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2022-12-31-accounts

Charity number: 228031

The Wharfedale Foundation

Report of the Trustees and Financial Statements for the year ended 31[st] December 2022

The Wharfedale Foundation

Contents

Directors’ and Trustees’ Report for the year ended 31[st ] December 2022 ............................................ 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 Statement of Trustees' Responsibilities ............................................................................................. 7 Independent Examiner’s Report to the Trustees ................................................................................ 8 Statement of Financial Activities for the year ended 31[st] December 2022 .......................................... 9 Balance Sheet as at 31st December 2022......................................................................................... 10 Notes to the Financial Statements for the year ended 31[st ] December 2022...................................... 11

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The Wharfedale Foundation

Directors’ and Trustees’ Report for the year ended 31[st ] December 2022

The trustees present their report and independently examined financial statements for the year ended 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 11-17 and comply with the Charities Act 2011 and the Charities SORP (FRS 102).

Reference and Administrative Details of the Charity, its Trustees and Advisors

Reference and Administrative Details of the Charity, its Trustees and Advisors of the Charity, its Trustees and Advisors
Charity name The Wharfedale Foundation to 16/03/2022
The Wharfedale Foundation CIO from 16/03/2022
Company number 00616679 to 16/03/2022
Charity registration number 228031
Registered office Flat 2, Pool House
and principal operating address Main Street
Pool in Wharfedale
West Yorkshire
LS21 1LH
Trustees Iain Cloke
Mary Dawson to 21/06/2022
Hannah Dobson
Stewart Graham
Uell Kennedy Chair
Nickie Prior from 15/03/2022
Sajda Shah Treasurer
Chris Taylor to 22/03/2022
John Wilson to 21/06/2022
Kaye Wilson Vice-chair
Secretary Rachel Boggs
Bankers Unity Trust Bank plc
Four Brindleyplace
Birmingham B1 2JB
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

Page 3 of 17

The Wharfedale Foundation

Structure, Governance and Management

Governing body

For the year being reported the Board whose members are directors of the company and trustees of the charity, was the main governing body of the Charitable Company until 16 March 2022 when it converted to being a Charitable Incorporated Organisation (CIO). The CIO has a Foundation model whereby its members are the trustees.

Trustees may be appointed at full general meetings or by co-option at Council meetings in accordance with Constitution (2022). 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 trustees meet at least four times a year to exercise strategic direction, fulfil their governance responsibilities, make decisions on the awarding of grants and oversee the affairs of the CIO. An annual away day is also held to decide strategic direction for the year ahead. Day to day administration is delegated to the Charity 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 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:

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 2022 have been:

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The Wharfedale Foundation

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.

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 Constitution (2022) permits the trustees 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. In 2022 the total awarded was £34,172 (2021: £22,878) against investment income of £35,504 (2021: £35,032).

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 2022, all meetings were held online so this was £229 (2021: £nil).

Achievements and Performance

We have made progress on priorities set for 2022 including:

Page 5 of 17

The Wharfedale Foundation

Financial Review

During the year total income amounted to £37,716 (2021: £36,500) of which investment income was the main component at £35,504 (2021: £35,032).

Expenditure during the year totalled £42,980 (2021: £26,491). The two main components of expenditure were charitable activities of £35,212 (2021: £19,183) and costs of raising funds of £7,768 (2021: £7,308). Grants totalling £34,172 (2021: £21,883) were awarded during the year.

The net operating loss for the year was £5,264 (2021: £10,010 gain).

Non-operating losses totalled £136,308 (2021: £144,973 gain) due to unrealised losses on revaluation of investment assets resulting in a net loss of £141,572 (2021: £154,983 gain).

At the balance sheet date, the Foundation had total equity of £1,052,833 (2021: £1,194,405).

Objectives for the Coming Year

The trustees have set the following objectives for 2023:

Page 6 of 17

The Wharfedale Foundation

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements the trustees are required to:

The Trustees are responsible for keeping paper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by the Trustees under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. The Trustees have a general responsibility for taking such steps as are reasonably open to the Trustees to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Approved by the Board on 27 June 2023 and signed on its behalf.

