Charity Number: 223222 The Woodcock and Bowes Charity Unaudited Finaneial Statements for the yeAr ended 31 Deeember 2023
The Woodcoek and Bowes Charity Trusttts, Report for the year ended 31 December 2023 Charity Number 223222 Th¢ trust¢¢5 pr¢s¢nt this r¢port together with th¢ financial ststcments of the Charity for the year ended 31 December 2n23. The finatscial tem¢ts hve been prepared in aOrdance with the accounting tM)licies set out on pages 7 to 8 and comply with the current statutory requiremcnts, the requirernent$ of the charity's governing document and thc cwrent Sthtement of R0mended Prdctice. Stru¢ture, Covcrnamce 4nd Management The Charity known as The Woodcock and Bo Cbarity was found¢d on 14 Jiily 1967. This followed the combination of three existing charities,. The Bowes Aim5hous¢s Trust (founded 1723), Altnshous¢s and Pension Charity of Elizabeth Wood¢ock (founded 1820} and Thc Charity of Dame Amy Katharine Ritson (founded 1935). Th¢ olthriry was registercd und¢r ihe pmvisions of the Chariti¢5 Act 1960 as Charity number 223222. Th¢ Charity is an endowed charity artd all administrdtive ¢h8rges are discharged out of income. subject thereto all the income is applied to the obj¢cts of the Charity. Th¢ Charity is managed by the ien seThing tste¢s, who aT¢ listed page I, two of whom are co-opted after nomination by tbe City of Sunderland Collneil. The remaining eight co-optsiive TNs*es have been sclected to reflect their ¢xp¢rtise in differeni fields with tb¢ fmancial. legal, mediul, Marine and building professions being reprc8ented. Th¢ TThstecs meet on a Tegular basis regarding the managem¢nt of the A]mshouses and its finances. The day tt> day care of the o¢¢upants is maintained by th¢ Warden, C. Walton, who lives in tbe Warden's bungalow and who reports to th¢ Secretiry. ObJ¢¢tives amd Activiti¢$ Previously the Charity aitned to provide a¢¢(Trmmodatitin for dependent f¢mal¢ T¢l8tives of seafarers and deserying ca5 oc women in the Ciry of Sunderland who were in lleed of suppon. In ord¢r to reduce the I0e8 to voids thc charity has amend¢d it$ objects io any women of nw¢ssitous eircumsronces. Th¢r¢ As also 8 commitmeni to nthinthin the Almshouses in which the warden and residents live. Publlc Beneflt ststement The trust¢¢s have had regard to the Charity's Commission guidance on their legal duty on public b¢nefii. and are satisfi¢d that the Charity delivers publir bellefiL and due regard is paid kn the guidance on public b¢n¢fit when deciding on whal new projects th¢ ¢harity should ndertske. Aehievement$ and Performance Included in general repairs in the y¢ar has been the annual gas fety ch¢cks and work dertaken to tr¢at black mould probl¢ni. Th¢ value of the Charity's Fund's ijjvestmcnts has increased by £20.217 compar¢d to the previous year. The incrcase in the value of these ass¢l$ is due partly to markei fa¢tors and ¢Id tluctuale both wpwards and downwards in th¢ wmin8 year. The cash fund$ of the Charity &s at 31 De¢ember 2023 havc increa%d by £6,890. Th¢ income of the ChaTity has iti¢reased during lh¢ y¢aT by £1,461. The free reserves of the Charity amount to £9,090. The Trte¢s. policy in relation to reserves is to ¢nsur¢ that, in the event of a significant reduction in iocome, th¢re are sufficient frcc Teseryes to ¢ov¢r 8 minimum of 6 months of daily njnning costs.
