MISS BARBARA MARY WILMOT DISCRETIONARY TRUST TRUSTEES, REPORT AND INDEPENDENTLY EXAMINED ACCOUNTS FOR THE YEAR ENDED 25 MAY 2024 CHARITY COMMISSION FOR ENGLAND AND WALES NUMBER 1022713
MISS BARBARA MARY WILMOT DISCRETIONARY TRUST FOR THE YEAR ENDED 25 MAY 2024 CONTENTS OF TRUST ACCOUNTS Pag• Trustees, Annual Report Independent Examiners Report ststernent of Receipts and Payments Statement of Balances Notes to the Accounts
MISS BARBARA MARY WILMOT DISCRETIONARY TRUST FOR THE YEAR ENDED 25 MAY 2024 TRUSTEES ANNUAL REPORT Refèrenc• and admlnlstratlvo Inforniation Charlty nam• Miss Barbara Mary Wilmot Discretionary Trust Charlty rnglstratlon numb•r Charity Commission for England and Wales 1022713 Contact Addr•88 Apex Corporate Trustees (UK) Limited 4th Floor 140 Aldersgate Street London, EC1A 4HY Tru•t••• Apex Corporate Trustees (UK) Llmited The directors of the above named corporate body are: S Geddes S P Martin Ind•pendent •xamln•r N J Morrison C.A. Azets Audit Ser4ices 5 Whitefriars Crescent Perth PH2 OPA Inv•8tm•nt idv180r• Brown Shipley Investment Management 3 Hardman Street Manchester M3 3HF Bankers: Royal Bank of Scotland 62163 Threadneedle Street London EC2R 8LA
MISS BARBARA MARY WILMOT DISCRETIONARY TRUST FOR THE YEAR ENDED 25 MAY 2024 TRUSTEES ANNUAL REPORT {CONTINUED) The trustees present their report and financial statements for the year ended 25 May 2024. The trustees have adopted the provisions of the Ststement of Recommended Practice (SORP) 'Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 issues on 1 January 2019 Structure Governance and management Miss Barbara Mary Wilmot Discretionary Trust is a charitable trust set up by deed dated 25 January 1984 and Codicils dated 6 May 1987 and 23 August 1988. The trustees represent the minimum number required. The trust deed is silent to the appointment and removal of any trustee. Rlsk Management The trustees have considered the major risks to which the trust is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider the variability of investment retums on the expendable endowment to constitute the charity's main risk.They have contracted the services of Brown Shipley, the investment manager, to provide $eNices and advice on investments. The trustees consider Ihat the assistance of Brown Shipley will stabilise the resources available for generating income for its charitable objectives ObJg¢tlvos and actlvllles The purpose of the charity is for funding research into disease of the human eye to such organisatlons and individuals as the trustees in light of current circumstances may consider will best achieve this objective. Consideration is specifically given to Moorfields Eye Hospital, The Institute of Opthalmology and Roper-Hall Eye Foundation CIO {Previously The Birmingham Eye Foundation}. Income from inveslments during the year totalled £103,717 (2023- £99,143) which was all made for use in our charitable activities. Brown Shipley act as investment managers in respect of the investment portfolio and the return on investments is in accordance with the benchmarks agreed by the trustees with them. Achlevements and perfomianco During the year, the trustees paid over the sum of £80,000 (2023 - £115,381) to the beneficiaries in accordance with our charitable objectives. Flnanclal revlew The charity holds endowment funds, held as capital, which were provided to the charity by Miss Barbara Mary Wilmot. Under the terms of the donation. the income from these funds can only be used to support its charitable objectives. The trustees have the power to distribute the endowment funds. subject to the conditions set out in the charity's deed of trust. The restricted funds represent income earned but not yet utilised in supporting the charitable activities. At 25 May 2024 the charity held £221,36612023- £120,553) at the bank and the trustees consider this to be appropriate to allow them to respond promptly to requests for financial support.
