## SIDCUP ROTARY CLUB BENEVOLENT TRUST
## UNAUDITED FINANCIAL STATEMENTS
30TH JUNE 2024
Charity Registration Number 280561
OPASS BILLINGS WILSON & HONEY LLP
Numeric House 98 Station Road Sidcup Kent DA15 7BY
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
## FINANCIAL STATEMENTS
## YEAR ENDED 30 JUNE 2024
|**Contents**|**Pages**|
|---|---|
|Trustees' Annual Report|1 to 4|
|Trustees' responsibilities in the preparation of Financial Statements|5|
|Independent examiner's report to the Trustees|6|
|Statement of Financial Activities|7|
|Statement of Financial Position|8|
|Notes to the Financial Statements|9 to 12|
|The following pages do not form part of the Financial Statements||
|Detailed Income & Expenditure Account|14 to 16|
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
The Trustees present their report and the unaudited Financial Statements of the Trust for the year ended 30th June 2024.
## **Reference and administrative details**
**Registered charity name** Sidcup Rotary Club Benevolent Trust **Charity registration number** 280561 **The Trustees** G Packman 2023/24 President (from 1 July 2024) N Hamblyn, MBE Honorary Treasurer S Dowswell Trustee D Dennis Trustee P Wilkes Trustee **Secretary** B Hitchcock (from 1 July 2024) **Accountants** Opass Billings Wilson & Honey LLP Chartered Certified Accountants Numeric House 98 Station Road, Sidcup Kent DA15 7BY
1
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
TRUSTEES' ANNUAL REPORT _(continued)_
YEAR ENDED 30 JUNE 2024
## **Structure, governance and management**
## **Governing document**
The Rotary Club of Sidcup Benevolent Trust is a non government, non-political, non religious organisation. The governing document is a Deed of Trust dated 14th March 1963, amended on the 19th November 1980, which established the objects and powers of the Charity.
## **Trustees and Management**
The Trustees of the charity are set out on page 1 of the Financial Statements. The Trustees are recruited from the existing serving Club Members, holding office from the first day of July in each year. The Trustees will be five in number comprising the President, Vice President and Honorary Treasurer for the time being of the Club, plus two past Presidents of the Club to be elected annually by simple majority in General Meeting. Any occasional vacancy which may occur shall be filled by a Past President elected annually by simple majority at any Club meeting. No Individual President shall hold office of Trustee for more than three consecutive years.
## **Operational Structure**
The charity operates in and around Sidcup, Kent, although its registered address is that of the Trust Treasurer and authorised Administrator. The charity was set up by the Rotary Club of Sidcup to offer support in the community and to raise funds to assist those less fortunate and worthy causes. This is achieved by annual covenant donations made by Members, fund raising events, investment income and the receipt of ad hoc donations, legacies and grants..
## **Accounting Controls**
The Charity has set up a fabric of accounting records and internal controls over recording in connection with Income, Expenditure, Assets and Liabilities.
A financial statement is prepared and submitted and submitted at broadly monthly meetings as an overview for the Trustees and Club members.
2
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
## TRUSTEES' ANNUAL REPORT _(continued)_
YEAR ENDED 30 JUNE 2024
## **Objectives and activities**
The relief of poverty, the advancement of education, of religion and other purposes beneficial to the community provided the same are exclusively charitable purposes within the meaning of the law of England and Wales. In setting their objectives and planning their activities the Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commissioner's guidance on public benefit. Donations from the Trust are used to help the disadvantaged, both young and old, in the UK and abroad, Alleviating distress caused by disasters at home and overseas is also targeted.
The main fund raising event for the year was the Trust's traditional Christmas street collections. This year we recruited help from local organisations and charities in return for a donation to their cause. We also organised a number of other fund raising activities We continued to benefit from dividends on our Investments and these funds were enhanced by member covenants, personal donations and related gift aid.
The Trust continues to contribute to the community offering support and financial assistance. Some Members of the Rotary Club's members again provided support at the long standing Christmas Day Lunch for local disabled, elderly and persons living alone; and distributed tickets for and co-ordinated two circus visits attended by local disabled children and their carers.
