Charlty reglstration number 307319 WILLIAM PRICE CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WILLIAM PRICE CHARITABLE TRUST CONTENTS Page Trustees. rewt Annex A- References and administrats've details of the charity Annex B - Grants made Statement of trustees. rewinsibdities Independent auditors report 10-12 Statement of financial adivitres 13 Balance sheet 14 Notes to the financial Statennts 15-22
WILLIAM PRICE CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present the annual report together with the financial statements and auditors’ report of the charity for the year ended 31 March 2024.
Background of the Charity
William Price, a timber merchant of Fareham, drew up a will in 1721 which, after his death, founded a blue coat school in his town house. Price’s charity was formed to support the school which went through various phases, including relocation, before being closed in 1984. The Charity was reformed in 1989 as a grant making educational trust and in 1994 the school site in Fareham was sold to provide the permanent endowment of the new charity. In 2006, the permanent endowment was further enhanced when the proceeds of sale of a former Elementary School, also in Fareham, were transferred to the charity to administer.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Object of the Charity
The object of the Trust is the promotion of Christian education of persons under the age of 25 years who live in the area of benefit, defined as the three ecclesiastical parishes of St Peter & St Paul, Holy Trinity with St Columba and St John the Evangelist, all of Fareham. These three parishes have the same area as the original Fareham town parish, but do not cover the whole area of the Fareham Borough.
Structure and Governance
The Governing Document of the William Price Charitable Trust is the 1993 Charity Commission Scheme which appoints the William Price Trust Company as its trustee. Other than assets held in trust, the Trust Company holds no assets and with no financial transactions in its own right its accounts are dormant. Reference and administrative details of the Company members, who are also the charity trustees, and their professional advisers are shown at Annex A,
The Company’s Articles of Association register 19 Company members, of whom three are Incumbents of the Fareham town parishes, three are nominated by those parish councils and four others are nominated by appointing bodies – the Bishop of Portsmouth (1), Fareham Borough Council (2), and Hampshire County Council (1). A further nine members are co-opted, and these as far as practicable, through residence, occupation, employment or otherwise have special knowledge of the area or are, or have been, teachers in that area. Potential co-opted members are invited by Trustees to submit a curriculum vitae for consideration by them. If found acceptable, they are then invited by the Clerk to attend the first General Meeting of the Trust. Before attending this first meeting, they are required to sign and declare their willingness to act as a charity trustee and to act in the trust of the Governing Document. On appointment members are sent full information on the charity and given copies of the Governing Document and Memorandum & Articles of Association.
Management
Day-to-day management is delegated to the Company Director and Company Secretary, who are Chairman and Clerk respectively of the Charitable Trust. The members of the Company (the Charity Trustees) have established three committees to advise separately on policy, finance and grants and of these, the Finance and Grants committees report every six months to a General Meeting of the Company. The composition of the committees is shown at Annex A.
The Chairman of the Trust is elected at the Annual General Meeting of the Trust Company by a majority of the Trustees. Similarly, the chair of each of the committees is elected at the first meeting following the AGM by a majority of the committee members.
The remuneration of the Clerk is decided by the Finance Committee at its first meeting following the anniversary of his appointment
Risk Management.
No major risks have been identified. Expenditure can be made by electronic transfer from the relatively small current account. A chequebook is under the control of the secretary and all transactions require two authorisations and in the case of cheques, two signatures.
A hard drive is used to back up the Clerk’s PC and is kept at a separate location in a fire proof safe.
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WILLIAM PRICE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 object18 of the Trustees. The Trustees place their emphasis on assistlng and supporting both indrviduals and educAtional establishments in the study of those subjects and the Pufsuit of those activities which in the opinion of the tNste8s do not command adequate priority in education. The typ8s of projects that are given priority are those that enrich the quallty of life and widan horizons, encourage participation and appr6ciation of th8 arts. develop good citizenship and encourage help in the communty and lo¢al environmenL Achlevements and performance For this year. th8 OV8rall expenditure on grants was £172.276. M05t schools have projects which requ1 outside fijnding and to achieve these they apply for grants from the charfty which are. in aggr8gat8. usually In excess of the money available. The main task for the trustees has therefore been to make choices from the appllcatlons In ac)rdanCe wrth their objectives. In order to 8nsure an equabl8 spread between the large and small schools the number of pupils in each sthool is taken into consideratlon as a factor in the decision-making. Overdll. the trusteès ar8 pleased that most grants shown in Annex B now fall wthin thelr objectives and consider that the charity is maklng a wel(x)me and positive contrlbution to support th6 educatlon of the young in the benefft area. There are 18 schools. one College and four eligtble churches substantialty serving the area of benefit and these are canvassed for applications tWiC8 a year for projects which would fall within th8 provisions of the &)v8rning Document. After sGruliny by the Grants Committee. and having regard to the available funds, the trustees at a General Meeting approved the grants shown in Annex B, where it will be seen that the expenditu on grants lo the schools and churches vras £136,730. There were 18 eligible requests for individuals to recelv8 asslstance grants during the year, a decfease on last year broughl about by the lasting impact of the p8ndemlc and schools being closed for long periods In addtion to the overall economlc downtum. The overall total for assistsnce grants was £7.096. Larger grants, for universitylcollegel apprentlceship fees and overseas projects. were made to 11 indmduals dudng the year and for thes8 was awarded £15,450. The tru8t88s have established a bursary for the t¥vo private Schools in the area (now one following the dosure of Wykeham House School) offering oneaoff emergency help with fe8s on application by the schools, to give help for children whose parents have run into financial diffiojlty. There were applications this year. Far•ham Wollarg Tru8L William Price's onginal bequests were both to found a sch(x)l and to assist the pcxjr wid¢)ws of Fareham. To cover the s8cond bequest the Goveming Document requires this Trust to make an annual payment to the Faharn Welfare Trust, into which the original Widows, Charity was merged. The Goveming Document has been amended to enable the trustees to carry out an annual review of this payment and this year a payment of £13,000 was approved as requesled by the Welfare Trust to assist Thardship" grants.
