2020-12-31-accounts - The Woodcock And Bowes Charity

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Charity Number: 223222

The Woodcock and Bowes Charity Unaudited Financial Statements For the year ended 31 December 2020

The Woodcock and Bowes Charity

Legal and Administration Details Charity Number: 223222

Trustees

Mrs R. H. Clavering Mr D. Bennison Mrs J. Downs - Chairman Mrs M. Wilkinson – Vice Chairman Mrs S. Brown Mrs K. Tuddenham Mrs M. Blacklock Mrs P. Howe Rev. S. Bain

Nominated Trustees Sunderland City Council

Coun. A. Wilson (resigned 31/03/2021) Coun. M. Thornton Coun. J. Heron (appointed 01/04/2021)

Warden C. Walton

Secretary Mrs R. H. Clavering

Principal Address The Bungalow Dipe Lane East Boldon NE36 0PQ

Almshouses Address

Maritime Almshouses Gorse Road Sunderland Tyne and Wear SR2 7BX Bankers Lloyds TSB Bank plc P. O. Box 45 54 Fawcett Street Sunderland SR1 1SF COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET

Investment Advisors

M&G Securities Limited 10 Fenchurch Avenue London EC3M 5AG Independent examiners Torgersens Somerford Buildings Norfolk Street Sunderland SR1 1EE

The Woodcock and Bowes Charity Trustees’ Report

for the year ended 31 December 2020

Charity Number 223222

The trustees present this report together with the financial statements of the Charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out on pages 7 to 8 and comply with the current statutory requirements, the requirements of the charity’s governing document and the current Statement of Recommended Practice.

1. Structure, Governance and Management

The Charity known as The Woodcock and Bowes Charity was founded on 14 July 1967. This followed the combination of three existing charities; The Bowes Almshouses Trust (founded 1725), Almshouses and Pension Charity of Elizabeth Woodcock (founded 1820) and The Charity of Dame Amy Katharine Ritson (founded 1935). The charity was registered under the provisions of the Charities Act 1960 as charity number 223222.

The Charity is an endowed charity and all administrative charges are discharged out of income; subject thereto all the income is applied to the objects of the Charity.

The Charity is managed by the eleven serving trustees, who are listed on page 1, two of whom are co-opted after nomination by the City of Sunderland Council. The remaining nine co-optative Trustees have been selected to reflect their expertise in different fields with the financial, legal, medical, marine and building professions being represented.

The Trustees meet on a regular basis regarding the management of the Almshouses and its finances.

The day to day care of the occupants is maintained by the Warden, C. Walton, who lives in the Warden’s bungalow and who reports to the Secretary.

2. Objectives and Activities

Previously the Charity aimed to provide accommodation for dependent female relatives of seafarers and deserving cases of women in the City of Sunderland who were in need of support. In order to reduce the losses to voids the charity has amended its objects to any women of necessitous circumstances. There is also a commitment to maintain the Almshouses in which the warden and residents live.

3. Public Benefit Statement

The trustees have had regard to the Charity’s Commission guidance on their legal duty on public benefit, and are satisfied that the Charity delivers public benefit, and due regard is paid to the guidance on public benefit when deciding on what new projects the charity should undertake.

Achievements and Performance

Included in general repairs in the year has been the annual gas safety checks.

Financial Review

The value of the Charity’s Fund’s investments has decreased by £12,221 compared to the previous year. The decrease in the value of these assets is due partly to market factors and could fluctuate both upwards and downwards in the coming year.

The cash funds of the Charity as at 31 December 2020 have increased by £9,315.

The income of the Charity has increased during the year by £2,993. This is largely due to the residents’ contribution increasing from £42 per week to £44 per week.

The free reserves of the Charity amount to £6,677. The Trustees’ policy in relation to reserves is to ensure that, in the event of a significant reduction in income, the Trustees could at least maintain the regular payments to those beneficiaries who have come to rely on them.

The Woodcock and Bowes Charity

Trustees’ Report

for the year ended 31 December 2020

Charity Number 223222

6. Statement of Trustees’ Responsibilities

The Trustees are required 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 Statement of Financial Activities of the Charity for that period. In preparing those financial statements the Trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
follow the recommendation of the Charity Commission and of the accounting profession with regard to form and content of the financial statements and to disclose and explain any departures therefrom; and
prepare financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. 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.