The Woodcock and Bowes Ch2rAty Trustees Report for the year ended 31 December 2023 Charity Number 223222 Statement of Tstee$, Responsibilitie The Trnstees &re required io prepare fllllncial Sraetsts for each fmancial year which giv¢ a true and fair view of th¢ State of affairs of the Charity and of the Statement of l.inan¢ial A¢tivities of ih¢ Charity for that p¢riod. In preparing those r]nallcial sthtements ihe TnteeS are required to: select suitable aecouniitt8 poli¢Aes and then apply them consistently; make judgements and e5timat¢s that arc Teasonable and prudent. follow the recommendation of the Charity Commission and of the accounting PTof¢ssion with r¢gard to fornj and Content of the f]nanci81 slat¢tn¢nts and to dis¢lose and explain any departures therefrom,. and pr¢pare financial stsiements on the going Concern basi5 unle&s it is Tnappropriate to presume that the Charity will continue to op¢rat¢. The Trust¢¢s are responsible for kttping proper accounting records which dilOse with reasonable accuracy at any ume the finala] po8ition of thc Charity. Thcy arc also responsible for saf¢guarding th¢ assets of th¢ Charity and hence for taking r¢asonable steps for the prevthtton and detection of fraud and other irregularities. Insofar as th¢ tnjstees. are aware.. there 15 no relevant a't inforniatiou of which th¢ Charity's independent examiners are unaware. the trustees have tskcn all steps that thcy ought to have tsken io make themsefves aware of any relevant audit infomiation and to establish that tbe indep¢nd¢nt ¢xaTnIer5 are aware of that inforniation. Jnvestrnent Poliey PerformAMees Thc TThstees' investment objective is to maintain and ¢nhanc¢ th¢ value of the fjxed assets over the long tern) in order to maintsin and if possible incrcasc the income available for the purpos¢ of th¢ Charity. To achi¢ve thi5 objective thc policy of the Trustees is lo inv¢sl in a broad nngc of equities and fixed interest inv¢stmenls. The illvestsnents are reviewed six times a year and th¢ir perfoTmance compared with thc appropriate indices. Takit)g ]t0 8¢¢ount market flucmalioS investm¢nt trfonnance has been sati$fa¢tory. Risk Assessment The Twstees have considered any risks to which the Charity might b¢ ¢XPDscd and arc satisfied that th¢ 8dtniT]istraiive, investment and fuJJn¢ial pro¢edures which are in place minimiK th¢ risk of any lo to the Charity. Approved by the Trust¢¢5 on th¢ alld skgned th¢ir behalf by-. Mrs R. H. Clavcring S¢¢r¢tsry 15. ug.
Report of the Independent Examiner's to the Trustees of The Woodcock 2nd Bowes Charity on the Financial Statements for the year ended 31 December 2023 I rcport to the bsteeS on my examination of th¢ aOTr of The Woodcock and Bowes Charity (Ih¢ Charity) for ihe year ended 31 Decernb¢r 2023. Responsibilities 8nd basis of report A5 th¢ tryst¢¢s of th¢ Charity you arc rcsponsible for the pr¢p8fdtion of the accounts in accordance with ihe requirements of the ChaTiti¢s Act 2011 ('the Act,). I report in resp1 of my examination of the Charity's ac¢ow)ts ¢arried out under section 145 of the 2011 Act and in arryring out my ¢xomination I have followed all the applicable Dircctions given by th¢ Charity Commission under sc¢tion 145(5)(b) of the Act. Independent examiner's statement I have eompleted my examination. I confirni that rto material matters have com¢ lo my attmtion connection with the examination 8iving me eause ro believe th4¢ Èn any mat¢rial r¢spect'. accounting records were notkept in r¢sp¢et of the Charity as required by s¢clion 130 of the Aet; or 2. the accounts do Dot a¢wrd with those te¢ords- or 3. th¢ accounts do Jlot comply wilh th¢ applicable requirements concemin8 the fomi and cont¢nl of accounts set out in th¢ Chari(ies (Accounrs and Reports) Regulations 2008 other ihan any requiremeni that the awountS 8ive a 'lrn¢ and fair view which is not a matter considered as part of an ]nd¢ndCnt examination. I have no Concerns and hav¢ come across no other matters in couD¢¢tiou with the examination lo which a¢tentioo should be diawn in thi$ rcport in order to enable a proper undcTStanding of thc accounts to be reacha. Mrs A. M. Henshaw FCCA Torg¢rs¢ns Chartered Accountsnts East Suite. Ground Floor Avalon House St Catherine's Court Sund¢rland SR5 3XJ
