THE WOODCOCK BEQUEST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 scornsH CHARITY NUMBER: SC014963 COMPANIES HOUSE NUMBER.. 000443
THE WOODCOCK BEQUEST cowrEPUS Trnst885' Annual Rwt I1**onI Awjitors. R8F#yI Stat•menl ol Finwv4f Bar• 9wt 10 Stst•moni of Ca¥h Fknws Notes to tho Aunt5 12- 18
THE WOODCOCK BEQUEST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH2024 The trustees prèsènt the¥ annual reFQrt and audifed financial statomonts of the charity for the year endad 31 March 2024. The linancial stsiements have treen prepared in a(xordance with the accounting policies set out in note 1 to Ihg aOunt$ and comply with the charrty s consviuiion, Ihe Charitie5 Accounts Iscodandl Règulatio 2006 las amended) and Accounting and Reporting by Charibes.. Statement ol Re¢ornmended Piactico applicablè to ¢harities preparing Iheir accounts in accordance with Ihe Finartial RepKJrling Standard app1&bI In the UK aThJ Rewblk ol Ireland IFRS1021 ef18CtNe 1 January 2019. SITUCturo, Gov8rnane• •nd Manag•m•nt The conslitulional lorm ol the charity was changed Irorn 8 dwrtable trusl lo a SCIO (Scottish Charitabl8 Incorporated Organi$aiionl wrth the aFyovaJ ol OSCR Ioffice ol the Scottish ChArty Regulator) granted on 15 July 2015. The chariiabK8 tru$t wa5 estatAished by a DtsFosiIKn aTrJ Settrnent dal8d 28 F8bwary 1964. The Chaty is adrninister8d urKlgr Ihe 5upeNsion ol th¢ Irusiees who meet quartèrty a1 correspoTrJ baeen m6eling$ 8$ needed. The day-ttrday adminislratw is carmd out by the charty s agents. At Ihgir meetings the trustees agrge the strategy and areas ol actwity lor th ¢haiity, irrludirrfj considèraion of the core prograrnmg, pOIY for Invesimenl rnanagern8ni antl rgquired 18veL% ol feseNes. The perforrnwe ol the charty 1$ reviewed at each rneetlng. Expert adv& is obtain1 r8garthrg vaNJus matters Irom tkn8 10 lim•. Under th8 SCIO Constitution. there shall te no maxThum numbw ol dirlOr$ aTrJ the rninimum numb•r ol dlr8etors shall b8 nol less Ihan ong. The charity trusioes rnusi elect (from among themsèlv•sl a Convenor. Treasurer and a Secreiary. The eknli0nlre-ek8cyn of charity trusiees and ollK¢-bearers takes plac8 at th& AGM. Al each AGM, all ol th ¢harity 1ru61ees and Ole-¢eT$ must leIe Irom offic8 bul may then b8 r elected. In s88kSng 10 aFpoint trust$ the rd¢v8nt th'IL8 requirod carlully conskjered. ObloCtl¥•• and A¢ll¥Jll•• lor th• publle bw•llt Th8 main orlglnal charita oblts under the lounding de ol the Irusl were: al to mAk¢ use ol thg properbes thin Iho twue5t lo provKl& h¢)m$ rm 8Urtable accommodafjon for the benetriaries. bl to pur¢ha8e other wop8rties wlthln r&880nable reath ol St Andr•ws in of th8 Ot4ect9. ¢1 to combine or co-operatè wilh any other or Organation for the bettei fumilmgnt ol pufp05es lal and Ibl provKled that the trustees do not lose their enIty. that the Kjentity an($ name ol the WoOd¢k Bequest is not lost, and thai the Sa trustees maintwn a mi'or control ol poIY management and administration. dl io expend frorn lime to tim8 such surns as they consKJ8f ¢xpedient on repairs. lumishings, alteralK)ns, improvemènts or rTtelK•ralM)ns on Iho Chwty estsie and in acquiring, t1j•nO Or erecting any typ8 of house8 or property lor fU1mnt of the Charity pvw8S. el lo let the Charty estate or prwlias lor rents on such condthw as may seem eXpednI. as a180 10 grant abalement ol rent arxl to attepl nunCiall0n of 11 to pay 8fKI aFply the incom6 whth May be deriv&J from investrnents in th• exFenses of administering tho Chwity uThJer thew charg8 and io a¢¢umulate incAime lor ts bstter fu11Ment ol Ihe Charrty pur$8$. gl lo borrow such $ums on the Becurity ol the Charity eslate or parts ther80f 4$ they may see fft. These objects re amen(led wrth the consènt of OSCR in convortaNJ to a SCIO to state that tho org3ni$8Don is established for charitable purposes onty, arKI in particular, Ihe object is lo prowdo rèli to women who are in need by rèa$on of age. ill-heatth, disabilty. linwKial hardshi) or othèr disa(fvantage. The ar•a within which the organisatron shall oparate lin thi5 ron5titvtion referred to 8$ Ihe -Area of Benefin shall be St Anthews and tho surrounding areas. The organi5alK)n shall KmOte (Fxrt not prornte exclusSly) ils acbwbes aThJ delN8ry operations to women within the Ar8a of 8enefit who are in need by rea50n of age. in-health. dis41ty. tinancial hardshw) or other disadvantage. These women wiu L Ihe organisat)n's te1198.
