2023-06-30-accounts

DRAFT

Wolverhampton Rotary Club Charitable Trust

Report of the Trustees and Annual Accounts

Year Ended

30 June 2023

Registered Charity No. 220492

WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Contents

Page:

1			Trustees and advisors
2	-	4	Report of the Trustees
5			Report of the independent examiner
6			Statement of financial activities
7			Statement of financial position
8	-	13	Notes to the financial statements

WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Trustees and advisors

Trustees	C Cox	(President)
	L McCarthy	(President Elect)
		(Vice President)
	J Hollinsworth	(Secretary)
	D A Morgan	(Treasurer)
Hon Secretary and
principal address	J Hollingsworth
	Wheelwright Cottage
	Aston Eyre
	Bridgnorth
	WV16 6XD
Registered charity number	220492
Independent Examiner	Mrs M Martin FCCA
	Hollingsworth & Co Limited
	Chartered Accountants
	Coppice House
	Halesfield 7
	Telford
	TF7 4NA
Bankers	National Westminster Bank plc
	Queen Square
	Wolverhampton
	WV1 1TR

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Report of the Trustees for the year ended 30 June 2023

History, objectives and activities of the Trust

The Charitable Trust was set up on 15 May 1959 to direct monies raised by the Rotary Club of the City of Wolverhampton to a variety of good works.

The objects of the Trust in accordance with the Trust Deed are to apply Trust Funds to the purposes of the relief of poverty and distress, and to the advancement of education. The trustees currently have a policy of supporting the objects of the Trust locally, nationally and internationally.

The Rotary Club of the City of Wolverhampton is a related party, which raises funds for the Trust to apply to its charitable objects.

Amounts raised since inception have been either distributed or where appropriate retained as capital. The Trustees have considered the amount of long term investments and uncommited funds needed to be retained to meet the objects of the Trust and in March 2019 decided that the amount of £20,000 is required.

The Trustees are assisted by the various committees of the Rotary Club of the City of Wolverhampton in identifying projects and organisations they wish to support.

Management and governance arrangements

The Trustees of the fund are those holding the offices of President, President Elect, Vice President, Secretary and Treasurer of the Rotary Club of the City of Wolverhampton. The Trustees and their posts during the year were as follows:

S Morgan (President) C Cox (President Elect) L McCarthy (Vice President) G J Peters (Secretary) D A Morgan (Treasurer)

The current Trustees are disclosed on page 1.

The Trustees annually review the risks that the charity faces. To date these have mainly related to the investments held and the Trustees have lessened the effect of such risks over the years by the realisation of parts of these investments into cash. It is the current intention that this practice will continue.

Procedures and policy for grant making

The Trustees meet half yearly to prepare budgets for anticipated funds and proposed grants. From this budget, the various committees of the Rotary Club of the City of Wolverhampton are allocated amounts which are within their ambit to grant to appropriate beneficiaries. The Trustees also make grants in accord with the objects of the Trust.

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Report of the Trustees for the year ended 30 June 2023

How the activities satisfy public benefit

In planning the activities for the year the Trustees kept in mind the Charity Commission’s guidance on public benefit at their meetings.

The focus of the activities is to raise and distribute funds for the purposes of relieving poverty and distress, and for the advancement of education, both local, national and international.

Achievements and performance of the Trust

The year to 30 June 2023 saw the end to the Coronavirus lockdown and the Rotary Club of the City of Wolverhampton was able to continue its fund raising activities.It was a successful year particularly for the Dragon Boat Challenge which raised a grand total of £31,224 (2022-£20,823). The Tree of Remembrance raised £6,825 (2022-£5,996) ,but the Best Foot Forward event took place after the end of the financial year. Funds of £2,295 were raised for a specific project to build a new classroom for a school in Zambia , and £1,149 was raised for a 2k scheme. General donations also increased significantly to £8,233 (2022-£2,701) raised mainly from past and current members of the Rotary club towards world disasters which occurred during the year.

A total of £59,237 charitable donations were made in the year . £21,400 was from the JPB Legacy Fund (note 7) and the other donations of £27,734 from the Unrestricted Fund are detailed in note 9 . The donations were made both in the UK and overseas, particularly in respect of appeals for emergency disasters abroad , and also for the benefit of schools in Zambia and the Demcratic Republic of Congo.

Financial review

The results for the year disclose a deficit of £12,966, of which £21,400 relates to the charitable donations made from the legacy of £30,000 received from the will of a Rotarian in the previous year, and £7,832 was the surplus of the income raised over the charitable donations distributed,and £602 was the unrealised surplus on the valuation of the investment. The detailed results are set out on pages 6 to 13.

