The Zachary Merton and George Woofindin Convalescent Trust (Charity Commission Registration No. 221760) Accounts for the year ended 31 December 2023 The Zachary Merton and George Woofindin Convalescent Trust (Charity Commisslon Registration No. 221760) Accounts for the year ended 31 December 2023 Statement No. 1 TnJstees' Annual Report Statement No. 2 Income Account Trusl Fund Account Balance Sheet Notes to the accounts Statement No. 3 ststement No. 4 Independent Examinerfs Report SL3tement No.1 The Zachary Merton and George Woofindln Convalescent Trust Trustees, Annual Report for the year ending 31 December 2023 Reference and Adminlstrative Details of the ¢hari its Trustees and Advisors Forniation of the Trust The Zachary Merton Trust was formed in 1956 from the proceeds of the sale of the Sheffield Zachary Merton Convalescent Home at Fulwood, Sheffield. From 1974 onwards tt administered the Sheffield Works combined Convalescent Charities. In 1986 it combined with George Woofindin Mablethorpe Convalescent Home Charity and the Betsy Foster Charity to fomi the charitable trust as tl is known today, 'The Zachary Merton and George Woofindin Convalescent Trust.. The Trust is a registered charity - No. 221760 The Trustees The Trustees at 31 December 2023 were: Mr R P Hague (Chaimian) Dr K Nair Ms A Ismail Dr B Sharrack Mr M Patrick Appointed 21.10.23 Appointed 21.10.23 Dr D Palling Dr N Bartlett Dr Kiriazovas Dr R Ledingham Mr B Rossiter Mrs Rogers Clerk to the Trustees and Princl al Office Inde Ms S M Greaves clo Wrigleys SolicitOT5 LLP Derwent House 150 Arundel Gate SHEFFIELD S1 2FN ndent Examlner Mr S L Bladen. Partner Hawsons. Chartered Accountants 463a Glossop Road Sheffield S102QD Investment Advlsors Bankers Investec Weallh & Investment Ltd Beech House 61 Napier Street Sheffield S118HA Cafcash Ltd King's Hill West Malling Kent ME19 4TA Statement No.1 {continued) The Zachary Merton and George Woofindin Convalescent Trust Trustees, Annual Report for the year ending 31 December 2023 Structure Governance and Mana ement The Trust works through its Trustee body of up to 14 Trustees. Meetings are held in person at least once each calendar year. Trustees are appointed on the recommerKlation and authortty of existing Trustees after carefijl research and assessment. The day to day work of the Trust in grant makitvJ is carried out by the Clerk and through her office. The Clerk and her staff are also responsible for the book-keeping. administrative and regulatory needs of the Trust. The Clerk is the Trusys legal advisor also. Between meelings the Clerk and the Chaiman of Trustees (who is appointed annually) liaise on all matters both strategic and operational. The Clerk offers briefings on govemance, tharity legal and other relevant matters to Twstees from time to time. When Trustees are appointed they are provided wtlh an induction pack which includes copies of the goveming documents, minutes of re￿nt meetings, re￿nt accounts and Trustees, Reports and documents offering guidance on matters such as dats protectton and charity govemance. The Clerk's firm offers opportunities for charity trustees to be trained via its annual seminar programme and Trustees are encouraged to attend relevant training events such as these from lime to time. Ob'ectives and Activities The most recent Charity Commission Scheme {1993) and the grant maknng policies of the Trust set out both the aims of the chartty and its objectives. Details are set out below. By a Scheme of 5 January 1993 the Trust was granted by the Charity Commission its present objects namely: The Trustees shall apply the income of the Charity for the purpose of relieving in cases of need, persons who are sick, convalescent. disabled. handicapped or infimi by providing or paying for items. services or facilities which are calculated to alleviate the suffering or assist the recovery of such persons in such cases but are not readily available to them from other sources. Preference shall be given to persons in need who are convalescent. The Trustees may make arrangements for such seNices or faciltties to be provided for that purpose by other institutions or organisations in retum for donations or subscriptions out of the income of the Charity. In applying the income of the Charity the Trustees shall not commit themselves to repeat or renew the relief granted on any occasion in any case. The trustees are aware that some of the le￿InO10gY used in the objects is no longer considered in¢lusive. but the Trust is still able to operate effectively within the wording. Statement No.1 (continued) The Zachary Merton and George Woofindin Convalescent Trust Trustees, Annual Report for the year ending 31 December 2023 Granl-makin Priorities The following areas of need are identified in descending order of priority (they are not exhaustive and the priorities may be varied from time to time). Convales￿nCe treatment at a convalescent home or heath clinic. periods of rest or holiday for those convalescing. grants to organisations caring for those convalescing at home. The Carer grants to instttutions to provide resptle aLLommodation. grants to such institutions or generally to the carer to obtain a holiday for the carer. Those needin lon tem care grants lo insttiutions dealing with people needing long le￿ care. grants to enable people wtlh long temi health conditions to obtain a holiday. Chronic Disease grants to institutions dealing with a chronic disease. Care Facilities grants to homes