A. W. CHARITABLE TRUST GROUP
TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
Charity No 283322
B Olsberg & Co
Chartered Accountants & Statutory Auditor Enterprise House 3 Middleton Road Manchester M8 5DT
A. W. CHARITABLE TRUST GROUP
Contents
| Trustees Report | 1 |
|---|---|
| Auditors Report | 6 |
| Consolidated Statement of Financial Activities | 10 |
| Consolidated Balance Sheet | 11 |
| Consolidated Cashflow Statement | 12 |
| Notes forming part of the financial statements | 13 |
A.W. CHARITABLE TRUST GROUP ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021
The Trustees present their annual report and financial statements of the charity group for the year ended 30[th] June 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Effective 1 January 2015)
REFERENCE AND ADMINISTRATIVE INFORMATION
The Charity was founded in 1981 and is registered with the Charity Commission under charity number 283322.
| Trustees | A Weis | S Weis | Mrs R Weis |
|---|---|---|---|
| Charity Number 283322 | |||
| Charity Offices c/o A Weis: | 1 Allandale Court, Waterpark Road, Salford, | ||
| Manchester, M7 4JL | |||
| Accountants | B Olsberg & Co | Enterprise House, 3 Middleton Road | |
| Manchester M8 5DT | |||
| Auditors | B Olsberg & Co | Chartered Accountants and Statutory Auditors | |
| Enterprise House, 3 Middleton Road | |||
| Manchester M8 5DT | |||
| Solicitors | Fladgate LLP | 16 Great Queen Street London WC2B 5DG | |
| Bankers | Santander UK PLC | Abbey National House, 2 Triton Square, Regents Place, London, | |
| NW1 3AN | |||
| HSBC | Harry Weston Road Coventry CV3 2SH |
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is governed by its Trust Deed dating from 1981 which has not been amended.
Governing Body and Appointment of Trustees
The structure of the Charity consists of one set of Trustees. The board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing trustee.
Trustee Education and Training
New trustees undergo an orientation day to brief them on their legal obligations under the Charities Act, the committee and decision making processes, the business plan and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
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A.W. CHARITABLE TRUST GROUP
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021 (Contd)
Organisational Management
The Trustees of the Charity, are legally responsible for the overall management and control of the Charity and meet regularly.
Group Structure and Relationships
The Charity has two wholly owned non-charitable subsidiaries, Barnsfold Limited and Torland Limited, whose activities and trading performance are disclosed in note 12 to the financial statements.
Principle Risks and Uncertainties
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust. These risks include macro economic factors governing the whole economy that could expose tenants and thereby put value of the investment properties at risk with the associated knock on effect with lenders covenants. Additionally, the charity may be exposed to interest rate increases with reference to loans and their repayment.
Other risks faced by the trust include operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants paid out.
The trustees are satisfied that systems are in place to manage the exposure to the above major risks.
RISK MANAGEMENT
The Trustees are responsible for the management of the risks faced by the Charity. A formal review of the charities risk management processes is undertaken on an annual basis. The key controls used by the charity included; Comprehensive strategic planning and budgeting, Established organisational structure and lines of reporting, and Clear authorisation and approval levels.
Through the risk management processes established for the Charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary.
It is recognised that systems can only provide reasonable but not absolute assurance that the major risks have been adequately managed.
OBJECTS, AIMS AND ACTIVITIES
The Charitable Trust is constituted by Trust Deed, and its objects are to further and support all causes which are considered charitable according to the Law of England. The Trustees wish to support all worthy orthodox Jewish causes and it achieves its objects by making grants and distributions mainly to Jewish education and religious organisations both in the UK and abroad.
Public Benefit
The trustees have referred to guidance contained in the charity commissioners general guidance on public benefit when reviewing the trusts aims and objectives and in planning future activities and setting grant policy for the year.