MISS BARBARA MARY WILMOT DISCRETIONARY TRUST FOR THE YEAR ENDED 25 MAY 2024 TRUSTEES ANNUAL REPORT (CONTINUED R•8•rvo8 Pollcy It is not necessary for the charty to maintsin any reseNes as the net income generated is to be paid over to the charitable beneficiaries, set out above, and subject to the conditions imposed on each charitable benefKiary. upon completion of the financial statements. Thls report was approved by the trustees on 10th December 2024 and signed on their behalf by.. Authorised Signatory Apex Corporate Trustees (UK) Llrnited
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MISS BARBAII4 MARY WILMOT DISCRETIONARY TRUST I report to the charity trustees on my examination of ihe accounts of the charity for the year ended 25 May 2024 which have been set out on pages 6 to 8. Respective responsibilitles of trustees aDd examiner As the charity's trustees you are responsible for the preparation of the accounts in accordance with the rcquirements of the Charities Act 2011 {'Ihe Acl,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in canying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5) (b) of the Acl. Independent exydminer's statement I have completed my examinalion. I confinn that no material 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 130 of the Act. or the accounls do not accord with those Ords. I have no concerns and have come across no oiher matters in accordance with ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. N.J. Morrison C.A. Azets Audil Services 5 Whilefriars Crescent Perth PH2 OPA
MISS BARBARA MARY WILMOT DISCRETIONARY TRUST FOR THE YEAR ENDED 25 MAY 2024 STATEMENT OF RECEIPTS AND PAYMENTS Note Restrictsd funds Expendable endowment funds Total funds 2024 Total funds 2023 Receipts Dividends received Investments income RBS bank int 56,770 46,947 1,309 56,770 46,947 1,309 63,267 35,876 188 Sub Total 05,026 5,02 99,331 Receipts from asset & investment sales Proceeds from sale of investments less amount reinvested 130,686 130,686 150) Total recelpts 105,026 130,686 235.712 99,281 Payments Payments made to beneficiaries 80,000 80,000 115,381 Governance costs.. Trustees fees Independent examination fee Portfolio management fee 41,184 1,410 12,305 41,184 1,410 12,305 44,446 1,344 12,303 Total payments 80,000 54.899 134,899 173,474 Net receipts l (payments 25,026 75,787 100,813 174,193) Transfors to l (from) funds Surplusl(Deficlt) for year 25,026 75,787 100,813 74,193
MISS BARBARA MARY WILMOT DISCRETIONARY TRUST STATEMENT OF BALANCES AS AT 25 MAY 2024 Restrlcted funds Expendable endowment funds Total funds 2024 Total funds 2023 Cash funds Cash and bank balances at start of year Surpluslldeficit) shown on receipts and payments account 104,443 16,110 120,553 194.746 25,026 75,787 100,813 174,193) Cash and bank balances at end of year 129,4 91,897 221,366 7553 Market valuation 2024 2023 Fund to whlch asset belongs Investments Brown Shipley Investment Portfolio.. Fixed Interest Equities Alternatives Expendable endowment Expendable endowment Expendable endowment 1,073,980 2,210,393 245,363 1,058,964 2,099,528 212,477 Total valu• of so¢urltl•s Total 3,529,736 3,370.969 2024 2023 Assets Tax paid on investments that will be reclaimed Prior years 397 397 Llabllltles Examiner Fees owed to A2ets Audit Services Trustee Fees owed to Apex Corporate Trustees (UK} Limited 1,476 300 1,410 300 1,776 1.710 1 Oth December 2024 Approved by the trustees on and signed on their behalf by.. Authorised Signatory Apex Corporate Trustees (UK) Limited
MISS BARBARA MARY WILMOT DISCRETIONARY TRUST FOR THE YEAR ENDED 25 MAY 2024 NOTES TO THE ACCOUNTS 1. Basis of accounting These accounts have been prepared on the Receipts and Payments basis in accordance with S130 of the Charities Act 2011. 2. Natur• and purpo8• of funds Restricted funds are in respect of the income arising from expendable endowment funds which can only be applied for specific purposes in accordance with the charity's deed of trust. Expendable endowment funds are in respect of the investment portfolio which was donated to the charity with the restriction that the portfolio is lo be held as capital. The trustees have the power to distribute the endowment fund, subject to the conditions set out in the charity's deed of trust. 3. Trustees r•muneratlon and r•lated party transactlon8 £41,184 (2023 - £44,446) was charged by Apex Corporate Trustees (UK) Limited for their services for the year ended 25 May 2024. At the year end £300 was outstanding (2023 - £300). 4. Paym•nts made to b•nafl¢iarles 2024 2023 Fight for Sight- Institute of Ophthalmology Moorfields Eye Charity Roper Hall Eye Foundation 40,000 40,000 40,000 40,000 35,381 80,000 115,381 5. Investments Market Valuatlon 2024 2023 Investmonts that individually mak• up 5.fi + of the portfolio: AM MSCI US ESG CL ZER ETF 310,079 310,079