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<br>|2|
|**2**|Report of the Trustees<br>|3-13|
|**3**|Independent Auditor’s Report<br>|14-17|
|**4**|Statement of Financial Activities<br>|18|
|**5**|Balance Sheet<br>|19|
|**6**|Statement of Cash Flows<br>|20|
|**7**|Notes to the Accounts<br>|21-31|



Report and Accounts – 5 April 2024 

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**<br>**Registered**<br>**Office**<br>**Website**<br>**Principal**<br>**Officers**<br>**Bankers**<br>**Solicitors**<br>**Auditor**<br>**Investment**<br>**Advisers**<br>**Objects**|Mrs C D Woodward<br>Mr S A Woodward<br>Mr T R G Hunniwood<br>Mrs E L D Mills (to 4 December 2023)<br>Miss O M V Woodward<br>Miss K M R Woodward<br>The Peak, 5 Wilton Road, London SW1V 1AP<br>www.woodwardcharitabletrust.org.uk<br>Mrs K Everett<br>Chief Executive Officer<br>Mrs K Hooper                      Executive<br>Ms V Lye                                 Trust Administrator<br>Royal Bank of Scotland<br>119 - 121 Victoria Street<br>London SW1E 6RA<br>BDB Pitmans LLP<br>1 Bartholomew Close<br>London EC1A 7BL<br>Sayer Vincent LLP<br>110 Golden Lane<br>London EC1Y 0TG<br>J P Morgan International Bank Limited<br>1 Knightsbridge<br>London SW1X 7LX<br>The objects of the Trust as given in the Trust Deed are for general charitable<br>purposes.|
|---|---|



Report and Accounts – 5 April 2024 

2 



## **Report of the Trustees** 

The Trustees present their report and the audited financial statements for the year ended 5 April 2024. 

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 no grants were approved for work overseas (2023: none). 

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 harder to raise funds for. 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 470 online applications made this year, 308 were eligible for consideration and out of those, 184 (39%) were successful (2023: 37% were successful). 162 online applications were ineligible (34%) (2023: 39.5% were ineligible). There were 14 other grants approved this year that were initiated by the Trustees directly (2023: 14). 

## **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 their 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 2024 

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 self-esteem 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. 

## **Grant-Making Policy** 

The Trustees award three types of grants: 

- **Small grants** (£250 - £5,000); 153 grants were approved this year (2023: 164). 

- **Large grants** (over £5,000); 1 grant was approved this year (2023: 5). Large grants are only made to charities known to the Trustees 

- **Children's summer play scheme grants** , (£500 - £2,000); 44 grants were approved this year (2023: 22). 

Trustees review general applications twice a year. These meetings tend to be in February/March 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 short-term 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 2024, the Trust held total funds of £12.3m (2023: £12.0m). 

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 2024, there were no grants due to be paid after 12 months of the year end 

Report and Accounts – 5 April 2024 

4 



(2023: £10,000). 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 total return on the Trust’s investment portfolios was 6% (2023: -4%). 

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 40% of its assets in investments with general social and/or environmental benefits. 

## **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 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 

Report and Accounts – 5 April 2024 

5 



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 continuing 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. 

The total income on unrestricted funds was £202,191, an increase of 51% over the previous year’s figure of £133,557. As the investments are managed on a total return basis, the pattern of income from investments may be uneven. As at 5 April 2024, an amount was transferred to income from expendable endowment of £128,178 (2023: £219,032). 

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 198 grants (2023: 191) totalling £270,154, all of which are payable within 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. 

||**New Grants Approved**|**New Grants Approved**|**Payments Made**|**Payments Made**|
|---|---|---|---|---|
||**Number**|<br>**£**|<br>**£**|<br>**Number**|
|Children and Young People|79|111,745|123,995|<br>84|
|Disadvantaged Families|56|75,300|75,290|<br>62|
|Prisoners and Ex-offenders|11|14,950|11,700|9|
|Summer Schemes|44|34,950|34,950|44|
|Other|8|33,209|46,000|9|
||198|270,154|291,935|208|



Report and Accounts – 5 April 2024 

6 




**----- Start of picture text -----**<br>
 THE WOODWARD CHARITABLE TRUST<br>5 April 20 24<br>New Grants Approved Payments Made<br>12% 16%<br>Children and Young People<br>Disadvantaged Families<br>13% 41% 42%<br>Prisoners and Ex-offenders 12%<br>6% Summer Schemes 4%<br>Other<br>26%<br>28%<br>**----- End of picture text -----**<br>


