REGISTERED CHARITY NUMBER: 282944
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
THE PEGGY WOOD FOUNDATION
McCabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park SITTINGBOURNE Kent ME9 8PX
THE PEGGY WOOD FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 15 |
| Detailed Statement of Financial Activities | 16 to 17 |
THE PEGGY WOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 object of the Fund is the relief of sickness of patients suffering from leukaemia and cancer at The Maidstone General Hospital in the County of Kent.
It is the aim of the Fund to make The Maidstone General Hospital a major centre for the treatment of cancer and leukaemia.
It has been our aim this year to put in place a robust procedure with Maidstone Hospital to ensure our money is used on the most important purchases needed first.
Volunteers
We continue to rely on volunteers and have 17 in total. They help to run the shop and do delivery pick-ups and drop-offs. All volunteers are trained by the shop manager.
We also support the Bower School for children with special needs and these children do their work experience in the shop. This is all risk assessed by the charity and the school. Although since Covid this has been put on hold.
ACHIEVEMENT AND PERFORMANCE
Review of activities
The committee have been a continued support to the chairman this year helping with different tasks whenever they can.
We now have clear process from the hospital as to how they prioritise equipment that is needs. We will be meeting regularly to support the hospital.
There have been no major purchases this year, this has been because we have not met with the hospital as they have been focused on Covid.
Fundraising activities
Fundraising mainly derives from the shop but there are also a few fundraising events during the year. We also receive occasional donations from the families of patients we have supported, and one-off donations which are sent to us.
We have been in negotiation with the hospital to donate £60,000 next year , £30,000 for blood cell development in cancer treatment and £30,000 in kitting out a Prostate cancer treatment room. This should all come into fruition next year when the new hospital extension is complete.This is still ongoing and has taken longer than expected but we have promised the funds to complete the goal.
Public Benefit
The trustees confirm that they have complied with the duties in Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
We have referred to the guidance in the Charity Commission general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that they have set.
Page 1
THE PEGGY WOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
Investment policy and objectives
The Committee has considered that the most appropriate policy for investing funds not required for the day to day purposes of the charity is in fixed interest money market deposits to ensure that there is no risk of loss of capital.
Reserves policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level which covers the administrative expenditure for at least one year. This would enable the Charity to continue in the event of a significant drop in funds.
Going concern
The trustees have reviewed the level of reserves held at the year end and have concluded that there are no material uncertainties relating to going concern.
FUTURE PLANS
We will continue to run the shop which provides our main source of income. We continue to support Maidstone hospital as and when we receive appropriate requests. The hospital is reviewing its services. The committee has agreed to continue to raise funds and wait for the equipment requests once the hospital restructure takes place. We will of course continue to fund any ongoing cancer related items needed. We will ensure the hospital has a more robust structure in place for highlighting the equipment that is needed.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Fund was established as a registered charity under a constitution adopted 20th April 1981 as amended 26th July 1983 and as varied or affected by commissioners scheme of 3 December 1996.
On 30 May 2006 the name of the Charity was changed from Kent Leukaemia and Cancer Equipment Fund to the Peggy Wood Foundation.
Recruitment and appointment of new trustees
The recruitment of the committee and trustees is as follows:
-
Prospective members are introduced through the committee
-
They are voted on by the present committee
-
Any training is given by the relevant committee member
-
Any new skills enlisted by the committee are quickly utilised
Organisational structure
The Committee of Association consisting of up to 6 members, who meet quarterly, administers the Charity. New members are recruited by invitation and can be appointed by existing members.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
282944
Page 2
THE PEGGY WOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
Principal address C/o 75 North Street Milton Regis SITTINGBOURNE Kent ME10 2HJ
Trustees B Annis S Annis J Williams T Durling L Apps A Francis
Independent Examiner Mrs C Rayner FCA DChA McCabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park SITTINGBOURNE Kent ME9 8PX Principal Place of Business 6 - 8 Mill Street Maidstone Kent ME15 6XH
Approved by order of the board of trustees on 15 January 2024 and signed on its behalf by:
B Annis - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PEGGY WOOD FOUNDATION
Independent examiner's report to the trustees of The Peggy Wood Foundation
I report to the charity trustees on my examination of the accounts of The Peggy Wood Foundation (the Trust) for the year ended 31 March 2023.