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A.W. CHARITABLE TRUST GROUP
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021 (Contd)
Aims and Intended Impact
Within these Objects, the Trustees' aim is to provide help whether financial or otherwise to all Jewish persons and institutions in need.
Objectives for the Year
The aim this year is to continue to give support wherever needed and to provide help to even more people in need.
Strategies to achieve the year's objectives
These included granting interviews and meetings with other charities with a view to furthering their activities.
Principal activities of the year
The charity group continued to enjoy a high level of rental income enabling it to make substantial distributions.
Grant-making policy
The policy is to assist in the furtherance of Jewish education and religion, relieve poverty, assist with those in need of medical help and to alleviate hardship wherever possible. Each application and request is considered on its own merit.
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
Financial Review
The group’s income was £16,431,300 out of which there were cost of generating funds of £3,048,049 Administration costs were £333,539 and £10,558,680 was distributed, leaving an income balance of £2,491,032 (2020 – £7,336,849). This income balance was reserved for further investment by the charity. The surplus/(deficit) on property investments during the year amounted to £39,035,363 (2020 - £42,739,979). The net movement of funds was £41,525,453 (2020 – £50,076,675) The performance of the charity was considered to be very satisfactory.
Funds available are sufficient to permit the Trust to continue in operation and to carry on the same level of distributions.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
The Trustees consider that the performance of the charity group this year has been very satisfactory. The charity group continued to enjoy a high level of rental income. The charity group distributed a total of £10,558,680 during the year. The nature of the distributions was in line with the constitution and objects of the trust.
The Trustees constantly review the effectiveness of the trust and improve the scope of their activities. All the distributions by the charity have been funded from the Charity’s own sources of income without resorting to fundraising activities.
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A.W. CHARITABLE TRUST GROUP
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021 (Contd)
Reserves policy
The asset base of the charity consists of a portfolio of income producing properties bought with the assistance of bank and financial institution loans. The income from these properties is more than sufficient to meet the interest and capital repayments required. The Trustees have decided to hold liquid reserves to cover the possibility, however remote, of there being a shortfall in the amount needed to cover increases in interest rates etc.
The amount of distributions made in any period will take into account the necessity to have these reserves available in accordance with the Trustees policy.
The amount of reserves to be held is reviewed annually.
The trustees have considered the fair value of the investment properties taking into account the loan to value of the properties. The trustees consider the holding value to be fair value.
The impact of Covid-19 is not thought to impact on the years figures.
True and fair override
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charities governing document , the Charity Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Investment policy and objectives
The Trustees policy is to hold its property portfolio and not to dispose of properties until there is a commercial reason to do so. Further property purchases will then be considered in the light of the experience of the Trustees. Property investment is considered to be the most beneficial form of investment at present and has proved to be an excellent source of income to the charity over the years.
FUTURE PLANS
The trustee's plans are to continue to invest in the property market and to add to their portfolio of income producing and low risk assets in order to increase the income and stability of the Charity with a view to increasing the level of their philanthropic activities.
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A.W. CHARITABLE TRUST GROUP ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021 (Contd)
STATEMENT OF TRUSTEE RESPONSIBILITIES
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the applicable Charities SORP;
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Make adjustments and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is in appropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
In so far as the trustees are aware:
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There is no relevant audit information of which the charitable trust’s auditors are unaware; and
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The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Approval
The report was approved by the Trustees on 28th April 2022 and signed on their behalf.
A. Weis Trustee
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A W CHARITABLE TRUST GROUP
(Registered Charity Number 283322)
Independent Auditors Report to the trustees of AW Charitable Trust Group
Opinion
We have audited the financial statements of the Group and AW Charitable Trust for the year ended 30 June 2021, which comprise the Consolidated and Parent Company Statement of Financial Activities (including income & expenditure account), the Consolidated and Parent Company statement of financial position, the Group Cash Flow Statement and the related notes including a summary of significant account policies. The financial Reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
In our opinion the Financial Statements:
-
Give a true and fair view of the state of the Group’s and the Parent Charity’s affairs as at 30 June 2021, and of the Group’s and Parent Charity’s incoming resources and application of resources including its income and expenditure, for the year then ended;
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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Have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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The trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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A W CHARITABLE TRUST GROUP
(Registered Charity Number 283322)
Independent Auditors Report to the trustees of AW Charitable Trust Group
Cont…..
