Charity number: 228031 Company number: 00616679
The Wharfedale Foundation
Report of the Managing Trustees and Financial Statements for the year ended 31[st] December 2020
Contents
Directors’ and Trustees’ Report for the year ended 31[st ] December 2020 ............................................ 3 Reference and Administrative Details of the Charity, its Trustees and Advisors .......................... 3 Structure, Governance and Management .................................................................................. 4 Objectives and Activities ............................................................................................................ 4 Finance Policies ......................................................................................................................... 5 Achievements and Performance ................................................................................................ 5 Financial Review ........................................................................................................................ 6 Objectives for the Coming Year .................................................................................................. 6 Statement of Trustees' Responsibilities ............................................................................................. 7 Small Company Rules ................................................................................................................. 7 Independent Examiner’s Report to the Trustees ................................................................................ 8 Statement of Financial Activities for the year ended 31[st] December 2020 .......................................... 9 Balance Sheet as at 31[st] December 2020.......................................................................................... 10 Notes to the Financial Statements for the year ended 31[st ] December 2020...................................... 11
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Directors’ and Trustees’ Report for the year ended 31[st ] December 2020
The trustees present their report and independently examined financial statements for the year ended 31 December 2020.
| Reference and Administrative Details of | the Charity, its Trustees | and Advisors | |
|---|---|---|---|
| Charity name | The Wharfedale Foundation | ||
| Charity registration number | 228031 | ||
| Company registered in England number | 00616679 |
||
| Registered office | 20 Ancaster Road | ||
| and principal operating address | Leeds | ||
| West Yorkshire | |||
| LS16 5HH | |||
| Trustees | Iain Cloke | from 13/03/2020 | |
| Mary Dawson | |||
| Stewart Graham | from 13/03/2020 | ||
| Ann Hindley | Deputy Chair | to 10/09/2020 | |
| Uell Kennedy | Deputy-Chair | ||
| Imran Nawaz | from 04/06/2020 | ||
| Chris Taylor | from 10/09/2020 | ||
| Jane Thompson | Treasurer | to 10/09/2020 | |
| John Wilson | Chair | ||
| Kaye Wilson | Treasurer | ||
| Secretary | Rachel Boggs | ||
| Bankers | Unity Trust Bank plc | ||
| Four Brindleyplace | |||
| Birmingham B1 2JB | |||
| Yorkshire Bank / Virgin Money | |||
| 21 Manchester Road | |||
| Nelson | |||
| BB9 9SD | |||
| Barclays Bank UK plc | |||
| Leicester | |||
| LE87 2BB | |||
| Independent examiner | Nigel Wyatt BSc. FCA | ||
| Wyatt & Co Chartered Accountants | |||
| 125 Main St | |||
| Garforth | |||
| Leeds LS25 1AF |
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Structure, Governance and Management
Governing body
The Board (also known as the Council), whose members are directors of the company and trustees of the charity, is the main governing body of the Charitable company. Members are elected at full general meetings or by co-option at Council meetings in accordance with the Memorandum and Articles of Association (2009, amended 2015).
Directors (trustees) are usually appointed for a three-year term resulting in some stepping down each year. New trustees are given a copy of the Foundation’s governing documents and information about their roles and responsibilities; this includes relevant information from the Charity Commission as appropriate.
Organisational management
The Board meets at least four times a year to exercise strategic direction, fulfil its governance responsibilities, make decisions on the awarding of grants and oversee the affairs of the company. An annual away day is also held to decide strategic direction for the year ahead. Day to day administration is delegated to the Company Secretary/Administrator.
Objectives and Activities
Charitable objects and mission
The Wharfedale Foundation is a grant-making trust that has its roots in the Christian tradition. We recognise a common practical vision of a better world with those of other faith traditions and none. We therefore support initiatives that bring people together to gain understanding of other faiths and cultures and to work in partnership to improve the neighbourhoods in which they live.
We aim to fund projects that address the divisions in our society by developing greater understanding of social justice and diversity. We provide grants of up to £5,000 although most are for smaller sums.
The Trustees’ aim is to make grants each year of up to at least the equivalent to investment income.
In reviewing our aims and objectives, and in planning the expansion of our services, the trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. The Foundation continues to provide public benefit by funding projects that:
-
create greater inclusivity by breaking down barriers of fear based on religious, cultural, ethnic or social difference or financial hardship,
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integrate marginalised groups into mainstream society and promoting a welcoming culture,
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aid the integration of marginalised groups through environmental projects,
-
develop greater understanding of these issues through carrying out research.
