The Percy and Lily Reed Williams Charitable Trust Trustee's report and unaudited financial statements For the year ended 31 March 2024 Charity registration number 1040132 The Percy and Lily Reed Williams Charitable Trust Contents Page Trustees, rep￿t Independent examinerfs rep)rt Receipts and payments accoLHrt Statement of assets and liabilities Notes to the finanaal statements The Percy and Lily Reed Williams Charitable Trust Trustees, report Forthe yearended 31st March 2024 Reference and administrative details Name of charity. The Percy and Lily Reed Mfilliams Charitable Trust 1040132 Registration number. Trustees: The tnjstees who served during the year were as follows: Ross V￿lliaMS Tamsyn Wlliams Sarah Wlliams Prlncipal address.. Pendriggy West Trewirgie Road REDRUTH ComwaIl TR152TJ Bankers: Lloyds Bank 11-12 lfjlligrew Street FALMOUTH Comwall TR113RA Independent examiner. Paul Harrts & Co Ltd 59 West End Redruth TR15 2SQ The Percy and Lily Reed Williams Charitable Trust Trustees, report For the year ended 31* March 2024 The trustees present their annual report and finanaal statements for the year ended 31 March 2024. The financÈal statements have been prepared in accordan￿ wrth the accounts'ng policies set out on page 7. The reference and administrative details on page 1 form part of this ￿port. Structure, governance and managemeirt Governing document Trust deed dated 21° June 1994. Reeruitment and inductlon of trustees Suitable candidates are selected by the e￿stIng trustees are inlited to become trustees. New trustees are inducted into the wDrking of the charity. Organ15ation of the charlty The tTUStees are legally responsible for the control and management of the tharity. Objects and alms of the charlty The charity has gener21 c*)aTitsble objects but primarily supports proje¢as that are either very dose to home. mainly in mid Comwall where these tend to be of a cultural nature or in the developing world Cxjncentrats'ng on the relief of poverty by the support of small scale comrnunity projects. Review of development and actlvltles and achlevements The charity conb'nues to be Involved in regenerats'on adivities in the ￿ntre of Redruth, working dosely with bodies such as the Murdoch House committee, Rednjth Revival CIC, Redruth Town Counal and the Chamber of Commerce. Murdoth House itself is the centre of a neiwork of small organisatsons cxjncemed with suth issues as local people's history, conservabon of local arthitectural heritage and community4ed projects. It is hoped to be able to raise further funds to build on this work. During 2018 a loan of £60,000 was provided to Redruth Revival CIC as part of a project lo purch2se the freehold to the ButteTrnarkel and Mining Exchange in Redruth as part of its community Work and retail Spa￿ as part of a wider regeneration scheme. A further £80.600 was loaned in the year to 31° March 2021 to assisl V￿th the purdiase of the ￿eal Peevor Purserfs Office as part of the regeneration stheme. In addition funds have been loaned to Penwith Galleries Ltd, a registered tharity. to assist V￿th working capital ilst undertaking building improvement works at the tharity's premises. £25,000 was outstanding at the year end but was repaid in full on * Aw'l 2024. A loan of £25,000 was made during the year 2022-23 to the Mirade Theatre Trust. a registered thanty. to assst V*ith (zslFfi¢Jwing Iheir tharttable adivitie4' this was repaid in full during the 202&24 ￿nana￿ year. Revlew of flnancial actlvities The net inc￿ne for the year was £36,300 (2023.. net inoyne of £47,1SS). As at 31* Marth 2024 the total funds held (induding loans provided) were £414,019 (2023.. £377,719). Reserves pollcy A significant portion of the thaTity's reserves is represented by Ihe historic propety, Murdoth House. Surplus cash funds are available to the trustees to make charitsbie loans and grants as ne￿Ssary. The Percy and Lily Reed Williams Charitable Trust Trustees, report Forthe year ended 3141 March 2024 Rlsk management The trustees have assessed the risks to wl)ith the charity is exposed and have established systems and procedures to mib'gate those risks identified. Plans lor the future The trustees intend to conts'nue operab'ng the tharrty in