Charity No. 218829 The Perry Fund REPORT STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET For the year ended 31 December 2023 Muras Baker Jones Limited Chartered Accountants Wolverhampton
The Perry Fund INDEX For the year ended 31 December 2023 PAGE REPORT OF THE TRUSTEES REPORT OF THE AUDITORS STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 9-12
The Perry Fund TRUSTEES, ANNUAL REPORT For the year to 31 December 2023 The Trustees present their report and audlted financial statements for the year ended 31 December 2023. Reference and administrative information Charity name: The Perry Fund Charity registration number: 218829 Principal address: 7 Waterloo Road Wolverhampton WVI 4DW Trustees: Mrs F E Thompson Mrs C Thompson Mrs S A Waters Mrs A Gabb Auditors: Muras Baker Jones Limited Regent House Bath Avenue Wolverhampton WVI 4EG Bankers: Natlonal Westminster Bank plc PO Box 68 Queen Square Wolverhampton WVI ITR Our purposes and activities When the charlty was formed, the sum of £40,000 was bequeathed upon trust to apply the income for the purpose of providing annuities or other periodical or temporary payments or single grants of money for women not of the artisan class who from any cause whatsoever shall be in need of assistance without regard to any circumstances except their poverty. Further bequests have been Invested in a portfol io of investments wlth a firm of specialists as investment advisors and managers with the purpose of generating income to enable the charity to meet its objectives. In planning our activities for the year we kept In mlnd the Charity Commisslon's guidance on public benefit at our trustees, meetings. The focus of our activity remains granting of annuities to ladies who find it extremely difficult to manage on their very low pension. In granting special needs payments, the trustees have looked at a wide range of ladies from all sorts of social backgrounds and from all ethnic origins and all ages, Achievements and performance The level of income generated as detailed in the financial review is considered to be satisfactory as is the capital growth shown. Quarterly annuities of £3,300 continued to be paid to 4 ladies, with an additional £1,000 cost of living annuity also being paid (2022 - five). An ar)nuitant died in June 2022 and her final payment was taken in 2023, and another annuitant requested no more payments. There were no single payments made in 2023 (2022 - no single payments).
The Perry Fund TRUSTEES. ANNUAL REPORT - continued For the year to 31 December 2023 Flnanclal revlew The charity recorded a deficit for the year of £23,217 (2022 - £19,028 deficit) mainly due to loss on disposal of various investments. The charity's income, derived from its investments and funds on deposit amounted to £25,541 (2022- £25,245). Payments ofannulties and single grants totalled £18,700 (2022- £15,000). Reserves policy Significant reserves have been built up. Action has also been taken in contacting various organisations to spend the income arlsing from the charity. The policy is to seek suitable applicants or organisations to spend the reserves. structure governance and management vernin documen The Charity is governed by a Trust Deed dated 14 February 1912 and its registration as a charity was confirmed by the Charity Comls510n on 25 June 1964. ointment and trainin of trustees The method adopted for recruitment has been by way of recommendation by the existing trustees or by the clerk. New trustees meet with the appointee, who is responsible for ensuring that he/ghe understands their duties and responsibilities and the contribution helshe will be expected to make to aid the achievement of the charity's objectives. anisational structure Day to day administration is carried out by the clerk lo the trustees. Day to day decision5 are made by the Lrustees. Major decisions, including in particular those regarding distributions to be made by the charity are taken at meetings of the trustees. Risk mana The board of trustees has a rlsk management policy, which details the process to be used in identifying rlsks and controls, assesslng rlsks and evaluating the actions required. This policy is reviewed on a regular basis. Statement of trustees, responsibilities The trustees are responsible for pparIng the Trustees. Report and the financlal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select sultable accounting policies and then apply them con515tentlyi observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in operation
The Perry Fund TRUSTEES, ANNUAL REPORT - continued For the year to 31 December 2023 The trustees are responsible for keeping accounting records that disclose with reasonable accL¢racy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, trust deed and accounting and reporting by Charitie5.' Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015).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. Approved by the trustees on 14 May 2024 and signed on their behalf by:
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE PERRY FUND Opinion We have audited the financial statements of The Perry Fund for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 5tatements'. give a true and fair view of the state of the charity's affairs as at 31 December 2023, and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011, Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are ftjrther described in the Auditor's responsibllltles for the audit of the financial statemer)t5 section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern We have nothing to report in respect of the followlng matters in relation to which the ISA5 (UK) require us to report to you where.. the trustees, use of the golng concern basis of accounting in the preparation of the ffinancial statements is not appropriate. or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. other information The trustees are responsible for the other Information. The other information comprises the information included In the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other informatlon and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connertlon with our audit of the financlal statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the f5nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a materlal misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fart.