,258 115,515 1,145,029 (8,275) 14,933 40,109 Market value at 30th September 2024 1.329,887 1.191.796 Historical cost at 30th September 2024 1.217.437 1.169.845 Investments are he/d as fo//ows." Listed Investments: Held within the UK Held outside UK Cash held in UK for reinvestment 407,668 898,364 23,855 440,680 742,252 8,864 1.329.887 1.191.796 There are no investments which comprise more than 5 % of the portfolio value. In 2023, the following investments comprised more than 5% of the portfolio value: JP Morgan fund Icvc JP Us Eq Inc C2 GBP Net Dis (<5% in 2024) Brown Advisory Pds BWN Adv Us Sust Gth Si GBP (<5% in 2024) 62,571 71,555 Creditors 2024 2023 Accountancy & Independent examiners fee 2,520 4,500 2.520 4.500 Key management, trustee remuneration. expenses and related party transactions The trustees are considered to be key management. Trustee expenses claimed in the year were £56 (2023: £Nil). There were no otlier related party traiisactions in tlie year (2023: none).