THE WOODCOCK BEQUEST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Powers ol the charity wgre as: al The organisation has power to th) anylhing Wh is ¢al2Jlated lo further its purF4)so$ or 1$ ¢ondvcive or Incidental to doing so, as slated in 50151 of the Charibes fwstee Investrnent IScotlaThJl Aci 2005. bl No part ol the incorne or prwrty ol the organisation may L paKI or transferred Idireclly or Indire¢ttyl to thè MaMrcharitY Iruslees - either in th of Ihe organisation's èXi%lence or di8solulKJn - except whwe th1$ Is tjw in (threcl lurlheranc ol Ihè or9ani%atK)n's charitat48 purpos9$. The trustees consid8r how bèst to meet wbltc benefit whw miewiNJ Ihg charity's alms obl1V¢s, annlno future actwities lor the year ahead arKI bgyond. A•vt•w ol •¢hl•voments, p•rforn)anc• and Iuiure plans The trusl8es eontinue to rnake use ol aA)ropriaiè wolessnal arfvK• to asslst the manag8ment ol Ihe Injst In relation to its beneflarI¢S. aThJ InvestrTts. Ther8 ar• Iwo categories of property own8d by th¢ trust.. accomrnodaiion leased to beIKtar18S at rsnts consKJerat4y below rnarkgt value, 8nd "comrnercial. operties which are K8awd io busines5e3 and genorate iome supwrt the objecliv8s. Howevèr, one ol thes8 proparti¢$ 1$ L8ased lo a charity. Homè Start. at a reduced ntaI SI thai ¢harity's obj'ectives align wlth those ol the tTLIgt. rhe trustees are di1ty38nt in n8uring that the Trust's prOleS ore $uit8bly rnaintained and adaptod, as requlred. to mget Ihe reed3 of their tenants. A wwiously ¢Jerelicl area ol the rnain at FIo8e Park was upgrgdad to wovide slorao8 and a eomlortaW? rest space for the employod gard&rer. A sub-gfoup ol truste was ¢$taWished in 2023 to fgvth and dove the charity's pro¢eduros lor evaluating appl¢aiions frorn ben81Sciaries. Th•rg wsfo no resKJential kvoperty vacarties in 2023124. With several $ui18bl applications from p)tentkl lenants akeady on file, rt wa$ (knd&J to nol accepl any new appli¢atK)ns unbl there was a More realist possibilrty ol having property availab. Th8 charity ¢)¢•nUed lo support ils beneffclaries with a policy ol no rent increases whKh went bgyoNJ the S¢oth'5h Govemrnont's lèmwrary rent cap provisions. Monllorlng 0¢h1•mni The Iruslees monitor ltta pro9ress ol their actMti68 in varhxo ways. An annual financlal lors¢ast 15 prepared and revi•wod at Ihe quarterty meetings ol trustaès in the context of the rnanaogment a¢¢¢unts. At quartetly meeltngs. the irusie6s rèvi9w Ihe re(wiremenl any repaiv aTh1 mainlenance work to the benèliciary properties and agree the periodK ren e$. The trustees noI the inv8Stmont prWi9s. ¥Kluding agrfcultLral land. lo ensure thèy Are maintained in a satisfactory condrfion, Ihal renlal payments aw up to date and that rent reviews are car¥ied out at aky¢priate tirnes. ApPIallonS lor benefKiary rental propertias and financial assistarte ale ¢on8hatrred at the quarterty meèiM)g$. There are, 1nev1tay, lar rnor¢ aFplKations than availa8 properties and the Irustaes con$thr, 4rKI priliSe. all applications v¢ry carefully to try to identify those in gr8al8St need. The trustees VIeW linanc8 and wjvernance wulafty and review and uwlale the risk analysls annually. Between lormal mè8ting5. lines of comrnunuiion a cw5tanUy open by email and t•l8phone whKh allows the business ol the charrty to conb"n419 to run srrwthty.
THE WOODCOCK BEQUEST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH2024 Flnanclal r•vl•w The results of the year are sèt our in the Slatement ol Financial Athttses. Incomè amounted to £201,261 12023- £202,391). ExperKliture on chaiitatjlè actmties was £206.83912023 - 70.676) and on raising funds £17.961 12023 - £22.1961. Net expwKlrture belore gains inv8slm8nts was £23.53912023- ,4811. The nat gain on revaluation of invtrstments was £109,44412023 - of £138,010). Th8 ¢harity'$ work relies heavily the iwwme trorn rts We8trnenl aTrJ benefi¢&qry Wopert. The trust89S also have th8 11gxlbility to draw down inva$iment Ir)rne rf cash is rUled. Quarterly reports arg received from tho charity's investment advisers setb'ng out kgy f&tors lo be cKJnsidergd and proJectiThJ levels ol income ats Investment mana9gmerf charges. Inv•stm•nt poll¢y •nd p•rforni•nc• The inveslment advisers arg engage(l on a di$$1)nary basis and th8y produce a lull portfoll) rport every quartèr. The investment stratagy is a I)aJaed ong. Th¢ truslees accept thai th exposure lo shares in tho pJrtfolio can be oxw¢ie<J to generaie flueatiOnS in the value ol in$trnent5. Given th8 mèdiumllong-lerm inveslmant horizon, and the lath thai th¥ trustees do not rggulaty need lo draw41own in¢ome. Ihe charity has the rApacity to lolerale sh Iluctualions. Rl•k manag•m•nl Thè Iru5tees regularly thscu lh& major lo the charity IB 8XF¥)sod. Oi8¢U8skJn l•ats to a¢tJon lo address and mlnlm6s& these risks. The 8xposur8 io risk of inveslrnent varlth'lty 1$ a reguLar toFJc ai meetings, arJ to dato. the ¢rustees conslder that this risk is adequately milyated by the current cho of investment manag&r. Liquidty risk 1$ anti¢ipaled lo b8 low as all 855ets are traded in math$ts wrth g¢x¢J Ikluty aNI high tradirvJ volurne$. The charity has no material investments In markets lo 8xehaNJ conlrols CK tradiwj fgstrictsons. Also ol concern Is the ability to attract aTrJ new trustees wilh surtth Skil to h dir8Ct and d¥v•lop Ihe chartty'$ a¢iivrties. Rog•rS poII¢y IAonihly rental in¢ome is usually suHi¢i*nl lo cover roLrtine owrating cosls Thls lavgr of tree reswves is consid8red suflicienl and can bg $upplernented. at short no. as the Nwestmèni adw$ers are able to gen8rAIo cash lor draw down to meet cash flow sjèmand. unstrted m?rve5 carried forna at the year eTrJ wera £9.436,31512023 . £9.352.4101. There were no IOSthcled hjnds.