Signed:

Uell Kennedy Trustee

Page 7 of 17

The Wharfedale Foundation

Independent Examiner’s Report to the Trustees

I report on the financial statements of The Wharfedale Foundation for the year ended 31[st] December 2022 which are set out on pages 3-17 and comprise the statement of financial affairs, the balance sheet and the related notes.

Respective responsibilities of trustees and examiner

As described in the Statement of Trustees' Responsibilities, the CIO's Trustees are responsible for the preparation of 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:

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, I confirm that no matter has come to my attention:

  1. 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 Charities Act, and

  2. to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act

  3. have not been met; or

  4. or which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.

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 independent examination work, for this report, or for the opinions I have formed.

Signed: Date: 08/09/2023

Nigel Wyatt BSc. FCA - Independent Examiner Wyatt & Co Chartered Accountants, 125 Main St, Garforth, Leeds LS25 1AF

Page 8 of 17

The Wharfedale Foundation

Statement of Financial Activities

for the year ended 31[st] December 2022

Including summary income and expenditure account.

Note
Income and endowments
Donations and legacies
2
Investment income
3
Total
Expenditure
Raising funds
4
Charitable activities
5
Total
Surplus/(deficit) before gains/(losses)
Net gains/(losses) on investments
12
Net movement in funds
Transfer between funds
Total funds brought forward
16
Total funds carried forward
16		 Unrestricted
Funds
Restricted
Funds
Total
Funds

2022
2022
2022
£
£
£
2,212
-
2,212
35,504
-
35,504
37,716
-
37,716


7,768
-
7,768
35,212
-
35,212
42,980
-
42,980
(5,264)
-
(5,264)
(136,308)
-
(136,308)
(141,572)
-
(141,572)
-
-
-
1,192,405
2,000
1,194,405
1,050,833
2,000
1,052,833		 Unrestricted
Funds
Restricted
Funds
Total
Funds
2021
2021
2021
£
£
£
1,469
-
1,469
35,032
-
35,032
36,500
-
36,500
7,308
-
7,308
19,183
-
19,183
26,491
-
26,491
10,010
-
10,010
144,973
-
144,973
154,983
-
154,983
-
-
-
1,037,423
2,000
1,039,423
1,192,405
2,000
1,194,405

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 9 of 17

The Wharfedale Foundation

Balance Sheet

as at 31st December 2022

Note
Fixed Assets
Investments
12

Current Assets
Cash at Bank and in Hand
17
Debtors: Accounts receivable
14

Liabilities
Creditors: Accounts payable
amounts falling due within one year
13

Total current assets less current liabilities
Total net assets
15
Capital and Reserves
Unrestricted
16
Restricted		 £
14,287
8,863		 2022
£
1,029,700		 £
22,937
9,177		 2021
£
1,166,008
1,029,700 1,166,008
23,150
17		 32,114
3,717
23,133 28,397
1,052,833 1,194,405
1,050,833
2,000		 1,192,405
2,000
1,052,833 1,194,405

Approved by the board trustees on 27 June 2023 and signed on its behalf by

Uell Kennedy Trustee

The notes on pages 11-17 form part of these accounts

Page 10 of 17

The Wharfedale Foundation

Notes to the Financial Statements for the year ended 31[st ] December 2022

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)”) 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) Going concern

The charity has sufficient cash reserves 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.

c) Income

All incoming resources are recognised as follows:

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The Wharfedale Foundation

Notes to the financial statements for the year end 31st December 2022 continued

Principal accounting policies (continued)

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.

d) 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:

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.

e) 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 8.

f) 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.

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The Wharfedale Foundation

Notes to the financial statements for the year end 31st December 2022 continued

Principal accounting policies (continued)

g) 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.

h) 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.

i) Stock

No account is taken of the stock of pamphlets, which are written off in the year of purchase and are of minimal value.

j) 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.

k) 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.

l) 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.

m) 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.

n) 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.

o) 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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The Wharfedale Foundation