WILLIAM PRICE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Farnham College AgreemènL Following an e8rfier commitment by the trusle8s. the Goveming Document pemiitted paent of £1,000,000 of the sale proce8ds from Pri.$ site towards the )sts inwrred by Hampshire County Council in improving and extending the buildings at Fareham College. subject to repayment in the event of change of use of the College. However before Price's site was sold the 1992 Higher Education Act changed the ownership of the College buildings to a College Corporation and the commilment was therefor8 r8ferred to the Education Assets Board to decide who should r8C8lve the payment and who should make repayment in the event of change of use. By the year 2000 th8 matter had b88n decided. thè Trust paid £1,000.000 to Hampshire County Council and an agreement was mad8 with Fareham College to repay to the Tnjst a sum equal to 7.33% of the then valuation of th8 College or proceeds of sale in the event of change of use. This contlnu8S to r8present a potential asset for the Trust. Th8 College sold a proportlon of its land for housing to raise th8 capital n8c8ssary to fvnd major building and refiJrbk8hment work on the remainder of the Sit8. A full valuation was made of the reduced sit8 arKI Its new and rèfurbished buldings in 2014 whlch reported a figure considerably higher than thè original valuation. The Trustees, after taking legal advice, agreed to thls salè taking place retaining their 7.33% in the reduced stle. The Trust is required to recoup the above Capital expenditure and to ensur8, as far as is practicable. that by th8 8nd of a p8riod of 30 years from 2002 th8 reduction in the 1 value of the assets is made good by the charity. This recoupment commenced in the financial year 2013114 at a value of £29.000 and will continue annually until 2030131. Flnanclal rnvlew The overriding financial objedive of the trustees is to maintain l¢xg term gr<Mth of the captial fund to ensure that the Trust survives as a viable charity throughout the 21st century and beyond. and thus to be able to treat future beneficiaries even handedly with those of th8 present. In the medium tenn the aim is to periodically review and adjust, as may prove necessary and expedient the Investrn8nts In the light of changing e¢onomlc condltions. thereby to ensure that sufficient fijnds are available to meet the present and future objectlves of the Trust, whilst maintaining long-t8m growth. The Investment Adviser and Flnance Committee meet at six monthly intervals to view the Inveslment policy and any changes to Investments In the endowment fund. The Committee a19) recommends the budget for grants from th8 5ncome fund for the followlng period. The Trust has a highly diverse asset allocation with hoklings in fixed interest {govemment gilts and corporate Ix)ndsl, equlties (UK and intemational), commercial property, in addition to the cash held. The investments are all held Ma cdlective investment schemes such as unit trusts and OEICS and include some tax exempt Common Investment Funds. The collectNe investment schemes are held In order to dSversify the risk of the nvestment portfolio. During the year the Trustees reviewed and adopted a revised Investment Poli¢y whith, altPDugh not applying any specific ethlcal investrnent criteria. ConfiMd the Trustees preference for investments ihat reflect good Envlronmentsl, Social and Gov8man¢e standards. It is therefore important that th8 o)mpanies underfylng the Trusts Investments can demonstrate posltlve environmentsl (such as wothing to reduce thelr carbon footprint) and societal (such as improvlng peoples living cnnditlons and having due regard to worker5 and human rights, fairness and equality) impact and demonstrate good standards of governance (such as responsibfe executlve pay, anti-comjptlon polloes. good corporate ethlcs and board and employee diversity). Following the closure of Wykeham House School and the dlsposal of its assets, its Trustees declded that the surplus funds (£156,789.60) should be given to the William Pric8 Trust dwrity to assist In furthering its aims. These funds wer8 allocated to a separate General Investment Account within Transact such that, in accordaro with thè conditions of the transfer of the funds, they remain identifiable. At the Finance Committ8e meeting on the 15th May 2018 it was derided that thls cash should be invested with a mandate to produce a target income yield of 3% per annum with this income yield being utilised by the trustees to provide a specific bursary to students. upon application being received. The target income yield has been met in all years since inception of designated account. The income is available to make grants following the Trustees decision on its allocation.
