Charity registration number 278891 (England and Wales)
Company registration number 01227745
WEST HERTS CHARITY TRUST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
WEST HERTS CHARITY TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees And Directors
Mr Richard Minashi
Mr Matthew Humphreys
Mr Michael Humphreys
Mr Paul Miller
Charity number
278891
Company number
01227745
Registered office
Brandon House
First Floor
90 The Broadway
Chesham
Buckinghamshire
HP5 1EG
Auditor
Dickinsons Chartered Accountants
Brandon House
First Floor
90 The Broadway
Chesham
Buckinghamshire
HP5 1EG
Bankers
HSBC Bank Plc
31 Chequer Street
St Albans
Hertfordshire
AL1 3YN
WEST HERTS CHARITY TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 3
Independent auditor's report
4 - 7
Statement of financial activities
8
Balance sheet
9
Notes to the financial statements
10 - 16
WEST HERTS CHARITY TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

Trustees' Annual Report

The trustees and directors present their annual report together with the audited financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, as amended by the Charities Act 2022, the memorandum and Articles of Association 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.) This report is also a directors' report as required by the Companies Act 2006, as all trustees are directors.

Objectives and activities

The trustees and directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the West Herts Charity Trust Limited should undertake.

The trustees consider that the charity exists for the purpose of the local public benefit within Hertfordshire and surrounding districts as defined in Section 4 of the Charities Act 2011 as amended by the Charities Act 2022.

 

The objectives are:

Achievements and performance

During the year the charity continued to make donations of vehicles adapted to meet the needs of local deserving causes. In the year the charity made 12 (2023: 11) such donations. Donations are financed from income generated through the rental of investment properties, which have continued to be maintained in order to maximise current and future rental income from these assets supplemented in certain cases by way of parallel contributions from beneficiaries.

 

The Trustees intend to continue to raise income through the letting of investment properties to enable the support of local charities.

Future Development and Strategies

The charity intends to continue its mission in providing better accessibility to groups in need. The key strategy going forward is to ensure rental properties remain fully let to ensure sufficient inflow of cash.

Financial review

The Statement of Financial Activities for the year is set out on page 8 of the accounts.

 

The result for the year is a surplus £522,341 (2023: £13,644 deficit). This includes a £470,000 gain in value of the investment property owned by the charity. The Trustees consider the result for the year to be satisfactory and in line with expectations.

 

Unrestricted reserves amount to £4,132,010 (2023: £3,609,669) of which £2,855,835 (2023: £2,385,835) relates to a revaluation reserve.

Reserves Policy

The Trustees have established a policy to build up unrestricted reserves to a level to support the charity's core expenditure for a minimum of twelve months. This level of reserves has been maintained throughout the year.

WEST HERTS CHARITY TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Structure, governance and management

West Herts Charity Trust Limited is a company limited by guarantee and a registered charity, managed by an elected Council, and set up under a Trust deed dated 25 September 1975.

 

The management of the charity is the responsibility of the trustees who are also appointed Directors of the company. New trustees are appointed on the recommendation of existing trustees and who are deemed to have appropriate experience and knowledge for the role.

 

There are no formal procedures for inducting new trustees, however, any new trustees appointed would be practically aware of the work undertaken by the Charity and support is always provided by existing trustees.

 

Details of related party transactions, where applicable, can be found in the notes to the accounts.

 

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.

The trustees and directors, 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:

 

Mr Richard Minashi
Mr Matthew Humphreys
Mr Michael Humphreys
Mr Paul Miller

Legal and Administration Information

The company is limited by gurantee and has no share capital.

 

None of the trustees and directors has any beneficial interest in the company.

All of the trustees and directors are members of the company.

 

Under the provision of the company's memorandum of association, each member would be required to contribute a sum not exceeding £1 for the payment of the debts of the company, in the event of a deficiency of assets on winding up of the company.

 

The company is a registered charity under the Charities Act 2011, as amended by the Charities Act 2022. The company registration number is 01227745 and the charity number is 278891.

 

Principal Office: Ver House, Park Industrial Estate, St Albans, Herts, AL2 2WH.