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE PERRY FUND continued We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to whlch the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements 15 inconsistent in any material respect with the trustees, report; or sufflclent accountlng records have not been kept; or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities Statement set out on page 2, the trustees are responslble for the preparation of financial statement5 which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of flnanclal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern bas15 of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as audltor under section 145 of the Charities Act 2011 and report in accordance with regulations made under sectlon 154 of that Act. Our objectives are to obtain reasonable assuran about whether the flnanclal statementsas a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error ar)d are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decislons of users taken on the basis of these financial statements. Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wlth our responsibilities, outlined above, to detect materlal mlsstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularitles, including fraud is detailed below: In planning and designing our audit tests we identify and assess the risks of materlal misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAS (UK), we are also required to perform speciffic procedures to respond to the risk of management overrlde. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and discS0sures in the financial statements. The key laws and regulations we considered in thls context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE PERRY FUND continued We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non- compliance with laws and regulatSons throughout the audlt. After consideration of the above risks we then carried out audit procedures including the following: performing analytlcal procedures to Identlfy any unusual or unexpected relationships that may indicate risks of material mlsstatement due to fraud; reading minutes of trustee's meetings; enquiring of trustees and reviewing any correspondence with legal advisors concerning actual and potential Iltlgation and claims; reviewing the financial statement disc105ures and testlng to supporting documentatlon to assess compliance with provisions of relevant law5 and regulations described as having a dlrect effect on the financial statements. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whetherthe judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant tran5actlDns that are unusual or outside the normal course of business. There are inherent limitations in our audlt procedures described above. The more removed that the laws and regulations are from financlal transactions the less likely it is that we would be aware on non- compliance. Auditing standards also limit the audit procedures requlred to Identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material mi55tatements that arise due to fraud can be harder to detert than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. We communicate wlth those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findlngs, including any Significant deficiencie5 in internal control that we Identify during our audit. Use of our report Thls report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee5 those matters we are required to state to them in an auditor'5 reportand for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charlty's trustees as a bodyi for our audit work, for this report, or for the opinions we have formed. Muras Baker Jones Limited Chartered Accountants and Statutory Auditors. Regent House Bath Avenue Wolverhampton WVI 4EG 14 May 2024 Muras Baker Jone5 Limited is eligible to act as an auditor in terms of section 1212 of the Companies Art 2006.
The Perry Fund Charity Registratlon Number 218829 STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023 Unrestricted and Total Funds 2023 Unrestrlcted and Total Funds 2022 Note INCOME AND ENDOWMENTS Investment income Gifts and Donations l(cl 25,541 25,245 TOTAL INCOME 25,541 25,245 EXPENDITURE Charitable activities other 18,700 8,720 15,000 9,004 TOTAL EXPENDITURE 27,420 24,004 NET EXPENDITURE AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS Loss on Investments (1,879) (21,338) 1,241 (20,269) NET MOVEMENT IN FUNDS Reconciliation of Funds: Total funds brought forward at l January 2023 {23,217) (19,028) 593,182 612,210 TOTAL FUNDS CARRIED FORWARD AT 31 December 2023 569,965 593,182 Notes on pages 9 to 12 form part of these Accounts
The Perry Fund Charity Registration Number 218829 BALANCE SHEET At 31 December 2023 2023 2022 Note FIXED ASSETS Investments 548,160 567,996 CURRENT ASss Debtors Income Tax Recoverable Cash at Bank and in Hand 4,650 10,344 19,006 16,438 23,660 26,786 CURRENT LIABILITIES Amounts falling due within one year 1,855 1,600 NEf CURRENT ASSETS 21,805 25,186 NET ASSETS 569,965 593,182 FUNDS Legacy beqLEÈathed by Miss Helen Perry The Davie5 Fund The Morrls Fund The Radcliffe Fund The Fletcher Fund Income Account li 506,972 3,764 931 3,323 20,182 34,793 528,310 3,764 931 3,323 20,182 36,672 TOTAL FUNDS 569,965 593,182 Approved by the trustees on 14 May 2024 and signed on their behalf by: Note5 on pages 9 to 12 form part of these Accounts
The Perry Fund Charity Reglstration Number 218829 NOTES TO THE FINANCIAL STATEMENTS For the year to 31 December 2023 ACCOUNTING POLICIES (a) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities., 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) (effective l January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Perry Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). In common with many other charities of our size and nature, we use our auditors to as515t with the preparation of financial statements. (b) Going Concern There are no material uncertainties about the charity's ability to continue. (c) Incoming Resources Incoming resources from investments are included when receivable. (d) Resources Expended Resources expended are recognlsed in the period in which they are incurred and include attributable VAT, which cannot be recovered. Resources expended are apportioned between charitable activities and governance costs by way of dlrect allocation. Grants payable are payments made to third parties in the furtheran of the charitable objectives of the charity and are charged in the year when the offer is conveyed to the recipient. other costs are those incurred in compliance wlth the constltutlonal and statutory requlrements of the charity. GENERAL INFORMATION The charlty is a reglstered charity, regIsted In England and Wales. Its principal address is 7 Waterloo Road, Wolverhampton, West Mldlands, WVI 4DW.
