THE CARESWELL FOUNDATION REGISTERED CHARITY NUMBER 528393 FOR THE YEAR ENDED 31st MARCH 2024 WR Partners Protecting your future.
THE CARESWELL FOUNDATION P8 Trustees report Independent examinels report statement of fin8ncial actmlies Balan sheet 7-11 Notes to the accounts
THE CARESVVELL FOUNDATION TE EP FOR THE YEAR ENDED 31 MARCH 20 The Trustees present thèir annyal report and the aco)unts ofthe Charity for the yèar ended 3181 Mah 2024. Referenc8 and admlnistrative Infomiatlon The Charity is a registered Charity under number 528393 and their Registered offi i8.. Maplè House, Silka Drive, Shrewsbury Business Parf(, Shrewsbury. Shropshire. SY2 6LG. Trusltses The Trustees oflhe Charity who served during tho year are.. Mr D Peden Mr L Allen Mr C Conway Mr Peraval Structure. governanoe and management ovemin document The charity is administered under the provisions ofa Charity Commissionèls Stherne dated 12th August 1983. Methods ado forthe recruitmertt and ointment of new trustees Trustees, are ¢rUIted and appointed in accordance wlh the provisions of the Scheme. Oblectlves and act5tI 'ecitves of the d)8ri The objectives of the charty are lo promote the further education of boys and giTI8 resident in the area comprising the County of Shropshire and the parish of Bobbington, in ihe CoLsnty of Staffordshi who are under the age 0125 and in need of financial assistance and who are puplls or fornr pupils of one of the following schools, and in the following proportions.. - Shrewsbury School - Bridgnorth Endowed S¢hool Seo)ndary Schools for Dtsnnington area - A(f8ms Grammar School Idsall School, Shifnal - Th(mas Adams Sthool, Wem {219) {116) 1119) 1219} 11161 11 191 Provided that if any of the schools is unable to use ils allocated proportion of funds, the b8lanc* can be re-dislribuled to applicants fr¢Jrn other listed schools. The purpose tsf the trust is lo support the students from the main schools who live in Shropshire during their time al Universty. AnyoTTe who fulfils these condition$ and is SUPFXJrted by their sd)ool can apply. The trust views 8118Fkplicalions for each school on mèrit and makes awards accordingty. Any studenl who attends a Sixth Form but has transferred from any oflhe listed schools and meets the other requirements is eligible to apply. This is speufically relevant for students who attended Bridgnorth Endowed School as Bridgnorth Endowe(5 no longeT has a Sixth Fom). Case5 of exlrerne hardship are viewed sympalhelicalty.
THE CARESWELL FOUNDATION TR TEES REPORT E YEAR ENDED 31 MARCH 2024 Achievements and porfomianc• view of ¢t'vi 8nd achievements The Trustees received application for grants from individuals and a totsl of 4312023". 371 award$ were made in the year. In shaping our objectives and planning our ath'vities for the year the trustees have considered the Charity Commission's revised guidance on public benefit Financial r•vi•w Goin concem After making appropriate enquirés, the trustees have a reasonable expectation that the charity has adequate resources to tx>ntinue in operational existence for the foreseeable fvture. For this reason they )ntinue lo adopt the going concern basis in Preparing the finanryal statements. Rese)ves The policy of the charity is lo hold sufficient free SeeS to enaljle the charity to cover the expendsbJTe r&quired frir a period of Nvelve months. The total reserves ofthe Charity are £285,64312023'. £277,227). Free regeNes held 81 the year end were £34,69612023'. £21.6971. These are represented by tho charitys unrestricted fvnds. Investment oli The investments are held frjr the purpose of fijrthering the objectives of the charity.