Future plans

The Trustees intend to continue providing grants in a similar way to the recent past but, as funds primarily arise in the second half of the fiscal year, retain flexibility as to timing, and scale of grant making.

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Report of the Trustees for the year ended 30 June 2023

Trustees' responsibilities statement

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & 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 suitable accounting policies and then apply them consistently;

• 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 trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the trust deed 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 (FRS102) (Charities SORP (FRS 102)). 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 November 2023 and signed on their behalf by:

C Cox President

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Independent examiners report for the year ended 30 June 2023

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 June 2023, which are set out on pages 6 to 13.

Responsibilities and basis of report

As the charity’s trustees 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 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 competed 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 accounting records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set

4. 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.

Mrs M Martin FCCA Hollingsworth & Co Limited Chartered Accountants Coppice House, Halesfield 7 Telford, TF7 4NA

November 2023

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Statement of Financial Activities for the year ended 30 June 2023

Notes Unrestricted Funds Restricted Funds £ £ Income and endowments from: Donations and legacies 6 9,308 - Charitable activities 6 – 7 25,453 10,103 Investments 805 - __ __ Total 35,566 10,103 _ Expenditure on: Charitable activities 7 & 9 27,734 31,503 Total 27,734 31,503 Net income/(expenditure) 7,832 (21,400) Other recognised gains/(losses): Gains/(losses) on investment assets 602 - Net movement in year 8,434 (21,400) Reconciliation of funds: Total funds brought forward 15,832 30,000 ___ Funds carried forward 24,266 8,600	Total Funds 2023 £ 9,308 35,556 805 ______ 45,669 ______ 59,237 ______ 59,237 ______ (13,568) ______ 602 ______ (12,966) 45,832 ______ 32,866	Total Funds 2022 £ 34,040 25,325 680 ______ 60,045 ______ 31,702 ______ 31,702 ______ 28,343 ______ (1,218) ______ 27,125 18,707 ______ 45,832

The net movement in resources arises solely from continuing activities. There were no recognised gains or losses in the year other than the net movement of resources shown above.

The notes on pages 8 to 13 form part of these financial statements.

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Statement of financial position as at 30 June 2023

2023 Notes £ Fixed asset investment COIF Charities Investment Fund income units 10 Current assets Debtors 11 8,401 Bank accounts 29,613 ______ 38,014 Current liabilities Creditors 12 23,446 ______ Net current assets/(liabilities) The funds of the charity: General unrestricted fund JPB Legacy Fund 13	2022 £ £ 18,298 4,229 39,307 __ 43,536 20,400 _ 14,568 ______ 32,866 ______ 24,266 8,600 ___ 32,866	£ 22,696 23,136 ______ 45,832
		__ 15,832 30,000 ____ 45,832

The notes on pages 8 to 13 form part of these financial statements.

The accounts were approved by the Trustees and authorised for issue on November 2023

C Cox President

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Notes to the accounts for the year ended 30 June 2023

1. Accounting policies

Basis of preparation

These accounts have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, and follow the recommendations in Accounting and Reporting by Charities; Statement of Recommended Practice issued applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)) and the Charities Act 2011 and applicable resolutions.

Investments

Fixed asset investments are included in the accounts at the bid price at the balance sheet date. Unrealised gains and losses are taken to the appropriate funds in the statement of financial activities.

Incoming resources

Incoming resources are recognised on a receivable basis. Any income not received at the year end is included in debtors.

Donations payable

Donations are accounted for as and when they are approved by the trustees. Donations approved but not paid at the year end are included in creditors.

2. General information

The charity is a registered charity, registered in England and Wales and its principal address is Wheelwright Cottage, Aston Eyre, Bridgnorth, WV16 6XD

3. Statement of Compliance

The financial statements have been prepared in accordance with FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, the statement applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)) and the Charities Act 2011.

4. Trustees remuneration and expenses

No remuneration was paid to any trustees during the year (2022: Nil).

No reimbursement of expenses has been made to any of the trustees in respect of the year (2022: Nil).

5. Employees

The charity had no employees during the year (2022: Nil)

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Notes to the accounts for the year ended 30 June 2023

6. Incoming resources from donations and charitable activities Donations: General donations Shoebox donations End Polio Now Fundraising events: Dragon Boat Challenge (Note 8) Tree of Remembrance Best Foot Forward 200 Club surplus Rollover Raffle The 2k’s scheme Zambian school projects	2023 £ 8,233 1,075 - __ 9,308 ______ 13,382 6,825 - 965 837 1,149 2,295 ____ 25,453	2022 £ 2,701 1,152 187 ______ 4,040 ______ 5,657 5,996 11,933 1,135 604 - - ______ 25,325

7. Restricted funds

During the year £10,103 (2022 -£5,015) was raised for specific charities nominated by dragon boat crews and paid out in accordance with their instructions. Donations of £21,400 (2022-nil) were made from the JPB Legacy Fund to eight charitable organisations in the Wolverhampton area.