The Perry Fund Charity Registratlon Number 218829 NOTES TO THE FINANCIAL sfATEMENTS For the year to 31 December 2023 STATEMENT OF COMPLIANCE The financial statements have been prepared In accordance with FRS 102 "The Financial Reporting standard Applicable In the UK and Republic of Ireland" subject to the fair value of the investments as detailed in note 6, the statement of recommended practice applicable to charities preparing their accounts in accordance with financial reporting standard applicable in the UK and Republlc of Ireland (FR5102) (Charities SORP (FRS 102) and the Charities Act 20 11. ANALYSIS OF GRANTS PAYABLE Unrestricted and Total Funds 2023 Unrestricted and Total Funds 2022 Annuities Paid.. Mrs A Dodsworth Mi55 R Nelson Mrs J Appleby Mrs V Essex Mrs A W Rose Mrs N Davies 4,300 4,300 4,300 750 750 4,300 3,000 3,000 3,000 3,000 750 2,250 18,700 15,000 Single Grant Payments 18,700 15,000 OTHER COSTS Unrestricted and Total Funds 2023 Unrestricted and Total Funds 2022 Clerk's Salary and Expenses Audit Fees Brokers charges 1,800 1,682 5,238 1,800 1,623 5,581 8,720 9,004 io
The Perry Fund Charlty Reglstration Number 218829 NOTES TO THE FINANCIAL STATEMENTS For the year to 31 December 2023 INVESTMENTS The total value relates to investments made in listed companles, which are maintained by a reputable stock broker. The market value of the investments at 31 December 2023 was £623,837 (2022- £624,746). Due to the volatility of the Stock Market, the trustees consider it inappropriate to restate the charity'5 investments to market value and accordingly investments are included at cost. The movements at cost We as follows: 2023 2022 Brought forward at l January 2023 Additions Disposals 567,996 51,162 (70,998) 587,089 99,009 {118,102) Carried forward at 31 December 2023 548,160 567,996 DEBTORS Unrestricted and Total Funds 2023 Unff strirted and Total Funds 2022 Income Account Capital Account 4,650 3,778 6,566 4,650 10,344 CURRENT LIABILITIES - AMOUNTS FALLING DUE WITHIN ONE YEAR Unrestricted and Total Funds 2023 Unrestricted and Total Funds 2022 Accruals Capital Account 1,680 175 1,600 1,855 1,600 RELATED PARTY TRANSAcfioNS No related party transactions took place during the year. None of the trustees received any remuneration or any other benefsts from the charity. No expenses were incurred by the trustees during the year. li
The Perry Fund Charity Registration Number 218829 NOTES TO THE FINANCIAL STATEMENTS For the year to 31 December 2023 io. FUNDS Legacy bequeathed by Mlss Helen Pery: Balance at 31 December 2022 Less.. Loss on Sale of Investments 528,310 (21,338) Balance at 31 December 2023 506,972 The Davies Fund: Legacy bequeathed by Miss Fanny Davies Balance at 31 December 2022 and 2023 3,764 The Morris Fund.. Legacy bequeathed by Miss Morrls Balance at 31 December 2022 and 2023 931 The Radcliffe Fund.. Legacy bequeathed by Mrs Radcliffe Balance at 31 December 2022 and 2023 3,323 The Fletcher Fund: Legacy bequeathed by Mrs Fletcher - Balance at 31 December 2022 and 2023 20,182 Income Account.. Balance at 31 December 2022 Add.. Net Income for the year 36,672 { 1,879) Balance at 31 December 2023 34,793 12