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2023-04-05-accounts

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

REPORT AND ACCOUNTS

YEAR ENDED 5 APRIL 2023

Charity number: 1065474

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

I N D E X

Year ended 5 April 2023

Page
General information 2
Report of the trustees 3
Report of the independent examiner 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9

1

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

G E N E R A L I N F O R M A T I O N

Year ended 5 April 2023

Date of Settlement 27 June 1997
Charity number 1065474
Trustees Madeleine Graham Harding
Philip Graham Williams
Sean Mountford Graham Williams
Settlors Anthony Graham Williams
Sheelagh Williams
Charity address 22 Chancery Lane
London
WC2A 1LS
Objects The trustees hold the fund and income therefrom on trust for
charitable purposes and to make donations to such charitable
institutions as they in their absolute discretion think fit.
Accumulation During the period of 21 years from the date of the Trust Deed, the
trustees have power to accumulate the whole or any part of the
income of the Trust Fund. This period ceased on 27 June 2018.
Investment managers Stonehage Fleming
6 St James’s Square
London
SW1Y 4JU
Bankers National Westminster Bank
P O Box 712
94 Moorgate
London
EC2M 6UR
Solicitors Wedlake Bell
71 Queen Victoria Street
London
EC4V 4AY
Independent examiner S Rose ACA
Dixon Wilson
22 Chancery Lane
London
WC2A 1LS

2

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

R E P O R T O F T H E T R U S T E E S

Year ended 5 April 2023

The trustees submit their report and accounts for the year ended 5 April 2023. The accounts comply with current statutory requirements, with the charity's Trust Deed, the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The report should be read in conjunction with the general information provided on page 2.

Constitution

The charity is constituted by a Trust Deed dated 27 June 1997.

Structure, governance and management

The Trust is an unincorporated charity, governed under a Trust Deed dated 27 June 1997 and is a registered charity, number 1065474.

Responsibilities for the appointment of a new or additional trustee, or the discharge of an outgoing trustee, vests with the trustees. Responsibility for the induction of any new trustee, which involves awareness of the history and approach of the charity and an understanding of a trustee’s duties, lies with the trustees. A new trustee would receive copies of the previous year’s accounts.

The trustees meet periodically to consider awards and donations they will make and to monitor asset management, investments, reserves and risk management policies. The investment policy of the charity is implemented by independent investment managers shown on page 2.

The charity has no voluntary, seconded or paid staff.

Objectives, activities and achievements for the public benefit

This year the trustees continued to invest in Thrive, an initiative to support families experiencing difficulties in disadvantaged areas of Buckinghamshire.

The closure of the Healthy Living Centre meant that we did not expand as we had originally intended which allowed the trustees the opportunity to make a number of other investments broadly aligned with the aim of supporting people facing adversity. These included donations to Women’s Aid, (supporting women and children against domestic violence) to Caudwell Youth, (person-centred volunteer mentoring for young people at risk) to Youth Concern (responding to young people when they are most in need), to our local Citizens Advice (free confidential advice) and to our community foundation, Heart of Bucks with their Crisis Appeal. We also joined an important collaboration bringing together leading funders with five local charities to tackle financial insecurity in the county. Finally, we continued to support two UK charities supporting overseas initiatives, Child’s i Foundation (strengthening families in Uganda) and The Little Environment Action Foundation (LEAF), (safeguarding threatened habitats and restoring vital ecosystems in Kenya) bringing the total for grants awarded this year to £337,561 (2022 - £176,287) an increase of 91.5% on 2022.

The trustees identified a new partner for Thrive at the end of 2022. Connections Support provides a ranges of services in Oxfordshire, Buckinghamshire and Milton Keynes to help people overcome life’s challenges. They ran a service called Boost for Buckinghamshire Council Early Help team which provided support for families but this contract came to an end on 30 March 2022. The timing was fortuitous and enabled Boost staff and volunteers to transfer to Thrive bringing their knowledge and expertise to this initiative.

Early progress is very promising and the trustees plan to invest further in Thrive in the coming years.

The trustees, having regard to the public benefit guidance by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and the activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.

3

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

R E P O R T O F T H E T R U S T E E S

Year ended 5 April 2023

Financial review and investment policy

The trustees consider the current financial position to be satisfactory. There is sufficient cash and income from investments to provide support for their chosen charitable causes. The trustees have an investment portfolio, which they review regularly throughout the year, held under a discretionary asset management agreement with Stonehage Fleming. The trustees have selected a medium risk profile with a balance between capital growth and income. The trust had net assets of £10,931,323 as of 5 April 2023 (2022 - £11,589,316). There were net outgoing resources for the year before net gains on investments of £248,975 (2022 - £110,618).