The Woodcock and Bowes Charity Statement of Financial Aetivities for the year ended 31 December 2023 Vnrestritted Restrle¢ed EDdowment Fund5 Futtds Funds Total 2023 Totil 2022 Notes Incom Income from charitable activiti¢s Inwm¢ from IuvtjneIs Other income 26,749 14.664 26,749 27,652 16.208 13.724 80 200 1.544 80 Total Income Ethdoivments 1,624 41,413 43.037 41.576 xpenditure Expenditur¢ on charitabl¢ activities Other expendiwre 10,545 10.495 10,545 29,515 383 22,937 22,964 12.059 Total Expenditure 12.059 21,040 383 33,482 52.479 Net GlD{SSeS) on Investments 916 Net Ineomel(Expenditsre) (10,435} 27.560 533 17,658 (22.378) TraDsfcrs between Funds 3,959 {3,959) Net Movement in FuDd$ 16,476) 23,1 533 17,658 (22,378) Totol Fund$ at l January 21123 68,368 337,670 82.109 488.347 510,725 Total Funds at 31 December 2023 61 The noles onpagds 7 to 12forniparl 0fihesefaCiI Jlalemenls
The Woodeoek and Bowes Charity Statement of Financial Position as at 31 December 2023 Notes 2023 2023 2022 2022 Fixed Asseti Tangible Fixed Assets li 81461 90,944 InvestmeDts kn Unlted Kingdom St(tr¢ks National Association of Alm5bouses Common InY¢stm¢nt Fund 60.658 Income Shares 2,832 Accllmulation Shares Chgrities Official Investm¢nt Fund 448 tllcome Shares 12 54,483 317,414 53,567 298,861 380,788 360,571 Current knets Debtors Cash at Rank and in Hand Deposit Accounts Current Accounts Cash Balances 13 1,640 528 37,000 11.818 31,000 10,628 300 50.458 42.456 Cvrrent Liabilities Other CTeditors 14 (7,702) (5,624) Net Current Assets 42,756 36,832 Flet A55ets Funds ErtdoThrynent Fund R¢stricted Funds General Fund D¢$ignated Funds 16 17 18 82,842 361.271 9,(190 52,802 82.309 337.670 7.466 60,902 These financial statements have been prepor¢d in accorda¢ with Charities SORP (FRS 102). Th¢s¢ financial staentS were approved by the board of iwslees and autborised for issue on and aT¢ sign¢d oo b¢half of th¢ board by-. Trustee Trustee The noles onpagu 7 10 12fornipart ofihesefiMncwl.ftaleMents
The Woodcock and Bowes Charity Notes to the Flnancial Statements for the year ended 31 December 2023 General Information The Woodcock and Bowes Charity is a charity doll1¢d ID Englattd and Wales. Charity registration number 223222. Th¢ addre&s of the registered office is l Ro$etbount Cour4 Boldoll, Tytte and Wear. NE36 ONG. StAt¢m¢nt of Compliance These fancial statcments have been prepared in compliancc Wlth thc provisitsn of FRS 102."The Financial Reporting Standard applicable ill the UK amd the Republic of Irelond". Accomnilng Policie$ Basss of Preparation These fingncial stat¢rnts hav¢ b¢en Preped under the historical cost conv¢nrion as modified by the revaIation of fixed asset investm¢nts m¢asured at fair value through rhe starement of financia] positiOD, and in aordanGe with= the Statement of Re¢ommcnd¢d Pracrice.. Accounting reporting by Charities preparing their accounts in ae¢ordance with the Financial Reporting Standard5 appli¢abl¢ in th¢ UK and Republic of Ireland (FRS 102) issued ifl September 2018 {SORP 20181 ii) th¢ Financial Reporting Stattdatd Applicable in the UK and republic of Ircland (FRS 102) iii) the CharAti¢s Act 2011 Th¢ financial statcmcnts are pr¢par¢d in stcrling, which is the thnctional currency of the charity. Mon¢tary amounts Ifl these un8udited financial staiements