The David Webster Charitable Trust (Registered Charity No. 1055111)
Accounts
for the year ended 27 November 2024
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
The David Webster Charitable Trust
Trustees Annual Report
for the year ended 27 November 2024
The trustees present their annual report and financial statements of the charity for the year ended 27 November 2024. 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 FCA Mercer & Hole LLP 72 London Road St Albans, Hertfordshire AL1 1NS
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The David Webster Charitable Trust
Trustees Annual Report
for the year ended 27 November 2024 (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 Nedbank as their investment managers.
If new or additional trustees are appointed they will be encouraged to receive appropriate training depending on their qualifications and experience.
Nedbank 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.
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The David Webster Charitable Trust
Trustees Annual Report
for the year ended 27 November 2024 (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 £202,000 (2023: £97,000). Financial review
Financial review: Total income was £56,781.94 (2023: £30,849) with expenditure amounting to £207,305 (2023: £127,364). Net assets at the end of the year were £1,291,732.06 (2023: £1,445,204). 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.
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The David Webster Charitable Trust
Trustees Annual Report
for the year ended 27 November 2024 (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:
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a) select suitable accounting policies and then apply them consistently;
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b) observe the methods and principles in the Charities SORP 2019 (FRS102);
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c) make judgements and estimates that are reasonable and prudent;
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d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the 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.
Signed: .......................................................... on behalf of Trustees
Dated: ......................................
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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 2024 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:
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Accounting records were not kept in respect of the Charity as required be section 130 of the Act; or
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The accounts do not accord with those records; or
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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 72 London Road St Albans, Hertfordshire AL1 1NS
Date:
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The David Webster Charitable Trust Dated 27 November 1995
Statement of Financial Activities
for the year ended 27 November 2024
| 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 9 |
2024 Unrestricted Funds £ 56,781.94 56,781.94 - 207,305.00 ( 207,305.00) ( 2,948.63) - ( 2,948.63) ( 153,471.69) 1,445,203.75 1,291,732.06 |
2023 Total £ 30,849 30,849 18,158 109,206 ( 127,364) 3,406 ( 11,821) ( 8,415) ( 104,930) 1,550,134 1,445,204 |
|---|---|---|
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The David Webster Charitable Trust Dated 27 November 1995
Balance Sheet
for the year ended 27 November 2024
| 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 9 |
2024 £ £ - - 7,184.91 1,289,947.15 1,297,132.06 5,400.00 5,400.00 1,291,732.06 1,291,732.06 1,291,732.06 1,291,732.06 |
2023 £ £ - - 9,185 1,445,739 1,454,924 9,720 9,720 1,445,204 1,445,204 1,445,204 1,445,204 |
|---|---|---|
Approved by the trustees on ............................... and signed on their behalf by ............................................... (Trustee).
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The David Webster Charitable Trust Dated 27 November 1995
Notes to the Accounts (Contd...)
for the year ended 27 November 2024
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.
- b) Going concern
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.
The costs of raising funds consist of investment management costs.
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The David Webster Charitable Trust Dated 27 November 1995
Notes to the Accounts (Contd...) for the year ended 27 November 2024
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 (2023: £nil).
During the year the Charity received dividends of £nil (2023: £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.
As at the balance sheet date, the trustees held 60,512 shares in Brent Lighting Ltd. These shares were previously considered to be of negligible value and have previously been written down to a nil book value in these accounts.
In February 2025 the trustees received £87,752.55 from Brent Lighting Ltd in advance of the company being liquidated. Mercer & Hole Corporate Restructuring have been appointed to carry out the liquidation process.
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The David Webster Charitable Trust Dated 27 November 1995
Notes to the Accounts (Contd...)
for the year ended 27 November 2024
| 3. Investment income 2024 £ UK dividends and interest 27.05 Interest 56,754.89 56,781.94 4. Cost of raising funds 2024 £ Investment management charges - The investment management costs are all attributable to endowment funds. 5. Charitable activities 2024 Grants to institutions £ Bat Conservation Trust 2,000.00 Isabel Hospice 100,000.00 Waterlife Recovery Fund 100,000.00 202,000.00 Classification of donations Animals (2) 102,000.00 Human Services (1) 100,000.00 202,000.00 Analysis of charitable expenditure : Governance costs 2024 £ Accountant's charges 3,480.00 Independent examination fees 1,800.00 Bank charges 25.00 5,305.00 Total charitable activities 207,305.00 6. Fixed asset investments 2024 Movement in fixed asset listed investments £ Market value at 27 November 2022 - Purchases - Disposals - Net realised investment gains/(losses) - Net unrealised investment gains/(losses) - Market value at 27 November 2023 - Historical cost at 27 November 2023 - |
2023 £ 26,751 4,098 30,849 2023 £ 18,158 2023 £ 2,000 95,000 - 97,000 2,000 95,000 97,000 2023 £ 9,601 2,520 85 12,206 109,206 2023 £ 1,404,757 200,846 ( 1,593,782) 40,312 ( 52,133) - 1,351,529 |
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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).
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The David Webster Charitable Trust Dated 27 November 1995
Notes to the Accounts (Contd...) for the year ended 27 November 2024
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 Accountancy fees Mercer and Hole LLP Independent examination fees Mercer and Hole LLP |
2024 £ 3,600.00 1,800.00 5,400.00 |
2023 £ 7,200 2,520 9,720 |
|---|---|---|
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 - - |
Net Current Assets/Liabilities 1,291,732.06 1,291,732.06 Net Current Assets/Liabilities 1,445,204 1,445,204 |
Total 1,291,732.06 1,291,732.06 Total 1,445,204 1,445,204 |
|---|---|---|---|
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