THE ANTHONY AND GWENDOLINE WYLDE MEMORIAL CHARITY

Registered Charity Number: 700239

TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENT

YEAR ENDED 5 APRIL 2016

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Reference and Administrative Information

Trustees Olive Mary DukesBrian Robert Edwards, Chair of TrusteesFrank Michael EversPatricia Isabella GardenerDianna JeffriesDavid John Crump JohnsonIan James Henry LoweMartyn Peter Morgan (date of death: 10.12.2015)Christopher Westwood

TreasurerNeil Smith

ClerkKirsty McEwen

Principal Office3 Waterfront Business Park, Brierley Hill, West Midlands, DY5 1LX

Registered Charity Number: 700239

AccountantsFolkes Worton, 15-17 Church Street, Stourbridge, West Midlands, DY8 1LU

Independent ExaminersHeadley Meredith Associates Ltd, 13 Church Street, Stourbridge, West Midlands, DY8 1LT

BankersHSBC Bank plc, 114 High Street, Stourbridge, West Midlands, DY8 1DZ

Solicitors Higgs & Sons, 3 Waterfront Business Park, Brierley Hill, West Midlands, DY5 1LX

Investment ManagersEFG Harris Allday, 33 Great Charles Street, Birmingham, West Midlands, B3 3JN

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Report of the Trustees for the Year Ended 5 April 2016

The Trustees present their annual report and financial statements of the Trust for theyear ended 5 April 2016. The financial statements have been prepared in accordancewith the accounting policies set out in note 5 to the accounts and comply with the Trust’sgoverning document, the Charities Act 2011 and the Statement of RecommendedPractice applicable to the charities preparing their accounts with the Financial ReportingStandard applicable on 16 July 2014.

Structure, Governance and Management

The Trust is a registered charity, registered with the Charity Commission on 11 May 1988under registered charity number 700239, and is constituted under a Trust Deed dated 6April 1988.

The Trust was established following the death of Mrs Gwendoline Wylde, and a bequestfrom her estate which provided the initial endowment fund to be held for the Trust’scharitable purposes.

At the bi-annual Trustees’ meetings, the Trustees agree the broad strategy of the Trust,as well as current and future activities for the Trust. The Trustees consider performanceof the investments, the grant making undertaking during the year, review all policies andprocedures including reserves, conflicts of interest and risk management, as well asother matters such as the terms of the delegated authority to the Small GrantsCommittee and the Grants Advisory Committee. The day to day administration of grantsand the processing and handling of applications prior to consideration by the Trustees isdelegated to the Clerk.

The Small Grants Committee meets on an adhoc basis to consider all applicationsdeemed to be of an urgent nature. Small grants are those under £750 for individuals ororganisations within the agreed area of benefit.

The Grants Advisory Committee meets twice a year, generally prior to the main Trusteesmeeting, to consider grant applications which have either been referred on from theSmall Grants Committee or which fall under the large grants application process.

In addition the Grants Advisory Committee considers the grant making policy, makesrecommendations to the Trustees for any changes to the same or to the process andprocedure of awarding grants. The Grants Advisory Committee is also responsible formonitoring performance of grants to date and making recommendations to the Trusteesconcerning the extension, cessation or suspension of any existing grant approvals.

Both sub committees have the power to co-opt experts or advisors to them as required.

The Trustees are particularly grateful to Brian Robert Edwards for chairing the GrantsAdvisory Committee and to Ian James Henry Lowe for chairing the Small GrantsCommittee.

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The Trustees formally approved arrangements complying with the ICSA guide‘Recruitment, Appointment and Induction of Charity Trustees’ and intend, when the needto recruit new Trustees arises, to convene a Nominations Sub Committee to consider therecruitment of new Trustees based on their experience, empathy and knowledge of theTrust and to keep the skills and composition of the trustee body and succession planningunder review.