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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The financial statements are not in agreement with the accounting records and returns; or
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Certain disclosures of Trustees’ remuneration specified by law are not made; or
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We have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained in the Trustees Responsibilities Statement set out on page 5, the Trustees are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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A W CHARITABLE TRUST GROUP
(Registered Charity Number 283322)
Independent Auditors Report to the trustees of AW Charitable Trust Group
Cont……
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees’ use of the going concern basis of the accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are in adequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation.
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A W CHARITABLE TRUST GROUP
(Registered Charity Number 283322)
Independent Auditors Report to the trustees of AW Charitable Trust Group
Cont…….
Use of our report
The report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
For and behalf of B Olsberg & Co Chartered Accountants & Statutory Auditor Enterprise House 3 Middleton Road Manchester M8 5DT
28th April 2022
B Olsberg & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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A. W. CHARITABLE TRUST GROUP
Consolidated Statement of Financial Activities
for the year ended 30 June 2020
| INCOME AND EXPENDITURE Rent Receivable Gift Aid Donations Interest Received Other Income Resources Expended Direct Charitable Expenditure 4 Cost of Generating Funds 5 Governance Costs Accountancy and Audit Printing, Postage, Stationery and Sundry Telephone Bank Charges and Fees Total Resources Expended Net Income Resources for the year Taxation Net Gains (Deficit) on Investments Net movement in Funds Balance Brought Forward Balance Carried Forward |
Group Charity 2021 2020 2021 2020 Total Unrestricted Total Unrestricted Funds Funds £ £ £ £ 16,414,857 17,045,298 16,351,469 16,982,377 - - - 47,500 14,989 28,900 14,936 28,730 1,454 1,590 1,452 1,583 |
|---|---|
| 16,431,300 17,075,788 16,367,857 17,060,190 |
|
| 10,558,680 5,428,538 10,513,680 5,428,538 |
|
| 3,048,049 4,036,170 3,034,672 4,030,618 |
|
| 17,332 21,200 17,332 17,600 7,735 5,061 1,277 5,035 1,726 1,558 1,726 1,558 306,746 246,412 306,686 246,015 |
|
| 333,539 274,231 327,021 270,208 |
|
| 13,940,268 9,738,939 13,875,373 9,729,364 |
|
| 2,491,032 7,336,849 2,492,484 7,330,826 (942) (1,138) - - 39,035,363 42,739,979 39,035,363 42,739,979 |
|
| 41,525,453 50,075,690 41,527,847 50,070,805 255,610,972 205,535,282 255,592,245 205,521,440 |
|
| 297,136,425 255,610,972 297,120,092 255,592,245 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes form part of these accounts
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A. W. CHARITABLE TRUST GROUP
Consolidated Balance Sheet as at 30 June 2021
| Fixed Assets Property Investments 6 Investments 7 Current Assets Debtors 8 Bank Creditors: Payable within one year 9 Net Current Assets/(Liabilities) TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: due beyond one year 10 Net assets Trust Fund Amount Settled Income Account Unrestricted Funds 11 Non Charitable Trading Funds Undistributable Reserve |
2021 2020 2021 2020 £ £ £ £ Group Charity 320,566,176 332,721,576 320,065,535 332,220,935 100 200 4,212,272 4,212,372 |
|---|---|
| 320,566,276 332,721,776 324,277,807 336,433,307 1,731,302 2,435,185 962,356 1,407,613 73,543,536 64,108,178 72,565,571 64,097,204 |
|
| 75,274,838 66,543,363 73,527,927 65,504,817 23,842,604 11,750,321 23,502,402 11,373,876 |
|
| 51,432,234 54,793,042 50,025,525 54,130,941 |
|
| 371,998,510 387,514,818 374,303,332 390,564,248 74,862,076 131,902,851 77,183,230 134,971,994 |
|
| 297,136,434 255,611,967 297,120,102 255,592,254 10 10 10 10 292,908,021 251,380,173 297,120,092 255,592,244 4,072,663 4,076,044 - - 155,740 155,740 - - |
|
| 297,136,434 255,611,967 297,120,102 255,592,254 |
Approved by the Board of Trustees on 28th April 2022 and signed on its behalf by
……………………………………… Trustee
……………………………………… Trustee
The notes form part of these accounts
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A.W. CHARITABLE TRUST GROUP
