PAMELA WILLIAMS CHARITABLE TRUST Registered Charity number 1010766
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
PAMELA WILLIAMS CHARITABLE TRUST
INDEX TO THE FINANCIAL STATEMENTS
| Page | |
|---|---|
| Legal and Administrative Information | 2 |
| Report of the Trustees | 3 |
| Independent Auditor’s Report | 5 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 |
Page 1
PAMELA WILLIAMS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Charity name: | Pamela Williams Charitable Trust |
|---|---|
| Charity number: | 1010766 |
| Principal address: | Estate Office House |
| Brodsworth | |
| Doncaster | |
| South Yorkshire | |
| DN5 7XJ | |
| Settlor: | Mrs Pamela Williams (deceased - 15 June 1994) |
| Trustees: | Graciela Artola de Williams |
| Elizabeth Angela Nelson | |
| Private Capital Trustees Limited | |
| Administrator: | Wendy Melinda Michiels FCA |
| Brodsworth Estate Office | |
| Brodsworth | |
| Doncaster | |
| DN5 7XJ | |
| Solicitors: | Addleshaw Goddard |
| 3 Sovereign Street | |
| Leeds | |
| LS1 4ER | |
| Independent Auditors: | JWPCreers LLP |
| Genesis 5 | |
| Church Lane | |
| Heslington | |
| York | |
| YO10 5DQ | |
| Bankers: | C. Hoare & Co. |
| 37 Fleet Street | |
| Temple | |
| London | |
| EC4Y 1BT |
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PAMELA WILLIAMS CHARITABLE TRUST
REPORT OF THE TRUSTEES
The trustees present their report and the audited financial statements of the charity for the year ended 30 April 2022.
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 governing document, the Charities Act 2011 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 published in October 2019”.
OBJECTIVES AND ACTIVITIES
The objects of the charity state that the trustees shall hold the income of the Trust Fund and also so much (if any) of the capital thereof as the trustees may from time to time in their discretion determine, upon trust, to apply the same for any such exclusively charitable purposes as the trustees shall from time to time in their uncontrolled discretion think fit, but so that the trustees shall, so far as practicable before exercising any such discretion, have regard to (but without in any way being bound by) the wishes of the settlor with the object in every case of promoting such exclusively charitable object or exclusively charitable objects.
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and in planning donations.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity made charitable donations of £nil (2021: £5,000) as shown in the Statement of Financial Activities.
FINANCIAL REVIEW
The net income for the year was £47,876 (2021: net expenditure of £11,431).
GRANT MAKING POLICY
The charity reviews on a regular basis the funds, if any, it has available for making grants.
RESERVES POLICY
The free reserves at 30 April 2022 was £1,326,498 (2021: £1,278,622).
Reserves are maintained at a level sufficient to ensure that normal operating expenses and exceptional costs, associated with the development of the asset base, are met. In excess of this value, the trustees make such distributions for charitable purposes as they consider appropriate.
FUTURE PLANS
The charity has now sold the final block of land in which it had an interest and that is the source of funds for charitable donations, therefore the trustees will carry out a fundamental review of the charity to determine its future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Under a Trust Deed dated 17 January 1991, Mrs Pamela Williams, the Settlor, settled the sum of one hundred pounds for charitable purposes. On 6 July 1992 a further sum of £20,000 was settled. On 21 January 1994, the Settlor settled a 30% interest in certain freehold property at Red House near Doncaster, South Yorkshire.
The charity is governed by the Trust Deed. The trustees meet periodically during the year to consider matters relating to the Trust.
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PAMELA WILLIAMS CHARITABLE TRUST
REPORT OF THE TRUSTEES ( Continued)
RECRUITMENT AND APPOINTMENT OF TRUSTEES
The charity requires a minimum of three trustees and recruitment takes place to fill vacancies as they arise, or when the trustees require additional expertise.
The aim of the charity is to attract highly qualified professionals with broad commercial awareness and the technical expertise required to achieve its objectives.
RISK REVIEW
The charity does not engage in trading activities and is therefore not exposed to market risks. There are no employee related risk factors.
The current economic climate has impacted on returns from cash deposits. However, a conservative investment strategy focuses on maintaining capital and not on taking excessive portfolio risk to achieve returns.
TRUSTEES’ RESPONSBILIBITIES IN RELATION TO THE FINANCIAL STATEMENTS
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charites (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed on their behalf by
Date: ………………………….
Mrs Graciela Artola de Williams Trustee
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF
THE PAMELA WILLIAMS CHARITABLE TRUST
Opinion
We have audited the financial statements of The Pamela Williams Charitable Trust (the ‘charity’) for the year ended 30 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. 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).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 April 2022, and of its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 charity 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 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' 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 charity’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 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 trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF
THE PAMELA WILLIAMS CHARITABLE TRUST
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. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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the charity has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees 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 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 are responsible for assessing the charity’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 either intend to liquidate the charity 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 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF
THE PAMELA WILLIAMS CHARITABLE TRUST
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 that the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Date: ………………………….
