CHARITY NO: 299963
THE WOODWARD CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
The Peak 5 Wilton Road London SW1V 1AP
| CONTENTS | PAGE | |
|---|---|---|
| 1 | Legal and Administrative Details | 2 |
| 2 | Report of the Trustees | 3-11 |
| 3 | Independent Auditor’s Report | 12-15 |
| 4 | Statement of Financial Activities | 16 |
| 5 | Balance Sheet | 17 |
| 6 | Statement of Cash Flows | 18 |
| 7 | Notes to the Accounts | 19-28 |
Report and Accounts – 5 April 2022
1
LEGAL AND ADMINISTRATIVE
The Woodward Charitable Trust (No. 299963) was established under a Trust Deed dated 26 July 1988 and became a registered charity with the Charity Commission in England and Wales on 9 September 1988.
| Trustees Registered Office Website Principal Officers Bankers Solicitors Auditor Investment Advisers Objects |
Mrs C D Woodward Mr S A Woodward Mr T R G Hunniwood Mrs E L D Mills Miss O M V Woodward Miss K M R Woodward The Peak, 5 Wilton Road, London SW1V 1AP https://woodwardcharitabletrust.org.uk Mrs K Everett Chief Executive Officer Mrs K Hooper Executive Ms V Lye Trust Administrator Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA Portrait Solicitors 21 Whitefriars Street London EC4Y 8JJ Sayer Vincent LLP Invicta House 108 - 114 Golden Lane London EC1Y 0TL J P Morgan International Bank Limited 1 Knightsbridge London SW1X 7LX The objects of the Trust as given in the Trust Deed are for general charitable purposes. |
|---|---|
Report and Accounts – 5 April 2022
2
REPORT OF THE TRUSTEES
The Trustees present their report and the audited financial statements for the year ended 5 April 2022.
Legal and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Organisation
The Woodward Charitable Trust is a grant-making trust and is one of the Sainsbury Family Charitable Trusts, which share a common administration.
Trustees are appointed by the Settlor and are provided with relevant information relating to their responsibilities as Trustees. The Trustees are responsible for the overall direction and supervision of the Woodward Charitable Trust and set out the Trust’s strategy, grant-making policy and review proposals and approve grants.
The Trust remains primarily a UK funder. If Woodward funds overseas projects, it does this via UK charities which can ensure that funds are being well used. This year 5 out of 132 grants (3.8%) were approved for work overseas (2021: 1 out of 139 grants – 0.7%).
Grants are awarded to registered charities and organisations with charitable status, including Charitable Incorporated Organisations (CIOs). Grants can also be awarded to Community Interest Companies (CICs), provided they are working purely for the benefit of the community.
Through its grant-making programme, the Trustees make grants for core costs rather than specific projects as they recognise that smaller charities can find these hard to fund and they hope that this will have a more direct impact on the organisations that they choose to fund. As the Trust’s resources are modest, the Trustees prefer to fund small to medium-sized charities with an income of less than £200,000 where small grants can have more impact.
Out of the 409 online applications made this year, 117 were successful (28.6%) (2021: 23% were successful). 146 online applications were ineligible (35.6%). There were 15 other grants approved this year that were initiated by the Trustees directly.
Areas of Funding
The Trustees fund charities that help families and young people and whose aims are to improve the life chances of the beneficiaries. They are keen to fund charitable organisations that promote community cohesion and the development of skills that will change the outlook and outcomes for the users. The Trust favours organisations which make good use of volunteers and encourage past and current service users to participate in their operations or management.
During the year, the Trustees concentrated their funding on organisations that aimed to have a positive impact in at least one of the following areas:
Report and Accounts – 5 April 2022
3
-
Children and young people who are isolated, at risk of exclusion or involved in anti-social behaviour and projects to help those who have been in the care system. This also covers gang violence and knife crime, education and mentoring as well as projects that work to raise selfesteem and employment opportunities and encourage an active involvement in and contribution towards the local community;
-
Disadvantaged families , this covers parenting support and guidance, mental health, food poverty, refuges and domestic violence projects;
-
Prisoners, ex-offenders and families of ex-offenders , specifically projects that maintain and develop contact with prisoners’ families and help with the rehabilitation and resettlement of prisoners and/or ex-offenders after their release.
-
Children’s summer playschemes, locally run playschemes that provide a wide-ranging programme of activities such as crafts and cooking, or outdoor activities and sport. The schemes cater for children from disadvantaged backgrounds and/ or marginalised areas.