A wide range of Trust donations have been made to charities and for other purposes locally, nationally and internationally for the benefit of those in need, in keeping with the Trust's objectives.
The Trust continues to look at new avenues, not only of fund raising, but how we can be of service in the community. Several events are already on the calendar for the forthcoming year.
## **Achievements and Performance**
During the period the Charity received £37,238 in fund raising and donations to carry out the programmes mentioned above. £49,383 was given in support of charities and those in need, of which £2,097 was for Restricted Purposes.
## **Financial review**
The Charity has investments in M&G Equities Investments for Charity Income Fund Units (Charifund Inc'). The holdings delivered an annual yield of just over 6% in the year of account from a portfolio of higher income producing shares and so enhancing the trust's programme of support for good causes.
The charity maintains Unrestricted Reserves to cover its current and future operational requirements. pending receipts from dividends and fund raising activities. Any excess reserves are distributed by way of charitable donations. The charity's current account balances may fluctuate due to the timing of donations, the release of committed donations and a desire to ensure a steady distribution of support.
## **Plans for future periods**
The charity will continue to support local , national and international charities in the future offering both service and financial assistance.
3
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
## TRUSTEES' ANNUAL REPORT _(continued)_
YEAR ENDED 30 JUNE 2024
## **Objectives and activities** _(Continued)_
## **Investment Policy**
All funds are held in cash on current /deposit account or interest bearing investments including M&G's Equities Investment Fund for Charities Income Units ('Charifund Inc')
## **Risk Management**
The charity actively reviews the risks which it faces on a regular basis. Health and Safety risk assessments are undertaken on all events and activities. We also maintain suitable insurance through a combined policy organised by Rotary International Great Britain and Ireland and directly for our Christmas Collection and sleigh.
The charity maintains a comprehensive system of accounting records and internal controls.
## **Grants/Donations Policy**
The Rotary heads of Committees present applications for appropriate grants/donations for approval. Each application is considered by the Trustees/Council and referred to Club members. If approved the award is made by the Trust Treasurer generally by bank transfer.
## **Meetings**
Regular meetings are held broadly on a monthly basis. The Secretary deals with any correspondence and records the Minutes of each meeting. The Honorary Treasurer provides a report and Financial Statement indicating the Trust's income and expenditure, its commitments and the funds available for distribution The Heads of Committee put forward donation requests for consideration.
The Trustees' Annual Report was approved on and signed on behalf of the board of trustees by:-
Dated
…………………………………………………. …............................................... Brenda Hitchcock 2024/25 Club and Trust Secretary
4
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
TRUSTEES' RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS
YEAR END 30 JUNE 2024
We are required under the Rules of the Trust to prepare Accounts for each Financial Year which give a true and fair view of the state of affairs of the Trust and of the income and expenditure for that period.
In preparing these account we are required to:
- select suitable Accounting Policies and apply them consistently.
- - make reasonable and prudent judgements and estimates
- - state whether Accounting Standards have been followed, and give details of any departures; and
- - prepare the Accounts on a Going Concern basis unless in our view the Trust will be unable to continue in business.
We are also responsible for:
- keeping proper accounting records;
- - safeguarding the Trust's assets; and
- taking reasonable steps for the prevention and detection of fraud;
On behalf of the Trustees ……………………………………………………………… Dated …..................... Dr N Hamblyn, MBE Honorary Treasurer
5
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIDCUP ROTARY CLUB BENEVOLENT TRUST**
## **YEAR ENDED 30 JUNE 2024**
I report on the accounts of the charity for the year ended 30th June 2018 which comprise the statement of financial activities, statement of financial position and the related notes.
## **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').
It is my responsibility to:
1. examine the accounts under section 145 of the 2011 Act;
2. to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act: and
3. to state whether particular matters have come to my attention.
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 competed 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:
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
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.
