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2024-03-31-accounts

Charity number: 230435

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 26

THE W A HANDLEY CHARITY TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Mr Anthony Arthur Edward Glenton, Chairman Mr William Joseph Dryden Mr David Milligan Mr Leslie Austin Caisley Mrs Sophie Louise Glenton Smith (appointed 12 September 2023)

Charity registered number

230435

Trust Secretary and Principal Office

Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP

Auditor

Armstrong Watson Audit Limited Chartered Accountants and Statutory Auditor First Floor One Strawberry Lane Newcastle upon Tyne NE1 4BX

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

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their Trustees report together with the audited financial statements of the Charity for the year 1 April 2023 to 31 March 2024.

Objectives and activities

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)'.

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

Main achievements of the Charity

The Trust is reliant on the income from its investments to meet its needs. Income for the year amounted to £254,138. The net income available for distribution as grants after accounting for non-grant expenditure was £176,839.

Because of the reduced investment income currently experienced in the present economic climate the trustees released an amount of £100,000 from capital to ensure that the charity could maintain the level of grants at the same level as has been achieved in recent years.

£294,700 was allocated to grants to institutions. The net expenditure of the charity for the year before the transfer of capital funds was £162,065. This is before accounting for investment costs which are drawn directly

Page 2

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

from investment funds.

The distribution analysis of grants is set out on pages 16 to 19 of the financial statements. Out of 121 grants, 93 were made on a regular basis and 28 grants were made following examination of and based upon the relative merits of the application.

Financial review

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.

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 2024. The Trustees are of the opinion that this balance of £508,994 remains sufficient for this purpose.

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

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial position

At the year end, the charity held net current assets of £34,828 along with £474,166 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

Constitution

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

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.

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 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.

Page 4

THE W A HANDLEY CHARITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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, Armstrong Watson Audit Limited, 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 14 January 2025 and signed on their behalf by:

_________ Mr Anthony Arthur Edward Glenton (Chair of Trustees)

Page 5

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 2024 which comprise the Statement of Financial Activities, the Balance sheet and 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.

Page 6

THE W A HANDLEY CHARITY TRUST

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

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.

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.

Page 7

THE W A HANDLEY CHARITY TRUST

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

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. 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.

Page 8

THE W A HANDLEY CHARITY TRUST

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

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.

Armstrong Watson Audit Limited

Chartered Accountants and Statutory Auditor First Floor One Strawberry Lane Newcastle upon Tyne NE1 4BX 14 January 2025

Armstrong Watson Audit Limited is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

Page 9

THE W A HANDLEY CHARITY TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Note
Income and endowments from:
Investments
3
Other income
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
Total expenditure
Net expenditure before net (losses)
on investments
Net gains/(losses) on investments
Net (expenditure) / income
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
2024
£
248,638
5,500
254,138
2,002
338,904
340,906
(86,768)
-
(86,768)
100,000
13,232
495,762
13,232
508,994		 Endowment
funds
2024
£
-
-
-
75,297
-
75,297
(75,297)
548,898
473,601
(100,000)
373,601
8,800,454
373,601
9,174,055		 Total
funds
2024
£
248,638
5,500
254,138
77,299
338,904
416,203
(162,065)
548,898
386,833
-
386,833
9,296,216
386,833
9,683,049		 Total
funds
2023
£
172,929
8,034
180,963
79,017
318,455
397,472
(216,509)
(365,272)
(581,781)
-
(581,781)
9,877,997
(581,781)
9,296,216

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

The notes on pages 12 to 26 form part of these financial statements.

Page 10

THE W A HANDLEY CHARITY TRUST

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Investments
11
Investment property
10
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
15
Unrestricted funds
15
Total funds		 8,876
180,320
189,196
(154,368)		 2024
£
9,168,221
480,000
9,648,221
34,828
9,683,049
9,683,049
9,174,055
508,994
9,683,049		 7,797
115,472
123,269
(44,885)		 2023
£
8,737,832
480,000
9,217,832
78,384
9,296,216
9,296,216
8,800,454
495,762
9,296,216

The financial statements were approved and authorised for issue by the Trustees on 14 January 2025 and signed on their behalf by:

_________

Mr Anthony Arthur Edward Glenton

The notes on pages 12 to 26 form part of these financial statements.

Page 11

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 as a result of funds avaliable through net current assets and cash funds held within fixed asset investments.

