CHARITY REGISTRATION NUMBER: 271763
The Woodlands Trust Unaudited Financial Statements
31 July 2022
ELLIS LLOYD JONES AUDIT LIMITED
Chartered accountants
11 Park Square Newport South Wales NP20 4EL
The Woodlands Trust
Financial Statements
Year ended 31 July 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
The Woodlands Trust
Trustees' Annual Report
Year ended 31 July 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2022.
Reference and administrative details
Registered charity name The Woodlands Trust Charity registration number 271763 Principal office Shalom Catsash Road Langstone Newport South Wales The trustees Mr M R Sheppard Mr G J Sheppard Mr R H Sheppard Mr K Hart Mrs D Sheppard Independent examiner Kara Williams BSc BFP FCA 11 Park Square Newport South Wales NP20 4EL
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The Woodlands Trust
Trustees' Annual Report (continued)
Year ended 31 July 2022
Structure, governance and management
Governing document
Governing Instrument: Deed of Settlement 15 April 1976
Structure and decision making
The trustees formally meet twice each year. In between, regular contact is made by telephone and informal meetings.
Decisions on donations below £2,000 are made by a majority of two trustees. Any sums above this sum are made after agreement between all trustees.
The trustees make donations on the following basis:
The trustees look to the integrity of the individual/organisation and expect to see a track record of them being successful in similar projects elsewhere. Where possible the trustees make a visit to the project. The amount is governed by what the donation is being used for. Typically a donation is not in excess of £10,000.
The process is typically as follows:
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Request comes in by telephone or letter.
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A discussion takes place amongst the trustees as to the benefit a donation will make,
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and inquiries are made to ensure it fits in with the objectives of the trust.
A letter is requested to outline the proposal if it is felt additional information is required prior to a donation being made.
In addition, the trustees look for feedback to show that the donation is properly managed in the spirit in which the donation was made.
Trustees are appointed under the Governing Instrument. When a Trustee is appointed they undergo an induction and are given an explanation as to what the Charity does and the policies and procedures in place. They are provided with literature produced by the Charity Commission regarding their duties and responsibilities and are required to sign a Code of Conduct declaration. They also receive a copy of the Governing Instrument and the most recent set of financial statements.
Risk assessment
The Trustees are responsible for the overseeing of the risks faced by the charity. Risks are identified, assessed and controls established throughout the year. A formal review of the charity's risk management processes is undertaken on an annual basis.
The Trustees are aware of their responsibilities to protect the investments of the charity to maximise the returns so they are able to further the objects of the charity. The Trustees are satisfied that they have ensured a wide variety of investments to mitigate risk where possible.
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The Woodlands Trust
Trustees' Annual Report (continued)
Year ended 31 July 2022
Objectives and activities
The objects are set out in the Deed of settlement dated 15th April 1976 and are of advancing the Christian Religion by the conduct of evangelistic and other religious work including camps and social and emergency relief work.
The funds are only to be used for activities as shall be calculated to advance the Christian Religion.
The aims of the charity are to promote Christianity by funding ministers and projects which all work towards this aim. In addition it looks to help relieve poverty and assist organisations who are working amongst people groups such as drug addicts, etc.
In this way it seeks to help bring relief to individuals and provide financial support to enable more help to be given to those in need.
The objective is to work closely with groups, organisations and individuals, to be part of their long term goals.
Achievements and performance
The shares held in W T Edgington (Sandhurst) Limited, shown as unlisted investments, continue to be valued at cost at £99.
The trustees believe that the market value of the investment in Newport Furnishers Limited, shown in UK participating interests, has decreased by £30,000 and have revalued the interest during the year to £706,893 (2021: £736,893).
Following the disposal of an investment property during 2021, 2 new investment properties were purchased during the year. The remaining investment properties were also revalued in the year with a total increase in value of £45,000. The total market value of investment properties at the year end was £833,101 (2021: £525,000) as a result of the additions and revaluation. See details in note 13.
During the year, as planned, we distributed funds to support various existing projects both in the UK and various countries throughout the world. Countries included were Kenya, Uganda, Romania, Bangladesh, Nepal,India and Nigeria, where we worked with partners to deliver social and spiritual care and outreach to groups of people in need.
