THE HANDSWORTH CHARITY REPORT AND FINANCIAL STATEMENTS YEAR ENDED31 DECEMBER 2024 Reglstered Charlty No 216603 CONTENTS Page Le801 and admlnlstratlve Informatlon Report of the trugtees Independent examlner's report Statement of financlal actlvi¢ies Balance Sheet 7-11 Notes to the flnanclal statements
THE HANDSWORTH CHARITY LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2024 Churltyreglstratlon The Trust is an unintorporated charity under registration number 216603. rhe Charfty's trustses consist OA.. Ex-officio Trustees.. The Rector and Church Wardens of St MarWs Parlsh. Hand5worth Nominative Trustee5'. Appointed by Birmingham City Council or the Trustees and each holdln8 offlce for four years. C¢-opiatlve Trustees.. Appointed by the Trustees and each holding offlce for f5ve years. The Charity's Trustees duriftg the year ended 31 December 2024 were.. Ex-officlo Trustèes.. Keith Hemmings Ichalrmanl Revd Lizzie Lon8hurst- appolnted 11 September 2024 Chris Perry- appointed 19 Jvne 2024 Nomlnatlve.. Mrs Klm Brom (Senior Vlce Chalrmanl Vincent Danlel- retSred April 2024 Parmala Mehay Hydes Gerald Hardin8- appointed 6 March 2024 and reslgned 28 O¢ttsber 2024 Balblnder D¢ulay- appolnted 6 March 2024 Tonla Clark- appctinied 19 June 2024 Hel8a Edstrom- appolnted 19 June 2024 Co.optatlve'. Mrs Doreen Hemmlngs (Junlor Vlce Chalrmanl Rosemariè Seadon Secretary-. Ms Dlpall Chandra clo 109 Court Oak Road Harborne Blrmingham B179AA Bunkers.. Royal Bank of Scotland PIC l Hardman Boulevard Manchester M3 3AQ Investment Monaqets.. Cènaccord Genuity Wealth Ltd Saggar House Princes Drive Worcester WRI 2PG Independent Examlner.. Malcolm Willcox, FCCA Chartered Certified Accountsnt Hagley House 93 Ha8ley Road Edgbaston 8irmingham B16 8LA
THE HANDSWORTH CHARITY REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 The Trustees present their Report forthe year ended 31 December 2024. The flnancial statements h8ve been prepared in accordance with the accountlll8 policies set out in the notes thereto, and comply wlth the Charlty's governSng document, the Charities Act 2011 and the Charities SORP IFBS1021. Structure* govéinancè and management The Handsworth Charities Ithe 'Chorities'1 were constituted by a scheme of the Charlty CommSssioners dated 13 Aprll 1977. The Charitles consisted ol The Handsworth Charity, re8lStered charity number 216603 and The William Stevenson Charity, re8lstered charity number 212721. By a Resolution dated 15 March 2006 all property belon6ing to The Williarn Stevenson Charity was to be transferred to The H3ndsworth Charity. The Charlty CommlssSon concurred with the Trustees, re501ution and the transfer of assets was completed on 5 August 2006. The Wllliam Stevenson Charity was subsequently deleted from the Chartty Commlssion reglster. All matters of pollcy are deterrnlned by the Trustees who m¢Èt regularly. The Trustees have examlned the major strDre8lc and operatlonal rlsks which the charity faces and are 5at1511ed that systems have been establlshed so ihat the necessary steps can be taken to minirn15e these risks. Obledlve5 and attlvltles To make Ilxed annual payrnents of £250 tty the Parochlal Church Councll of the ÉcclesiastScal Parlsh of St Mary, Handsworth, for the beneftt of the rnuslc of the parlsh church. To relleve need, hardshlp or distress amongst thosè living wSthln the Ancient Parish ol Handsworth by making 8rants or paying for servlces or facllltle5 calculated to reduce néed, hardshlp or dlstress. To make payments to pensloners already awarded penslons by the CharStles,' and To make payrnents to vlsually Impaired persons Ilvln8 wlthln the Anclent ParSsh of Handsworth. The Charity recelve5 appllcatlon5 both from indivlduals and referrals organlsatlon5. Appll¢attons should be made to the Clerk. The Trustees have referred to the 8uldance contalned In the Charlty Cornmlss5on's 8eneral 8uldance on public beneflt when reviewin& the Charity's aims and objectives and plannln8 future activitles. In partlcular, the