-
Other Although Woodward’s grant-making continues to be primarily reactive, some projects were initiated by the Trustees directly and fall outside the main areas selected for grant-making, such as funding dementia friendly chamber music sessions at Glyndebourne; community outreach work at the Grange Festival and a grant to Reprieve for core costs which challenges human rights abuses. One other large grant was approved to the University of West London towards a research project into understanding the impact of family breakdown, separation and divorce on fathers and their children.
Grant-Making Policy
The Trustees award three types of grants:
-
Small grants, £250 - £5,000; 91 grants were approved this year (2021: 118).
-
Large grants, over £5,000; 7 grants were approved this year (2021: 3). Large grants are usually given to charities known to the Trustees, as such, speculative approaches for amounts greater than £3,000 will almost always be rejected.
-
Children's summer play scheme grants, £500 - £2,000; 34 grants were approved this year (2021: 18). For the summer play scheme grants, the charities’ annual income must be under £100,000.
Trustees review general applications twice a year. These meetings tend to be in February and October. The children’s summer play scheme applications are considered in May/June.
Reserves Policy and Going Concern
The Trustees consider that when possible, it is appropriate to hold free funds, both to meet the shortterm working capital needs of the Trust and in anticipation of the potential payment of subsequent grant instalments. However, in the event that the Trustees find themselves unable to meet current commitments from unrestricted reserves, they would be willing to draw on expendable endowment in order to meet those commitments. As at 5 April 2022, the Trust held total funds of £13.0m (2021: £11.9m).
Report and Accounts – 5 April 2022
4
It is rare that Trustees approve grants for payment over more than one year, but should this happen, it would be subject to certain conditions over the life of the grant. Such payments expected to be made within 12 months of the year end are accrued in the accounts, whilst those due to be paid later than this are not accrued and are released when conditions attached to the grant are fulfilled. As at 5 April 2022, grants totalling £30,000 were due to be paid after 12 months of the year end (2021: £15,000). Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available reserves is adequate and that the Trust can meet all its commitments. The Trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.
Investment Powers
The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees.
Investment Policy and Performance
Trustees meet with their investment managers regularly to discuss investment strategy, to seek to ensure that the Trust’s income requirements are met, and that long-term capital growth is in line with relevant indices.
The Trustees have instructed their investment managers to manage the investments on a total return basis to generate long-term positive returns. During the period, the return on the Trust’s investment portfolios was 12%.
The Trustees recognise that their investments, as well as their distributions, have social impacts. Consequently, in line with what the Trustees believe to be both best philanthropic practice and prudent long-term financial management, the Trustees have instructed the investment manager to make all liquid investments within an explicitly sustainable framework. Similarly, the Trustees believe that social impact investing can make both good social and economic sense for the Trust. The current aim is that the Trust should hold up to 35% of its assets in investments with general social and/or environmental benefits. The Trustees will continue to look to allocate further funds until the 35% target is achieved and will then review the policy.
Risk Assessment
The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, systems are in place to manage such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.
Trustees have identified the uncertainty of financial returns to constitute the Trust’s major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review investment strategy and monitor financial performance. They also operate a grant distribution formula which helps to ensure the stability of resources for grant awards in any given year.
Another major risk is a misuse of funds by a charity beneficiary. To mitigate the risk, the Trustees normally restrict grants to charities registered with the Charity Commission (England and Wales) or
Report and Accounts – 5 April 2022
5
equivalent bodies. The awards are made following a thorough assessment and grants are regularly monitored; multi-year grants are paid only on receipt of satisfactory progress reports.
Charity and Public Benefit
Trustees are aware of the Charity Commission guidance on public benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust’s aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries, and through them to the public, that arise from those activities.
Charity Governance Code
Trustees are aware of the Charity Governance Code published in 2017 (updated in 2020) which sets out the principles and recommended practice for good governance within the sector. The Trust has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently.
Future Plans
The Trust will continue to support activities outlined in the Areas of Funding section above on pages 3 and 4. The trustees will be mindful of the current cost of living crisis and how this will impact on many of the charities that are likely to apply in the forthcoming year.
Review of the Past Year
The Trustees met three times during the year to make grants and five times to review investments.
The total income on unrestricted funds was £107,165, a decrease of 32% over the previous year’s figure of £158,574. As the investments are managed on a total return basis, the pattern of unrestricted income may be uneven. As at 5 April 2022, an amount was transferred to income from expendable endowment of £208,000 (2021: £142,346).
Having assessed the Trust’s financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.
