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2023-11-27-accounts

The David Webster Charitable Trust (Registered Charity No. 1055111)

Accounts

for the year ended 27 November 2023

The David Webster Charitable Trust

Contents

Pages Index
.1 - 4 Trustee’s Annual Report
-5 Independent Examiner’s Report
-6 Statement of Financial Activities
-7 Balance Sheet
8 - 11 Notes to the Financial Statements
12 - 26 Investment Schedule

The David Webster Charitable Trust

Trustees Annual Report for the year ended 27 November 2023

The trustees present their annual report and financial statements of the charity for the year ended 27 November 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, 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.

Reference and Administrative Details

Name of the Charity: The David Webster Charitable Trust
Charity Registration No: 1055111
Trustees: Thomas Webster
Nikola Thompson
Principal Office address: Marshalls
Marshalls Lane
High Cross
Ware
SG11 1AJ
Reporting Accountants: Mercer & Hole Trustees Limited
21 Lombard Street
London
EC3V 9AH
Bankers: Lloyds
5 – 6 Market Place
Hertford
Hertfordshire
SG14 1DF
Investment Managers: Nedbank Private Wealth Limited
Seventh Floor
12 Arthur Street
London
EC4R 9AB
Independent Examiner: Steve Robinson
Mercer & Hole LLP
21 Lombard Street
London
EC3V 9AH

Page 1

The David Webster Charitable Trust

Trustees Annual Report

for the year ended 27 November 2023 (continued)

Structure, Governance and Management

Governing Document: The principal governing document is a Charitable Trust Deed
dated 27 November 1995.
Settlor: The Charitable Trust Deed was settled by David Charles Webster.
Assets settled: Unlisted investments, 60,519 DW Group Holdings Limited Ordinary
shares.
Appointment of The trustees may appoint any company or Trust Corporation to be
Trustees: an additional or the sole trustee. The trustees (other than the settlor
and any husband of the settlor) shall be entitled to charge all usual
professional charges for work done by him or his firm in connection
with the execution of the trusts hereof. The maximum number of
trustees allowed under the trust deed is 5.
If new or additional trustees are appointed they will be encouraged
to receive appropriate training depending on their qualifications and
experience.
Investment Powers: The trustees have very wide powers of investment and have
appointed Netbank as their investment managers.
Netbank manage the investments on a discretionary basis.
The major part of the income of the charity is derived from its
investments. The investment managers’ objective is to maximise
total return with due regard to risk. The trustees regularly review
with the investment managers the income requirement and capital
base.
Management and The trustees have control and overall responsibility for the
Control: day-to-day management of the charity.
Risk management: 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.

Page 2

The David Webster Charitable Trust

Trustees Annual Report

for the year ended 27 November 2023 (continued)

Objectives and Activities

Objectives and Policies: The trust was established to make grants for charitable purposes in
any part of the world as the trustees shall think fit at their discretion.
The trustees have power to pay or apply the whole or any part of the
income or capital of the trust fund to any purpose body
organisation(s) or object(s) which under the law of England shall be
recognised as exclusively charitable.
Grant making policy: The trustees receive applications for grants and consider each one
of the applications at their formal/informal meetings.
The trustees’ general policy is to aim to distribute each year the
income as it arises but from time to time they may also distribute
capital.
Public benefit: In applying such income and capital, the trustees are supportive of
such charitable causes that are for public benefit. Each year the
trustees review their objectives to ensure their aims are met. In
carrying out this review, the trustees have considered the Charity
Commissioners’ general guidance on public benefit.
Achievements and Performance
Review of activities: During the year the trustees have made donations amounting to
£97,000 (2022: £132,000).
Financial Review
Financial review: Total income was £30,849.26 (2022: £27,438) with expenditure
amounting to £127,364.35 (2022: £157,570). Net assets at the end
of the year were £1,445,203.75 (2022: £1,550,134). The value of the
investments decreased by £1,404,757 due to sale of the entire
portfolio.
Reserves: The policy of the trustees is to aim to distribute all the income as it
arises and not to accumulate reserves. They use their discretion to
distribute from capital from time to time.
Future plans: The trustees’ short term objective is to continue to make grants, as
set out above, for the benefit of charitable bodies.