and institutions caring for people with disabilities. physical or mental health conditions or impairments. grants to institutions providing rehabilitation and care for people with a substance use disorder. Communi Heatth grants to those working in community health wtth emphasis on those visiting in the home and at day centres, including support of such activiiies as: ststemenl No.1 (contlnued) The Zachary Merton and George Woofindin Convalescent Trust Trustees. Annual Report for the year endlng 31 December 2023 substance use disorder ￿ntres- psychiatric and mental health support: physiotherapy Method of Granl-makin 10. InslitLrtionslorganisations purposes. grants will nomially be given to institutions carrying out the above Grants will nomally be of an income nature and not for capital purposes, e.g. buildings and equipment. though on occasions these may be relevant. 12. Research the Trust's income is insufficient to support research to any meaningful extent and applications for research grants will nomially be refused. 13. The Scheme of the Trust stresses the need on the one hand, and services and items thal are not readily available from other sources on the other. Accordingly any applicanl must make out a case both of need. particularfy (financiall, and that facilitieslservi￿s are nol easily available, e.g. via the National Health Service or the S(Kial Servi￿$ of the Local Auihority (we stress the desire of the Trust not to be a major funder). 14. Individuals - grants will seldom be made to indtviduals. 15. Area - the Trust has a special concem for the Sheffield and Lincoln areas but grants will be made outside these areas and the Sheffield area is considered to include the areas of North Derbyshire, South Yorkshire and North Nottinghamshire. One off capital grants and loans - from time to time the Trust wll consider applications for capital grants specificalty directed towards convales￿nt homes or other institutions and olher organisations for the care and relief of convalescenl persons so long as it is clearfy established that Ihese are available for persons in need. Details of the grants made during the year appear at note 1 on page 14 of the financial ststements. These show a continuing pattem of support lo local charities on the one hand and the local operation of national charities on the other. Each charity which makes regular applications to the Trust is assigned a trustee who keeps in touch with the work and needs of the charity and reports to the Trust at each of its bi-annual meetings. When a trustee is unable to attend. a written report is provided. By this method, all Irustees are kepl in touch with the work of the charities to which grant support is given regularfy. Each applicant completes a standard application foTh with supporting documentation. Statement No.1 (Continued) The Zachary Merton and George Woofindin Convalescent Trust Trustees, Annual Report for the year ending 31 December 2023 In addition, when funds permit, the Trust weFcomes one-off applications for projects and activities within its objects. The application form for those applicants is available from the Clerk in both electronic and hard copy foms. Achievemonts and Performance The Trust has continued to pursue its objectives through f(s grant making programme, principally to regular recipients of grant support. The Trust's grant programme ￿llects the delivery of the charity's main objectives for the year, which are sel out in the grant making priorities. These don't change from year to year significantly. A number of charities. some local branches of national charitable organisations. rely upon support from Ihe Trust for their vital local work. The Trust's strategy to achieve its objectives is implemented through the links between Trustees and particular charilies mentioned above. The relationship buill in this way enables the Trust to have gocKi feedback and impact assessment so as to sure that its grant support is being well and fruitfully used, both in the pursuit of the work of the chartlies re￿Iving the money and in the perfomiance of this TTUSt's objectives. With regard to its investrnents the Trusl aims to maximise income for grant making whilst preserving the Capital value of its assets. Financial Review The financial slatements comply with current statutory requirements, the governing documents and the Statement of Recommended Practice - Accounling and Reporting by charities. The accounts have been prepared under the arLnJals concept. The amount of income spenl on grants during the year was £38.000 showing a decrease from the previous yearfs grants (2022: £45,￿0). The principal funding source of income for the Trust is its investrnents. These are managed on a mix of discrelionary and delegated authority to generate income to support the cost of running the charity and for expenditure in its grant making programme. The Trustee Investment Policy Statement for investments reflects consideralion of how social, environmental and ethical considerations can be taken into account. The agreed objective is to maximise income whilst preseNing the value of the capttal base of the portfolio at least in line with the rate of inflation with a risk profile which is moderate overall. It is agreed that no investment should be made in companies thal predominantly manutacture toba￿0 products. The Policy is adjusted periodically to reflect changes in the proportions of asset allocations. Statement No.1 (continued) The Zachary