 

Registered Office: Brandon House, First Floor, 90 The Broadway, Chesham, Bucks, HP5 1EG.

 

WEST HERTS CHARITY TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Statement of trustees' responsibilities

The trustees and directors, who are also the directors of West Herts Charity Trust Limited for the purpose of company law, 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).

 

Company Law requires the trustees and directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the West Herts Charity Trust Limited and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees and directors are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless they consider this basis is inappropriate.

 

The trustees and directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the West Herts Charity Trust Limited and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the West Herts Charity Trust Limited and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

So far as the trustees are aware, there is no relevant audit information of which the charity's auditors are unaware and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditor

In accordance with the company's articles, a resolution proposing that Dickinsons Chartered Accountants be reappointed as auditor of the company will be put at a General Meeting. The Auditors, Dickinsons Chartered Accountants, have indicated that they are willing to be reappointed at the forthcoming Annual General Meeting.

Risk Assessment

In order to comply with the Statement of Recommended Practise for Charity Accounts (FRS 102) a review of the major risks to which the charity is exposed and the systems that have to be established to mitigate those risks has been carried out. The trustees receive regular reports and these are monitored on an ongoing basis at Board level.

Exemption Statement

The accounts have been prepared in accordance with the special provision for small companies under Part 15 of the Companies Act 2006.

The trustees' report was approved by the Board of Trustees And Directors.

Mr Matthew Humphreys
Director
31 March 2025
WEST HERTS CHARITY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES AND DIRECTORS OF WEST HERTS CHARITY TRUST LIMITED
- 4 -

Opinion

We have audited the financial statements of West Herts Charity Trust Limited for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice,) the Statement of Recommended Practice Accounting and Reporting by Charities and the Charities Act 2011, as amended by the Charities Act 2022.

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its surplus for the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the West Herts Charity Trust Limited in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 18 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' (who are also directors' of the charitable company for the purpose of company law) use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the West Herts Charity Trust Limited’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees and directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees and directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

WEST HERTS CHARITY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES AND DIRECTORS OF WEST HERTS CHARITY TRUST LIMITED
- 5 -
Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report included within the Trustees' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report or the trustees were not entitles to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the trustees' report and from the requirements to prepare a strategic report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees and directors

As explained more fully in the statement of trustees' responsibilities, the trustees and directors, who are also the directors of the West Herts Charity Trust Limited for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees and directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees and directors are responsible for assessing the West Herts Charity Trust Limited’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees and directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

WEST HERTS CHARITY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES AND DIRECTORS OF WEST HERTS CHARITY TRUST LIMITED
- 6 -

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and the Charities Act 2011, as amended by the Charities Act 2022.

 

We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit. We discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations.

 

We assessed the risks of material misstatement in respect of fraud as follows:

    The audit team discussed whether there were any areas that were susceptible to misstatement as part of     their fraud discussion.

    In addressing the risk of management override of controls, we tested the appropriateness of journal entries     with a focus on large or unusual transactions based on criteria determined using our knowledge of the     business and industry. We also challenged assumptions and judgements made by management in their     significant accounting estimates and judgements.

 

We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures.

 

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including designing audit procedures to address, for example:

•    The possibility of fraudulent or corrupt payments made through third parties.

•    The risk of bribery and corruption.

•    The opportunity to segregate duties within the entity.

 

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

•    Using our general commercial and sector experience and through discussions with management, we     identified areas of laws and regulations that could reasonably be expected to have a material effect on the     financial statements as well as those arising from management's own assessment of the risks that     irregularities may occur either because of fraud or error.

•    The engagement partner considers the engagement team collectively had the appropriate competence and     capabilities to identify or recognise non-compliance with laws or regulations.