fru5tees have tonsidereij how planned activities will contribute to the aims and objectives set. A¢hlevements and performance fjrants dlstrlbuted by the Ch8rlty Emounted to £12,33014 organisation51 le55 8rants rescSnded of £8,720 relating to prior years compared with £19,90019 orgaDlsatlons1 In the prevlous year. Flnarttlal rèvlew and Investment poll¢v The Charity'5 flnanclal statements are set out on pages 5 to 11. Income received amounted 10 £36,756 12023.. £37.9721. The sum of £12,33012023.. £19,900) was expended on grants less grants and a pension rescinded of £8,835 reSatin8 to prior years, £250 on the annual payment to the PCC of St Mary's Handsworth, whilst support and governance costs totalled EIO.596 12023.. £6,468). Investment manager's fee5 were £9,57412023.. £8.8861. The Market ValLte of the Investments at the year end was £1,148,50111023.. £1.130.6831. Unrestricted reserves at 31 December 2024 were £107,24512023.' £103,239). There are no restrictions on the Charitvs power to invest. The investment strategy is set by the Trustee5 for a period of flve ye8rs. The Trustees consider the incorne requirements, the risk profile and the investment managers, review of the markÉt prospects in the medium term. The unrestricted and restricted funds may be invested In any type of investment.
THE HANDSWORTH CHARITY REPORT OFTHE TRUSTEES- Continued YEAR ENDED 31 DECEMBEB 2024 Reserves pollcy It is the policy of the Charityto maintain unrestritted funds, which are the free reserves of the Charltyi at a level which equate5 to at least two year5, income. This provldes sufficienr funds to cover governance and support cost5 and to respond to emergency application5 for grants which arise from time to time. A5 at 31 December 2024 unrestri£t2d Income funds were £107,24512023.. £103,239) which is in exces5 of the reserves pollcy. Statement of Trustees, responslbllltle$ for the financlal statements The Trustees ar¢ responsible lor preparlng the Trustees, Report and the financial statements in accordpnce with applicable law and Un*ted Xin8dom Accountlng Standards Iunlted Kingdom Gefterally Accepted Accounting Practicel. The law applicable to Charitie5 in Englond and Wales requlres the Trustees to prepare Ilnancial 5t4tÈment$ lor each linancial year which 8ive a true and fair view of the State of the Trust's affalrs and of the Incoming resources of the Trust for that period. In preparln8 these tinancial statement5. the Trustees are requlred to.. select sult&ble ac¢ountlng ptsllcles and apply them conslstently,. observe the methods and prlnciples In the Charltles SQRP,. make lud8ements and estlmate5 that pre reasonablè and prudent,. state whether appllcable 8ccountSn8 Standards have been followed, sublett to any rnaterlal dèpartures disclosed and explained In the flnanclal statement5; and prepare the flnanclal statements Ofi b 8oln8 concern basls unless It Is conslderè(I Inapproprlate to assume thit the Trust wlll contlnue. TheTrustees are responslble for keeping proper iccountin8 records that disclose wlth reasonable accuracy at anytlme the flnancial posltion of the Trust and enable thern to ensure that the financlal statements comply with the Charities Act 2011, Ihe Charity IAccounts and Reports) Regulations 2008 and the prgvision of the Trust Deed. Thè Trustees are also responslble foi safe8uardln8 the assets ol the Trust and for takin8 reasonable steps for the preventlon and detectlon of fraud ènd Llther irresularltles. Approved by the Trustees on ondslgnedon rhelr behulf by Morch 2025 KEITN HEMMINfjS Chairman