THE WOODCOCK BEQUEST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 AIARCH 2tr24 A•f9rce and •dmlnlstr•tlv• Inforrnation Conlact Addr•38 lao•nt•} Scottlsh Ch•rlty Numb•r Audltorg Fln•nclal Admlnlstrnlor bv Firyjlays Audit knmrted. 11 Dudhopo Terrace. Dundee DD3 6TS Henderson Bfatk & Co, Chesln8y Hfwse. 149 Market st¢, St Alre¥s. Frfe. KY16 9PF Virgin Monèy. 718 High Streei. Dunde& DD1 1 SS Ralhbone Inv8sM$nt Management Lwnited. Georgo House, SO George Squar8. Glasgow. G2 1 EH Bonk•rs Inv•stm•nt Adv11 The lollowing persons have served as Iruslees duiiw the year and lh8 yw TN•lM•' R•gpoft•lbllltl•¥ In r•l•tlon to lh• Iln•n¢l•l •i•t•rn•nl• Th8 ¢harty trustees are f8sponsble for pr8parwrfJ a tru$i¢es' annual re)rt and financial stalam&ni$ In accordance with applicable law aTrJ unit Kiri9dom Accountin9 Standards (United Klngdom GenerlY Acc8Pte<J A¢¢ountirvJ Pracknl. Thg law applicable lo charttles in Sand rewires the Charity Injstees lo prep• flnan¢ial statements lor ea¢h yoarlperic¥J whi¢h a Irue and lair view ol the slate ol affairs ol Ih• charity and ol its in¢omo and expenditure for Ihal year/p8ri&g. In prwrirMJ the finarla1 statgmwts, the tnjslees are required to.. selecl sUltsb a¢¢ounbng aThJ fvn ¢orry)ty them consistonity: ¢4)serve the methods and prirtiple5 in the aFWkabla Charrties SORP; rnako judgèments arK4 esbrnaies that a reOnable and wdant.. state whethef appl1 a¢¢ounting sthThlards ha been lolknvod, $J.t to any matarial dgparture8 disclos and expined in the linarKial slatem8nls.' and prepwe the linanclal statoments on Ihe golrvj ¢tyKem basi8 unless rt Is inaswriale to wesume that th8 charity will continue in oparation. Th8 trust8es •r8 re3p)nsie for kwmng proper acccnjnting recoffh discfvxe witt) 850able accuracy at any time the financial po$rtion ol the chartty and to enable them ensur8 that the fInarla1 statèrnents CoMY th• Charibes and Trustee Investment Iscoyandl Aci 2005. th¢ Charityes Accounts l&otlarJl Regulations 2006 las am•nd8¢Jl arKI the prov)nS ol tha charity consltlulion. Thèy are also responsib for safeguarding Ihe ass8ts of the charty and takiwy reasonab stg)s lor Ihe wevenlhjn aThJ dèt8Cbon of fraud aThJ othèr irregularlties. Thè trustees are X)nsib for the maintenanca arKI integrity ol tho charity and financial inlormalion irlUded on thè charity's website in accorda wrth legi51al•)n in th¢ Unrted Kingdom govèmlng the preparation and dissemination ol linartial 5talements.
THE WOODCOCK BEQUEST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Statomwt of Dlsclosur• to Audltorn So lar as the trustees are aware. lhe is no relèvart audit irrformation of which the charity's audltors arg unaware. Additionally, the trustees have taken all the necessary Steps that they ought 10 have taken a5 trustees In order to make thern3efv8s aware of all 181ov8nt audit iDfomHtKJn aNI 10 •siabli$h that the chwity's audltors 8 aware of that information. roved b Ihe Irustees on 18 Dec
THE WOODCOCK BEQUEST INDEPENDENT AUDITOR'S REPOFIT TO THE TRUSTEES OF THE WOODCOCK BEQUEST FOR THE YEAR ENDEO 31 MARCH 2024 Oplnlon We have audrted Ih8 finaal staternents of The WocthM Bequest (the thantyi for th8 year 890 31 March 2024 whh conprisè th¢ Statert ol lin1 athrties. the balae sh881 a1 notes 10 the fin8ncial statements. I1J1n9 svJnificant ac¢ouniiry kk)lirye5. Th8 fvnalaI framework that has been aFyli&Y in their preparabon Is appltat48 law and Unrted Kiwom Sland8rtJs. includiNJ Financial RewrtirKJ SiarKJard 102 Th8 Finwxial Repyb"ng staThj appkat4• in UK R9putrj of Ireland (United Kinadom Generalty AcwJnliThJ Pract1. In our wnion the fInarla1 statwnts'. give a tru8 lar w8w ol the slate ol IM ch•ity¥ affair8 as al 31 March a)24 a1 ol it3 income and exp8TrJiture lor tho year Ihtrn 8nded- havo properly WePar kn a(xOrdat with UTht&Y G0wty A¢¢ept&l A{jntin9 Practi., aThY hav• bèèn prepared in accr0 wrt Ihe rwuirenwtts ol tho Charities and Trustee Investm8nt (Scotlandl Act 2(K)S aThJ rogulaiion 8 of the Chwit nts {ScoYalI Aegulaons 2(J6 1 amen¢Jedl. Bo$11 ol oplnlon We condu¢lgd our a1# aecordartè Inlwnabonal St•J8rds on AJit1 ILIKI IISAS IUKII and apjicable law. tsJr re$ponsits'lrties uThYor those staTrJai(ts are lurthor dèseribed in the Auditoi's rasponsilitIeS lor the auditofthefinartwl 5tatenWtsstk)n otour rèpxt. We a¥e In¢lepeTrJeni ol the charity In accordance wrth Ihe ethul rIfeffAts thai arè reknvant to ¢xJr avdil ol th6 linala1 staternenls In the UK. includir#J the FRC'S Eihical staard, have lulh"118d our oth8r 81hKal rgspongtslit$ In accordance th these requir•m8nis. We b81iove thal audrt tridèrKe w8 have otrtainod is suffi.ct and wowale to wovide a ba$L8 lor our wn. Con¢luslon tIng to golng ¢one•rn In auditing the linartial siaiements. we havg &Vded thai the TwstO9s' use ol lh• baBty of accounlino tho preparaTh ol the linancid stalerwts is akVOwlfé. 