During the period, the Trustees approved 132 grants (2021: 139) totalling £307,885, some of which are payable over more than one year. Grants approved and payments made during the year may be analysed by number and by value in the categories set out below. Payments made relate to grants approved in this and earlier years.
| approved in this and earlier years. | ||||
|---|---|---|---|---|
| New Grants Approved | Payments Made | |||
| Number | £ | £ | Number | |
| Children and Young People | 57 | 120,100 | 95,300 | 62 |
| Disadvantaged Families | 28 | 55,850 | 48,850 | 34 |
| Prisoners and Ex-offenders | 5 | 17,500 | 10,896 | 7 |
| Summer Schemes | 34 | 29,935 | 29,935 | 34 |
| Other | 8 | 84,500 | 54,500 | 7 |
| 132 | 307,885 | 239,481 | 144 |
Report and Accounts – 5 April 2022
6
G R A N T S P A I D D U R I N G T H E Y E A R A R E L I S T E D B E L O W :
CHILDREN AND YOUNG PEOPLE - £95,300
| £ | |
|---|---|
| Action Tutoring | 5,000 |
| Ashton Vale Club For YoungPeople | 1,000 |
| AssistingBerkshire Children to Read | 1,000 |
| Avocados AdvocacyCIC | 3,000 |
| Birmingham CityClubs For YoungPeople | 3,000 |
| BXM Inspired | 1,000 |
| CAP UK | 1,500 |
| Cherwell Theatre Company | 750 |
| Chichester Information ShopFor YoungPeople | 1,000 |
| Clean Slate | 750 |
| Collyhurst & Moston BoxingClub | 3,000 |
| Cromar Future Group | 1,600 |
| Earth Restoration Service | 1,000 |
| Elutheria Co Ltd(Tradingas The SafetyZone) | 1,000 |
| EmployabilityUK | 1,000 |
| Empowr-U CIC | 2,000 |
| Evergreen PlayAssociation | 1,000 |
| EvolvingMindset CIC | 500 |
| Folkestone Youth Project | 1,000 |
| Freedom Charity | 1,000 |
| Friends Forever Europe | 1,000 |
| Grange Park Opera | 5,000 |
| HarmonyYouth Project | 750 |
| Ignite Life | 1,000 |
| Inner Flame | 1,500 |
| Invictus WellbeingFoundation CIO | 1,000 |
| Jacari | 1,000 |
| Leys CDI CommunityDevelopment Initiative | 1,000 |
| Life and Soul Youthwork | 1,000 |
| Live Unlimited | 1,500 |
Report and Accounts – 5 April 2022
7
| LMK(Let Me Know) | 850 |
|---|---|
| Make a Move | 1,000 |
| Maya Productions | 1,000 |
| Mindheart Creative Therapies CIC | 1,000 |
| North London Hill Club Ltd | 1,000 |
| Olympias Music Foundation | 1,000 |
| Open Trail | 850 |
| Orange Bow CIC | 3,000 |
| Orpington Football Club | 1,500 |
| Peer2Peer Education CIC | 1,000 |
| PregnancyOptions Centre,Chichester | 1,000 |
| Prevent 2 Protect | 1,500 |
| Save the Children UK - Head Office | 6,000 |
| Sir StanleyMatthews Foundation | 3,000 |
| Siren CallingCIC | 1,000 |
| Social Organisation for Unityand Leisure | 1,000 |
| Soundmix | 1,500 |
| Sustainable Communities Initiatives | 500 |
| Teen Action | 2,000 |
| The Access Project | 5,000 |
| The Grove At Bedminster Down c/o YoungBristol | 500 |
| The London ReadingCentre(TLRC) | 1,200 |
| TrainingCave Club Ltd | 1,500 |
| TurningCorners | 1,000 |
| Tutor the Nation | 5,000 |
| Unique Talent CIC | 850 |
| Up'N Away | 500 |
| Urban Uprising | 500 |
| VannyRadio-CommunityBroadcasters | 500 |
| Wild Elements CIC | 1,200 |
| YOH | 1,500 |
| Youth Leads UK | 500 |
DISADVANTAGED FAMILIES - £48,850
| £ | |
|---|---|
| BabyAid Birmingham | 1,000 |
| BabyBasics,Northampton | 1,000 |
| Bodie Hodges Foundation | 2,000 |
| Bridge Child Contact Centre | 500 |
| British Red Cross - Headquarters | 6,000 |
| Compliments of the House | 1,400 |
| East Lothian Roots and Fruits | 500 |
| Exim Dance CompanyCIC | 1,000 |
| FamilyVoice Sheffield C.I.C. | 1,000 |
| Friends of the FamilyWinchester Ltd | 1,500 |
Report and Accounts – 5 April 2022
8
| Grandpont NurserySchool Association | 2,000 |
|---|---|
| Havens CommunityHub CIC | 1,000 |
| Hillingdon Women’s Centre | 1,500 |
| Home-Start Banbury,Bicester & ChippingNorton | 1,000 |
| Home-Start East Surrey | 1,000 |
| Home-Start South Warwickshire | 1,000 |
| Home-Start Wokingham District | 1,000 |
| ICOS(International CommunityOrganisation of Sunderland) | 1,000 |
| Kingsbridge Area Foodbank | 1,000 |
| Kustom Kruizers | 1,000 |
| Love Amelia | 500 |
| Meriden Adventure Playground Association | 2,000 |
| MorayBabyBank | 500 |
| Packed With Smiles | 1,950 |
| Purple Elephant Productions | 1,000 |
| Safe Passage International | 5,000 |
| Shine Coaching | 2,000 |
| Swansea Music Art Digital CIC | 1,500 |
| Tarka Child Contact Centre | 1,000 |
| The Parent Rooms(formerlyWe Are Pangs) | 3,000 |
| The Rubbish Art Project Ltd | 500 |