Page 3

The David Webster Charitable Trust

Trustees Annual Report for the year ended 27 November 2023 (continued)

Respective responsibilities of trustees

Accounting guidelines:

The trustees are responsible for preparing the Trustees’ Report 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping 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 Statement of Recommended Accounting Practice: Accounting and Reporting by Charities (SORP 2019) UK Accounting Standards, the Charities Act 2011 and 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.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019.

Signed: .......................................................... on behalf of Trustees

Dated: ......................................

Page 4

Independent Examiner’s Report to the Trustees of The David Webster Charitable Trust

I report to the charity trustees on my examination of the accounts of the David Webster Charitable Trust for the year ended 27 November 2023 set out on pages 1 to 11.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees 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 charity’s accounts carried out in section 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 be section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. 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:

Steve Robinson FCA Mercer & Hole LLP 21 Lombard Street London EC3V 9AH

Date

Page 5

The David Webster Charitable Trust Dated 27 November 1995

Statement of Financial Activities

for the year ended 27 November 2023

Notes
Investment income
Income received
3
Total income and endowments
Expenditure on:
Costs of raising funds
Investment management costs
4
Charitable activities
5
Total expenditure
Net gains/(losses) on currency exchange
Net gains/(losses) on investments
6
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2023
Unrestricted
Funds
£
30,849.26
30,849.26
18,158.43
109,205.92
( 127,364.35)
3,406.09
( 11,821.17)
( 8,415.08)
( 104,930.17)
1,550,133.92
1,445,203.75		 2022
Total
£
27,438
27,438
18,370
139,200
( 157,570)
( 46,762)
( 100,911)
( 147,673)
( 277,805)
1,827,939
1,550,134

Page 6

The David Webster Charitable Trust Dated 27 November 1995

Balance Sheet

for the year ended 27 November 2023

Notes
Fixed Assets
Listed investments at market value
6
Total Fixed Assets
Current Assets
Balance with bank
Balance with investment managers
Total current assets
Current Liabilities
Creditors: Amounts falling due within one year
7
Net Current Assets
Total Net Assets
The Funds of the Charity:
Unrestricted Income Funds
Total Charity Funds		 2023
£
£
-
-
9,184.91
1,445,738.84
1,454,923.75
9,720.00
9,720.00
1,445,203.75
1,445,203.75
1,445,203.75
1,445,203.75		 2022
£
£
1,404,757
1,404,757
27,121
206,791
233,912
88,535
88,535
145,377
1,550,134
1,550,134
1,550,134

Approved by the trustees on ............................... and signed on their behalf by ............................................... (Trustee).

Page 7

The David Webster Charitable Trust Dated 27 November 1995

Notes to the Accounts (Contd...) for the year ended 27 November 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared to give a ‘true and fair’ view and have therefore necessarily departed from the extant 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: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Statement of Recommended Practice: Accounting and Reporting by Charities effective from 1 April 2005.

The financial statements do not include a cash flow statement because the charity as a reporting"small charity" is exempt from the requirement to prepare such a statement.

The trust is a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.

In future years, the key risks to the charity are fluctuation in the value of their investment and a fall in investment income but the trustees have arrangements in place to mitigate those risks by delegating the management of the portfolio to professional managers and regularly review their performance.

c) Funds Structure

Unrestricted funds represent the income arising from the endowment, and the trustees aim to expend the income for charitable purposes within a reasonable period of receipt.

d) Income recognition

All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of income can be measured with sufficient reliability.

Donations are recognised when the charity has been notified of both the amount and settlement date. Dividend income and interest from investment managers are received and shown gross.

e) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.

The trustees do not employ fundraisers and therefore the only cost of generating funds are the fees payable to the fund managers for the management and holding of the investments which produce the bulk of the charity's income.

All expenditure is accounted for on an accrual basis.

Grants payable are charged in the statement for financial activities in the year in which the grant is authorised by the trustees.

No remuneration has been paid to the trustees and they have not incurred any expenses during the year. No staff are employed by the Charity.

Page 8

The David Webster Charitable Trust Dated 27 November 1995

Notes to the Accounts (Contd...)

for the year ended 27 November 2023

e) Expenditure recognition (continued)

The costs of raising funds consist of investment management costs.

f) Charitable activities

Costs of charitable activities include grants made, governance costs and administration cost in the pursuit of the charitable objects of the charity.

g) Cash at bank

Cash at bank is held to meet the day to day running costs of the charity as they fall due.

h) Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

i) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

j) Realised gains and losses

Realised gains represent the profit by comparing the net proceeds of sale of investment with the market value of that investment as at 27 November 2022 or subsequent cost.