TrIE ARESWELL FOUNDATION TRU S REPO R THEYEAR EN AR 2024 Statement of Trustees Responsibilities The Trustees are responsible for preparing the Trustees, report and the financial stslemenls in accordanc£ vAth applicaue law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Acc¥Junting Pfa¢ticel. The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each flnarrial year whi¢h give a true and fair vlew of the stale of affairs of th¢ eharity And of Its incoming resources and application of resources. induding ils income and expendilure, for th3t period. In preparing these finanaal statements, the Trustees are required to-. 8) select guitsble ac£ounling poliaes and then apply them consistendy: bl obseNe the methods and prinryples of the Charities SORP IFRS 1021.. ¢) make judgements and estimates that are reasonable and prudent.. ) slate whether 8pplicable UK AUntIng Standards {FRS 102} have been followed, SLtbject to any material dÈp8rtures disdosed and explained in the finanaal statements., el prepare the finanaal statements on the going con¢ern basis unless It Is inappropriate lo assume that the Charity will lo continue lo operate. The Trustees are respon&ble for koeping adequate accounting records that are sufficient to show and explain the charity's transadions and disdose wth reasonable acCracY at any time the finanoal position of the charity and enable them lo ensure that the finanaal statements comply with the Charities Act 2011. the Charity {AcLounts and Reports) Regulations 2008 and the prowsions of the Trust deed. They are 81$0 responsible for safeguarding the assets of the tharity and henc£ for18king 8$Onable steps for the prevention and detection of fraud and other IrularitieS. Signed on behalf of the Trustees by.. r D Peden Trustee Date
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF E CARESWELL FOUNDATION FOR THE YEAR ENDED 31 MARCH 2024 I report on the financial slalements of the charity for the year ended 31 March 2024 which are sel out on pages 5-11. Rosponslbilltles and basi$ of the report As the ch8rityg trustees you are responsible for the preparation of the 8ccounls in aordanCe with the requirements of the Charf(ies Act 2rJ11 {Ihe Acri. I report in respect of my examination of tho charivs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Diredions given by the Charty Commission Ltnder section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examin8tion. I confirm no material matters have ¢ome to my attention in connection with the examination giving me cause lo believe that in any rnaterial respect.. accounting recoTds were not kept in respect of the charity as required by section 130 of the 2011 Ad., or 2. the accounts do not accord with those COrdS., or 3. the accounts do not comply with the applicable requirements conceming the fom and content of 8ccounts sel out in the Charities {Accounls and Reports) Regulations 2008 other than any requirement that the a¢unt8 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 acfOSS no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached Signed: 1311112024 Narne: T Lunt BA IHonsJ FCCA MTPI Relevant professlonal qualification or body- Chartered Accountant IACCAI Address: WR Partners Chartered Accountants Belmont House Shrewsbury Business Park SY2 6LG
THE CARESWELL FOUNDATION STATEMENT OF FINAN CTIVITIE FOR THE YEAR ENDED 31st MARCH 2024 Pemianent Unreslricled Endowment Funds Funds 2024 Total 2023 Total Note Income from.. Investments 14.695 14,695 14,297 Donation 996 208 Legacy 10,431 10,431 Total income 26,122 26,122 14,505 enditure on: Charitable activities {13,020) 113.020) 110.652) urces ex ended 13,020 Net resources expended before transfers 13,102 13,102 3,853 Transfer btheen funds Net incoming resources 13,102 13,102 3,853 (Lossllgain on investments {103) 14,5831 14.6861 119,691} Net movement in fvnds 12,999 14,583) 8,416 115,838} Fund balances brought fonNard 21,697 255,530 277,227 293,(5 d balances carried forward 34.696 277,227
THE CARESWELL FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 31st MARCH 2024 2024 2023 Note Fixed Assets Investments at market value 256,597 261,283 Current Assets TSB Flexible Savings Am)unl TSB Cheque Account CalerAllen Debtors 90 15.283 4,887 10,431 90 16,807 30,691 16,897 Creditors.. amounts due within one year {1.045) {953) 29,646 15.944 Nel As 286.243 277,227 Funds Unrestricted Funds 34.696 21.697 Permanent Endowment Funds 250,947 255,530 285,643 277,227 The accounts were approved by the Trustees on l &1 114 by. Mr D Pede Trustee The notes on pages 7 to 11 fonn part of the financial st*ements.
THE CARESWELL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2024 1 Accountin olicies 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial slalements have been prepared in accordan with the Statement Recommended practi.. Ac¢ounting and Reporting by Charities preparing their accounts in a¢cordanc8 with the Financial Reporting Standard applicable in the Unrted Kingdom and Republic of Ireland IFRS 1021 and Charities Act 2011. The Careswell Foundation constitutes a public benefrt 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 which have not been designat for other purposes. Pemianent Endowment Funds An arrangement with the Charity commission dated 12th August 1983 resulted in the following investments held in the name of the Official Custodian for Charities. 15.501 & G Securities- The EquFties Investment Fund known a8 Chartfund" Units 17,326 Blackrock charities UK Bond Fund.. Income Shares The income received from the Permanent Endowment Funds is unreslricled. 1.3 Income All income is recognised once the charty has entitlement to the income. r( is probable that the income will be received and tha amount of income receivable can be measured reliably.