WILLIAM PRICE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The overall value of the endowment fund. General Fund, Expendable Endowment and Pemianent Endowment. Increased in value by £58.194 {£7,742,944 8t 31st Marth 2024) across the year. In tenns of the comparative perfomance the Investment Adviser benchmarks the Trust portfolio against a blend belween the Invesknent Association 0% - 35°k Shares sector {25%) and the Investrnent Association 20% - 60% Shares sector (75Vol as it is felt this reflects a good fit with the assets adopted risk profile and volatility of the Trust portfolio. The ARC Baland Asset Charity Index is also used to rneasure relative investrnent perfonnance as this r8pr8sents actual portfolio performance from circa 35 charity investment managers encompassing over 5,000 discretionary charity portrollos. Portfolio perfomanco, including cash, was positive by +3.97% over th8 y8ar to 31st March 2024 but behind both th8 benchmarks with the IA Mixed Investment blended benehmark produang growth of +7.45% and the ARC Balanced Ass8t Charty Index +7.91%. Th8 overall annualised volatility (risk) of lh8 Portfotlo was recorded at 6.03 (O r8pr8senting no volatlllty) which was slightly l¢)wer than the blended IA Mixed Investment b8nchmark which was recA>rded at 6.11 but sllght higher than the ARC Index at 5.91. The risklreward relationship withln th8 Portfolio remains in line with our eyp8ctstions. It should. however, b8 noted that volatility measured over short perlods can be problematic as it is more influenced by short-term market movements. Over the longer term the relationship is also as we would expect. Ov8rfiv8 years th8 annualised volatilty is 7.49 relativ8 to 7.87 in relation to the blended IA Mixed Investment benchmark and 8.15 in relation to the ARC benchmark with the Trust portfolio produc¥ng growth of +16.19% lative to +15.74% for the IA Mixed Investment benchmark and +20.95% for the ARC Belanced Charity irKlex. The total income yleld from investments and cash Into the prfolio was £240,095 for the year for the capital fund. repr8S8nting a yleld of 3.170/0. and £9.062 for th8 Wykeham House Designated Fund. representing a yiekj of 5.57%. The Trust maintains the Total Retum Approach to inveslng whereby grants are met vla a combinauon of the natural Income yield of the portfolio and accumulated capital growth wlthln the Unapplied Total R8tum. Total Relurn Approach to Invoslments. A total relum approach to investments was adopted from 1st Aprfl 2002 wlth a dedared p8mianent 8ndowm8nt of £3.113,126, Increasing to £4.638.126 wlth tha transfer of the Fareham Educatlonal Trust funds. Due to the recoupment policy. the pemianent endowment was increased to £4,725,126 In 2016 and will Increas8 annually by £29,000 as above. The value of the Pennanent Endowmènt as of the 31st March 2024 was £5,113,916. Any sum In the capltal fund over that tolal 18 being treated as unapplled total return on Investments and the trustees are pemilttèd to decide how much ol this is transferred to the income fund for use in mèèting the objects of the charfty. The trustees remain aware thal the amount transferred must be compatible wlth the requirement to be even handed in their treatment of present and future beneficiaries and to meet the Recoupment Policy as noted above, The amount transferr8d lo the Income or General Fund in the year to meet grants was £192.000. R•8ervos Pollcy. The trustees are also aware that rf the vaue of the capital fijnd stM)ukl fall below the dectared value of the pemanent endowment no transfers to the income fund wll be permltted until Ihe situation improves. The situation with Ihe stock market has shown that such a fall in value could o(xur. hopefully only on a temporary basis, and that in this event a reserve in the Income Fund would be required to enable the charity to ntinue to operate, albeil at r8duced level. The trustees have established a Reserves Policy to pemiit transfer of suffic18nt Unallocated Retum to th8 Income Fund to build up to one yearfs income In reserve at the end of the financial year. The lIcY has been reviewed during the year and will be maintsined for as long as is considered n8cessary. Wlnding-up of The Wykèham House School Trust Following the closure of Wykeham House School and the dlsposal of its assets, its Trustees declded that the surplus funds {£156.789.60) should be given to thls tharity to assist In furthering its aims. The funds have been Invested in a separate aount as requested by the liquidators. An interim recommendation to invest 980A of the Wykeham House cash was rnade and fund purchases completed in June 2018. The objectrve was to provide a 30 annual income yield to fund a bursary and grow th8 capital over the longer temi. The portfolio has met the brief and cash is available to distribute. As of the 31sl March 2024 the available e4sh was £19.816.00.
WILLIAM PRICE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Designated Fund. In the short time that the Fareham Educational Trust was in existence there were four establishmerts named as beneficiaries of that charity. Fareham College and three schools. although none were due to receive any benefit until the Wickham Road school site had been sold and the proceeds invested. These fr establishments are also beneficiaries of this charity and as such have r1Ved many grants to date. However now that the cf£rities have amalgamated. to ensure that the estsblishments would not be at a disadvantage compared with trwo separate charities, the trustees have agreed to designate part of the income fvnd speufically for them. Further funding has been designated and payments from this fund have been made. Coftcluslon. Overall the Wlliam Price Charitable Tntsl is in as good a shape as the (Yrent market nditionS allow. The capital from the sales of the two school Sbtes is invested in a dIVerty of avsets and in the longer temi this is expected to provide the growth necessary for the charity to survive into the foreseeable future, as well as seela'ng to maintain grants to current benefiuaries. This income is being used to assist the education of the young who live in the Fareham town parishes. c108e to the original wishes of the benefactor, W#iam Pri. e trustees, s approved by the Board of Trustees. Mr D Madow Chalrnian Date..