The Trustees are, with the support of the Clerk, developing a code of conduct forTrustees including formal statements of roles and responsibilities and the provision ofTrustees training. New Trustees may be sought by open advertisement or through adialogue with major grant recipients and local community groups respecting the ethos ofthe Trust to continue the charitable work intended by the settlors, the Trustees activelyseek those with a knowledge of the local area when considering any prospectivecandidate. The ultimate decision on selection is a matter for the Trustees.

On appointment new Trustees sign a model trustee declaration statement committingthem to the giving of their time and expertise. The induction process has been changedto follow the ICSA good practice guide with a formal induction programme for any newlyappointed trustee being led by the Clerk, to include an initial meeting with the Chair,followed by a series of short meetings with the Clerk on investments, the grant makingprocess, power and responsibilities of the trustee board and the sub committees. Thewelcome pack includes, amongst other information and guidance, a brief history of theTrust, copy trustee board and sub committee minutes, a copy of the last three years ofannual reports and accounts, a copy of the trust deed and a copy of the CharityCommission’s guidance ‘The Essential Trustee: What You Need to Know’ and ‘Charitiesand Public Benefit’.

All Trustees give of their time freely and no Trustees remuneration was paid in the year.Details of trustee expenses and related party transactions are disclosed in note 3 to theaccounts. Trustees are required to disclose all relevant interests and register them withthe Clerk and in accordance with the Trust’s policy withdraw from decisions where aconflict of interest arises.

Risk Management

The Trustees have considered the major risks to which the Trust is exposed and havereviewed those risks and established systems and procedures to manage those risks.

The Trustees consider variability of investment returns on the portfolio to constitute theTrust’s major financial risk and recent extreme volatility in world stock markets hasdemonstrated this risk.

One major operational risk is the extent to which the grant awards to individuals andcharitable or not for profit organisations advance the objects of the Trust anddemonstrate public benefit. The Trust has managed this risk by retaining Trustees ofsufficient skill and expertise and through the quality of the institutions and people whothey support. In addition, the Trustees rely on the Clerk to ensure any review process

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retains a focus on the public benefit derived from the funding of the individuals andprojects.

Objects and Activities for the Public Benefit

The objects of the Trust are to “make grants to charities and for such charitablepurposes as the Trustees shall in their absolute discretion decide”. The Trustees confirmthat they have referred to the guidance contained in the Charity Commission’s generalguidance on public benefit when reviewing the Trust’s aims and objectives and inplanning future activities and setting the grant making policy for the year.

The Trust carries out these objects by providing grants to individuals (for charitablepurposes) and charitable or not for profit organisations within the DY7, DY8 and DY9postcodes (being the agreed geographical area of benefit).

By focusing on these areas, the Trust achieves its strategic priorities of maintaining astable grant making programme, with balancing support to both individuals andinstitutions.

Grant Making Policy

The Trust has established its grant making policy to achieve its objects for the publicbenefit, to improve the lives of individuals and to support charitable and not for profitorganisations within the area of benefit. The policy is reviewed annually to ensure itreflects the Trust’s objects and thereby advances public benefit.

The Trustees have power to spend or retain both capital and income, but generallyoperate on the basis that the capital is retained with the income being expended on anannual basis in furtherance of the objects.

The Trust’s beneficiaries are individuals who live within the DY7, DY8 and DY9 postcodesand charitable or not for profit organisations within the same, all of whom mustdemonstrate that the activities they undertake advances the public benefit. The Trustalso provides some support to statutory bodies directly or indirectly for projects forwhich the organisation cannot access statutory funding. The Trustees preference is forthe enhancement of services rather than for provision of what they consider to be basicneeds. Before making grants to statutory bodies, the Trust obtains written confirmationfrom the statutory body that no public funding is available towards the need for which anapplication has been made.

The general policy of the Trustees is not to give retrospective grants and the Trustees willonly consider one application per year from any applicant.