 

We considered the extent to which the audit was considered capable of detecting irregularities:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WEST HERTS CHARITY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES AND DIRECTORS OF WEST HERTS CHARITY TRUST LIMITED
- 7 -

Opinion on other matters prescriber by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Dickinsons is eligible for appointment as auditor of the West Herts Charity Trust Limited by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Natalie Spalton (Senior Statutory Auditor)
for and on behalf of Dickinsons
1 April 2025
Chartered Accountants
Statutory Auditor
Brandon House
First Floor
90 The Broadway
Chesham
Buckinghamshire
HP5 1EG
WEST HERTS CHARITY TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations
2
35,338
33,290
Investment income
3
257,144
209,264
Total income
292,482
242,554
Expenditure on:
Charitable activities
4
240,141
256,198
Total expenditure
240,141
256,198
Net gains/(losses) on investments
8
470,000
-
Net income/(expenditure) and movement in funds
522,341
(13,644)
Reconciliation of funds:
Fund balances at 1 August 2023
3,609,669
3,623,313
Fund balances at 31 July 2024
4,132,010
3,609,669

The statement of financial activities includes all gains and losses recognised in the year.

 

All income and expenditure derive from continuing activities.

 

The statement of financial activities also complies with the requirements for an income and expenditure accounts under the Companies Act 2006.

WEST HERTS CHARITY TRUST LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,654
500
Investment property
10
3,750,000
3,280,000
3,751,654
3,280,500
Current assets
Stocks
12
9,041
-
Debtors
11
152,774
70,948
Cash at bank and in hand
300,835
335,707
462,650
406,655
Creditors: amounts falling due within one year
13
82,294
77,486
Net current assets
380,356
329,169
Total assets less current liabilities
4,132,010
3,609,669
Income funds
Unrestricted funds
4,132,010
3,609,669
4,132,010
3,609,669

The company is entitled to exemption from the audit requirement contained in section 477 of the Companies Act 2006 for the year ended 31 July 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have required the company to obtain an audit of its financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees and directors on 31 March 2025
Mr Matthew Humphreys
Trustee
Company registration number 01227745 (England and Wales)
WEST HERTS CHARITY TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
1
Accounting policies
Charity information

West Herts Charity Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Brandon House, First Floor, 90 The Broadway, Chesham, Buckinghamshire, HP5 1EG.

1.1
Accounting convention

The financial statements have been prepared in accordance with the memorandum and Articles of Association of West Herts Charity Trust Limited, the Companies Act 2006 and the Charities Act 2011, as amended by the Charities Act 2022, the Charities SORP 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.) The financial statements include the results of the charity's operations which are described in the Trustees' Annual Report.

 

The West Herts Charity Trust Limited has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the West Herts Charity Trust Limited. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The trustees consider that the charity exists for the purpose of the local public benefit as defined in section 4 of the Charities Act 2011, as amended by the Charities Act 2022.

1.2
Going concern

The trustees and directors have adopted the going concern basis of accounting in preparing the financial statements; the trustees are satisfied the charity has sufficient reserves and working capital to enable the charity to remain in operational existence for the foreseeable future.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees and directors in furtherance of their charitable objectives.

 

Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market value.

 

Investment income, gains and losses are allocated to the appropriate fund.

1.4
Income

Total incoming resources are rental income from investment properties and contributions from donations as shown in the Statement of Financial Activities when the charity is legally entitles to the income and the amount can be quantified with reasonable accuracy.

1.5
Expenditure

Expenditure is accounted for on an accrual basis, recognised when a liability is incurred, and classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular heading they been allocated to activities on a basis consistent with the use of the resources.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WEST HERTS CHARITY TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies (Continued)
- 11 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost
Computers
33% on cost

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.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

No depreciation provision has been made in the accounts as the amount would be considered immaterial.

1.8
Impairment of fixed assets

At each reporting end date, the West Herts Charity Trust Limited reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks are stated at the lower of cost or net realisable value. Cost comprises the purchase price of minibuses and related modifications made to ensure they are all health and safety compliant and associated costs incurred to the date of donation.

 

The transfer of the rights and ownership of these vehicles are withheld for a period of 12 months. This is to ensure the donee meets the required conditions. When the conditions have been satisfied during the 12 months and no sooner, the rights and ownership are only then passed to the donee.

Net realisable value is based on the the expected sales value of the minibuses if sold and not donated to a third party.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand and other short-term liquid investments with short maturities of three months or less from the date of acquisition

Basic financial assets

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.

