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2021-03-31-accounts

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

Charity number: 230435

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditor's report on the financial statements 6 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 25

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

Mr Anthony Arthur Edward Glenton, Chairman Mr David Irvin (deceased 13 May 2020) Mr William Joseph Dryden Mr David Milligan

Charity registered number

230435

Trust Secretary and Principal Office

Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP

Auditor

Joseph Miller Chartered Accountants and Statutory Auditor Floor A, Milburn House Dean Street Newcastle upon Tyne NE1 1LE

Bankers

Barclays Bank plc 49-51 Northumberland Street Newcastle upon Tyne NE1 7AF

Solicitors

PGS Law Law Court Chambers Waterloo Square South Shields NE33 1AW

Investment Advisors

Cazenove Capital Management Limited 12 Moorgate London EC2R 6DA

Page 1

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2020 to 31 March 2021.

Objectives and activities

a. Policies and objectives

The aims of the Trust are to disburse grants to charitable causes in a manner which is in keeping with the philanthropic interests of the settlor, Wilfred Augustine Handley.

In order to achieve its object for the public benefit, the Trustees prefer to give regular grants and focus principally on charities working for the benefit of the population and environment within Northumberland, Tyne and Wear, Co Durham (including Hartlepool) and Cumbria (including Carlisle).

Grants are normally made to registered charities (within these counties) but may also be made to national charities operating within or where their work may be expected to be of benefit to these areas.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Grant-making policies

The Trustees try to follow the wishes and interests of the Trust's founder where this is compatible with the present day needs of the North East. Grants will commonly be in response to appeals in support of welfare for those who are disadvantaged, young, elderly, disabled, as well as maritime and Service causes, education, training and employment opportunities, community benefit, historic and religious buildings, the environment, music and the arts. Grants will be made out of income and not normally out of capital. No change in policy has been introduced during the year.

The charity does not enter into any contractual obligations; applications are examined on their merits and donations are dependent on income available. The Trust invites those charities in receipt of recurrent grants to renew their applications on a regular basis and such information is reviewed at all trustees meetings and is used to influence consideration of current and future applications.

Applications must be made in writing, quoting the applicant's official charity number and providing full backup information to Ryecroft Glenton (The Secretary), The W A Handley Charity Trust, 32 Portland Terrace, Newcastle upon Tyne, NE21QP.

Achievements and performance

a. Main achievements of the Charity

The Trust is reliant on the income from its investments to meet its needs. Investment income for the year amounted to £176,927. The net income available for distribution as grants after accounting for non-grant expenditure was £140,171.

Because of the reduced investment income currently experienced in the present economic climate the trustees released an amount of £130,000 from capital to ensure that the charity could maintain the level of grants at the same level as has been achieved in recent years.

£264,750 was allocated to grants to institutions. The net expenditure of the charity for the year before the transfer of capital funds was £124,579. This is before accounting for investment costs which are drawn directly

Page 2

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

from investment funds.

The distribution analysis of grants is set out on pages 17 to 20 of the financial statements. Out of 109 grants, 93 were made on a regular basis and 16 grants were made following examination of and based upon the relative merits of the application.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The endowment fund

As a grant making trust it is necessary to maintain the expendable endowment fund at a level sufficient to ensure a secure and predictable income flow out of which the grants are to be made. Although the endowment is expendable at the Trustees discretion they take the view that a grant from this source will only be made in exceptional circumstances.

The quantum of the endowment fund has been taken to be the balance on the trust capital account at 6 April 1981 being the earliest available figure.

The income fund

Notwithstanding the current volatility of investment markets, the perceived likelihood of reduced dividends and the ongoing commitments of the Trust, the Trustees current policy is, and for some time has been, to distribute all of the income arising whilst retaining a balance of undistributed income from earlier years to ensure that in the event of a cessation or material fall in the income stream the trust could continue to operate whilst giving grantees due notice of reductions in future grants.

The Reserves of the charity are represented by the balance of undistributed income at 31 March 2021. The Trustees are of the opinion that this balance of £426,192 remains sufficient for this purpose.

c. Investments policy and performance

The Trustees have power in their absolute discretion to make investments and have the same unfettered powers of investment of an absolute beneficial owner.

In accordance with the Statement of Recommended Practice, all investment assets have been accounted for on a fair value basis arrived at as follows:

Quoted investments As valued by stockbrokers Properties As valued by the Trustees to reflect property market value within their location.

Page 3

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

d. Coronavirus

The Trustees have endeavoured to maintain usual management and governance processes throughout the period since lockdown measures were imposed on 23 March 2020.