Risk management
The trustees consider the major risks to which they believe the Foundation is exposed and ensure that appropriate measures are in place to mitigate and manage these risks.
The main risks encountered by the trustees during 2020 have been:
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continued vulnerability to reduced income from investments and donations
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an ongoing need to recruit new trustees to replace those who are due to stand down
During the coming year the trustees will continue to review the risk assessment process in order to identify and prioritise any other risks to which it is subject and assess whether further controls are required.
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Finance Policies
The Trustees wish to manage The Wharfedale Foundation to optimise their ability to support projects that will transform communities in Yorkshire and the Humber. Accordingly, the following principles underpin the financial processes of the Foundation.
Investment policy
The Memorandum and Articles of Association of the charitable company (2009, amended 2015) permit the Council wide powers of investment. The investment policy that had been in place since the formation of the Foundation was to invest in a spread of risks to ensure that there was a reasonable return on investment while maintaining the value of the portfolio.
Grant-making policy
Our aim is to make grants each year of at least the equivalent of our investment income. However, in 2020 the total awarded was only £25,079 (2019: £26,891) against investment income of £33,749 (2019: £35,755).
Reserves policy
The Trustees’ policy is to maintain a working capital cash reserve of 6 months operating costs. The reserves are needed to meet the normal working capital requirements of the charity and the Board are confident that at this level they would be able to continue the current activities of the charity in the event of a reduction in funding.
Trustees’ expenses
We believe that it is right to ensure that no trustee is disadvantaged from offering to serve the Foundation for financial reasons. We therefore pay expenses to trustees to attend meetings and attend to the business of the Wharfedale Foundation at the standard mileage rate allowed by HMRC or the cheapest practical public transport, as appropriate. In 2020, this totalled £146 (2019: £505).
Achievements and Performance
The Trustees’ key objectives in 2020 were:
- Simplifying and clarifying the wording of our funding criteria in our publicity
A review of the foundation’s website, leaflets and application form identified that they could be set out in simpler language making it easier for applicants to understand and target their applications and for trustees to assess incoming applications. It was decided to replace them with the following:
Projects applying for funding need to be:
-
bringing communities together
-
supporting communities who feel marginalised and forgotten
-
building bridges between communities in Yorkshire and the Humber.
The website has updated with the revised wording and it will be included in leaflets when they are next reprinted.
- Approaching previous grantees to be trustees.
The board recognises the importance of diversity in its members and in particular for the views of grant recipients to be more actively represented. Two previous grantees were approached, one in Sheffield and one in North East Lincolnshire. The first was unfortunately ill with COVID 19 for part of the year and will be approached again in 2021.
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The second was Chris Taylor from Your Place in East Marsh in Grimsby. Chris had presented at Wharfedale’s anniversary event in 2018 in Leeds where she was well received. Your Place had received a grant from Wharfedale in 2018/19 for a Garden Volunteer ‘Buddy’ Scheme at their Community Garden in East Marsh. Grimsby. After some consideration, Chris has accepted our invitation to become a trustee and has now joined the board.
An approach was also made this year to Iain Cloke – chair of the Furnival charity in Sheffield and Engagement Development Officer for Age UK in Rotherham. Iain has a wealth of experience in this sector and has advised many groups when working for Together for Regeneration in Rotherham. Iain accepted and was able to attend two actual meeting before we had to move on to virtual meetings.
- Maintaining a summary of feedback
It was felt important to maintain a spreadsheet of feedback received from grantees that will inform the trustees about organisations’ experiences of applying for and receiving funding, and running their projects. It will also provide a useful source of new material for use in publicity and on the web site. This is now underway and as more projects resume postCovid-19 and new projects start up, the material gathered will also be used to refresh the website with more recent case-studies and quotes.
Financial Review
During the year total income amounted to £35,572 (2019: £38,840) of which investment income was the main component at £33,749 (2019: £35,755).
Expenditure during the year totalled £33,135 (2019: £35,882), making a net operating profit for the year of £2,437 (2019: £2,958). The two main components of expenditure were charitable activities of £25,922 (2019: £28,381) and costs of raising funds of £7,213 (2019: £7,501). Charitable activities were mainly grants made of £25,079 (2018: £26,891).
Total operating costs (cost of raising funds plus support and governance costs) in 2020 were £8,056 (2019: £8,991).
Non-operating income in the year totalled a surplus of £35,685 (2019: £106,545) this being due to unrealised gains on revaluation of fixed assets resulting in a net surplus of £38,122 (2019: £109,503).
At the balance sheet date, the Foundation had total equity of £1,039,421 (2019: £1,001,301).