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.
Mrs C Rayner FCA DChA
McCabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park SITTINGBOURNE Kent ME9 8PX
16 January 2024
Page 4
THE PEGGY WOOD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 8,459 Other trading activities 3 45,762 Investment income 4 766 Other income 18 Total 55,005 EXPENDITURE ON Raising funds 53,482 Other 2,618 Total 56,100 NET INCOME/(EXPENDITURE) (1,095) RECONCILIATION OF FUNDS Total funds brought forward 190,883 TOTAL FUNDS CARRIED FORWARD 189,788 |
Restricted funds £ - - - 1,810 1,810 1,810 - 1,810 - - - |
31.3.23 Total funds £ 8,459 45,762 766 1,828 56,815 55,292 2,618 57,910 (1,095) 190,883 189,788 |
31.3.22 Total funds £ 3,278 47,072 21 1,765 52,136 56,538 5,256 61,794 (9,658) 200,541 190,883 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
THE PEGGY WOOD FOUNDATION
BALANCE SHEET 31 MARCH 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 250 CURRENT ASSETS Debtors 10 5,351 Cash at bank 186,752 192,103 CREDITORS Amounts falling due within one year 11 (2,565) NET CURRENT ASSETS 189,538 TOTAL ASSETS LESS CURRENT LIABILITIES 189,788 NET ASSETS 189,788 FUNDS 13 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - - |
31.3.23 Total funds £ 250 5,351 186,752 192,103 (2,565) 189,538 189,788 189,788 189,788 189,788 |
31.3.22 Total funds £ 255 5,361 188,200 193,561 (2,933) 190,628 190,883 190,883 190,883 190,883 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15 January 2024 and were signed on its behalf by:
B Annis - Trustee
The notes form part of these financial statements
Page 6
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Statement of compliance
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.
The presentation currency of the financial statements is the Pound Sterling (£). Amounts included in the financial statements are rounded to the nearest Pound 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.
Donated Goods
Donated goods are recognised at the point of sale.
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.
Allocation and apportionment of costs
Support costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. Where support costs can not be attributed directly they are apportioned using income as the basis.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on cost Computer equipment - 33% on cost
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed, to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.
Page 8
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.
Leasing commitments
Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
Statutory information
The Peggy Wood Foundation is an unincorporated charity registered with the charities commission. It is established under a deed of trust dated 20th April 1981.
Going Concern
The trustees have reviewed the level of reserves held at the year end and have concluded that there are no material uncertainties relating to going concern.
Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the Charity's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from the estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical accounting judgements and key sources of estimation uncertainty affecting the charitable company is depreciation.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Donations | 8,459 | 3,278 |
Page 9
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
OTHER TRADING ACTIVITIES
| 3. | OTHER TRADING ACTIVITIES | ||||||||
| 31.3.23 | 31.3.22 | ||||||||
| £ | £ | ||||||||
| Shop income | 45,762 | 47,072 | |||||||
| 4. | INVESTMENT INCOME | ||||||||
| 31.3.23 | 31.3.22 | ||||||||
| £ | £ | ||||||||
| Deposit account interest | 766 | 21 | |||||||
| 5. | SUPPORT COSTS | ||||||||
| Management | Finance | Other | Totals | ||||||
| £ | £ | £ | £ | ||||||
| Other trading activities | - | 123 | - | 123 | |||||
| Other resources expended | 1,845 | 406 | 230 | 2,481 | |||||
| 1,845 | 529 | 230 | 2,604 | ||||||
| Support costs, included in the above, are as follows: | |||||||||
| Management | |||||||||
| 31.3.23 | 31.3.22 | ||||||||
| Other | |||||||||
| resources | Total | ||||||||
| expended | activities | ||||||||
| £ | £ | ||||||||
| Accountancy fee | 1,845 | 2,186 | |||||||
| Finance | |||||||||
| 31.3.23 | 31.3.22 | ||||||||
| Other | Other | ||||||||
| trading | resources | Total | Total | ||||||
| activities | expended | activities | activities | ||||||
| £ | £ | £ | £ | ||||||
| Bank charges | - | 406 | 406 | 61 | |||||
| Depreciation of tangible fixed assets | 123 | - | 123 | 2,809 | |||||
| 123 | 406 | 529 | 2,870 |
Page 10
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. SUPPORT COSTS - continued Other
| SUPPORT COSTS - continued Other |
||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Travel and Subsistence | 230 | 80 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
Brynley Annis, trustee, was reimbursed £230 for mileage expenses during the year ended 31 March 2023 (2022: £80), and £531 for telephone and broadband (2022: £579).
7. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Wages and salaries | 28,378 | 30,447 |
| Social security costs | 1,810 | 1,765 |
| Other pension costs | 229 | 203 |
| 30,417 | 32,415 | |
| The average monthly number of employees during the year was as follows: | ||
| 31.3.23 | 31.3.22 | |
| Administration | 2 | 2 |
No employees received emoluments in excess of £60,000.
There were no employees earning more than £60,000 in the year under review or in the previous year.
Page 11
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 3,278 Other trading activities 47,072 Investment income 21 Other income - Total 50,371 EXPENDITURE ON Raising funds 54,773 Other 5,256 Total 60,029 NET INCOME/(EXPENDITURE) (9,658) RECONCILIATION OF FUNDS Total funds brought forward 200,541 TOTAL FUNDS CARRIED FORWARD 190,883 |
Restricted funds £ - - - 1,765 1,765 1,765 - 1,765 - - - |
Total funds £ 3,278 47,072 21 1,765 52,136 56,538 5,256 61,794 (9,658) 200,541 190,883 |
|---|---|---|
Page 12
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. TANGIBLE FIXED ASSETS
| 9. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Motor | Computer | ||||
| vehicles | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 April 2022 | 16,440 | 3,734 | 20,174 | ||
| Additions | - | 119 | 119 | ||
| At 31 March 2023 | 16,440 | 3,853 | 20,293 | ||
| DEPRECIATION | |||||
| At 1 April 2022 | 16,440 | 3,479 | 19,919 | ||
| Charge for year | - | 124 | 124 | ||
| At 31 March 2023 | 16,440 | 3,603 | 20,043 | ||
| NET BOOK VALUE | |||||
| At 31 March 2023 | - | 250 | 250 | ||
| At 31 March 2022 | - | 255 | 255 | ||
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.23 | 31.3.22 | ||||
| £ | £ | ||||
| Other debtors | 341 | 333 | |||
| Prepayments and accrued income | 5,010 | 5,028 | |||
| 5,351 | 5,361 | ||||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.23 | 31.3.22 | ||||
| £ | £ | ||||
| Other creditors | 2,565 | 2,933 | |||
| 12. | LEASING AGREEMENTS | ||||
| Minimum lease payments under non-cancellable operating leases | fall due as | follows: | |||
| 31.3.23 | 31.3.22 | ||||
| £ | £ | ||||
| Within one year | - | 3,750 |
Page 13
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund Designated fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Restricted funds Employers Allowance TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 190,883 - 190,883 190,883 as follows: |
Net movement in funds £ (1,095) - (1,095) (1,095) Incoming resources £ 55,005 1,810 56,815 At 1.4.21 £ 200,541 200,541 |
Transfers between At funds 31.3.23 £ £ (60,000) 129,788 60,000 60,000 - 189,788 - 189,788 Resources Movement expended in funds £ £ (56,100) (1,095) (1,810) - (57,910) (1,095) Net movement At in funds 31.3.22 £ £ (9,658) 190,883 (9,658) 190,883 |
|---|---|---|---|
Page 14
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 50,371 | (60,029) | (9,658) |
| Restricted funds | |||
| Employers Allowance | 1,765 | (1,765) | - |
| TOTAL FUNDS | 52,136 | (61,794) | (9,658) |
14. RELATED PARTY DISCLOSURES
A Card, daughter of B Annis, a trustee, is employed by the charity as a retail assistant. A Card's appointment was made in open competition and B Annis was not involved in the decision making process regarding appointment. A Card is paid within the normal pay scale for her role and receives no special treatment as a result of her relationship to a trustee.
A Card received £11,244 gross pay (2022 - £13,015) during the period covered by the financial statements.
15. ULTIMATE CONTROLLING PARTY
The ultimate controlling party of the Charity is the committee members who are responsible for the day to day running of the Charity.