## **Grants paid during the year are listed below:** 

## **Children and Young People - £123,995** 

|**Children and Young People - £123,995**||
|---|---|
||£|
|10 Count BoxingGym CIO|1,500|
|Ablaze Bristol|3,000|
|Activiteens|1,500|
|Afro-Brazilian Arts & Cultural Exchange Institute|1,000|
|AJ Sport AcademyCIC|1,000|
|Almeida Theatre|5,000|
|Anthem Music Fund Wales|600|
|ArtsandMind CIC|1,750|
|BasecampAdventure Trust|1,000|
|Biosphere Bikes|600|
|Bournemouth SymphonyOrchestra|5,000|
|Braintree Youth Project Charity|1,000|
|Bromsgrove Youth & CommunityHub|2,000|
|BulliesOut|1,500|
|Central GalaxyCoventryTrampoline Club CIO|600|
|Child's Vision|1,250|
|Choices 4 Growth|1,000|
|CommunityAlbums|1,000|
|CommunityPanthers CIC|1,000|
|Creative Opps CIO|600|
|CROPS|1,250|
|Derbyshire Refugee Solidarity|600|
|Escape Intervention Services Ltd|1,000|
|Escapeline|1,500|
|Explore Relationships|1,000|
|Friends of Yeovil CountryPark|500|
|Front Lounge|3,000|
|Game Changed Network CIC|1,500|



Report and Accounts – 5 April 2024 

7 



|GINA Project CIC|1,000|
|---|---|
|Girls Against AnxietyCIC|1,000|
|Goldfields Organisation For Local Development Of Sport|1,000|
|Grange Festival,The|5,000|
|HappyKids|1,500|
|HarmonyVarietyClubs ltd|600|
|Hope4more CIC|600|
|Horizon Sports Club|1,000|
|Horizons(Plymouth)|600|
|Hothouse Theatre|1,250|
|Jacari|3,000|
|Jamie McDonnell Fight For Good CIC|1,500|
|Kids Space|600|
|Kinross-shire Youth Enterprise|600|
|Kool Carers South East Ltd|1,000|
|LET'S LOOC@THE HUB CIC|600|
|Luna Foundation CIC|2,995|
|Ms Independent Global CIC|1,000|
|MyBigCareer|5,000|
|Off The Grid Adventures CIC|1,000|
|Plan B AP CommunityInterest Company|1,250|
|PlayRadnor|1,000|
|PositivelyEmpowered Kids|1,000|
|PregnancyOptions Centre(Chichester)|1,500|
|Prodigal Bikes|1,250|
|ProgressayImpact CIC|1,000|
|Proton Foundation|1,750|
|Proudtobeme|1,000|
|Rationale Arts|1,000|
|Reanella Trust|1,250|
|Reconnect Education Project CIC|1,000|
|Royal National Theatre|5,000|
|Royal Opera House Covent Garden Foundation|5,000|
|Sandwell Youth in Action|500|
|Set Them UpFoundation CIC|1,750|
|SK CommunityTrust|1,250|
|Sounds Like Chaos|1,000|
|Sparks of Success|1,000|
|Spirit Eagles CheerleadingCIC|1,000|
|Stand Against Violence|3,000|
|Success Club CIO|3,000|
|Sudden Productions|1,000|
|Swan Youth Project(Norfolk)|600|
|The Black and MinorityEthnic YoungPeople’s Project|1,000|
|The Hebe Foundation|1,000|
|The Juno Project|600|



Report and Accounts – 5 April 2024 

8 



|The Kennington Association Limited|2,000|
|---|---|
|Tor Support Services|1,000|
|Urban Uprising|600|
|Visionaries Education CIC|1,000|
|Walk Tall - Therapeutic PlayServices CIC|700|
|Warnborough Foundation|900|
|Winchester Street Reach|1,000|
|Windmills - Acute Bereavement Support for Children & Young People|1,000|
|in Staffordshire||
|YoungSpeakers Scotland|2,000|
|Youth on the Move(London)|1,000|



