Charity no: 269524 (England and Wales)
MRS WINGFIELD'S CHARITABLE TRUST TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
Chartered Accountants
MRS WINGFIELD'S CHARITABLE TRUST
CONTENTS
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Page
Legal and administrative information 1
Trustees' report 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the accounts 6 - 9
Valuation 10 - 21
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MRS WINGFIELD'S CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE INFORMATION
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Charity name Mrs Wingfield's Charitable Trust
Charity registration number 269524
Principal office 4 Guest Road
Cambridge
CB1 2AL
Trustees H M Wingfield
I L Mullings
K Hobbs
Independent examiner Michael McMahon
Accountants Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset DT1 1HA
Principal bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment managers Rathbone Greenbank Investments
10 Queen Street
Bristol, BS1 4NT
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MRS WINGFIELD'S CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report and the accounts of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and accounts of the charity.
The accounts have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published in October 2019.
Objectives and activities for the public benefit
The charity’s objective is to provide funds for general charitable purposes at the discretion of the trustees. The trustees meet as required to consider applications for grant aid and donations. Decisions to support or deny applications are based on charitable criteria, need and available funds.
In deciding what activities to undertake and to what charitable causes donations should be made, the trustees have paid due regard to the Charity Commission guidance on public benefit.
Achievements, performance and financial review
During the year the charity made donations of £120,900 to various local and national charitable causes (2022 - £37,885).
Income for the year was £43,096 compared with £39,004 in the previous year. Total expenditure was £147,258 compared with £68,079 in the previous year, donations having increased by £83,015. Net expenditure before investment gains and losses was (£104,162) deficit (2022 - £(29,075)). Net investment losses were (£236,791) so that total funds decreased by £340,953 for the year to £1,997,536.
All funds are unrestricted and available for donation for charitable purposes at the discretion of the trustees. Total funds of £1,997,536 therefore represent the reserves of the charity. The trustees carefully monitor the levels of investments held and resulting investment income to determine the amount of donations that can be made in the year.
Structure, governance and management
The charity is governed by a deed of trust dated 22 March 1974 and was registered with the Charity Commission on 3 July 1975.
The trustees have absolute discretion to invest the funds of the charity in any stocks, securities, other investments or property as they see fit.
The trustees have the power to appoint any additional trustees as they see fit.
Approved by the trustees on 19 January 2024
and signed on their behalf by Ms H Wingfield
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MRS WINGFIELD'S CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MRS WINGFIELD'S CHARITBLE TRUST
I report to the charity trustees on my examination of the accounts of Mrs Wingfield's Charitable Trust (the Trust) for the year ended 5 April 2023 which are set out on pages 4 to 9.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2 the accounts do not accord with those records; or
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3 the accounts do not comply with the applicable requirements concerning the form 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 independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michael McMahon
19/01/2024
2 North Street Charminster Dorchester Dorset DT2 9QS
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MRS WINGFIELD'S CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
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Total funds Total funds
2023 2022
Note £ £
Income
Income from investments 4 41,563 39,003
Interest received 1,533 1
Total income 43,096 39,004
Expenditure
Donations 5 120,900 37,885
Brokers' fees 20,385 26,416
Accountancy fees 2,289 3,708
Bank charge 81 70
Foreign taxes 3,603 -
Total expenditure 147,258 68,079
Net Income/(expenditure) before
gains/(losses) on investments (104,162) (29,075)
Realised gain on disposal of investments 6 225,774
86,662
Unrealised (loss)/gain on revaluation of investments 6 (462,565)
Net (expenditure)/income for the year (340,953) 57,587
Reconciliation of funds:
Total funds brought forward 2,338,489 2,280,902
Total funds carried forward 1,997,536 2,338,489
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MRS WINGFIELD'S CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2023
| Note Fixed assets Investments 6 Current assets Debtors 7 Cash at bank - NatWest Cash at brokers - capital account Cash at brokers - income account Cash at CAFCash account Liabilities Creditors: amounts falling due within one year 8 Net current assets Net assets Funds Unrestricted income funds |
Total funds 2023 £ 1,937,541 0 0 49,535 1,731 16,536 67,802 (7,807) 59,995 1,997,536 1,997,536 |
Total funds 2022 £ 2,264,432 2,713 725 64,785 1,492 12,591 82,306 (8,249) 74,057 2,338,489 2,338,489 |
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Approved by the trustees on 19 January 2024
and signed on their behalf by Ms H Wingfield
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MRS WINGFIELD'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(a) Basis of preparation
Mrs Wingfield's Charitable Trust was created under deed of trust and registered as a charity in England and Wales. The address of the principal office is given in the charity information on page 1 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared in accordance with 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) 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.