WILLIAM PRICE CHARITABLE TRUST Annex A- Reference and Administrative Details of the Charity Charlty Name Registered No. Registered office Wllllam Pri¢0 Charitable Trust 307319 8 Earl Go(hvin Close Hampshire Fareham P016 ODW Trust00 Registered No. Registered office Illam Price TTrt Company 2775695 8 Earf Godwin Close Hampshire Fareham P016 ODW Governing Document Charity Commission Scheme of 31 December 1993 (Amended 1910111999 and 24111r2005) Charity Comm88ion Orders - Investment Manager - Total Return Approad) 14 March 1994 11 January 2002 Administration of the property of Fareham Educational Trust Charity Commission Scheme of 8 August 2006 (for Chanty no.3963656) Director and Chaiman of the Trust C<)mpany Sec & Clerk ol Ihe Trust Mr D Marlow Mr C Newcombe Mfrmborn of th• Tnmt Company and Charity Trustoos: Mrs Donna Irving Nominee, Bishop of Portsmouth Mrs Pamela Bryant Nominee. Fareham 8rough CiJun¢il Mrs Tina Ellis Nominee, Fareham Brough Council Mrs Margaret Chappell Nominee. PCC St Peter & St Paul Mrs Eleanor Coults Nominee. PCC St John the Evangelist G Mrs Lucy Docherty Nominee. PCC Holy Trinty Mr Peter Latham Nominee, Hampshire County Council G Mrs Anne Butcher c(opted Mr Phillip Reynolds CTropted Mr Derek Marlow C(OPted Mr Tim Geoghegan C(Opted Mrs Sara Heaysman COpIed Mr Neale Fray C(Fopted Mr David Luckett C(K)pted Mr Nick Groves C{Opted Mr David Foot c(opted Mrs Louise Clubley CoThOPted Commlttoe Membershlp FIGIP FIGIP FIP G = Grants Committee. P~ Pollcy Committae, F z Finance Committee
WILLIAM PRICE CHARITABLE TRUST Annex A- Reference and Administrative Details of the Charity Auditor Sumer Audit Piper House 4 Dukes Court Bognor Road Chithester West Sussex P019 8FX Bankers Transact 29 Cl8m8nfs Lan8 London EC4N 7AE CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malllng Kent ME19 4JQ Investment advtsors Howard Wealth Management Ltd Fareham Innovation Centre Office 18, Merfin House 4 Meteor Way L88-OnThThe-Solent P013 9FU Website: bVVM.pri¢etrust.org
WILLIAM PRICE CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees. Report and the finanoal statements in accordance with applicable law and United Kingdom Accwnting Standards (Urwted Kingdom Generally ACpted Accounting Practice). The law applicable to tharities in England and Wales requires the trustees to prepare financial statements for each financial year vthi¢h give a true and fair view of the state of affairs of the charrty and of the incoming resources and application of resources of the chanty for that year. In preparing these financial statements. Ihe trustees are required lo.. - select suitable accounting policies and then apply them consistentty: - observe Ihe methods and princ4pkn in the Charilies SORP: - make judgements and 8Stimates that are reasonable and pnxlent; - state whether applicablè accounting starKlards have been followed. sleCt to any material departures disdosed and explained in the financaal sLements: ar - prepare the financial statements on Ihe going concern basis unless il is inappropriate to presuTh thal the chanty will continue in operats'on. The trustees are responsible for keeping Slrfficient actounting records that disclose with reasonable aLruracy at any time the financial position of the chanty and enable them to ensure Ihal the financial statements comply wrth the Charities Act 2011, the Charity {A¢¢ounts and Reports) Regulats'ons 2008 and the provision8 of the trust deed. They are also responsible for safeguarding the assets of the chanty arKI hence for taking reasonable steps for the prevention and dete(aion of fraud and other iffe9ularities.