Page 15
THE PEGGY WOOD FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 8,459 | 3,278 |
| Other trading activities | ||
| Shop income | 45,762 | 47,072 |
| Investment income | ||
| Deposit account interest | 766 | 21 |
| Other income | ||
| Government Grants | 1,810 | 1,765 |
| PAYE interest | 18 | - |
| 1,828 | 1,765 | |
| Total incoming resources | 56,815 | 52,136 |
| EXPENDITURE | ||
| Other trading activities | ||
| Wages | 28,378 | 30,447 |
| Social security | 1,810 | 1,765 |
| Pensions | 229 | 203 |
| Rent | 16,917 | 16,844 |
| Licences and Insurance | 893 | 1,106 |
| Telephone and Broadband | 1,265 | 1,113 |
| Motor Expenses | 280 | 798 |
| Repairs and Renewals | 292 | 108 |
| Light and Heat | 1,737 | 1,259 |
| Rates and Water | 165 | 393 |
| Sundry Expenses | 212 | 57 |
| Computer Expenses | 123 | 139 |
| Post and Stationery | 101 | 291 |
| Cleaning | 2,020 | 1,240 |
| Shop Insurance | 531 | 559 |
| Subscriptions | 216 | 216 |
| 55,169 | 56,538 | |
| Other | ||
| Staff entertaining | 137 | 120 |
This page does not form part of the statutory financial statements
Page 16
THE PEGGY WOOD FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.23 | 31.3.22 | |
|---|---|---|---|
| £ | £ | ||
| Support costs | |||
| Management | |||
| Accountancy fee | 1,845 | 2,186 | |
| Finance | |||
| Bank charges | 406 | 61 | |
| Motor vehicles | - | 2,748 | |
| Computer equipment | 123 | 61 | |
| 529 | 2,870 | ||
| Other | |||
| Travel and Subsistence | 230 | 80 | |
| Total resources expended | 57,910 | 61,794 | |
| Net expenditure | (1,095) | (9,658) |
This page does not form part of the statutory financial statements
Page 17
REGISTERED CHARITY NUMBER: 282944
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
THE PEGGY WOOD FOUNDATION
McCabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park SITTINGBOURNE Kent ME9 8PX
THE PEGGY WOOD FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 15 |
| Detailed Statement of Financial Activities | 16 to 17 |
THE PEGGY WOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 object of the Fund is the relief of sickness of patients suffering from leukaemia and cancer at The Maidstone General Hospital in the County of Kent.
It is the aim of the Fund to make The Maidstone General Hospital a major centre for the treatment of cancer and leukaemia.
It has been our aim this year to put in place a robust procedure with Maidstone Hospital to ensure our money is used on the most important purchases needed first.
Volunteers
We continue to rely on volunteers and have 17 in total. They help to run the shop and do delivery pick-ups and drop-offs. All volunteers are trained by the shop manager.
We also support the Bower School for children with special needs and these children do their work experience in the shop. This is all risk assessed by the charity and the school. Although since Covid this has been put on hold.
ACHIEVEMENT AND PERFORMANCE
Review of activities
The committee have been a continued support to the chairman this year helping with different tasks whenever they can.
We now have clear process from the hospital as to how they prioritise equipment that is needs. We will be meeting regularly to support the hospital.
There have been no major purchases this year, this has been because we have not met with the hospital as they have been focused on Covid.
Fundraising activities
Fundraising mainly derives from the shop but there are also a few fundraising events during the year. We also receive occasional donations from the families of patients we have supported, and one-off donations which are sent to us.
We have been in negotiation with the hospital to donate £60,000 next year , £30,000 for blood cell development in cancer treatment and £30,000 in kitting out a Prostate cancer treatment room. This should all come into fruition next year when the new hospital extension is complete.This is still ongoing and has taken longer than expected but we have promised the funds to complete the goal.
Public Benefit
The trustees confirm that they have complied with the duties in Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
We have referred to the guidance in the Charity Commission general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that they have set.
Page 1
THE PEGGY WOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
Investment policy and objectives
The Committee has considered that the most appropriate policy for investing funds not required for the day to day purposes of the charity is in fixed interest money market deposits to ensure that there is no risk of loss of capital.
Reserves policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level which covers the administrative expenditure for at least one year. This would enable the Charity to continue in the event of a significant drop in funds.