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 12

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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

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 13

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
2024
£
Investment income - dividends
204,359
Investment income - gross interest
15,770
Income from property
28,509
248,638		 Total
funds
2024
£
204,359
15,770
28,509
248,638		 Total
funds
2023
£
134,526
5,865
32,538
172,929

Page 14

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Other incoming resources

Uncleared distributions written back
Other income
Total 2024
Total 2023		 Unrestricted
funds
2024
£
5,500
-
5,500
8,034		 Total
funds
2024
£
5,500
-
5,500
8,034		 Total
funds
2023
£
7,700
334
8,034

5. Expenditure on raising funds

Unrestricted
funds
2024
£
Investment management fees
-
Rental property outgoings
2,002
2,002
Unrestricted
funds
2023
£
Investment management fees
-
Rental property outgoings
2,541
2,541		 Endowment
funds
2024
£
75,297
-
75,297
Endowment
funds
2023
£
76,476
-
76,476		 Total
funds
2024
£
75,297
2,002
77,299
Total
funds
2023
£
76,476
2,541
79,017

Page 15

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Charitable grants

Grants payable
Grants payable		 Grants to
Institutions
2024
£
294,700
Grants to
Institutions
2023
£
279,000		 Total
funds
2024
£
294,700
Total
funds
2023
£
279,000

Page 16

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6
Charitable grants
The following grants are all institutional grants.
"Regular" annual grants
Social Care
Age UK South Tyneside
Barnardo's Homes
BLESMA
Changing Lives
Children North East
Church Army
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
Percy Hedley Association
Royal National Mission to Deep Sea Fishermen
Salvation 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
The Samaritans of Central Durham
The Samaritans of Newcastle & Tyneside
Tiny Lives
Tyne and Wear Centre Against Unemployment
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.
%
1,000
2,250
1,000
1,250
2,000
2,200
1,200
1,200
1,000
1,500
1,200
1,000
2,250
2,250
2,250
1,000
2,250
1,000
2,250
2,250
2,000
1,750
1,750
2,000
1,000
1,000
1,200
2,500
3,750
49,250
29
16.71
1,300
2,250
1,200
1,000
1,000
2,500
1,250
1,000
2,250

Page 17

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6
Charitable grants (continued)
Health (continued)
Listening Books
Marie Curie Cancer Care
MENCAP
Mental Health Foundation (North East)
Mental Health Matters
North East Autism Society
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
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
National Trust Northern Region
Newburn District Sea Cadets
Newcastle Divisional Scout Association
North Music Trust
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
Youth For Christ		 £
£
No.
%
1,000
2,250
2,250
1,200
1,000
1,000
2,250
2,250
2,250
5,000
1,000
1,000
2,600
5,000
43,800
23
14.86
1,000
1,000
1
0.34
3,250
1,000
1,000
1,000
1,750
1,750
1,750
1,750
1,500
2,000
1,750
1,750
1,750
1,750
1,250
1,750
26,750
16
9.08
2,200
1,000
1,000
1,250
1,000
6,450
5
2.19

Page 18

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6
Charitable grants (continued)
Development & Housing
Abbeyfield Newcastle Society
Azure Charitable Enterprise
Northumberland & Newcastle Society
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
Mea Trust
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
RELATE Northumberland & Tyneside		 £
£
2,250
1,000
1,000
1,750
1,000
7,000
1,000
750
2,250
4,000
2,250
750
1,000
2,250
1,000
2,250
1,000
1,000
1,000
12,500
1,000
1,250
2,250
153,000		 No.
%
5
2.38
3
1.36
9
4.24
2
0.76
93
51.92

Page 19

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6
Charitable grants (continued)
The following grants are all institutional grants.
"One-off" grants
Social care
Carlisle Youth Zone
Wheey Boat Trust
Ashington Veterans & Elders Institute
Carer's Trust Tyne and Wear
Hospitality & Hope
SPLASH
Hospice Care Northumberland
St Cuthbert's Hospice
Tri Angular
Onwards & Upwards
Tyne and Wear Centre Against Unemployment
Smart Works Newcastle
Jigsaw Children's Hospital
Health
Sick Children's Trust
Daft As A Brush Cancer Care
Education
Newcastle University
Environment & Animal Care
Country Trust
Arts, Culture & Recreation
Alnwick Garden Trust
North Music Trust
Percy Park Rugby Football Foundation
Percy Park Rugby Football Foundation - Women
L'chu Vonim Youth Centre
Samling Institute for Young Artists
North Music Trust
Orchestra North East
Ocean Youth Trust
Religious Activities
Simonburn PCC
Newcastle Cathedral Trust
Grand Totals		 £
£
1,000
2,000
5,000
5,000
5,000
4,000
5,000
5,000
1,000
10,000
5,000
3,000
1,000
52,000
5,000
5,000
10,000
5,000
5,000
4,000
4,000
4,000
10,000
5,000
7,500
5,500
5,000
5,000
5,000
4,000
51,000
4,700
15,000
19,700
141,700
294,700		 No.
%
13
17.65
2
3.39
1
1.70
1
1.36
9
17.31
2
6.68
28
48.09
121
100.00

Page 20

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Analysis of expenditure on Charitable Activities

Grants payable
Grants payable		 Grant
funding of
activities
2024
£
294,700
Grant
funding of
activities
2023
£
279,000		 Support
costs
2024
£
44,204
Support
costs
2023
£
39,455		 Total
funds
2024
£
338,904
Total
funds
2023
£
318,455

Analysis of support costs

Grant
making
Activities
2024
£
Auditor's remuneration
6,384
Office costs
1,920
Professional fees (inc. administration, management and
secretarial services)
35,900
44,204
8.
Auditor's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts		 Total
funds
2024
£
6,384
1,920
35,900
44,204
2024
£
6,834		 Total
funds
2023
£
5,796
1,874
31,785
39,455
2023
£
5,796

Page 21

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year, no Trustee expenses have been incurred (2023 - £NIL) .

