REGISTERED CHARITY NUMBER: 1063669
Report of the Trustees and
Financial Statements for the Year Ended 5 April 2025
for
Sir Donald & Lady Edna Wilson Charitable Trust
Ellis & Co (Accountants & Business Advisers) Ltd Chartered Accountants and Statutory Auditors 114-120 Northgate Street Chester CH1 2HT
Sir Donald & Lady Edna Wilson Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2025
| Page | Page | ||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 3 |
| Report ofthe Independent Auditors | 4 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Statement of Financial Position | 9 | ||
| NotestotheFinancialStatements | 10 | to | 15 |
Charitable Trust
Sir Donald & Lady Edna Wilson
Report of the Trustees for the Year Ended 5 April 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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 lreland (FRS 102) (effective 1 January 2019).
Objectives and activities
Objectives and aims
The objectives of the charity are to make payments to charities which provide relief for the elderly, support the vulnerable (such as young children or anyone with special needs) or hardship; provide for the advancement of education or the advancement of the Christian religion; and other charitable purposes for the benefit of the community.
Significant activities
Directed by its trustees, the charity continued in pursuit of its primary aim to make donations to charities and charitable institutions which fall within its objectives.
During the year charities that support vulnerable children and benefit the community have been specifically identified. The charity has also made smaller donations to many other charities.
Public benefit
The trustees have referred to advice contained in the Charity Commission's general guidance on public benefit when reviewing aims and objectives, and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives which they have set.
Financial review
Financial position
Resources incoming to the charity were dividend and interest income from the share portfolio, rental income from investment property and donations from Watergate Properties (Ellesmere) Limited.
As with previous years the charity made donations to charities and charitable institutions.
The trustees consider that there are no major risks or uncertainties facing the charity.
Investment policy and objectives
The investment portfolio is held with Canaccord Genuity Wealth Management and has_ the objective of creating income and maintaining real value of capital.
Reserves policy
There were significant reserves of £7,009,797 as at 5 April 2025.
Structure, governance and management Governing document
The charity is controlled by its governing document, a deed of trust dated 21 May 1997, and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
New trustees are proposed in a trustees' meeting, with all current trustees agreeing on the appointment of the new trustee.
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Sir Donald & Lady Edna Wilson Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
Structure, governance and management
Organisational structure
The trustees meet at least once a quarter to manage the affairs of the charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have conducted their own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions.
Reference and administrative details Registered Charity number 1063669
Principal address
12 Grosvenor Road Wrexham LL11 1BU
Trustees
G V Kelly E G Rees L B Probert
Auditors
Ellis & Co (Accountants & Business Advisers) Ltd Chartered Accountants and Statutory Auditors 114-120 Northgate Street Chester CH1 2HT
Solicitors Gittins McDonald 12 Grosvenor Road Wrexham LL11 1BU
Investment Managers Canaccord Genuity Wealth Management Anson House 1 Cae'r Llynen Llandudno Junction Conwy LL31 9LS
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Sir Donald & Lady Edna Wilson Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
Trustees’ responsibility statement
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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- make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (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. st Ly Approved by order of the board of trustees on 1 Ocalbby 20 25725— and signed on its behalf by:
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Report of the Independent Auditors to the Trustees of Sir Donald & Lady Edna Wilson Charitable Trust
Opinion
We have audited the financial statements of Sir Donald & Lady Edna Wilson Charitable Trust (the ‘charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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- have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Report of the Independent Auditors to the Trustees of Sir Donald & Lady Edna Wilson Charitable Trust
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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- we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of Sir Donald & Lady Edna Wilson Charitable Trust
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
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the nature of the charity, the control environment and results
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results of our enquiries of management about their own identification and assessment of the risks of irregularities
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any matters we identified having obtained and reviewed documentation of policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance
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detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud
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- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
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the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
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posting of journals and unusual transactions during and post year end
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reviewing the purchase and valuation of the investment property
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the completeness of revenue and payment of donations. In common with all audits under ISA (UK), we are also required to perform specific procedures to respond to the risk of management override.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of Sir Donald & Lady Edna Wilson Charitable Trust
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so_ that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
CU «Cs.
Ellis & Co (Accountants & Business Advisers) Ltd Chartered Accountants and Statutory Auditors 114-120 Northgate Street Chester CH1 2HT Date: ond LILLE.