Subsequent to the year end the COVID-19 pandemic continues to impact the economy. Whilst the significant falls in value of investments have recovered somewhat, the eventual outcome of the pandemic cannot be predicted but there is no expectation that there will be an immediate need to crystallise these losses. Income has been maintained at close to previous levels and in order to manage expenditure the trustees have decided to limit grants further to £7,000 per funding round in 2021 and in addition, maintain the maximum of £2,500 for any one grant. In the short to medium term we do not expect any need to draw down on investments.
Objectives for the Coming Year
At the start of the pandemic in early 2020, the trustees decided the Foundation would not to attempt to provide Covid relief funding as other organisations were better able and had the level of resources required to provide this support. Rather, the intention is to wait until restrictions are lifted and applicants are able to resume their activities and be ready to provide the project funding they require at that stage.
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Statement of Trustees' Responsibilities
Company law 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 company as at the end of the financial year and of the surplus or deficit of the company for that period.
In preparing those financial statements the trustees are required to:
-
select suitable accounting policies and then apply them consistently
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observe the methods and principles in the Charities SORP
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
make judgments and estimates that are reasonable and prudent
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking steps for the prevention and detection of fraud and other irregularities.
Small Company Rules
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the Board on 7[th] July 2021 and signed on its behalf.
Signed:
Uell Kennedy Trustee
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Independent Examiner’s Report to the Trustees
I report on the financial statements of The Wharfedale Foundation for the year ended 31[st] December 2020 which comprise the statement of financial affairs, the balance sheet and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities 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 Charities Act;
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follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s statement
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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the 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 accounts 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 material matters have come to my attention which gives me cause to believe that in, any material respect:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
-
the accounts do not accord with such records; or
-
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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
-
the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I 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.
Signed:
Date: 23/09/2021
Nigel Wyatt BSc. FCA - Independent Examiner Wyatt & Co Chartered Accountants, 125 Main St, Garforth, Leeds LS25 1AF
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Statement of Financial Activities
for the year ended 31[st] December 2020
Including summary income and expenditure account.
| Note Income and endowments Donations and legacies 2 Investment income 3,4 Other income 4 Total Expenditure Raising funds 5 Charitable activities 6,7 Total Surplus/(deficit) before gains/(losses) Net gains/(losses) on investments 13 Net movement in funds Transfer between funds Total funds brought forward 17 Total funds carried forward 17 |
Unrestricted Funds Restricted Funds Total Funds 2020 2020 2020 £ £ £ 1,823 - 1,823 33,749 - 33,749 - - - 35,572 - 35,572 7,213 - 7,213 25,922 - 25,922 33,135 - 33,135 2,437 - 2,437 35,685 - 35,685 38,122 - 38,122 - - - 999,301 2,000 1,001,301 1,037,423 2,000 1,039,423 |
Unrestricted Funds Restricted Funds Total Funds 2019 2019 2019 £ £ £ 1,802 1,000 2,802 35,755 - 35,755 283 - 283 |
|---|---|---|
| 37,840 1,000 38,840 |
||
| 7,501 - 7,501 28,381 - 28,381 |
||
| 35,882 - 35,882 |
||
| 1,958 1,000 2,958 |
||
| 106,545 - 106,545 |
||
| 108,503 1,000 109,503 |
||
| (1,000) 1,000 - 891,798 - 891,798 999,301 2,000 1,001,301 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Balance Sheet
as at 31st December 2020
| Note Fixed Assets Investments 13 Current Assets Cash at Bank and in Hand 19 Debtors: Accounts receivable 15 Liabilities Creditors: Accounts payable amounts falling due within one year 14 Total current assets less current liabilities Total net assets 16 Capital and Reserves Unrestricted 17 Restricted |
£ 21,956 8,553 |
2020 £ 1,021,035 |
£ 8,298 9,145 |
2019 £ 985,350 |
|---|---|---|---|---|
| 1,021,035 | 985,350 | |||
| 30,509 12,121 |
17,443 1,493 |
|||
| 18,388 | 15,951 | |||
| 1,039,423 | 1,001,301 | |||
| 1,037,423 2,000 |
999,301 2,000 |
|||
| 1,039,423 | 1,001,301 |
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ egime and in accordance with SORP FRS102 and are for circulation to the members of the company. They were approved by the board of directors and trustees on 7[th] July 2021 and signed on its behalf by
Uell Kennedy Trustee
The notes on pages 11-17 form part of these accounts
Page 10 of 17
Notes to the Financial Statements for the year ended 31[st ] December 2020
1. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are as follows:
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (“Charities SORP (FRS 102)”), the Companies Act 2006 and the Charities Act 2011.
