WARWICK PROVIDENT DLSPENSARY FINANCIAL STATEMENrs 31 DECEMBER 2024
WARWICK PROVIDENT DISPENSARY INDEX ANNUAL REPORT OFTHE TRUSTEES INDEPENDETr ZK4MINER'S REPORT sTATEmETr0F FINANCIAL AcfiviTIES (2024) COMPARATIVE STATEMENT OF FINANCJAL ACTIVITJES {2023) BALANCE SHEET ACcOuP1NC POLICIES NOTES TO THE FINANCIAL STATEMENTS
P4B¢ I WARWICK PROVIDENT DISPCNSARY ANNUAL REPORT OF THE TRUSTEES For fht yEllr¢ndtiT 31 Dt¢¢mbrr 2024 Charity Registration Number: 253987 (Emgland & Wa]es} Principal Addre55 of Charity: clo Mr C E R Houghton Moor¢ & Tibbits 34 High Street Warwick CV34 4BE Cletk to the Charsty- C E R Hou8hion Esq Moore & Tibbits 34 High 51r¢¢t Warwick CV34 4BE Co-QPt¢d Tnle¢s. Mr D B Han50n-R¢sign¢d 26tb Jun¢ 2025 Mrs T Adcins- Chairn? Mrs M HoDper Mr5 M Sutherland Mrs Fl A Vedy- Appointed Isih O¢tob¢r 2024 Mr S Moiley Ms R Badhams- Appoinl¢d 27th F¢btuary 2025 Mr C Mordatsnt- App)inted 26. June 2025 Nomlnativ¢ Trust¢es'. Mrs J Topham Battk¢rs'. Lloyds Bank plc 12 Swan Sfreei Warwick CV34 4BJ Solici¢ors'. Moore & Tibbits 34 High Street Warwick CV34 4BE Independent Examin¢r'. Mark D HaTwood FCA BFP FMAAT ¢hael Harw(d & Co Chartcred A¢counl8nts Grevslle House 10 Jury Street Warwick CV34 4EW Investment Advisers.. Btewin Dolphin LiTnitcd Woodstock Court Blenheim Road M8rlborough Wiltshire SN8 4AN
WARWICK PROVIDENT DISPENSARY Pag¢ 2 ANNUAL REPORT OF THE TRUSTEES For the year ended 31 December 2024 STRUCTURE, COVERNANCE AND MANAGEMENT The ChariLy is Tegi5tered wilh the Charity Commissioners forEngl&nd & Wales (RegisteTEd Number253987) and is reguS•ted by Schemes sealed ott 24 March 1969. The Charity has an executive ¢ommittee of 7 Trustees who meot three tim¢s a yr and are responsible for the strotegiG direction and policies of the charity. Th¢ Tru5t¢cs havE dele8at¢d day to day responsibllity for admintstratlon of the Charity to the Cl¢rk of the Charity. The inductiop prO¢e for a new Truskc is as follows.. The Ch2iTmat) will Tn¢et with the new Trnst¢¢ to explain all aspe$ of the Charily 2nd to provide all relevant infomiatitin regtyrditsg it. The Clerk to the Trustees will write to the new Trustee with x copy of th¢ s¢heme goveming the Charity 4od a copy of the last set of accounts. The Chairman and the Clerk 10 the Trustees will also provide all assistanee and information necessory for the n¢w Trustee to be¢om¢ fAmiliar with the workiTh8s of the Charity and iheiJ T¢spoll5ibilitse5. 0EcTIVEs AND AcfiviTIES The obj¢ct of the Charity is the provision of r¢lief ts) persons who sick. conval¢sttnt. disabled or infirm Jd are resident in the Borough of Watwick. Th¢ s¢heme sealcd on 24 fvSar¢h 1969 appoints the Tnjsttts of th¢ Charity. The Trusiees have had due reg8rd to the gu2danc¢ publish by The Charsty Comnussioners on publi¢ b¢n¢fit, and consid¢r that the objectives and aeiiviri¢S of the Charsty fulfil thks Tequiremettt for thc benefit of the local ¢ommuniry. ACHILVEMENTS AND PERFORNL4F4CE During the y¢3r the Charity made 14 awards ¢0 tht lxal charitse$ and IDstilutLOtIs. The Charity contit)ues to ¢arry out its objectives. FINANCIAL REVIEW JTr the year to 31 DK¢mber 2024 the Ch8rity made a sttrplus of £10,870 {2023 - £8,095) having paid out sranrs of £24.497 to benefi¢iari¢512023- £26,840). UnTe5tricted funds stood at £82.849 at 31 D¢¢¢mber 2024 (2023- £66,724). These bJt¥J8 comprise net trrent &8sei$ of £31,134 (2023 . £33,113) and £51,715 (2023 - £33,611) of th¢ Charity's investmeot in COIF Investsnani Fund as dis¢losed in note 8 to the Finatscial statement$. EDdDwment Funds Stood at £985,875 12023 £982.0561. The Trustees hav¢ a8r¢ed a policy wh¢r¢by unrestricted funds held by the Charity and not roTnmitted or iJives¢¢d, should b¢ inv¢stcd and accumulated. The Charity purchosed a eornmercial property in May 2022 atld tlLi5 would produce 4 yi¢ld of approximately 7.5%. RISK REVIEW The Truste¢s have ¢onsidcred the risks to which the Charity is ¢xposed and have established sy5tem5 for miÉL8atittg those risk5. The risks are now limited to inv¢stm¢nt rssks. The Trustees b¢li¢ve that by investing its funds in CCLA Invesbn#nt ManageTS Limited and Brewin Dolphin Securities Limited which are periodicAlly review. these risks art minimised. The trust¢¢s. having &cquired the fr¢ehold rever5Eon of 13 Swart Strect, Warwick. hav¢ sOlved to build Up & prop¢rty r¢5erve fund of approximately £75,000, w be inv¢sted in COIF inwme shAres. to b¢ utilised in the ¢tts¢ of void5 Qr rq>airs to the property. INVESTMETr4T POLICY The Tn]st¢¢s have conskdered Èhe most approprt8te policy for inve$tlll8 fund5 and in conjunctioo with the Reserves Poli¢y have de¢id¢d th 8pproxim&tely £25,000 should be kept immediately available to meet potettiiai grant applications.
Page 3 WARWICK PROVIDENT DISPEIYSARY APINUAL REPORT OF THE TRUSTEES For the y¢8r ended 31 December 2024 FufuRE PLANS The Charity will ¢on¢inu¢ to provide relief to persons who 4TC sick, convales¢¢nt, disabled or infirm and BTe resident in thr Town of Warwick. STATEMENT OF TRUSTEES RESPONSIBILITIES The Schemes Sealed on 24 Mar¢h 1969 require ihe TTttses to prepare financial statements for eAch firtancial y¢ar and transmit the statements to th¢ Charity Commissioners in a¢wrrfan with the provtslons of th¢ Charities Act 2011. The Trusteos gre Te$ponsible for keeping proper 8ccountin8 records with r¢spe¢t to the Thjst's tr8nsa¢tioLs and its assets 8nd lizbilities which disclose. with rea50aabl¢ a¢curaGy ot any time, the financial positioTh of the Tiust, Th¢ Trustees are a150 responsibl¢ for the c5tablishm¢nt and mainrenance of a satisfaGtory system of ¢ontwl of its books of #Gwuni. its cash holdiny and all lis receipts 8nd remittances to ¢n&bl¢ them to ¢n5ure that the financial statements Comply with th¢ s¢hemes. The Twstees are also rESnsIble for $2fe8u8rding the assets of th¢ Trust and h¢nFe for tking r¢asot)able step5 for the prev¢n¢ion 4Dd d¢wtion of fraud. Th¢ Trust¢es have fulfillcd these responsibtlitie$ tts the best of their ability. On behalf of the Tru5tce5 SiEned Mrs T A¢kln5- ChAlrmin Date: 26th June 2025