ar¢ rovnded to the ncarcst £. Intoming resources Dividends are included in th¢ Stat¢m¢nt of Finsncial Activiiies when they are declared. Bank interest is inclu¢Jed in tbe Statement of Financial Activities on receipt. Cash donations are included in lull in the Statement of Financial Activities a$ soon as they are received. Residents contributions are in¢lud¢d in the Statetnent of Finantial Actiyities wlien receivable. Inv¢stmcnt gain5 and losscs itjcludes any gain or 105S Oti the sale of inv¢stments and any gain or loss resulting frorn revaluing iDYe5tments to market value at the end of th¢ y¢ar. xpeDditure and liabliltlts All expendinlre, other than that which has capitalised is included ill the Statement of Fina1] Activities. The value of purchase invoices ieceived before the year end but not paid until aft¢r the year et)d ha$ also been includcd in the Siaiemeni of Financial Activiti¢5. Liabilitics are reeognised as soon as there is a legal or constructiv¢ obligation committing the clwtty to pay out resour¢¢s. Fixed 8sset iDYestments Inve5trnents are a forn) of basic flnancial InStrment atsd are initially recogniscd at thcir transaction wallle and subsequelltly measured at their fair value as at the stat¢m¢llt of f]nancial position date using th¢ Closing quotrd tharket price. Th¢ ¢hariry does t]ot acquire put option$, derivativcg or other complex financial instrnments. All gains and losses are taken to th¢ Statement of Financial Activities as they arise. Realised gains and losses on inVestentS are calculated as th¢ differen¢¢ b¢tw¢en salc5 PTo¢eeds and thcir op¢ning carying vallle or their purchase value if a¢quir¢d subsequent to th¢ first day of the finantial year. Unrealised gains and loss¢s ar¢ ca1lated a5 thc diffcrcnce between thc fair Val at the year end and their canying value. R¢alised and unr¢ali$¢d inveslm¢nt gains and losses are cojnbined ID th¢ Statement of Financial Activities.
The Woodcock and Bowes Charity Notes to the Financial Statements for the year ended 31 December 2023 A0ting Policie$ Depreci¢lon Depreciation is calculated to write down the wsL 1¢s5 ¢Stimated residual valuc of the Freehold Propety us¢d by thc Charity ovcr it5 expected use1 life of.. Fr¢¢hold PropLYty Kitchens Elcetries Bathroom$ Fixtu9 & Fitlings 3.33/. 6.670/• Funds AccDiIDtID% Funds held by the charity ar¢ foT-. General Fund Comprises those funds thai th¢ principals are free to use in accordance with the cnbI¢ obj¢div¢s R¢stritted Fund$ Restricied funds ar¢ to be used f(Fr specifie purposes as laid down by the ¢JonoI. penditU[C which Meets the criteria is chaTged to the fund. EDdowm¢Dt FuDd Represents ibosc ass¢ts whieh are held pernwiently by th¢ charity, principally itivestments. Income rising on the endowmeni futjds can be iised ITh accordance wilh the objects of the charity. Any capitsl gains and losses arising on Anvesrments fom) part of th¢ fvnd. Inv¢stment rnanagemenl and legal advice relating to the fund are chorged against the fvnd. Designated Fnd Reprcsents fund8 eannark¢d by tb¢ trustees for renovativn works nw¥&8ary io bring the Aknshouses properties up to (late. Going CoKcern Th¢ fllh2n¢ial statements bave be¢n prepaTed on a going ¢oncen) basis. l¢on)¢ from CharAtable A¢tlvltie5 2023 2022 R¢sidcnts Contributions In¢om¢ from Charitable aciivities for th¢ yrnr was £26,749 (2022: £27,652) of wht¢h £26.749 {2022.. £27,652) was restticte Ineome from Investments 2023 2022 Dividends Interest Reccivablc 14,664 1.544 13,391 333 208 Income from inveslments for th¢ y¢aT was £16.208 (2022: £13.724) of which £14,664 (2022= £13,391} was restri¢trd aDd £1,54412022'. £333) was unrestri¢t¢d. Other Irtttsme 21123 2022 Othcr income 80 200 Oth¢r incon]e for the yr was £80 (2022: £200) of which £nil {2022: £tiil) w&s restricted.