Consolidated Cashflow Statement
For the Year Ended 30 June 2021
Cash flows from operating activities Net income (Increase)/Decrease in debtors (Decrease) in creditors Net cash (outflow)/inflow from operations CASH FLOW STATEMENT Net cash (outflow) Investment write off Property Additions Property revaluation Property Disposals (Decrease)/Increase in cash Opening Balances Cash and cash equivalents at the end of the year |
2021 2020 £ £ 41,525,453 50,075,690 703,883 (912,447) (44,949,478) (16,994,449) |
|---|---|
| (2,720,142) 32,168,794 |
|
| (2,720,142) 32,168,794 100 - (33,676,277) (1,910,000) (25,928,324) (43,028,862) 71,760,001 11,237,422 9,435,358 (1,532,646) 64,108,178 65,640,824 73,543,536 64,108,178 |
|
The notes form part of these accounts
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A. W. CHARITABLE TRUST GROUP
Notes to the Financial Statements
for the year ended 30 June 2021
1. Statement of compliance The accounts have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Charities Act 2011 and the U.K. Generally Accepted Accounting Practice.
The accounts have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the relevant version of the Statement of Recommended Practice to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ( FRS 102) rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn .
2. Accounting Policies
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a. The accounts (financial statements) have been prepared under the historical cost convention as adjusted for revaluations and investments. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
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b. Incoming Resources
Voluntary income is receivable by way of donations and gifts and is included in the SOFA when received.
Rental income from investment properties is included in the SOFA in the year which it is receivable.
Banks and building society interest is included in the year in which it is receivable.
- c.
Resources Expended
- Direct charitable expenditure represents grants paid out by the trustees in accordance with the trust deed.
Cost of generating funds includes loan interest in respect of loans secured on the groups investment properties and other expenditure associated with supporting income generation from the investment properties.
Management and administration costs of the group relate to the central costs of management including costs of meetings, audit and statutory compliance
All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be
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A.W. CHARITABLE TRUST GROUP
Notes to the Financial Statements
For the year ended 30 June 2021 (Cont)
attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
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d. Tangible assets other than freehold land and investment properties are depreciated at the following annual rates in order to write off each asset over its estimated useful life.
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Fixtures and Fittings – various rates from 8.33% - 25% straight line.
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e. The properties are valued annually by the directors at the end of the financial year on an open market basis with the charity’s share of any resulting surplus or deficit being shown in the Statement of Financial Activities.
An impairment review is carried out annually to assess whether the market value of the properties is at least as much as the carrying value in the accounts. On the basis that the properties will be well maintained and such repair costs will be charged to the statement of financial activities, it is the view of the trustees that the valuation of the properties is as stated in the balance sheet.
- f. Fair Value
Debtors and Creditors are stated at fair value.
Taxation
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g. The trust is registered as a charity by the HM Revenue & Customs and therefore benefits from certain exemptions from taxation on income and gains to the extent that they are applied for charitable purposes.
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h. Group accounts
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These financial statements consolidate the results of the charity and its two wholly owned subsidiaries Barnsfold Limited and Torland Limited, both incorporated in the UK.
-
i.