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Notes to the accounts for the year ended 30 June 2023

8. Dragon Boat Challenge Sponsorship and Gift Aid Other income Expenses and restricted funds payments 9. Charitable activities Foundation Rotary Foundation UK End Polio Now International Emergency Disaster Appeal for Pakistan Floods Turkey/ Syrian Earthquake disaster Rotary Emergency Disaster appeals Congo Children’s Trust re children’s homes Jaipur Limb Project New classroom , desks, medicine and food for school in Lusaka , Zambia Palai Hospital Lend with Care Scheme Shoebox Scheme Indian Water Management Feeding Dreams , Cambodia Aquabox –community filter	2023 £ 25,923 5,301 (17,842) __ 13,382 _ 2023 £ 3,500 1,000 4,500 500 3,000 - 3,660 25 5,045 510 - 1,329 - - - ___ 14,069	2022 £ 18,510 2,313 (15,166) __ 5,657 _ 2022 £ 3,500 1,500 5,000 - - 800 2,090 500 750 - 200 1,508 500 300 100 ___ 6,748

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Notes to the accounts for the year ended 30 June 2023

9. Charitable activities (continued) Youth Services:- Dictionaries 4 Life Young Musicians concert Wolverhampton Music School RIBI Crocus Corms Pine Green KidzOut Uplands School bean bags and Tech challenge Fair Trades school competition Kingswood School B4H bookcase for Low Hill School Young Citizen award Merridale Primary school 3rdPerton Brownies Community Services:- Small Grants Scheme The Haven Wolverhampton The Wolverhampton MS Therapy Centre Compton Care hospice Wolverhampton Coronary Aftercare Group Sponsored Break Katnat Diabled Medical Equipment Fallings Park Methodist Church West Midlands Air Ambulance British Polio Fellowship Rotary Billion Seed Challenge Community Services The Ukranian Refugee & Migrant Centre The 2k scheme Poppy Appeal Sundry donations Total donations	2023 £ - (210) 300 - 576 544 50 750 400 200 - - __ 2,610 _ - 1,700 1,700 1,700 - - 300 - - - - (700) 500 1,149 50 156 6,555 ___ 2023 £ 27,734	2022 £ (10) (26) 10 282 250 - - - - - 95 300 __ 901 _ 2,550 5,450 1,500 1,500 3,750 1,000 - 1,146 300 300 18 700 839 - - 19,053 ___ 2022 £ 31,702

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Notes to the accounts for the year ended 30 June 2023

10. Fixed Asset Investment

COIF Charities Investment Fund Valuation at 30 June 2022 Realisation Increase (decrease) in value Valuation at 30 June 2023 11. Debtors General debtors Prepayments All amounts shown under debtors fall due for payment within one year. 12. Creditors: amounts falling due within one year Donations approved but not yet paid Dragon Boat Challenge creditors General creditors Amounts received for future events Designated Funds	2023 £ 22,696 (5,000) 602 __ 18,298 _ 2023 £ 7,654 747 8,401 2023 £ 5,955 4,983 2,346 9,501 661 ___ 23,446	2022 £ 23,914 - (1,218) __ 22,696 _ 2022 £ 4,229 - 4,229 2022 £ 9,900 5,688 2,151 2,000 661 ___ 20,400

13. JPB Legacy Fund

The Trust received a legacy of £30,000 from the will of a Rotarian and it will be used for the benefit of people and organisations in the Wolverhampton area.

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WOLVERHAMPTON ROTARY CLUB CHARITABLE TRUST

Notes to the accounts for the year ended 30 June 2023

14. Analysis of net assets between funds

		2023
	Unrestricted	Restricted	Total Funds
	Funds	Funds
	£	£	£
Investments	18,298	-	18,298
Current assets	29,414	8,600	38,014
Creditors	(23,446)	-	(23,446)
	______	______	______
Net assets	24,266	8,600	32,866
	______	______	______
		2022
	Unrestricted	Restricted	Total Funds
	Funds	Funds
	£	£	£
Investments	22,696	-	22,696
Current assets	13,536	30,000	43,536
Creditors	(20,400)	-	(20,400)
	______	______	______
Net assets	15,832 ______	30,000 ______	45,832 ______

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