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Sir Donald & Lady Edna Wilson Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2025
| 5/4/25 | 5/4/24 | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| fund | funds | |||
| Notes | £ | £ | ||
| Income and endowments from | ||||
| Donations and legacies | 400,000 | 250,000 | ||
| investment income | 4 | 60,997 | 84,071 | |
| Other income | 52,430 | - | ||
| Total | 513,427 | 334,071 | ||
| Expenditure on | ||||
| Raising funds | 5 | 13,725 | 20,092 | |
| Charitable activities | ||||
| Donations | 363,992 | 313,842 | ||
| Other | 15,078 | 14,647 | ||
| Total | 392,795 | 348,581 | ||
| Net gains/(losses) on investments | (91,919) | 202,095 | ||
| NET INCOME | 28,713 | 187,585 | ||
| Reconciliation offunds | ||||
| Total funds brought forward | 6,981,084 | 6,793,499 | ||
| Totalfundscarriedforward | 7,009,797 | 6,981,084 |
The notes form part of these financial statements
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Sir Donald & Lady Edna Wilson Charitable Trust
Statement of Financial Position 5 April 2025
| 5/4/25 | 5/4/24 | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| fund | funds | |||
| Notes | £ | £ | ||
| Fixed assets | ||||
| Investments | ||||
| Investments | 10 | 5,857,101 | 6,950,286 | |
| Investment property | 11 | 1,100,000 | - | |
| 6,957,101 | 6,950,286 | |||
| Current assets | ||||
| Debtors | 12 | 4,883 | 5,961 | |
| Cash at bank | 80,728 | 43,293 | ||
| 85,611 | 49 254 | |||
| Creditors | ||||
| Amounts falling due within one year | 13 | (32,915) | (18,456) | |
| Net current assets | 52,696 | 30,798 | ||
| Total assets less current liabilities | 7,009,797 | 6,981,084 | ||
| NETASSETS | 7,009,797 | 6,981,084 | ||
| Funds | ||||
| Unrestricted funds | 7,009,797 | 6,981,084 | ||
| Totalfunds | 7,009,797 | 6,981,084 |
Therfinancjal[OCR Taestatements were andapproved were signedby onthe itsBoard behalfof by:Trustees and authorised for issue on AZIM(La WA |(oee. E G Rees - Trustee
The notes form part of these financial statements
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Sir Donald & Lady Edna Wilson Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025
1. The charitable trust
The charitable trust is an unincorporated charity controlled by a deed of trust, registered in Wales.
The principal address is: 12 Grosvenor Road
Wrexham LL11 1BU
- Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under historical cost convention with the exception of listed investments which are included at market value.
The charity, as a small charity, is exempt from the obligation to prepare group accounts. Consequently, these accounts present information about the charity as an_ individual undertaking and not as a group.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and _ its compliance with regulation and good practice.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
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Sir Donald & Lady Edna Wilson Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
2. Accounting policies - continued
Fund accounting
Unrestricted funds are available for use in accordance with the charitable objectives at the discretion of the trustees. All funds held by the charity are unrestricted funds.
Fixed asset investments
Shares in group undertakings are recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Where shares in subsidiary undertakings are acquired by way of gift, they are initially recognised at fair value and subsequently stated at initial fair value less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the trustees, there are no critical judgements other than those involving estimates.
The trustees make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
i. Valuation of Investment Property
The trustees consider that the value of the commercial property at 5 April 2025 was £1.1m. The investment property was valued at this amount on an open market value basis by Calon Las Commercial Property Consultants, an appropriate qualified independent valuer on 5 April 2025.
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Sir Donald & Lady Edna Wilson Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
4. Investment income
| 4. | Investment income | ||
|---|---|---|---|
| 5/4/25 | 5/4124 | ||
| £ | £ | ||
| Income from listed investments | 40,242 | 57,943 | |
| Interest receivable | 20,755 | 26,128 | |
| 60,997 | 84,071 | ||
| 5. | Raising funds | ||
| Investment management costs | |||
| 5/4/25 | 5/4/24 | ||
| £ | £ | ||
| Portfolio management | 13,725 | 20,092 | |
| 6. | Auditors’ remuneration | ||
| 5/4/25 | 5/4/24 | ||
| £ | £ | ||
| Fees payable to the charity's auditors for the audit ofthe | |||
| charity'sfinancialstatements | 10,830 | 9,918 |
Additional fees payable to the charity's auditors for accountancy and consultancy services were £4,213 (2024: £4,691).