Insofar as the trustees’ are aware:

there is no relevant audit information of which the charity’s independent examiners are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the independent examiners are aware of that information.
Investment Policy and Performances

The Trustees’ investment objective is to maintain and enhance the value of the fixed assets over the long term in order to maintain and if possible increase the income available for the purpose of the Charity.

To achieve this objective the policy of the Trustees is to invest in a broad range of equities and fixed interest investments. The investments are reviewed six times a year and their performance compared with the appropriate indices. Taking into account market fluctuations investment performance has been satisfactory.

Risk Assessment

The Trustees have considered any risks to which the Charity might be exposed and are satisfied that the administrative, investment and financial procedures which are in place minimise the risk of any loss to the Charity.

Approved by the Trustees on the and signed on their behalf by:

Mrs R. H. Clavering Secretary

Report of the Independent Examiner’s to the Trustees of

The Woodcock and Bowes Charity

on the Financial Statements for the year ended 31 December 2020

I report on the financial statements of the Charity for the year ended 31 December 2020 which are set out on pages 5 to 12.

Respective responsibility of trustees and examiner

The Charity’s Trustees are responsible for the preparation of the financial statements. The Charity’s Trustees consider that an audit is not required for the year under Section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination it is my responsibility to:

examine the accounts under Section 145 of the 2011 Act;
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under Section 145(5)(b) of the 2011 Act); and
to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the unaudited financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the unaudited financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the unaudited financial statements present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

which gives me reasonable cause to believe that in any material respect the requirements;
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare financial statements which accord with the accounting records, comply with the accounting requirements of the Charities Act

have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Mrs A. M. Henshaw FCCA Torgersens Chartered Accountants Somerford Buildings Norfolk Street Sunderland SR1 1EE

Date:

The Woodcock and Bowes Charity Statement of Financial Activities

for the year ended 31 December 2020

Unrestricted Restricted Endowment Funds Funds Funds Notes £ £ £ Income Income from charitable activities 4 - 27,456 - Income from investments 5 54 12,882 - Other income 6 - - - _ _ Total Income and Endowments 54 40,338 - Expenditure Expenditure on charitable activities 7 - 7,247 - Other expenditure 8 11,730 11,567 383 _ _ Total Expenditure 11,730 18,814 383 Net Gains/(Losses) on Investments - (18,654) (4,094) Net Income/(Expenditure) (11,676) 2,870 (4,477) Transfers between Funds 850 (850) - _ Net Movement in Funds (10,826) 2,020 (4,477) Total Funds at 1 January 2020 101,379 299,354 84,707 _ _ ___ Total Funds at 31 December 2020 90,553 301,374 80,230	Total 2020 £ 27,456 12,936 - __ 40,392 7,247 23,680 _ 30,927 (22,748) (13,283) - _ (13,283) 485,440 ____ 472,157	Total 2019 £ 24,679 12,700 20 __ 37,399 9,213 23,075 _ 32,288 39,205 44,316 - 44,316 441,124 ____ 485,440

The notes on pages 7 to 12 form part of these financial statements

The Woodcock and Bowes Charity

Statement of Financial Position

as at 31 December 2020

Notes Fixed Assets Freehold Property 11 Investments in United Kingdom Stocks National Association of Almshouses Common Investment Fund 12 - 60,658 Income Shares - 2,832 Accumulation Shares Charities Official Investment Fund - 448 Income Shares Current Assets Debtors 13 Cash at Bank and in Hand Deposit Accounts Current Accounts Cash Balances Current Liabilities Other creditors 14 Net Current Assets Net Assets Funds Endowment Fund 16 Restricted Funds 17 General Fund 18 Designated Funds 18	2020 £ 50,722 262,002 8,069 354 33,000 6,691 300 __ 40,345 (3,665) ____	2020 £ 114,684 320,793 36,680 _ 472,157 80,230 301,374 6,677 83,876 _ 472,157	2019 £ 54,817 270,612 7,585 245 25,000 5,676 - __ 30,921 (3,642) ____	2019 £ 125,147 333,014 27,279 _ 485,440 84,707 299,354 6,623 94,756 _ 485,440

These financial statements have been prepared in accordance with Charities SORP (FRS 102).