Grant Making Procedure

Details of how to apply for grants, together with the relevant forms, are available fromthe Clerk or on the Trust’s website (www.wyldecharity.weebly.com).

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Applications can only be considered if they are on the Trust’s standard application form,for small grants or large grants. The application form must be completed and returned(together with a copy of any supporting information relevant to the application) to theClerk at least four weeks if it is required to be considered at a formal meeting of theTrustees.

All small grant applications of less than £750 either for individuals or for charitable andnot for profits are considered by the Small Grants Committee on an adhoc basis as andwhen received.

The Small Grants Committee considers all applications for grants deemed to be of anurgent nature. The Small Grants Committee consists of three Trustees (see below) andthey have authority to award grants of up to £750 to individuals or to charitable or not forprofit organisations. Each decision must be agreed by at least two Trustees. Allcommunications are received and given to the Clerk to the Trustees for reporting to theTrustees at the main meeting on a bi-annual basis.

The members of the Small Grants Committee are:

Olive Mary DukesPatricia Isabella GardenerIan James Henry Lowe

This Grants Advisory Committee meets two times a year at regular intervals to considerapplications for grants which are deemed to be non-urgent or requiring specialconsideration due to the amount involved. Their decisions are reported to all the Trusteesfor approval before any grants are awarded.

The members of the Grants Advisory Committee are:

Olive Mary DukesBrian Robert Edwards Patricia Isabella Gardener Dianna JeffriesIan James Henry Lowe

It is the policy of the Trustees to consider grants on an equal opportunities basis,regardless of gender, religion and ethnic background.

Public Benefit

The Trustees confirm that they have referred to the information contained in the CharityCommission’s general guidance on public benefit when reviewing the Trust’s objects andactivities, their grant making policy and plans for future period. The objects andactivities of the Trust are largely determined by the provisions of the Trust deed, andfrom there the Trustees exercise a discretion in considering how best to meet the publicbenefit test and ensure that as many individuals and charitable and not for profitorganisations with particular needs will gain advantage. Further details of the grants

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made are set out in the achievements and performance section below and on page 13 ofthe accounts.

Monitoring and Achievement

The Trustees have continued with an aspiration to seek a reasonable return over a longterm. In recent years the portfolio’s valuation has shown a welcomed recovery and it isconsidered that the Trustees long term objectives of balancing capital growth with incomegeneration remain achievable.

During the year the performance of the principle investment portfolio was managed byEFG Harris Allday and was considered satisfactory with all benchmarks being largelyachieved.

The Trustees note that in the last five years grants to individuals and charities haveamounted to £173,985. During the year ended 5 April 2016, the Small GrantsCommittee awarded 25 grants under the small grant applications process (as comparedto 17 grants in 2015). 4 applications were deemed to be outside of the area of benefit, 1application was withdrawn and 1 application was passed to the Grants AdvisoryCommittee for further consideration.

The Grants Advisory Committee considered 30 applications (compared to 33 applicationsin 2015) and awarded grants to 14 (2015:26 grants). 14 applications were deemed tobe outside of the area of benefit, 2 applications were deemed unsuccessful due to thembeing within the 12 month period and 11 grants were awarded at the Trustees’ discretionwithout an application having been received.

Grants awarded during the period are listed on page 11 in the accounts.

The Trust made 47 grants (2015: 43) in the year ended 5 April 2016 totalling £36,940(2015: £45,220). The Trustees expect to be able to continue to provide a similar overalllevel of grant support to eligible individuals and charities in future years.

Financial Review

The Trust’s work is entirely reliant on income and investment returns from its capital. Asat 5 April 2016, the value of the capital fund stood at £911,268 (2015: £903,372).During the year the income of the Trust remained stable at £49,764 (2015: £47,956).

In spite of the market difficulties and challenges with regard to the number ofapplications, the Trustees have maintained average grant giving over recent years atabout £45,000 representing nearly 5% of the current value of the fund.