Merton and George Woofindin Convalescent Trust Trustees, Annual Report for the year ending 31 December 2023 The investment managers ret)ort in wrtling at least twice a year and attend at least once a year to give an oral report and to answer questions by Trustees on the perfomiance of the endowment funds. Thus the Trustees are able lo assess at least on hvo occasions in each year how the charity is progressing in ils grant making, in relation to its investmenls and in relation to the perfomiance of ils objects. The Clerk is in attendance at each meeting. Her performance is assessed by the TNstee5 as a body and in particular by the Chaimian. The income of the Charity is modest and the Trustees, in accordan￿ with good modem charity practice and present charity law, have established a policy to give priortty to the most pressing needs in the field. In performan￿ of its objectives for the year, grants were repeated or increased to support a core of charities working in the range of activf(ies to which the Trust has given support for some time. The charity plans to proceed with a similar pattem of grant making. Public Benefrt The Trustees have considered the public benefrt guidan￿ issued by the Charity Commission. It was noted that a charttable organisation must be able to demonstrate that its aims are for the public benefit and that there must be compliance wilh Iwo principles: The first principle is that there must be an identifiable benefrt or benefrts - As a grant making charity the Trust has clear purpM)ses, set out in its 1993 Scheme which it fulfils through its grant making programmes. both to regular recipients and to one-off applicants. The benefits a￿ identifiable in the activities undertaken by the grant beneficiaries in delivering their own charitable objectives with funds provided by the Trust. Each regular applicant reports back to the Trust and each such charity has a link Trustee who regularly monttors the activtties of the charity and the expenditure of the Trust's grant monies. The Trustees are therefore able to identify clearty what the benefits are of the grant making, how those benefits relate to the aims of this Trust and to be as confident as they can be that there is no imbalance between delivering the public benefit and any potential detriment or hami. Two Trustees at least are medical practitioners, whose skills are available lo the trustee body as a whole in assessing unusual applications that may contain the potential for actual risk of danger or damage to mental or physical health. being the most likety detrimental risks for this particular grant making Trust. The second principle ￿qUireS that the benefft must be to the public or a section of the public. The appropriateness of the beneficiaries to the aims of this Trust are assessed by the application form and its supporting documents and the enquiries via the allocated Trustee. In relation to one-off applications the provision of paperwork and the completion of an application fomi enables the Trust to comply with this part of the principle. The Trustees are conscious of the need to ensure, so far as they can, that a section of Ihe public benefiting is not unreasonably restricted. The Trust has its own geographical restrictions which it applies and that is a reasonable step. The examination of accounls and the beneficiaries, approach to finance. enable the Trustees to assess adequately for their purposes any questions that may arise over restrictions flowing from the charging of fees by beneficiary chartties. The same analysis enables the Trustees to assess the issue of potential exclusion of those in poverty. Private benefrt is unlikely to be an issue in the grant making aclivities of this Trust. but the Trustees are aware of the need to keep an eye open for this risk. Statement No.1 {contlnued) The Zachary Merton and George Woofindin Convalescent Trust Trustees, Annual Report for the year ending 31 December 2023 This report already contains a summary of the objects of this charTty, a summary of its main activities and a record of its achievements in relation to tts objects by ￿ference to grant maknng. A total of £38,000 of grants were made during the year to the usual range of medical and caring charities. The Trustees are aware that the Chartties Act 2006 (now the Charities Act 2011) brought in an obligation to require trustees lo report on the charty's public benefft. The above section is intended to meet that requirement. The Trustees are aware thal when planning the charity's activities they must have regard to th8 Commission's guidance on public benefft. They confimi that they have had such regard. Reserves The Trustees confim that the assets are available to fu￿11 the obligations of the charity and that it is appropriale to keep cash balan￿S at a level approximately equivalent to its average annual income. The level of cash at bank at 31 December 2023 was £58.841.54. It 15 anticipated that this balan￿ will be reduced during 2023, as a result of the pattem of grant making anticipated. Investment Powers The charity's powers of investment are govemed by the Trustee Act 2000. The Trustees tske professional advice from their investment managersladvisors on all investment matters. The Trust's policy is to maximise income for grant making whilst preserving the capital value of tts assels. Bearing in mind the turbulen￿ in investment markets the Trustees believe this objective has been broadly fulfilled. The Trust's inveslments are