2020-11-27-accounts

THE DAVID WEBSTER CHARITABLE TRUST FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 NOVEMBER 2020

Charity Registration No. 1055111

THE DAVID WEBSTER CHARITABLE TRUST (Registered Number 1055111)

	Index
Pages
1 - 3	Trustees’ Report
4	Independent Examiner’s Report
5	Statement of Financial Activities
6	Balance Sheet
7 - 11	Notes to the Financial Statements

Page 1

THE DAVID WEBSTER CHARITABLE TRUST (Registered Number 1055111)

TRUSTEES’ REPORT FOR THE YEAR ENDED 27 NOVEMBER 2020

STATUS

The David Webster Charitable Trust is a Charitable Trust registered in England. The principal office is: Marshalls, Marshalls Lane, High Cross, Ware, Herts, SG11 1AJ.

The Trustees present their report for the year ended 27 November 2020. The financial statements have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The Charity is a Public Benefit Entity as defined by FRS102.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is managed by a Board of Trustees and organised in accordance with its Trust Deed dated 27 November 1995.

TRUSTEES

The Trustees of the Charity at the beginning and end of the year are as follows:

Mr. T.W.D. Webster Mrs. N. Thompson

A new Trustee can only be appointed with the approval of the Board of Trustees. The maximum number of Trustees allowed under the Trust deed is 5. The Trustees ensure they are aware of developments to governance best practice and developments in the wider charity sector.

OBJECTS

The object of the Charity is as follows:

The Trustees shall hold the capital and income of the Charity and apply the income and such parts of the capital for or towards such charitable purposes and to make donations to such charitable institution or institutions at such time or times and in such manner as the Trustees may in their absolute discretion think fit.

ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS

The Trustees are satisfied with the activities of the Charity in the financial year and continue to actively seek appropriate projects into which to apply the Charity’s resources. In particular, the Trustees intend to maintain the strategic direction and purpose of the Charity in supporting ecological and broadly environmental projects.

FINANCIAL REVIEW

During the year the Charity received dividend investment income of £53,498 (2019: £126,864). Direct charitable donation payments of £159,000 (2019: £1,275,000) and governance costs of £17,183 (2019: £21,900) were incurred. This activity generated a net deficit for the year of £122,667 (2019: £1,169,851) before net gains on investments. Net gains on investments during the year were £58,553 (2019: gains on investments: £139,555).

RISK

In accordance with the requirements of the SORP and current best practice, the Trustees have considered and reviewed the organisation’s material areas of operation and potential risk areas. As a result they have created and implemented, or are about to implement, sufficient systems and procedures to mitigate such risks.

Page 2

THE DAVID WEBSTER CHARITABLE TRUST (Registered Number 1055111)

TRUSTEES’ REPORT FOR THE YEAR ENDED 27 NOVEMBER 2020

RESERVES

The Charity’s intention is to build up reserves to a level sufficient to support a large nature conservation project, to commence at the appropriate time and in a location yet to be decided upon. The Trustees are reviewing options for level of donations in 2021. Total reserves at the year end were £1,679,862 (2019: £1,743,976).

GOING CONCERN

The trustees have considered, in the context of the Covid-19 pandemic, the going concern concept and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern basis and the trustees are comfortable that there are not any adjustments required. Also, commitments to provide future donations are provided in line with existing level of funds. The trustees expect the charity to continue in operation for 12 months from the date of signing the financial statements.

INVESTMENT POWERS

There are no specific investment powers, save that the income of the Charity, from whatever source derived, shall be applied solely towards the promotion of its objectives as stated in the Trust Deed.

PUBLIC BENEFIT

By making donations of a charitable nature as detailed on page 5, the Trustees confirm that they have complied with the duty to have due regard to public benefit guidance published by the Charity Commission.

PRINCIPAL ADVISERS

Bankers Lloyds 5-6 Market Place Hertford Hertfordshire SG14 1DF

Independent Examiner

RSM UK Tax and Accounting Limited Chartered Accountants St. Philips Point Temple Row Birmingham B2 5AF

Nedbank Private Wealth Limited Seventh floor 12 Arthur Street London EC4R 9AB

Solicitors

Taylor Walton Solicitors TW House Station Approach Harpenden Hertfordshire AL5 4SP