WILLIAM PRICE CHARITABLE TRUST Annex B- Grants Made Cat. School I Collège Projects Supported by Grants Grants 2024 2024 2023 Orchard Lee Infant Orchard Lee Hub Ranvilles Infant Ranvilles Junior St Francis Heathfield Walllsdean Infant No appllcations No appliGations Laptops and Sensw Practice Outdoor leaming centre R8juvenation of 'Dingly Deir Reluvenation of Library Educational visits & d8v8lop sensory garden School visits & gardening project SEMH support & THRIVE sessions 5.950 3.000 5.850 6.350 6.300 2,880 Walllsdean Junior St Columba CofE Primary Aeademy 10 Redlands Primary 11 Sl Jude's Primary 12 Wl¢or Prlmary 13 8oundary Oak 14 Henry Cort College 5,100 8,300 Ipads No applications Smart Screens No applications Upgrade Drama studlo & Laser cutters All weather canopy DofE Equiplpurchase 25 sewing machines & Ipadsl replace rotten wooden benchès Outdwr tacUI8 play area No applications No applicatlons 13,000 21,440 11,750 15 Fareham Academy 16 Cams Hlll 32.11)0 7.500 17 Harrison Prfmary 18 Uplands Primary 19 Far8h8m College 129,520 112,256 Churches 21 St John Evangelist Promoting Chfislian aducallon amongst persons under the age of 25 years who Ilve withln the parlshes 2.000 2.500 22 Holy Trinity 23 St Columba 24 St Peter & St Paul 210 7,210 7,096 9,656 10,009 25 Indivldual Assistance Grants 7,096 26 Other grants for individuals College l Universty fees l Bursaries (11 persons) 15.450 15,450 20,480 Fareham Wèlfare Trust 13,000 13,000 11,000 Total grants for the flnanclal year 172,276 163,401
WILLIAM PRICE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WILLIAM PRICE CHARITABLE TRUST Opinion We have audited the financial statements of Wlliam Price Charitable Trust (the 'tharity') for the year ended 31 March 2024 whith comprise the ststement of financial activities, the balance sheet and notes to the financial statements, including signffiGant accounting policies. The financial reportsng framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards. induding Financial Reporting Stsndard 102 Th8 Financial Reporting Slandard applicable in the UK and Republic of lrnland (Unrted Kingdom Generalty Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charty's affairs as at 31 March 2024 and of its incoming resources and application of resources. for the year then ended; have been properly prepared in accordance United Kingdom Generally Accepted Accounting Practio; and have been prepared in accordance with the requirements of the ch7t•eS Act 2011. Basls lor oplnlon We ¢onduGted our audit in accordance wilh Inlernalional Stsndards ty) Audib'ng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audrtorfs Trsponsibilities for the audit ol the financial statements section of our report. We are independent of the charity in ac£ordance with the ethical requirements that are relevant to our aIrt of the financial ststements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhi¢al sponsibl1rtles in a¢¢ordance with these requirements. We believe that the audit evidence we have obtained is sufficierrt and appropriate io WOVKle a basis for our oFxnion. Con¢lu81on8 rolatlng to going COnM In auditing the financial statements, we have xuded that the tnteeS use of the going o)ncem basis of accounting in the preparation of the financial stateffnts is appropriate. Based on the work we have perfornd. we have not identified any material uncertainties relating to events or conditions that. individualty or collectively, may cast signfficant doubt on the d)arity's ats'lity to rA>ntinue as a going concem for a period of at least twelve months from when the finanoal stments are authorised for issue. Our responsibilities and the responsibilrties of the trustees with respect to goifYJ nCern are de8<xibed In the relevant sectbons of this reporL Oth•r informatlon The other infom)ation comprises the inforynati induded in the annual report other than the finarKial statements and our auditorfs port thereon. The trustees are responsible for the other inforniation Contained within the annual report. Our opinion on the financial statements does not cover the other infonnalion and we do not express any form of assurance condusion thereon. Our spOnsIbl1ty is to read the other infonnalion and. in doing so, consider whether the other inft)rrnation is materially In)nSiStenI wilh the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to detemiine vthether this gives rise to a materBI misstatement in the finanaal statements themselves. If. based on the work we have perfmned. we condude that there is a material misstatement of this other inf0MtiOn. we are required to rewt that facL We have nothing to report in thts regard. Matters on whlch aro required to report by exception We have nothing to report in resped of the following matters in relation to whith the Charities (Accounts and Reports) Regulations 2008 require us to reFK)rt to you rf. in our opinion: the information given in the finanoal statements is inconsistent in any material respect with the trustees, report- or sufficient accounting reccKds have not been kept; or the finanoal statements are not in agreement with the accounting records., or we have not received all the irrfomiation arKI explanations we require for our audit. 10-