INDEPENDEIYT EXAMINER'S REPORT TO THE TRUSTEES OF WARWICK PROVIDEIYT DKSPENSARY Pa8e 4 CMARITY NUMBER: 253987 I report on my examination of the actourtts of the Charity I'th¢ Trust,) for the year ertded 31 December2024. which Are Set OUL on p28es 5 10 12. Responslbllltlek of Tte¢S aod Examiner I report in respect of my ¢xaminatiaJi of the Trllst's accounts rrIed under Se¢lion 14S of the 201 l Act and in ¢arrying out my ¢xwnination, I have followed 211 the applicable Diiections given by the Charity Commission uthder i¢ciion 145{51(bl of the Act. Independent Examintr'8 ststetshPllt I have completed my examin&tion. I confirm that no material mait¢rs hAvE come to my att¢tttion ITh conttection witb the examination whi¢h gbve5 m¢ cause to believe that in, arty mateTial respe¢t.' The accounting ree4)rds were not kept in accordance with se¢tion 130 of the Charitie5 Act. or The accounts did notAccord with the accounting records. or The a¢¢ounts did not ¢ornply with lh¢ applicable requirements eottceming the form cont¢nt of accounts set out in the Charities (AGcounts and Repotts) R¢8ulation5 2008 other than any requirem¢n¢ that the accounts give a'tru¢ and fair, view whi¢h 1$ not a matt¢r considered as part of an indepettdent examinatiott. I baye no concerns and have ¢omc across no other rnatters in connection with the examination to which 4ttention Should be drawll ITJ this repor4 in orderto enable A propcr under$tsnding of the a¢counts to be reath¢d. Mark D Hgrwood FCA BFP FMAAT MICHAEL HARWOOD & CO Chartered Accoutttants Greville House 10 Jury Street Warwick CV34 4EW Date: 26 j4
Pag¢ S WARWICK TROVIDENf DISPENSARY srATEMEIYT OF FINAPICIAL AcrJvrriES Ftyr the yeAr ende4J 31 Deeemb¢r 2024 Unr¢5trlcted Endowment Fund5 Fus)ds 2024 Totil 2023 Totol Note5 INCOME Af4D ENDOWMENTS fronj.. Dividend5 from investments Rental income 12.169 26,017 9,693 12.169 26.017 9,693 15,093 25,878 6283 TOTAL INCOME AND ENDOWMENTS 47.879 47.179 1 47254 EXPEiYDJTUREon'. RalslDg fund$ Inve5ttnent m4n&getnent fE¢s 4,651 4,651 4561 Charitable Activitiej Grlxts tW8rd¢d Or paid 24.497 24,497 26,840 24,497 4,651 29,148 31,401 Other ¢ost$ Clerk's fees Independent ExArniner's f3 A¢wuntan¢y Professional fK5 Insurance SundTies 4,686 1,550 508 100 1,017 4.686 1,550 508 loo 1.017 4,638 1,575 525 142 878 7,861 7.861 7,758 Totgl eypuiditure 32,358 4,651 37,009 39,159 NET (EXPENDITURE) befor4 trAn$fer And gainsl(losse$} 15,521 (4,651) lQ.870 ,095 Tronsfer between funds Nrf (EXPENDITURE) before g8insl(1055es) IJ J21 {4.651) 10,870 8,095 Re&lis¢d11055esyg#iDs $a]e of tlxed as$etS {1.846) (1.846) (335) NET INCOME 15.521 16.497) 9,024 7,760 Otber re¢ognl$èd gAins And losses Unrealis¢d 8ains on T¢valuation of fix¢d assets 604 10.316 10.920 25.001 NET MOVEMENT IN FUNDS 16.125 3,819 19,9M 32,761 RECONCILIATIONS OF FUNDS: T(YfAL FUNDS HROUGHT troRWARD 66.n4 982,056 1,048.780 1,016.019 TOTAL FUNDS CARRIED FORWARD 819 £82.849 £985,875 £1,068.724 £1.048,780 All income and exp¢ndsture derive from continuing activities. Th¢ notes on pa8¢5 8 to 12 fomi partof these finjncial 5tatem¢nts.