Accounting and secretarial services are provided by Ryecroft Glenton, whose offices have been subject to a comprehensive Health and Safety Risk Assessment, which has enabled services to the Trust to continue relatively unaffected. Trustee meetings are being held remotely and the Trustees have been able to discuss and action matters arising.

Whilst financial market movements may give rise to uncertainties about assets valuations, the FTSE 100 index has presently recovered from the lowest point on 23 March 2020. In current circumstances, however, anticipated reduced investment returns will likely continue to have an impact on future grant making.

e. Financial position

At the year end, the charity held net current assets of £14,478 along with £411,714 of investment assets within its unrestricted funds that were capable of ready conversion to cash. This financial position is adequate to enable the Trustees to continue to carry out the charity's grantmaking objectives.

Structure, governance and management

a. Constitution

The W A Handley Charity Trust is a registered charity, number 230435, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Page 4

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

The auditor, Joseph Miller, has indicated its willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 27 January 2022 and signed on their behalf by:

_________ Mr Anthony Arthur Edward Glenton (Chair of Trustees)

Page 5

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE W A HANDLEY CHARITY TRUST

Opinion

We have audited the financial statements of The W A Handley Charity Trust (the 'charity') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance sheetand the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements: :

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE W A HANDLEY CHARITY TRUST (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity, discussions with Trustees who are those charged with governance, we considered that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Charities SORP (FRS 102), the Charities Act 2011 and UK taxation legislation.

As part of the engagement team discussion about the susceptibility of the charity’s financial statements to material misstatement due to fraud, we did not identify any areas with an increased risk.

Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations and fraud, which may have a material effect on the financial statements.

Page 7

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE W A HANDLEY CHARITY TRUST (CONTINUED)

Our audit procedures included but were not limited to:

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. DocuSigned by:

Joseph Miller 752DE4093CFO49B... Chartered Accountants and Statutory Auditor Floor A, Milburn House Dean Street Newcastle upon Tyne NE1 1LE 27 January 2022

Joseph Miller is eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and endowments from:
Investments
3
Other income
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
7
Total expenditure
Net expenditure before net
gains/(losses) on investments
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
176,927
-
176,927
1,897
299,609
301,506
(124,579)
-
(124,579)
130,000
5,421
420,771
5,421
426,192		 Endowment
funds
2021
£
-
-
-
74,683
-
74,683
(74,683)
1,544,188
1,469,505
(130,000)
1,339,505
7,724,894
1,339,505
9,064,399		 Total
funds
2021
£
176,927
-
176,927
76,580
299,609
376,189
(199,262)
1,544,188
1,344,926
-
1,344,926
8,145,665
1,344,926
9,490,591		 Total
funds
2020
£
241,990
7,300
249,290
77,226
335,333
412,559
(163,269)
(992,709)
(1,155,978)
-
(1,155,978)
9,301,643
(1,155,978)
8,145,665

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 25 form part of these financial statements.

Page 9

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

BALANCE SHEET AS AT 31 MARCH 2021

2021 2021 2020
Note £ £
Fixed assets
Investments 11 8,926,113 7,587,068
Investment property 10 550,000 550,000
9,476,113 8,137,068
Current assets
Debtors 12 15,380 26,711
Cash at bank and in hand 107,748 100,799
123,128 127,510
Creditors: amounts falling due within one
year 13 (108,650) (118,913)
Net current assets / liabilities 14,478 8,597
Total assets less current liabilities 9,490,591 8,145,665
Total net assets 9,490,591 8,145,665
Charity funds
Endowment funds 15 9,064,399 7,724,894
Restricted funds 15 - -
Unrestricted funds 15 426,192 420,771
Total funds 9,490,591 8,145,665

The financial statements were approved and authorised for issue by the Trustees on 27 January 2022 and signed on their behalf by:

................................................

Mr Anthony Arthur Edward Glenton

(Chair of Trustees)

The notes on pages 11 to 25 form part of these financial statements.

Page 10

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

The Trust is set up by Trust Deed and is registered with the Charity Commission for England and Wales. It provides grants principally to charities working for the benefit of the population and environment within Northumberland, Tyne and Wear, Co Durham (including Hartlepool) and Cumbria (including Carlisle). The registered address of the office is c/o Ryecroft Glenton, 32 Portland Terrace, Newcastle upon Tyne NE2 1QP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The W A Handley Charity Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The charity is a going concern. In reaching this conclusion, the Trustees have taken account of all matters arising from the Coronavirus pandemic. Further information is provided within the Trustees Report.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Income from investments and untaxed interest is credited when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the dividends receivable or the interest paid or payable by the bank. Rents from properties are credited and expenditure relating thereto is accounted for on an accruals basis.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.

