WARWICK PROVIDENT DISPENSARY FINANCIAL STA TEMENTS 31 DECEMBER 2023
WARWICK PROVIDENT DISPENSAR Y INDEX ANNUAL REPORT OF THE TRUSTEES INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES (2023) COMPARATIVE STATEMENT OF FIIYANCIAL ACTIVITIES (2022) BALANCE SHEET ACCOUNTING POLICIES 9-12. NOTES TO THE FINAf4CIAL STA TEMENTS
Page I WARWICK PROVIDENT DISPENSARY ANNUAL REPORT OF THE TRUSTEES For the ytar ended 31 Detembtr 2023 Charity Registration Number.. 253987 (England & Wales) Principal Address of Charity.. clo Mr C E R Houghton Moore & Tibbits 34 High Street Warwick CV34 4BE Clerk to the Charity- C E R Houghton E4 Moore & Tibbits 34 High Street Warwick CV34 4BE Co-opted Trustees.. Mr D E Hanson- Chairnian Mrs T Atkins Mrs M Hooper Mrs M Sutherland Dr A Thurley- Retired September 2023 Mr S Morley Mrs J Topham - Appointed 31 October 2023 Nominativ¢ Truste¢s- Councillor N Murphy- Retired May 2023 Councillor M Ashford- Retired May 2023 Mrs J Topham BaT]ker5'. Lloyds Bank plc 12 Swan Street Warwick CV34 4BJ Solicitors.. Moore & Tibbits 34 High Street WaThvick CV34 4BE Independ¢nt ExaJniner'. Steven Mugglestone BA (Hons) FCA Mich2¢1 Harwood & Co Chartered Aeeountant5 Greville House 10 Jury Str¢et Warwick CV34 4EW Investment Advisers.. Br¢win Dolphin Limited Woodstock Court Blenheim Road Marlborough Wiltshire SN8 4AN
WARWICK PROVIDENT DISPENSARY Page 2 ANNUAL REPORT OF THE TRUSTEES For the year ended 31 December 2023 STRUCTURE, COVERNANCE AND MANAGEMENT The Charity is registered with the Charity Commissioners for England & Wales {Registered Number 253987) and is regulated by Schemes sealed on 24 March 1969. The charity.has an executive committee of 8 Trustees who meet three time5 a year and are responsible for the Strdtegic direction and policies of the ¢hariiy. The Trustees have delegated day to day responsibility for administration of the Charity to the Clerk of the Charity. The induction process for a new Trustee is as follows.. The Chainnan will meet with the new Trnstee to explain all aspects of the Charity and to provide all relevant infomiation regarding it. The Clerk to the Trustees will write to the new Trustee with a copy of the scheme governing the Charity and a copy of the last set of accounts. The Chairnian and the Clerk to the Trust¢¢s will also provide all assistance and infonnation ne¢essary for the new Trustee to become familiar with the workings of the Charity and their responsfftbilities. OBJECTIVES AJYD ACTIVITIES The object of the Charity is the provision of relief to petsons who ar¢ Sick, convalescent, disabled or infTh and are resident in the Borough of Warwick. The scheme 5¢aled on 24 March 1969 appoints the TTUStees of the Charity. The Trustees have had due regard to the guidance published by The Charity Commissioners on public benefiL and consider that the objectives and activities of the Chariry fulfil this requirement for the benefit of the local eommunity. ACHIEVEMEf4TS AND PERFORMANCE During the year the Charity made 8 awards to the local Charities and Institutions. The Charity continues to carry out its objectives. FINANCIAL REVIEW In the year to 31 December 2023 the Charity made a sUlUS of £8,095 {2022- £11,392) having paid out gTants of £26,840 to beneficiarie5 {2022 - £13,760). Unrestricted fllnds stood at £66,724 at 31 December 2023 (2022- £51,509). These ndS ¢cmiprise net current assets of £33,113 (2022 - £30,457) and £33,611 (2022 - £21,052) of the Charity's investment in COIF Investment Fund as disclosed in note 8 to the financial statements. Endowment Funds stood at £982,056. The Trustees have agreed a policy whereby unrestricted funds held by the Charity and not committed or invested. should.be invested and accumulated. The Charity purchased a eornmercial property in May 2022 and this would produce a yi¢ld of approximately 7.51/10. RISK REVIEW The Trustees have considered the risks to which th¢ Charity 1$ exposed and have established systems for mitigating those risks. The risks are now limited to investment risks. The Trnstees believe that by investing its funds ti] CCLA lrtvestment Managers Limited and Brewin Dolphin Securities Limited whith are periodically reviewed. these risks 2T¢ minimised. INVESTMENT POLICY The TrllSt¢es have considered the most appropriate policy for investing funds and in conjunction w2th the Reserves Policy have decided that approximately £25,000 should be kept immediately available to meet potential grant applieation5.