WILLIAM PRICE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WILLIAM PRICE CHARITABLE TRUST Responsibilitias of trustees As eXained more fulty in the ststemenl of trustees. responsibilrties. the Irustees are responsible for the pparation of the finanaal statements and for being satisfied that they give a true and fair view. and for such intemal o)ntrol as the trustees determine is neSary to enable the preparation of finanGial stments that are free from material misstatem8nt. whether due to fraud or error. In preparing the financial ststements. the trustees are responsible for assessing the chanty's ability to o)ntinue as a w'ng conrn, disdosing, as applicable. matters related to going concem and using the goirvJ rth¢em basis of accounting unless the truslees either intend to CA8ase c4)erations. or have no realistic alternative but to do so. Audltorfs ro8ponsibilltl8s for the audit of the fin•neial statèments We have been appointed as auditor under sedion 144 of the Chariiies Act 2011 and report in accordance with the Aca and relevant regulations made or having effed thereunder. Our objectives are to obtain rèasonabl8 assurance about whether the finanual statements as a Who are free from material misstatement, whether due to fraud or eThor, and to issue an auditofs reF)Ort that indudès our opinion. Reasonable assurance is a high level of assuran tMJt is not a guarantee that an audit conducted in accordance vith ISAS (UK) will always detect a material misstatement when tt exists. Misststements Can arise from fraud or error and are considered material rf. individualty or in the aggregate. they could reasonably be expected to influence the economic decAsions of users taken on the basis of these financial statements. Identlflcation and as•M$m•nt of Irrngularitios Includlng fraud Irregularities, induding fraud. are instances of non<ompliance with laws arKI regulations. We designed procedures in line Yth our responsibiliti'es, outlined above, to detect material misstatements in respect of iffegularities, induding fraud. The extent to which our procedures were capable of deteding iffegularities. induding fraud is detsiled bekjw: • we focused on specific laws and regulations whith we nSIdered may have a direct material effect on the finanaal statements or the operab'ons of the chanty, induding The Charities Act 2011., we obtained an understanding of the legal and regulatory framework applble to the entity and how the entty is Complying with that framework by makin9 appropriate enquiries of management as well as considering the internal Controls in Pla to mibgate risks of fraud and non-complian with laws and re9ubats'on$', . we made enquiries of those tharged ith governance and management concerning.. the risk$ of fraud: instances of norpcompliance wilh laws and regulations or knoledge of actual, suspected. or alleged fraud is documented during the period; . we all¢xated an engagement team that we considered colle('vety had the appropriate Mpetence and capabilites to identify or re(y)gnise nOnVcplIan with laws regulations. 11
WILLIAM PRICE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WILLIAM PRICE CHARITABLE TRUST Audit response to tho rfsk of Irregularllios including fraud Basad on the results of our risk assessment, our procedu ind. but were not limited to: ' performing anatyl1l procedu to identify any unusual or unexpe(ed lationshIps. • evaluating vthether the selection and application of a)untIng policies by the entity that may be indicative of fraudulent finanaal reporting resulting from management's effort to manage earnings. assessing whether judgements and assumptions made in detemiining the accounts'ng esb'mates set out in note 2 were indicative of potential ts'as. agreeing ffinan(aal statement disdosures lo underfying SUppo.j d0Mentation. reading the minutes of meetings of those tharged wtth governance. testing of joumal entr to add$S the risk of fraud through management override. • incorporating an element of unweL'¢lakn'hty in the SeleCtn of the nature. timing, and extent of our audit procedures. Con¢lulons r•gardlng tho rf8ks of lffegularltle• Includlng fraud There are inherent limitations in our autht procedures desryibed above. The more MOVed that laws and regulations are from financial transactions. the less likely rt is that we WO become aware of nonCoMPlianc0. Material misstatements that arise due to fraud can be harder to dete( than those that arise from Orror as they may involve deliberate ncealment or collusion. Vve considered our audit was capable of detecting irregularities due to: the effectbveness of the entity's inlemal controls; the nature, timing and extent of audit procedures perfOrnd; and the absence of contradictory evidenrA. A further description of ijur responsibilities is available on the Financial Reporting Council's website at.. https:11 V4VhV.frc.org.uklauditornresponsbilities. Tlw's des(xiption forn part of our audito¢s repo U80 of our rnport This report is made solely to the charity's trustees, as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit has been undertaken so that we might state to the chariWs twstees those matters we are required to state to them in an auditofs report and for no other purpose. To the fvllest extent permitted by law, we do not accept or assume responsibilrty to anyone other than the charity and the charity's trustees as a body, for our audit work. for this retrt or for the opinions have formed. Jordan Abbott Bsc ACA (Sonlor Statutory Auditor) for and on behalf of Sumer Audit Chartered Accountants Statutory Audltor Chl¢h8ster Piper House 4 Dukes Court Bognor Road Chichester st Sussex Sumer Audit is the trading name of SunwAuditco Mited P019 8FX 12-
WILLIAM PRICE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2024 Unrnstrictsd Endowment funds funds 2024 2024 Tolal Unrnstricted Endovmient funds funds 2023 2023 Total 2024 2023 Incoma from: Investments 9.038 212.383 221,421 7.562 169,393 176,955 Totsl Income and endowmonts 9.038 212.383 221.421 7,582 169,393 176,955 Expendlture on: Charitable activiti'es 236.429 236,429 229.632 229,832 Total •xpendlturo 236.429 236,429 229,632 229,632 Net gainsl(losses) on investments 10 10.515 62.687 73.202 (23,640) (459,840) (483,480) Net incomel(•xponditurn) (216,878) 275.070 58,194 (245.710) (290,447) <538,157} Transfers between funds 192,0(X) (192.000) 206,000 (206,000> Not movament In fund• (24.876) 83.070 58,194 (39,710) (496,447) (536,157) Recon¢lllallon of lund8: Fund balances at 1 April 2023 173,314 7,511,436 7.684.750 213.024 8.007,883 8,220,907 Fund bolancgs at 31 March 2024 148.438 7.594.506 7,742.944 173.314 7.511,436 7,884,750 The statemenl of finant3al activitses includes all gains and losses recognised in the year. All irKrne and expenditure derive from conttnuing activities. 13-
