COMPANY REGISTRATION NUMBER : 00587349
WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2024
Charity Number : 220114
WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
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CONTENTS PAGE
Company information 1
Trustees' annual report 2
Independent Examiner's Report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
YEAR ENDED 30 SEPTEMBER 2024
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Charity Number 220114
Company Number 00587349
Registered Office 146 New London Road
Chelmsford
Essex
CM2 0AW
Trustees who served during the year
D Wisbey Chairman
J Black
J Copsey
I Hawkridge
J Patient
C Sands
A Tilsley
F Whitbread
Independent Examiner Quantic Accountancy Limited
1 Second Avenue
Bluebridge
Halstead
Essex
CO9 2SU
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2024
The Trustees have pleasure in presenting their report and the unaudited financial statements for the Charity for the year ended 30th September 2024.
The Trustees as shown on page 1 are also the directors of the Charity.
Objectives and Activities
The Charity’s object as set out in its governing document is to apply the income of the charity and to hold or apply the capital of the charity for such charitable purposes as the Trustees may think fit. There is no restriction on the charitable purposes for which funds may be applied.
The Charity invites applications for funding from charitable and not-for-profit organisations for the benefit of people throughout Mid-Essex. Applications are submitted via the Charity's website. The Trustees meet twice a year to consider grant applications received. In addition emergency grant applications may be considered where specific needs arise between meetings.
Public Benefit Statement
Grants made support a wide range of projects across Mid-Essex for the public benefit. In making these grants the Trustees confirm that they have paid due regard to the Charity Commission guidance on Public Benefit during the period.
Achievements and Performance
The financial statements show grants awarded in the year totalled £60,602 (2023 - £61,800). These were made to 23 charitable organisations to support their work in Mid Essex. Organisations supported received grants of between £250 and £5,000. In addition, the charity paid £20,000 to Farleigh Hospice, being the 9th installment of the grant of £200,000 awarded in 2015 and being paid over a period of 10 years.
The Charity has maintained its policy of investing in the COIF Charities Investment Fund managed by CCLA Investment Management. The total return performance of the investment portfolio was 12.03% as markets recovered from previous lows.
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 SEPTEMBER 2024
Financial Review and Reserves Policy
Income in the year totalled £54,295 (2023 - £54,448) and expenditure on charitable activities amounted to £61,852 (2023 - £62,942), resulting in net expenditure of £7,557 (2023 - £8,494). Gains on investments totalled £174,028 (2023 - £24,187). Total funds at the year end were £1,952,271.
The Trustees do not have a reserves policy. The Trustees aim to spend substantially all the investment income, taking one year with another. The Charity may in addition make donations out of capital.The income for the period has been used to make grants to fulfil the objectives of the Charity.
Plans for future periods
The Charity plans to continue to distribute investment income by way of grants to charitable organisations.
Structure, Governance and Management
The Walter Farthing Trust was incorporated on 16 July 1957 and is a company limited by guarantee. It is governed by its Memorandum and Articles of Association. The Charity operates independently of any other charities.
Decisions are made by a majority of Trustees. New Trustees are identified by the existing Trustees to fill particular skills gaps and are given appropriate guidance regarding charity legislation.
The Trustees have evaluated the major risks to which the Charity is exposed. The Trustees consider that the most significant risk is long term underperformance of its investment portfolio which would impact the ability to make donations in the future.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014.
Approved by the Trustees on .............................. and signed on their behalf:19 February 2025
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David Wisbey
Chairman and Trustee
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
YEAR ENDED 30 SEPTEMBER 2024
I report to the charity trustees on my examination of the accounts of the company for the year ended 30th September 2024 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connecton with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
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S Foster FCCA Quantic Accountancy Limited 1 Second Avenue Bluebridge Halstead Essex C09 2SU
19 February 2025........................
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 30 SEPTEMBER 2024
| INCOME from: Investments 2 TOTAL INCOME EXPENDITURE on: Charitable activities 3 TOTAL EXPENDITURE Net income/(expenditure) before gains/(losses) on investments Net gains/(losses) on investments 5 NET INCOME/ NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Total Funds 2024 £ 54,295 54,295 61,852 61,852 (7,557) 174,028 166,471 1,785,800 1,952,271 |
Total Funds 2023 £ 54,448 54,448 62,942 62,942 (8,494) 24,187 15,693 1,770,107 1,785,800 |
|---|---|---|
The charity has no recognised gains or losses other than the results for the period as set out above.
All funds of the charity are unrestricted
The notes on pages 7 to 10 form part of these financial statements.
