Charity number: 516954 THE GEORGE WARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE GEORGE WARD CHARITABLE TRUST CONTENTS Page Reference and Adminlstrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examiner's Report statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 9-16 The following pages do not form part of the statutory financial statements. Schedule of investments 17-23
THE GEORGE WARD CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees S D Major l Daniels Charity registered number 516954 Principal office Century House, The Lakes, Northampton, NN4 7HD Independent Examiner J E Cashmore, Chartered Accountant, The Hayloft, Cropwell Road, Radcliffe-on-Trent, Nottingham, NG12 2JJ Accountants MHA, Century House, The Lakes, Northampton, NN4 7HD Bankers HSBC Plc, 10 Market Place, Hinckley, Leicestershire, LE10 1 NU Investment Management Brewin Dolphin Securities Ltd, 12 Smithfield Street, London, EC1A 9BD Page 1
THE GEORGE WARD CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial ststements for the 6 April 2023 to 5 April 2Q24. a. OBJECTS The objects of the Charity are:_ (a) to relieve povety amongst persons in need of assistsnce who were employed by George Ward Holdings Limited {formerly called George Ward {Barwell) Limited) and Ward White UK Fo0ear Limited (originally called George Geary Limited) for a period of at least 3 consecutive months beeen 1 November 1941 and 31 January 1984 or persons who are wives, widows, husbands, widowers, children or other dependants of such employees. (b) to provide for such other charitable purposes as the Trustees may determine. Achievements and performance a. REVIEW OF ACTIVITIES During the year ended 5 April 2024, no distributions were made to ex*mployees. This compares with £nil distributed to ex-employees in the previous year. Donations totalling £31,950 to 23 organisations were made in 202312024 ft)r charitable purposes in the Hinckley and Bosworth Borough Council area. This compares with donations of £23,800 to 21 organisations in the previous year. Investment income for the year amounted to £40,589 (2023 - £39,827). During the year ended 5 April 2024. investment losses of £4,609 were realised. Unrealised gains amounted to £100,144 and these are included in the increase in the market value of the investments held at 5 April 2024 compared with their market value at 5 April 2023. The balance of unrestricted funds at 5 April 2024 amounted to £1,467,783 with increase of £85,248 on the previous year. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and and setting the grant making policy for the year. New Trustees are appointed in accordance with the trust deed based on the skills and knowledge required. b. INVESTMENT POLICY AND PERFORMANCE The Trustees apply the capital and income of the Trust Fund in such shares and proportions as they think fit consistent with and for the purposes of carrying out the objects of the Charity. These unrestricted funds comprise investments derived solely from an expendable endowment and the Trust is therefore dependent on the growth of the fund and the investment income generated to fund its continuing activities. The Trustees have continued to obtain regular advice from a fi'rm of stockbrokers with regard to investment strategy. The Trustees consult with Committee members at regular intervals and consider their recommendations. Page 2
THE GEORGE WARD CHARITABLE TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024 Financial review a. GOING CONCERN After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going conrn basis can be found in the Accounting Policies. b. RISK MANAGEMENT OBJECTIVES AND POLICIES The Trustees have assessed the major risks to which the charity may be exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate exposure to the major risks. c. RESERVES POLICY The Trustees consider any balance remaining out of realised investment income each year to be available for distribution but do not, as a matter of policy, treat the expendable endowment as distributable. The Trustees regularly review the manner in which the balance of the income fund may be applied in accordance with the objects of the Charity. Structure, governance and management a. CONSTITUTION The charity is constituted as a Charitable Trust by a deed dated 7 October 1985. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. c. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Charity is administered by a Committee, presently comprising'.- Chairman l Daniels Twstees l Daniels, S D Major other Members C Orton, R Clark, M Faulks, L Davey, A D Herbert, P Gohil, M Goodwin, M Pickering The Secretary to the Charity is S E Hiom. Page 3