8a$8d on the werk we ha pertormed, wo hav• not JeThtrf any rnaierial rrtalrtS relalin9 to events or oTrdrtions thai, In¢YwKlually or oJlleclNety. may casi swJnrfanl dbt on the chanty's atshty lo continue as a gn0 concern lor a ol at knasi rTrJnth¥ Itsttrnts are authorisod Our rgswnsibilitss and th• r•sp)rilths G4the Truste8s wrfh respKI b gory concm ar8 dsscn'tjod in the roVant sèctions ol Ihk8 rwl. Olher Inlomiibon The other Information conytses thg infonnabon wi Ihg anwal rewrt Oihar thè fina[1 statements and our audit.9 reFxM thereC Thè TNst899 are resFon$iNo forthe other in1ormatK•n¢la1n0d within the annual reptyt Our ¢JF4nion on the h"nawJ stai8mts ¢kes cow theoiher infLYmabon and we ) Th)t oxpr8ss any fo of assura oJKIush)n theretyTr. reskwsibh.ty to read the oth•r Information and, in doing so. cor6K18r wh81her thethr inlormatKJn i% matarially iOrstent thèfinancyal sla18m?nts CK our knowlèdge obtai1 in the course of ¢hè audit, or otherwise awoats to be materially misstated. If wa id8nts.fy such matefial Iols18rN8S or apparem mat0¥411 misslal8rnents, we are required to determine %theihor Ihis give5 rise to a rnalal misstatement in the linaroal statements th8msefves. If. based on Iho work we have perfcmod. wa condLhle that there is a ma81 misstalernenl ol this other inforrnation. we are requtred ro rgport that fact. We have nothing to repjrt in this M*tt•rs on whlch we are requlY¢d to rw>ort by excwlon We have nothing lo report In respecl ol the lollomng matters M reLqtion to whKh the Charth5 Arlnts (S¢arj) Regull7thMs 2006 las raquire us lo rer#yt to you if. in our ty'nh?n'.
THE WOODCOCK BEQUEST INDEpENDETr AUDtTOR'S REPORT TO THE TRUSTEES OF THE WOODCOCK BEQUEST FOR THE YEAR ENDED 31 MARCH 2024 the infumatr)n oNen th• atewds is irtonsistent in any Malen roSFeCt wth th8 Trustees, rep)rt,' or oper a¢¢ounling r8cords hav8 Tr)t kept.. or the firs81 siatèmwts are in agr8effni th& accwnlirvJ racLvds', or Wo hove nol r¥¥d all Inlomiabon and exF4ana1ics we wuirg tor wr a.1. Rewn8lbllttlM ol Tru•• As o¥plained re lully in the slaleftnt of Twstees. [8¥K$b.11e$. the Trustee$ are reSpOlb18 lor the preparation of h"nantyal stateThnts and for bw.ng Sasfied that they oNe a truè lair view, and for $Ltch ntornai contr(J as the TrueOS do1•ine is rwessary lo enat pr8paratKJn of frrw¢41 statem8nl$ that Ale fre8 Irom material misstat8rn8nt, whether due 10 fraud wror. In weparing linaKial s181oment$. the Trusloos are re5pon$ibl8 lor as$8ssiry Iha Charity's ats'lty to conitr)u• as a cotKern, discb$ing. as applicabb, matters relaiod to goiThJ a1 usiNJ the ryyKern tAsis of UntIj unths the Trusi••s èither Intend to ceas• cyraknon5. or ha fealstl to so. Audiior'i responglbllltlM Iv th• •udlt ot the fln•nd•l •t•iem•nt• We have been aptM)Ini6d as aJitor undor se10n 4411llcl ol the ChItIO5 arJ Trust•• Inv•slIt Iscottandl Aet 2005 ¥éFWt in rthant fegulah¢Ms m or haviry Off1 th•rrthr. Our objactV#S are lo obtain ieasonable assur8rrA at% wh8th•r th• slalem8nts as a whol8 are frée frorn malwk81 misstat•m•nl. wh81hgr tkn traj tr wor, arJ to ts6ue an auditorf5 report that I[ludeS our Wnlon. R•asonable assulare ts ahwh level olaSsUra J¢ Is not a guarantee that an audil conduct& In aC¢Qrdare ISAS IUKI will aP4ays delect a maienal misstalgrnenl when rt O¥iSts. Misstalernonts can arise from Iraud or error and are COnser8d ma18rkql , I1KyuaIty or in tho aggregate. they couil reasona expgctsd to in1lueO the 8CLXWrniC decJsior6 ol users takèn on tho basis ol Ih8s• finawal stalgments. IrregulBrrtws, 1JIng Irathl art instsrw ol rrfyFctyiWiance wth laws and rtyulatiorys. We design kYo¢edures in