Page 11

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.4 Expenditure (continued)

Support costs are those costs incurred directly in support of expenditure on the objects of the charity including governance costs incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Costs of raising funds are investment management costs and costs of maintaining investment properties.

Charitable activities relate to grants payable.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

The charity classifies land and buildings as investment properties when they are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost which comprises the purchase price and any directly attributable expenditure. Investment properties are subsequently remeasured to fair value (which for this purpose is market value) at each reporting date with any changes in the fair value recognised in the statement of financial activities.

2.6 Cash at bank and in hand

Cash at bank and in hand refers to cash held at the charity's current and instant access bank accounts.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Page 12

DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.8 Financial instruments

The Charity only has financial assets and financial 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.

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Endowment funds are expendable at the discretion of the Trustees. However, a grant from this source will only be made in exceptional circumstances.

Investment income, gains and losses are allocated to the appropriate fund.

3. Investment income

Unrestricted
funds
2021
£
Investment income - dividends
154,212
Investment income - gross interest
108
Income from property
22,607
176,927		 Total
funds
2021
£
154,212
108
22,607
176,927		 Total
funds
2020
£
214,433
1,326
26,231
241,990

4. Other incoming resources

Total Total
funds funds
2021 2020
£ £
Uncashed distributions - 7,300

Uncashed distributions are grants made in previous years that have not been cashed by beneficiaries.

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DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Expenditure on raising funds

Unrestricted
funds
2021
£
Investment management fees
-
Rental property outgoings
1,897
1,897
Unrestricted
funds
2020
£
Investment management fees
-
Rental property outgoings
1,171
1,171		 Endowment
funds
2021
£
74,683
-
74,683
Endowment
funds
2020
£
76,055
-
76,055		 Total
funds
2021
£
74,683
1,897
76,580
Total
funds
2020
£
76,055
1,171
77,226

6. Charitable grants

Grants payable
Grants payable		 Grants to
Individuals
2021
£
264,750
Grants to
Individuals
2020
£
299,090		 Total
funds
2021
£
264,750
Total
funds
2020
£
299,090

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DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6
Charitable grants (continued)
The following grants are all institutional grants.
"Regular" annual grants
Social Care
Abbeyfield Newcastle Society
Age UK South Tyneside
Barnardo's Homes
BLESMA
Changing Lives
Children North East
Childrens Society
County Durham Cheshire Home
Guide Dogs for the Blind Association
Independent Age
Leonard Cheshire in Northumbria
Mission to Seamen Tyne and Wear Station
NCH Action for Children
North Northumberland Hospice
NSPCC
Percy Hedley Association
Royal National Mission to Deep Sea Fishermen
Salvation Army
Church Army
Samaritan's Northumbria
SSAFA Northumbria
SSAFA Tyne and Wear
SSAFA Tyne and Wear emergency cases
SSAFA Tyne and Wear emergency cases
SSAFA Tyne and Wear emergency cases
SSAFA Tyne and Wear emergency cases
The Peoples Kitchen
Tiny Lives
Tyne and Wear Centre Against Unemployment
The Samaritans of Central Durham
The Samaritans of Newcastle & Tyneside
Health
Action for M E
Action Medical Research
Versus Arthritus
SHINE (Association for Spina Bifida & Hydrocephalus)
CALIBRE
C.H.U.F
Coping with Cancer North East
Cued Speech Association
Daft as a Brush Cancer Care		 £
£
No.
%
2,250
1,000
2,250
1,000
1,250
2,000
1,200
1,200
1,000
1,500
1,200
1,000
2,250
2,250
2,250
2,250
1,000
2,250
2,200
1,000
2,250
2,250
2,000
1,750
1,750
2,000
1,000
2,500
3,750
1,000
1,200
53,750
31
20.30
1,300
2,250
1,200
1,000
1,000
2,500
1,250
1,000
2,250

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DocuSign Envelope ID: 405C5222-47D8-4CB7-9D66-634024516AE8

