Charity registration number= 252062 The Worgan Trust Annual Report and Financial Statements for the Year Ended 31 December 2023
The Worgan Trust Contents (continued) Reference and Adminislralive Details Trustees, Report 2to4 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities B818nce Sheet Notes lo the Financial Statements 91014
The Worgan Trust Reference and Administrative Details Trustees Mr B I Compton Mrs C M Salmon Mr C B Compton Mrs C H Compton, Chair Mr F J E Salmon Mrs J E Cobain Mrs M Cobain Principal Office PO8ox876 wOrster WR4 4EP Solicitors Lambe Comer and Co 36137 Bridge Street Hereford Herefordshire HR4 9DJ Charity Registration Number 252062 Property Managers N Russell Lavender Cottage Luclon Leominster Herefordshire HR6 9BH Indepgndent Examiner Ballards LLP 11 c Kingswood Road Hampton Lovett DroihNich Worcestershire WR9 OQH P8ge 1
The Worgan Trust Trustees. Report The trusle&s present the annual report together with the financial slat8ments of the charity for the year ended 31 Decembar2023. Objectlves and actlvltles Objects and aims The Worgan Trust was created lo hold land for protection and preservation. This purpose is sustained through continued ownership of Longdon and Wilhybed Wo(xJs in Wyre Forest near Bewdley on the Shropshire side of Dowles Brook, and Chapman's Hill Farm in the Clent Hills. In the former case, access is enjoyed by members of the public using the numerous rights of way and users of Coopers Mill Youth Centre. Other land and woodland including Wallon and Moorhall farms are held for preservation or income purposes. The Worgan Trust supports Mount Pleasant School Farm which provides facililies for primary and infant school children from a wide area, bul mostly from the Birmingham Education Authority, lo visit working f8rm with a range of live3tock. Vi3it8 are arranged daily throughout the school year and are conducted by the Head of Centre. The Centre is open lo other groups by arrangement. Worgan Trust has been supporting School Farm education for over 50 years having started in 1972 al Chapmans Hill. Mount Pleasant School Farm is now run independently as a Charity Incorporated Organisalion IC.l.O.} The Charity number is 1159485 and il has a website W.mOuntpIeasantsCho0lf3rM.cOM Public benefit The trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Financial review Revaluation of Properties The land and properb'es held by the Trust were revalued in November 2022 on an open markel value basis in accordance with guidelines issued by the Royal Inslitulion of Chartered Surveyors," the valuations have been o)mpiled by suitsbly knowledgeable Trustees, on an open market value basis. Mount Pleasant School Farm Study Centre was built on land leased from the Boumville Village Trust and has been transferred to Leasehold Property,. it will be depreciated over the remaining 36 years of the lease. Reserves Policy The balance of unrestricted funds represents funds arising from past surpluses. It is being used for the programme of repairs lo houses, buildings and land maintenance. As the need to renovate large properties al the same lime has depleted the Trust reserves Trustees took the decision to borrow the iiecessary fiiiaiice usin9 a lon9-terin loan has beeii procured Iroin Ihe AMC iii 2020. Tliis continues to be repald. P8ge 2
The Worgan Trust Trustees. Report (continued) Achievements and performance The Wyre Forest Woodlands are leased lo Natural England who is responsible for management and harvesting.. however, our agents are consulted so our Interests are Oeing preserved and the woods will be managed very much as they were und6r the old Woodland Grant Scheme. The leasg includgs Coopers Mill Cottage which is located deep in the Wyre Forgst on the Worcestershir8lShropshire border, 11 is now being run by The Conlinu Plus Academy who wll market Coopers Mill as residential venue for visiting school and voluntary groups. Other woodland is being actively managed by our agents with less income as following some felling there has been a replanting programme. Walton and Moothall Farmland is now let in fvjo parts on five-year Farm Business Tenancies. The policy of renovab'on has continued as houses have become vacant. Moorhall Farmhouse, Walton Farmhouse and five collages have been renovated and are let on Assured Shorthold tenancies. The remaining cottages all have long term tenants. Income continues lo be generated from the horse Ilvery. horse orazing and lockup units in the farm buildings. They all help lo generate income from the properties in Clent which