lin• with our resP)bIlit, as outlingJ atro¥g, lo detect materAI missla18ments in re$p8ct of itr•gularities, irKludiw fraud and Mn-CtyiarKe rth laws and reg11alb as ¢J8tail8d il¢)w. audit team has arY0pr1t skik aTrJ exrMtBe requwod aThJ through drscussions managemenl and Trusiees. kwwledge ol th8 $tOr lo ensur& any -cO118nCe LS recognisèd and all ne¢essarydisclosur$s Ar• Made. The ntr&S in Qac• W the Charty mrf¥ato th• risk ol fra(#J aTrJ atso a$ thom Iwahligminq any instances of fraud Ihai mvJhl have ocoJmod. Th• extenl to whch wr 4r• Capa& irrn9UtWth8& I[n0 frwd. i• dot•'l•J b81r.. . M•king ernju1rS ol rnan&aem8nt any 8pto ins•& ol rTrPIlarA w5th1 and regulations i[ling GDPR, enVoym8nt IM aThJ Tr11h aTrJ saletyiknibNJ rogu[41 Review ol coriewTrJèrte wrth iegulators iUdI ¢JSCR ar¥1 HMRC Roview ol legal expendrture board minules Chailèwing assurnplk)ns aTr# pdJem8nty mad& by nwyment In Ih•'i 99nan¢ gccounlr¥J e8b"M¢S IlUdI acciuals aThY prr4)erfy valuabon . Alting the nsk of mana9emÈrt ov•rr¥le c¢xfft(48, IhrtyJ9h i•stir¥ omrie$ 4r#J othor adju$imfjnts for aFprcyiaten8SS . Pertormiw anal1 p¢cothJr8s lo Becaus? ol the fidd ifi Ihe client cperatss wo •y11Tj areas as most likdy to have a maienal impgcl on the fin81 sktWOnts'. Direct Impact on Finala1 StaleThents The Ch8fi1ies rIjnIS (SC) 2ts SORP- FRS 102 Charities & Tntstee (scolar lThJir8CI Impact Finawd Slalements GDPR OSCR rwlalK
THE WOODCOCK BEQUEST INDEPENDENT AUDfFOR'S REPORT TO THE TRUSTEES OF THE WOODCOCK BEQUEST FOR THE YEAR ENDED 31 MARCH 2024 tMRC conwla Because ol th• inhtr8nt limilations of an awjrt, Ih8r8 a risk that Mll notd8tt 11 irrooularths. 1rt1J1ng those 18ading lo a maierial misaternenl tn the linano¥ statemenis C [cOmlat wth reguLqtion. This risk Increases the rnore that cQmla wrth a Lqw or reouktion LS r•rnov•J from the events aThJ transaction6 rellec18d intr8 tinanoal staleThFts, aswe 11 bo less likelyto aware olinSta of Tr)rrfomplianc¥. The risk Is also greater regafdiTrJ Irregularrti8s ttcurriw due to tra) rather than err, as IraLK1 invofv8S intèntional COrKenI, forg8ry, Collus. Qmrsl N fftsfow•5enlion. We cornmunule with thos• ehaigJ with g0Vemat. tws188s r•JardirMJ. among other mattws, plannod sccyts and liming of thg audrt arKI sKJnfficant aLKIit firKling$. ir¢Ij1 aThy svJnificanl ¢JefiCieie$ in intern81 control that J8nb"ty our U80 of our report This reKN)rt Is made 501etyto thodwlty's trust88& 48a t¢. in wfth requlatiw 1001th• Charth88 Accounts (Scotlandl Regulation5 26. audil work has underttsen so that might Slate lo the chatty's trusteesthose rnatter$t8r8 rtyuredtostalelo them in an auditofs r8POrtand lor ts1herpUr?S9. To the fulle$¢ extent perm• ty law. do nol acceo or a55umg rg¥xyBtslrty lo anyono other than the ¢harty arhy lh• eharitys truslees as a bc#, lor our ayrt w(k. for ihis raForL or fty the opinions havg loin'.pd Flndlays Audlt Umlt•d St•luiory Audltor 11 Dudhope T•Nace Ound80 003 6TS Date.. 1811212024 FIL8Y8 Audit Limited elwjitje lor aFW'rtm8nl as alitty ol tho charty ty virtue of rts •lKJitslty for aFpJinlment as audrtor of a cc¥npany $ty0n 1212 of thè Comparb*S Act 20.
THE WOODCOCK BEQUEST STATEMENT OF FINANCIAL AcmvmES FOR THE YEAR ENDING 31 MARCH 2024 Totsl funds 2024 Tot•1 lunds 2023 Incomo from: Charitable actlvth"•$ Investments Tot•1 53.655 147,606 201,261 49,830 152,561 202,391 Expondllur• on: Ral$ing funds Charitable activibg8 Toial 17.961 206.839 224,800 22,196 270 676 292,872 N•t •xp•ndStur• b•loff• g•ln• on Inv•stm•nts 123,5391 I,481> M•1 g•lnWllo•M•l on Inv••tm•Dts 109,444 1138.0101 N•1 In¢omWl•xp•ndiiui•I aThl N•1 M0TMnnl In fund• 85.905 1228.4911 Recollclllallon ol fund•: Total furkY5 broughl forward Total lunds c•rrl•d forward 9,352,410 9.438,315 9,580,1 9352410 statement ol linanclal auivrf8s IrKfud&s all gains aNI b3ses rec¢)Jntsed in th8 year. All income and expeTrdrture derives Irorn continvirYJ aCos. All furnls are Unrestred. The Tr)¢eB pages 12 10 18 form an knt8gral PArt ol lh a¢uniS.