WILLIAM PRICE CHARITABLE TRUST BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Fixod assets Investments 12 7,039.494 7,488.148 Current assets Cash at bank and in hand 707,000 200,152 Creditor5: amounts falllng du• wlthin ono year 13 (3,550) (3,550) Not current assets 703,450 196,602 Total as80ts1•88 current Ilablliti08 7,742,944 7,684,750 Net a880ts •xcludlng ponslon Ilablllty 7.742.944 7,684,750 The fund• of the charlty Endowment funds Unrestricted lund8 14 7.594.506 148,438 7,511,436 173,314 7,742,944 7,684,750 finan ents were approved by the trustees on .12 Mr D Marlow Chalman 14-
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng policles Charity information William Price Charitable Trust is an uninwporated tharity. registered with the Charity Commissicm number 307319. The registered address 1$ 8 Earl God¥"n Ck>se. Fareham. Hampshire, P016 ODW. 1.1 Accounting convonilon The financial statements have been prepared in accordance wrlh the charitys governing document, the Charities Act 2011. FRS 102 -The Financial Rep(xts'ng Standard applicable in the UK and Republic of Ireland. I'FRS 102") and the Chaiities SORP "Aay)unting arKI Reporting by Charities: Statement of Recommended Pradice applicable lo chanties preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefft Enty as defined by FRS 102. The charity has taken advantage of the p$bOnS in the SORP for d)aritie$ not to prepare a Statanent of Cash Flows. The financial statements are prepared in sterlin9. whith is the functional currency of the charity. Monetary amounts in tP*se ffinancial statements are rourKled to the nearest £. The financial statements have been prepared under ts historical cost ¢x)nvents"on, modffied to certain financial Instruments at fair value. The principal accounting polica8$ adopted are set out belN. 1.2 Going concern At the time of approwng the financial statements, the trustees have a reasonable expectation that the charity ha8 adequate r88ource8 to continue in operational existence for the foreseeable future. Thus the trLBtees continue to adopt the goiNJ concem basis of accounting in preparing the finan¢ial statements. 1.3 Charltsble funds Unrestricted lunds are available for use at the disc¥elion of the Iwstees in furtherance of their charitable objectives. Restricted fund$ are subjed to speafic conditions by donofs or grantors a$ to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to speafic conditions by donors thal Ihe capital must be maintained by the charity. 1.4 Incomo Income is recognised when the charty is legally entitled to tt after any perf0rnan nditionS have been met, the amounts can be measured reltsqbty, and rt is probable that income will be received. Investment income comprises inc(Kne frcKn dividends which is recx)gnised once the dividend has been declared and notice has been reIVed that the dividend in(x)me is due. 15-
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or construdive obligation to transfer economic benefit to third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliabty. Expenditure 1$ classified by activty. The costs of eath acvty are made up of the total of dIrt costs and shared costs, induding support Costs involved in underta.ng eath aclivty. trect costs attributable to a single activity are allocated diredty to that aclity. Shared costs which (x)ntribute to more than one actiwty and support costs which are not attributable to a single aciivrty are apporttoned betr4veen those activitss on a basis consistent with the use of resources. Central staff costs are allocated on the basis of ts'me spent. and deprecbation tharges are allocated on the portion of the asset's use. Grants payable a recognised in fvll once a constructive olgation to make a payment has been created by the charity. unless the condrtions attached to the grant are that the trustees retain discretion in whether to make payment. 1.6 Flx•d 088et Investments Fixed asset investments are initially measured at transact1 prica exduding transaction Costs, and are subsequentty measured at fair value at eath pong date. Changes in fair value are recognised in net incomel{expenditure) for the year. Tran&Klion )sts are expensed as irKurTed. 1.7 Ca•h and cash oqulvalents Cash and cash equivalents indude (xsh in hand. deposits held al call with banks, other short-temi IKiuid nvestments with original maturilies of three months or less, arKI bank overdrafts. Bank overdrafts are shown within borrowings in current liatm'litses. Baslc flnanclal assets Basic financAal assets, which indude deblors and cash and bank balances. are inits'ally measured transaction price induding transaction costs and are subsequenty carried at amortised cost using the effective interest method unless the arrangemerrt constitutes a financing transacaion. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassffied as receNable wtthin one year are not amortised. Basic financial Ilabilibes Basic financial liabilities. induding credit¢Jrs arKI bank loans are inrtially recognised at transa¢Aion price unless the arrangement Constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a matttet rate of interesL Financial liabilities dassified as payable thin one year are not amortised. Debt instruments are subsequenty carried at amortised cost. using the effec*ive interest rate method. Trade ueditors are obligats'ons to pay for goods or seNices that have been acquired in the ordin¥y course of operations from suppliers. Amounts payatAe are dasstfied as Current liabilities if payment is due within one year or less. If not. they are presented as nowrrent liabiliti'es. Trade creditors are re¢ognised initially at transaciion price and subsequenty measured at amortised cost using the effective interest method. Derecognition of flnanclal Ilabllllles Finanoal liabilities are derecognised when the charity's contra(lual obligations expire ¢x are distharged or cancelled. 16-