The accounts 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 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) issued 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 accounts are prepared on a going concern basis under the historical cost convention. The accounts are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) 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.
Fixed interest income is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the brokers.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the brokers.
(c) Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Irrecoverable VAT is included in the costs of those items to which it relates.
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MRS WINGFIELD'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
(e) Fixed asset investments
Listed investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘gains/(losses) on investments’ in the statement of financial activities.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
(f) Funds
All the charity's funds are unrestricted funds. These are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to provide both working capital and capital investment.
2 Accountants' remuneration
Accountants' remuneration represents accountancy fees of £2,289 (2022 - £3,708).
3 Trustees' remuneration and expenses and related party transactions.
No remuneration or expenses were paid out of the funds of the charity in the year to any trustee or any person known to be connected with a trustee.
Mrs K Hobbs, a trustee of the charity, is also senior partner of Edwards and Keeping, the charity's accountants. Fees for accountancy services amounting to £2,289 (2022 - £3,708) have been charged by Edwards and Keeping to the charity for the year to 5 April 2023 on an arms-length basis.
| 4 Investment income UK equities UK fixed interest UK unit trust dividends UK unit trust interest Invesment Trusts UK property income Overseas equities Overseas fixed interest Offshore income |
2023 £ 20,401 2,039 1,003 7,274 630 1,885 6,847 1,033 451 41,563 |
2022 £ 18,482 1,891 737 7,948 441 1,572 6,378 985 570 39,003 |
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MRS WINGFIELD'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
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5 Donations 2023 2022 2021
£ £ £
Beat (Eating Disorders) 1,000 - 500
British Red Cross (Yemen) 10,000 5,000 4,500
British Red Cross (Ukraine ) 15,000 5,000 -
British Red Cross (Afghanistan ) 10,000 - -
Camfed International - - 1,500
Centre for Womens justice - - 500
Centre Point - - 100
Dementia UK - - 1,000
Disasters Emergency Turkey 50,000 - -
Disasters Emergency Ukraine 10,000 - -
End Violence Against Women - 500 -
Excellent Development (Africa) - - 1,000
Heart of England Community Foundation - - 2,000
Holy Trinty Church 100 200 100
Homeless - - 100
Home-Start Telford & Wrekin 5,000 3,000 -
Hourglass - - 1,000
League of Friends Shrewsbury Hospital - 4,000 -
Liberty Choir 100 - -
Lingen Davies Cancer Fund - 100
Midland Air Ambulance - 100 -
National Emergencies Fund - - 20,000
Network for Social Change 9,500 12,985 3,200
NIA 2,000 - -
Refuge - - 2,000
Samaritans Shrewsbury 1,000 600 1,000
Severn Hospice 1,100 2,100 2,000
Shrewsbury Ark 3,000 1,100 -
Shrewsbury and Telford Hospital - - 2,000
Solace Women's Aid - - 1,000
Southall Black Sisters - - 1,000
The Marches Riding for the Disabled Asociation 1,100 1,000 -
VSO - - 100
Whitechapel Homeless Mission - 200 100
Women's Aid 2,000 2000 3,000
120,900 37,885 47,700
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MRS WINGFIELD'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
| 6 Investments Market value at 6 April 2022 Acquisitions at cost Disposal proceeds Realised gain on disposal Unrealised (loss)/gain on revaluation Market value at 5 April 2023 Investments at fair value comprised:- Fixed interest UK equities Overseas equities Alternatives |
2023 £ 2,264,432 479,844 (569,944) 225,774 (462,565) 1,937,541 492,730 564,104 732,205 148,502 1,937,541 |
2022 £ 2,223,501 189,141 (234,872) 2,264,432 334,134 597,899 1,091,672 240,727 2,264,432 86,662 |
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All investments are carried at their fair value. Investments in equities, funds and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value.
| 7 Debtors Tax recoverable Dividend received post year-end 8 Creditors: amounts falling due within one year Creditors Accruals |
2023 £ - - - 2023 £ 940 6,867 7,807 |
2022 £ 2,575 138 2,575 2022 £ - 8,249 8,249 |
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