WEST HERTS CHARITY TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies (Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

 

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the West Herts Charity Trust Limited transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the West Herts Charity Trust Limited’s contractual obligations expire or are discharged or cancelled.

2
Income from donations
2024
2023
£
£
Donations and gifts
35,338
33,290
3
Income from investments
2024
2023
£
£
Rental income
250,258
205,987
Interest receivable
6,886
3,277
257,144
209,264
WEST HERTS CHARITY TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
4
Expenditure on charitable activities
2024
2023
£
£
Direct costs
Depreciation and impairment
484
1,255

Opening stock

-
69,300

Purchases of vehicles

135,450
148,843

Modifications and livery

28,478
9,782

Closing stock

(9,041)
-

Managing agent fees

21,502
18,804

Computer running costs

1,527
1,909

Travel costs

1,121
781
Trustee expenses
2,714
1,413

Printing, postage and stationery

158
241

Sundry expenses

118
67

Bank charges

697
546
Audit Fees
2,123
2,105
Auditor's fees for non-audit work
4,813
4,771
Legal and professional
28,332
3,054
Insurance
531
657
Expenses of rented properties
21,134
(7,330)
240,141
256,198
Analysis by fund
Unrestricted funds
240,141
256,198
5
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
-
-
Depreciation of owned tangible fixed assets
484
1,255
6
Trustees And Directors
None of the trustees and directors (or any persons connected with them) received any remuneration or benefits from the West Herts Charity Trust Limited during the year.
7
Employees

There were no employees in the year (2023: None).

WEST HERTS CHARITY TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
8
Gains and losses on investments
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investment property
470,000
-
9
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2023
228
3,771
3,999
Additions
-
1,638
1,638
At 31 July 2024
228
5,409
5,637
Depreciation and impairment
At 1 August 2023
65
3,434
3,499
Depreciation charged in the year
46
438
484
At 31 July 2024
111
3,872
3,983
Carrying amount
At 31 July 2024
117
1,537
1,654
At 31 July 2023
163
337
500
10
Investment property
2024
£
Fair value
At 1 August 2023
3,280,000
Net gains or losses through fair value adjustments
470,000
At 31 July 2024
3,750,000

Investment property comprises four units in two blocks. The fair value of the investment properties have been arrived at on the open market value for existing use basis from a valuation carried out at 17 June 2024 by Brasier Freeth, who are an independent firm of Chartered Surveyors, not connected with the West Herts Charity Trust Limited.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
WEST HERTS CHARITY TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Investment property (Continued)
- 15 -
2024
2023
£
£
Freehold
894,165
894,165
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
142,140
64,324
Prepayments and accrued income
10,634
6,624
152,774
70,948
12
Stocks
2024
2023
£
£
Stock of vehicles for donation
9,041
-
13
Creditors: amounts falling due within one year
2024
2023
£
£
Deferred income
22,822
19,146
Trade creditors
716
-
Other creditors
51,745
51,503
Accruals and deferred income
7,011
6,837
82,294
77,486
14
Corporation Tax

The charity is exempt from tax on income and gains falling within part of 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15
Called up share capital

The company is limited by guarantee and has no share capital. Under the provisions of the company's memorandum of association, each member would be required to contribute a sum not exceeding £1 for the payment of debts of the company in the event of a deficiency of assets on a winding up of the company.

 

The charity has been controlled throughout the year by the trustees, whom are identified in the company information.

WEST HERTS CHARITY TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
16
Operating lease commitments
Lessor

The company owns investment properties held for rental purposes. Rental income earned during the year was £250,258 (2023: £205,987). There is one tenant that is committed for more than 5 years. All operating lease contracts contain market review clauses in the event that the lessee exercises an existing option to renew. The lessees hold no option to purchase the properties at the expiry of the lease period.

At the reporting end date the West Herts Charity Trust Limited had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
268,874
176,952
Between two and five years
760,105
657,335
In over five years
385,000
598,706
1,413,979
1,432,993
17
Related party transactions

During the year there were no related party transactions.

18
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements.

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