Details include support for missions outreach, school and children's work and farming needs in Uganda, teaching leaders in Nepal and support for local churches. During the year we worked with local churches and continued support for gospel crusades in Africa along with established partners and invested the proceeds from the disposal of one of the properties into 2 new mobile stage and mission vehicles for the African crusades.
We also continued our support for a UK based residential bible school and a charity that specialise in rehabilitation from substance abuse and alcoholic issues.
We believe the work that has been undertaken during the year has made a difference to the lives of those involved and those who have benefitted from the projects that we have supported.
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The Woodlands Trust
Trustees' Annual Report (continued)
Year ended 31 July 2022
Financial review
The deficit for the year ended 31 July 2022 was £208,947 (2021: deficit of 26,141), after a revaluation surplus of £10,646 (2021: surplus of £17,263).
Total income received in the year was £60,566 (2021: £44,135). The net assets for the Trust at 31 July 2022 were £2,011,205 (2021: £2,220,152).
Total expenditure in the year was £280,159 (2021: £87,539). During the year, a total of £271,100 (2021: £80,300) was paid out to charities and religious causes.
Reserves policy
The reserves policy is in place to maintain reserves in order to generate sufficient income to meet the objects of the charity.
The trustees believe that the value held in reserves should be approximately £1.5m relating to various investments, and that this level should be held to generate sufficient income. Due to changing markets and unpredictability in returns on unlisted investments, this reserve value may fluctuate year on year.
Plans for future periods
The plan for future periods is:
We intend to continue support for existing projects; and to be able to respond to individuals and organisations that, throughout the coming year, appear to be able to further develop in new areas which meet the criteria of the trust.
For example, the fund plans to continue its support of the development of a bible training college in the UK and family villages in Romania, Thailand and Africa. New work in Ukraine is being investigated with additional outreach work in Nepal, India, Kenya and Uganda during the coming year.
We will also be working with organisations involved in promoting Christianity through Europe and provide support for organisations working with drug and alcohol abuse, locally in south Wales and around the UK.
Public benefit statement
The Woodlands Trust is a public benefit entity. The Charity Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. The charity delivered public benefit by making donations to religious organisations for the purpose of advancing the Christian Religion by the conduct of evangelistic and other religious work.
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The Woodlands Trust
Trustees' Annual Report (continued)
Year ended 31 July 2022
May 30, 2023 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
M.Sheppard M.Sheppard (May 30, 2023 15:08 GMT+1)
Mr M R Sheppard Trustee
K I Hart K I Hart (May 30, 2023 14:51 GMT+1)
Mr K Hart Trustee
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The Woodlands Trust
Independent Examiner's Report to the Trustees of The Woodlands Trust
Year ended 31 July 2022
I report to the trustees on my examination of the financial statements of The Woodlands Trust ('the charity') for the year ended 31 July 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
Kara Williams
Kara Williams (May 30, 2023 15:42 GMT+1)
Kara Williams BSc BFP FCA Independent Examiner
11 Park Square Newport South Wales NP20 4EL
May 30, 2023
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The Woodlands Trust
Statement of Financial Activities
Year ended 31 July 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 21,626 | 21,626 | 3,242 |
| Investment income | 5 | 33,640 | 33,640 | 38,393 |
| Other income | 6 | 5,300 | 5,300 | 2,500 |
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| Total income | 60,566 | 60,566 | 44,135 | |
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| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 7 | 6,618 | 6,618 | 4,298 |
| Expenditure on charitable activities | 8,9 | 273,541 | 273,541 | 83,241 |
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| Total expenditure | 280,159 | 280,159 | 87,539 | |
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| Net gains on investments | 10 | 10,646 | 10,646 | 17,263 |
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| Net expenditure and net movement in funds | (208,947) | (208,947) | (26,141) | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 2,220,152 | 2,220,152 | 2,246,293 | |
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| Total funds carried forward | 2,011,205 | 2,011,205 | 2,220,152 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these financial statements.
