The trustees present their annual report and financial statements for the year ended 30 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)".
The Charity (previously known as the Warden's Charitable Trust) was set up in 1988 with the objectives of the material, mental, physical and spiritual welfare of persons who are suffering from mental illness, arrested or incomplete development of mind, psychopathic disorder, any other disorder of the mind, or physical disability and illness, and the education and material physical and spiritual welfare of young persons. The Trust has operated with the objectives of the Trust Deed, progressively expanding its amenities and services to meet an increasing demand.
The charity's objects and principal activities as set out in the Memorandum and Articles of Association are that of:-
The relief of persons who are suffering from mental illness arrested or incomplete development of mind psychopathic disorder or any other disorders of the mind and from physical disability and illness.
Advancement of education and the provision of facilities for recreation or other leisure-time occupation for the young persons with the object of improving their conditions of life and to develop their physical, mental and spiritual welfare.
Such charitable institution or institutions at such time or times as the trustees may determine.
Strategy
Our short term strategy was reviewed during 2020/21, particularly in the light of the March 2020 Coronavirus restrictions;
• Improve facilities within the whole Wardens Trust estate, Avocet flat, main Hall and camping in order to increase footfall from our target population.
• Continue to offer services and facilities both within our Hall and within the community for lonely and socially isolated individuals.
• To maintain adequate reserves (general and restricted) to finance administration costs and infrastructure.
• To respond to changes in local needs for our target population as they develop, by involvement in local authority Community Partnership schemes.
These aims were reviewed again in light of the Coronavirus pandemic and compliance with government restrictions was adhered to at all times.
Evidence of need
Wardens Trust aims to deliver services and facilities to persons of any age who are or might be suffering from mental or physical disability, illness or disorder, and to assist them in their mental and spiritual welfare.
The facilities include a 4.5 acre seaside site in Suffolk, with a main Hall and kitchen, 4 bedroom 12 bed annexe and the Avocet holiday flat for disabled users. There is a large cliff-top camping area outside.
The amenities are only available on a pre-booking basis and are fully described further on the Trust website www.wardenstrust.org
During the year, demand for the facility and the services was high. Our email mailing list of over 200 names and over 60 user organisations is healthy.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Wardens Trust continued to deliver services to young and old, and anyone with mental and physical disabilities.
Visitor numbers in 2023-24 continue to increase after the pandemic. Bath Day and Lunch Clubs restarted in 2023-24 and their activities continue to increase. The Charity's other activities including a future dog show and Ness Fest are scheduled for mid-2024.
The Trust's infrastructure funding objective in 2023-24 was the provision of an outside toilet block with disabled access. This will be built and commissioned in 2024-25.
Donations and grants received during the year continue to be a crucial source of income.
Investment income is derived from a portfolio managed by Brewin Dolphin on behalf of Wardens Trust.
The accounts show a net deficit for the year of £(7,278) (2023: a surplus of £34,398). The closing fund balances total £104,583 as at 30 April 2024.
The Trust’s Reserves Policy is reviewed annually. This is set at approximately one year’s turnover (excluding new developments) plus an amount set aside for business continuity should there be a major issue with the Hall not covered by our Buildings Insurance Policy. The Reserves Policy considers the major risks, financial and reputational to the Trust and considers mitigations for those. The Trustees assessed the major risks during 2022/23 and are satisfied that systems are in place to mitigate exposure to the major risks.
Income is mainly derived from fees and grants, but it remains the longer term financial strategy to slowly increase the former so as not to be so reliant on the latter.
Throughout the Coronavirus pandemic and since restrictions have lifted, the Trustees have produced a revised budget which has been regularly reviewed and this has continued to date. The Trust obtained grants in 2022/23 to deliver services in the community and to fund core costs. The trustees are confident that the Trust remains financially viable with its plans for the future and the stability provided by its reserves in hand.
The Trust's major funding objective previously planned for 2023/24 was the provision of an outside toilet block with disabled access, Building work on this planned project has been delayed and is now planned to commence in 2024-25.
The next funding objectives are:-
a) to improve the UK Power Networks electricity supply of the hall;and
b) to develop a plan for long term sustainability of the roof of the hall.
Wardens Trust is a registered charity and a company limited by guarantee, incorporated in England and Wales. The maximum liability of each member is limited to £1.
The charity is governed by its Memorandum and Articles of Association as adopted on 19 March 2014. The charity was incorporated as a company on 19 March 2014 and started operations on 1 May 2017.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Wardens Trust (the charity) for the year ended 30 April 2024.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I 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 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Wardens Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Beeches, Littlethorpe, Ripon, HG4 3LW.
The financial statements have been prepared in accordance with the charity's Trust Deed, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under historic cost convention, modified to include the fixed asset investments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Designated funds have been set aside at the discretion of the Trustees for specific charitable activities.
Donations received for the general purposes of the Trust are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to ‘restricted funds’ where their wishes are legally binding on the Trustees.
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Income from charitable activities received represents amounts received for services provided.
Resources expended are accounted for on an accruals basis. Most expenditure is directly appointed to cost categories based on the amount attributable to that activity in the year. Charitable activities costs included costs of preparation of the statutory accounts.
Tangible fixed assets are initially measured at cost and subsequently measured, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Cash and cash equivalents include cash in hand, deposits held at call with banks.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Investments have been revalued at fair value on a market value basis at the year end, the comparable historical cost was £61,046 (2023 : £59,382).
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Restricted funds have been established with the following purposes:
Safety fund - to provide additional safety matting and ramps
Dementia music days - to support year round work with patients suffering with dementia
Bathing days fund - to support and offer more bathing days for elderly people in the community and a provide a new bath
Fire regulations fund - to renew and update all fire doors and related equipment
Cooker fund - to provide a new cooker for the hall
Coronavirus support fund - to provide meals on wheels service to the local community
Bubble wrap project - to provide online arts based activities and events to the community
These are unrestricted funds which are material to the charity's activities.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.