Charity registration number= 252062 The Worgan Trust Annual Report and Financial Statements for the Year Ended 31 December 2024
The Worgan Trust Contents (continued) Reference and Adminislralive Details Trustees, Report 2to4 Statement of Trustees, Responsibillties 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 Decembar2024. Objectlves and actlvltles Objects and aims The Worgan Trust was erealed in 1966 to hold land for protection and preseNation. This purpose is sustained through continued ownership of Longdon and Wilhybed Woods in Wyre Forest near Bewdley on the Shropshire side of Dowles Brook, and Chapman's Hill Farm in the Clenl Hills. In the former case, access is enjoyed by membet3 of the public using the numerous rights of way and users of Coopers Mill Youth Cenlre. 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 35 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 necessary finance using a long-lerm loan has been procured from the AMC in 2020. This continues lo be rep8id. 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 under 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 Continu Plus Academy who market Coopers Mill as a 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 farm houses and one bungalow all have long term tenants. Income continues lo be generated from the horse livery. horse orazing and lockup units in the farm buildings al Clenl and Money Lane school room. They all help lo generale income from the properties in Clenl and the surrounding area 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 Management 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) 14 Apr 2025 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 th2 preparation and issemination of financial statements may differ from le 14 Apr 2028 islation in other jurisdictions. Approved by the Injstees of the charity on and signed on its behalf by.. Mrs C H Compton Trustee P8ge 5
The Woryan Trust Indepgndent Examln•rfs Report to the t5 of The Worgan Trust I rowt to the trustees on my ex8rr&kn xnts 01 Th8 Wiygan Tnt forthe ar erthd 31 DKemb8r 2024. R•w$lblllll# and bas18 al r•port As the charity Irust•8s of Th8 Worg8n Tnt aro resrMlble forth¢ prepafth d tho accLwnts ' acry)rdance wllh th6 reqimrtyn ofthe Chlles Acl 2011 A(). I in respect ol my eXInatI)n Ihe The Tru5fs acc(nts cwried out under 88(aion 145 of the 2011 Act and in c4rwg tyJt my I ha¥e frANed all Ihe ¥>pk4ble Dk8cIiMs gblen by the Charlty ComwS3i under se(N)n 145(5Mb} rrfthe A I have ccrfnpkted my exanknatM. I confirni that no material mattern have Ix)me to my attentth ' 1. acUnting r84xirds kem kn respect of The W(g Tn as reqLved by 130 of the Acl: or accounts set out in the Charfles {A(x))unts arKI ReptS) Regulatr>ns 2008 other than any r8quirfrThnt that the acownts gr a Iruo 8r¥l fa¥ vievl whith ts not o matter nSIdered as part of an independent examinalion. I have no conceNts an(1 haNp come a¢mys (Ih8r mattws in •nectIOn wrfh thè examinath)n to whkth attenl•)n should be drawn kn tr$ r•wwt kn (xder to enable 8 pPer underslanding of the accounts to be reached. Mark Skel1 FCA 11G Klngsw(M)d Road Hamwon Lovett Droilwith Worcestershire WR9 OQH
The Worgan Trust statement of Financial Activities for the Year Ended 31 December 2024 Total Total Unrestricted Unrestricted funds funds 2024 2023 Note Incoma and Endowments from: Olh&r trading activities Investment income 34,100 191,094 204,507 Total Income 204,507 225,194 Expenditure on: Raising funds Charitable activities 167,4551 33,192 1212,021) 46,521 Total Expenditure 100,647 258,542 Net movement in funds 103.860 133,3481 Recon¢iliation of funds Total funds brought forward Total funds carried forward 11,095,572 11,128,920 10 11,199,432 11,095,572 All of the charity's activities derive from continuing operdtions during the above periods. The funds breakdown for 2023 is showr) 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 2024 2024 2023 Note Flxed assots Tangible assets 11,142,285 11,153,450 Current assats Debtors Cash at bank and in hand 8,154 223,600 3,199 150,339 231,754 153,538 Creditors-. Amounts falling due within one year 25,523 39,557 Net currant assats 206,231 113,981 Total assets less current Ilabllltles 11,348,516 11,267,431 Creditors.. Amounts falling duè after mor• than on• yèar 149.084 171.859 Net assets 11,199,432 11,095,572 Funds of the charity: Unrestrlcted Income funds Unreslricled funds 11,199,432 11,095,572 Total funds 10 11,199,432 11,095,572 tWa1Ifi&5tstements on pages 7 10 14 were approved by Ihe trustees, and aulhorised for issue on and 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 2024 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 102)), 