Unrealised gains represent the difference in market value at 27 November 2023 as compared with the market value at 27 November 2022 or subsequent cost.

2. Related party transactions and trustees’ expenses and remuneration

The charity’s trustees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties. During the year the trustees' remuneration and re-imbursed costs were £nil (2022: £nil).

During the year the Charity received dividends of £nil (2022: £nil) from Brent Lighting Limited. The David Webster Charitable Trust owns 23.35% of the shares in Brent Lighting Limited. The Trustees of David Webster Charitable Trust own the remaining 76.65% either personally, or as trustee of family settlements.

Page 9

The David Webster Charitable Trust Dated 27 November 1995

Notes to the Accounts (Contd...)

for the year ended 27 November 2023

3. Investment income
2023
£
UK dividends and interest
26,750.99
Interest
4,098.27
30,849.26
4. Cost of raising funds
2023
£
Investment management charges
18,158.43
The investment management costs are all attributable to endowment funds.
5. Charitable activities
2023
Grants to institutions
£
Bat Conservation Trust
2,000.00
Birdlife International
-
Isabel Hospice
95,000.00
97,000.00
Classification of donations
Animals (1)
2,000.00
Human Services (1)
95,000.00
International
-
97,000.00
Analysis of charitable expenditure :
Governance costs
2023
£
Accountant's charges
9,600.92
Independent examination fees
2,520.00
Bank charges
85.00
12,205.92
Total charitable activities
109,205.92
6. Fixed asset investments
2023
Movement in fixed asset listed investments
£
Market value at 27 November 2022
1,404,757.00
Purchases
200,845.69
Disposals
( 1,593,781.52)
Net realised investment gains/(losses)
40,311.64
Net unrealised investment gains/(losses)
( 52,132.81)
Market value at 27 November 2023
-
Historical cost at 27 November 2023
-		 2022
£
27,385
53
27,438
2022
£
18,370
2022
£
2,000
55,000
75,000
132,000
2,000
75,000
55,000
132,000
2022
£
4,800
2,400
-
7,200
139,200
2022
£
1,715,127
716,168
( 925,627)
36,812
( 137,723)
1,404,757
1,351,529

All investments are carried at their fair value. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

Page 10

The David Webster Charitable Trust Dated 27 November 1995

Notes to the Accounts (Contd...) for the year ended 27 November 2023

The main risk to the Trust from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity manages these investment risks by retaining expert advisors.

7. Analysis of liabilities
Amount falling due within one year
Donation
Accountancy fees
Mercer and Hole LLP
RSM UK Limited
Independent examination fees
Mercer and Hole LLP
RSM UK Limited
8. Control
The trust is controlled by the trustees.
9. Analysis of net assets between funds
Unrestricted
Prior year comparative
Unrestricted		 Fixed Assets
-
-
Fixed Assets
1,404,757.00
1,404,757.00		 2023
£
-
7,200.00
-
2,520.00
-
9,720.00
Net Current
Assets/Liabilities
1,445,203.75
1,445,203.75
Net Current
Assets/Liabilities
145,376.92
145,376.92		 2022
£
75,000
4,800
3,222
2,400
3,113
88,535
Total
1,445,203.75
1,445,203.75
Total
1,550,133.92
1,550,133.92

Page 11

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

3i Infrastructure
Ordinary No Par Value
12/01/2023 Dividend - paid gross
12/01/2023 Dividend - paid gross
12/04/2023 Purchase
10/07/2023 Dividend - paid gross
16/08/2023 Purchase
06/11/2023 Sale
Balanced Comm Property Trust
Ordinary GBP0.01
30/11/2022 Dividend - paid gross
20/12/2022 Sale
30/12/2022 Dividend - paid gross
10/01/2023 Sale
17/01/2023 Sale
20/01/2023 Sale
31/01/2023 Dividend - paid gross
28/02/2023 Dividend - paid gross
31/03/2023 Dividend - paid gross
28/04/2023 Dividend - paid gross
31/05/2023 Dividend - paid gross
30/06/2023 Dividend - paid gross
31/07/2023 Dividend - paid gross
31/08/2023 Dividend - paid gross
29/09/2023 Dividend - paid gross
31/10/2023 Dividend - paid gross
06/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
5,424
16,067.25
648
2,064.95
322
972.97
(6,394)
(19,105.17)
0
0.00
12,755
8,512.72
(364)
(242.93)
(1,024)
(683.42)
(504)
(336.37)
(378)
(252.28)
(10,485)
(6,997.72)
0
0.00		 2,064.95
972.97
3,037.92
0.00		 19,560.60
19,560.60
349.31
942.50
457.62
340.40
7,251.99
9,341.82		 455.43
455.43
0
106.38
259.08
121.25
88.12
254.27
829.10
0		 292.90
9.49
338.51
640.90
40.82
40.82
33.55
33.55
33.55
33.55
33.55
33.55
33.55
33.55
33.55
36.90
420.49