M Finnis ACA, ACCA Opass Billings Wilson & Honey LLP Numeric House 98 Station Road Sidcup Kent DA15 7BY
Date
6
## **SIDCUP ROTARY CLUB**
## **BENEVOLENT TRUST**
## STATEMENT OF FINANCIAL ACTIVITES
FOR THE YEAR ENDED 30 JUNE 2024
|Notes
INCOME
Covenants
Donations and Legacies
Other Fundraising Events
Investment Income
Tax recovered
Total Income
EXPENDITURE
Charitable activities
Administratvie expenses
Total Expenditure
Change in value of investment
Net movement in funds
Total Funds Carried Forward at 30th June 2023
Total Funds Brought Forward
1st July 2023|Unrestricted
Funds
£
546
13,123
3,919
16,896
2,754
37,238
47,206
80
47,286
21,297
11,249
305,832
317,081|Restricted
Funds
£
-
-
-
-
-
-
2,097
-
2,097
-
(2,097)
8,247
6,150|Total Funds
2024
£
546
13,123
3,919
16,896
2,754
37,238
49,303
80
49,383
21,297
9,152
314,079
323,231|2023
£
3,478
5,773
2,392
16,191
2,980|
|---|---|---|---|---|
|||||30,814|
|||||32,774
25|
|||||32,799|
||||||
|||||(15,267)|
|||||(17,252)
331,331|
|||||314,079|
7
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
STATEMENT OF FINANCIAL POSITION
AS AT 30TH JUNE 2024
|**FIXED ASSETS**
**CURRENT ASSETS**
Cash at Bank and in hand
**TOTAL CURRENT ASSETS**
**CURRENT LIABILITIES**
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**THE FUNDS OF THE CHARITY**
Unrestricted
Restricted
Balance as at 30th June 2024|**2024**
£
289,498
33,733
323,231
-
323,231
323,231
317,081
6,150
323,231|**2023**
£
268,201
45,878|
|---|---|---|
|||314,079
**-**|
|||314,079|
|||314,079|
|||305,832
8,247|
|||314,079|
Trustee's responsibilities:
(i) The Charity's Trustees consider that an audit of its Financial Statements for the year ended 30th June 2024 is not required, in accordance with section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
(ii) The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Financial Statements.
These financial statements were approved by the current board of Trustees and authorised for issue on
**----- Start of picture text -----**
Approved
G Packman ……………………………………………………. President
D Dennis ……………………………………………………. Trustee
S Dowswell ……………………………………………….…… Trustee
Dr N Hamblyn MBE ……………………………………………………. Hon. Treasurer
P Wilkes ……………………………………………………. Trustee
**----- End of picture text -----**
8
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 30 JUNE 2024
## 1 **General Information**
The Sidcup Rotary Club Benevolent Trust is a non government, non-political, non religious organisation, a registered charity in England and Wales Registration No. 280561)
## 2 **Accounting policies**
## **Basis of preparation**
The financial statements 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 Charities Act 2011 (The 2011 Act). Assets and liabilities are initially recognised as historical cost unless otherwise stated in the relevant policy note.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Fund accounting**
Funds held by the charity are:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the members.
Restricted funds - these are funds which can be used in accordance with the charitable objects and only lawfully used for a specific charitable purpose.
## **Income Recognition**
All income is included in the statement of financial activities when entitlement has passed to the charity, there is sufficient certainty of receipt and the amount of the income can be reliably measured. The following specific policies are applied to particular categories of income:
Income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be reliably measured. Donations are recognised in the accounts when the charity have been notified of the amount and the date the donation will be received. This is normally when a donation has been received in the post or into the charity bank account.
Investment income on funds held on deposit or investment is recognised when notification is received, confirming the interest being paid or becoming payable.
The income from fund-raising ventures is shown gross with the associated costs then deducted.
## **Expenditure Recognition**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Fund raising expenditure is recognised as the cost is incurred.
Donations are payments made by the Trust in the furtherance of the objects of the charity. An application request for a donation will be considered by the Trustees and Council and, referred to members. If agreed the donation will be forwarded.