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE HANDSWORTH CHARITY I report on the flnanclal statement5 of the Charity for the year endÈd 31 December 2024 which are set out on page5 S to 11. Respective re5pon51bllltles of tru5tee5 and examlner Thè tharity's trustees are responsible for the preparation of the financial statements. The charity's trustees ¢¢nsider ihat an audlt Is not requlred for thls year under sectSon 144 of the CharltSes Act 20111.the Chailtles Act") and that an Independent exarnrnation Is needed. It Is my responsibility to: examine the flnanclal siatements under 5ectlot) 145 of the Charitles Act,. follow the procedures laid down in the general Dlre¢tions glven by the ChaTIty Commisslon (under section 14515llbl of the Charltles Act., and state whether particular matters have come to my attenti¢n. Independent #xamlnerfs statement I have completed my examination. l Confirm that no malerlal matters have come to my attentlon whlch 8lves me cause to belleve that In, any mateflal respect.. the accountlng records were not kept In accordance with sectlon 130 Of the Charltles Act,. or the fSnanclal slatement5 dSd not accord wlth the a¢countSn& records,. or the flnan¢ial statements dld not ¢omply with the appllcable requirements concerning the form and content of financlal statement5 set out In the Charltles IA¢¢¢unts and Reports) Re8ulatlons 2008 other than anv requlrèment that the hnanclal statement5 8lve a 'tfue and fair, vlew whlch Is not a matter consldered as part of an Independent examlnatlon. I have no concerns, and I have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In this report In order to enable a proper understandlng of the finan¢lal statements to be reached. MALCOLM H J WILLCOX FCCA Malcolm Willcox & Co Chortered CertlfledAccountonts and Stututory Auditors irmingham March 2025
THE HANDSWORTH CHARrrY STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Income Capital 2024 Total Unrestricted Restricted Income Capltal 2023 Total Notes INCOME Investment Incorne 36.756 36,756 37,972 37,972 EXPENDITURE CharStable artlvltles Grants PCC of St Mary's, Handsworth Pension cancoll¢d Fundraising Investment Mana8er's fee5 support cost5 Clerk's fee Sundry expenses Govèrnan¢¢ costs Clerk's fee Accountancy and independent examlnatlon 3,610 250 3,610 250 1 1151 19,900 250 19,900 250 9,574 9,574 8,886 8.886 4,400 596 4,400 596 2,400 218 2,400 218 4,400 1,200 4,400 1,200 2,400 1,200 2,400 1,200 Total •xpendltur• 23,915 23,915 35,254 35,254 Net Ineomelexpendltuye 12.841 12,841 2,718 2,718 Net 8alnsl1055es on Investment5 Reallsed Unreallsed 2,602 45,972 2.602 45,972 1 3.5581 1 3,5581 72,628 72,628 12,841 48.574 61,415 2,718 69,070 71,788 Rétonclllatlon of funds Fund balances brought forward at l January 2024 103,239 1,128,233 1,231,472 100,521 1,059,163 1,159,684 Fund balance earried forward at 31 December 2024 116,080 1,176,807 1,292,887 103.239 1.128,233 1,231,472 Notes All income and expenditure derlve from contlnulng activStle5. The statement of fiTrancial attivities includes all gains and losse5 recognized durlnE the year.
THE HANDSWORTH CHARITY BALANCE SHEET 31 DECEMBER 2Q24 2024 2023 Notes FIXED ASSETS Investments 1,148,501 1,130,683 CURRENT ASSETS Cash at bank.. Royal Bank of Scotland- Deposlt Account Royal Bank of Scotland- Current Account 119.924 500 98,636 5(KJ DSvldends and uninvÈsted ¢ash held by Investment Mana8ers 25,412 2,853 145,836 101,989 CURRENT LIABILITIES- omountsfulllng due wlthln one year.. Sundry credltors 1,4501 1,2001 NET CURRENT ASSETS 144,386 100,789 TOTAL ASSETS LESS CURRENT LIABILITIES 1,292,887 1,231,472 FUNDS Capit81 Funds Irestrlctedl.. Handsworth Charitv Wllliam Stevenson Charity 18191 1,154,770 22,037 1,106.681 21,SS2 1,176,807 116,080 1,128,233 103,239 Income Fund lunrestrlctedl 18191 1,292,887 1,231,472 Theflnoncl(71sttitement5 on ptFges 5 to 11 were upproved by the Trustees on Marth 2025 ap)cl signed on their beholf bv KEITH HEMMINGS Chairman