Reserves policy

The charity carries out no direct charitable activities, makes no financial commitments from year to year and donations that are made are expected to be consistent from one year to the next. Reserves are being managed accordingly.

Risk management

The principal risks faced by the charity lie in the level of investment return and the performance of the investment markets and risks from ineffective grant making. The trustees keep under review the professional management of the assets. They restrict donations to registered charities.

Plans for future periods

The trustees intend to continue their present policies for investment management and maintain charitable donations over the long term so that the real value of the fund is not diminished. The accumulation period ended on 27 June 2018 and therefore net incoming resources from this date will be used to meet future charitable expenditure. The trustees are considering ethical investment strategies.

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and 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:

4

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

R E P O R T O F T H E T R U S T E E S

Year ended 5 April 2023

The trustees are responsible for keeping accounting records, which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 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.

The report of the trustees was approved by the trustees on 2023 and signed on their behalf by: 13 November

M G HARDING Trustee

S M G WILLIAMS Trustee

5

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

R E P O R T O F T H E I N D E P E N D E N T E X A M I N E R

Year ended 5 April 2023

Independent examiner’s report to the trustees of the Tony and Sheelagh Williams Charitable Foundation

I report to the trustees on my examination of the accounts of the trust for the year ended 5 April 2023 which are set out on pages 7 to 14.

Responsibilities and basis of report

As the charity trustees of the trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

I report in respect of my examination of the trust’s accounts carried out under section 145 of the 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. Dixon Wilson, a firm of Chartered Accountants, of which I am a partner, has provided bookkeeping services to the trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.

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 than 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 am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

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 by section 130 of the 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no 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.

Suzanne Rose ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS

2023 15 November

6

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 5 April 2023

2023 2023 2023 2022 2022 2022
Madeleine’s Unrestricted Total Madeleine’s Unrestricted Total
Note Fund Fund Funds Fund Fund Funds
£ £ £ £ £ £
Income and endowments from:
Investments:
Dividends and interest from listed investments - 92,891 92,891 - 68,927 68,927
Interest on cash deposits -
 2,313
 2,313
 -
 1
 1
Total income and endowments -
 95,204
 95,204
 -
 68,928
 68,928
Expenditure on:
Raising funds:
Investment management costs 4 (1,252) 287 (965) (870) 2,157 1,287
Charitable activities:
Accountancy and independent examination 4 - (5,356) (5,356) - (4,764) (4,764)
Currency (loss) / gain and bank charges 4 (17) (280) (297) 6 212 218
Charitable donations to registered charities 5 -
 (337,561)
 (337,561) - (176,287)
 (176,287)
Total expenditure (1,269)
 (342,910)
 (344,179) (864) (178,682)
 (179,546)
Net (losses) / gains on investments 2, 3, 6 (28,990)
 (380,028)
 (409,018) 61,297 904,286
 965,583
Net movement in funds (30,259) (627,734) (657,993) 60,433 794,532 854,965
Reconciliation of funds:
Total funds brought forward at 6 April 2022 719,922
 10,869,394
 11,589,316 659,489 10,074,862
 10,734,351
Total funds carried forward at 5 April 2023 689,663 10,241,660 10,931,323 719,922 10,869,394 11,589,316

All amounts are in respect of continuing activities.

7

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

B A L A N C E S H E E T

At 5 April 2023

2023 2023 2023 2022
Madeleine’s Unrestricted Total Total
Note Fund Fund Funds Funds
£ £ £ £
Fixed assets
Investments at market value 2, 3 670,664 10,097,910 10,768,574 11,274,130
Current assets
Debtors 7 - 8,438 8,438 4,436
Cash at bank and investment managers 25,241
 140,733
 165,974
 317,952
25,241 149,171 174,412 322,388
Creditors: amounts falling due
within one year 8 (6,242)
 (5,421)
 (11,663)
 (7,202)
Net current assets 18,999
 143,750
 162,749
 315,186
Total assets less current liabilities 689,663
 10,241,660
 10,931,323
 11,589,316
Represented by:
Unrestricted Funds - 10,241,660 10,241,660 10,869,394
Madeleine’s Fund 689,663
 -
 689,663
 719,922
Total 689,663
 10,241,660
 10,931,323
 11,589,316

The financial statements on pages 7 to 14 were approved by the trustees on 2023 and signed on 13 November their behalf by:

M G HARDING Trustee

S M G WILLIAMS Trustee

8

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

1. Accounting policies

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern. There are no significant areas of adjustment and key assumptions that affect items in the accounts. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see the risk management section of the trustees’ annual report for more information).