JWPCreers LLP (Statutory auditors) Chartered Accountants & Registered Auditors Genesis 5 Church Lane Heslington York YO10 5DQ
JWPCreers LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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PAMELA WILLIAMS CHARITABLE TRUST Registered Charity Number 1010766
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022
| Unrestricted funds | Unrestricted funds | Unrestricted funds | Unrestricted funds | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| INCOME | |||||
| Overage | 36,081 | - | |||
| Interest on overage | 31,221 | - | |||
| Investment income | 2 | 128 | 1,153 | ||
| _____ | _____ | ||||
| Total income | 67,430 | 1,153 | |||
| EXPENDITURE | |||||
| Charitable activities | |||||
| Charitable donations | - | 5,000 | |||
| Charges for the administration of the Trust | 2,190 | 2,100 | |||
| Bank interest and charges | 91 | 57 | |||
| Professional fees | 1,813 | 3,587 | |||
| Audit and accountancy fees | 2,000 | 1,840 | |||
| _____ | _____ | ||||
| Total expenditure | 6,094 | 12,584 | |||
| _____ | _____ | ||||
| Net income / (expenditure) before tax | 61,336 | (11,431) | |||
| Tax payable | (13,460) | - | |||
| _____ | _____ | ||||
| Net movement in funds | 47,876 | (11,431) | |||
| Reconciliation of funds: | |||||
| Total funds at 1 May 2021 | 1,278,622 | 1,290,053 | |||
| __ | __ | ||||
| TOTAL FUNDS AT 30 APRIL 2022 | 1,326,498 | 1,278,622 |
The statement of financial activities includes all gains and losses recorded in the year.
All income and expenditure arises from continuing activities.
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PAMELA WILLIAMS CHARITABLE TRUST Registered Charity Number 1010766
BALANCE SHEET AT 30 APRIL 2022
| Note | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| CURRENT ASSETS | |||||||
| Value Added Tax | 208 | 208 | |||||
| Accrued income | 124 | 124 | |||||
| Cash at bank | - | Current account | 5,000 | 5,000 | |||
| - | Reserve accounts | 1,349,672 | 1,280,572 | ||||
| __ | __ | ||||||
| 1,355,004 | 1,285,904 | ||||||
| __ | __ | ||||||
| CURRENT LIABILITIES | |||||||
| Creditors and accruals | 4 | (28,506) | (7,282) | ||||
| _____ | _____ | ||||||
| Net current assets | 1,326,498 | 1,278,622 | |||||
| __ | __ | ||||||
| NET ASSETS | 1,326,498 |
1,278,622 | |||||
| Represented by: | |||||||
| Unrestricted funds | 1,326,498 |
1,278,622 | |||||
| Approved by the trustees on …………………………. | |||||||
| Signed on behalf of the trustees |
Mrs Graciela Artola de Williams
The notes on pages 10 to 12 form part of these financial statements.
Page 9
PAMELA WILLIAMS CHARITABLE TRUST Registered Charity Number 1010766
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
1. ACCOUNTING POLICIES
Charity information
The Pamela Williams Charitable Trust is a charity registered with the Charity Commission for England and Wales. The address of registered office can be found within the legal and administrative information.
Basis of accounting
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies are consistently applied to all years presented unless otherwise stated.
The financial statements are prepared in sterling which is the functional currency of the charity.
Going Concern
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.
Income
Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured by reasonable certainty.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.
Charitable expenditure comprises those costs incurred by the charity in pursuit of its charitable object.
Unrestricted funds
These funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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PAMELA WILLIAMS CHARITABLE TRUST Registered Charity Number 1010766
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
1. ACCOUNTING POLICIES (continued)
Debtors and creditors
Debtors and creditors are recorded when receivable or payable.
Taxation
The taxation expense represents the tax recognised in the reporting period and charged to the statement of financial activities.
| 2. | INCOME | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Investment income | |||
| Bank deposit interest (gross) | 474 | 1,153 |
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PAMELA WILLIAMS CHARITABLE TRUST Registered Charity Number 1010766
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
3. CHARITABLE DONATIONS
The trust made the following charitable donations during the year:
| The trust made the following charitable donations during the year: | ||
|---|---|---|
| St. Michael and All Angels Church, Brodsworth | 2022 £ - - |
2021 £ 5,000 |
| 5,000 |
4. CREDITORS
| Tax liability Accruals |
2022 £ 13,460 15,046 28,506 |
2021 £ - 7,282 |
|
|---|---|---|---|
| 7,282 |
5. TRUSTEES REMUNERATION
No trustees nor any persons connected with them received any remuneration for their services to the charity nor were any reimbursed for any expenses during this or the preceding year.
6. RELATED PARTIES
Yorke Eaton is a partner in Addleshaw Goddard LLP and a director of Private Capital Trustees Limited. Elizabeth Nelson is a director of Savills (UK) Limited. The income and expenditure account includes expenses of £546 (2021: £507) in respect of Addleshaw Goddard LLP and £1,267 (2021: £3,080) in respect of Savills (UK) Limited.
At the Balance Sheet date, £nil (2021: £294) was due to Addleshaw Goddard LLP and £nil (2021: £1,248) was due to Savills (UK) Limited.
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