These financial statements were approved by the board of trustees and authorised for issue on _____, and are signed on behalf of the board by:

Trustee

The notes on pages 7 to 12 form part of these financial statements

The Woodcock and Bowes Charity

Notes to the Financial Statements

for the year ended 31 December 2020

General Information

The Woodcock and Bowes Charity is a charity domained in England and Wales. Charity registration number 223222. The address of the registered office is The Bungalow, Dipe Lane, East Boldon, NE36 0PQ.

2. Statement of Compliance

These financial statements have been prepared in compliance with the provision of FRS 102, “The Financial Reporting Standard applicable in the UK and the Republic of Ireland”.

3. Accounting Policies

a Basis of Preparation

These financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed asset investments measured at fair value through the statement of financial position, and in accordance with:

i) the Statement of Recommended Practice: Accounting reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) issued in January 2015 (SORP 2015)
ii) the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102)
iii) the Charities Act 2011

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these unaudited financial statements are rounded to the nearest £.

b Incoming resources

Dividends are included in the Statement of Financial Activities when they are declared.

Bank interest is included in the Statement of Financial Activities on receipt.

Cash donations are included in full in the Statement of Financial Activities as soon as they are received.

Residents contributions are included in the Statement of Financial Activities when receivable.

Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

c

Expenditure and liabilities

All expenditure, other than that which has been capitalised is included in the Statement of Financial Activities. The value of purchase invoices received before the year end but not paid until after the year end has also been included in the Statement of Financial Activities.

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

d Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the statement of financial position date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The Woodcock and Bowes Charity

Notes to the Financial Statements

for the year ended 31 December 2020

3. Accounting Policies (continued)

e Depreciation

Depreciation is calculated to write down the cost, less estimated residual value of the Freehold Property used by the Charity over its expected useful life of:

Freehold Property	1%
Kitchens	10%
Electrics	3.33%
Bathrooms	6.67%
Fixtures & Fittings	10%

f Funds Accounting

Funds held by the charity are used for:

General Fund

Comprises those funds that the principals are free to use in accordance with the charitable objectives

Restricted Funds

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets the criteria is charged to the fund.

Endowment Fund

Represents those assets which are held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity. Any capital gains and losses arising on investments form part of the fund. Investment management and legal advice relating to the fund are charged against the fund.

Designated Fund

Represents funds earmarked by the trustees for renovation works necessary to bring the Almhouses properties up to date.

4. Income from Charitable Activities

Income from Charitable Activities Residents Contributions	2020 £ 27,456	2019 £ 24,679

Income from Charitable activities for the year was £27,456 (2019: £24,679) of which £27,456 (2019: £24,679) was restricted.

5.

Income from Investments Dividends Interest Receivable	2020 £ 12,882 54 ______ 12,936	2019 £ 12,571 129 ______ 12,700

Income from investments for the year was £12,936 (2019: £12,700) of which £12,882 (2019: £12,571) was restricted and £54 (2019: £129) was unrestricted.

6.

Other Income Other income	2020 £ - ____ -	2019 £ 20 ____ 20

Other income for the year was £nil (2019: £20) of which £nil (2019: £20) was restricted.

The Woodcock and Bowes Charity

Notes to the Financial Statements

for the year ended 31 December 2020

7.

Expenditure on Charitable Activities Rates and Water Electricity Insurance Garden Maintenance etc. Repairs, Renewals and Decorating	2020 £ 2,655 234 1,387 1,215 1,756 _ 7,247	2019 £ 2,688 262 1,375 1,160 3,728 ______ 9,213

Expenditure on charitable activities for the year was £7,247 (2019: £9,213) of which £7,247 (2019: £9,213) was restricted.

8. Other Expenditure Warden’s Honorarium Sundry Expenditure Vitacall and Warden’s Telephone Subscriptions – National Association of Almshouses Audit and Accountancy Bookkeeping Charges Bank Charges Depreciation Loss on Disposal _	2020 £ 2,700 327 5,190 210 1,830 50 60 12,113 1,200 _____ 23,680	2019 £ 2,500 803 5,190 200 1,740 50 30 11,862 700 ______ 23,075

Other expenditure for the year was £23,680 (2019: £23,075) of which £11,567 (2019: £11,213) was restricted, £11,730 (2019: £11,478) was unrestricted and £383 (2019: £384) related to endowment funds.