Expenditure on raising funds includes the cost of all fundraising activities and events.
_(Continued)_
9
## **SIDCUP ROTARY CLUB BENEVOLENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
YEAR ENDED 30 JUNE 2024
## **Investments**
Investments are initially recorded at cost and subsequently stated at cost plus/less any accumulated profit /losses.
## **Financial Instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **Debtors**
Debtors are initially recorded at fair value and are assessed for impairment for each balance sheet date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows.
## **Creditors**
Creditors are initially recorded at fair value and are then re-measured to the present value of the expected future cash outflows.
_(Continued)_
10
**ROTARY CLUB OF SIDCUP BENEVOLENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
YEAR ENDED 30 JUNE 2024
|3
**Income**
**2024**
**Unrestricted**
**Note**
**£**
a) Covenants
excluding Gift Aid
General
456
Foundation covenants
90
546
b) Donations and Legacies
Legacies
**(7)**
-
Donations - End Polio Now
275
-
Other Donations
2,402
Christmas Street Collection
10,446
13,123
c) Other Fundraising Events (net)
Quiz Night
1,320
452
Skittles Evening
110
Grand Sale
860
Hog Roast
783
Riveria Travel Discount
394
-
-
3,919
d) Investment income
Dividends
16,510.00
Bank interest
386
16,896
e) Tax recovered
2,754
Total Income
37,238
Donations - Save Bexley Music
(SBM)
Bexley Young Musician Award
(Restricted)
District Grant - St Lawrence
Charitable Fund
Autumn Clarinets Coffee
Mornings|**2024**
**Restricted**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2024**
**Total**
**£**
456
90
546
-
275
-
2,402
10,446
13,123
1,320
452
110
860
783
394
-
-
3,919
16,510
386
16,896
2,754
37,238|**2023**
**Total**
**£**
2,683
795|
|---|---|---|---|
||||3,478|
||||-
171
-
65
5,537|
||||5,773|
||||340
-
-
-
-
-
860
1,192|
||||2,392|
||||16,032
159|
||||16,191|
||||2,980|
||||30,814|
_Continued_
11
## **ROTARY CLUB OF SIDCUP BENEVOLENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## YEAR ENDED 30 JUNE 2024
|4
**Expenditure**
**Note**
a) Charitable activities
Local Beneficiaries/Events
International Charities
National/Rotary District Charities
b) Administrative Costs
Bank Charges
Software expenses
Total Expenditure
5
**Fixed assets**
**M&G Investment**
MV brought forward
(Decrease) in value of investment
MV carried forward
5
**Cash at bank and in hand**
Current Accounts
Business Premium Account
Savings Account|**2024**
**Unrestricted**
**£**
27,820
16,761
2,625
-
80
47,286|**2024**
**Restricted**
**£**
2,097
-
-
-
-
2,097|**2024**
**Total**
**£**
29,917
16,761
2,625
-
80
49,383
**2024**
268,201
21,297
289,498
**2024**
2,340
31,393
-
33,733|**2023**
**Total**
**£**
12,517
16,592
3,665
25|
|---|---|---|---|---|
|||||32,799|
|||||**2023**
283,468
(15,267)|
|||||268,201|
|||||**2023**
1,553
25,254
19,071|
|||||45,878|
## 6
## **Restricted funds**
The Restricted Funds relate to the balances transferred from the Rotary Club of Bexley and further funds raised for the biennial Bexley Young Musician Award event organised on behalf of the three Bexley Rotary Clubs (Erith, Bexley and Sidcup) by Sidcup's Satellite Group members. It also includes unexpended monies from past Save Bexley Music Campaigns, much of which has been used or committed for music bursaries.