WARWICK PROVIDENT DISPENSARY Page 3 ANNUAL REPORT OF THE TRUSTEES For th¢ year ended 31 December 2023 FUTURE PLANS The Charity will continu¢ to provide relief to persons who are sick. conva1¢5cenL disabled or infirm and are resident in the Town of Wanviok. STATEMENT OF TRUSTEES RESPONSIBILITIES The Scheme5 s¢aled on 24 March 1969 require the Trustees to prepare financial statements for each financial year and transmst the statements to the Charity Commissioners in accordan¢e with the provisions of the Charities Act 2011. The Trnstees are responsible for keeping proper a¢counting records with respect to the Trust's transactions aT)d its assets and liabilitie5 which disclose, with reasonable accuracy at any tirne, the finan¢ial position of ihe Trust. The Trustees are also responsible for the establishment and maintenance of a satisfactory System of control of its book5 of account, its cash holdings and all it5 receipts and remittances to enable thetn to ensure that the financial statements comply with th¢ schemes. The TNstees are also r¢sponsible for safeguarding the a5sels of the Trust and hence for taking reasonable steps for the prevention and detection of fraud. The Trustee$ hav¢ fvlfilled these responsibilities to the best of their ability. On behalf of th¢ Trustees Signed Mr D E Hanson- Chairman Date: 13, June 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WARWICK PROVJDENT DISPENSARY Page 4 CHARITY NUMBER: 253987 I report on my examination of the aecounts of the Charity ("the Trust") for the year ended 31 December 2023, which are sei out on pages 5 to 12. Responsibilities of Trustees and Eyaminer I report in respect of Tny examination of the Trust's accounts ca]ed out under section 145 of the 2011 Aet and in carrying out my examination, I hav¢ followed all the applicable Direction5 given by the Charity Commission under section 145(5)(b) of the Act. Independent Examiner's statement I have completed my examination. I confrnn that no material matters have come to my attention in connection with the examination which give5 m¢ cause to believe that in, any material respect.. The accounting records were not kept in accordance with section 130 of the Charities Act- or The a¢wunts did not accord with the accounting r¢cords' or The accounts did not comply with the applicable requirements conceming the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an iT)dependent examination. I have no concerns and have come acr055 no other matters in COnntIon with the examination to which attention should be drawn in thi5 report in ord¢r to enable a proper understanding of the accounts to be reached. Steven Muggle5toDe BA (Hons) FCA MICHAEL HARWOOD & CO Chart¢red Aecountants Greville House 10 Jury Street Warwick CV34 4EW Date.. IU-trtrJ UL)