Notes to the financial statements for the year end 31st December 2022 continued

2. Income from donations and legacies

Donations
Legacies
3. Income from investments
Income from UK listed investments
4. Expenditure on raising funds
Bank service charge
Management fees
Miscellaneous
Mobile phone
Printing
Sundry administration costs
Website and IT
5. Expenditure on charitable activities
Grant funding activities
6
Governance costs
7,8
6. Analysis of grant funding activities
Grants awarded
Less previous year grant refunded
Less previous year grants awarded but not drawn down		 2022
£
2,212
-
2,212
2022
£
35,504
35,504
2022
£
268
6,671
-
158
-
145
526
7,768
2022
£
34,172
1,040
35,212
2022
£
34,172
-
-
34,172		 2021
£
1,469
-
1,469
2021
£
35,032
35,032
2021
£
239
6,362
103
126
-
39
439
7,308
2021
£
18,883
300
19,183
2021
£
22,878
3,000
995
18,883

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The Wharfedale Foundation

Notes to the financial statements for the year end 31st December 2022 continued

Small Grants Programme
LonGBoaT Wakefield
Manor Community Transport
WY ADHD Support
Arthington Show
Main Grants Programme
Community Matters Yorkshire
Friends of Hebden Bridge
Hk Media and Training
New Visuality
Hive Bradford
Lippy People
Premier Learning
St John’s, Great Horton
Emerge Hub
Green Futures
WHISH (Whitby Hidden
Impairments Support & Help)
Total		 £ 500
£ 500
£ 500
£ 500
£ 2,000
2,382
2,500
2,500
2,020
2,500
3,160
5,000
5,000
2,185
2,425
2,500
£ 32,172
£ 34,172

7. Net income/(expenditure) for the year is stated after charging/(crediting)

Independent examiner’s fee
8. Analysis of governance costs
Professional fees
Meeting room hire
Trustees’ expenses
Other expenses		 2022
£
318
318
2022
£
318
252
229
241
1,040		 2021
£
300
300
2021
£
300
-
-
-
300

9. Analysis of staff costs, staff numbers, trustee remuneration and expenses

There were no employees during 2022 (2021: none). No trustee received remuneration for their services during the year (2021: £nil). Three trustees received reimbursed expenses totalling £229 during the year (2021: none, £nil).

10. Related party transactions

There were no related party transactions during the year.

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The Wharfedale Foundation

Notes to the financial statements for the year end 31st December 2022 continued

11. 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.

12. Fixed asset investments

Valuation at 1stJanuary 2022
Revaluations
Valuation at 31stDecember 2022
Historical cost as at 31stDecember 2022		 Listed
investments
£
1,166,008
(136,308)
1,029,700
637,000		 Total
£
1,166,008
(136,308)
1,029,700
637,000

All fixed asset investments are held with CCLA in their COIF Charities Investment Fund (77.7%) and COIF Charities Property Fund (22.3%).

13. Creditors: amounts falling due within one year

Accounts payable
14. Accounts receivable
Debtors		 2022
£
17
17
2022
£
8,863
8,863		 2021
£
3,717
3,717
2021
£
9,177
9,177

15. Analysis of net assets between funds

Analysis of net assets between funds
Fund balances at 31stDecember 2022
as represented by:
Investment assets
Net Current assets		 Unrestricted
funds
£
1,029,700
21,133
1,050,833		 Restricted
funds
£
-
2,000
2,000		 Total
funds
£
1,029,700
23,133
1,052,833

Page 16 of 17

The Wharfedale Foundation

Notes to the financial statements for the year end 31st December 2022 continued

16. Funds

Funds
Net gains/
Balance (losses) Balance
Year ended 1 January on 31 December
31 December 2022 2022 Income Expenditure **Investment ** Transfer 2022
£ £ £ £ £ £
Unrestricted Funds
General 1,192,405 37,716 42,980 (136,308) - 1,050,833
Restricted Funds
YLN micro-grants 2,000 - - - - 2,000
Balance Net gains Balance
Year ended 1 January on 31 December
31 December 2021 2021 Income Expenditure **Investment ** Transfer 2021
£ £ £ £ £ £
Unrestricted Funds
General 1,037,423 36,500 26,491 144,973 - 1,192,405
Restricted Funds
YLN micro-grants 2,000 - - - - 2,000

17. Cash and cash equivalents

17. Cash and cash equivalents
Barclays Bank
Unity Trust Bank
Virgin Money
Bank and cash in hand
18. Financial instruments
Carrying value of financial assets:
Financial assets at fair value		 2022
£
917
10,430
2,939
14,287
2022
£
1,029,700		 2021
£
828
19,680
2,428
22,937
2021
£
1,166,008

Page 17 of 17