## **Disadvantaged Families - £75,290** 

||£|
|---|---|
|All Yours Period Box CIC|1,500|
|BabyLoss Retreat|1,000|
|BromleyBrighter Beginnings|1,000|
|Brown Sisters CIC(tradingas Dora Brown)|1,750|
|Broxtowe CommunityProjects|1,000|
|Capa First Response CIC|1,000|
|Children First FamilyMediation|1,000|
|Close-Knit CIC|1,000|
|DiversifyEducation and Communities CIC|600|
|Eastleigh Child Contact Centre|600|
|Ein Cegin CIC|1,000|
|EPIC Dad CommunityInterest Company|1,500|
|FamilySupport Derbyshire|1,000|
|GAP - A Thanet CommunityProject|1,250|
|Give. Help. Share.|1,500|
|Gloucester Child Contact Centre|500|
|Happyand HealthyTrust|600|
|Havens CommunityHub CIC|600|
|Headroom - YoungPeople's Charity|600|
|Home-Start Banbury,Bicester & ChippingNorton|1,000|
|Home-Start Blackmore Vale|600|
|Home-Start Haringey,Hackneyand Waltham Forest|1,000|
|Home-Start Kincardine|600|
|Home-Start Teignbridge|2,250|
|Home-Start Telford and Wrekin(twogrants)|2,500|
|Home-Start Torridge and North Devon|1,000|
|Home-Start Walsall|2,250|
|Home-Start Winchester and Districts|1,500|
|Hope for Families|600|
|Kith'n'Kin CIC|1,000|



Report and Accounts – 5 April 2024 

9 



|L & L Advice Service CIC|2,000|
|---|---|
|Little Stars BabyBank|1,500|
|Maddie's Miracle|1,500|
|Mamahood Space|600|
|Mothers' Springboard Programme|1,750|
|Muirhead Outreach Project|1,750|
|New Leaf Support|600|
|Northumberland CommunityEnterprise Limited|600|
|Nurture Families CIC|1,000|
|NW NappyCollaborative CIC|2,000|
|ParentingNetwork CIC|2,040|
|Petworth CommunityGarden CIC|1,000|
|PregnancyCounsellingand Care(Scotland)|1,000|
|Project Food|3,000|
|Purple Elephant FamilySupport CIO|500|
|Quiet Down There|1,500|
|Re:Charge R&R|1,000|
|REACH CIC|600|
|SHAPE|1,000|
|Shared ParentingScotland SCIO|1,750|
|Sherwood Park Hall CIC|600|
|Support ME Maternal Project CIC|1,500|
|SupportingOur Community|600|
|Tarka Child Contact Centre|1,500|
|The CommunityHub|1,500|
|The Mindful Parenting& CommunityProject CIC|1,000|
|The River Manchester|1,000|
|TotRockinBeats CIC|5,000|
|TurningCorners|1,000|
|We Are Family|1,000|
|Women TodayNorth East|600|



## **Prisoners and Ex-Offenders - £11,700** 

||**£**|
|---|---|
|Inverclyde Faith in Throughcare|1,000|
|Kent Enterprise Trust|1,500|
|New Hall Kidz|1,500|
|Prison FamilySupport|600|
|Proclaim Trust|3,000|
|Prodigal Arts|600|
|Sussex Prisoners' Families|1,000|
|The CIP Project CIC|1,000|
|Think Through Nutrition(Institute for Food,Brain & Behaviour)|1,500|



Report and Accounts – 5 April 2024 

10 



||**Summer Schemes - £34,950**|**Summer Schemes - £34,950**|
|---|---|---|
||£||
||African CommunityHeritage Hub Ltd<br>600||
||All Sorts of PerformingArts CIC<br>750||
||Andalucia LearningCentre<br>750||
||Balintore & District Residents Group<br>750||
||Banana Enterprise Network Ltd<br>750||
||Believe Achieve CIC<br>1,200||
||Bright Park<br>750||
||Brocagh After School Club Ltd<br>750||
||BusyBuddies<br>750||
||Carnagat Area CommunityAssociation<br>750||
||CommunityNetwork and Outreach Service CIC<br>750||
||Duncombe Street CommunityHouse<br>750||
||Flash Musicals<br>1,200||
||Friends of MendipSchool PTA<br>750||
||Hands On Carers Charity<br>750||
||Hillwood CommunityTrust<br>750||
||House of Hope Enterprise<br>750||
||Infinite WellbeingCIC<br>750||
||InterActive Whitby& District<br>750||
||Jhankar Beats<br>750||
||Kids Festival CIC<br>750||
||Kirklees Summer Playscheme Camp<br>750||
||Life Changers Foundation<br>750||
||LivingHope Belfast<br>750||
||Malvern Cube Projects<br>750||
||Mill Lane PrimarySchool<br>750||
||MusicOnWheels CIC<br>750||
||Netherthird CommunityDevelopment Group<br>750||
||North Berwick Youth Project<br>750||
||NorthQueensferryCommunityComplex<br>750||
||People Empowered CIC<br>750||
||PlayCenter Glasgow CIC<br>750||
||Power House CommunityNetwork<br>750||
||ProActive CommunityEndeavour<br>750||
||Serens Wish<br>750||
||Shiremoor Adventure Playground Trust<br>1,200||
||SiMY CommunityDevelopment<br>1,200||
||South Oxford Adventure Playground<br>750||
||Sports Fun 4 All<br>750||
||The H.O.M.E. At School Association Limited<br>750||
||The Mentor Ring<br>750||
||The Together Centre<br>1,200||
||Tower Hamlets Parents Centre<br>750||
||WhitleyBayYoungPeoples Centre<br>600||