are our main income stream. Structura* governance and managament Nature ol governing document The charity is controlled by ils governing document, a deed of trust, and conslitules an unincorporated Recrultment and appointment of trustees New Iruslees are recruited arKJ appointed at the discretion of the existing truslaes. Organisational structure The Trust is run by the trustees and an administrator. They meet in committee two to five limes a year. Day lo day running is handled by the chairman in direct consultation with the trustees as necessary. Rtsk Managenmnt The trustees have a duty to identify and review the risk lo which the charity is exposed and to ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. Regular meetings are held with the Forestry and Estate adwsors during which risks to the charity and its work are assessed and action is taken when necessary. P8ge 3
The Worgan Trust Trustees. Report (continued) 21 May 2024 The annual report was approved by the Iruslees of the charity on behalf by.. and signed on its Mrs C H Compton Trustee P8ge 4
The Worgan Trust statement of Trustees. Responsibilities The Iruslees ar& responsible for preparing the trustees, report and the financial slalemenls in accordance with tha United Kingdom Accounting Standards Iunited Kingdom Ganeffilly Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the Iruslees 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 ststements, the trustees are required to". select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent- slate whether applicable accounting standards have been followed, subject to any malerial departures disclosed and explaingd in the financial stal8ments', and repare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounllng records that dlsclose with reasonable accumcy at any time the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constilulion. The trustees 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information inclLFded on the charitable company's websit2. Legislation governing the preparation and issemination of financial statements may differ from legislation in other jurisdictions. 21 May 2024 Approved by the Injstees of the charity on and signed on its behalf by.. Mrs C H Compton Trustee P8ge 5
The Worgan Trust Independent Examiner's Report to the trustees of The Worgan Trust I report to the Iruslees on my examination of the accounts of The Worgan Trust for the year ended 31 December 2023. Responsibilities and basis of report As the charity trustees of The Worgan Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the The Worgan Trusvs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Direcb'ons given by the Charity Commission under section 145{5llbl of the Act. Independent examlner's statoment I have completed my examination. I confirm that no m21erial mallers have come to my attention in connection with the examinatn giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of The Worgan Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting r8quiremenls conc8rning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirem&nt that the accounts give a 'lrue and fair view. which is not a matter considgred as part of an independent examination. I have no concems 8nd have come aeross no other matters in connection with the examination lo whieh attention should be drawft in this report in order to enable a proper understanding of the accounts lo be reached. Mark Skellum FCA 11 c Kingswood Road Hampton Lovett Droilwich Worcestershire WR9 OQH 21 May 2024 Date.. P8ge 6
The Worgan Trust statement of Financial Activities for the Year Ended 31 December 2023 Total Total Unrestricted Unrestricted funds funds 2023 2022 Note Incoma and Endowments from: Olh&r trading activities Investment income 34,100 191,094 189,835 Total Income 225,194 189,835 Expenditure on: Raising funds Charitable activities {212,021) 46,521 1203,531) 28,129 Total Expenditure 258,542 231,660 Net expenditure Other recognised gains and losses Gainslllossesl on revalualion of fixed assets 133.3481 141,8251 3,785,000 Net movement in funds 133,3481 3,743,175 Reconciliation of funds Total funds brought forward 11,128,92D 7,385,745 Tolal funds carried forward 11,095,572 11,128,920 All of th& charity's activities derive from continuing operations during the above Iwo periods. The funds breakdown for 2022 is shown in note 10. The notes on pages 9 to 14 form an integral part of these financial statements. P8ge 7