dealt with partly on a delegated basis and othewse by way of a holding of collective investment funds and gilts on an advisory arrangement. Perf0rnan￿ is measured regularly against recognised benchmarf(s. Risks As a matter of besl practi￿, the Trustees are conscious of the need to consider risk. The Trustees address and seek lo mitigate the principal areas of risk by engaging and relying upon professional investment managers (who carry indemnty insurance) and by instructing a clerk who is legally qualified and is a member of a team of specialist practitioners in a well established legal practice (which carries indemnity insurance}. Plans for Future Periods The Trusl plans to maintain its grant making programme. It believes that its objectives and its grant policies enable it to deliver its objects. It is clear from the liaison with the beneficiaries at the local level that the funds made available through the chartty are crucial for the continuing work of the charities which the Trust supports. Ststement No.1 (continued) The Zachary Merton and George Woofindin Convalescent Trust Trustees. Annual Report for the year ending 31 December 2023 On behalf ofthe ruste Mr R P Hague Chaimian 5th April 2024 10 Statement No.2 The Zachary Merton and George Woofindin Convalescent Trust Accounts for the year to 31 December 2023 Statement of financial activttles Note 2023 2022 Incoming resources Income from investments Bank interest 46,590.87 1,160.49 45,278.21 266.90 Total incomlng resources 47,751.36 45,545.11 Resources expended Charitable grants Administration expenses Independent Examinerfs fees Subscriptions Data Proleclion annual fee Bank Monthly Acc Fee Total resources expended 38,000.00 12.300.00 1,632.00 45,000.00 11,400.00 1,632.00 103.00 40.00 102.00 40.00 89.25 52.061.25 58,277.00 (Outgoing) resources 4,309.89 12,731.89 Accumulated Income Account Balance brought forward Net incoming for the year Balance carried forward 55,796.19 (4.309.89) 68,528.08 (12.731.891 55,796.19 51.486.30 11 Statement No. 2 The Zachary Merton and George Woofindin Convalescent Trust Accounts for the year to 31 December 2023 Trust Fund Account Balance as at 1 January 2023 1,127,241.60 Add: Realised gain 58.877.71 1,186,119.31 Less: Investment manager (11,848.021 Unrealised loss (42,330.051 Balance as at 31 December 2023 1,131,941.24 12 Statement No. 2 The Zachary Merton and George Woofjndin Convalescent Trust Balance sheet as at 31 December 2023 Note 2023 2022 Monetary Assets: Cash at bank Cash at Investment manager5 52,931.62 5.909.92 57,241.51 28,486.28 85.727.79 58,841.54 Non Monetary Assets: Inveslments at Market Value 1,126.218.00 1,098,942.00 Total assets 1,185.059.54 1,184.669.79 Less: Liabilllies Independent Examinerfs fees (1,632.00) 1,183,427.54 {1,632.00} 1,183,037.79 Net assets Capllal and Undistributed Income Capital Undistributed Income 1,131,941.24 51,486.30 1,127,241.60 55,796.19 1,183,427.54 1,183,037.79 13 Statement No.3 The Zachary Merton and George Woofjndin Convalescent Trust Accounts for the year to 31 December 2023 Notes to the accounts Charitable Grants 2023 2022 The Cavendish Centre MIND {Sheffield) Multiple Sclerosis Centre (S Yorkshire) SHARE Psychotherdpy Agency Sheffield Family Holiday Fund Sheffield Churches Council for Communty Care REACT Sick Children's Trust Spinal Injuries Association Bamsley Hospice Damall Dementia Dream Holidays Cortas Hallam with Bamsley St Vin￿nt depaw Happy Days Children's Charity St Wilfreds Centre Saffron Sheffield PACES Sheffield Theodora Children's Charity Helen's Trust Sheffield Mencap - Gateway Young Lives V Cancer Ashgate Hospi Aspire Grow Lincoln Communty Larder Movemenl for non-mobile children (whizz kidz) S2 Food Poverty Nelworf( Foodbank Rotherham Hospice Lighl Per Support Ltd RAF Benevolent Fund Rotherham Cancer Care Trent Compassion Tnjsl The Arches 4,000 2,500 5,000 5,000 2,000 7.000 500 500 500 500 3,O¢JO 4,000 4,500 5,000 5.000 2.000 7,000 500 500 3.000 500 1,000 500 500 500 500 500 1,000 500 1,000 500 500 1.000 1.000 500 500 2.000 500 3,000 1,000 500 1,500 500 11,500) 1,000 500 500 500 500 38.000 45,000 These accounts are prepared on a receipts and payments basis and so provision is not made for any payment falling due, bLrt not being paid, until after year end. 14 Independent Examiner's report to the Trustees of Ststement No.4 The Zachary Merton and George Woofindin Convalescent Trust I report to the trustees on my examination of the accounts of the Charity for the year ended 31 0￿mber 2023 which are set on pages 1 to 14. Respective responsibilitles and basls of report As the charity's trustees of the trust you are resrK)nsible for the preparation of the accounts in accordance with the requirements of the Chartties Act 2011 ('the ACY). I report in respect of my examination of the Trust's accounts carrted 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. Independenl examlnevs 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: accounting records were not kept in respect of the TThst as required by section 130 of the Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply wtth the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a and fair view which is not a matter considered as part of an independent examination. I have no cOn￿mS and have come across no other matters in connection wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S L Bladen, Partner Hawsons. Chartered Accountants Pegasus House 463a Glossop Road Sheffield S102QD 5th April 2024 15