Report and Accounts – 5 April 2024 

11 



||**Other - £46,000**|
|---|---|
||£<br>Glyndebourne Productions Ltd(twogrants)<br>20,000<br>Grange Park Opera<br>5,000<br>London Academyof Music & Dramatic Art(LAMDA)<br>3,000<br>Our Dementia Choir<br>2,000<br>Paul Cottingham Trust<br>3,000<br>Reprieve<br>3,000<br>The SainsburyArchive<br>5,000<br>UniversityCollege London Hospitals Charity<br>5,000|
||£|
||Glyndebourne Productions Ltd(twogrants)<br>20,000|
||Grange Park Opera<br>5,000|
||London Academyof Music & Dramatic Art(LAMDA)<br>3,000|
||Our Dementia Choir<br>2,000|
||Paul Cottingham Trust<br>3,000|
||Reprieve<br>3,000|
||The SainsburyArchive<br>5,000|
||UniversityCollege London Hospitals Charity<br>5,000|



Report and Accounts – 5 April 2024 

12 



## **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 28 November 2024 and signed on their behalf by: 

……………………………………………………………………………………………    TRUSTEE 

Camilla Woodward 

Report and Accounts – 5 April 2024 

13 



## **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 2024 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 2024 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 2024 

14 



## **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 

Report and Accounts – 5 April 2024 

15 



## **Independent auditor’s report to the Trustees of The Woodward Charitable Trust (continued)** 

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. 

## **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 noncompliance 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. 

Report and Accounts – 5 April 2024 

16 



## **Independent auditor’s report to the Trustees of The Woodward Charitable Trust (continued)** 

## **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 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. 

## Date 24 January 2025 

Sayer Vincent LLP, Statutory Auditor 

110 Golden Lane, London, EC1Y 0TG 

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 

Report and Accounts – 5 April 2024 

17 



## **Statement of Financial Activities for the year ended 5 April 2024** 


**----- Start of picture text -----**<br>
Unrestricted Expendable  Total Funds   Total Funds<br>Notes Funds Endowment 2024 2023<br>£ £ £  £<br>Income from:<br>Donations 25,000  - 25,000 -<br>Investments 3 177,191  - 177,191         133,557<br>Total Income 202,191 - 202,191 133,557<br>Expenditure:<br>Cost of raising funds:<br>-<br> Investment management costs 72,557 72,557  78,097<br>Charitable activities:<br>Grant-making:<br>Grant expenditure 4 257,945  - 257,945 283,519<br>Grant related support costs 5 72,424  - 72,424 69,070<br>Total Expenditure 330,369  72,557  402,926  430,686<br>Net expenditure before  (128,178) (72,557) (200,735) (297,129)<br>gains/(losses) on investments<br>Net gains/(losses) on investments 8 - 499,923 499,923  (518,804)<br>-<br>Exchange and currency gains/(losses) 40,910 40,910  (165,111)<br>Transfers between funds 11 128,178  (128,178) -  -<br>Net movement in funds - 340,098 340,098  (981,044)<br>Reconciliation of funds:<br>Total funds brought forward - 12,033,116 12,033,116  13,014,160<br>Total funds carried forward - 12,373,214 12,373,214  12,033,116<br>**----- End of picture text -----**<br>


The notes on pages 21-31 form part of these accounts. 

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. 

Report and Accounts – 5 April 2024 

18 



## **Balance Sheet as at 5 April 2024** 


**----- Start of picture text -----**<br>
Notes 2024 2023<br>£ £ £<br>Fixed Assets<br>Tangible fixed assets 7 1,388  1,851<br>Investments 8 12,464,614  11,986,050<br>12,466,002 11,987,901<br>Current Assets<br>Debtors 9 -  104,165<br>Cash at bank and in hand 503  94,400<br>503 198,565<br>Current Liabilities<br>Creditors -  amounts falling due within 1 year 10 93,291  153,350<br>Net Current (Liabilities)/Assets (92,788) 45,215<br>Net Assets 12,373,214 12,033,116<br>Capital Funds<br>Expendable endowment 11 12,373,214  12,033,116<br>Income Funds<br>Unrestricted funds 11 -  -<br>12,373,214 12,033,116<br>**----- End of picture text -----**<br>


The financial statements were approved and authorised for issue by the Trustees on 28 November 2024 and were signed on their behalf by: 

……………………………………………………………………………..  TRUSTEE 

Camilla Woodward 

The notes on pages 21-31 form part of these accounts. 