Going concern
The trustees have reviewed the level of reserves held at the year end and have concluded that there are no material uncertainties relating to going concern.
FUTURE PLANS
We will continue to run the shop which provides our main source of income. We continue to support Maidstone hospital as and when we receive appropriate requests. The hospital is reviewing its services. The committee has agreed to continue to raise funds and wait for the equipment requests once the hospital restructure takes place. We will of course continue to fund any ongoing cancer related items needed. We will ensure the hospital has a more robust structure in place for highlighting the equipment that is needed.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Fund was established as a registered charity under a constitution adopted 20th April 1981 as amended 26th July 1983 and as varied or affected by commissioners scheme of 3 December 1996.
On 30 May 2006 the name of the Charity was changed from Kent Leukaemia and Cancer Equipment Fund to the Peggy Wood Foundation.
Recruitment and appointment of new trustees
The recruitment of the committee and trustees is as follows:
-
Prospective members are introduced through the committee
-
They are voted on by the present committee
-
Any training is given by the relevant committee member
-
Any new skills enlisted by the committee are quickly utilised
Organisational structure
The Committee of Association consisting of up to 6 members, who meet quarterly, administers the Charity. New members are recruited by invitation and can be appointed by existing members.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
282944
Page 2
THE PEGGY WOOD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
Principal address C/o 75 North Street Milton Regis SITTINGBOURNE Kent ME10 2HJ
Trustees B Annis S Annis J Williams T Durling L Apps A Francis
Independent Examiner Mrs C Rayner FCA DChA McCabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park SITTINGBOURNE Kent ME9 8PX Principal Place of Business 6 - 8 Mill Street Maidstone Kent ME15 6XH
Approved by order of the board of trustees on 15 January 2024 and signed on its behalf by:
B Annis - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PEGGY WOOD FOUNDATION
Independent examiner's report to the trustees of The Peggy Wood Foundation
I report to the charity trustees on my examination of the accounts of The Peggy Wood Foundation (the Trust) for the year ended 31 March 2023.
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.
Mrs C Rayner FCA DChA
McCabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park SITTINGBOURNE Kent ME9 8PX
16 January 2024
Page 4
THE PEGGY WOOD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 8,459 Other trading activities 3 45,762 Investment income 4 766 Other income 18 Total 55,005 EXPENDITURE ON Raising funds 53,482 Other 2,618 Total 56,100 NET INCOME/(EXPENDITURE) (1,095) RECONCILIATION OF FUNDS Total funds brought forward 190,883 TOTAL FUNDS CARRIED FORWARD 189,788 |
Restricted funds £ - - - 1,810 1,810 1,810 - 1,810 - - - |
31.3.23 Total funds £ 8,459 45,762 766 1,828 56,815 55,292 2,618 57,910 (1,095) 190,883 189,788 |
31.3.22 Total funds £ 3,278 47,072 21 1,765 52,136 56,538 5,256 61,794 (9,658) 200,541 190,883 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
THE PEGGY WOOD FOUNDATION
BALANCE SHEET 31 MARCH 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 250 CURRENT ASSETS Debtors 10 5,351 Cash at bank 186,752 192,103 CREDITORS Amounts falling due within one year 11 (2,565) NET CURRENT ASSETS 189,538 TOTAL ASSETS LESS CURRENT LIABILITIES 189,788 NET ASSETS 189,788 FUNDS 13 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - - |
31.3.23 Total funds £ 250 5,351 186,752 192,103 (2,565) 189,538 189,788 189,788 189,788 189,788 |
31.3.22 Total funds £ 255 5,361 188,200 193,561 (2,933) 190,628 190,883 190,883 190,883 190,883 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15 January 2024 and were signed on its behalf by:
B Annis - Trustee
The notes form part of these financial statements
Page 6
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Statement of compliance
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.
The presentation currency of the financial statements is the Pound Sterling (£). Amounts included in the financial statements are rounded to the nearest Pound 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.
Donated Goods
Donated goods are recognised at the point of sale.
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.
Allocation and apportionment of costs
Support costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. Where support costs can not be attributed directly they are apportioned using income as the basis.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on cost Computer equipment - 33% on cost
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed, to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.
Page 8
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.