| True Butterflies Foundation | 1,000 |
| Whale SongMusic TherapyC.I.C. | 500 |
| Znaniye Foundation | 1,000 |
PRISONERS AND EX-OFFENDERS - £10,896
| £ | |
|---|---|
| BLAST Foundation | 500 |
| CASSPLUS | 2,500 |
| CELLS Project CIC | 2,850 |
| Children Heard and Seen | 2,000 |
| DWRM Consultants CIC | 1,000 |
| Sixty-One | 1,000 |
| The Recruitment Junction | 1,046 |
SUMMER SCHEMES - £29,935
| £ | |
|---|---|
| Acorns | 500 |
| Balsall Heath CATS(Children Action Team Support) | 1,000 |
| Chapel Break CommunityAssociation | 500 |
| Christian Evangelical Centre | 500 |
Report and Accounts – 5 April 2022
9
| Colwall CommunityChurch | 500 |
|---|---|
| Crescent Summer School CIC | 1,000 |
| Derbyshire Cricket Foundation | 2,000 |
| Dovecote VoluntaryParent Committee | 750 |
| Friends of MendipSchool PTA | 500 |
| GAP Arts Project | 1,000 |
| Grimethorpe ActivityZone | 1,000 |
| Hartcliffe Club for YoungPeople | 500 |
| Ignite Life | 1,000 |
| InspiringMinds | 1,000 |
| Kidz R Us | 500 |
| KidzplayHub CIC | 1,000 |
| Mentor Wise | 1,000 |
| NewryStreet Unite | 750 |
| North London Hill Club Ltd | 500 |
| OpportunitySports Foundation | 1,250 |
| Prime Time Kids Club | 500 |
| RugbyBorough Sports Trust | 1,000 |
| Shiremoor Adventure Playground Trust | 1,000 |
| South Oxford Adventure Playground | 1,000 |
| Southampton Children's PlayAssociation | 1,000 |
| Special Needs Adventure Playground | 1,000 |
| SportingYour Futures | 1,000 |
| The Bridge Project,Tadcaster | 1,000 |
| The Friends of Great Hucklow PrimarySchool | 1,000 |
| The London ReadingCentre | 500 |
| Tinder Sticks CommunityInterest Company | 1,000 |
| UnityCommunityAssociation,Liverpool | 1,000 |
| Want2Achieve CIC | 1,000 |
| YPD CommunityCIC | 1,185 |
OTHER - £54,500
| £ | |
|---|---|
| Glyndebourne Productions Ltd | 10,000 |
| Grange Festival | 5,000 |
| Reprieve | 2,000 |
| Royal Opera House Covent Garden Foundation | 5,000 |
| The SainsburyArchive | 5,000 |
| UWL(Universityof West London) | 25,000 |
| Wigmore Hall | 2,500 |
Report and Accounts – 5 April 2022
10
Statement of Trustees’ Responsibilities
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
-
Select suitable accounting policies and then apply them consistently
-
Observe the methods and principles in the Charities SORP
-
Make judgments and estimates that are reasonable and prudent
-
State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Trustees’ Report has been approved by the Trustees on 19 October 2022 and signed on their behalf by:
…………………………………………………………………………………………… TRUSTEE
Camilla Woodward
Report and Accounts – 5 April 2022
11
Independent auditor’s report to the Trustees of The Woodward Charitable trust
Opinion
We have audited the financial statements of The Woodward Charitable Trust (the ‘charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
Give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources, for the year then ended
-
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
-
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 charity 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
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Woodward Charitable Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with
Report and Accounts – 5 April 2022
12
Independent auditor’s report to the Trustees of The Woodward Charitable trust (continued)
the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
-
Sufficient accounting records have not been kept; or
-
The financial statements are not in agreement with the accounting records and returns; or
-
We have not received all the information and explanations we require for our audit
Responsibilities of Trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 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 a 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.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 a 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Report and Accounts – 5 April 2022
13
Independent auditor’s report to the Trustees of The Woodward Charitable trust (continued)
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
-
We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
-
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
-
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
-
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
-
We inspected the minutes of meetings of those charged with governance.