Investment Policy and Performance

The investment powers of the Trustees are as provided for by the Trustee Act 2011 andby clause 5.6 of the Trust Deed. The Trustees have an absolute discretion in this regardand are treated as the absolute owners beneficially entitled.

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The principle investment holdings of the Trust comprise funds and portfolios of quotedsecurities. As at 6 April 2016, the value represented 100% of the Trust’s investments.The management of the portfolio is undertaken on a discretionary management basis byEFG Harris Allday and the written investment policy is reviewed on at least an annualbasis by the Clerk in conjunction with the investment managers and ultimately approvedby the Trustees.

The discretionary managers are instructed to maximise the income on the portfolio whilstpreserving the capital and have accepted the investment managers recommendation thatthe FTSE APCIMS Balanced Fund Index represents the most appropriate measure ofperformance.

The extreme stock market volatility experienced and the continued uncertainty regardingthe stability of the equities market in light of the impending Brexit vote has meant thatthe management of investments has been difficult. At the end of the financial year cashheld on deposit with EFG Harris Allday was £10,556 and cash held with HSBC was£19,940.92.

Reserves Policy

The whole of the Trust’s capital is expendable and this distinction between capital andincome is not relevant. The Trustees appreciate that the general principles of charity lawrequire Trustees to spend their income within a reasonable period of receipt. TheTrustees have set and agreed a reserves policy which broadly identifies the frameworkwithin which the Trust will operate. The intention is that the Trust will retain anappropriate and reasonable level of reserves whilst concurrently ensuring that it uses theincome in a manner that is within the objects at the best interests of the Charity and itsbeneficiaries. Since the Charity receives all of its income from the investment portfolio,the Trustees are mindful that the source of income can be volatile and subject to suddenchanges in the market. They are concerned that in any year there is a risk that theycannot meet their ongoing administration and professional expense commitments as andwhen they arise, due to any fluctuations in the market which may prevent or significantlyreduce dividend payments.

The Trustees have therefore considered, in conjunction with the accountant, the level ofreserves to retain from surplus unrestricted funds. They have decided to build up a potof reserves equivalent to one year’s administrative and professional expenses butexcluding grant commitments. This will ensure that should there be any fluctuations inthe market which reduce the income available for distribution, the Charity can use itsreserve to continue to meet its obligations and liabilities as and when they fall due.

Plan for Future Periods

The Trustees believe their grants have translated into significant public benefit. The Trustis a lasting testimony to the generosity and charitable concerns of the settlors. Incementing the arrangements already in place, and continuing with its current activities asset out in this report, so that the many and varied charitable and not for profit

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organisations, and individuals may continue to benefit in real terms from its financialsupport, the Trust aims to provide a longer term commitment and thereby encourage andsupport individuals and charitable and not for profit organisations within the area ofbenefit.

Trustees’ Responsibilities in Relation to the Financial Statements

The Trustees are responsible for preparing the Trustees’ Report and the financialstatements in accordance with applicable law and regulations and United KingdomAccounting Standards. The law applicable to charities in England and Wales required theTrustees to give a true and fair view of the state of affairs of the Trust and of theincoming resources and application of resources, including income and expenditure of theTrust for that period.

In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP; make judgements and estimates that are reasonable and prudent: state whether applicable 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 it is

inappropriate to presume that the Trust will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficientto show and explain the Trust’s transactions and disclose with reasonable accuracy at anytime the financial position of the Trust and enable them to ensure that the financialstatements comply with the Charities Act 2011, the Charity (Accounts and Reports)Regulations 2008 and the Trust Deed.

They are also responsible for safeguarding the assets of the Trust and hence for takingreasonable steps for the prevention and detection of fraud any other irregularities. TheTrustees are responsible for the maintenance and integrity of the Trust and financialinformation included on the Trust’s website.

Approved by the Trustees and signed on their behalf by:

Brian Robert EdwardsChair of Trustees

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