The Woodcock and Bowes Charity Notes to the Financial Statements for the year ended 31 December 2023 Expettdlture Cbari¢4ble A¢livities 2023 2022 Rates and WateT Electricity Insurance Garden Maintenanee etc. R¢pairs, Renewals and DKoraling 3.428 626 1,565 865 4,061 2,602 375 1,493 1,390 23,655 Expenditure on charitable a¢livitie5 for the y¢ar was £10,545 (2022.. £29.515) of which £10,545 (2022.. £29.515 was restricted. Other Expenditure 2023 2022 Warden's Honordrium Sundry Expenditure Vitacall and Warden's Telephon¢ Subscriptions- Nation Association of Almshouses Audit and Acc4)untancy Bookk¢¢ping Charges Batth c.harges Depr¢tiatson 3.000 421 4,344 233 2298 199 870 4,344 222 2,082 216 12,442 12.170 Oth¢r ¢xpenditure for ihe year was £22.937 (2022: £22,964) of which £10,495 (2022.. £10.794) was rtrICted, £12,059 (2022.. £11,787) was Unrestrict and £383 (2022.. £383) ielal¢d to endowmeni fill)ds. Staff Number$ The eharity had no employ¢ during the curr¢nt and previtsus financial year. Trustees RemullerAtlon 4nd Expenses attd Key ManageD)ent Per8DDnel Apart from, as set out below, there w¢r¢ n(Tr trustees, remuneration or oth¢T bwefits for the current and preceding year. DurAng th¢ current and pr¢ceding year the trust$ did not receivc any remuncration or any other bM¢fits from employtt*tht witb the charity. Trustees expenses paid foT thc year were £68312022.. £929) paid to l (2022.. 1) ITU5ttt in rei]nbursem¢nt of rates. stationery, wsta¥e and residents Christmu gifts. At thc year end. £25 was ow¢d to th¢ twst¢C in respect of b(x)kkceping setvices. Th¢ k¢y management personnel of the charity comprisc of the trustees only. Property io. Jxtd Aisets F5x¢ure5 & Flttings Total Cost Ai l January 2023 Addititstts Disposals 173,945 3,700 3,885 259 177,830 3.959 Ai JI Decemb¢r 2023 177.645 4,144 181,789 Depredadon At l JaDuary 2023 Charg¢ for y¢ar Disp05als 85,638 12,028 1,248 414 86.886 12,442 At 31 De¢¢mb¢r 2023 97,666 1.662 99,328 Net Book Value Al 31 Dttember 2023 At 31 D¢¢ember 2022
The Woodcock and Bowes Charity Notes to the Financial Statements for the year ended 31 December 2023 12. IDV¢$tm¢nts Market value ai l JaDuary 2023 Additions ai cost Disposals at market value Movemeni in markct valu¢ 360,571 12.114 8,103 Market v4lue at 31 December 2023 Investment ai nvdrket value compris¢d= InvestmcDts held on a recogniscd stock ¢x¢hang¢ or held in common investment ndS Historical cost at l January 2023 Additions at Cost Dispoul$ 216,384 12.114 HistOriCAI cost at 31 December 2023 Individual investments held ai 31 December 2023 wbich are over 50/0 of the portfolio by value are.. Market Value 54.483 317.414 M&G arity Multi Asset Fund Income Units M&G Charity Multi A5S¢t Fund Aecumulation Units 14 83 13. Debtors 2023 2022 Prepayments Otber Debtot5 65 1,575 295 233 14. Credltors 21123 2022 Other Creditors Accruals 1,507 6,195 3,723 02 15. Summary of Net Assets by Fund- 21123 R¢strieted funds ytr40rdinary Repair and Improvement Eductl•n Fund Fund Unrestri¢ted Futtd Permanent Ettdominent FyDd Capital A¢fount Permanent Endowment Rescrve Actumulated Ineome A¢count Tot¥Jl Freehold PToperty Invcstrnents Current A$scts Curreni Liabilitie5 54.101 28.360 54,482 317,414 (20.434) 8.892 1,185 326,306 42,667 61,916 7,791 Summary Df Net Assets by Fund- 21122 Restritted fuDds EXtr4ordÉnY Repair and Improvement Education Fund Fund Unrestri¢ted Fund PemaDeDt Endowment Fund Cplt*l A¢eount Perni#nent Endom'ment Reserve Aeeumlllated Income Totsl Freehold Property Investments Current Assets Current Liabilitie5 62,200 28.743 53,565 298,861 (16,476) 8.143 941 307.004 36.2 51,825 6.168 46 10