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The Woodlands Trust
Statement of Financial Position
31 July 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 13 | 1,682,920 | 1,410,141 | |
| Current assets | ||||
| Debtors | 14 | 994 | – | |
| Cash at bank and in hand | 332,391 | 813,058 | ||
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| 333,385 | 813,058 | |||
| Creditors: amounts falling due within one year | 15 | 5,100 | 3,047 | |
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| Net current assets | 328,285 | 810,011 | ||
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| Total assets less current liabilities | 2,011,205 | 2,220,152 | ||
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| Funds of the charity | ||||
| Unrestricted funds | 2,011,205 | 2,220,152 | ||
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| Total charity funds | 16 | 2,011,205═════════════ |
2,220,152═════════════ |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: May 30, 2023
M.Sheppard M.Sheppard (May 30, 2023 15:08 GMT+1)
Mr M R Sheppard Trustee
K I Hart K I Hart (May 30, 2023 14:51 GMT+1) Mr K Hart Trustee
The notes on pages 9 to 16 form part of these financial statements.
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The Woodlands Trust
Notes to the Financial Statements
Year ended 31 July 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Shalom, Catsash Road, Langstone, Newport, South Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Woodlands Trust
Notes to the Financial Statements (continued)
Year ended 31 July 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
· income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
· legacy income is recognised when receipt is probable and entitlement is established.
· investment income is recognised when receipt is probable and entitlement is established.
· any increase/decrease in market value of investments is recognised in the statement of financial activities.
Resources expended
Application of funds beneficial to charitable organisations are donations made to other organisations in the furtherance of the charity's objects.
All other expenditure incurred by the charity are governance costs such as accountancy and premises costs. The change in value of investments due to fluctuations in the exchange rate are recognised in the year to which they relate.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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The Woodlands Trust
Notes to the Financial Statements (continued)
Year ended 31 July 2022
3. Accounting policies (continued)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 21,626 | 21,626 | 3,242 | 3,242 |
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The Woodlands Trust
Notes to the Financial Statements (continued)
Year ended 31 July 2022
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Income from investment properties | 31,171 | 31,171 | 36,750 | 36,750 |
| Income from other investments | 465 | 465 | 474 | 474 |
| Loan Interest | 2,004 | 2,004 | 1,169 | 1,169 |
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| 33,640 | 33,640 | 38,393 | 38,393 | |
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|
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Insurance monies received | 5,300 | 5,300 | – | – |
| Other income | – | – | 2,500 | 2,500 |
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|
| 5,300 | 5,300 | 2,500 | 2,500 | |
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|
| Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Portfolio management | 1,434 | 1,434 | 1,743 | 1,743 |
| Rent collection | 1,050 | 1,050 | – | – |
| Property repairs and maintenance | ||||
| charges | 2,885 | 2,885 | 658 | 658 |
| Property insurance | 1,249 | 1,249 | 1,878 | 1,878 |
| Property rates & utilities | – | – | 19 | 19 |
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|
| 6,618 | 6,618 | 4,298 | 4,298 | |
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6. Other income
7. Investment management costs
8. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Support of religious organisations | 258,900 | 258,900 | 73,100 | 73,100 |
| Payments to Evangelists | 12,200 | 12,200 | 7,200 | 7,200 |
| Support costs | 2,441 | 2,441 | 2,941 | 2,941 |
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| 273,541 | 273,541 | 83,241 | 83,241 | |
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The Woodlands Trust
Notes to the Financial Statements (continued)
Year ended 31 July 2022
9. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Support of religious organisations | 258,900 | – | 258,900 | 73,100 |
| Payments to Evangelists | 12,200 | – | 12,200 | 7,200 |
| Governance costs | – | 2,441 | 2,441 | 2,941 |
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| 271,100 | 2,441 | 273,541 | 83,241 | |
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10. Net gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Gains/(losses) on revaluation of | ||||
| investments | 10,646 | 10,646 | 17,263 | 17,263 |
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|
| Independent examination fees | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 2,184═══════ |
2,130═══════ |
11. Independent examination fees
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
There were no trustee expenses reimbursed in the year (2021: £917).
