Worcester Rotary Club Sawyer Trust
Trustees' Annual Report and Financial Statements
30 June 2022
**Charity number: 511276**
## **Worcester Rotary Club Sawyer Trust Trustees' Annual Report for the year ended 30 June 2022**
The Trustees present their report and the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts 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 published in October 2019.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
The objectives of the Trust are:
- 1 To relieve women over the age of 50 who are in need, by virtue of financial hardship, sickness or poor health.
- 2 If and in so far as the income of the charity cannot be applied towards the object above, it may be applied to relieve men over the age of 50 who are in need, by virtue of financial hardship, sickness or poor health.
## **Grantmaking**
All of the Trust's activities are focused on the relief of women over the age of 50 who are in need, by virtue of financial hardship, sickness or poor health. During the year, the Trust provided help totalling £47,778 (2021 £57,882).
The trustees have taken into account the Charity Commission's guidance on public benefit when exercising any powers or duties to which the guidance is relevant.
## **ACHIEVEMENT AND PERFORMANCE**
## **Investment performance**
For the year ended 30 June 2022, total incoming resources amounted to £48,348 (2021 £60,945) of which £48,348 (2021 £60,945) related to investment income.
Revaluation of investments amounted to losses of £157,123 (2021 profits of £201,043).
## **FINANCIAL REVIEW**
## **Reserves policy**
The Trust has two funds:
The restricted fund arises from the original capital, and changes thereto, which is required to be invested to provide income from which to meet the Trust's objectives. This fund at 30 June 2022 was £1,641,881 (2021 £1,754,071).
The unrestricted fund has built up from undistributed income and is available to meet the Trust's objectives. This fund at 30 June 2022 was £560,035 (2021 £624,264).
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**Worcester Rotary Club Sawyer Trust Trustees' Annual Report for the year ended 30 June 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity was incorporated under the will of Mrs Frances Joyce Sawyer who died on 18 July 1978. On 13 April 1981 the Trust was registered with the Charity Commission, number 511276.
In September 2006 the scheme was modified by the Charity Commission to allow the sale of Meadows Farm, the property of the Trust.
The scheme establishing the new Trust - WORCESTER ROTARY CLUB SAWYER TRUST - came into effect on 12 December 2006. This scheme was then amended to allow establishment of a board of nine Trustees. This amendment was accepted by the Charity Commission and in April 2007 the Commission granted full approval allowing the new board of trustees to administer the Trust.
## **Recruitment and appointment of new trustees**
The Trustees are appointed by the Rotary Club of Worcester in General Meeting.
|**REFERENCE AND ADMINISTRATIVE**|**DETAILS**|
|---|---|
|**Charity registration number**|511276|
|**Principal Address**|PO Box 797|
||Worcester|
||WR4 4BU|
|**Trustees**|R J Brown|
||D A Lees|
||N S Wake|
||I Sonley|
||M C J Stone|
||P Denham|
||T J Reed (resigned 30 June 2022)|
||A J Wright|
||P Stone|
||M Borthwick (appointed 8 August 2022)|
|**Independent Examiner**|S E M Bishop FCA|
||Bishops Accountancy Limited|
||Unit 3 Elgar Business Centre|
||Moseley Road|
||Hallow|
||Worcester|
||WR2 6NJ|
This report was approved by the board of trustees on 16 January 2023 and signed on its behalf by
N S Wake Trustee
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## **Worcester Rotary Club Sawyer Trust**
## **Independent examiner's report to the trustees of Worcester Rotary Club Sawyer Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 June 2022
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S E M Bishop FCA Bishops Accountancy Limited Unit 3 Elgar Business Centre Moseley Road Hallow Worcester WR2 6NJ
16 January 2023
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## **Worcester Rotary Club Sawyer Trust Statement of Financial Activities for the year ended 30 June 2022**
|**Notes**
**Income and endowments from:**
Investment income
2
**Expenditure on:**
Raising funds
3
Charitable activities
4
**Total**
Net gains/(losses) on investments
**Net income/(expenditure)**
**Transfers between funds**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**£**
48,348
16,843
50,801
67,644
(44,933)
(64,229)
-
(64,229)
624,264
560,035|**Restricted**
**funds**
**£**
-
-
-
-
(112,190)
(112,190)
-
(112,190)
1,754,071
1,641,881|**Total**
**2022**
**£**
48,348
16,843
50,801
67,644
(157,123)
(176,419)
-
(176,419)
2,378,335
2,201,916|**Total**
**2021**
**£**
60,945|
|---|---|---|---|---|
|||||16,636
60,956|
|||||77,592|
|||||201,043|
|||||184,396
-|
|||||184,396|
|||||2,193,939|
|||||2,378,335|
All income and expenditure derive from continuing activities.