Leasing commitments
Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
Statutory information
The Peggy Wood Foundation is an unincorporated charity registered with the charities commission. It is established under a deed of trust dated 20th April 1981.
Going Concern
The trustees have reviewed the level of reserves held at the year end and have concluded that there are no material uncertainties relating to going concern.
Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the Charity's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from the estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical accounting judgements and key sources of estimation uncertainty affecting the charitable company is depreciation.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Donations | 8,459 | 3,278 |
Page 9
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
OTHER TRADING ACTIVITIES
| 3. | OTHER TRADING ACTIVITIES | ||||||||
| 31.3.23 | 31.3.22 | ||||||||
| £ | £ | ||||||||
| Shop income | 45,762 | 47,072 | |||||||
| 4. | INVESTMENT INCOME | ||||||||
| 31.3.23 | 31.3.22 | ||||||||
| £ | £ | ||||||||
| Deposit account interest | 766 | 21 | |||||||
| 5. | SUPPORT COSTS | ||||||||
| Management | Finance | Other | Totals | ||||||
| £ | £ | £ | £ | ||||||
| Other trading activities | - | 123 | - | 123 | |||||
| Other resources expended | 1,845 | 406 | 230 | 2,481 | |||||
| 1,845 | 529 | 230 | 2,604 | ||||||
| Support costs, included in the above, are as follows: | |||||||||
| Management | |||||||||
| 31.3.23 | 31.3.22 | ||||||||
| Other | |||||||||
| resources | Total | ||||||||
| expended | activities | ||||||||
| £ | £ | ||||||||
| Accountancy fee | 1,845 | 2,186 | |||||||
| Finance | |||||||||
| 31.3.23 | 31.3.22 | ||||||||
| Other | Other | ||||||||
| trading | resources | Total | Total | ||||||
| activities | expended | activities | activities | ||||||
| £ | £ | £ | £ | ||||||
| Bank charges | - | 406 | 406 | 61 | |||||
| Depreciation of tangible fixed assets | 123 | - | 123 | 2,809 | |||||
| 123 | 406 | 529 | 2,870 |
Page 10
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. SUPPORT COSTS - continued Other
| SUPPORT COSTS - continued Other |
||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Travel and Subsistence | 230 | 80 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
Brynley Annis, trustee, was reimbursed £230 for mileage expenses during the year ended 31 March 2023 (2022: £80), and £531 for telephone and broadband (2022: £579).
7. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Wages and salaries | 28,378 | 30,447 |
| Social security costs | 1,810 | 1,765 |
| Other pension costs | 229 | 203 |
| 30,417 | 32,415 | |
| The average monthly number of employees during the year was as follows: | ||
| 31.3.23 | 31.3.22 | |
| Administration | 2 | 2 |
No employees received emoluments in excess of £60,000.
There were no employees earning more than £60,000 in the year under review or in the previous year.
Page 11
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 3,278 Other trading activities 47,072 Investment income 21 Other income - Total 50,371 EXPENDITURE ON Raising funds 54,773 Other 5,256 Total 60,029 NET INCOME/(EXPENDITURE) (9,658) RECONCILIATION OF FUNDS Total funds brought forward 200,541 TOTAL FUNDS CARRIED FORWARD 190,883 |
Restricted funds £ - - - 1,765 1,765 1,765 - 1,765 - - - |
Total funds £ 3,278 47,072 21 1,765 52,136 56,538 5,256 61,794 (9,658) 200,541 190,883 |
|---|---|---|
Page 12
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. TANGIBLE FIXED ASSETS
| 9. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Motor | Computer | ||||
| vehicles | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 April 2022 | 16,440 | 3,734 | 20,174 | ||
| Additions | - | 119 | 119 | ||
| At 31 March 2023 | 16,440 | 3,853 | 20,293 | ||
| DEPRECIATION | |||||
| At 1 April 2022 | 16,440 | 3,479 | 19,919 | ||
| Charge for year | - | 124 | 124 | ||
| At 31 March 2023 | 16,440 | 3,603 | 20,043 | ||
| NET BOOK VALUE | |||||
| At 31 March 2023 | - | 250 | 250 | ||
| At 31 March 2022 | - | 255 | 255 | ||
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.23 | 31.3.22 | ||||
| £ | £ | ||||
| Other debtors | 341 | 333 | |||
| Prepayments and accrued income | 5,010 | 5,028 | |||
| 5,351 | 5,361 | ||||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.23 | 31.3.22 | ||||
| £ | £ | ||||
| Other creditors | 2,565 | 2,933 | |||
| 12. | LEASING AGREEMENTS | ||||
| Minimum lease payments under non-cancellable operating leases | fall due as | follows: | |||
| 31.3.23 | 31.3.22 | ||||
| £ | £ | ||||
| Within one year | - | 3,750 |
Page 13
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund Designated fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Restricted funds Employers Allowance TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 190,883 - 190,883 190,883 as follows: |
Net movement in funds £ (1,095) - (1,095) (1,095) Incoming resources £ 55,005 1,810 56,815 At 1.4.21 £ 200,541 200,541 |
Transfers between At funds 31.3.23 £ £ (60,000) 129,788 60,000 60,000 - 189,788 - 189,788 Resources Movement expended in funds £ £ (56,100) (1,095) (1,810) - (57,910) (1,095) Net movement At in funds 31.3.22 £ £ (9,658) 190,883 (9,658) 190,883 |
|---|---|---|---|
Page 14
continued...