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The Woodlands Trust
Notes to the Financial Statements (continued)
Year ended 31 July 2022
13. Investments
| Cash or | UK | Shares in | ||||
|---|---|---|---|---|---|---|
| cash | Investment |
Participating | group | Other | ||
| equivalents | properties | interests | undertakings | investments | Total | |
| £ | £ | £ | £ | £ | £ | |
| Cost or | ||||||
| valuation | ||||||
| At 1 Aug 2021 | 40,000 | 525,000 | 736,893 | 99 | 108,149 | 1,410,141 |
| Additions | – | 263,101 | – | – | 465 | 263,566 |
| Disposals | – | – | – | – | (1,434) | (1,434) |
| Fair value | ||||||
| movements | – | 45,000 | (30,000) | – | – | 15,000 |
| Other | ||||||
| movements | – | – | – | – | (4,353) | (4,353) |
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| At 31 Jul 2022 | 40,000 | 833,101 | 706,893 | 99 | 102,827 | 1,682,920 |
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| Impairment | ||||||
| At 1 Aug 2021 | ||||||
| and 31 Jul 2022 | – | – | – | – | ||
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| Carrying | ||||||
| amount | ||||||
| At 31 Jul 2022 | 40,000 | 833,101 | 706,893 | 99 | 102,827 | 1,682,920 |
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| At 31 Jul 2021 | 40,000 | 525,000 | 736,893 | 99 | 108,149 | 1,410,141 |
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All investments shown above are held at valuation.
Investment properties
The investment properties were revalued at 31 July 2022 at market value. The valuation was undertaken by the trustees, who have recent experience with similar investment properties. The trustees based their valuations on recent transactions with similar properties and/or also made reference to the required rate of return and the current annual rental income.
The listed investments and the collective investment vehicle were managed by Attivo Financial (previously Hart Greaves LLP) during the year.
The charity owns 99% of the issued ordinary share capital of WT Edgington (Sandhurst) Services Limited, a company incorporated in England and Wales. At 31 October 2021, the company had a deficit on capital and reserves of £82,064 (2020: £82,064) and was dormant in the year (2020: loss made of £622).
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The Woodlands Trust
Notes to the Financial Statements (continued)
Year ended 31 July 2022
14. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 161 | – |
| Other debtors | 833 | – |
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| 994 | – | |
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| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Payments received on account | 1,999 | – |
| Other creditors | 3,101 | 3,047 |
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|
| 5,100 | 3,047 | |
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15. Creditors: amounts falling due within one year
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 1 | Gains and | At 31 | |||
| August 2021 | Income | Expenditure | losses | July 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 2,220,152 | 60,566 | (280,159) | 10,646 | 2,011,205 |
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|
| At 1 | Gains and | At 31 | |||
| August 2020 | Income | Expenditure | losses | July 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 2,246,293 | 44,135 | (87,539) | 17,263 | 2,220,152 |
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The Woodlands Trust
Notes to the Financial Statements (continued)
Year ended 31 July 2022
17. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Investments | 1,682,920 | 1,682,920 |
| Current assets | 333,385 | 333,385 |
| Creditors less than 1 year | (5,100) | (5,100) |
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|
| Net assets | 2,011,205 | 2,011,205 |
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|
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 1,410,141 | 1,410,141 |
| Current assets | 813,058 | 813,058 |
| Creditors less than 1 year | (3,047) | (3,047) |
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|
| Net assets | 2,220,152 | 2,220,152 |
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18. Related parties
The Woodlands Trust holds 42% of the ordinary share capital of Newport Furnishers Limited. In addition to this, the directors of Newport Furnishers Limited are also trustees of The Woodlands Trust. During the year, Newport Furnishers made an unconditional donation of £20,000 to the charity. There were no donations to the charity from Newport Furnishers Limited in the year ended 31 July 2021.
The Woodlands Trust also holds 99 ordinary shares in W T Edgington (Sandhurst) Limited. There were no transactions with W T Edgington (Sandhurst) Limited during the current or prior year. There were no balances with W T Edgington (Sandhurst) Limited at 31 July 2022 (2021: £nil).
At 31 July 2022, a balance of £917 was owed to the trustees (2021: £917).
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