THE HANDSWORTH CHARITY NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of a¢¢ountln8 The financial 5tatemefit5 have been prepared under the Charltles Act 2011, and in accordance wlth countlng and Reporting by Ch3ritits.' Stotement of Recommended Pluctlce ISORPI and the Financlal Reporting Stèndard 102 IFRS1021, also known a5 Charltles SORP IFR51021. The Charity meets the definition of a publlc benefit entity under FRSIO2. The flnanclal st8tem@nts havo also been prepared on 3 golng concern basls under the historical CDSt eonventlon, as modlfled by the revaluation of certain investment a5set5, to show a true and fair view ol the ChariM05 flnantlal posit60n. The Tru5tee5 con5iderthe going contern basls to be valld because Do materlal uncertainties exlst. Fund5 Unrestrlcted fund5 are available for use at the dlscretion ol the Trusiees in furtherance of the general oblectlves of the Charlty, and whlch have not been designated lor other purposes. Restricted funds are fvnds that are to be used In aCCOfd8ncewlth speclllc restrlction5 imposed by donors or whlch have bèen ralsed by the Charity for partlcular purposes. The cost of raising and admlnisterlng such funds are charged against the speclllc fund. The zlm and use cf tach resrrkted fund Is set out In ihe notes to the flnanclal statement5. Endowment funds represent those assets whlch must be held permanently by the Charlty, prlnclpallv Investments. Ineome aiising on the endowment funds can be used In accordance wlth the objects of the Charlty. and Is Included a5 unrÈstri¢ted Income. Any capltal galn5 Qr losses arlsln8 on the Investments form part ol thefund. Investment management£h4rges and legal advlce relat1ng to the fund a charEed sainst the fund. Investments Investments are recogn15ed Inltlally at falr value whlch 5s normally the transactlon prlce. Sub5epuentlv, they are measured at falr value wlth chanBes recognlsed a5 'net 8alnslllossesl on Investments, In the Statement ol Flninclal Actlvltles ISOFAI. if the shares are publlclytraded ortheir falr value ¢theISe be tneasured reliably. Other Investments are meaSud at C05t les5 Impairment. Current asset 5nvestments ère short term hlghly 11qu Investments and are held at lalr value. These Include ¢a5h on deposlt and cash Èqulvalents wlth a maturlty ot le5$ th8n yèar. Income recegnlllon Income15 Included la the SOFA when thÈ Charlty becomes entitled to the resources, and the trustees a reasonably certaln they wlll receSve the resource5.' and the Monetary value can be measured wlth Idl Expendltilfe recognltlon Thi$ is recognised when a Ilabillty Is Incurred, or o ¢onstrurtlve obllgatlon arises, that results In the payrnent being unavoidable. Liabilitie5 are recognised as 500n as an outflow of economlc beneflt Is tonsidered more Ilkely than not underthe legal or Constructive Dbllgatlon comrnittin8 the Charlty to pay out resources. Slnce the tharlty Ss not VAT reg15tered, all Input VAT Is chaTged with the relevant expenses. Grants Grants made by the Charlty from It5 own funds are recognlsed in full at the time of agreement or when the Charity accepts that there is a legal or operatlonal obligation to make the p3ympnt. Debtors Trade and othei debtors are recognlsed at the settlement amount. Prepayment5 are valued at the arllount prepaid afterlaking Into aEcDunt HDV 5ettletnent discounts a¥ailab5e. Creditors Credltors are recD8ll15ed where the Charity has a present obligatlon resulting from a past eventthat wlll probably result in a payment to a thlrd party and Whe the amount of the obligation be measured or estimated reliablv. Taxation The Charity is exemptfrom tsxation.
THE HANDSWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 continued 2024 2023 INVESTMENT INCOME Dividend5 and bond income COIF deposit Interest Royal Bank of Scotland deposit interest 34,173 600 1,983 36,553 592 827 36,756 37,972 GRANTS Blrmlngham Settlement ChaTily Awards Cranston CrSsis UK St Chad's Sanctuarv Sl Mark's Community Hub St MaS Cholr Sl Mary's Convent St Mlchael's Church St M1chael'5 Food Bank Trldent Houslng Prior year grants resclnded 3,000 1,500 3,000 1,150 250 4,000 3,000 5,000 500 4,600 4,830 soo 18,7201 3,610 19,900 TRUSTEES, REMUNERATION AND EXPENSES No remuneratlon and expenses were pald to the Trustees durln8 the year. EMPLOYEES There were no full or part tirne employees durlng the year. Ms Dipali Chandra Is Clerk to the Trustees. and she recelved an honorarlum of £8,80012023.. £4,800> during the year.