Page 12

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Blackrock Asset Mgmt Ireland Ltd
Ics GBP Liquidity Premier Dist
06/06/2023 Purchase
03/07/2023 Dividend - paid gross
01/08/2023 Dividend - paid gross
01/09/2023 Dividend - paid gross
02/10/2023 Dividend - paid gross
01/11/2023 Dividend - paid gross
03/11/2023 Sale
Dodge & Cox Worldwide
Global Stock Fund USD Acc Cls
09/02/2023 Sale
04/05/2023 Sale
30/06/2023 Excess Reportable Income
30/06/2023 Cost write up - acc unit
05/07/2023 Sale
31/07/2023 Sale
07/11/2023 Sale
Empiric Student Prop Plc
GBP0.01
28/11/2022 Dividend - paid gross
14/04/2023 Dividend - paid gross
23/06/2023 Dividend - paid gross		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
92,638.22000
92,638.22
(92,638.22000)
(92,638.22)
0.00000
0.00
3,359.88900
57,607.08
(243.70500)
(4,178.45)
(500.85600)
(8,587.44)
822.47
(91.60300)
(1,599.39)
(42.27300)
(738.09)
(2,481.45200)
(43,326.18)
0.00000
0.00
7,036
6,627.09		 92,638.22
92,638.22
822.47
822.47		 92,638.22
92,638.22
6,150.20
12,015.45
2,223.80
1,075.97
61,426.27
82,891.69		 0.00
0
1,971.75
3,428.01
624.41
337.88
18,100.09
24,462.14
0		 289.77
378.71
394.79
397.76
417.15
1,878.18
822.47
822.47
35.18
49.26
45.74

Page 13

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Empiric Student Prop Plc
GBP0.01
04/07/2023 Purchase
22/09/2023 Dividend - paid gross
06/11/2023 Sale
Etfs Metal Securities Ltd
Etfs Physical Gold (Gbp)
19/12/2022 Purchase
06/11/2023 Sale
Fundsmith Llp
Equity I Instl Acc Nav
09/02/2023 Sale
28/02/2023 Dividend - accumulation unit
28/02/2023 Cost write up - acc unit
11/04/2023 Sale
09/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
491
416.68
(7,527)
(7,043.77)
0
0.00
38
5,801.16
43
6,289.46
(81)
(12,090.62)
0
0.00
28,926.13000
158,690.79
(943.58000)
(5,176.55)
83.59
(1,695.54000)
(9,306.92)
(26,287.01000)
(144,290.91)
0.00000
0.00		 416.68
416.68
6,289.46
6,289.46
83.59
83.59		 6,673.11
6,673.11
12,908.95
12,908.95
5,843.59
10,719.88
163,536.75
180,100.22		 (370.66)
(370.66)
0
818.33
818.33
0
667.04
1,412.96
19,245.84
21,325.84
0		 48.93
179.11
0.00
83.59
0.00
83.59

Page 14

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Gcp Asset Backed Income Fund Ltd
Ordinary No Par Value
09/12/2022 Dividend - paid gross
03/03/2023 Dividend - paid gross
12/04/2023 Purchase
12/06/2023 Dividend - paid gross
03/07/2023 Purchase
16/08/2023 Purchase
25/08/2023 Dividend - paid gross
06/11/2023 Sale
Gore Street Energy Storage Fund Plc
Ordinary GBP0.01
13/01/2023 Dividend - paid gross
11/04/2023 Dividend - paid gross
12/04/2023 Purchase
17/07/2023 Dividend - paid gross
16/08/2023 Purchase
04/09/2023 Purchase
20/10/2023 Dividend - paid gross
20/10/2023 Dividend - paid gross
06/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
9,103
8,673.87
1,758
1,264.17
1,337
866.81
686
415.94
(12,884)
(11,220.79)
0
0.00
13,898
15,653.96
1,385
1,406.60
1,157
1,092.47
2,828
2,317.55
(19,268)
(20,470.58)
0
0.00		 1,264.17
866.81
415.94
2,546.92
1,406.60
1,092.47
2,317.55
4,816.62		 7,137.52
7,137.52
13,537.63
13,537.63		 (4,083.27)
(4,083.27)
0
(6,932.95)
(6,932.95)
0		 143.94
143.94
171.74
192.88
652.50
277.96
277.96
229.25
109.83
275.53
1,170.53