The Worgan Trust (Registration number: 252062 Balance Sheet as at 31 December 2023 2023 2022 Note Flxed assots Tangible assets 11,153,450 11,164,615 Current assats Debtors Cash at bank and in hand 3,199 150,339 4,912 197,565 153,538 202,477 Creditors-. Amounts falling due within one year 39,557 44,609 Net currant assats 113,981 157,868 Total assets less current Ilabllltles 11,267,431 11,322,483 Creditors.. Amounts falling duè after mor• than on• yèar 171.859 193.563 Net assets 11,095,572 11,128,920 Funds of the charity: Unrestrlcted Income funds Unreslricled funds 11,095,572 11,128,920 Total funds 10 11,095,572 11,128,920 The financial slatements on pages 7 10 14 were approved by Ihe trustees, and aulhorised for issue on ..2.l..MaY.2 swJned on their behalf by.. Mrs C H Compton Trustse The notes on pages 9 to 14 form an integral part of these financial statements. P8ge 8
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 1 Accounting policies Statement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation The Worgan Trust me81s the definition of a public benefit entity under FRS 102. The accounts (financial slalemenlsl have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise staled in the relevant nolelsl to these accounts. Goln9 concern The trustees consider that there are no material uncertainties about the charitys ability lo continue as a going concern. Income and endowments All income is COgnised once the charity has entitlement lo the funds, it is probable thal the income will be received and the amount can be measured reliably. Expendituro All expenditure is recognised once the is a legal or conslruclive obligation to that &xpendilure, il is probable settlement is required and the amount can be measured reliaL)ly. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis c£)nsistenl with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocal&d on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs inCUrd in attracaing voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be althaled direclly lo such activities and those costs of an indirect nature necessary lo support them. Grant provisions Provisions for grants ar8 made when the intention to make a grant has been communicated to the recipient bul there is uncertainty about either the liming of the grant or the amount of grant payable. P8ge 9
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the lime spent and other costs by their usage. Governance costs These include the costs attributable lo the charity's compliance with cnnstitLrtional and stalulory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxatlon The charity is considered lo pass the tests set out in Paragraph 1 Schedulè 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, th& charity is potentially exempl from taxation in respect of income or capital gains received within categories covered L)y Ghapler 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Cash and eash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly INuid investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change in value. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilit12s rf the does not have an unconditional right, at the end of the reporting perd, to defer sett12ment of the creditor for at least elve months after the reporting dale. If there is an unconditional right to defer settlement for at least elve months after the reporting date, they are presented as non-current liabilities. are recognised inits'ally at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are geneml funds that are available for use at the Iruslees's discrekn.on in furtherance of the objectives of the charity. The property revalulion reserve comprises the surplus on the revaluation of the charity's properties. Page 10
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) 2 Incom• from othor tradlng actlvltlos Unrestricted funds Gonoral Total funds Trading incom8', Timber sales 34,100 34,100 34,100 34,100 3 Investment incorne Unrestricted funds General Total 2023 Total 2022 Interest receivable and similar income., Interest receivable on bank deposits other investment income 4,506 8,500 178,088 4,506 8,500 178,088 993 8,500 180,342 Income from rents 191,094 191,094 189,835 4 Expenditure on raising funds Unrestrlcted Total 2023 Total 2022 General Olher investment management costs., Property repairs Maintenance charges Allocatad support ts)sts 179,405 26,353 6,263 179,405 26,353 6,263 154,312 26,960 22,259 212,021 212,021 203,531 5 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during Ihe year. The amount of expenses reimbursed to the trustees during the year totalled £56012022 - £6391. Page11