Going Concern
There are no material uncertainties about the charity’s ability to continue. The Trustees confirm that they would dispose of an investment property if required to ensure going concern of the Charity.
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j. Fund Accounting Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of charity.
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k. Judgments and key sources of Estimation
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The preparation of the financial statements did not require management to make material judgements, estimates, or assumptions, that effect the amounts reported, except for the valuation of investment properties.
The valuation of the properties are updated to fair value based on information supplied by independent Valuers and the Trustees.
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A.W. CHARITABLE TRUST GROUP
Notes to the Financial Statements
For the year ended 30 June 2021 (Cont)
l. Investment Property
The investment property is initially recorded at cost which includes purchase price and any directly attributable expenditure. The investment property is revalued to its fair value at each reporting date and any changes in fair value are recognized in the income or expenditure.
m. Financial Instruments
A financial asset or a financial liability is recognized only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognized at the amount receivable or payable including any related transactions costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Basic financial instruments are recognized at amortized cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognized in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognized in profit or loss.
n. Public Benefit
The trust constitutes a public benefit entity as defined by FRS102.
3. Total Incoming Resources for the Year
The charity received incoming resources from rental income and interest.
4.
| Direct Charitable Expenditure – GROUP Grants for Charitable purposes to institutions |
2021 £ 10,558,680 |
2020 £ 5,428,538 |
|---|---|---|
Copies of the schedule of charitable donations can be obtained by applying in writing to the trustees at the charity offices.
| 5. Cost of Generating Funds Ground Rents Rates & Maintenance etc Legal & Professional Loan Interest Bad Debts |
Group Charity 2021 2020 2021 2020 £ £ £ £ 240,740 125,618 240,303 125,395 128,138 253,538 126,338 253,538 2,669,583 3,639,248 2,669,584 3,639,249 9,588 17,766 (1,553) 12,436 3,048,049 4,036,170 3,034,672 4,030,618 |
|---|---|
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A.W. CHARITABLE TRUST GROUP
Notes to the Financial Statements For the year ended 30 June 2021 (Cont)
6. Property Investments (All UK)
| Property Investments (All UK) | |
|---|---|
| Valuation As at 1 March 2020 Additions Disposals Revaluation As at 28 February 2021 Depreciation As at 1st July 2020 Charge for Year As at 30th June 2021 Net Book Value As at 30 June 2020 As at 30th June 2021 |
Charity Furniture Charity Subsidiary & Property Property Equipment Total £ £ £ £ 332,220,935 500,641 6,727 332,728,303 33,676,277 - - 33,676,277 (71,760,001) - - (71,760,001) 25,928,324 - - 25,928,324 |
| 320,065,535 500,641 6,727 320,572,903 |
|
| - - 6,727 6,727 - - - - |
|
| - - 6,727 6,727 |
|
| 332,220,935 500,641 - 332,721,576 |
|
| 320,065,535 500,641 - 320,566,176 |
Investment properties were valued by either professional valuers or by the trustees and the basis of the valuation is market value to arrive at a fair value. Valuation methods include comparing with similar properties or the rent yield on the property and considering proposals and offers received.
There are no restrictions on the realisablity of the investment property, income from the investment property or any proceeds on disposal.
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A.W. CHARITABLE TRUST GROUP
Notes to the Financial Statements
For the year ended 30 June 2021 (Cont)
| 7. Investments (All UK) Shares in subsidiary companies Barnsfold Ltd Torland Ltd Dormant Companies Total Investments 8. Debtors Rentals etc Prepayments & Accrued Income Other Debtors Loans 9. Creditors:Payable within one year Sundry Creditors Expenses Accrued and Income in Advance Social Security & Other Taxes Bank Loans Overdrafts & Mortgages (secured on properties) |
Group Charity 2021 2020 2021 2020 £ £ £ £ - - 3,612,170 3,612,170 - - 600,002 600,002 100 200 100 200 100 200 4,212,272 4,212,372 Group Charity 2021 2020 2021 2020 £ £ £ £ 385,781 317,467 365,946 290,931 493,170 952,425 492,862 952,203 791,101 77,793 790,287 76,979 61,250 1,087,500 61,250 87,500 |
|---|---|
| 1,731,302 2,435,185 1,710,345 1,407,613 |
|
| Group Charity 2021 2020 2021 2020 £ £ £ £ 4,245,685 3,800,395 4,174,153 3,694,194 3,951,902 4,323,080 3,933,971 4,301,648 1,440,731 1,526,192 1,189,992 1,277,380 14,204,286 2,100,654 14,204,286 2,100,654 |
|
| 23,842,604 11,750,321 23,502,402 11,373,876 |
The bank loans etc are secured on properties.