Page 15

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Greencoat Renewables Plc
EUR0.01
02/12/2022 Dividend - paid gross
24/02/2023 Dividend - paid gross
12/04/2023 Purchase
02/06/2023 Dividend - paid gross
04/07/2023 Purchase
01/09/2023 Dividend - paid gross
06/11/2023 Sale
Greencoat UK Wind Plc
Ordinary GBP0.01
28/11/2022 Dividend - paid gross
10/01/2023 Sale
24/02/2023 Dividend - paid gross
12/04/2023 Purchase
26/05/2023 Dividend - paid gross
04/07/2023 Purchase
25/08/2023 Dividend - paid gross
06/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
9,262
9,735.13
745
736.22
1,131
979.53
(11,138)
(11,450.88)
0
0.00
9,944
13,502.92
(282)
(382.93)
307
498.54
1,291
1,849.88
(11,260)
(15,468.41)
0
0.00		 736.22
979.53
1,715.75
498.54
1,849.88
2,348.42		 8,685.90
8,685.90
427.47
15,387.44
15,814.91		 (2,764.98)
(2,764.98)
0
44.54
(80.97)
(36.43)
0		 92.42
94.02
103.97
114.58
404.99
191.92
186.48
218.32
246.59
843.31

Page 16

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Gresham House Energy Storage Fd Plc
Ordinary GBP0.01
16/12/2022 Dividend - paid gross
16/12/2022 Dividend - paid gross
27/03/2023 Dividend - paid gross
27/03/2023 Dividend - paid gross
12/04/2023 Purchase
08/06/2023 Dividend - paid gross
08/06/2023 Dividend - paid gross
04/07/2023 Purchase
16/08/2023 Purchase
29/09/2023 Dividend - paid gross
29/09/2023 Dividend - paid gross
06/11/2023 Sale
Hipgnosis Songs Fund Ltd
Ordinary No Par Value
31/01/2023 Dividend - paid gross
12/04/2023 Purchase
13/04/2023 Purchase
28/04/2023 Dividend - paid gross
04/07/2023 Purchase
28/07/2023 Dividend - paid gross
16/08/2023 Purchase
06/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
8,678
13,506.91
1,063
1,697.33
984
1,427.84
1,845
2,323.63
(12,570)
(18,955.71)
0
0.00
24,875
28,034.36
647
547.75
2,271
1,984.75
757
603.47
597
481.97
(29,147)
(31,652.30)
0
0.00		 1,697.33
1,427.84
2,323.63
5,448.80
547.75
1,984.75
603.47
481.97
3,617.94		 10,803.79
10,803.79
21,120.01
21,120.01		 (8,151.92)
(8,151.92)
0
(10,532.29)
(10,532.29)
0		 56.41
95.46
49.47
102.40
32.88
146.12
42.42
188.55
713.71
326.48
326.48
364.78
1,017.74

Page 17

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Impact Healthcare REIT plc
Registered shares
28/11/2022 Dividend - paid gross
24/02/2023 Dividend - paid gross
13/04/2023 Purchase
19/05/2023 Dividend - paid gross
04/07/2023 Purchase
20/09/2023 Dividend - paid gross
06/11/2023 Sale
24/11/2023 Dividend - paid gross
Ishares
USD Treasury 1-3yr Ucits GBP Dist Hdg
30/01/2023 Purchase
29/03/2023 Dividend - paid gross
04/04/2023 Purchase
03/05/2023 Purchase
18/08/2023 Sale
27/09/2023 Dividend - paid gross
06/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
11,299
11,883.15
2,361
2,319.43
537
487.30
(14,197)
(14,689.88)
0
0.00
1,300.00000
6,108.06
976.00000
4,560.56
344.00000
1,612.46
(1,298.00000)
(6,084.29)
(1,322.00000)
(6,196.79)
0.00000
0.00		 12,433.61
12,433.61
6,041.68
6,098.62
12,140.30		 (2,256.27)
(2,256.27)
0
(42.61)
(98.17)
(140.78)
0		 147.79
147.79
184.96
192.22
192.22
864.98
73.19
106.95
180.14