10. Investment property

Valuation
At 1 April 2023
At 31 March 2024		 Freehold
investment
property
£
480,000
480,000

The 2023 valuations were made by Bradley Hall Chartered Surveyors on 31 March 2023 based on market values. The Trustees consider that this valuation is appropriate.

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.

11. Fixed asset investments

Cost or valuation
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Listed
investments
£
8,544,474
1,631,089
(1,786,362)
548,898
8,938,099
8,938,099
8,544,474		 Cash held
for re-
investment
£
193,358
230,122
(193,358)
-
230,122
230,122
193,358		 Total
£
8,737,832
1,861,211
(1,979,720)
548,898
9,168,221
9,168,221
8,737,832

Page 22

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Fixed asset investments (continued)

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		 2024
£
6,856
2,020
8,876		 2023
£
3,954
3,843
7,797

13. Creditors: Amounts falling due within one year

Rent deposit
Grant commitments
Accruals		 2024
£
4,416
107,650
42,302
154,368		 2023
£
3,750
-
41,135
44,885

14. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 9,168,221 8,737,832

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

Page 23

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Statement of funds

Statement of funds - current year
Balance at 1
April 2023
£
Income
£
Unrestricted
funds
Unrestricted
income fund
495,762
254,138
Endowment
funds
Expendable
Endowment
Fund
8,800,454
-
Total of funds
9,296,216
254,138		 Statement of funds - current year
Balance at 1
April 2023
£
Income
£
Unrestricted
funds
Unrestricted
income fund
495,762
254,138
Endowment
funds
Expendable
Endowment
Fund
8,800,454
-
Total of funds
9,296,216
254,138		 Expenditure
£
(340,906)
(75,297)
(416,203)		 Transfers
in/out
£
100,000
(100,000)
-		 Gains/
(Losses)
£
-
548,898
548,898		 Balance at
31 March
2024
£
508,994
Unrestricted
funds
Unrestricted
income fund
Endowment
funds
Expendable
Endowment
Fund
Total of funds		 Balance at 1
April 2023
£
495,762
8,800,454
9,296,216
9,174,055
9,683,049

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.

Because of the variable income in recent times the trustees released an amount of £100,000 from capital to ensure that the charity could maintain the level of grants at the same level as has been achieved in recent years.

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

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 2024 remains sufficient for this purpose.

Page 24

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15.
Statement of funds (continued)
Statement of funds - prior year
Balance at
1 April 2022
£
Income
£
Expenditure
£
Unrestricted
funds
Unrestricted
income fund
435,795
180,963
(320,996)
Endowment
funds
Expendable
Endowment
Fund
9,442,202
-
(76,476)
Total of funds
9,877,997
180,963
(397,472)
16.
Analysis of net assets between funds
Analysis of net assets between funds - current period		 Transfers
in/out
£
200,000
(200,000)
-		 Gains/
(Losses)
£
-
(365,272)
(365,272)		 Balance at
31 March
2023
£
495,762
8,800,454
9,296,216
Unrestricted
funds
2024
£
Fixed asset investments
474,166
Investment property
-
Current assets
189,196
Creditors due within one year
(154,368)
Total
508,994		 Endowment
funds
2024
£
8,694,055
480,000
-
-
9,174,055		 Total
funds
2024
£
9,168,221
480,000
189,196
(154,368)
9,683,049

Page 25

THE W A HANDLEY CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
417,378
-
123,269
(44,885)
495,762		 Endowment
funds
2023
£
8,320,454
480,000
-
-
8,800,454		 Total
funds
2023
£
8,737,832
480,000
123,269
(44,885)
9,296,216

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 £32,732 (2023: £29,577). The amount owing to Ryecroft Glenton or accrued at the year end was £16,200 (2023: £15,840). Mr A A E Glenton and Mrs S G Glenton Smith, partners in that firm, are trustees.

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 £3,168 (2023: £2,208). £528 (2023: £528) 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 £34,011 (2023: £34,535). PFM is wholly owned by Ryecroft Glenton. Mr A A E Glenton, a partner in that firm, is a trustee.£8,642 (2023: £8,504) was owed to PFM at the year end.

Page 26