The Wharfedale Foundation meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The principal accounting policies adopted are set out below.
b) Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the trustees have considered whether in applying the accounting policies required by Charities SORP (FRS 102) the restatement of comparative items was required. The trustees concluded that no restatement is required as any adjustment would be immaterial.
c) Going concern
Whilst investment values post year end have been significantly impacted by the COVID-19 virus, the charity has considerable cash reserves, sufficient to meet its immediate requirements and the ability to reduce grants awarded in the future. Thus the Trustees have continued to adopt the going concern basis of accounting in preparing the financial statements.
d) Income
All incoming resources are recognised as follows:
-
Income is recognised when the charity has entitlement to the funds, any performance conditions have been met and it is probable that the income will be received, and the amount can be measured reliably.
-
Income from Legacies. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Page 11 of 17
Notes to the financial statements for the year end 31st December 2020 continued
-
Donated services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, and the receipt of economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised. Refer to the trustees’ annual report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have been prepared to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised in expenditure in the period of receipt. This is included when receivable and the amount can be measured reliably by the charity.
-
Investment income is included when receivable and the amount can be measured reliably by the charity.
-
Fund accounting:
-
Unrestricted funds are available to spend on the activities that further any purposes of charity.
-
Designated funds are unrestricted funds which the trustees have decided at their discretion to set aside to use for a specific purpose.
-
Restricted funds represent income which the donor has specified to be solely used for particular areas of the Charity’s work.
-
Where income is received for expenditure in a future accounting period that amount is deferred.
e) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligations can be measured reliably. Expenditure is classified under the following activity headings:
-
Costs of raising funds comprise the costs associated with fund raising activity
-
Expenditure on charitable activities includes the costs of activities undertaken to further the purpose of the charity and their associated support costs
-
Other expenditure represents those items not falling into any other heading.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others may be apportioned on an appropriate basis as set out in note 5.
f) Allocation of support costs
Support Costs are those functions that assist the work of the charity but do not directly relate to charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Foundation’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 9.
g) Operating leases
Rentals applicable in respect of operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities as incurred.
Page 12 of 17
Notes to the financial statements for the year end 31st December 2020 continued
h) Value added tax
The majority of the charity’s income is classified as either exempt or outside of the scope for the purposes of value added tax. The charity is not registered for VAT and is not required to be registered for VAT. It is therefore unable to reclaim the value added tax it suffers on its expenditure. Expenditure in these financial statements is therefore shown inclusive of value added tax.
i) Investments
Investments are valued at market value at the year end and any gains or losses on valuation are dealt with in the Statement of Financial Activities.
j) Stock
No account is taken of the stock of pamphlets, which are written off in the year of purchase and are of minimal value.
k) Debtors
Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any discounts due.
l) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity within the 12 months after the balance sheet date.
m) Creditors and Provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfers of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement value after allowing for any discounts which may be due.
n) Taxation
The Foundation is a registered charity and is exempt from any liability to taxation on its income and capital gains. Income tax is recoverable on donations and is treated as being received in the year in which the corresponding income is received.
o) Exceptional items
Exceptional items are material items, deriving from events or transactions within the ordinary activities of the charity, and which individually or in aggregate are disclosed because of their size or incidence in order that the financial statements give a true and fair view.
p) Financial instruments
The foundation only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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Notes to the financial statements for the year end 31st December 2020 continued
2. Income from donations and legacies
| Donations Legacies 3. Income from investments Income from UK listed investments 4. Other income Bank interest Event income 5. Expenditure on raising funds Bank service charge Management fees Miscellaneous Mobile phone Printing Sundry administration costs Website and IT 6. Expenditure on charitable activities Grant funding activities Governance costs 7. Analysis of grant funding activities Grants awarded Less underspend refunded |
2020 £ 1,823 - 1,823 2020 £ 35,749 35,749 2020 £ - - - 2020 £ 185 6,362 48 102 - 30 486 7,213 2020 £ 25,079 843 25,922 2020 £ 25,079 - 25,079 |
2019 £ 2,802 - |
|---|---|---|
| 2,802 | ||
| 2019 £ 35,755 |
||
| 35,755 | ||
| 2019 £ 23 260 |
||
| 283 | ||
| 2019 £ 224 6,237 501 98 4 13 424 |
||
| 7,501 | ||
| 2019 £ 26,891 1,490 28,381 2019 £ 26,967 76 |
||
| 26,891 |
Page 14 of 17
Notes to the financial statements for the year end 31st December 2020 continued
| Small Grants Programme Battle Scars We Run York Little Woodhouse CA Together We Grow Greenhill Library Bradford Friendship Choir Neighbourhood Project Swinnow CC Time To Be Out |
£ 500 500 500 500 495 500 405 500 479 |
|---|---|
| 4,379 |
| Main Grants Programme Ignite Imaginations Next Steps CRESST Bradford Refugee Forum Bradford Court Chaplaincy Central Asylum Yorkshire Yorkshire Racial Equality Network SAGE St Luke’s, Holbeck |
£ 1,500 2,500 2,500 1,100 2,500 3,000 2,100 3,000 2,500 |
|---|---|
| 20,700 |
8. Net income/(expenditure) for the year is stated after charging/(crediting)
| Independent examiner’s fee 9. Analysis of governance costs Professional fees Meeting room hire Trustees’ expenses Other expenses |
2020 £ 300 300 2020 £ 300 84 146 313 843 |
2019 £ 300 |
|---|---|---|
| 300 | ||
| 2019 £ 300 535 505 150 |
||
| 1,490 |
10. Analysis of staff costs, staff numbers, trustee remuneration and expenses
There were no employees during 2020 (2019: none). No trustee received remuneration for their services during the year (2019: £nil). Three trustees received reimbursed expenses during the year totalling £146 (2019: three, £505).