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) 6 Tanglblo fix•d ass•ts Land and buildings Total Cost Al 1 January 2023 11,287,430 11,287,430 At 31 December 2023 11,287,43D 11,287,430 Depreclatlon Al 1 January 2023 Charye for the year 122.815 11,165 122,815 11,165 Al 31 December 2023 133,980 133,980 Net book value At 31 December 2023 11,153,450 11,153,450 At 31 December 2022 11,164,615 11,164,615 Included within the net book value of land and buildings above is £10,785,OOD12022 £10,785,DOOI in respect of freehold land and bLJildings and £368,45012D22 - £379,615) in respect of leaseholds. In 8ccord8nce with the provisions of FRS102, the land and properties held by the Trust were revalued by suitably knowledgeable trustees in December 2022 on an open market value basis In accordance with guidelines issued by the Royal Institution of Chartered Suryeyors. Mount Pleasant Study Centre was built on land leased from the Bournville Village Trust and is valued al its cost of £502,430,. it is being depreciated over the 37 years of the lease from 2012. 7 Debtors 2023 2022 Pfftpayments 3,199 4,912 8 Creditors- amounts falling due within one year 2023 2022 Bank loans Trade creditors Other creditors Accruals 19,839 15,995 823 2,900 19,839 19,570 2,300 2,900 39,557 44,609 Page 12
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) 9 Cr•dltors: amounts falllng du• aft•r on• year 2023 2022 Bank loans 171,859 193,563 10 Funds Balance at 31 December 2023 Balance at 1 January 2023 Incoming resources Resourcès expended Unrestricted funds General General Property Revaluation Reserve 359,450 10,769,470 225,194 1258,542 326,102 10,769,470 11.128,920 225,194 258,542 11,095,572 Balance at Other 31 Resources recognised December expended gainsl{lossesl 2022 Balance at 1 January 2022 Incomlng resources Unrestricted funds General General Propety Rev8lu81ion Reserve 401,275 189,835 1231,660) 359,450 6,984,470 3,785,000 10,769,470 7,385,745 189,835 231,660 3,785,000 11,128,920 Page 13
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) 11 Analysls of n•1 ass•ts b•tween funds Tolal funds at31 December 2023 Unrastricted funds General Tangible fixed assets Current assets Current liabilib'es 11,153,450 153,538 139,5571 171,859 11,153,450 153,538 139,5571 171,859 Creditors over 1 year Total nel assets 11,095,572 11,095,572 12 Analysis of net funds At31 December 2023 At 1 January 2023 Financing cash flows Cash at bank and in hand 197,565 47,226 150,339 Net debt 197,565 47.226 150,339 At31 December 2022 At 1 January 2022 Flnancln9 cash flows Cash at bank and in hand 231,642 34,077 197,565 Net debt 231,642 34,077 197,565 13 Ralated party transactlons There were no related party transactions in the year. Page 14
The Worgan Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Total 2023 Total 2022 Income and Endowments from: Other trading activities lanalysed lOw) Investment income lanalysed belowl 34.100 191,094 189,835 Total income 225,194 189,835 Expendituro on: Raising funds lanalysed below) Charitable activities lanalysed below) {212,021 46,521 1203,531) 28,129 Total expenditure 258.542 231.660 Net expenditure Other recognised gains and lo$$es Cainsllosses on revaluation of fixed assets for charity's own use lanalysed below) 133,3481 141,8251 3,785,000 Net movement in funds 133,3481 3,743,175 Recon¢ilialion of funds Total funds brought forward Total funds carried forward 11,128,920 7,385,745 11,095,572 11,128,920 This page does nol fom) part of the ststutory financial statements. Page 15
The Worgan Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2023 (contlnued) Total 2023 Total 2022 Other tradlng actlvltles Timber sales 34,100 34,100 Investment income Rental income Bank interest receivable Natural England lease 178,088 4,506 8,500 180,342 993 8,500 191,094 189,835 Raising funds Propety letting and operating Costs Propety repairs Trustees expenses Bad debts written off Bank charges Loan interest 126.3531 {179,4051 15601 1851 1661 5,552 126,9601 1154,312 16391 114,5171 1661 7,037 {212,0211 1203,531 Charitable activities Accountancy fees Administration Deplatn of long leasehold property Chapman's Hill Farm rent Grants to inslilulions Professional fees 13.2101 13,4961 111,1651 13.6501 125,0001 13,0161 {4,5111 111,1651 {3,6501 5,787 46,521 28,129 Gains1loss on revaluation of fLYed assets for charity's own use Gainsllosses on revalaulion of fixed assets 3,785,000 This page does nol fom) part of the ststutory financial statements. Page 16 SuileFiles 2024 Ob21 05S32J Document Signing TroèbW iow6 UwlP 04 1 16126