Page 18

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Ishares Ii Plc
Ishares Treasury Bond 7-10
30/01/2023 Purchase
03/05/2023 Purchase
30/05/2023 Dividend - paid gross
18/08/2023 Purchase
06/11/2023 Sale
Ishares Ii Plc
Ishares Ftse Epra/nareit Gbl Prpty USD
30/11/2022 Dividend - paid gross
19/12/2022 Sale
28/02/2023 Dividend - paid gross
30/04/2023 Excess Reportable Income
30/04/2023 Cost write up - acc unit
30/05/2023 Dividend - paid gross
31/08/2023 Dividend - paid gross
30/10/2023 Purchase
06/11/2023 Sale
Ishares Ii Plc
USD Tips Ucits GBP Dis Hdg
30/11/2022 Dividend - paid gross
28/02/2023 Dividend - paid gross
30/05/2023 Dividend - paid gross		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
62.00000
9,093.36
27.00000
3,956.75
53.00000
7,151.84
(142.00000)
(20,201.95)
0.00000
0.00
1,843.00000
32,072.21
(244.00000)
(4,246.13)
11.88
343.00000
5,469.06
(1,942.00000)
(33,307.02)
0.00000
0.00
4,996.00000
25,598.74		 9,093.36
3,956.75
7,151.84
20,201.95
11.88
5,469.06
5,480.94		 19,583.66
(618.29)
19,583.66
(618.29)
0
4,523.62
277.49
32,159.58
(1,147.44)
36,683.20
(869.95)
0		 183.06
183.06
250.75
217.74
11.88
266.41
237.46
984.24
89.93
60.95
126.40

Page 19

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Ishares Ii Plc
USD Tips Ucits GBP Dis Hdg
31/08/2023 Dividend - paid gross
06/11/2023 Sale
Ishares Iii Plc
Msci Japan (Acc)usd(Gbx)
04/04/2023 Sale
30/04/2023 Excess Reportable Income
30/04/2023 Cost write up - acc unit
28/07/2023 Sale
06/11/2023 Sale
Ishares Iv Plc
Edge Msci Wrld Val Fac Ucits Etf Usd Dis
30/12/2022 Dividend - paid gross
04/04/2023 Sale
03/05/2023 Sale
28/06/2023 Dividend - paid gross
06/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
(4,996.00000)
(25,598.74)
0.00000
0.00
1,296.00000
47,239.15
(59.00000)
(2,150.55)
842.98
(17.00000)
(631.23)
(1,220.00000)
(45,300.35)
0.00000
0.00
11,785.00000
44,377.43
(374.00000)
(1,408.33)
(3,600.00000)
(13,556.11)
(7,811.00000)
(29,412.99)
0.00000
0.00		 0.00
842.98
842.98
0.00		 23,699.01
23,699.01
2,181.17
644.54
47,346.19
50,171.90
1,455.00
14,044.78
30,814.49
46,314.27		 (1,899.73)
(1,899.73)
0
30.62
13.31
2,045.84
2,089.77
0
46.67
488.67
1,401.50
1,936.84
0		 89.93
367.21
842.98
842.98
590.82
656.80
1,247.62

Page 20

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Ishares Vii Plc
Ishares Ftse 100 Ucits Etf (Acc)
31/01/2023 Excess Reportable Income
Ishares Vii Plc
Ishares S&p 500-B Ucits Etf (Acc)
31/01/2023 Excess Reportable Income
31/01/2023 Cost write up - acc unit
03/05/2023 Sale
03/07/2023 Sale
28/07/2023 Sale
06/11/2023 Sale
Jlen Environmental Assets Group Ltd
Ordinary No Par Value
20/12/2022 Sale
30/12/2022 Dividend - paid gross
24/03/2023 Dividend - paid gross
12/04/2023 Purchase
23/06/2023 Dividend - paid gross
04/07/2023 Purchase
16/08/2023 Purchase
22/09/2023 Dividend - paid gross
06/11/2023 Sale		 Holding
Book		 Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
0.00000
0.00
732.00000
243,664.44
3,721.38
(67.00000)
(22,643.24)
(36.00000)
(12,166.52)
(4.00000)
(1,351.84)
(625.00000)
(211,224.22)
0.00000
0.00
7,770
9,193.82
(358)
(423.60)
594
717.98
1,001
1,059.62
558
566.49
(9,565)
(11,114.31)
0
0.00		 0.00
3,721.38
3,721.38
717.98
1,059.62
566.49
2,344.09		 0.00
22,916.82
12,981.53
1,476.55
225,942.77
263,317.67
433.02
8,149.99
8,583.01		 0.00
0
273.58
815.01
124.71
14,718.55
15,931.85
0
9.42
(2,964.32)
(2,954.90)
0		 1,700.03
1,700.03
3,721.38
3,721.38
139.08
131.93
143.31
180.78
595.10