11. Related party transactions
There were no related party transactions during the year.
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Notes to the financial statements for the year end 31st December 2020 continued
12. Taxation
The charity’s activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
13. Fixed asset investments
| Fixed asset investments | ||
|---|---|---|
| Valuation at 1stJanuary 2020 Revaluations Valuation at 31stDecember 2020 Historical cost as at 31stDecember 2020 |
Listed investments £ 985,350 35,685 1,021,035 637,000 |
Total £ 985,350 35,685 |
| 1,021,035 | ||
| 637,000 |
All fixed asset investments are held with CCLA in their COIF Charities Investment Fund (75.8%) and COIF Charities Property Fund (24.2%). Analysis by asset class: Overseas Equities 44.2%, UK Equities 9.5%, Property 40.1%, Fixed Interest 0.3%, Cash 5.9%.
14. Creditors: amounts falling due within one year
| Accounts payable 15. Accounts receivable Debtors |
2020 £ 12,121 12,121 2020 £ 8,553 8,553 |
2019 £ 1,493 |
|---|---|---|
| 1,493 | ||
| 2019 £ 9,145 |
||
| 9,145 |
16. Analysis of net assets between funds
| Fund balances at 31stDecember 2020 as represented by: Investment assets Current assets Liabilities |
Unrestricted funds £ 1,021,035 28,509 12,121 1,037,423 |
Restricted funds £ - 2,000 - 2,000 |
Total funds £ 1,021,035 30,509 12,121 |
|---|---|---|---|
| 1,039,423 |
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Notes to the financial statements for the year end 31st December 2020 continued
17. Funds
| Balance | Net gains | Balance | ||||
|---|---|---|---|---|---|---|
| Year ended | 1 January | on | 31 December | |||
| 31 December 2020 | 2020 | Income | Expenditure | **Investment ** | Transfer | 2020 |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | ||||||
| General | 999,301 | 35,572 | 33,135 | 35,685 | 1,037,423 | |
| Restricted Funds | ||||||
| YLN micro-grants | 2,000 | - | - | - | - | 2,000 |
| Balance | Net gains | Balance | ||||
| Year ended | 1 January | on | 31 December | |||
| 31 December 2019 | 2019 | Income | Expenditure | **Investment ** |
Transfer | 2019 |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | ||||||
| General | 891,798 | 37,840 | 35,882 | 106,545 | (1,000) | 999,301 |
| Restricted Funds | ||||||
| YLN micro-grants | - | 1,000 | - | - | 1000 | 2,000 |
18. Legal status of the company
The company is limited by guarantee and has no share capital. The liability of each member of the Wharfedale Foundation on the company being wound up while they are members or within one year after they cease to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves shall not exceed £10.
19. Cash and cash equivalents
| Barclays Bank Unity Trust Bank Yorkshire Bank Bank and cash in hand Financial instruments Carrying value of financial assets: Financial assets at fair value |
2020 £ 668 19,650 1,637 21,956 2020 £ 1,021,035 |
2019 £ 428 7,164 706 |
|---|---|---|
| 8,298 | ||
| 2019 £ |
||
| 985,350 |
20. Financial instruments
21. Post balance sheet events
The COVID-19 global pandemic has continued to impact the global and UK economies into 2021 however, the trustees do not believe that this will have a significant effect upon the Foundation.
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