Worcester Rotary Club Sawyer Trust
Trustees' Annual Report and Financial Statements
30 June 2024
Charity number: 511276
Worcester Rotary Club Sawyer Trust Trustees' Annual Report for the year ended 30 June 2024
The Trustees present their report and the financial statements of the charity for the year ended 30 June 2024. 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:
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1 To relieve women over the age of 50 who are in need, by virtue of financial hardship, sickness or poor health.
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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 £87,857 (2023 £68,704).
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 2024, total incoming resources amounted to £51,289 (2023 £50,745) of which £51,289 (2023 £50,745) related to investment income.
Revaluation of investments amounted to profits of £210,209 (2023 profits of £6,047).
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 2024 was £1,789,370 (2023 £1,647,267).
The unrestricted fund has built up from undistributed income and is available to meet the Trust's objectives. This fund at 30 June 2024 was £535,352 (2023 £523,520).
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Worcester Rotary Club Sawyer Trust Trustees' Annual Report for the year ended 30 June 2024
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 | |
| A J Wright | |
| P Stone | |
| S King (appointed 22 April 2024) | |
| M Borthwick (resigned 22 April 2024) | |
| 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 13 January 2025 and signed on its behalf by
P Denham 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 2024
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:
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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
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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
13 January 2025
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Worcester Rotary Club Sawyer Trust Statement of Financial Activities for the year ended 30 June 2024
| 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 £ 51,289 3,290 91,331 94,621 55,164 11,832 - 11,832 523,520 535,352 |
Restricted funds £ - 12,942 - 12,942 155,045 142,103 - 142,103 1,647,267 1,789,370 |
Total 2024 £ 51,289 16,232 91,331 107,563 210,209 153,935 - 153,935 2,170,787 2,324,722 |
Total 2023 £ 50,745 |
|---|---|---|---|---|
| 16,133 71,788 |
||||
| 87,921 | ||||
| 6,047 | ||||
| (31,129) - |
||||
| (31,129) | ||||
| 2,201,916 | ||||
| 2,170,787 |
All income and expenditure derive from continuing activities.
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Worcester Rotary Club Sawyer Trust Balance Sheet as at 30 June 2024
| 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 |
2024 £ 2,250,793 - 79,283 79,283 (5,354) 73,929 2,324,722 535,352 1,789,370 2,324,722 |
2023 £ 2,088,966 27,281 86,636 113,917 (32,096) 81,821 2,170,787 523,520 1,647,267 2,170,787 |
2023 £ 2,088,966 27,281 86,636 113,917 (32,096) 81,821 2,170,787 523,520 1,647,267 2,170,787 |
|---|---|---|---|
| 2,170,787 | |||
| 523,520 1,647,267 |
|||
| 2,170,787 |
The financial statements were approved and authorised for issue by the Board on 13 January 2025 and signed on its behalf by:
A J Wright - Trustee
P Denham - Trustee
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Worcester Rotary Club Sawyer Trust Notes to the Accounts for the year ended 30 June 2024
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 Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
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 from 1 April 2005 which has since been withdrawn.
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.
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Worcester Rotary Club Sawyer Trust Notes to the Accounts for the year ended 30 June 2024
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.
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 |
2024 £ 30,680 20,609 51,289 2024 £ 16,232 |
2023 £ 26,419 24,326 |
|---|---|---|
| 50,745 | ||
| 2023 £ 16,133 |
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Worcester Rotary Club Sawyer Trust Notes to the Accounts
for the year ended 30 June 2024
| 4 Charitable activities Applicant payments Sundry expenses Independent examiner's fee |
2024 £ 87,857 2,274 1,200 91,331 |
2023 £ 68,704 1,884 1,200 |
|---|---|---|
| 71,788 |
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 2024 or 2023.
There were no employees of the Trust in 2024 or 2023.
6 Trustees' expenses
Trustees' expenses of £49 were reimbursed in the year (2023: £90).
7 Investments
| Carrying value At 1 July 2023 Additions at cost Disposals at carrying value Revaluation At 30 June 2024 8 Debtors 9 Creditors: amounts falling due within one year Accrued expenses Sundry debtors Amounts owed to restricted fund from unrestricted fund Amounts owed to restricted fund from unrestricted fund |
UK listed investments £ 959,533 164,967 (172,570) 32,111 984,041 |
Non-UK listed investments £ 1,129,433 280,880 (290,293) 146,732 1,266,752 2024 £ - - - 2024 £ - 5,354 5,354 |
Total £ 2,088,966 445,847 (462,863) 178,843 |
|---|---|---|---|
| 2,250,793 | |||
| 2023 £ 26,922 359 |
|||
| 27,281 | |||
| 2023 £ 26,922 5,174 |
|||
| 32,096 |
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Worcester Rotary Club Sawyer Trust Notes to the Accounts for the year ended 30 June 2024
10 Movement in funds
| Movement in funds | ||||
|---|---|---|---|---|
| At 1 July 2023 £ Unrestricted funds Unrestricted 523,520 Restricted funds Restricted 1,647,267 Total funds 2,170,787 Comparatives for movement in funds At 1 July 2022 £ Unrestricted funds Unrestricted 560,035 Restricted funds Restricted 1,641,881 Total funds 2,201,916 |
Incoming resources £ 51,289 - 51,289 Incoming resources £ 50,745 - 50,745 |
Outgoing resources £ (94,621) (12,942) (107,563) Outgoing resources £ (87,921) - (87,921) |
Gains and losses £ 55,164 155,045 210,209 Gains and losses £ 661 5,386 6,047 |
At 30 June 2024 £ 535,352 1,789,370 |
| 2,324,722 | ||||
| At 30 June 2023 £ 523,520 1,647,267 |
||||
| 2,170,787 |
11 Analysis of net assets between funds
| 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 2024 £ 509,465 31,241 (5,354) 535,352 Unrestricted funds 2023 £ 518,806 36,451 (31,737) 523,520 |
Restricted funds 2024 £ 1,741,328 48,042 - 1,789,370 Restricted funds 2023 £ 1,570,160 50,185 26,922 1,647,267 |
Total 2024 £ 2,250,793 79,283 (5,354) |
| 2,324,722 | |||
| Total 2023 £ 2,088,966 86,636 (4,815) |
|||
| 2,170,787 |
12 Related party transactions
There were no related party transactions in the year (2023: £nil).
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