## Annual Report of the Trustee of the WG Little Scholarship
# and Band Concert Fund 2023/2024
## Welcome!
This report details what has happened with the WG Little Trust Fund (“the Trust”) over the last financial year. It also contains the information that the Trustee needs to include to follow Charity Commission requirements, plus the financial statements that show the areas of income & expenditure and the Trust balance sheet.
## **Trust Details**
The below information contains the ‘administrative’ information surrounding the Trust:
**Registered Name: WG Little Scholarship and Band Concert Fund** Other Names Known by: None Charity Number: 309497 Principle Address of the Swindon Borough Council Charity: Civic Offices Euclid Street Swindon SN1 2JH
|Charity:|Civic Ofces
Euclid Street
Swindon
SN1 2JH|
|---|---|
|CharityTrustee:|Swindon BoroughCouncil|
|Charity Directors: (being Executive Members of Swindon Borough
Council)||
|Cllr KevinSmall|Cabinet Member for Finance|
|Cllr Adorabelle Shaikh|Cabinet Member for Education
Services|
|LisaHall|Chief LegalOfcer|
## **Structure, Governance & Management**
The Council of the Borough of Swindon was the original Trustee of the Fund when it was bequest in 1965. Though reorganisation of Local Government has been witnessed in the years since then, the Trust still remains with the Swindon Borough Council.
As a Corporate Trustee, responsibility of the Trust lies with senior executive members of the Council. Grant disbursements are dealt with within the Finance function after referral to Senior Offices and Members.
Staffs involved with the Trust, either by way of administering awards or through the compilation of the financial statements and this report, follow the policies of the Borough Council. All decisions on the use of the Trust funds lies with the Members and Senior Officers.
The following chart shows where Finance, that administers the Trust, is within the Council:
**----- Start of picture text -----**
Finance & Audit
Finance Audit
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## **Objectives & Activities**
The original governing document of the Trust dates back to 1932 and dictated that the income of the Trust should be used for the provision of scholarships and band concerts in the pleasure grounds of the borough.
Over time the needs and abilities that the original bequest was based upon have changed. The use of the Fund is undergoing review and has recently been used more for one-off awards.
## **Grant Awarding Policy**
Due to the review of the Fund, all requests for one-off funding is considered through discussion with Officers and Members, whilst prior award criteria for uniform grants is no longer active.
## **Grants Awarded**
The following table summarises the number and value of grants made during the year stated:
|made during the year stated:|made during the year stated:|||
|---|---|---|---|
|**2022-23**||**2023-24**||
|**Grants**|**Value £**|**Grants**|**Value £**|
|Nil|n/a|Nil|n/a|
## **Financial Summary**
The following statements represent the income and expenditure incurred by the Trust for the stated years, and the assets, liabilities and equity that belong to the Trust.
## **The Statement of Financial Activities**
All income and expenditure in the years shown below took place within unrestricted funds, for which the income is designated for the provision of assisting towards school clothing, but which will also cover any governance costs.
||**2022-23**|**2023-24**||
|---|---|---|---|
||**Total**
**Funds**|**Total**
**Funds**|**Not**
**e**|
||**£**|**£**||
|_Incoming Resources:_||||
|Investment Income|(4,981)|(27,166)|1|
|_Resources Expended:_||||
|Grants|0|0||
|Other Expenditure|0|0||
|Reimbursements|0|0||
|||||
|_Other (Gains) / Losses_||||
|(Gains)/Losses on investment
assets|0|0||
|||||
|_Reconciliation of Funds:_||||
|Brought Forward|(491,404)|(496,385)||
|**Balance for Year**|**(4,981)**|**(27,166)**||
|CarriedForward|(496,385)|(523,551)||
## **Notes to the Statement of Financial Activities**
## **Note 1:** Investment Income
The investment income represents the total income to the Trust through interest on cash deposits other contributions. The following table shows the respective amounts from those sources.
|those sources.|||
|---|---|---|
||**2022-**
**23**|**2023-**
**24**|
||**£**|**£**|
|Other Income||(2,068)|
|Investment Interest|(4,981)|(25,098)|
|**Total Income**|**(4,981**
**)**|**(27,166**
**)**|
|---|---|---|
## **The Balance Sheet**
## **The balance sheet of the Trust shows the assets and liabilities, the things it owns and owes, at the balance sheet date.**
|_Fixed Assets:_
Investment Property
_Current Assets:_
Investments
Cash in Bank
**Net Assets**
_Funds of the Charity:_
Unrestricted
Endowment
Revaluation Reserve
**Net Equity**|**As at**
**31/03/23**
**As at**
**31/03/24**
**Total Funds**
**Total Funds**
**Note**
**£**
**£**
0
0
0
0
527,345
554,511
**527,345**
**554,511**
196,385
223,551
330,960
330,960
0
0
**527,345**
**554,511**|
|---|---|
## **Accounting Policies**
The financial statements in this report have been prepared on a going-concern basis; that is that the Trust will continue in operation for the foreseeable future. They have followed the principles of the Charities SORP 2015 (FRS 102).
## **Future Periods**
The Trust has been operated in such a manner that from one year to the next its principal activity has historically not changed. However, the fund is under review which should see this and a number of smaller trust funds amalgamated.
This will result in a larger useable fund with updated criteria that will reflect elements of all the funds being combined. For the WG Little element, the intention is to bring the fund more in line with the aims of the original bequest, which would expect to result in fewer, but higher value, awards being made.