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Contlnued) 1.8 Employee boneffts The cost of any unused holiday entitlement is recognised in the period in which the employee's serIceS are received. Tennination beneffts are recognised inynediatety a$ an expense when the chanty is demonstrably <x)mmitted to terminate the employment of an enM)loyee or to Fffovide termination beneffts. Crltical accounling ostlmatss and judgomonts In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the Carrying amount of assets and liabilib.es that are not readily apparent from other sources. The estimates and associated assumpb'ons are based on historical experience and other factors that are considered to be relevanL Actual resulis may differ from these eslimates. The estimates and underlying assumpts"on$ are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whith the estimate 1$ revised where the revision afferts lY that period. or in the penod of Ihe revision arKI future periods where the revision affects both cwrrent and future periods. Income from Investments Unrn8trlcted Endo*inent funds funds 2024 2024 Total Unrnstrictod Endowment funds fundg 2023 2023 Total 2024 2023 Income from listed investments Interest receivable 8,291 747 196,248 16.135 204,539 16.882 7.375 187 165,230 4,163 172,605 4,350 9.038 212.383 221.421 7,562 169,393 178,955 Expendlturn on charltablo actlvlties Charltable actlvltles 2024 Charitable activlties 2023 Direct costs Grant funding of acxivities (see note 5) 172,276 163,401 Sharn of support and govèmance costs {see nots 6) Support Govemance 59,395 4,758 61.639 4,592 236.429 229,632 Anatysls by fund Unrestrirted funds 236.429 229,632 17-
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Charitable a1VItieS 2024 Charltabl• activities 2023 Grants to institutions: Grants payable - instituticjns 149,730 132,912 Grants to individuals 22,546 30.489 Support costs allocatod to adlvltles 2024 2023 Staff costs Porffolio management $t$ Insurance Printing, postage and stationery Bank Charges Govemance costs 22.521 36.585 157 55 77 4,758 20.413 39,296 1.638 196 96 4,592 64,153 66,231 Analy80d between: Charitable adivilies 64,153 66,231 2024 2023 Goveman¢e costs comprise: Audit fees Legal and professional Sundry 3.948 108 702 3,408 78 1,106 4,758 4.592 Net movement in funds 2024 2023 The net movement in funds is stated after chargirW{creditiNJ).' Fees payable for the audit of the drIty's financÉal statements 3,948 3,408 No trustees (or any persons conne(tsJ with them) received benefts w expenses from the charity during the year. 18-
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthty number of emfvees during the year was: 2024 Number 2023 NuMr Management Employment costs 2024 2023 Wages and salaries Soo'al secunty costs 22,521 21,072 (659) 22,521 20,413 There were no employees whose annual remuneraty'on was nv)re than £60.000. Romun•ratlon of kay management personnel The remuneration of key management persmnel was as folltr4fi'. 10 Gains •nd1088M on Invmlments Unrnstrlcted End0ent funds fund8 2024 2024 Total Unro•trictod Endowmènt funds funds 2023 2023 Total 2024 2023 Gainsl{losse8) arising on.. Revaluation of investments 10,515 62,687 73.202 (23.640) (459.840) 1483,480) 11 Taxatlon The charity is exempt from Lgxation on its adivitses because all its income is applied for charitable purposes. 19-
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 FIx9d ass•t inv88lm0nts Listed Investments Cost or valuatlon At 1 April 2023 Additions Valuation changes Disposals 7.488.148 1,350,466 73,202 (1,872,322) At 31 March 2024 7,039,494 Carrying amount At 31 March 2024 7,039,494 At 31 March 2023 7.488.148 13 Crodbtorn: amounts falllng due wlthin one year 2024 2023 Other e¥edrtor8 3.550 3.550 14 Endowmènt funds Endowment funds represent assets which must be held pemwnenty by the charity. Income arising on the endowment funds can be used in accordance with the obiec*s of the dlarity and 1$ induded as unrestricted income. Any captsl gains or losses arising on the assets fomi part of the fund. At 1 Aprll 2023 Incomlng r•sources Transforn Gains and At 31 March losses 2024 Pernianent 8ndowmonts 4,928.126 29,000 4,957,126 Expendablo 0nd0ents Expendable 2.583.310 212,383 (221,000) 62,687 2,637,380 7.511,436 212.383 (192.000) 62.687 7,594,506 -20-
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Endont funds (Gontlnued} Prevlous yoar: At 1 April 2022 Incoming Trdnsfvrs Galns and At 31 March 10s805 2023 Pem)anent endovmients Pemianent 4,899,126 29.000 4,928,126 Expendablo ondowmonts Expendable 3,108.757 169,393 (235.000) {459,840) 2,583.310 8.007,883 169,393 (2(.000) (459,840) 7.511.436 15 Unrn•trl¢tsd fvnds The unrestrided funds of the charity comprise the unexpended balan3 of donations and grants which are not subject to specthc corKlition$ by donors and grant¢xs as to hcrw they may be used. These indude designated funds which have been set aside out of unrestricted fvrKls by the trustees for specffic purposes. At 1 April 2023 Incomlng Resour8 resources expended Trnn•f•rn Galns and At 31 March 10$80s 2024 The Vtykeham House Designated Fund General funds 166.128 7,186 9.002 10,515 185.645 (37,207) (236,429} 192.000 173.314 9.038 {236.429> 192.000 10.515 148.438 Prevlous year. At 1 Aprfl 2022 Incomlng Resources rnsources oxponded Transfers Galns and At 31 March 108s8s 2023 The Wykeham House Designated Fund General funds 182.242 30,782 7.526 (23,640) 188.128 7,186 (229,632> 206,000 213,024 7.562 (229,632) 206.000 (23.640) 173,314 21
WILLIAM PRICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets between fvnds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 31 IAar¢h 2024: Investments Current assetsl{liabilities) 142,807 5.631 6,896,687 697.819 7,039.494 703,450 148,438 7.594,506 7.742,944 Unr•strict8d EndOnefit funds funds 2023 2023 Total 2023 At 31 March 2023: Investments Current asset&l(liabilities) 153.322 19,992 7.334.826 176.610 7,488,148 196.602 173.314 7.511,436 7,684,750 17 Related party transactlons The childn of a Trustee reiVed £1,950 (2023 £2,700) in grants in accordance with the ¢*arities objectives. The grant applications went tlwoluh the usual processes and were approved by the board of Trustees at aS length. There were no further disdosable related party transactions during the year (2023- n(Ine).