THE WOODCOCK BEQUEST BALANCE SHEET AS A T31 MARCH2024 Tolal lund 2024 Totsl lundg 2023 Flxod a¥sel•: Tangl a539ts Inveslrnenl pro1¢8 Investments Total Ilx•d I1# 5.164.638 1,555.000 2.694,967 9.414,605 5.254,057 1,555,000 2.542,577 9.351,634 Curr•nt I•1$.. Debtors and prepayments Cash ai bank aNI in harnl Tol•l ¢urr•nt •1• 10 24,409 25,287 47,912 Ll•bllltl•g: Creditors.. Amounts lallln9 due wilhin one y N•t eurr•nt Total asgots1•gs ¢urr•ni lbIll1MI 24.202 776 9.438 315 9352410 Th• lund• ol ch•rlty: Unrostrieted general fuThJ Unreslricted revaluatKJn rese Tol•l ¢h•rlty lund• 6.758,295 2.680.020 9.438.315 6,625,959 2,726.451 9,352,410 All luThJs are unle5trted. The not8s on pages 12 18 frjrrn an kntogral part ol lh Acwrov8¢bv thè truste on 18 DmbOl 2tr24 skin1 nn Mh•lF hv. 10
THE WOODCOCK BEQUEST STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 AIARCH 2024 Totsl lund8 2024 Prlor Yr 2023 Not• C•h Ilows Irom opratlng acllvHI•s: Mot eosh u••d In op•r•llng •¢tl¥ttkn• {• b•lowl 9.598 C•$h Ilow¥ from Imio•tlng actlvbtl••.' Investment incomè Purchases ol laThJib¢a fixed ass&ts Purchases of investrnents Movoment in cash hold for investrnent Proceeds Irom ¢Jisposal ol invesimants N•t ¢•8h prov1d by In$11ng actl¥ltl•8 147, 18,7591 184.5141 179,1631 120.731 95,901 152.561 12,9761 1100,9371 145.3961 134.254 137,506 Ch•ng• In ca•h and cagh •qulv•l•nl¥ In tho y• 16.303 16741 Cash and ¢ash fjquwaknts at thè beglnning ol the y 24,409 25.083 C••h •nd c•h •qulval•nl• Ol th• •nd ol th• 40.712 Anoly81• of chang•• In n•t d•bt Cash 411 April Cash Ihjvts in ar Cash ai 31 March 24,409 16,303 25,083 674 R•conclll•llon of n•t Incom• lo n•t ush Ilow Imm op•r•tlng •ctlvltl•• 2024 N•t Ineom•ll•xpgndllurg1 for th• y•ar p•r th• 8l•t•m•nl of flnancSal actl¥rtl•g1 Adlustments lor: Depreciation charge Inveslrnenl irKorne shown in investirvJ aclMIi8s (Gainslllossès on investments Ilncreasel/decase In debto (Decrease) in creditors N•1 cash uJ•d In op•rntlng aetfvlllo$ 85.905 1228.4911 98.178 1147,6061 1109,4441 16.3421 289 79,598 104,840 1152.5611 138,010 41 19 138.180
THE WOODCOCK BEQUEST NOTES TO THE ACCOUNTS FOA THE YEAR ENDING 31 MARCH l. Accountjng Palb¢l•8 Th8 arrtyJnts stsfftrn¢rrfsl havo been weparnd unow th8 cost cawemion ilh homs iecogr#¥d 41 ¢0si or vue staled relB¥•nt rM)ielsl 10 se acojunts. T [inar1¥ SMtemS havo b8 rrfepwJ in (4rdan wth ts siai8NthI ol Rec4immeTrJed Prwo'. oijniiro and Rer¢J11ThJ ty Chwibes Fw•rirvJ Kc0rdlln ith th$ RepoFtsng 8nd•id a0able In thè UK FIW ol IFRS 1021 d8riNg 1 JarvJary 2019 and Finand Standard aFpkabkn m tho Unrfed ol 11oland IFRS 1021 aTrJ the Chadl AccouN$ IS(•lll A8gulaihins las The chwtycon8ihute5 1 b•neffi•rty88 dblmdty FRS IrR. In Ihe aFpIc411 ol thiVs f•xoJlY¥j w)ki8& th• IDJ&tOOs w• bi rnak•WJfftrt&. eslTh&t•• and a8sumpiixw ol ait•l& •J W"hiw thAI ao readty ava4•bl• Irom ¢1 strJre88. The 461Smaies assWj ¥• ofvr ta01 i1 are reVant. Aciual rèsulls MDY thtt•r •8tim•t•&. In Iw slaiemonl$, t 1rui1$ hv• mad• Trustees Ihe Iww¢m•nts tor LM¥J ond Inlryffl•Uon. Th hJ•nDI toats Ihal w• 8XP8cied 10 btr inujrrffl lor ••Th•• by othqv rtuuals ar• or rekn•J vtsn Ih•r• li 4 rt•r•d uN•>M. Mlh mw r•¢1 vahjabon undDrtak•n 2021. inj81a8stw Illh•r• w• any v•nts h•¥• iwA•d in th• ol •N# ilJ v•hM. ¢1 Fund Th• ¢hority'$ luTht8 ar• Uniostred. ctlnm fvnd8 trustee& Ir•• to • 101 any puw in 1Urfvr8 ol Ihè c4ect•. Thwe Vd ¢th ono lund rw4•kJatyon r888N• dl In¢om• r•ewlllon JI income is r•wthd ¢nc• chw4y hes erthnart inc, wc4Mt4• th&1 thtr Intthnw b• r•c8wed. knlttest an fu1$ W ¢n o•pt irKkn1ed tsn arnl Ihe amrMJni aSured rwy chaDty.' nrmn w noblwxkn d thg in1er p•0 Ly the Iw& or irrt•m•ni •knqr. •> D•towrqd Incom• When ifKxme 15 •4arto rf th• dOlerj thllnty Iwsp•rth&J IM activity relared io the l) Expendlluro IK09non tbililies are iecognised as 811¢ # SLW as L¥ ¢OfbU1 ¢omrrdllifvJ I <hanly io Ihai ey4Nluwe. it 15 th•1 selty8n VAI btr ryjwed and the •rrfwJrt ol the con t measuied ielably. Al exrTrYrfure x¢ty)ted hjron an té g) IFr•Bov•rAbl• VAT Irr•Verab VAT 15 ¢h¥9bJ ag l* tarmlich l was 12