Report and Accounts – 5 April 2024 

19 



## **Statement of Cash Flows for the Year Ended 5 April 2024** 

|**Cash flows from operating activities:**|**Cash flows from operating activities:**|**Cash flows from operating activities:**|
|---|---|---|
|**Net cash (used in)/provided by operating activities**<br>**Cash flows from investing activities:**<br>Dividends and interest<br>Purchase of investments<br>Sale of investments<br>**Net cash (used in)/provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>**Cash and cash equivalents at the beginning of the year**<br>**Change in cash and cash equivalents due to exchange rate movements**<br>**Cash and cash equivalents at the end of the year**<br>**Reconciliation of net expenditure to net cash flow from operating activities**<br>Net movement in funds (as per the statement of financial activities)<br>(Gains)/losses on investments<br>Dividends and interest<br>Depreciation charges<br>Decrease/(increase) in debtors<br>Decrease in creditors<br>Exchange and currency (gains)/losses<br>**Net cash used in operating activities**<br>**Analysis of the balance of cash as shown in the balance sheet**|||
|Cash at bank and in hand<br>Cash held for reinvestment (as per note 8)|||
||503<br>94,400<br>_(93,897)_<br>36,698<br>403,689<br>_(366,991)_||
||37,201<br>498,089<br>_(460,888)_||
||||



The notes on pages 21-31 form part of these accounts. 

Report and Accounts – 5 April 2024 

20 



## **Notes to the Accounts** 

## **1. Charitable Status** 

The Woodward Charitable Trust is an unincorporated charity, registered in England and Wales with the Charity Commission (registration number 299963). The address of the registered office is 5 Wilton Road, London, SW1V 1AP. 

## **2. Accounting Policies** 

## **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. 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. 

## **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** 

- i) 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. 

- ii) Costs of generating funds represent amounts paid to the Trust's external investment advisors. 

- iii) 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. 

- iv) 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 

Report and Accounts – 5 April 2024 

21 



## **Notes to the Accounts** 

## **2. Accounting Policies (continued)** 

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. 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. 

- v) 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. 

- vi) Contributions to defined contribution pension plans are charged to the Statement of Financial Activities in the period to which they relate. 

## **d) Investments** 

- i) 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. 

- ii) Social Impact Investments are valued at their fair value.  Where fair value is not practicable, social investments are recognised at cost less impairment. 

- iii) 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) 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: 

Leasehold improvements - 14.28% per annum 

## **f) Financial Instruments** 

- i) 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. 

Report and Accounts – 5 April 2024 

22 



## **Notes to the Accounts** 

## **2. Accounting Policies (continued)** 

- ii) 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. 

## **g) 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. 

## **h) Exchange and currency gains and losses** 

- 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. 

## **i) Critical accounting judgements and key sources of estimation uncertainty** 

- i) In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates. 

- ii) 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. 

- iii) 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. 

## **3. Investment Income** 

Income received on investments may be analysed as follows: 

|Fixed interest<br>Equities<br>Social impact investments<br>Bank deposit interest|**2024**<br>**_2023_**|
|---|---|
||**£**<br>**%**<br>**_£_**<br>**_%_**<br>148,240<br>84<br>_90,762_<br>_68_<br>3,042<br>2<br>_13,177_<br>_10_<br>23,373<br>13<br>_25,059_<br>_19_<br>2,536<br>1<br>_4,559_<br>_3_|
||177,191<br>100<br>_133,557_<br>_100_|
|||



Report and Accounts – 5 April 2024 

23 



## **Notes to the Accounts** 

## **4. Grants Payable** 


**----- Start of picture text -----**<br>
2024 2023<br>£ £ £ £<br>Reconciliation of grants payable:<br>Commitments at 6 April 2023 94,040  116,500<br>Grants not accrued at 6 April 2023 10,000  30,000<br>Grants approved in the period 270,154  273,519<br>Grants cancelled in the period -     (10,000)<br>Grants not accrued at 5 April 2024 (22,209) (10,000)<br>Grants payable for the period 257,945  283,519<br>Net grants (paid)/refunded during the period (291,935)  (305,979)<br>Commitments at 5 April 2024 60,050  94,040<br>Commitments at 5 April 2024 are payable as follows:<br>2024 2023<br>£ £<br>Within one year (note 10) 60,050  94,040<br>**----- End of picture text -----**<br>


As mentioned in our accounting policies (note 2c), any grants due to be paid in more than 12 months from the reporting date are not accrued but are reported as an unaccrued future commitment. As at 5 April 2024, there were no grants which met this criteria (2023: £10,000) however grants totalling £22,209 were not accrued as expenditure as they were cancelled shortly after the reporting date. 