THE CARESWELL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2024 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economlc benefrt to a third party, il is probable that a transfer of economic benefits wll be quired in settlement and the amount of the obligation can be measured reliable. Expenditure is classrfied by actwity. The costs of each adivity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Shared costs which contribute to more than one activty and support costs which a not attributable lo 8 single activty are apportioned between those actimlies on 8 basis consistent wlh the use of resources. Central staff costs are allo¢ated on the basis af lime spent. Grants payable are recognised as expenditure when the commitment is entered into. Where such a grant is lo be paid over instalmenls, the outstanding balance is disclosed as a liability. All resources expended are inclusive of irrecoverable VAT. 1.5 Interest recewable Interest on funds held on depos1( is included when receivable and the amount can be measured reliably by the charity,. this is nomally upon notrfication of the interest paid or payable by the Bank. 1.6 Debtors Trade and other debtors are recognisei8 at the selllemenl amount after any trade discount offered. Prepawnents are valued at the amount prepaid net of any trade discounts due. 1.7 Cash at Bank and ir* hand Cash at bank and in hand inctudes cash and short teM highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar arLounl. 1.8 Liabilities and prO510n$ Liabilities 8re recognised when there is an obligation al the Balance sheet date as a result of a past event, i( is probable thst a transfer of economic benefit will be required in selllemenl. and the amount of the settlement can be estimated reliably. Li8bilrties ara recognised al the amount that the charty anlicipales ff( will pay lo settle the debt or the amount it has reiVed as advanced payments for the goods or services It musl provrde. 1.9 Financial instruments The charity only has financial assets and financial liabilities of a kind that qual as basic financial instruments.
THE CARESWELL FOUNIDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 st ftCH 2024 2 Investment income Permanent Endowment Funds Unrestricted Funds 2024 2023 M. & G. Securities- The Equities 301 13,331 13,632 13,234 Blackrk Charities UK Bond Fund 23 1,040 1,063 1.063 324 14,371 14,297 3 Charitable activities 2024 2023 Grants payable Legal fees Stationery and postsge Professional fees 9,200 2,775 61 7,600 2,099 23 930 13,020 Th652 In 2024, of the lotsl expendf(ure from charitable 8ctivities, £13,020 was from unrestricted funds and £nil was from restricted funds. A total of 43 grants were made to indiwduals. Nil grants were made to institutions. 4 Net income During the year, no Trustees received any muneration {2023.' £Nil) During the year, no Tnjstees reiVed any benefits in kind12023'. £Nil} During the year, no Trustee8 received any reimbursement of expenses12Q23'. £Nill
THE CARESWELL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 $1 MARCH 2024 5 Investments 2024 2023 Listed investments Marl(el value at 31 st March 2023 Disposal Addition IncreasellDecreasel in market value 261,283 28ts,974 14,686) 119.6911 Market value at 31st March 2024 256,597 261,283 nvestmenls held at 31st March 2024 com rised the followin 2024 2023 Unit8 15,850 M & G Securities '. Equities Investment Fund known as"ChariftJnd" Units 230,789 235,082 17,716 B18ckrock Challlies UK Bond Fund Income Shares 25,809 26,201 256 598 280 974 6 Debtors due within one 2024 2023 Legacy 10.431 10,431 7 Cred*tors due within one ar- accruals 2024 2023 Independent examin81ion fee Postage 984 61 930 23 1,045 932 10
THE CARESWELL FOUNDATION STATEMENT OF FINANCIAL ACTWITIES FOR THE YEAR ENDED 31st MARCH 2024 8 Statement of funds Brou Incomin Forward r¢e Resources ended Transfers inl out Gains/ Losses Carried Fotward General funds 21,697 26,122 113,020) {1031 34,696 Endowment funds 255.530 {4,583) 250,947 Total funds 2TI,227 26,122 113,0201 14,686) 285,643 General funds are unreslTiCted funds which are available for use al the discretion of the Twstees in furthen of the general objectives of the charity which have not been designated for other purposes. Permanent Endowment Funds are from an arrangement with the Charity commission datecl 12th August 1983 which resulted in investments held in the n8me of the Official Custodian for charitS. The income received from the Pemianenl Endowment Funds is unrestricted. g Allocation of net assets between funds Pemianent Unrestricted Endowment Funds Funds 2024 2023 Investments Current assets Current liabilities 5,650 30,091 {1,0451 250,947 256,597 30,091 {1,0451 261,283 16.897 {9531 34,696 250,947 285,643 277 227 10 Related transactions There were no related paty transactions for the year ended 31 March 202412023.. £nil)