THE WOODCOCK BEQUEST NOTES TO THE ACCOUPtrs FOR THE YEAR ENDING 31 MARCH 2024 (contlnued) 1. A¢¢ounllng Pollc• h) Co¥t• ol ro1•Snq lund• These costs eomwise thg expenses ol managing th8 InvMen1 afyj ths fees ty the inve3trnent athisers in managiThJ Ihe Invgstsnent p)rttolio. 11 Tanglblo lIx •018 and deprKknllon Tangible Iixeij 8s581S, cosliw m(¥e than £2.Cth, ar• ffiitially measureLI at cosi suwuenly m6a5ur8d at cost or valuation. net ol deprafr.0n (x impatrment. Dweelati 1$ tharged on a slraight-line basis over the eSlimat¢d Usef &ves ol the asse15 from Ihe year of acquisi'on ai thè following raies". Heritatde proth. 2% Fumilvre and &]uiwft&M. 25% No depreciation is provthd M la1. D Fln•ncW Inlrum•nts Finaal inslrumenls are reefJ3n6s•a in canVs bala sl1 when the tharity beCne$ party to the ¢raclUal Fyovisions of thg Irnent. Basic fina)81 a888ts (which induda cash and bth debtor balare$l aThJ ba lina131 li4'1ilies Ikvhich ilL18 crèdilorsl are iniliJly m•a5ured al Ihe amounl r1Va or payat4e Iu&. ai)y transadion costs aTrJ are $ub8equenlly carried at am¢Jh¥8d Cost usiry the all¥+ inièrgsl rnetlKxJ. 8asic linanci a890t8nlat416tl•s, Cla1 as rrniabWpayatl8 year. are rnl anr$•d. Flx•d ••••t Inv••tm•nl• Inv8stm•nts are a fiwm ol ba fInarri instruments aThJ are inifr'ally reeognised at their Iranso¢1ion value and subsecwrfy Mèasur at thwr fair yu& as ai balance she8t data usiro Ihe dosing qwted markgl wce. The stalemeni of fin1 acbvities i1d&S thè Mt gain8 aNJ losses on rwalualion disposJs throL¥JhoLrt tho y?ar. The charity does nol acw're derivatlves or oth8r ¢tynFlex lirwKW Instrum8nts. 11 AlI#•d ylns and lo•• I gains and losses arè ta to the Statemanl ol Firwh) A¢tiwtie8 as tlw aris•. Ra19?# gains aTrJ losses on inve3tments are cJcyJlall as Ihg [lerer belwfftn thg salas woce Ihe cpenirKJ ca"ThJ values or lhr puhaSe value if acquir•J subsequenl to the firsi day ol Ihe finarKial year. Unrèalised garo arY losses are calcvla18d as the differerr bewn fftè lair ¥ue at th8 ar thw'r carrw"r¥J ¥U$. Ra11 a1 invasbn6fi19wn$ and lo8¥e¥ coffltM'n•J in the Statement of FinarKial Activits"es. ffll Don•t•d ••r¥lcts W IlItIe• value of work &)ne by Iruslees in ol Iheir time lor meetirMJs aThJ other matters behalf ol Ihe charity is nol reflethj in thè as it camol h quankn"1l. n) Taxatlon The charity is exeiryk fmm tax on a1 gwr6 to the ex18ni thal Ihese are apwied to its charltatAe oti8Cts. ol Penslons Employees of the chanty are enbiied to An Ihe charitys aulMml Wlon scheme is lunded by C1(1 from errwoyees aThJ ner. 13
THE WOODCOCK BEQUEST NOTES TO THE Accouiirs FOR THE YEAR ENDING 31 AIARCH2024 (contlnued) Salari8s arnj waps Social wcurty P6nsth cosis 514 477 No remuneratK)n was paKI to trust$ 12023 . No •t)yloy8• h¥J bfits in gx¢e¥$ 01 £60,C(i)120fJ. rwl. The average ThJnor ol nyo•S durw th• >ar WAS hvo12023 . t) 1 wothiffj on ¢harilabL8 'vttw. In July 2022. tho S$e of tru5t8e waB wrrt•J as rAretaker. An ernployrnent traC seNte occyncy agFeemoni werè Intor Inio b•ts¥èèrn thè charty and Ihg gmpbyee. Under Ihe sefvKe cttupancy aoreomont. the 8ftlyo is roquirJ to in of thè eh8riV8 pay, al th¢ re 01 £9.10120Z3 . £8.70) for •aeh day wth•J, was mad• an off1 lor the aCcOmrrB1Im prgvthj. In yoar enLliw 31 Klaich a)24 the gross em[40nI cost was t17,673 12023 - £12.0711 and tho accomm81 011sgt wa$ £2,3661%)23 . £1,697). Olhw cL)Sts by Ihe Trust in reswcl ol th• prop•rty. •rudIng td•phon8. C1 lax heat Ivjhl, arnount+J to £4.23812023- £5,9061. TM trust80 aho In FWq)lrty thè 80Yed gFQUW. R•rrts from bel 4. Inv•*tht Ineam• InVestnt irwme Rents from invesbllerrt 60,776 59.992 5. Eyndltur• on RIng lunds Investrrl lees L8gal aThJ Wofesswjl feos. 17.961 16.655 5,541 22.196 17,961 14
THE WOODCOCK BEOUEST NOTES TO THE ACCOUNTS FOR THE YEAA ENDING 31 A14RCH2LV4 (conllnued) 2024 2023 10,180 34,183 6.158 9,7(Kl 78,155 5,870 8.217 26,787 Maintenare and runniThJ Costs ol t•Wt4ari Insuraw c051 ot prcwlie5 tor benefbx ChafitaNe donaiions Salaries aTrJ ¢ts lTh)te 21 Accouniarcy And pgyrc41 le88 Audit lees Legal and prof?$ tse$. Legal a1 professthal lees. olh Surtry a01m1nWa1 expenses Dewecialion 29,923 5.160 13,967 2.4Lkl 576 25.929 104,840 270.676 206.839 7. T4nglbl• flx•d ••••¢• H•rknb Fymltur• & Prop•rty •wlpThnt Tothl Co•t or valu•tlon: Al I Wil 2023 Athyilons At 31 2024 5.456.861 S.492,404 8,759 5 501 163 O•prKl•llon: Al 1 April 2W23 Chary for the year 31 Mah 2024 ,347 98.178 97.434 744 N•t book v•J•.' Al 31 March 2024 5.163147 Cogt or V•lu•ll. At 1 April 2022 A(kYrt Al 31 March 20¥J 5.456.e81 32,567 5,489,428 5 492 404 At 1 A12022 Charoe for Ihe year At 31 March 2023 107.605 25.9)2 133,507 l>o¢)k v•lu•: Al 31 March 2023 heritatA8 WOW1ies Ye profes$thty valu&J in March 2021 by swe Chartwed SuNeyors ai mphel value on an exsbNJ use ba515. The wginal cc61 ol the heritatAe prormty ai 31 Mar¢h 2024 wa5 £3,144.087 121m . E3,135.3281. This lar¥J at an estimated 01 £585,16012023 . £585.1601. Irusteos belwe lh* tw vJu8s remain an fK4)n ol l•r ¥e at YWWKI. 15