A list of grants payable is included in Appendix A. 

## **5. Allocation of Support Costs** 

|Staff costs<br>|**2024**<br>**2024**<br>**2024**<br>**_2023_**<br>**Grant- Governance**<br>**Total**<br>**_Total_**<br>**Making**<br>**Allocated**<br>**_Allocated_**|
|---|---|
||**£**<br>**£**<br>**£**<br>**_£_**<br>49,680<br>1,893<br>51,573<br>_47,944_<br>8,882<br>-<br>8,882<br>_8,152_<br>2,746<br>-<br>2,746<br>_4,711_<br>463<br>-<br>463<br>_463_<br>-<br>8,760<br>8,760<br>_7,800_|
|Share of joint office costs<br>Direct costs including travel||
|Depreciation<br>Auditor's remuneration*||
||61,771<br>10,653<br>72,424<br>_69,070_|
|||



*Auditor's remuneration excluding VAT was £7,300 (2023: £6,500). 

Included within support costs for 2023 were governance costs totalling £9,306. This was comprised of staff costs of £1,506 and auditor's remuneration of £7,800. 

Report and Accounts – 5 April 2024 

24 



## **Notes to the Accounts** 

## **6. Analysis of Saff Costs** 


**----- Start of picture text -----**<br>
2024  2023<br>£ £<br>Salaries and wages 41,917 39,225<br>Social security costs 4,822 4,618<br>Other pension costs 4,834 4,101<br>51,573 47,944<br>**----- End of picture text -----**<br>


The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.5% of the total support and administration costs of these trusts have been allocated to The Woodward Charitable Trust (2023: 0.5%), including a proportionate share of the costs of employing the total number of staff serving in the office in 2023/24. 

The actual number of staff employed during the period was 8, all on a part-time basis (2023: 7). This was equivalent to 0.7 full-time employees (2023: 0.7). 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 £32,790 (2023: £31,609). No employee of the Trust earned in excess of £60,000 (2023: none). 

## **7. Tangible Fixed Assets** 

Leasehold Improvements 

|**Tangible Fixed Assets**<br>Leasehold Improvements||
|---|---|
|**Cost**<br>Cost at 6 April 2023<br>Disposals<br>At 5 April 2024<br>**Depreciation**<br>At 6 April 2023<br>Disposals<br>Charge for the period<br>At 5 April 2024<br>**Net Book Value**<br>At 5 April 2024<br>At 5 April 2023|**2024**<br>**_2023_**|
||**£**<br>**_£_**<br>3,240<br>_14,440_<br>-<br>_(11,200)_|
||3,240<br>_3,240_|
||1,389<br>_12,126_<br>-<br>_(11,200)_<br>463<br>_463_|
||1,852<br>_1,389_|
||1,388<br>_1,851_|
||1,851<br>_2,314_|
|||



Report and Accounts – 5 April 2024 

25 



## **Notes to the Accounts** 

## **8. Fixed Asset Investments** 


**----- Start of picture text -----**<br>
2024 2023<br>£ £<br>Market value at 6 April 2023 11,451,647  13,296,738<br>Less: Disposals at proceeds (6,891,596) (10,060,103)<br>Add: Acquisitions at cost 7,375,710 8,733,816<br>Net gains/(losses) on investments 499,923  (518,804)<br>Market value at 5 April 2024 12,435,684  11,451,647<br>Forward exchange contracts (7,768) 130,714<br>Cash held for reinvestment 36,698  403,689<br>Total Investments 12,464,614  11,986,050<br>**----- End of picture text -----**<br>


The investments held as at 5 April 2024 were as follows: 


**----- Start of picture text -----**<br>
2024 2023<br>Cost Market Cost Market<br>Value Value<br>£ £ £ £<br>Fixed Income 5,034,630  5,134,529  4,782,925  4,781,408<br>Equities 2,850,192  3,399,479  2,791,389  2,895,289<br>Alternative Investments 254,670  272,782  222,906  308,596<br>Social Impact Investments 2,425,010  3,628,894  2,119,427  3,466,354<br>10,564,502 12,435,684 9,916,647  11,451,647<br>**----- End of picture text -----**<br>


During the year, £160,000 (2023: £770,000) was withdrawn from the investment portfolio to cover the Trust's commitments. 