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6
Charitable grants (continued)
Health (continued)
Listening Books
Marie Curie Cancer Care
MENCAP
Mental Health Foundation (North East)
Mental Health Matters
Northern Counties Kidney Patients Holiday Fund
Northern Counties Kidney Patients Holiday Fund
Northern Counties School for the Deaf
Prostate UK
Riding for the Disabled
Royal National College for the Blind
St Oswald's Hospice
The Northumbria Deaf Mission
North East Autism Society
Education
Literary & Philisophical Society
Arts, Culture & Recreation
Alnwick Playhouse
Beamish Development Trust
Boys Brigade Newcastle North Tyne Battalion
Duke of Edinburgh Award
Durham Scout County Association
Girlguiding Newcastle
Girlguiding North Tyneside
Girlguiding Northumberland County
Holy Island Village Hall
Newburn District Sea Cadets
Newcastle Divisional Scout Association
North Music Trust
N E Youth Ltd
Northumberland Scout Association
The Calvert Trust
YMCA Newcastle
Religious Activities
Lindisfarne Church Restoration Fund
Newcastle Diocesian Sons of the Clergy
Shepherd's Law Hermitage
Society of St Francis		 £
£
No.
%
1,000
2,250
2,250
1,200
1,000
2,250
2,250
2,250
5,000
1,000
1,000
2,600
5,000
1,000
43,800
23
16.54
1,000
1,000
1
0.38
3,250
1,000
1,000
1,000
1,750
1,750
1,750
1,750
1,500
1,750
1,750
1,750
6,000
1,750
1,250
1,750
30,750
16
11.61
2,200
1,000
1,000
1,250
5,450
4
2.06

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6
Charitable grants (continued)
Development & Housing
Azure Charitable Enterprise
Tyne Housing Association
SHELTER North East Housing Aid Centre
Environment & Animal Care
Northumberland Wildlife Trust
Tweed Foundation
TDI Derwentside Initiative
Philanthropy, Volunteering & Voluntary Sector Support
British Red Cross Northumberland Branch
League of Friends South Tyneside
Northern Ladies Annuity Society
REMAP Tyne Panel
RNLI
St John Ambulance
Tynemouth Volunteer Life Brigade
Royal Voluntary Service
Civil Society, Law & Advocacy
Citizen's Advice Bureau Newcastle
Mea Trust
Northumberland & Newcastle Society
RELATE Northumberland & Tyneside		 £
£
1,000
1,750
1,000
3,750
1,000
750
2,250
4,000
2,250
750
2,250
1,000
2,250
1,000
1,000
1,000
11,500
1,000
1,000
1,000
1,250
4,250
158,250		 No.
%
3
1.42
3
1.51
8
4.34
4
1.61
93
59.77

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6
Charitable grants (continued)
£
£
"One-off" grants
Social Care
The Key
3,000
High Sheriff's Award Scheme
5,000
Hospitality & Hope
2,000
Holy Island Development Trust
6,000
Haskel
10,000
CoCo
5,000
Combat Stress
5,000
Tyneside Centre for Unemployment
3,000
39,000
Health
St Cuthbert's Hospice
10,000
10,000
Arts, Culture & Recreation
North Shields Rugby Club
6,000
Percy Park Rugby Football Foundation
10,000
16,000
Religious Activities
St Mary's Church
8,500
St Michael's Church, Roddam
2,000
Northumbrian Industrial Mission
3,000
Newcastle Cathedral Trust
25,000
38,500
Education
Ponteland Community Primary School
3,000
3,000
106,500
Grand Totals
264,750
Total number of applications processed other than regular list		 No.
%
8
14.73
1
3.78
2
6.04
4
14.54
1
1.13
16
40.22
109
100.00
150

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THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Analysis of expenditure on Charitable Activities

Grants payable
Grants payable		 Grant
funding of
activities
2021
£
264,750
Grant
funding of
activities
2020
£
299,090		 Support
costs
2021
£
34,859
Support
costs
2020
£
36,243		 Total
funds
2021
£
299,609
Total
funds
2020
£
335,333

Analysis of support costs

Auditor's remuneration
Office costs
Bank charges
Professional fees (inc. administration, management and
secretarial services)		 Grant
making
Activities
2021
£
5,184
295
100
29,280
34,859		 Total
funds
2021
£
5,184
295
100
29,280
34,859		 Total
funds
2020
£
5,112
331
120
30,680
36,243

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THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Auditor's remuneration

2021 2020
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 5,040 5,112

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

10. Investment property

Valuation
At 1 April 2020
At 31 March 2021		 Freehold
investment
property
£
550,000
550,000

The 2021 valuations were made by the Trustees at fair value. No external professional valuation has been carried out during the year.