Pag¢ 6 WARWICK PROVIDENT DISPENSARY STATEMENT OF FINAF4CJAL A1VITIEs For the ¢ar ended 31 Dtcember 2023 Unrestrlct¢d FNdS Endowment Funds 2023 TotBI Not¢B INCOME AND ENDOWMEIYTS from.. Dividends from investments Rental lrt¢omt Interest 15,093 25,878 6,283 15,093 25,878 6,283 TOTAL INCOME AND ENDOWMENTS 47,254 47,254 EXPENDITURE ott: Rii3ing futtd5 Investhient M¢ent fees 4.561 4.561 ChBrit4ble oetivÉties GT8lllS awarded ond paid 26.840 26,840 26,840 4,561 31,4Ql Other ¢0sts Clelk's f¢¢s Ind¢pendentEx8miner's fees AGcountart¢y Prnfessional fees Sundries 4,638 l J75 525 142 878 4,638 1,575 525 142 878 7,758 7,758 Tot•1 expendkture 34,598 4,561 39,159 NET (EXPENDITURE) before galllsl{losses) Transfer between funds 12,656 {4.561) 8.095 NET {EXPENDITUREI before galhsI(1055e$) Realssed (Ios5¢5ygains on sale of fixed assets 12,656 (4.5611 8,095 (335) (335) NET INCOME 12,656 (4,896) 7.760 Other recognlsed gAinJ losse5 Unrealiltd gains on reVUatIOn of fixed Issets 2,559 22,442 25.001 NET MOVEMENT IN FUNDS 15,21S 17,546 32,761 RECONCILTATIONS OF PUNDS: TOTAL FUNDS BROUGHT FORWARD 51.5Q9 964,510 1,016,019 TOTAL FUNDS CARRIED FORWARD 819 £66,724 £982,056 £1,048,780
Page 7 WARWICK PROVIDENf DISPENSARY BALAIYCE SIIEET 31 Detembei. 2024 Nolcs 2024 2023 FIXED ASSETS Investme¢)t5 Investsnent property 700212 330,000 669,462 330, 1.030,212 999,462 CURREf4T ASSETS Debtors. arDOUttts fallifig within on¢ y¢ar Lloyds Bank- Treurers Account COIF Dep052t Account Br¢win Dolphsn Capital A¢¢ount 2,046 11.012 30,626 7,378 2.290 16,881 26,485 16.204 T(YfAL CURRENT &sETs 51.062 61.862 CREDITORS: Amounts falling due one ye2r (12,550) (12.544) CURRENT AETs LESS CURRENT LIABILrTIEs 38,512 49.318 TOTAL ASSETS LESS CURRENT LIABILITIES 1,068.724 1,048.780 NET ASSETS £1.068,724 £1.048,780 THE FUNDS OF THE CHARITY Restrlcted funds P¢miart¢nt Endowm¢nt 819 985,875 982,056 Unrestricted fund5 General fund Prop¢rty Repair fund 819 819 31,134 51.715 33,113 33,6ll 82,849 66.724 T(YfAL CHARITY FUNDS £1.068,724 £1,048,780 The financial ststem¢nts wer¢ approv¢d by the Board of Tru5t¢e5 on 26th JutLe2025 and were signed aj it5 bthftlf by.. Mrs T AtklJ)s- Chairman The note$ on pa8es 8 to 12 fonn part of th¢s¢ fLnancial 5tatement5.
WAR%VICK PROVIDENT DISPENSARY Page 8 NOTES TO THE FINAIYCIAL STATEMENTS For the year ended 31 D¢ecmber 2024 BASIS OF ACCOUNTING The Warwick Provident Disp¢nsary is a charity r¢gislered i]J EnBlatLd and Walcs since 1969. The 8ddrtss of the registered otTJce is given in the ¢harlty Information on page l and the nature of the Ch&rity's 0r10n5 and principal activit2e$ are given on pages 2 and 3. The ChRrity constttlltes a public beneftt entity as d¢fined by fRS 102. The financial statements have bc¢n prepared in 8Kordanct with A¢¢ounting and R¢pDrting by Charities.. St4¢ement of Recommettdcd Practice applicable to chgrili¢s preparing their a¢¢ounts in a¢¢ordance with th¢ FiDan¢ial Reporting Standard applicablc in the UK and Reptsblic of Ireland issued in Octokr 2019, the Fineneial Reporting Standard &pplicobl¢ itt the United Kirtgdom and Republic of Ireland IFRS 102), the Ch8rities Act 2011 and UK Generally A¢¢epied Practice as it applie5 from l January 2015. Th¢ &¢counts do rJoL i#¢lude a cash flow ststementon the grounds that it 15 applying FRS 102 Se¢tiott IA. The financial statements are prepared on a 80ing Eoncern basis urtder the hi5torieal cost convcntion. tnodified to in¢lud¢ certain item.