9 . Staff Numbers

The charity had no employees during the current and previous financial year.

10 . Trustees Remuneration and Expenses and Key Management Personnel

Apart from, as set out below, there were no trustees’ remuneration or other benefits for the current and preceding year.

During the current and preceding year the trustees did not receive any remuneration or any other benefits from employment with the charity.

Trustees expenses paid for the year were £107 (2019: £94) paid to 1 (2019: 1) trustee in reimbursement of stationery, postage, bookkeeping fees.

The key management personnel of the charity comprise of the trustees only.

11. Fixed Assets

Fixed Assets Property Fixtures & Fittings £ £ Cost At 1 January 2020 173,095 3,312 Additions 2,850 - Disposals (2,000) - __ _ At 31 December 2020 173,945 3,312 Depreciation At 1 January 2020 51,094 166 Charge for year 11,782 331 Disposals (800) - _ ___ At 31 December 2020 62,076 497 Net Book Value At 31 December 2020 111,869 2,815 At 31 December 2019 122,001 3,146	Total £ 176,407 2,850 (2,000) _ 177,257 51,260 12,113 (800) ______ 62,573 114,684 125,147

The Woodcock and Bowes Charity

Notes to the Financial Statements

					Notes to the Financial Statements	Notes to the Financial Statements	Notes to the Financial Statements	Notes to the Financial Statements
					for the year ended 31 December 2020
12.	Investments							£
	Market value at 1 January	2020						333,014
	Additions at cost							10,527
	Disposals at market value							-
	Movement in market value							(22,748)
								_
	Market value at 31 December 2020							320,793
	Investment at market value comprised:
	Investments held on a recognised stock exchange or held in common investment						funds
	Historical cost at 1 January 2020							186,205
	Additions at Cost							10,527
	Disposals								-
								_
	Historical cost at 31 December 2020							196,732
	Individual investments held at 31 December			2020 which are over 5% of the portfolio by value are:
							Market
							Value	%
	M&G Charity Multi Asset	Fund Income Units					50,722	15.81
	M&G Charity Multi Asset	Fund Accumulation Units					262,002	81.67
13.	Debtors
							2020	2019
							£	£
	Prepayments						57	57
	Other Debtors						297	188
							______	______
							354	245
14.	Creditors
							2020	2019
							£	£
	Other Creditors						1,278	1,182
	Accruals						2,387	2,460
							______	______
							3,665	3,642
15.	Summary of Net Assets by Fund -		2020
		Restricted funds				Unrestricted Fund		Permanent
			Extraordinary					Endowment
	Permanent		Repair and				Accumulated	Fund
	Endowment		Improvement		Education		Income	Capital
	Reserve			Fund	Fund	Total	Account	Account
		£		£	£	£	£	£
	Freehold Property	-		-	-	-	85,176	29,508
	Investments	-		262,002	8,069	270,071	-	50,722
	Current Assets	50,411		(15,904)	461	34,968	5,377	-
	Current Liabilities	(3,665)		-	-	(3,665)	-	-
		46,746		246,098	8,530	301,374	90,553	80,230
	Summary of Net Assets by Fund –		2019
		Restricted funds				Unrestricted Fund		Permanent
			Extraordinary					Endowment
	Permanent		Repair and				Accumulated	Fund
	Endowment		Improvement		Education		Income	Capital
	Reserve			Fund	Fund	Total	Account	Account
		£		£	£	£	£	£
	Freehold Property	-		-	-	-	95,257	29,890
	Investments	-		270,612	7,585	278,197	-	54,817
	Current Assets	39,623		(15,052)	228	24,799	6,122	-
	Current Liabilities	(3,642)		-	-	(3,642)	-	-
	_			_	______	_	_	______
		35,981		255,560	7,813	299,354	101,379	84,707