Page 3 THE DAVID WEBSTER CHARfFABLE TRUST IReEiStered Number 1055111) TRUSTEES, REPORT FOR THE YEAR ENDED 27 NOVEMBER 2020 TRUSTEES RESPONStBILrriES The Trustees are responsible for preparing the Tnts. Annual Report and the financial ststements in accordallce with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and W21es reqll]r￿ the Tnlstees to prepare fitwicial statements for each financial yw which give a tn￿ and fair view of the state of affairs of the Charity and of the incoming rcsourccs and application of resou￿￿$ of th¢ Chatity for that perio￿ In preparing these finaThcial Sta1c￿Ents, the Trustees ar¢ r¢quired to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the applicable Charities SORP" make judgements alld cstituatcs that are reasonable and prud¢nL state whether applicable accounting standards bave been follow¢(L subject to any material departures that must be disclosed and explained ID the fiDancial statements. and prepare tbe financial ststements on the going concern basis unless it is inappropriate to presume that the charity will conlinue in b￿InesS. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that thc Imancial statements comply with thc Charities Act 2011. the applicable cE￿itieS (Accounts and Rcports) RegulatioTJS, and the provisions of the Tnlst Deed. They are a150 responsible for safeguarding tbe assets of the c￿lty and taking reasonable step5 for thc prcvcntion and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial infi)Tmation included on the Charity's website in accordance with legislation in the UDited Kingdom governing the preparation and dissemination offmancial slat¢m¢nts. On behalf of the Trustees Date: 2021 2021

Page 4

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE DAVID WEBSTER CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The David Webster Charitable Trust (‘the charity’) for the year ended 27 November 2020, which are set out on pages 5 to 12.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’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 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

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 reasonable cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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.

Signed:

Name: Simon Hart Name of applicable listed body: Association of Chartered Certified Accountants Relevant professional qualification or membership of professional body: Certified Accountant

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED

Chartered Accountants St. Philips Point Temple Row Birmingham B2 5AF

Date: 10/02/22

Page 5

THE DAVID WEBSTER CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 27 NOVEMBER 2020

Notes INCOME FROM: Investment income: Dividends Interest (listed investments) Total income EXPENDITURE ON: Charitable Activities: Donations: BirdLife International Bat Conservation Trust Bird East Asia Flyaways Project Isabel Hospice National Trust Bird Caribbean Much Hadham Forge Museum Tank Museum Beds, Cambs Wildlife Trust Governance costs Total Expenditure Net expenditure and net movement in funds before gains and losses on investments Net Gains/(losses) on Investments: Unrealised gains on listed investments 5 Realised gains on listed investments 5 Impairment of unlisted investment 5 Net gains on investments Net Expenditure Net movement in funds Total funds at 28 November 2019 Total funds at 27 November 2020	Unrestricted Funds 2020 £ 53,498 18 53,516 (100,000) (2,000) - (40,000) - - - (12,000) (5,000) (17,183) (176,183) (122,667) 83,071 482 (25,000) 58,553 (64,114) (64,114) 1,743,976 1,679,862	Unrestricted Funds 2019 £ 126,864 185 127,049 (100,000) (2,000) (125,000) (38,000) (1,000,000) (5,000) (5,000) - - (21,900) (1,296,900) (1,169,851) 132,801 53,254 (46,500) 139,555 (1,030,296) (1,030,296) 2,774,272 1,743,976

These unaudited financial statements have been subjected to independent examination. See report on page 4.

Page 6

THE DAVID WEBSTER CHARITABLE TRUST (Registered Number 1055111)

BALANCE SHEET AS AT 27 NOVEMBER 2020

		2020		2019
	Notes	£	£	£	£
FIXED ASSETS
Investments	6		1,639,891		1,574,394
CURRENT ASSETS
Cash at bank and in hand		145,671		299,982
		145,671		299,982
CURRENT LIABILITIES
Creditors - Amounts falling due
within one year	7	(105,700)		(130,400)
NET CURRENT ASSETS			39,971		169,582
TOTAL ASSETS LESS
CURRENT LIABILITIES			1,679,862		1,743,976
THE FUNDS OF THE CHARITY:
Unrestricted funds			1,679,862		1,743,976

These unaudited financial statements have been subjected to independent examination. See report on page 4.

The notes on page 7 to 12 form part of these financial statements.

Approved by the Trustees and authorised for issue on 18 December 2021 and signed on their behalf by:

(Trustee)

(Trustee)

Page 7

THE DAVID WEBSTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 NOVEMBER 2020

1) Accounting Policies

The David Webster Charitable Trust is a Charitable Trust registered in England. The principal office is: Marshalls, Marshalls Lane, High Cross, Ware, Herts, SG11 1AJ.

The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below:

Basis of accounting

The financial statements have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The Charity is a Public Benefit Entity as defined by FRS102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy.

Presentational Currency

The amounts shown in the financial statements are presented in Sterling and rounded to the nearest whole £.

Going concern

The trustees have considered, in the context of the Covid-19 pandemic, the going concern concept and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern basis and the trustees are comfortable that there are not any adjustments required. Also, commitments to provide future donations are provided in line with existing level of funds. The trustees expect the charity to continue in operation for 12 months from the date of signing the financial statements.

Investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. All gains and losses are taken to the Statement of Financial Activities as they arise.

Investment income

Investment income is included within the financial statements on a gross basis for amounts receivable at the Balance Sheet date.

Allocation of costs

Costs that are directly attributable are allocated on a charitable activity basis. Governance costs include those incurred in the governance of the Charity and are primarily associated with constitutional and statutory requirements. Governance costs are included within charitable expenditure.

Grants Payable

Grants payable are included in the Statement of Financial Activities when they have been approved for payment and the recipient has been informed of this decision.

Page 8

THE DAVID WEBSTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 NOVEMBER 2020

1) Accounting Policies (continued)

Funds structure

The Charity maintains an unrestricted fund which represents funds which are expendable at the discretion of the Trustees in furtherance of the objects of the Charity. All income and expenditure is shown in the Statement of Financial Activities.

Financial Instruments

The Charity has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102, in full, to all of its financial instruments.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Financial liabilities

Basic financial liabilities, which include accruals, are initially measured at transaction price and subsequently measured at amortised cost, being transaction price less amounts settled.

Critical accounting estimates and areas of judgement

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The critical judgement includes the value of the unlisted investments. At 27 November 2020, in the opinion of the Trustees the value of unlisted investments was £15,000 (2019: £40,000).

2) Charitable status

The David Webster Charitable Trust is a registered charity, registration number 1055111 and in consequence it is exempt from taxation on income arising from and expended on its charitable activities.

3) Trustees and employees

The Trustees received no remuneration or expenses for their work as Trustees during the year (2019: £Nil).

There were no employees of the Charity during the year (2019: Nil)

Page 9

THE DAVID WEBSTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 NOVEMBER 2020

4) Net income This is stated after charging: Independent Examiner’s fees Accountancy fees 5) Net gains on investments Notes Listed investments: Unrealised gains 6 Realised gains - proceeds 6 - market value disposal Unlisted investments: Impairment 6 Net gains on investments	2020 £ £ 82,071 1,570,458 (1,569,976) 482 (25,000) 57,553	2020 £ £ 82,071 1,570,458 (1,569,976) 482 (25,000) 57,553		2020 £ 2019 £ 2,886 2,640 2,826 2,640 2019 £ £ 132,801 1,297,697 (1,244,443) 53,254 (46,500) 139,555	2020 £ 2019 £ 2,886 2,640 2,826 2,640 2019 £ £ 132,801 1,297,697 (1,244,443) 53,254 (46,500) 139,555
		57,553			139,555

Page 10

THE DAVID WEBSTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 NOVEMBER 2020

2020 2019 6) Investments Total Listed Unlisted Total Listed Other Cash Other Cash Market value: £ £ £ £ £ £ £ As at 28 November 1,574,394 1,512,417 21,977 40,000 2,410,953 2,281,960 42,493 Additions 57,560 57,560 - - 341,569 341,569 - Disposal proceeds (1,570,459) (1,570,459) - - (1,297,167) (1,297,167) - Realised gains 482 482 - - 53,254 53,254 - Unrealised gain listed investments 83,071 83,071 - - 132,801 132,801 - Impairment of unlisted investment (25,000) - - (25,000) (46,500) - - - Transfers - 1,535,000 (1,535,000) - - - - Cash movement 1,519,843 - 1,519,843 - (20,516) - (20,516) As at 27 November 1,639,891 1,618,071 6,820 15,000 1,574,394 1,512,417 21,977 2020 2019 Details of material investments held: % value of portfolio % value of portfolio Listed: Nedbank Private Wealth Limited 99% 97% Unlisted: Brent Lighting Limited – 23.35% holding - £0.25 ordinary shares 1% 3%	Unlisted 86,500 - - - - (46,500) - -
	40,000

At the year end the market value of the holding in Webholdco Limited was £Nil (2019: £Nil) and the market value of the holding in in Brent Lighting Limited as per the Trustees was £15,000 (2019: £40,000).

During the year, the listed investments previously held with Brewin Dolphin were transferred to Nedbank Private Wealth Limited.

Page 11

THE DAVID WEBSTER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 NOVEMBER 2020

7)	Creditors – amounts falling due within one year	2020	2019
		£	£
	Donations payable	100,000	125,000
	Accruals	5,700	5,400
		105,700	130,400
8)	Financial Instruments	2020	2019
		£	£
	Financial assets:
	Measured at market value	1,633,071	1,552,417
	Financial liabilities:
	Measured at amortised cost	105,700	130,400

9) Related Party Transactions

During the year the Charity received dividends of £35,101 (2019: £86,542) from Brent Lighting Limited. The David Webster Charitable Trust owns 23.35% of the ordinary shares in Brent Lighting Limited. The Trustees of David Webster Charitable Trust along with their close family members own the remaining 76.65%.