The Trust has entered into commitments to invest in private equity funds (social impact investments). At the balance sheet date outstanding commitments totalled £1.3 million (2023: £1.6 million). 

As part of the overall management of funds, the investment managers have entered into commitments to sell a total of USD 2,440,000 EUR 350,000 and JPY 37,500,000 under forward rate contracts at 5 April 2024 (2023: sell USD 4,119,673, EUR 400,000 and JPY 33,250,000). 

Report and Accounts – 5 April 2024 

26 



## **Notes to the Accounts** 

## **9. Debtors** 


**----- Start of picture text -----**<br>
2024 2023<br>£ £<br>Other debtors -     104,165<br>-     104,165<br>10. Creditors<br>2024 2023<br>£ £<br>Grants payable within one year 60,050  94,040<br>Professional charges 8,760  7,800<br>Investment management fee 6,252  51,510<br>Other creditors 18,229  -<br>93,291  153,350<br>**----- End of picture text -----**<br>


## **11. Analysis of Net Assets Between Funds** 

|Fund balances at 5 April 2024 are represented by:<br>Tangible fixed assets<br>Investments<br>Current assets<br>Current liabilities<br>**Total net assets**<br>**Movement in the year**<br>Opening balance as at 6 April 2023<br>Total income and endowments<br>Cost of raising funds<br>Cost of grant-making<br>Net gains on investments<br>Exchange and currency gains<br>Transfers between funds *<br>Closing balance as at 5 April 2024|**Unrestricted**<br>**Expendable**<br>**Totals**<br>**Funds**<br>**Endowment**<br>**2024**|
|---|---|
||£<br>£<br>£<br>-<br>1,388<br>1,388<br>-<br>12,464,614 12,464,614<br>68,810<br>(68,307)<br>503<br>(68,810)<br>(24,481)<br>(93,291)|
||-<br>12,373,214 12,373,214|
||-<br>12,033,116 12,033,116<br>202,191<br>-<br>202,191<br>-<br>(72,557)<br>(72,557)<br>(330,369)<br>-<br>(330,369)<br>-<br>499,923<br>499,923<br>-<br>40,910<br>40,910<br>128,178<br>(128,178)<br>-|
||-<br>12,373,214 12,373,214|



*During the year, there was a deficit of income over expenditure on the unrestricted funds of £128,178 (2023: £219,032). This has been funded by a transfer from expendable endowment. 

Report and Accounts – 5 April 2024 

27 



## **Notes to the Accounts** 

## **12. Comparative Analysis of Net Assets Between Funds for the Year Ended 5 April 2023** 

|Fund balances at 5 April 2023 are represented by:<br>Tangible fixed assets<br>Investments<br>Current assets<br>Current liabilities<br>**Total net assets**<br>**Movement in the year**<br>Opening balance as at 6 April 2022<br>Total income and endowments<br>Cost of raising funds<br>Cost of grant-making<br>Net losses on investments<br>Exchange and currency losses<br>Transfers between funds*<br>Closing balance as at 5 April 2023|**Unrestricted**<br>**Expendable**<br>**Totals**<br>**Funds**<br>**Endowment**<br>**2023**|
|---|---|
||£<br>£<br>£<br>-<br>1,851<br>1,851<br>-<br>11,986,050 11,986,050<br>101,840<br>96,725<br>198,565<br>(101,840)<br>(51,510)<br>(153,350)|
||-<br>12,033,116 12,033,116|
||-<br>13,014,160 13,014,160<br>133,557<br>-<br>133,557<br>-<br>(78,097)<br>(78,097)<br>(352,589)<br>-<br>(352,589)<br>-<br>(518,804)<br>(518,804)<br>-<br>(165,111)<br>(165,111)<br>219,032<br>(219,032)<br>-|
||-<br>12,033,116 12,033,116|



*During the year, there was a deficit of income over expenditure on the unrestricted funds of £219,032. This was funded by a transfer from expendable endowment. 

## **13. Related Party Transactions** 

There are no related party transactions in the reporting period which require disclosure. 

No Trustees received any remuneration for their services or any expenses during the year (2023: none). 