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A.W. CHARITABLE TRUST GROUP
Notes to the Financial Statements
For the year ended 30 June 2021 (Cont)
| 10. Creditors: Due beyond one year Bank Loans & Mortgages secured on the groups properties Other Loans Total These are due as follows :- 1-2 Years 2-5 Years Beyond 5 Years |
Group Charity 2021 2020 2021 2020 £ £ £ £ 63,374,989 120,181,924 63,374,989 120,181,924 11,487,087 11,720,927 14,556,230 14,790,070 |
|---|---|
| 74,862,076 131,902,851 77,931,219 134,971,994 |
|
| 905,982 49,812,539 905,982 49,812,539 56,571,639 64,456,588 56,571,639 64,456,588 17,834,455 17,633,724 20,453,598 20,702,867 |
|
| 74,862,076 131,902,851 77,931,219 134,971,994 |
The proportion of the mortgages and loans to the value of charged assets at the year end was 24% (2020 36%).
11. Unrestricted Funds – Group
Balance 1 July 2020 Incoming resources Including Sale of Property Resources Expended Revaluation Movement Balance 30 June 2021 |
General Revaluation Total Fund Reserve £ £ £ 170,143,611 81,236,562 251,380,173 29,474,897 - 29,474,897 (13,875,373) - (13,875,373) - 25,928,324 25,928,324 185,743,135 107,164,886 292,908,021 |
|---|---|
12. Staff Remuneration and Expenses
No salaries or wages have been paid to the trustees for their services (2020 – NIL) nor did they receive any reimbursement for out of pocket expenses (2020 – NIL). Neither the trust or its trading subsidiaries have any employees.
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A.W. CHARITABLE TRUST GROUP
Notes to the Financial Statements
For the year ended 30 June 2021 (Cont)
13. Income from Subsidiaries Trading Activities
The A W Charitable Trust owns the whole of the ordinary share capital of Barnsfold Ltd and Torland ltd. These
companies are trading companies.
The result of these companies for the year ended 30 June 2021 are summarised below.
| Turnover Administrative Expenses Interest Receivable Charity Payment Tax Payable Profit for Year Profit Brought Forward Retained Profit Carried Forward |
Barnsfold Ltd £ 63,388 (16,684) 60 (45,000) (942) 817 3,461,156 3,461,973 |
Torland Ltd £ 0 (3,213) - - - |
|---|---|---|
| (3,213) 613,904 610,691 |
14. Related parties
During the year Combined Property Control controlled by A Weis acted as managing agents to the group. No management fees were charged for their services.
During the year the group received net loans from Combined Property Control amounting to £499,039. At the year end Combined Property Control was owed £3,927,875 by the group.
All the trustees of the group are trustees of The Helping Foundation, a registered charity At the year end the foundation owed the charity £747,989.
Sir Weis is a trustee of Newmarston Ltd, a UK registered charity. At the year end the charity owed Newmarston Limited £4,720,087 interest free and repayable on demand.
Barnsfold Limited and Torland Limited, wholly owned subsidiaries of AW Charitable Trust were owed £2,200,453 & £868,690 respectively by the charity, interest free and unsecured. These amounts are included in the charity‘s creditors due after one year.
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