accordance wth its stated objects. Trustees, responsibllllies The trustees recognise their responsibilities for keeping proper accounting reo)rds and preparing financial statements each year. The appended financaal statements have been prepared on the re￿ip1S and payments basis and follow the guidance for smaller tharities issued by the Charity Commission. The finanaal statements have been examined by an independent examiner. vh]ose report is also appended. Signed for and on behalf of the charity on 2* January 2025 INams Trustee The Percy and Lily Reed Williams Charitable Trust Independent examinerfs report to the Trustees of The Percy and Lily Reed Williams Charitable Trust I report to the tharity tnjstees on my examination of the accounts of the thartty for the year ended 31- March 2024 whic* are set out on pages 5 to 7. Responsibllities and basls of report As the charity's trustees you are responsible for the prepar8tion of the accounts in accordance kmth the requirements of the Charities Act 2011 ('the Act')- I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Direcb'ons given by the Charity Commission under section 145(5)(b) of the Act. Independent examinevs statement I have completed my examination. l o)nfirm that no material matters have come to my attents'on in connection wilh the examination giving me cause to believe that in any material respect: accounting records were not kept in respett of the charity as required by section 130 of the Act,. or the accounts do not accord with those records I have no concems and have come across no other matters In connedion the examination to vthich attention should be drawn in this report in order to enat4e a proper understanding of the accounts to be reached. Paul Harris Paul Hanis & Co Ltd 59 West End Redruth Comwall TR152SQ Dated.. 2￿ knuary 2025 The Percy and Lily Reed Williams Charitable Trust Re￿iptS and payments account Forthe year ended 31., March 2024 Uwestrlcted funds 2024 Unrestrided funds 2023 Receios Donations received and costs rec£)vered Interest re￿1vable 50,383 800 80,750 1S8 51,183 80,908 Payments Donations & loans Legal fees re mortgage registration (recovered above) Design fees & other costs Insuran￿ (recovered above) 14,700 32,200 590 800 160 183 14,883 33,750 Net receltts for the year T¢Xd funds brought forward 36.300 47.168 377.719 330,561 Total funds carrled forward 414,019 377,719 There were no au4UiSrtions or disconts'nued oper8tions in the years to 31" March 2024 and 2023. The Percy and Lily Reed Williams Charitable Trust Statement of assets and liabilits'es As at 31￿ March 2024 2024 Notes 2023 xed assets Tangible assets 60,000 60,000 Current assets Debtors Cash at bank 165,600 188.419 190,600 127,118 Net assets 414,019 377.719 These finanaal statements were signed on behalf of the trustees by: Ross Vlfilllams Trustee Approved and aLrthorised for issue by the trusiees on." January 2025 Charity registration number. 1040132 The Percy and Lily Reed Williams Charitable Trust Notes (fonning part of the finanaal statements) Accounting policles The following accountsng policies have been applied con&stently in dealing with items whith are considered material in rdation to the thartty's finanaal statements. 1.1 Accounting conveni?on The financial statements are prepared in a￿)rdan￿ with applicable accounts'ng standards on an historical cost basis. The tharity is exempt from the requirement to prepare a cash Ilow statement on the grounds of its size. 1.2 Fixedassets Freehold property is induded at cost Tangible fixed assets Murdoch House Cost At 31 Marth 2024 and 31 Marth 2023 60,000 There is no depreaation tharged on the freehold property as land is not deprectated and the trustees believe that Ihe residual value of the freehold building based on prevailing pri￿S is not less than its cost as induded in the financia statements. Debtor5 Loans have been provided to Redruth Revival CIC of £140,600 (2023.. £140,600), Penwith Galleries Ltd of £25.000 {2023". £25,000) and Mirade Theatre Trust of nil (2022.. £25.000). The loans to Redruth Remval CIC have been sec#Jred by way of a fixed charge over freehold property. The loan to PenvAth Galleries Ltd is unsecured, but was repaid in full on W April 2024.