Page 5 WARWICK PROVIDENT DISPENSARY STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023 Unrestrieted Endowment Funds Funds 2023 Total 2022 Total r4otes INCOME AND ENDOWMENTS from: Dividends from investments Rental income Interesl 15,093 25,878 6,283 15.093 25.878 6.283 22.277 15,657 160 TOTAL INCOME AND ENDOWMENTS 47,254 47,254 38,094 EXPENDITURE on: Raising funds Investment management fees 4.561 4,561 5.431 Charitable aetivltles Grants awarded and paid 26,840 26,840 13,760 26,840 4.561 31.401 19.191 Other costs Clerk's fees Independent Examiner's fees Accountancy Professional f¢e5 Insurance Sundries 4.638 1.575 525 142 878 4,638 1,575 525 142 878 3,809 1,607 535 .310 250 7,758 7,758 7,511 Total expendlture 34,598 4,561 39,159 26,702 NET (EXPENDITURE) before transfer and gainsl(losse5) 12,650 (4,561) 8,095 11,392 Transfer bettveen funds NET (EXPENDITURE) before gainsl(1055e$) 12,656 (4,561) 8,095 11.392 Reali5ed Ilos5¢5ygains on sale of red assets (335) (335) {33,898) NET INCOME 12,656 (4,896) 7,760 {22.506) Other reeognised gains and losses Unrealised gains on revaluation of fixed assets 2,559 22,442 25,001 {80,716) NET MOVEMENT IN FUNDS 15,215 17,546 32,761 (103,222) RECONCILIATIONS OF FUNDS: TOTAL FUNDS BROUGHT FORWARD 51,509 964,510 1,016,019 1,119,241 TOTAL FUNDS CARRIED FORWARD 718 £66,724 £982,056 £1,048,780 £1,016,019 All income and expenditure derive fro continuing activities. The notes on pages 8 to 12 forn) part of these financial statements.
Page 6 WARWICK PROVIDENT DISPENSARY STA TEMENT OF FINANCIAL ACTIVITIES For the year ended 31 Decernber 2022 Unre5trieted Fund5 Ettdowment Funds 2022 Total Notes INCOME AND ENDOWMENTS from: Dividends from investments Rental Income Interest 22,277 15,657 160 22,277 15,657 160 TOTAL INCOME AND ENDOWMENTS 38,094 38,094 EXPENDITURE on: Raising funds Investment management fe¢5 5,431 5,431 Charitable activities Grant5 awarded and paid 13,760 13,760 13.760 5,431 19,191 Other costs Clerk's fees Independent Examiner's fees Ac¢ountancy Professional fees Sundries 3,809 1,607 535 1,310 250 3,809 1.607 535 1,310 250 7.511 7,511 Total expenditure 21,271 5,431 26,702 NET (EXPENDITURE) before g8insl(105ses) 16,823 (5,431) 11,392 Transfer between funds (808) 808 NET (EXPENDITURE) before gains/(1055es) 16,015 (4,623) 11.392 Reali5ed (losses)Igains on Sale of fixed a55ets (1,905) (31,993) (33.898) NET INCOME 14,110 (36,6l6) (22,506) Other recognised gain5 and 1055es Unrealised gains on revaluation of f]xed assets (1,531) (79,185) (80,716) NET MOVEMENT IN FUNDS 12,579 {115,801) (103,222) RECONCILIATIONS OF FUNDS: TOTAL FUNDS BROUGHT FORWARD 38.930 1,080.311 1,119,241 TOTAL FUNDS CARRIED FORWARD 718 £51,509 £964,510 £1,016,019
Page 7 WARWICK PROVIDENT DISPENSARY BALANCE SHEET 31 December 2023 Notes 2023 2022 FIXED ASSETS Investtnents Investment propety 4a 4b 669,462 330,000 999,462 952,332 CURRENT ASSETS Debtors. amounts falling within one year Lloyds Bank- Treasurers Account COIF Deposit Account Brewin Dolphin Capital Accouni 2,290 16.883 26.485 16,204 20.608 20,513 33,230 TOTAL CURRENT ASSETS 61.862 75.402 CREDITORS: Amount5 falling due within one year (12,544) (11,715) CURRENT ASSETS LESS CURRENT LIABILITIES 49.318 63,687 TOTAL ASSETS LESS CURRENT LIABILITIES 1,048,7¥0 1,016,019 NET ASSETS £1.048.780 £1.016.019 THE FUNDS OF THE CHARITY Restrlcted funds Pernianent Endowment 718 982,056 904,510 Unrestricted funds G¢neTal fund Property RepaiF fimd 718 718 33,113 33,611 30,457 21,052 66,724 51,509 TOTAL CHARITY FUNDS £1,048,780 £1,016,019 The financial statements were approved by the Board of Trustees on 13th June 2024 and were signed on its behalf by- MT D E H3nson- Chairm The notes on pages 8 to 12 fom part of these financial statements.