-
We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
-
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
-
We reviewed any reports made to regulators.
-
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
-
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
-
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and 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
Report and Accounts – 5 April 2022
14
Independent auditor’s report to the Trustees of The Woodward Charitable trust (continued)
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 and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
1 December 2022
Sayer Vincent LLP, Statutory Auditor
Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
Report and Accounts – 5 April 2022
15
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
----- Start of picture text -----
Unrestricted Expendable Total Funds
Notes Funds Endowment 2022 2021
£ £ £ £
Income
Investments 2 107,165 - 107,165 158,574
Total Income 107,165 - 107,165 158,574
Expenditure
Cost of raising funds:
-
Investment management costs 98,502 98,502 85,547
Charitable activities:
Grant-making:
Grant expenditure 3 235,380 - 235,380 213,980
Grant related support costs 4 79,785 - 79,785 86,940
Total Expenditure 315,165 98,502 413,667 386,467
Net expenditure before gains on investments (208,000) (98,502) (306,502) (227,893)
Net gains on investments 7 - 1,529,613 1,529,613 1,619,438
Exchange and currency (losses)/gains 1 - (151,816) (151,816) 388,504
Transfers between funds 10 208,000 (208,000) - -
Net movement in funds - 1,071,295 1,071,295 1,780,049
Reconciliation of funds:
Total funds brought forward - 11,942,865 11,942,865 10,162,816
Total funds carried forward - 13,014,160 13,014,160 11,942,865
----- End of picture text -----
The notes on pages 19-28 form part of these accounts.
Report and Accounts – 5 April 2022
16
BALANCE SHEET AS AT 5 APRIL 2022
----- Start of picture text -----
Notes 2022 2021
£ £ £
FIXED ASSETS
Tangible fixed assets 6 2,314 3,897
Investments 7 13,396,190 12,049,123
13,398,504 12,053,020
CURRENT ASSETS
Debtors 8 - 862
Cash at bank and in hand 21,815 47,241
21,815 48,103
CURRENT LIABILITIES
Creditors - amounts falling due within 1 year 9 406,159 158,258
NET CURRENT LIABILITIES (384,344) (110,155)
NET ASSETS 13,014,160 11,942,865
CAPITAL FUNDS
Expendable endowment 10 13,014,160 11,942,865
INCOME FUNDS
Unrestricted funds 10 - -
13,014,160 11,942,865
----- End of picture text -----
The financial statements were approved and authorised for issue by the Trustees on 19 October 2022 and were signed on their behalf by:
…………………………………………………………………………….. TRUSTEE
Camilla Woodward
The notes on pages 19-28 form part of these accounts.
Report and Accounts – 5 April 2022
17
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022
| Cash flows from operating activities: | Cash flows from operating activities: |
|---|---|
| Net cash used in operating activities Cash flows from investing activities: Dividends and interest Purchase of investments Sale of investments Fixed asset additions Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the year Reconciliation of net expenditure to net cash flow from operating activities Net movement in funds (as per the statement of financial activities) Gains on investments Dividends and interest Depreciation charges Decrease in debtors Increase/(decrease) in creditors Exchange and currency losses/(gains) Net cash used in operating activities Analysis of the balance of cash as shown in the balance sheet |
|
| Cash at bank and in hand Cash held for reinvestment (as per note 7) |
|
| 21,815 47,241 (25,426) 163,000 52,267 110,733 |
|
| 184,815 99,508 85,307 |
|
The notes on pages 19-28 form part of these accounts.
Report and Accounts – 5 April 2022
18
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES
The Woodward Charitable Trust is an unincorporated charity (charity registration number 299963), registered in England and Wales. The address of the registered office is The Peak, 5 Wilton Road, London, SW1V 1AP.
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Trust constitutes a public benefit entity as defined by FRS 102.
In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity. Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.
The Trust’s investments are managed on a total return basis therefore the pattern of unrestricted income may be uneven. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.
The principal accounting policies adopted are as follows:
b) Income
-
(i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable.
-
(ii) Dividends are included by reference to their due dates.
-
(iii) Interest is included when receivable.
c) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Costs of generating funds represent amounts paid to the Trust's external investment advisors.
Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.
Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
The view of the Trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued.
Report and Accounts – 5 April 2022
19
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES (continued)
Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.
Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.
Contributions to defined contribution pension plans are charged to the Statement of Financial Activities in the period to which they relate.
d) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.
Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment.
Forward exchange contracts, which are held as part of the investment portfolio, are held at fair value at the balance sheet date, with gains and losses being recognised within the Statement of Financial Activities.
e) Financial Instruments
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
f) Cash and cash equivalents
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
g) Exchange and currency gains and losses
Exchange and currency gains and losses comprise gains and losses on forward exchange contracts, together with the currency gains and losses on cash accounts, held within the Trust's investment portfolio.
h) Fixed assets
Fixed assets are capitalised where the purchase price exceeds £5,000, and depreciated at rates which reflect their useful life to the Trust. Leasehold improvements are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used:
(2012) Leasehold improvements - 10% per annum (2021) Leasehold improvements - 14.28% per annum
Report and Accounts – 5 April 2022
20
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES (continued)
i) Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readlly 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 these 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 the current and future periods.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result In a material adjustment to their carrying amounts in the next financial year.
2. INVESTMENT INCOME
Income received on investments may be analysed as follows:
| Fixed interest Equities Social impact investments Bank deposit interest |
2022 2021 |
|---|---|
| £ % £ % 54,306 51 70,776 45 19,826 19 62,794 40 33,013 30 24,685 15 20 - 319 - |
|
| 107,165 100 158,574 100 |
|
| 3. ANALYSIS OF GRANTS | |
| 2022 2021 £ £ £ £ Reconciliation of grants payable: Commitments at 6 April 2021 94,483 69,805 Grants not accrued at 6 April 2021 15,000 - Grants approved in the period 307,885 229,480 Grants cancelled in the period (57,505) (500) Grants not accrued at 5 April 2022 (30,000) (15,000) Grants payable for the period 235,380 213,980 Net grants (paid)/refunded during the period (213,363) (189,302) Commitments at 5 April 2022 116,500 94,483 Commitments at 5 April 2022 are payable as follows: 2022 2021 £ £ Within one year (note 9) 116,500 94,483 |
2022 2021 |
Commitments
In addition to the amounts committed and accrued noted above, the Trustees also authorise certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 5 April 2022 was £30,000 (2021: £15,000).
A list of grants payable is included in Appendix A.
Report and Accounts – 5 April 2022
21
NOTES TO THE ACCOUNTS
4. ALLOCATION OF SUPPORT COSTS
| 4. ALLOCATION OF SUPPORT COSTS | |
|---|---|
| Staff costs | 2022 2022 2022 2021 Grant- Governance Total Total Making Allocated Allocated |
| £ £ £ £ 49,221 1,537 50,758 59,253 10,293 - 10,293 10,168 9,993 - 9,993 8,958 78 - 78 78 1,583 - 1,583 1,583 - 7,080 7,080 6,900 |
|
| Share of joint office costs Direct costs including travel |
|
| Legal and professional fees Depreciation Auditor's remuneration* |
|
| 71,168 8,617 79,785 86,940 |
|
| *Auditor's remuneration excluding VAT is £5,900. |
Included within support costs for 2021 are governance costs totalling £8,518. This is comprised of staff costs of £1,618 and auditor's remuneration of £6,900.
5. ANALYSIS OF STAFF COSTS
----- Start of picture text -----
2022 2021
£ £
Salaries and wages 41,488 48,269
Social security costs 4,673 5,408
Other pension costs 4,597 5,576
50,758 59,253
----- End of picture text -----
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.6% of the total support and administration costs of these trusts have been allocated to The Woodward Charitable Trust (2021: 0.7%), including a proportionate share of the costs of employing the total number of staff serving in the office in 2021/22.
The actual number of staff employed during the period was 7, all on a part-time basis (2021: 6). This was equivalent to 0.8 full-time employee (2021: 1). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits (attributed to the Trust) including employer pension contributions, of these personnel were £37,739 (2021: £45,102). No employee of the Trust earned in excess of £60,000 (2021: NIL).
No Trustees received any remuneration for their services or any expenses during the year (2021: NIL).