## 7 **Legacy**
Sidcup Rotary Club was bequeathed a self contained flat in Sidcup subject initially to a life tenant. A 6.6% share (equating to £57,529.08) of the residual estate was also received to enable the lease on the property to be extended to provide long term benefit to the Rotary Club's Trust, and to cover any major works to the property. The lease was extended at a cost of £34,365 and the remaining monies invested. On the death of the life tenant, the property formally passed to the Trust. Shortly afterwards (in 2021) Trustees decided to sell the property and, mindful of the intention to provide long term community benefit, invested both the sale proceeds and the balance of the financial legacy into M&G Equities Fund for Charities (Charifund Inc.) Units. The value of the units at 30th June 2024 was £289,498. The investments are presently generating a yield of over 6% in the year to June 2024.
12
**SIDCUP ROTARY CLUB BENEVOLENT TRUST**
YEAR ENDED 30 JUNE 2024
These pages do not form part of the Financial Statements.
13
## **SIDCUP ROTARY CLUB**
## **BENEVOLENT TRUST**
DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024
## **INCOME**
|Covenants (excluding Gift Aid)
Foundation Covenants
Donations - End Polio Now
Other Donations
Christmas Collections
Less: Expenses
Other Fundraising Events
Quiz Night
less Expenses
less Expenses
Skittles Evening
less Expenses
Grand Sale
Hog Roast
Riveria Travel Discount
Tax recovered
On Unrestricted funds
On Restricted Fund donations
Bank Interest - Gross
Dividends
Autumn Clarinets Coffee Mornings|**£**
1,505
185|**£**
456
90|**£**
546
275
2,402
10,446
3,919
2,754
386
16,510|
|---|---|---|---|
|||11,698
1,252||
|||1,320
452
110
860
783
394||
||512
60|||
||190
80|||
||2,754
-|||
|||||
||||**37,238**|
14
## **SIDCUP ROTARY CLUB**
## **BENEVOLENT TRUST**
DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024
|**EXPENDITURE**
**Local Beneficiaries/ Events**
Bexley Music
Bexley Young Music Awards (Retricted)
Parkinsons Association Blackfen
St Lawrences Community Fund
Kemnals Scouts
Cleeve Park School
Sidcup VIP Club
Demelza Hospice
Age UK Bexley
Inner Wheel
Bexley Womens Aid
St Johns Church Warm Space
Greenwich and Bexley Community Hospice
3rd Sidcup Guides
1st Fotscray Scouts
ist Blendon Guides
The Cateneans
THE Bexley Mayors Appeal
Bexley Food Bank
Blackfen Library Project
Orchard Primary School
Bexley Winter Shelter
Dandelion Time re Ruxley Circus
Xmas Lunch
Bexley Crossroads Care
Young Enterprise
Lollipop Appeal
White Chapel Mission
**International Charities**
Foundation
Shelterbox
Global Sight Solutions
RC Wonulenzi
Street Child
Footsteps International
RC Kharkiv
Marys Meal
District 1120 Ukraine Ambulance
Lend With Care
Sreepur Village
Mission Aviation Fellowsip
MSF
Mercy Ships
Rotary District 1120
Cecilys Fund
Freedom Kitbags|**£**
**£**
**£**
10,000
2,097
250
3,610
1,330
525
200
500
500
2,250
1,113
500
1,000
250
750
250
250
750
500
100
1,000
500
321
404
350
200
60
358
29,917
2,499
3,560
500
277
250
250
500
1,725
250
500
2,400
1,000
1,000
1,000
50
500
500
16,761|
|---|---|
15
## **SIDCUP ROTARY CLUB**
## **BENEVOLENT TRUST**
DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024
|**EXPENDITURE****_(Cont'd)_**
**National/ Rotary Foundation Charities**
Dementia Carers Count
Children with Cancer
Roy Castle Lung Cancer Foundation
Salvation Army
Alzheimers UK
RSPB
Evelina Hospital
RA Charitable Fund
**Administrative Expenses**
Bank Charges
Software
**Investments**
Decrease/(Increase) in Investment for the year
**DEFICIT FOR THE YEAR**|£
£
500
250
250
625
100
100
300
500
2,625|£
49,303
80|
|---|---|---|
||-
80||
|||(21,297)|
|||9,152|
16