WARWICK PROVIDENT DISPENSARY Page NOTES TO THE FINANCIAL STA TEMENTS For the year ended 31 Deeember 2023 BASIS OF ACCOUNTING Th¢ Warwick Provident Dispensary is a charity registered in England and Wales since 1969. The address of the registered office is given in the charity inforniation on page l and the nature of the Charity, operation5 and principal activities are given on pages 2 and 3. The Charity constitutes a publi¢ benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with A¢¢ounting 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The accounts do not include a ¢ash flow statement on the grounds that it is applying FRS 102 Section IA. The finan¢ial statetnents are prepared on a going concern basi5 under ihe historical cost convention, modified to include certain items at fair value. The financial statements ar¢ presented in sterling which is tl)e fllnctional tuenCY of the Chariry and rounded to the nearest £1. INCOME AND ENDOWMENTS Income from investments is aceounted for on an accrna15 basis. Rental income from investmeni propeny is included in the financial Statements on a receivable basis. EXPENDITURE Expendire is accounted for on an accruals basis. Grants are paid out in ateordance with the Charity's stated objects on a committed b851S. INVESTMENTS Investments are valued at market value, The surplusldeficit arising on the r¢valuaiion has been transferred to the appropriate funds. FUND ACCOUNTING Endowrnent Funds are funds which have been given to the Charity subject to the Testriction that they ar¢ to be held as capital. The endowment fund is represented by investments and propety. Income arising from these assets IS transfe]Ted to the general fLmd. General fijnd comprises the accumulated surylus on the income and expenditure atcount. They are available for use at the discretion of the Trustees, in furtherance of the objects of the Charity. Property repair fund is set aside to meet propety costs during void periods, exceptional and uninsured expeD5es relating to 13 Swan Street.
Page 9 WARWICK PROVIDENT DISPENSARY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 GOING CONCERN The financial statement5 have been prepared on a going ¢oncem basi5 as the trustees believe that no material un¢ertaintie5 exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these fmancial statements. The budgeted income and expenditure is 5uffi¢ient with the level of reserves for the Charity to be able to continue a5 a going concern. TAXATION The Charity is exetnpt from incotne tax and Capital gains tax within the exemption granted by sections 521- 536 In¢orn¢ T&xe5 Act 2007. The Charity ha5 borne VAT on its expenditure where appropriate. CHARITABLE STATUS The Charity is registered with the Charity Commissioners for England and Wal¢s No. 253987 and is reglated by the Trust Deed dated 24 March 1969. DIVIDENDS AND INVESTMENTS 2023 2022 Portfolio dividends COIF diyidend 14,243 850 19,276 3,001 £15,093 £22,277 GRANTS 2023 2022 During the year th¢ trustees made the following grants.. WNAA Myton Hospice Springfield NqIND Arnionico Con50rt Individuals 2,500 5,000 5,000 1,000 13,340 2,500 5,000 5.000 1,000 260 £26,840 £13,760 During the year the charity made 4 awards io Institutions and 9 to individual. (2022- 4 awards to institutions and I to individuals). The Charity has agreed to 5UPPOrt the Springfield MtND project which was being promoted and led by The Charity of Thomas Oken & Nichola5 Eyffler. A contribution of £5,000 per annum will be made for the three years starting from July 2020. The term5 of the agreement are 5ubjed to annual review by the Tru5tee5 of The Charity of Thomas Oken & Nichola5 Eyffler.