Report and Accounts – 5 April 2022
22
NOTES TO THE ACCOUNTS
6. TANGIBLE FIXED ASSETS
Leasehold Improvements
----- Start of picture text -----
2022 2021
Cost £ £
Cost at 6 April 2021 14,440 11,200
Additions - 3,240
At 5 April 2022 14,440 14,440
Depreciation
At 6 April 2021 10,543 8,960
Charge for the period 1,583 1,583
At 5 April 2022 12,126 10,543
Net Book Value
At 5 April 2022 2,314 3,897
At 5 April 2021 3,897 2,240
7. FIXED ASSET INVESTMENTS
2022 2021
£ £
Market value at 6 April 2021 11,730,289 10,415,890
Less: Disposals at proceeds (2,129,322) (13,428,826)
Add: Acquisitions at cost 2,166,158 13,123,787
Net gains on investments 1,529,613 1,619,438
Market value at 5 April 2022 13,296,738 11,730,289
Forward exchange contracts (63,548) 266,567
Cash held for reinvestment 163,000 52,267
Total Investments 13,396,190 12,049,123
The investments held as at 5 April 2022 were as follows:
2022 2021
Cost Market Cost Market
Value Value
£ £ £ £
Fixed Income 3,797,568 3,530,259 3,945,335 3,863,839
Equities 5,611,358 6,284,660 5,789,098 5,825,341
Alternative Investments 114,307 114,307 86,336 83,895
Social Impact Investments 1,988,739 3,367,512 1,583,422 1,957,214
11,511,972 13,296,738 11,404,191 11,730,289
----- End of picture text -----
During the year, £300,000 (2021: £250,000) was withdrawn from the investment portfolio to support the Trust's grant expenditure.
The Trust has entered into commitments to invest in private equity funds (social impact investments). At the balance sheet date outstanding commitments totalled £1.52 million (2021: £1.17 milion).
As part of the overall management of funds, the investment managers have entered into commitments to sell a total of USD 4,600,000, EUR 870,000 and JPY 50,000,000 under forward rate contracts at 5 April 2022 (2021: sell USD 8,950,000, EUR 1,360,000 and JPY 43,000,000, and buy USD 4,500,000 and EUR 500,000).
Report and Accounts – 5 April 2022
23
NOTES TO THE ACCOUNTS
8. DEBTORS
| Other debtors 9. CREDITORS - amounts falling due within one year Grants payable within one year Professional charges Investment management fee Other creditors |
Other debtors 9. CREDITORS - amounts falling due within one year Grants payable within one year Professional charges Investment management fee Other creditors |
2022 2021 £ £ - 862 - 862 2022 2021 £ £ 116,500 94,483 6,360 9,300 25,974 24,651 257,325 29,824 |
|---|---|---|
| 406,159 158,258 |
||
| 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||
| Unrestricted Expendable Totals Funds Endowment 2022 £ £ £ Fund balances at 5 April 2022 are represented by: Tangible fixed assets - 2,314 2,314 Investments - 13,396,190 13,396,190 Current assets 122,860 (101,045) 21,815 Current liabilities (122,860) (283,299) (406,159) Total net assets - 13,014,160 13,014,160 Movement in the year Opening balance as at 6 April 2021 - 11,942,865 11,942,865 Total income and endowments 107,165 - 107,165 Cost of raising funds - (98,502) (98,502) Cost of grant-making (315,165) - (315,165) Net gains on investments - 1,529,613 1,529,613 Exchange and currency losses - (151,816) (151,816) Transfers between funds * 208,000 (208,000) - Closing balance as at 5 April 2022 - 13,014,160 13,014,160 |
Expendable Totals Endowment 2022 |
|
| £ £ £ - 2,314 2,314 - 13,396,190 13,396,190 122,860 (101,045) 21,815 (122,860) (283,299) (406,159) |
||
| - 13,014,160 13,014,160 |
||
| - 11,942,865 11,942,865 107,165 - 107,165 - (98,502) (98,502) (315,165) - (315,165) - 1,529,613 1,529,613 - (151,816) (151,816) 208,000 (208,000) - |
||
| - 13,014,160 13,014,160 |
*During the year, there was a deficit of income over expenditure on the unrestricted funds of £208,000 (2021: £142,346). This has been funded by a transfer from expendable endowment.
Report and Accounts – 5 April 2022
24
NOTES TO THE ACCOUNTS
11. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Expendable | Totals | |
|---|---|---|---|
| Funds | Endowment | 2021 | |
| £ | £ | £ | |
| Fund balances at 5 April 2021 are represented by: | |||
| Tangible fixed assets | - | 3,897 | 3,897 |
| Investments | - | 12,049,123 | 12,049,123 |
| Current assets | 103,783 | (55,680) | 48,103 |
| Current liabilities | (103,783) | (54,475) | (158,258) |
| Total net assets | - | 11,942,865 | 11,942,865 |
| Movement in the year | |||
| Opening balance as at 6 April 2020 | - | 10,162,816 | 10,162,816 |
| Total income and endowments | 158,574 | - | 158,574 |
| Cost of raising funds | - | (85,547) | (85,547) |
| Cost of grant-making | (300,920) | - | (300,920) |
| Net gains on investments | - | 1,619,438 | 1,619,438 |
| Exchange and currency gains | - | 388,504 | 388,504 |
| Transfers between funds* | 142,346 | (142,346) | - |
| Closing balance as at 5 April 2021 | - | 11,942,865 | 11,942,865 |
*During the year, there was a deficit of income over expenditure on the unrestricted funds of £142,346. This was funded by a transfer from expendable endowment.