THE GEORGE WARD CHARITABLE TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of reSoUrS of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent", 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 are sufficient to show and explain the charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. This report was approved by the Trustees, on 31 January 2025 and signed on their behalf by: Sarah Major Trustee Page 4
THE GEORGE WARD CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GEORGE WARD CHARITABLE TRUST (the 'eharity') I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2024. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 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 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or the accounts do not accord with those records., or 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 fairf view which is not a matter considered as part of an independent examination. I have no concems 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. Signed: Dated: 31 January 2025 J E Cashmore Chartered Accountant The Hayloft, Cropwell Road, Radcliffe-on-Trent Nottingham, NG12 2JJ Page 5
THE GEORGE WARD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporatrng Income and Expenditure Account FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Investments 40,589 40,589 39,827 TOTAL INCOME 40.589 40,589 39,827 EXPENDITURE ON: Investment management costs Charitable activities 3,S79 47.297 3,579 47.297 6,045 37,963 TOTAL EXPENDITURE 50,876 50,876 44,008 NET EXPENDITURE BEFORE INVESTMENT LOSSES Net losses on investments (10.287) {4,609) {10,287} (4,609) (4,181) (5,274) NET EXPENDITURE BEFORE OTHER RECOGNISED GAINS AND LOSSES (14,896) 100.144 (14,896) 100,144 (9,455) (98,918) Gainsl{losses) on revaluations of fixed assets NET MOVEMENT IN FUNDS 85,248 85,248 (108,373) RECONCILIATION OF FUNDS: Total funds brought forward 1,400,127 1,400,127 1,508,500 1,485,375 1,485,375 TOTAL FUNDS CARRIED FORWARD 1,400,127 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 16 form part of these financial statements. Page 6
THE GEORGE WARD CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note FIXED ASSETS Investments 1,467,783 1,333,560 CURRENT ASSETS Cash at bank and in hand 21,792 73,007 CREDITORS: amounts falling due within one year (4,200) {6,440) NET CURRENT ASSETS 17,592 66,567 NET ASSETS 1,485,375 1,400,127 CHARITY FUNDS Unrestricted funds 1,485.375 1,400,127 TOTAL FUNDS 1,485,375 1,400,127 The financial statements were approved by the Trustees on 31 January 2025 and signed on their behalf, by.. Sarah Major Trustee The notes on pages 9 to 16 form part of these financial statements. Page 7
THE GEORGE WARD CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities (53,116) (43,628) Cash flows from Investing activities: Dividends and interest from investments Proceeds from sale of investments Purchase of investments 40,589 154.394 (193.082) 39,827 153,800 (106,694) Net cash provided by investing activities 1,901 86,933 Change in cash and cash equivalents in the year Cash and cash equivalents brought forward (51,215) 73.007 43,305 29,702 Cash and cash equivalents carried forward 12 21,792 73,007 The notes on pages g to 16 fonm part of these financial statements. Page 8
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practi 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),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charits'es Act 2011. Under FRS 102 the assets and liabilties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The George Ward Charitable Trust constitutes a public benefit entity as defined by FRS 102. 1.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 1.3 Income All income is recognised On the charity has entitlement to the income, it is probable that the income will be reiVed and the amount of income receivable can be measured reliably. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned befween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Govemance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. Page 9