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
| Note Fixed assets Investments 5 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 6 Net current assets/(liabilities) Total assets less current liabilities Creditors: Amounts falling due after more than one year 7 NET ASSETS FUNDS OF THE CHARITY Unrestricted funds 8 TOTAL CHARITY FUNDS |
£ £ 1,969,579 3,322 (20,630) (17,308) 1,952,271 - 1,952,271 1,952,271 1,952,271 2024 |
£ £ 1,825,551 6,047 (25,798) (19,751) 1,805,800 (20,000) 1,785,800 1,785,800 1,785,800 2023 |
|---|---|---|
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors Responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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The directors acknowledge their responsibilties for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
These financial statements were approved by the directors on …............................................19 February 2025
and are signed on their behalf by:
…..................................................
David Wisbey Chairman and Trustee
Company Registration No: 00587349
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1 ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), 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 (Charities SORP FRS102) and the Companies Act 2006.
Legal Status
Walter Farthing (Trust) Limited is a private company limited by guarantee and meets the definition of a public benefit entity under FRS102. It is incorporated in England and its registered address is 146 New London Road, Chelmsford, Essex, CM2 0AW.
Going Concern
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
Income
Dividends and interest from investments is included in income when receivable.
Expenditure
All expenditure is accounted for on an accruals basis and includes VAT as the charity is not VAT registered. Grants are accounted for once the formal offer of a grant has been communicated to the recipient. Governance costs are associated with the governance arrangements of the charity.
Fund accounting
All funds held by the charity are unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
Investments
Investments are stated at market value. Realised gains and losses on disposals and unrealised gains or losses when the investments are revalued at the period end are reflected in the Statement of Financial Activities.
Debtors
Debtors are recognised at the settlement amount due.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
| 2 INVESTMENTS Dividends Interest received 3 CHARITABLE ACTIVITIES Charitable grants Support costs: Website design and maintenance Governance costs: Independent examination fee Legal and professional costs Total expenditure |
Total 2024 £ 53,885 410 54,295 Total 2024 £ 60,602 470 600 180 61,852 |
Total 2023 £ 54,108 340 54,448 Total 2023 £ 61,800 344 630 168 62,942 |
|---|---|---|
All grants were made to registered charities and not-for-profit organisations.
| Analysis of charitable grants by activity Medical Other welfare Children and young people Churches and community centres |
2024 £ 13,772 13,480 16,500 16,850 60,602 |
|---|---|
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
4 TRUSTEES' REMUNERATION
None of the trustees or persons connected with them received any remuneration for their services.
None of the trustees were reimbursed expenses incurred when acting on behalf of the company during the period.
5 INVESTMENTS
| Market value as at 1 October 2023 Disposals Net gain on revaluations in the year ended 30 September 2024 Market value as at 30 September 2024 Historical Cost |
2024 £ 1,825,551 (30,000) 174,028 1,969,579 854,318 |
|---|---|
All funds are held in listed investments. The listed investments consist of units in COIF Charities Investment Fund. All the charity's investments are managed by CCLA Investment Management.
6 CREDITORS: Amounts falling due within one year
| Accruals for grants payable Accruals |
2024 £ 20,000 630 20,630 |
2023 £ 25,000 798 25,798 |
|---|---|---|
7 CREDITORS: Amounts falling due after more than one year
| Accruals for grants payable | 2024 £ - - |
2023 £ 20,000 20,000 |
|---|---|---|
Creditors falling due after more than one year consist of the balance of the grant of £200,000 awarded in 2015 to Farleigh Hospice and payable over a 10 year period.
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WALTER FARTHING (TRUST) LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
8 UNRESTRICTED FUNDS
| Current Year Unrestricted funds Prior Year Unrestricted funds |
Balance at 01/10/2023 £ 1,785,800 Balance at 01/10/2022 £ 1,770,107 |
Income £ 54,295 Income £ 54,448 |
Expenditure £ (61,852) Expenditure £ (62,942) |
Gain on Investments £ 174,028 Gain on Investments £ 24,187 |
Balance at 30/09/2024 £ 1,952,271 Balance at 30/09/2023 £ 1,785,800 |
|---|---|---|---|---|---|
9 RELATED PARTIES
There were no related parties transactions during the year.
10 COMPANY LIMITED BY GUARANTEE
Every member of the company undertakes to pay such amount as may be required not exceeding £1 towards the company's assets if the company should be wound up while he, she or it remains a Member or within one year after they cease to be a Member towards the costs of dissolution and the liabilities incurred by the company while the contributor was a Member.
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