WARWICK PROVIDENT DISPENSARY NOTES TO THE FINANCIAL STA TEMENTS For the year ended 31 December 2023 Page 10 4a) FIXED ASSET INVESTMENTS 202J 2022 Markei value l January 2023 Acquisitions at cost.. Share Portfolio Purchases Disposals of Investm¢nts Net gainl(losses) on revaluation at 31 December 2023 622,332 1.093,926 93,463 (71,334) 25,001 107,483 (464,463) (114.614) Market valu¢ 31 December 2023 £669,462 £622.332 Investments ¢omprise'. Market Vglue at 31.12.23 Market Value at 31.1122 1,694 {2022- 1,158} COIF Charity Fund Income Shares Brewitt Dolphin Investment Portfolio 33,611 635,851 21,052 601,280 £669,462 £622,332 The above investments are all held within the UK. During the year, the Truste¢s bought 535 of COIF income share5 for £10,000. Investment gains comprise of unrealised gains of £25,001. 4b) Investment Property.. 13 SwaN Street 2023 2022 At eost 330,000 £330,000 At 31 December 2023 330.000 £330,000 The Charity bought a freehold property of 13 Swall Street. Warwick in May 2022 for £330,000. A5 It is an investment property, no depreciation is provided on the property cost and in the opinion of the trnst¢es it has been included at 'a fair valuation" given its rental income and CUJTent use. The purchase related costs are written off to revenue when incuTred.
Pagell WARWICK PROVIDENT DISPENSARY NOTES TO THE FINANCIAL STATEMENTS For the year.eDded 31 Deeember 2023 DEBTORS 2023 2022 Amounts falling due within one year.. Dividend income receivabl¢ 2.290 1,051 £2,290 £1,051 CREDITORS 2023 2022 Amount5 falling due within one year= Deferred rental income Professional fees 5,7fv1 6,780 5,764 5,951 £12,544 £11,715 RESTRICTED FUNDS Balanee at l January 2023 Balance at Losse5 on Unrealised 31 December disposal Gain51(L05ses) 2023 Income Expenditure Transfer5 Pernianent Endowment Funds 964.510 (4,561) (335) 22,442 982,056 Balance at l J8nu8ry 2022 Balance at Gain5 on Unrealised 31 December disposal Gainsl(Losses) 2022 Jncome Expenditure Transfer5 Pemaftent Endowment Funds 1,080,311 (5,431) 808 {31.993) (79.185) 964,510 UNRSTRICTED FUNDS Balance at l January 2023 Balance #t Losses on Unrealised 31 December disposal Gain51{IA)5se5) Income Expenditure Transfers 2023 General Fund Propety Repair Fund 30,457 21,052 47254 {34,598) (10,000) 10,000 33,113 33,611 2,559 £51,509 £47,254 £(34,598) £2,559 £66,724
WARWICK PROVIDENT DISPENSARY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 Page 12 UNRSTRICTED FUNDS (CONT'D) BAl8nce at l January 2022 Balance at Losse5 on Unrealised 31 December disposal Cains/(Losses) 2022 Income Expenditure Transfer5 General Fund Property Repair Fund 38,930 38,094 (21,271) (23,391) 22,583 (1,905) 30,457 21,052 (1,531) £38.930 £38,094 £(21,271) £808 £(1,905) £(1,531) £51,509 ANALYSIS OF NET ASSETS BETWEEN FUNDS Permanent Endowrnent Fund 2023 Property Repair Fund 2013 General Fund 2023 Tot81 2023 Fixed assets Cash and current inyestments Other current assets/liabilities 965,851 16,205 33,611 999,462 59,573 (10,255) 43,368 (10,255) £982.056 £33,113 £33,611 £1,048,780 Permanent Endownjent Fund 2022 Property Repair Fund 2022 General Fund 2022 Tot&1 2022 Fixed essets Cash and current investments Other current assetsliiabilities 931,280 33,230 21,052 952.332 74,351 {10,644) 41,121 <10,664) £964,510 £30,457 £21,052 £1,016,019 TRUSTEES, REMUNERATJON AND EXPENSES No Trustees reeeived remuneration or expen5¢s in the year or the previou5 year. RELATED PARTY TRANSACTIONS io. There have b¢en no related paty transactions during the year. (2022 - £NIL)