$ ot fair value. Thc fin2ncial Slaternents are pr¢seDtd in sterling whieh i$ the functional ¢urrency of th¢ Charity and murtd¢d to the nearest £1. INCOME AND ENDOWMErfrs Income from irtves¢m¢nts is acwunted foi on an accTuals basis. Rental InMe frorn invesimertt pioperty is included tn the fjnaneilll st8teme5ts on a receivable basis. EXPENDITURE Expethditure is a¢cottntEd for on an ac¢ruals basis. GrAnt$ ar¢ paid out in accordan¢e with the Charity's sl8t¢d objects on o ¢ommitted basis. Ir4VEsfMENTS 15JV¢Stments at¢ Valed at markd valu¢. The sUrpItsderiQit arising on the Tev4luation has been transfetted to the appropriate funds. FUND ACCOUNTING Endowment Fun& ore funds which have been 8iv¢n to the Charity subject to the restriction that they ar¢ to be h¢ld os capital. The ethdowment fund is r¢presentl by ittve5tments and pMpety. arising from th¢se assets is transfeffed to ihe gtnerttl fund. Gcneral fvnd comprises the accumulated surplus on the incDme and cxpcllditur¢ account. They are avatloble for use at the discretion of the Trustees. in fvllherance of the ObJts of the Chariry. Propcrty repair fund is set &8ide to mett Ptoperty Costs durin8 void TIods, ¢x¢eptional and uninsured expcn5¢s relatin8 to 13 Swan Street.
Pgge 9 WARWICK PROVIDRNT DISPENSARY NOTES TO THE FINANCIAL STATEMENTS For the y¢ar ended 31 DecembEr 2024 GOING CONCERN The financial 51atemenls have b¢eM prepated on a going concero basis as the ¢TUStees b¢li¢ve that no mat¢ri&l uncertsinti¢s ¢xisi. The TrustCC5 have Considered the level offunds h¢ld and thc expected level of income 2nd eXpditUre for 12 months from auihorisiDB th¢se fanGI&1 statements. The budgeied inwme and ¢Kpenditur¢ is sufficiettt with the level of reserves for the Charity to b¢ gble to ¢ontinue as 8 going conr£rn. TAXATION The a)atity 1$ exempt from income tax atjd capi¢al gain5 tax With the cxemptLOn 8ranted by sections $21- 536 Income T4XQ8 Act 2007. Th¢ Charity has borne VAT on li$ expendituie wh¢ appropriate. CHAIUTABLE sfATUS The Charity is rtEi51cred with the Charity Commissioners for Ettglartd and Wales No. 253987 and is r¢gyialed by the Trust Deed da¢¢d 24 MaTrh 1969. DIVIDENDS AND INVESTMENTS 2024 2023 Portfolio dividends COIF divhdend 14,243 850 936 £12,169 £15,093 GRANTS Z014 During the year the truste¢s made the folltswing grants.. 3,000 3.000 3.865 3500 5.000 1,000 2,000 3,132 2,500 5,000 5,QOO 1.000 Myton Hospice Sprinsfleld MIND Amionico Consort Mblly OIIy'5 Wishes NMC Midlattd5 Shine &LiAht Indivzduals 13,340 £24.497 £26.840 Durin8 the ytar th¢ charity made 9 awards to Institutior)s and 5 to individua15. {2Q23- 4 awards to institutions and 9 to individal5).