Report and Accounts – 5 April 2024 

28 



## **Notes to the Accounts** 

## **14. Comparative Statement of Financial Activities for the Year Ended 5 April 2023** 


**----- Start of picture text -----**<br>
Unrestricted Expendable Total Funds<br>Funds Endowment 2023<br>£ £<br>Income<br>Investments 133,557  -     133,557<br>Total Income 133,557 -     133,557<br>Expenditure<br>Cost of raising funds:<br>   Investment management costs -     78,097  78,097<br>Charitable activities:<br>    Grant-making:<br>     Grant expenditure 283,519  -     283,519<br>     Grant related support costs 69,070  -     69,070<br>Total Expenditure 352,589  78,097  430,686<br>Net expenditure before losses on investments (219,032) (78,097) (297,129)<br>Net losses on investments -     (518,804) (518,804)<br>Exchange and currency losses -     (165,111) (165,111)<br>Transfers between funds 219,032  (219,032) -<br>Net movement in funds -     (981,044) (981,044)<br>Reconciliation of funds:<br>Total funds brought forward -     13,014,160  13,014,160<br>Total funds carried forward -     12,033,116  12,033,116<br>**----- End of picture text -----**<br>


Report and Accounts – 5 April 2024 

29 



## **Notes to the Accounts** 

## **Appendix A** 

## **Grants Payable** 

The amount payable for the year ended 5 April 2024 consisted of the following: 

|**Children & Young People**<br>Ablaze Bristol<br>Almeida Theatre<br>Bournemouth Symphony Orchestra<br>Grange Festival, The<br>Luna Foundation CIC<br>MyBigCareer<br>Royal National Theatre<br>Royal Opera House Covent Garden Foundation<br>Visionaries Education CIC<br>Grants up to £2,500 were also payable totalling<br>**Disadvantaged Families**<br>Brixton Soup Kitchen<br>Dads Rock<br>Free Legal Advice Group for Domestic Violence (Flag DV)<br>Safe Passage International<br>Wiltshire Women Empowerment Program<br>Grants up to £2,500 were also payable totalling<br>**Prisoners and Ex-Offenders**<br>Proclaim Trust<br>Grants up to £2,500 were also payable totalling<br>**Summer Schemes**<br>44 grants were payable totalling<br>**Other**<br>Glyndebourne Productions Ltd<br>Grange Park Opera<br>Our Dementia Choir<br>Paul Cottingham Trust<br>Reprieve<br>The Sainsbury Archive<br>University College London Hospitals Charity<br>UWL (University of West London)<br>Wigmore Hall Trust<br>Total grants payable per Statement of Financial Activities:|**£**<br>3,000<br>5,000<br>5,000<br>5,000<br>2,995<br>5,000<br>5,000<br>5,000<br>3,000<br>77,750<br>3,000<br>3,000<br>3,000<br>5,000<br>3,000<br>58,300<br>3,000<br>11,950<br>34,950<br>10,000<br>5,000<br>2,000<br>3,000<br>3,000<br>5,000<br>5,000<br>(20,000)<br>3,000|
|---|---|
||**257,945**|



Report and Accounts – 5 April 2024 

30 



## **Notes to the Accounts** 

## **Appendix A** 

## **Grants Payable** 

The amount payable for the year ended 5 April 2023 consisted of the following: 

||**£**|
|---|---|
|**Children and Young People**<br>Almeida Theatre<br>Be Kind Movement<br>Bournemouth Symphony Orchestra<br>Front Lounge<br>Jacari<br>La Salle Hotel School Liverpool C.I.C.<br>MyBigCareer<br>National Theatre<br>Royal Opera House Covent Garden Foundation<br>Stand Against Violence<br>Success Club CIO<br>The Grange Festival<br>Grants up to £2,500 were also payable totalling<br>**Disadvantaged Families**<br>Project Food<br>Twinkleboost CIC<br>TotRockinBeats CIC<br>Grants up to £2,500 were also payable totalling<br>**Prisoners and Ex-Offenders**<br>DWRM Consultants<br>Not Beyond Redemption<br>Project Turn-Over UK<br>Grants up to £2,500 were also payable totalling<br>**Summer Schemes**<br>22 grants were payable totalling<br>**Other**<br>Glyndebourne Productions Ltd<br>Grange Festival<br>Human Dignity Trust<br>London Academy of Music & Dramatic Art (LAMDA)<br>The Sainsbury Archive<br>UWL (University of West London)<br>Wigmore Hall Trust<br>Grants up to £2,500 were also payable totalling<br>Total grants payable per Statement of Financial Activities|5,000<br>3,000<br>5,000<br>3,000<br>6,000<br>3,000<br>10,000<br>3,000<br>5,000<br>3,000<br>3,000<br>5,000<br>67,750<br>3,000<br>3,000<br>5,000<br>60,059<br>5,000<br>3,000<br>3,000<br>7,750<br>20,960|
|||
||10,000<br>10,000<br>(10,000)<br>4,000<br>10,000<br>20,000<br>3,000<br>4,000|
|||
||**283,519**|



Report and Accounts – 5 April 2024 

31