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 its 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 2024 (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 cnnslitLrtional 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 2024 (contlnued) 2 Incom• from othor tradlng actlvltlos Total funds Total 2023 Trading income., Timber sales 34,100 34,100 3 Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivable and similar income., Interest receivable on bank deposits Other investment income Income from rents 5,895 8,500 190,112 5,895 8,500 190,112 4,506 8.500 178,088 204,507 204,507 191,094 4 Exponditure on raising funds Unrestricted Total 2024 Total 2023 General Olher investment management costs., Property repairs Maintenance charges Allocated SLtpport ts)sts 34,805 26,369 6,281 34,805 26,369 6,281 179,405 26,353 6,263 67,455 67,455 212,021 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 lo the trustees during the year lotalled £29712023 - £5601. Page11
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 6 Tanglblo fix•d ass•ts Land and buildings Total Cost Al 1 January 2024 11,287,430 11,287,430 At 31 December 2024 11,287,43D 11,287,430 Depreclatlon Al 1 January 2024 Charye for the year 133.980 11,165 133,980 11,165 Al 31 December 2024 145,145 145,145 Net book value At 31 December 2024 11,142,285 11,142,285 At 31 December 2023 11,153,450 11,153,450 Included within the net book value of land and buildings above is £10,785,OOD12023 £10,785,DOOI in respect of freehold land and bLJildings and £357,28512D23 - £368,450) in respect of leaseholds. In accordance 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 Instittjtion 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 2024 2023 Trade debtors Prepayments 543 7,611 3,199 8,154 3,199 Page 12
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 8 Cr•dltors: amounts falllng du• wlthln ono year 2024 2023 Bank loans Trade creditors Other creditors Accruals 21,279 727 617 2,900 19.839 15,995 823 2,900 25,523 39,557 9 Creditors- amounts fallin9 due after one year 2024 2023 Bank loans 149,084 171,859 10 Funds Balance at 31 December 2024 Balance at 1 January 2024 Incoming resources Resources expended Unrestricted funds General General Property Revaluation Reserve 326,102 10,769,470 204,507 (100,647 429.962 10,769.470 11,095,572 204,507 100,647 11,199,432 Balance at 31 December 2023 Balance at 1 January 2023 Incoming resourc•s Resources expended Unrestrictèd funds General General Property Revaluation Reserve 359,450 10.769,470 225,194 1258,5421 326,102 10,769,470 11,128,920 225,194 258,542 11,095,572 Page 13
The Worgan Trust Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 11 Analysls of n•1 ass•ts b•tween funds Tolal funds at31 December 2024 Unrastricted funds General Tangible fixed assets Current assets Current liabilib'es 11,142,285 231,754 125,5231 (149,084 11,142,285 231,754 125,5231 149,084 Creditors over 1 year Total nel assets 11,199,432 11,199,432 12 Analysis of net funds At31 December 2024 At 1 January 2024 Financing cash flows Cash at bank and in hand 150,339 73,261 223,600 Net debt 150,339 73.261 223,600 At31 December 2023 At 1 January 2023 Flnanclng cash flows Cash at bank and in hand 197,565 47,226 150,339 Net debt 197,565 47,226 150,339 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 2024 Total 2024 Total 2023 Income and Endowments from: Other trading activities lanalysed lOw) Investment income lanalysed belowl 34,100 191,094 204,507 Total income 204,507 225,194 Expendituro on: Raising funds lanalysed below) Charitable activities lanalysed below) 167,4551 33,192 1212,021) 46,521 Total expenditure 100.647 258.542 Net incom81(expendilurel Net movement in funds 103,860 33,348 103.860 133,3481 Reconciliation of funds Total funds brought forward 11,095,572 11,128,920 Total funds carried forward 11,199,432 11,095,572 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 2024 (contlnued) Total 2024 Total 2023 Other tradlng actlvltles Timber sales 34,100 34,100 Investment income Rental income B8nk interest receivable Natural England lease 1),112 5,895 8,500 178,088 4,506 8,500 204,507 191,094 Raising funds Propety letting and operating Costs Propety repairs Trustees expenses Bad debts written off Bank charges Loan interest 126.3691 134,8051 12971 126,3531 1179,405 15601 1851 1661 5,552 1651 5,919 167,4551 1212,021 Charitable activities Accountancy fees Administration Deplatn of long leasehold property Chapman's Hill Farm rent Grants to inslilulions Professional fees 13.3601 13,6971 111,1651 13.6501 110,0001 1.320 13,2101 {3,4961 111,1651 13,6501 125,0001 33,192 46,521 This page does nol fom) part of the ststutory financial statements. Page 16