The Woodcock and Bowes Charity

Notes to the Financial Statements

for the year ended 31 December 2020

16. Endowment Funds

B/fwd
as at
Incoming
Outgoing
Gains
01.01.20
Resources
Resources
Transfers
& (Losses)
£
£
£
£
£
Endowment Fund
84,707
-
(383)
-
(4,094)
__
_
_

__

84,707
-
(383)
-
(4,094)
B/fwd
as at
Incoming
Outgoing
Gains
01.01.19
Resources
Resources
Transfers
& (Losses)
£
£
£
£
£
Endowment Fund
78,558
-
(384)
-
6,533
_
_
__

___
78,558
-
(384)
-
6,533

Balance
as at
31.12.20
£
80,230
_
80,230
Balance
as at
31.12.19
£
84,707
______
84,707

The Endowment funds were set up under the trust deed dated 14 July 1967. Resident contributions in respect of the property are applied towards the property running costs, any excess being directed, together with attributable investment income, to the general administration overheads of the charity.

17. Restricted Funds

Restricted funds comprise the following balances on income and capital fund.

Education Fund Capital Income Extraordinary Repair and Improvement Fund Capital Permanent Endowment Reserve Education Fund Capital Income Extraordinary Repair and Improvement Fund Capital Permanent Endowment Reserve	B/fwd Movement in Funds as at Incoming Outgoing Capital 01.01.20 Resources Resources Expenditure 7,585 - - - 228 232 - - _ _ _ _ 7,813 232 - - 255,560 10,527 - (850) 35,981 29,579 (18,814) - _ _ _ _ 299,354 40,338 (18,814) (850) B/fwd Movement in Funds as at Incoming Outgoing Capital 01.01.19 Resources Resources Expenditure 6,435 - - - 446 228 (446) - _ _ _ _ 6,881 228 (446) - 217,580 10,220 - (3,762) 29,139 26,822 (19,980) - _ _ _ _ 253,600 37,270 (20,426) (3,762)	Gains/ (Losses) 485 - _ 485 (19,139) - _ (18,654) Gains/ (Losses) 1,150 - _ 1,150 31,522 - ______ 32,672	C/fwd as at 31.12.20 8,070 460 __ 8,530 246,098 46,746 _ 301,374 C/fwd as at 31.12.19 7,585 228 _ 7,813 255,560 35,981 ____ 299,354

Investments in the Education fund are used to generate the income which is distributed to the Bishopwearmouth Church, and other grantees, for educational purposes.

The Extraordinary Repair and Improvement fund is utilised to improve and enhance the Almshouses.

The permanent endowment restricted reserve receives income from investments held in the permanent endowment capital fund and income from residents contributions in respect of properties held. Expenses charged to the restricted reserve are with regard to property running costs and general administration overheads of the charity.

The Woodcock and Bowes Charity Notes to the Financial Statements

for the year ended 31 December 2020

18. Unrestricted Funds

Designated Funds Capital Refurbishment General Fund Designated Funds Capital Refurbishment General Fund	B/fwd Movement in Funds as at Incoming Outgoing Capital Gains/ 01.01.20 Resources Resources Expenditure (Losses) 94,756 - (11,730) 850 - 6,623 54 - - - _ _ _ _ 101,379 54 (11,730) 850 - B/fwd Movement in Funds as at Incoming Outgoing Capital Gains/ 01.01.19 Resources Resources Expenditure (Losses) 102,472 - (11,478) 3,762 - 6,494 129 - - - _ __ _ __ ____ 108,966 129 (11,478) 3,762 -	C/fwd as at 31.12.20 83,876 6,677 _ 90,553 C/fwd as at 31.12.19 94,756 6,623 _ 101,379

The development and capital refurbishment funds were set up to ringfence monies required to undertake the renovation works necessary to bring the almshouses properties up to date.

19. Related Party Transactions

During the year, the charity accepted bookkeeping charges amounting to £50 (2019: £50) from a trustee. The trustee was also due a reimbursement of expenses amounting to £57 (2019: £44). The trustee was reimbursed £107 (2019: £94). The amounts outstanding at the year end were £Nil (2019 : £Nil).

During the year the charity made a donation of £Nil (2019: £446) to the Minster Sunday School, a church in which a trustee of the charity is the Canon Provost.