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES (CONTINUED) 1.5 Golng concern The financial statements have been prepared on a going conrn basis. The Trustees have considered relevant information, including the annual budget, forecast future cash flows. The Trustees have not identified any further material uncertainties that may cast significant doubt about the ability of the Charity to continue as a going concern. The charity's business activities, together with the factors likely to affect its future development, performance and position, its cash flows and liquidity position have been assessed. The charity has sufficient financial resources. Based on these assessments and having regard to the resources available to the charity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. 1.6 Investments Fixed asset investments are a form of 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 pri. The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. 1.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the Bank. 1.8 Cash at Bank and in hand Cash at bank and 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. 1.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Page 10
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 INVESTMENT INCOME Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income - listed investments 40,589 40,589 39,827 Total 2023 39,827 39,827 DIRECT COSTS Donations to organisations for charitable purposes within the Hinkley & Bosworth Borough Council area made under Clause 4 (b) of the Trust Deed. 2024 2023 Accept Mature Trees Barwell Bloomers Bamell Indoor Bowling Club Barwell Methodist Church Bloodwise Hinckley British Dyslexics DLRAA Earl Shilton in Bloom Free Church Market Bosworth George Ward Bamell Table Tennis Club Hinckley & District Mencap Society Hinckley & District Museum Limited Holy Trinity Hinckley LOROS Mayflower Court Residence Association - Comforts Fund Meadow Road Community Centre, Barwell Parkinsons Disease Society - Hinckley & District Branch ProstAid Rainbows Children Hospice RNIB Talking Book Service st Marys Church Barwell stoke Golding Garden Show The George Ward Centre The Royal British Legion, Barwell The Salvation Army, Hinckley Branch Tiny Tim's Childrens Centre Tom Eatough Court Trust - Comforts Fund VISTA - Social group 1,000 400 3,250 1,000 (750) 1,500 2,000 400 1,250 1,100 2,200 1,000 3,500 1,100 1,500 1,000 2,000 1,000 750 1,000 2,000 2,000 1,100 2,200 500 1,500 1,000 2,000 500 1,000 750 1,000 2,000 1,000 750 750 1,000 1,000 1,000 2,000 1,000 750 1,500 750 500 Total 31,950 23,800 Page11
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 SUPPORT COSTS Unrestrlcted funds Total 2024 Total 2023 Committee members expenses Independent examiners fee Accountancy and general administration fees Data protection register fee Bank charges 2,475 650 12,107 40 75 2.475 650 12,107 40 75 2.475 650 10,960 78 Support costs total 2024 15,347 15,347 14,163 Support costs total 2023 14,163 14,163 INDEPENDENT EXAMINATION The Independent Examiner's remuneration amounts to £650 (2023 - £650.) Page 12
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 FIXED ASSET INVESTMENTS Llsted securities Market value At 6 April 2023 Additions Disposals Net investment gain in the year 1,333,560 193,082 {154,394} 95,535 At 5 April 2024 1.467,783 CREDITORS.. Amounts falling due within one year 2024 2023 Accruals and deferred income 4.200 6,440 TAXATION The Trust is exempt from Income and Capital Gains Tax due to its charitable status. Page 13
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 6 April 2023 Gainsl Balance at (Losses) 5 April 2024 Income Expenditure Unrestricted funds General Funds - all funds 1,400,127 40,589 (50,876 95,535 1,485.375 STATEMENT OF FUNDS- PRIOR YEAR Balance at 6 April 2022 Gainsl Balance at 5 (Losses) April 2023 Income Expenditure General Funds - all funds 1,508,500 39,827 (44,008) (104,192) 1,400,127 Total of funds 1,508,500 39,827 (44,008) (104,192} 1,400,127 SUMMARY OF FUNDS- CURRENT YEAR Balance at 6 April 2023 Gainsl Balance at (Losses) 5 April 2024 Income Expenditure General funds 1AOO,127 40,589 (50,876) 95,535 1,485,375 SUMMARY OF FUNDS- PRIOR YEAR Balance at 6 April 2022 Gainsl Balance at 5 (Losses) April 2023 Income Expenditure General funds 1,508,500 39,827 (44,008) (104,192) 1,400,127 Page 14
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 1,467,783 21,792 (4,200) 1.467,783 21,792 (4,200) 1,485,375 1,485,375 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1,333,560 73,007 (6,440) 1,333,560 73,007 (6,440) 1,400,127 1,400,127 11. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the year (as per Statement of Financial Activities) (14,896) (9,455) Adjustment for: Dividends and interest from investments Gains on the sale of investments (Decrease)lincrease in creditors {40,589) 4,609 {2,240) (39,827) 5,274 380 Net cash used in operatlng activlties (53,116) {43,628) 12. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 21,792 73,007 Total 21,792 73,007 Page 15
THE GEORGE WARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13. TRANSACTIONS WITH TRUSTEES During the year Mr l Daniels a Trustee was re-imbursed expenses of £275 from the Trust. (2023: £275). Page 16