Page 21

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Kba Consulting Management Limited
Atlas Gbl Infrstr B USD Dis Hgd
22/12/2022 Sale
10/01/2023 Dividend - paid gross
12/04/2023 Sale
10/07/2023 Dividend - paid gross
09/11/2023 Sale
Lord Abbett Global Funds I Plc
Lord Abbett Short Dur Inc J GBP Hgd Dis
01/12/2022 Dividend - paid gross
03/01/2023 Dividend - paid gross
01/02/2023 Dividend - paid gross
01/03/2023 Dividend - paid gross
03/04/2023 Dividend - paid gross
02/05/2023 Dividend - paid gross
01/06/2023 Dividend - paid gross
03/07/2023 Dividend - paid gross
01/08/2023 Dividend - paid gross
01/09/2023 Dividend - paid gross
02/10/2023 Dividend - paid gross
01/11/2023 Dividend - paid gross
07/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
528.76680
48,783.03
(54.30010)
(5,009.63)
(99.40980)
(9,171.36)
(375.05690)
(34,602.04)
0.00000
0.00
619.38500
5,723.12
(619.38500)
(5,723.12)
0.00000
0.00		 0.00
0.00		 5,501.26
10,226.39
34,757.30
50,484.95
5,543.50
5,543.50		 491.63
1,055.03
155.26
1,701.92
0
(179.62)
(179.62)
0		 590.99
947.68
1,538.67
15.75
15.73
17.05
16.04
19.08
18.52
20.59
19.68
19.22
22.49
20.29
22.13
226.57

Page 22

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Morgan Stanley Investment Funds
Global Brands Z USD Acc Nav
06/04/2023 Sale
06/07/2023 Sale
01/08/2023 Sale
08/11/2023 Sale
Oakley Capital Investments Ltd
Ordinary GBP0.01
26/04/2023 Dividend - paid gross
25/10/2023 Dividend - paid gross
06/11/2023 Sale
Pimco Funds Global Investors Series
Global Inv Grade Cred Hdgd Instl Inc Nav
19/12/2022 Purchase
12/01/2023 Dividend - paid gross
31/01/2023 Sale
17/04/2023 Dividend - paid gross
02/05/2023 Sale
13/07/2023 Dividend - paid gross
12/10/2023 Dividend - paid gross
06/11/2023 Sale		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
2,359.59400
165,007.35
(18.70400)
(1,307.98)
(18.76300)
(1,312.10)
(9.67200)
(676.37)
(2,312.45500)
(161,710.90)
0.00000
0.00
2,069
7,569.99
(2,069)
(7,569.99)
0
0.00
4,035.63900
47,035.68
198.24500
2,256.03
(1,099.97200)
(12,806.09)
(424.99600)
(4,947.89)
(2,708.91600)
(31,537.73)
0.00000
0.00		 0.00
0.00
2,256.03
2,256.03		 1,433.56
1,484.37
781.22
181,633.78
185,332.93
8,750.39
8,750.39
12,605.68
4,823.70
29,527.18
46,956.56		 125.58
172.27
104.85
19,922.88
20,325.58
0
1,180.40
1,180.40
0
(200.41)
(124.19)
(2,010.55)
(2,335.15)
0		 0.00
46.55
46.55
93.10
357.60
321.93
278.94
276.88		 0.00
46.55
46.55
0.00
93.10
1,235.35