WARWICK PROVIDErrr DISPENSARY NOTES TO THE FIIYANCIAL STATEMENTS For the year ettded 31 Detember 2024 Page 10 FIXED ASSET INVESTMENTS 2024 2023 Mark¢t va]ue l J8Duary 2024 Aequisitions at cost.. Sh8re Porrfolio Purchases Di5po$als of Investments Nei gainl(iossesl OA rev8luation #t 31 D¢cembeT 2024 669.462 622,332 120,214 (100.384) 10,920 93,463 171,334) 25,001 Market valu¢ 31 December 2024 £700,212 £669,462 Investments ¢omprise'. M#rk¢t Vglue at 31.12.24 Mirket V&lue at 31.12.23 2.54812023- 1,694) COJF Charity Fund Incomt Shares BrEwin Dolphin Investment Portfolio 51,715 648.497 33.611 635,851 £700,212 £669.462 The above inves¢m¢nts are all held wilhio the UK. - During the year, the Ttustees bought 855 of COIF income 5har¢5 foT £17,500. Investment gains eomprise of unrealised Bains of £10.920. IveStMent Propprty: 13 Sw)n Street 2024 2023 330,000 £330,000 At 31 December 2024 330,OOD £330,000 The Chatity bought a freehold property of13 Swan Stre¢L WÈrwick in MAY 2022 for £33Q.000. As it is an inyesun¢¢Jt property. no dcpreciation is provided on the property cost and in the opiniott of the truJte¢$ it his beetrj included at'afair Valuation" yeA it$ renial inwme and current use. The Purch related costs 8r¢ written off to revenue when ]neurred.
P8g¢ 11 WARWICK PROVtDENT DISPENSARY NOTES TO THE FINANCIAL sfATEMEFS For th¢ year erkd¢d 31 D¢eetnber 2024 DEBTORS 2024 2023 Amounts falling due within one year.. Dividend InMe receivable A¢crued Inkrest R¢¢tivèblc 1.927 119 2,290 £2.046 £2.290 CREDITORS 2024 2Q23 Amounts fulling due within one y¢ar: Deferred rentsl incorne Professional fees 5.764 6.786 5,764 6,780 £12.550 £12.544 RESTRICTED FUNDS Balftnce ftt I JAllUJry 2024 Bg14n¢¢ at Losses o Unrealised 31 December di8posal GI131(LO$StsI 21124 In¢ome Expendlturt Transfe P¢miaD¢ni Endowment Funds 982.056 14.6511 11.8461 10,316 985,875 Balance gt l Jathuary 2023 Balance at Gains o Unre8lised 31 Deoember d15POJAI C2lnsl(Lo$se5) 2023 Incom¢ Expendltur¢ TrAnsfer Pemian¢nl Endowment Funds 964,510 {4,561) (335) 22,442 982,056 UNRsfRICTED FUNDS Bg14nce it B4lxn¢¢ #t sse8 OD Unreoll$ed 31 Deeernber dtspos•l Gainsl(Losses) 2024 2024 Incomt Expenditure TrAn$f¢rs Gen1 Fund Property Repair Fund 33,113 33.611 47.879 {32,358) {17.500) 17,500 31.134 51.715 604 £66,724 £47.879 £(32.3581 £604 £82,849
WARWICK ?ROVJDENf DISPENSARY NOTLS TO TIIE FINANCIAL STATEMENTS For the year ended 31 lknmbtr 2024 Page 12 UNRSTRJCTED FUNDS ICONT'D> Balance 9¢ I January 2023 BRIA¢¢ at Los$eJ on Unrulised 31 De¢emb¢r dispo$&l GalD$llLdsse3) 2023 Income ExpenditUTt Transfe Gentral Fund Prop¢rty Repair Fund 30.457 21.052 47,254 {34.598) {10.000) 10.000 33,113 33,611 1559 £51.509 £47.254 £(J4,5981 £2.559 £66,724 ANALYSIS OF NET ASSETS BZTWEEN FUNDS Permanent Eodowment Fund 2024 Property R¢plr Fund 2024 Cenerl Fund 21124 Tot41 2024 Fix¢d assets Cash and ¢urTent investments Othtt current &ss¢tsniabilities 978,497 7.378 51,715 1,030212 49,016 (10,504) 41,631 {10.$04) £985,875 £31,134 £51.715 £1,068,724 Permgntll¢ Endowmenl Fund 2023 Property R¢plr Fud 2023 GeherHI Fund 2023 Totsl 2023 Fixed as5cts CA5h and curr¢nt investments her current assetslliabilities 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 io. TRUSTEES? REMUTr4ERATION AND EXPENSES No Trustees received remune10 or expenses in the year or the pr¢vioug y¢ar. RELATED PARTY TRANSAcfioNS Ther¢ knve been no related perty trartsaciion5 durin8 the y¢ar. (2023- £NIL}