REGISTERED CHARITY NUMBER: 273079
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2021
for
The A & R Woolf Charitable Trust
Haines Watts Chartered Accountants 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF
The A & R Woolf Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Detailed Statement of Financial Activities | 10 |
The A & R Woolf Charitable Trust
Report of the Trustees for the Year Ended 5 April 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The A & R Woolf Charitable Trust was founded by a declaration of trust in January 1977 to provide donations to charities operating principally in the field of Children's Welfare, Animal Conservation and Welfare, and Health Care and Research.
Significant activities
The Charity has continued to respond to appeals from, and to support, sundry charitable organisations, all of which are registered charities or are of similar standing.
Public benefit
The matter of support for other major charities for the public benefit remains under consideration by the Trustees having regard to Charity Commission guidance on public benefit.
FINANCIAL REVIEW
Financial position
The Trust's investment income was consistent with the prior year.
The total net gain on investments during the year amounted to £833,969 (2020: Loss 294,260) of which £151,741 was a realised gain and £682,229 was unrealised.
The net loss for the year (which excludes unrealised gains) was £64,450.
FUTURE PLANS
It is intended to continue the annual donations to sundry charities of particular interest to the Trustees and considered worthy of their support within the objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
273079
Principal address
4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF
Trustees
Mr Andrew Rose Dr Gillian Edmonds Mr Stephen Rose
Page 1
The A & R Woolf Charitable Trust
Report of the Trustees for the Year Ended 5 April 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Shaun Brownsmith FCA Haines Watts Chartered Accountants 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF 28/07/2021 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.............................................................. Mr Andrew Rose - Trustee
Page 2
Independent Examiner's Report to the Trustees of The A & R Woolf Charitable Trust
Independent examiner's report to the trustees of The A & R Woolf Charitable Trust
I report to the charity trustees on my examination of the accounts of The A & R Woolf Charitable Trust (the Trust) for the year ended 5 April 2021.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Shaun Brownsmith FCA Haines Watts Chartered Accountants 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF 02/08/2021 Date: .............................................
Page 3
The A & R Woolf Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grants Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.21 Unrestricted fund £ 47,666 36,703 73,750 1,663 112,116 833,970 769,520 3,559,244 4,328,764 |
5.4.20 Total funds £ 64,613 34,091 58,834 - 92,925 (294,260) (322,572) 3,881,816 3,559,244 |
|---|---|---|
The notes form part of these financial statements
Page 4
The A & R Woolf Charitable Trust
Balance Sheet 5 April 2021
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 7 Unrestricted funds TOTAL FUNDS |
5.4.21 Unrestricted fund £ 4,268,545 61,882 (1,663) 60,219 4,328,764 4,328,764 4,328,764 4,328,764 |
5.4.20 Total funds £ 3,523,613 37,216 (1,585) 35,631 3,559,244 3,559,244 3,559,244 3,559,244 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 28/07/2021
.............................................
Mr Andrew Rose - Trustee
The notes form part of these financial statements
Page 5
The A & R Woolf Charitable Trust
Notes to the Financial Statements
for the Year Ended 5 April 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
The presentational currency is £ sterling.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Investments
The investments are stated at fair value
Critical judgement and estimates
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.
In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Page 6
continued...
The A & R Woolf Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
2. INVESTMENT INCOME
3.
| INVESTMENT INCOME | ||
|---|---|---|
| Other fixed asset inv - UnFII RAISING FUNDS Investment management costs Portfolio management |
5.4.21 £ 47,666 5.4.21 £ 36,703 |
5.4.20 £ 64,613 |
| 5.4.20 £ 34,091 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
5. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020 |
Listed investments £ 2,689,590 852,405 (634,960) 833,969 3,741,004 3,741,004 2,689,590 |
Cash and settlements pending £ 834,023 682,627 (989,109) - 527,541 527,541 834,023 |
Totals £ 3,523,613 1,535,032 (1,624,069) 833,969 |
|---|---|---|---|
| 4,268,545 | |||
| 4,268,545 | |||
| 3,523,613 |
Investments held in the UK at a market value of £1,873,290 (2020: £961,789) Investments held outside the UK at a market value of £2,395,255 (2020: £1,727,731)
The historical cost of the listed investments stated above would have been £2,753,168 (2020: £2,338,563)
Cost or valuation at 5 April 2021 is represented by:
| Cash and | ||||
|---|---|---|---|---|
| Listed | settlements | |||
| investments | pending | Totals | ||
| £ | £ | £ | ||
| Valuation in | 2021 | 3,741,004 | 527,541 | 4,268,545 |
Page 7
continued...
The A & R Woolf Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
| 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 7. MOVEMENT IN FUNDS At 6.4.20 £ Unrestricted funds General fund 3,559,244 TOTAL FUNDS 3,559,244 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 47,666 (112,116) TOTAL FUNDS 47,666 (112,116) |
5.4.21 £ 1,663 Net movement in funds £ 769,520 769,520 Gains and losses £ 833,970 833,970 |
5.4.20 £ 1,585 At 5.4.21 £ 4,328,764 4,328,764 Movement in funds £ 769,520 769,520 |
|
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.19 £ 3,881,816 3,881,816 |
Net movement in funds £ (322,572) (322,572) |
At 5.4.20 £ 3,559,244 |
|---|---|---|---|
| 3,559,244 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 64,613 64,613 |
Resources expended £ (92,925) (92,925) |
Gains and Movement losses in funds £ £ (294,260) (322,572) (294,260) (322,572) |
|---|---|---|---|
Page 8
continued...
The A & R Woolf Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2021.
Page 9
The A & R Woolf Charitable Trust
| Detailed Statement of Financial Activities for the Year Ended 5 April 2021 INCOME AND ENDOWMENTS Investment income Other fixed asset inv - UnFII Total incoming resources EXPENDITURE Investment management costs Portfolio management Charitable activities Grants to institutions Support costs Governance costs Auditors' remuneration for non audit work Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
5.4.21 £ 47,666 47,666 36,703 73,750 1,663 112,116 (64,450) 151,741 87,291 |
5.4.20 £ 64,613 64,613 34,091 57,250 1,584 92,925 (28,312) 46,193 17,881 |
|---|---|---|
This page does not form part of the statutory financial statements
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