TME HAND5WORTH CHARITY NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 continued 2024 2023 INVESTMEIITS Cost.. At lJanuary 2024 Addltlgns Cost of sales 822,478 72,506 19(>,2111 875,030 96.225 1148,7771 At 31 DeEernber 2024 804,773 822.478 SuTpIu5 on revaluatiofi.. At l January 2024 Valuatlon èdlustment 308,205 35,523 191,192 117,013 At 31 December 2024 343,728 308.205 Market valu• at 51 D¢¢omber 2024 1,148,501 1,130.683 Investment5 at falrvalue repre58nled: Flxed Interest and equlvalent Equltles Unlt and Inve5trnentTrusts Charltles Deposlt Fund 179,115 834,058 45,078 90,250 180,083 835,699 50,015 64,886 1,148,501 25,412 1,130,683 589 Cash not Invested 1,173,913 1,131,272 At 31 Oecernber ?024 the Charfty held the following Investments whlch Indlvldually represented In exces$ of S% of the total value of the portfolio: Charltles COIF deposit JP Morg3n Glob31 Growth Scott15h Mortgage market value £68.210- 5.9% market vèlue £72,500 * 6.3% market value £60.153 R 5.2% The falr value of Ilsted Investments Is shown 3t market value at the balance Sheet date. All Investments a carrled at thelr falr value. Investment In equit1e5 and fixed Interest securities are all traded In quoted public markets, primarily the London Stock Exchange. Holdlngs In common investment lund5, unlt trusts and open-ended Inve5trnent cornpanles are at the bid price. The basis ol fair value for quoted investments Is equivalent to the market value. Asset sales and purchases are recoEnlsed at the date of trade at thelr transactlon values. The main risk to the Charity from flnanclal Instruments lies in the comblnation of uncertain investrnent markets and volatility In yield. The Charlty is reliant on dividend yield to finance its work. Llquldlty risk Is antlrlpated to be low 35 ?113s5ets are traded. The Charity's investments are m8lnly traded In markets with good liquidity and high trading volumes. The CharSty has no material Snvestment holdings In markets subject to exchange controls or tradlng re5triction5. The ChaTity rnanages these Investment risks by retaining expert advlsors ènd operatin8 an investment policy that provides for a high degree of diversification of holdinES Wlthin lftvesiment classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and sirnilar complex flnancial instruments. a5 It takes the view that investments are held for thelr longer term yleld. totèl return, and hlstorlc studles of quoted financial instruments have showTr that volatility in any particular 5 year period wlll normally be corrected.
THE HANDSWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 continuèd 2024 2D23 CURRENT LIABILITIES Independent Examiner's fee accrued PCC St Mary Handswc*rth 1,200 250 1,200 1,450 1.200 Hand5WOrth Stevenson Capital Capital Undistrlbuted Fund Fund Income Total ANALYSIS OF ASSETS BETWEEN FUNDS 31 D8comber 2024 Llsted Inve5tment5 Uninvested cash Cash at bank Dlvldendg held by Investment Mana8er5 1,126,464 23.554 4,752 22,037 1,148,501 23,S54 120,424 1,858 115,672 1,858 1,154.770 22,D37 117,530 1,294,337 Less.. Current1Sabllitles 1,4501 1,4501 1,154,770 22,037 116,080 1,292,887 Handsworth Stevenson Capltal Capital Undistrlbuted Fund Fund Income Total Listed investment5 Uninvested cash Cash at bank Dividend5 held by Investment Managers 1,044,245 589 61,847 21,552 64,886 1,130,683 589 99,136 2,264 37,289 2,264 1,106,681 21,552 104,439 1,232,672 Less.. Current IlabSlltles 1,2001 1,2001 1.106,681 21,552 103,239 1.231.472 io
THE HANDSWORTH CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 continued FUNDS The Capital Funds represent those assets whlch must be held permanently by the Charity. Income arlslng th2reon can be used in accordance with the objects of the Charity, and any undlstributed income represents the Intome Fund. io RELATED PARTY TRANSACTIONS There were no related party transaction5 during the year12023.. £NIII. li