**Charity Commission Registered No: 1020764** ## **WESTMARK TRUST** ## **Trustees' Annual Report** ## Trustees report for the year ended 31 March 2022 ## **LEGAL AND ADMINISTRATIVE** The Charity is governed by a trust deed dated 15 April 1993 and was registered as a charity with the Charity Commission on 10 May 1993 under registration number 1020764. The Charity was established by the settlor “desirous of making certain provision for charities”. On 27 February 2018 the Charity Commission made a scheme which amended the terms of the endowment fund held by the Charity to give greater clarity on the disbursement of this fund over the 20 years of its life. ## **ADDRESS** The address for correspondence is 47 Sea Road, Milford on Sea, Hampshire, SO41 0PH. ## **TRUSTEES** The Trustees who have each served during the year are: Andrew R D Rawson Christopher P D Rawson Meriel J Beattie Peter R Rawson FCCA FCIS (manager and secretary) Phyllida Rawson The Charity is a private one established by the settlor, Peter Rawson, and it is the intention that it continue as a family-run charity with new trustees being appointed from succeeding generations. ## **BANKERS** The primary bank of the Charity is: HSBC Bank plc, 31 Holborn, Holborn Circus, London, EC1N 2HR ## **OBJECTS** The objects of the Charity are “for such charitable societies objects or purposes as the settlor may from time to time in his absolute discretion think fit”. The Charity does not usually make appeals but receives voluntary donations for various projects. ## **REVIEW OF ACTIVITIES** After significantly less activity in the previous year, the invested funds of the Charity recovered in value in the year and a higher level of disbursements was resumed. The Charity supported various charitable projects, in the UK and overseas, making donations to charities and to volunteers. The charity made donations to local churches and also made donations to several Christian and other missions in response to the needs in Ukraine following its invasion by Russia. Two children (2021: 3), in Brazil and Philippines, from impoverished backgrounds, continued to be supported for their education and other needs, through Compassion UK. Similar activities are expected to continue for the foreseeable future. Page 1 **Charity Commission Registered No: 1020764** ## **WESTMARK TRUST** ## **Trustees' Annual Report** ## **RESERVES POLICY** The Charity does not have any operating costs or commitments for which reserves need to be maintained. Therefore, the policy of the Charity is to retain reserves sufficient to enable ongoing support to certain projects and the general activities of the Charity to be continued consistently from year to year. Apart from that, the general policy is to distribute all available funds in a continuing and regular way. ## **ENDOWMENT FUND** The endowment fund is invested in the BNY Mellon Global Growth and Income Fund for Charities. The terms of the endowment are that its fund should, as far as is practicable, be disbursed by equal annual instalments and be fully distributed by the end of 20 years. The 13th year for such disbursement of the fund commenced on 1 April 2021. The distributable funds may be carried forward to subsequent years if the Trustees so decide. ## **PUBLIC BENEFIT** The Trustees have read the Charity Commission’s guidance on public benefit and have due regard to it in their decision making. The Charity acts in the public benefit by making donations to support education and health and Christian projects and to people working in or receiving benefits through those projects, both in the UK and overseas. ## **FINANCIAL REVIEW** During the year, total receipts were £119,408 (2021 £33,884) and payments £117,202 (2021 £36,635), giving net receipts of £2,206 (2021 net payments £2,750). This fluctuation resulted from the timing of the release of funds from investment; during the year the Trustees decided to release disbursable funds from the invested fund as the price of the fund units had recovered well from its low level in the previous year. The market price of the fund units at the start of the previous year (1.4.20) was 123.08p and on 31.3.22 it was 164.45p, an increase of 33.6% over the 2-year period. No Trustee received any remuneration or repayment of expenses during the year (or previous year). Approved by the Trustees on 14th April 2022 and signed on their behalf by **Peter Rawson** Secretary and Trustee Page 2 ## **WESTMARK TRUST** ## **Independent Examiner's Report to the trustees of Westmark Trust** I report to the Trustees on my examination of the accounts of Westmark Trust (the Trust) for the year ended 31 March 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records. 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 accounts to be reached. **Jason Foxwell FCCA FCIE** independent-examiner.net 39 Enfield Road, Poole, BH15 3LJ Dated: 14th April 2022 Page 3 ## **WESTMARK TRUST** ## **Receipts and Payments account for year ended 31 March 2022** |**Receipts**
Donated income (including Gift Aid tax)
Receipt from sale of investments
Dividends and interest income
**Total receipts**
**Payments**
Donations to care & relief charities
Gifts to Christian missions
Returned to donors
Donations to local churches
Independent examiner's fees
Bank charges
**Total payments**
**Net receipts/(payments) for the year**
Cash balances brought forward
**Cash balances carried forward**|**Restricted funds**
**2022**
**2021**
**General**
**Endowment**
**General**
**Total**
**Total**
**£**
**£**
**£**
£
**£**
18,590.53
0.00
668.75
19,259.28
24,032.50
0.00
90,000.00
0.00
90,000.00
0.00
0.24
10,148.79
0.00
10,149.03
9,852.43
18,590.77
100,148.79
668.75
119,408.31
33,884.93
5,692.90
37,030.00
1,350.00
44,072.90
19,605.00
2,345.55
52,135.00
4,126.16
58,606.71
4,167.71
0.00
0.00
0.00
0.00
8,232.29
3,662.00
10,600.00
0.00
14,262.00
4,400.00
0.00
235.00
0.00
235.00
230.00
26.00
0.00
0.00
26.00
230.00
11,726.45
100,000.00
5,476.16
117,202.61
36,635.00
6,864.32
148.79
-4,807.41
2,205.70
-2,750.07
-1,818.39
65.22
4,712.41
2,959.23
5,709.31
**£5,045.93**
**£214.01**
**-£95.00**
**£5,164.94**
**£2,959.23**
**Unrestricted funds**| |---|---| Page 4 ## **WESTMARK TRUST** ## **Statement of Assets and Liabilities at 31 March 2022** |**Fixed asset valuations**
BNY Mellon Global Growth & Income Fund
Endowment: invested fund
less: released in the year
Balance
Endowment: disbursable invested fund 31.3.21
add: 13th distribution from endowment
less: investment realised in year
Balance: disbursable invested fund 31.3.22
**Cash at bank**
**Other assets**
Gift Aid tax: debtor
**Total assets**
**Liabilities**|**Units**
252,327.75
-31,540.97
220,786.78
84,883.68
31,540.97
-56,950.54
59,474.11
280,260.89|**£**
363,083.86
97,805.17
460,889.03
5,164.94
3,683.70
469,737.67
None
**2022**|**£**
376,245.91
126,570.05
502,815.96
2,959.24
4,523.75
510,298.95
None
**2021**| |---|---|---|---| Approved by the Trustees on 14th April 2022 and signed on their behalf by: **Peter Rawson** Secretary and Trustee Page 5