THE PEGGY WOOD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 50,371 | (60,029) | (9,658) |
| Restricted funds | |||
| Employers Allowance | 1,765 | (1,765) | - |
| TOTAL FUNDS | 52,136 | (61,794) | (9,658) |
14. RELATED PARTY DISCLOSURES
A Card, daughter of B Annis, a trustee, is employed by the charity as a retail assistant. A Card's appointment was made in open competition and B Annis was not involved in the decision making process regarding appointment. A Card is paid within the normal pay scale for her role and receives no special treatment as a result of her relationship to a trustee.
A Card received £11,244 gross pay (2022 - £13,015) during the period covered by the financial statements.
15. ULTIMATE CONTROLLING PARTY
The ultimate controlling party of the Charity is the committee members who are responsible for the day to day running of the Charity.
Page 15
THE PEGGY WOOD FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 8,459 | 3,278 |
| Other trading activities | ||
| Shop income | 45,762 | 47,072 |
| Investment income | ||
| Deposit account interest | 766 | 21 |
| Other income | ||
| Government Grants | 1,810 | 1,765 |
| PAYE interest | 18 | - |
| 1,828 | 1,765 | |
| Total incoming resources | 56,815 | 52,136 |
| EXPENDITURE | ||
| Other trading activities | ||
| Wages | 28,378 | 30,447 |
| Social security | 1,810 | 1,765 |
| Pensions | 229 | 203 |
| Rent | 16,917 | 16,844 |
| Licences and Insurance | 893 | 1,106 |
| Telephone and Broadband | 1,265 | 1,113 |
| Motor Expenses | 280 | 798 |
| Repairs and Renewals | 292 | 108 |
| Light and Heat | 1,737 | 1,259 |
| Rates and Water | 165 | 393 |
| Sundry Expenses | 212 | 57 |
| Computer Expenses | 123 | 139 |
| Post and Stationery | 101 | 291 |
| Cleaning | 2,020 | 1,240 |
| Shop Insurance | 531 | 559 |
| Subscriptions | 216 | 216 |
| 55,169 | 56,538 | |
| Other | ||
| Staff entertaining | 137 | 120 |
This page does not form part of the statutory financial statements
Page 16
THE PEGGY WOOD FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.23 | 31.3.22 | |
|---|---|---|---|
| £ | £ | ||
| Support costs | |||
| Management | |||
| Accountancy fee | 1,845 | 2,186 | |
| Finance | |||
| Bank charges | 406 | 61 | |
| Motor vehicles | - | 2,748 | |
| Computer equipment | 123 | 61 | |
| 529 | 2,870 | ||
| Other | |||
| Travel and Subsistence | 230 | 80 | |
| Total resources expended | 57,910 | 61,794 | |
| Net expenditure | (1,095) | (9,658) |
This page does not form part of the statutory financial statements
Page 17
Mccabe Ford Williams Chartered Accountants Building 1063 Cornforth Drive Kent Science Park Sittingboume Kent ME9 8PX Date . Dear Sirs The following represenlalions are made on the basis of enquines of management and staff with relevant knowledge and experience such as we consider necessary in connection with your report on the Charity's financial statements for the year ended 31 March 2023. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief. GENERAL We acknowledge that the work performed by you Is subslanlially less in scope than an audit performed in accordance with International Standards on Auditing IUKI and that you do not express an audit opinion. We confirm that the Charity was entitled to exemption in accordance with the Charities Act 2011 trom the requirement lo have its financial statements for the financial year ended 31 March 2023 audited. We have fulfilled our responsibilities as Trustee, as sel out in the terms of your engagement letter dated 9 September 2019 under the Charities Act 2011, for preparing financial statements Iwhich you have prep8red on our behalfi in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Praclicel, and for being satisfied that they give a true and fair view. All the transactions undertaken by the Charity have been properly reflected and recorded in the accounting records. All the accounting records and related financial information, including minutes of all management and shareholders, meetings have been made available lo you for the purpose of your work. The fi'nanci81 statements are free of material misstalemenls, including omissions. INTERNAL CONTROL AND FRAUD We acknowledge our responsibility for the design, implementation and maintenance of internal control systems lo prevent and delecl fraud and error. We have disclosed to you the results of our risk assessment as to whether the financial slalements may be misslaled as a result of fraud. We have disclosed lo you all instances of known or suspeeled fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial slalements. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity's financial statements communicated by current or former employees, analysts. regulator5 or others.