7. Trustees’ remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees’ expenses
There were no_ trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
8. Employees
The charity had no employees in the current or previous year.
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Sir Donald & Lady Edna Wilson Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
9. Trust deed restrictions
The trust deed stipulates that only 5% of the capital in the trust fund can be distributed each year. These restrictions were complied with during the year.
10. Fixed asset investments
| Fixed asset investments | ||||
|---|---|---|---|---|
| Shares in | ||||
| group | Listed | |||
| undertakingsinvestments | Totals | |||
| £ | £ | £ | ||
| Market value | ||||
| At 6 April 2024 | 4,100,000 | 2,850,286 | 6,950,286 | |
| Additions | - | 527,101 | 527,101 | |
| Disposals | - | (1,557,477) | (1,557,477) | |
| Revaluations | - | (62,809) | (62,809) | |
| At 5 April 2025 | 4,100,000 | 1,757,101 | 5,857,101 | |
| Net book value | ||||
| At 5 April 2025 | 4,100,000 | 1,757,101 | 5,857,101 | |
| At5April2024 | 4,100,000 | 2,850,286 | 6,950,286 |
Shares in group undertakings represents the cost of 100% of the issued share capital in Watergate Properties (Ellesmere) Limited following the gift of shares in 2006 and 2016. For the year ended 5 April 2025, the accounts of Watergate Properties (Ellesmere) Limited included turnover of £211,939, investment income of £77,685, expenditure of £461,849 and a loss on revaluation of assets of £105,475 giving rise to a loss for the year of £277,700. The registered office address of Watergate Properties (Ellesmere) Limited is 12 Grosvenor Road, Wrexham, Wales, LL11 1BU.
Cost or valuation at 5 April 2025 is represented by:
| Shares in | |||||
|---|---|---|---|---|---|
| group | Listed | ||||
| undertakingsinvestments | Totals | ||||
| £ | £ | £ | |||
| Valuation | in | 2025 | - | 1,757,101 | 1,757,101 |
| Cost | 4,100,000 | - | 4,100,000 | ||
| 4,100,000 | 1,757,101 | 5,857,101 |
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Sir Donald & Lady Edna Wilson Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
11. Investment property
£
Fair value Additions 1,129,110 Revaluation (29,110) At 5 April 2025 1,100,000 Net book value At 5 April 2025 1,100,000 At 5 April 2024 - Fair value at 5 April 2025 is represented by: £ Valuation in 2025 1,100,000
The trustees consider that the value of the commercial property at 5 April 2025 was £1.1m. The investment property was valued at this amount on an open market value basis by Calon Las Commercial Property Consultants, an appropriate qualified independent valuer on 5 April 2025.
Leasing agreements
Minimum lease receipts fall due as follows:
| Non-cancellable | Non-cancellable | |
|---|---|---|
| operating lease | ||
| 5/4/25 | 5/4/24 | |
| £ | £ | |
| Within one year | 87,583 | - |
| Between one and five years | 279,030 | - |
| Greater than five years | - | = |
| 366,613 | - |
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Sir Donald & Lady Edna Wilson
Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
12. Debtors: amounts falling due within one year
| 12. | Debtors: amounts falling due within one year | ||
|---|---|---|---|
| 5/4/25 | 5/4/24 | ||
| £ | £ | ||
| Prepayments and accrued income | 4,883 | 5,961 | |
| 13. | Creditors: amounts falling due within one year | ||
| 5/4/25 | 5/4/24 | ||
| £ | £ | ||
| Taxation and social security | 4,379 | - | |
| Other creditors | 28,536 | 18,456 | |
| 32,915 | 18,456 |
14. Related party disclosures
The charity owns 100% of the shares in Watergate Properties (Ellesmere) Limited, a company registered in England & Wales. Donations of £400,000 were received from the company during the year (2024: £250,000).
During the year, the charity engaged Gittins McDonald Limited to act on their behalf for the purchase of some land and buildings. The charity paid legal fees including VAT of £7,003.83 for this service. Gareth Kelly who is a trustee of the charity has a significant interest in this Limited company. The transaction was carried out at arm's length and the balance has been paid in full by the charity to the company at year end.
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