12. RELATED PARTY TRANSACTIONS
There are no related party transactions in the reporting period which require disclosure.
Report and Accounts – 5 April 2022
25
NOTES TO THE ACCOUNTS
13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted Expendable Total Funds Funds Endowment 2021 |
|
|---|---|
| Income Investments |
£ £ 158,574 - 158,574 |
| Total Income | 158,574 - 158,574 |
| Expenditure Cost of raising funds: Investment management costs Charitable activities: Grant-making: Grant expenditure Grant related support costs |
- 85,547 85,547 213,980 - 213,980 86,940 - 86,940 |
| Total Expenditure | 300,920 85,547 386,467 |
| Net operating deficit Net gains on investments Exchange and currency gains Transfers between funds |
(142,346) (85,547) (227,893) - 1,619,438 1,619,438 - 388,504 388,504 142,346 (142,346) - |
| Net movement in funds Reconciliation of funds: Total funds brought forward |
- 1,780,049 1,780,049 - 10,162,816 10,162,816 |
| Total funds carried forward | - 11,942,865 11,942,865 |
Report and Accounts – 5 April 2022
26
NOTES TO THE ACCOUNTS
APPENDIX A
GRANTS PAYABLE
The amount payable for the year ended 5 April 2022 consisted of the following:
| Children and Young People Action Tutoring Avocados Advocacy CIC Birmingham City Clubs For Young People Bright Star Boxing Collyhurst & Moston Boxing Club Grange Park Opera Happy Kids MyBigCareer Orange Bow CIC Save the Children UK Sir Stanley Matthews Foundation Strathspey Works - Grantown Remakery The Access Project Townsend Youth Partnership Tutor the Nation U-evolve Grants up to £2,500 were also payable totalling Disadvantaged Families British Red Cross - Headquarters Home Start Exeter East and Mid Devon Recreate-U Safe Passage International The Parent Rooms TotRockinBeats CIC Grants up to £2,500 were also payable totalling Prisoners and Ex-Offenders DWRM Consultants Sussex Pathways Grants up to £2,500 were also payable totalling Summer Schemes 34 grants were payable totalling Other Glyndebourne Productions Ltd Grange Festival Paul Cottingham Trust The Master Charitable Trust The Sainsbury Archive University of Southampton, Department of Psychology University of West London (UWL) Wigmore Hall Grants up to £2,500 were also payable totalling Total grants payable per Statement of Financial Activities |
£ 5,000 3,000 3,000 3,000 3,000 5,000 3,000 5,000 3,000 6,000 3,000 2,500 5,000 2,500 5,000 3,000 50,100 6,000 2,500 3,000 5,000 3,000 5,000 25,350 5,000 3,000 4,500 29,935 |
|---|---|
| 10,000 5,000 5,000 5,000 5,000 (50,000) 50,000 2,500 495 |
|
| 235,380 |
Report and Accounts – 5 April 2022
27
NOTES TO THE ACCOUNTS
APPENDIX A (continued)
The amount payable for the year ended 5 April 2021 consisted of the following:
| Arts Hamptons International Film Festival, Inc Royal Opera House Covent Garden Foundation 9 grants were also payable totalling Community and Social Welfare CASSPLUS CELLS Project CIC Childhood Trust, The Good Things Foundation National Emergencies Trust Reprieve Stand Against Violence Women's Aid Federation of England 84 grants were also payable totalling Disability and Health Glyndebourne Productions Ltd Paul Cottingham Trust Rose Paterson Trust, The University of Southampton, Department of Psychology 8 grants were payable totalling Education Grange, The Quest for Learning Sainsbury Archive, The 4 grants were payable totalling Summer Schemes 18 grants were payable totalling Total grants payable per Statement of Financial Activities |
£ 7,459 5,000 8,500 2,500 2,850 3,690 3,690 3,690 3,000 2,500 3,690 91,596 5,000 3,000 2,500 20,000 7,825 5,000 2,500 10,000 3,750 16,240 |
|---|---|
| 213,980 |
Report and Accounts – 5 April 2022
28