ASSETS AND LIABILITIES 10. The Charity has satisfactory title to all assets and there are no liens or encumbrances on the Charity's assets, except for those that are disclosed as applicable in the notes lo the financial slalements. 11. The net book amounts at which fixed assets are slated in the Balance Sheet were arrived at after providing for depreciation on a scale sufficient to cover obsolescence as well as wear and lear and thus lo redu the net book amounts of the assets lo their residual value by the time they become no longer economically useful to the Charity. 12. At the balance sheet dale there were no material commitments under contracts placed for capital expenditure. 13. The other Current assets shown in the Balan Sheet are all expected lo produce on realisalion in the ordinary course of business al least the amounts at which they are stated. 14. All actual liabilities, ¢onlingenl liabilities and guarantees given to third parties have been recorded or disclosed as applicable The amounts Irealed in the 881ance Sheet as provisions for liabilities, losses and diminution in value of assets are not greater than the sums reasonably required for those purposes. 15. All income which arose up to the dale of the Balan Sheet has been brought into account. 16. The Balonce Sheet includes all cash and bank accounts and all other assets of the Charity required lo be included therein. 17. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial slalemenls. ACCOUNTING ESTIMATES 18. Significant assumptions used by us in making accounting estimates. including those measured al fair value, are reasonable. LOANS AND ARRANGEMENTS 19. The Charity has not granted any advances or credits to, or made guarantees on behalf of, Trustee other than those disclosed in the financial slatemenls. 20. The amounts disclosed in the financial statements as Trustee's remuneration are correcly staled and include all amount5 received from the Charity or any other person. LEGAL CLAIMS 21. We have disclosed lo you all claims in connection with Iiligation that have been, or are expecleé to be. reiVed and such matters, as appropriate. have been properly accounted for and disclosed as applicable in the financial slalemenls. LAWS ANO REGULATIONS 22. We have disclosed lo you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effec15 should be considered when preparing the financial slatementS. RELATED PARTIES 23. Related party relationships and transactions have been appropriately accounted for and disclosed as applicable in the financial statements. We have disclosed lo you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of the Charities Act 2011 or accounting standards. In particular, those related party transactions that are not disclosed are all transacted in accordance with normal market conditions. SUBSEQUENT EVENTS 24. All events subsequent lo the dale of the financial slalemenls which require adjustment or disclosure have been properly accounted for and disclosed as applicable.
GOING CONCERN 25. Vve believe that the Charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the Charity's needs. We have considered a period of at least e1ve months from the dale of approval of the financial statements. We believe that no further disclosures relating lo the Charity's ability lo continue as a going concern need lo be made in the fi'nancial statements. GRANTS AND DONATIONS 26. All gffints, donations and other income. the receipt of which is subject lo specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the applicalion of such income. Yours faithfully Signed on behalf of the board of Trustee by ¥L) Trustee