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## **Worcester Rotary Club Sawyer Trust Balance Sheet as at 30 June 2022**
|**Notes**
**Fixed assets**
Investments
7
**Current assets**
Debtors
8
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
9
**Net current assets**
**Net assets**
**Charity funds**
10
Unrestricted funds
Restricted funds
**Total charity funds**|**2022**
**£**
2,123,261
13,918
83,985
97,903
(19,248)
78,655
2,201,916
560,035
1,641,881
2,201,916|**2021**
**£**
2,293,223
628
90,791
91,419
(6,307)
85,112
2,378,335
624,264
1,754,071
2,378,335|**2021**
**£**
2,293,223
628
90,791
91,419
(6,307)
85,112
2,378,335
624,264
1,754,071
2,378,335|
|---|---|---|---|
|||||
||||2,378,335|
||||624,264
1,754,071|
||||2,378,335|
The financial statements were approved and authorised for issue by the Board on 16 January 2023 and signed on its behalf by:
A J Wright - Trustee
N S Wake - Trustee
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**Worcester Rotary Club Sawyer Trust Notes to the Accounts for the year ended 30 June 2022**
## **1 Accounting policies**
## _**Basis of preparation**_
Worcester Rotary Club Sawyer Trust is a registered charity regulated by the Charity Commissioners for England and Wales.
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting
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 the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## _**Funds**_
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
## _**Income**_
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
## _**Expenditure**_
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
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## **Worcester Rotary Club Sawyer Trust Notes to the Accounts for the year ended 30 June 2022**
## _**Investments**_
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
## _**Debtors and creditors receivable/payable within one year**_
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## _**Taxation**_
The charity is exempt from tax on its charitable activities.
## _**Going concern**_
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
|**2**
**Investment income**
Fixed asset investment income UK
Fixed asset investment income non-UK
**3**
**Raising funds**
Investment management charges
**4**
**Charitable activities**
Applicant payments
Sundry expenses
Independent examiner's fee|**2022**
**£**
27,579
20,769
48,348
**2022**
**£**
16,843
**2022**
**£**
47,778
1,823
1,200
50,801|**2021**
**£**
35,893
25,052|
|---|---|---|
|||60,945|
|||**2021**
**£**
16,636|
|||**2021**
**£**
57,882
1,634
1,440|
|||60,956|
## **5 Remuneration of trustees and key management personnel**
The Trust considers its key management personnel comprise the Trustees. The trustees neither received nor waived any remuneration or benefits in 2022 or 2021.
There were no employees of the Trust in 2022 or 2021.
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**Worcester Rotary Club Sawyer Trust Notes to the Accounts for the year ended 30 June 2022**
## **6 Trustees' expenses**
Trustees' expenses of £60 were reimbursed in the year (2021: £94).
## **7 Investments**
|**Carrying value**
At 1 July 2021
Additions at cost
Disposals at carrying value
Revaluation
At 30 June 2022
**8**
**Debtors**
**9**
**Creditors: amounts falling due within one year**
Accrued expenses
**10 Movement in funds**
**At 1 July**
**2021**
**Incoming**
**resources**
**£**
**£**
**Unrestricted funds**
Unrestricted
624,264
48,348
**Restricted funds**
Restricted
1,754,071
-
**Total funds**
2,378,335
48,348
Amounts owed to restricted fund from unrestricted fund
Amounts owed to restricted fund from unrestricted fund|**UK listed**
**investments**
**£**
1,190,297
193,994
(128,678)
(217,093)
1,038,520
**Outgoing**
**resources**
**£**
(67,644)
-
(67,644)|**Non-UK**
**listed**
**investments**
**£**
1,102,926
592,905
(19,566)
(591,524)
1,084,741
**2022**
**£**
13,918
**2022**
**£**
13,918
5,330
19,248
**Gains and**
**losses**
**£**
(44,933)
(112,190)
(157,123)|**Total**
**£**
2,293,223
786,899
(148,244)
(808,617)|
|---|---|---|---|
||||2,123,261|
||||**2021**
**£**
628|
||||**2021**
**£**
628
5,679|
||||6,307|
||||**At 30 June**
**2022**
**£**
560,035
1,641,881|
||||2,201,916|
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## **Worcester Rotary Club Sawyer Trust Notes to the Accounts for the year ended 30 June 2022**
## **10 Movement in funds (continued)**
Comparatives for movement in funds
|**Unrestricted funds**
Unrestricted
**Restricted funds**
Restricted
**Total funds**|**At 1 July**
**2020**
**£**
579,877
1,614,062
2,193,939|**Incoming**
**resources**
**£**
60,945
-
60,945|**Outgoing**
**resources**
**£**
(77,592)
-
(77,592)|**Gains and**
**losses**
**£**
61,034
140,009
201,043|**At 30 June**
**2021**
**£**
624,264
1,754,071|
|---|---|---|---|---|---|
||||||2,378,335|
## **11 Analysis of net assets between funds**
|Fixed asset investments
Cash at bank and in hand
Other current assets/liabilities
Total
Fixed asset investments
Cash at bank and in hand
Other current assets/liabilities
Total|**Unrestricted**
**funds**
**2022**
**£**
548,871
30,412
(19,248)
560,035
**Unrestricted**
**funds**
**2021**
**£**
579,573
50,998
(6,307)
624,264|**Restricted**
**funds**
**2022**
**£**
1,574,390
53,573
13,918
1,641,881
**Restricted**
**funds**
**2021**
**£**
1,713,650
39,793
628
1,754,071|**Total**
**2022**
**£**
2,123,261
83,985
(5,330)|
|---|---|---|---|
||||2,201,916|
||||**Total**
**2021**
**£**
2,293,223
90,791
(5,679)|
||||2,378,335|
## **12 Related party transactions**
There were no related party transactions in the year (2021: £nil).
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