There are no restrictions on the ability of the Trustees to realise investment property or to remit any income or proceeds of disposal arising from the property.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11. Fixed asset investments

Cost or valuation
At 1 April 2020
Additions
Disposals
Revaluations
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Listed
investments
£
7,472,673
2,598,932
(2,881,256)
1,544,263
8,734,612
8,734,612
7,472,673		 Other fixed
asset
investments
£
114,395
77,106
-
-
191,501
191,501
114,395		 Total
£
7,587,068
2,676,038
(2,881,256)
1,544,263
8,926,113
8,926,113
7,587,068

All quoted investments are listed UK securities. All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value using the bid price.

12. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2021
£
12,307
3,073
15,380		 2020
£
22,870
3,841
26,711

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THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. Creditors: Amounts falling due within one year

Grant commitments
Accruals
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2021
£
69,650
39,000
108,650
2021
£
8,926,113		 2020
£
80,450
38,463
118,913
2020
£
7,587,068

14. Financial instruments

Financial assets measured at fair value through income and expenditure comprise the share portfolio of the charity.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Statement of funds

Statement of funds - current year

Balance at 1
April 2020
£
Unrestricted
funds
General Funds -
all funds
420,771
Endowment
funds
Expendable
Endowment
Fund
7,724,894
Total of funds
8,145,665		 Income
£
Expenditure
£
176,927
(301,506)
-
(74,683)
176,927
(376,189)		 Transfers
in/out
£
130,000
(130,000)
-		 Gains/
(Losses)
£
-
1,544,188
1,544,188		 Balance at
31 March
2021
£
426,192
9,064,399
9,490,591

The endowment fund

As a grant making trust it is necessary to maintain the expendable endowment fund at a level sufficient to ensure a secure and predictable income flow out of which the grants are to be made.

Although the endowment is expendable at the Trustees discretion they take the view that a grant from this source will only be made in exceptional circumstances.

The quantum of the endowment fund has been taken to be the balance on the trust capital account at 6 April 1981 being the earliest available figure.

A transfer of £130,000 was made from the capital account to the income account this year.

The income fund

The Trustees current policy is, and for some time has been, to distribute all of the income arising whilst retaining a balance of undistributed income from earlier years to ensure that in the event of the cessation or material fall in the income stream the trust could continue to operate whilst giving grantees due notice of reductions in future grants. The Trustees are of the opinion that the balance of undistributed income at 31 March 2021 remains sufficient for this purpose.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15.
Statement of funds (continued)
Statement of funds - prior year
Balance at
1 April 2019
£
Income
£
Expenditure
£
Unrestricted
funds
Unrestricted
income fund
407,985
249,290
(336,504)
Endowment
funds
Expendable
Endowment
Fund
8,893,658
-
(76,055)
Total of funds
9,301,643
249,290
(412,559)
16.
Analysis of net assets between funds
Analysis of net assets between funds - current year		 Transfers
in/out
£
100,000
(100,000)
-		 Gains/
(Losses)
£
-
(992,709)
(992,709)		 Balance at
31 March
2020
£
420,771
7,724,894
8,145,665
Unrestricted
funds
2021
£
Fixed asset investments
411,714
Investment property
-
Current assets
123,129
Creditors due within one year
(108,651)
Total
426,192		 Endowment
funds
2021
£
8,514,399
550,000
-
-
9,064,399		 Total
funds
2021
£
8,926,113
550,000
123,129
(108,651)
9,490,591

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
412,174
-
127,510
(118,913)
420,771		 Endowment
funds
2020
£
7,174,894
550,000
-
-
7,724,894		 Total
funds
2020
£
7,587,068
550,000
127,510
(118,913)
8,145,665

17. Related party transactions

The following transactions with related parties occurred during the year.

a. During the year the Trust used the services of chartered accountants Ryecroft Glenton for the provision of management administration, accountancy, taxation and secretarial services at a cost including VAT, totalling £26,400 (2020: £26,400). The amount owing to Ryecroft Glenton or accrued at the year end was £13,200 (2020: £13,200). Mr A A E Glenton, a partner in that firm, is a trustee.

b. During the year the Trust used the services of solicitors PGS Law for the provision of all necessary legal services and advice at a cost totalling £2,880 (2020: £2,880). £1,200 (2020: £1,200) was owed to PGS Law at the year end. Mr W J Dryden, a partner in that firm, was a trustee during the year.

c. During the year the Trust used the services of Portland Financial Management Limited (PFM) to procure the continuing services of investment managers, Cazenove Capital Management (CCM) at a discounted rate substantially more favourable than the rates generally available. The amount received by PFM in respect of this engagement was £33,941 (2020: £33,933). PFM is wholly owned by Ryecroft Glenton. Mr A A E Glenton, a partner in that firm, is a trustee. £8,776 (2020: £7,393) was owed to PFM at the year end.

Page 25