Page 23

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Princess Private Equity Hldgs
Ordinary EUR0.001
12/04/2023 Purchase
02/06/2023 Dividend - paid gross
06/11/2023 Sale
Round Hill Music Royalty Fund Ltd
Ordinary No Par Value
12/12/2022 Dividend - paid gross
24/03/2023 Dividend - paid gross
12/04/2023 Purchase
30/06/2023 Dividend - paid gross
15/09/2023 Dividend - paid gross
27/10/2023 Dividend - paid gross
14/11/2023 Sale
Sdcl Energy Efficiency Inc Tst Plc
Ordinary GBP0.01
21/12/2022 Dividend - paid gross
31/03/2023 Dividend - paid gross
13/04/2023 Purchase
30/06/2023 Dividend - paid gross
04/07/2023 Purchase
16/08/2023 Purchase
29/09/2023 Dividend - paid gross		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
788
9,032.35
145
1,198.93
(933)
(10,231.28)
0
0.00
9,741
7,426.86
5,510
2,852.38
(15,251)
(10,279.24)
0
0.00
14,528
16,992.49
3,330
3,009.47
2,154
1,622.43
789
588.66		 1,198.93
1,198.93
2,852.38
2,852.38
3,009.47
1,622.43
588.66		 8,026.82
8,026.82
14,081.61
14,081.61		 (2,204.46)
(2,204.46)
0
3,802.37
3,802.37
0		 293.93
293.93
90.35
88.39
133.57
141.09
61.04
514.44
217.92
217.92
267.87
324.50

Page 24

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

Sdcl Energy Efficiency Inc Tst Plc
Ordinary GBP0.01
06/11/2023 Sale
Target Healthcare Reit Plc
Ordinary GBP1
28/11/2022 Dividend - paid gross
24/02/2023 Dividend - paid gross
12/04/2023 Purchase
13/04/2023 Purchase
26/05/2023 Dividend - paid gross
16/08/2023 Purchase
25/08/2023 Dividend - paid gross
25/08/2023 Dividend - paid gross
06/11/2023 Sale
The Renewables Infrastructure Grp
Ordinary No Par Value
30/12/2022 Dividend - paid gross
31/03/2023 Dividend - paid gross
12/04/2023 Purchase
30/06/2023 Dividend - paid gross
04/07/2023 Purchase
07/07/2023 Purchase
04/09/2023 Purchase		 Holding
Book Value
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
(20,801)
(22,213.05)
0
0.00
11,992
13,504.67
708
530.40
4,795
3,686.18
596
426.09
(18,091)
(18,147.34)
0
0.00
11,362
15,139.64
1,080
1,393.15
650
745.94
1,103
1,291.65
709
780.33		 5,220.56
530.40
3,686.18
426.09
4,642.67
1,393.15
745.94
1,291.65
780.33		 12,868.38
12,868.38
14,356.07
14,356.07		 (9,344.67)
(9,344.67)
0
(3,791.27)
(3,791.27)
0
1,028.21
162.13
162.13
195.94
166.55
36.74
723.49
194.29
194.29
223.33

Page 25

Trustees of the David Webster Charitable Trust

Schedule of Investments and Income

Year ended 27th November 2023

The Renewables Infrastructure Grp
Ordinary No Par Value
29/09/2023 Dividend - paid gross
06/11/2023 Sale
Tt International Funds
Emerging Markets Equity A2 USD
09/02/2023 Sale
05/04/2023 Purchase
07/11/2023 Sale
Veritas Funds Plc
Global Focus D GBP Dis
06/04/2023 Sale
06/07/2023 Purchase
01/08/2023 Sale
05/10/2023 Dividend - paid gross
08/11/2023 Sale
TOTAL:		 Holding Book Value
£		 Cost
£		 Cost
£		 Proceeds
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£		 Profit
Market Value
Net Income
(Loss)
27/11/2023
£
£
£
(14,904)
0
12,069.70000
(588.92000)
693.16000
(12,173.94000)
0.00000
2,478.73000
(80.37000)
7.46000
(34.09000)
(2,371.73000)
0.00000		 (19,350.71)
0.00
128,847.40
(6,286.88)
6,829.71
(129,390.23)
0.00
131,119.43
(4,251.40)
472.37
(1,804.39)
(125,536.01)
0.00
0.00		 (4,067.86)
(4,067.86)
0
(27.94)
(15,278.71)
(15,306.65)
0
811.11
398.85
24,784.24
25,994.20
0
42,011.67		 254.80
4,211.07 866.71
6,829.71 0.00
716.26
6,829.71 0.00
472.37
472.37 716.26
199,145.66 26,750.99

Page 26