The Woodcock and Bowes Charity Notes to the Financial Statements for tbe year ended 31 December 2023 16. Endowment Fund$ B/hYd a84t Incoming 111.01.23 Resources Balance asat 31.12.23 Outgoing Resourets Gakns & (LDsses) Transfers Endowment Fund 82.309 (383) 916 82,842 38 16 Blfwd Asat Ineomlng 01.01.22 Res•ure¢s BAlanee Outgolng Rcsourcts Transfer5 & (Losses) 31.12.22 Endowment Fd 84,415 (383) (1.723) 82,309 83 Thc Endowmcnt funds were s¢t UP llttdet ihe trust deed dated 14 July 1967. Resident Contributions in respect of the property are applied towards the property runrtirtg costs, any excess b¢ing directed, togcthcr with ttributable investrtteni it)¢ome, to the geneTal administration ov¢rh¢ads of the charity. Re$tritted Funds RtrICted fund$ comprise the following balances on income and Capital lld. Blfwd Movement in Funds as at 1COMIng Outgoltlg Capital Gthsl 1.111.23 Resources Rcfjourc Expenditure (Loise$) 31.12.23 Clfwd EdatIOn Fund Capiial Sncome 8,144 940 748 8,892 1,184 9.084 8 10,076 Extrgordinary Repair and ImprovenKnt Fund Capital Pernvdneni Endowment Reserv¢ 282,385 46,201 12,115 29,054 (3,959) 6.439 296,980 54,215 (21,0401 337,670 41,413 {21,040) (3,959) 7,187 301271 Blfwd Movement in Funds Clfwd Outgoirtg Capital Gaittsl *sat 01.01.22 Resour¢t$ Resourees Expelldl¢urt ILosses) 31.12.22 Educalion Fund Capital Income 9,215 697 (1,071) 8.144 940 243 9,912 243 (1,071) 9,084 Extraordinary R¢pair attd Improvcment Fund Capital Pem]anent Endowm¢nt Reserve 280,041 56,735 11,025 29,775 (8,681) 282.385 46,201 {40,309) 346,688 41,043 (40.309) (9,752) 337, Invesiments in th¢ Education are used to geoerale the in¢4)m¢ which is dtstributed to the Bisbopwearniouth Church, and olher grantees, for educational purposes. Th¢ Extraordinary Repair aMI Improv¢ment fund is uts"lised to improve and enhanc¢ the Almshouses. The pernian¢n¢ ¢ndown)eni reslricted resetve receiv¢s income frorn investments held in rhe p¢rniancnt endowment capital fund and incomc from reside]Jts contribOn$ in resp¢ct of PTK>Perties held. Expens¢s har%¢d to the restricted res¢rv¢ with regard to property running 5t5 and gencral administration overheads of th¢ chaTity.
The Woodcock and Boives Charity Notes to the Financial Statements for the year ended 31 December 2023 18. uresttted Funds Blfvd Movement ID Funds as at Incfjrning Outgoing Cxpital Gainsl Dl.111.23 Resources Resources Expenditure (Lo$$¢$) Jl.12a3 Cllwd Designated Funds Capital Rethrbishment General Fund 60.902 7,466 (12.059) 3,959 52.802 9.090 1,624 059 Blfwd Movement in Funds Clfwd a5 gt Incomlng Outgoing Capital Galnsl 954t 01.Ib122 Resouyecs Resources Expenditure (Losses) 31.12.22 60,902 7,466 Dcsigrtated Funds Caphtal RefulShMent General Fund 72.689 6,933 (11.787) 533 The dcvelopment and capital T¢rbISh1net funds were set up to ringfence moni¢s required to uThdertake the r¢novaliotJ works nesSary to bTitJg th¢ almthouses properties up to datc. 19. Related Party Tran84rtioth$ During the year, the ehariry accept¢d bookkeeping charges amounting 10 £25 (2022.. £60) from a trust¢e. The t$1¢¢ was also duc & Teimbursemeni of cXpen8 atnounting to £683 (2022.. £869). The tNstee was reimbursed a total of £683 {2022.. £929). The aTnounls outstsnding at thc ycar et)d were £25 (2022 '. £nil). 12