THE WOODCOCK BEQUEST NOTES TO THE Accouiirs FOR 7HE YEAR ENDING 31 MARCM2024 (contlnwd) 7. T•nqlbl•ll¥•d •Mi• Cost 3.144.067 3.135.328 2 525 371 & In¥••tm•nt d4 202$ ¥110. Al 1 Awl 2023¥31 2024 Al I 22 31 PA¥¢h 2023 Th• INwrneni March 221 ty shed Chwiw¢¢ Sur¥wr$ •1 mwkol ¥aJa on an b. The co•t ol lh• In¥o¥blWI yr¥n ai 31 Mart 2024 È34S,615 I2 . £Y5.6151. An I•81Th kn 4rLIbJrd lthj was ¥ahd In CtOber 2015 by Ch•rt•i•d &Jfvern. P•dh bA5N. ThTrlnAi•es th•1 ¥•hJ•$ •. 2024 202J o¥•m•i In Ilx•d •tsi•t knitminl• Mark•i val lthvArd al I Add.. lo InYeslrDllllt8 al c1 Oitposais ol Inv•martS al Carrffl 2,542571 84.514 2.888.5 100.937 1148.7281 1125.5361 112.134 0Ment h caah W torin¥eJlmart Math•i a6 th 31 Marth Tha hs1or11 etsiol •1 91 2024 t1.96921612023. £1.W3.895I. Inbim•th•t r vlu• eonds Dnd Flxed knAer• knL Cfverseas eque3 445.711 1.159.$58 716.827 231.931 140.940 484.111 990.427 762.JLY 243.gS3 lernavvos Cash Tot •t•rfal ntm•nIA The Irusiee$ ¢Dstht lThyKj in¥eibm•rf •xcts&c4 5%01 the ty) be nwlorfd. male1 inierests by vJ•.' PolArW Al inve51rnents are camed al Ir lar k)e. In¥e9tsnenty •re Irathy ai wi¢6$ lor irweslTrnI runds unit Irusts or srix ex¢hwp mwk8t KXW. Thp basis ol Ir ewwaknl lo maFk8l trade al rx751 lihal is thow trwsacw waK*l. The SlnCe of fina ctfflsthrqd 16
THE WOODCOCK BEQUEST NOTES TO TrIE ACCOUNTS FOR 7HE YEAR ENDING 31 MARCH2024 (c¢¥rtlThKd) In%stm•nts IMrtiknu•dl FR$ 102 wlres dixknur• ofknlNrnafjon h) r8l&ikM its ttn Tho risks •rv out by FHS 102 as tokn¥'. Credfth. Iho risk thai w F•1y 10 a ¢aw a IJM tr th• Pttrfyty lailirvJ dwhatge an ct4oakn. CUrrey rfsk.. INS k8 thai the Iw vJ• ty Jiw• ¢#h fv7J ol • ale41 b@88 ol chw)088 kn Iwqwn •xclw¥• f4101. Inmresi rattr rt5k.. trys Is Ihe th th81 Ihe faw yJe ar ¢•th frn ol a 4Mo1 nuriu• tqcause ol chafy•in mathot inleresl ral•s. b•cau#• ol ¢haryes in rnwk•r lo than Lhose Yiw8St or tskl. chan9•• we cwJa•d liord Ihe IMnc4al in¥trwn•rd LV Is iJ•r. ar I14 altecaiNJ alsirthr w&•d rn•rk•l. The Chllflty ha¥ •wure to riths b•¢aw ol lh• wrrf•51nth$ M rnakes 10 Its Inv•m8ni siiai•gy. The TnIsl• risks. in¢WThJ rf8k pd nsk. ao1880 ri& lirnils 4r• iakhw inio •cciJJrt ¢hw¥yb irNar T04• Ifflvesim•rn obhthlves &ThJ mThMtu•d Truii•es ty r•9LAv ol inv•stm•nl P)nldo8, Furth•F iOrnI140n Twiii' ki rk and maik81 arè soi tkn¥. Cr•dtt Rlik The Chanty Invo8ts kn pO0d v•hk8 IWor• (Nredty eXVA8d > t¥odl reWIIon thtr inslrumenis In Its In¥•srmBnt vehKI•$ r& ThJir•cty •yws•O 10 lrialng on ihe IlnancK91 Wlrum)ts hebj by19J•1V•hK$. AnIty ol dlF•oi ¢rndlt vW¢ OilCI cr8dil •Dsiw Ircm velth ra by th• uTrrtymo assets d th• ed arrarvJemenis bein9 Dllg.ler£•J trorn m)W. th• r•guWy 1r0rS in Ihe pood managW5 cpBr&lg ol mVBsthenM a nunthr ol r#)0 arTawements. Tho TIu8iee$uiryiwI ¥wnlmenl ofrwpoc48d mana9e and on an onoohw ba818 nor 10 r•guknkny and ¢TWiYd th• rna¢wer. vehK4es. Th1$ rtsk mitwjaithj ty KK#)knJ In iWOSknent gr1• credl raied 8ecuril. Currnw rl•k maikets. via Ihe POO vrnent¥8hjaS. Int•rn*t rats rfBk Othef P¢• rf• Other wcfy risk wses reLqlion h8hJ pDEI8. Th• Charity manllges 17
THE WOODCOCK BEQUEST NOTES TO THE AcCOuPs FOR THE YEAR ENDING 31 MARCH 2024 (conllnued) 10. D•btors And pr•p•ym¢nt 2024 2023 Debto Prepayrnents 7,153 47 812 46 11. Cr•dltor•: Amount• f•lllng du• wlthln on• y••r Creditors Accruals 0rTed rental irKome (note 12) 6.369 10,961 8,248 9,371 6,872 12. D•l•rr•d Ineom• 2024 2023 As ai l Aprll Arnounl leaSed to Inwstmgnt Amount delerTed in ypar As at 31 March 6,872 16,8721 6.872 6.872 16.8721 6,872 13. Op•r•tlng l•• 2024 Income recepts guarant•8d uThlgr Th)n4ae11abl8 cyerating18a898.' Wilhin year Btreen 2 and 5 years 90.710 749,191 90,710 232,951 14. Lo901 $lalu$ ol the ch•rlty The charity is a SCIO whose aro 11$ ffily members. The 1ruSt h•v no liabilty for Ihe debt5 01 the charity prov*Jing thay have complied with Iheir 18gal duti&s uThYer the Ch8ritiè$ aThd Trustee Investment IScoiJaThJl kt 2rA)5. 18