(b) Funds structure

The unrestricted fund comprises those funds that the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

The charity has an expendable endowment fund (Madeleine’s Fund) created by a gift. The capital of this fund must be invested to produce income, however, the terms of the endowment allow the capital of the fund to be spent if the trustees so determine. The income of this fund is unrestricted and may be spent at the trustees’ discretion.

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and the notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

(d) Expenditure recognition

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the trust. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.

(e) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

9

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

(f) Support and governance costs

The Charity does not incur support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs relate to charitable activities.

(g) Costs of raising funds

The costs of generating funds consist of investment management costs.

(h) Charitable activities

Costs of charitable activities include grants made and governance costs as shown in notes 4 and 5.

(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 trust does not acquire put options, derivatives or other complex financial instruments.

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

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

10

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

2. Stonehage Fleming Portfolio – No. 1 Unrestricted Fund

2022

Additions
Market
Cost
value
Cost
£
£
£
Venture Funds
14,527
38,188
79,159
Equities – Unquoted
1,268,431
2,157,981
-
Equities – Quoted
4,022,774
6,809,078
-
Alternative Strategies
684,277
746,973
181,442
Bonds – Government
238,105
221,738
452,230
Bonds – Non-Government 483,349
464,819
1,369
Cash
160,000
160,000
120,000



6,871,463
10,598,777
834,200
 Disposals
Net gains/(losses)
on revaluation
Proceeds
and disposals
£
£
112,352
15,199
8,862
79,226
346,940
(445,641)
-
26,145
-
(214,527)
206,885
159,570
280,000
-


955,039
(380,028)

3. Stonehage Fleming Portfolio – No. 2 Madeleine’s Fund


Cost
£
Equities – Unquoted
71,992
Equities – Quoted
242,545
Alternative Strategies
47,529
Bonds – Government
17,877
Bonds – Non-Government
23,807
Cash
-

403,750
 2022

Additions
Market
value
Cost
£
£
125,088
4,694
457,992
13,500
52,206
12,463
16,650
36,453
23,417
3
-
32,000


675,353
99,113		 Disposals
Net gains/(losses)
on revaluation
Proceeds
and disposals
£
£
6,962
5,590
20,324
(33,611)
-
2,178
-
(16,090)
15,526
12,943
32,000
-


74,812
(28,990)		 2023

Market
value
£
128,410
417,557
66,847
37,013
20,837
-

670,664
Cost
£
73,254
249,617
59,992
36,453
23,807
-

443,123
4.
Expenditure other than charitable donations
Investment management costs
Accountancy fees
Accountancy fees – Independent Examination
Currency loss / (gain)
Bank charges
Total expenditure other than charitable donations		 2023
£
965

965
2,701
2,655

5,356
296
1

297

6,618
 2022
£
(1,287)

(1,287)
2,358
2,406

4,764
(221)
3

(218)

3,259

11

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

5.
Charitable donations to registered charities
Aylesbury Women’s Aid
Caudwell Youth
Child's i Foundation
Citizens Advice Bucks
Connections Support
Heart of Bucks – Capacity Fund
Heart of Bucks – Crisis Appeal
Healthy Living Centre Bucks
HHC (for CCF Moldova)
Leaf
Shines
Transitions UK
Wild Parents
Youth Concern
Total		 2023
£
15,000
20,000
20,000
50,000
10,025
50,000
45,000
102,536
-
10,000
-
-
-
15,000

337,561
 £
2022
£
-
-
25,000
-
-
-
-
56,287
25,000
10,000
15,000
20,000
25,000
-
176,287
6.
Fixed asset investments
Total
securities
2023
£
Valuation at 6 April 2022 / 6 April 2021
11,274,130
Additions at cost
933,313
Disposal proceeds
(1,029,851)
Net (loss) / gain on revaluation and disposals
(409,018)

Market value at 5 April 2023 / 5 April 2022
10,768,574

Historical cost
7,361,117

Investments at fair value consist of:
UK securities
7,387,125
Overseas securities
3,381,449

10,768,574
 Total
securities
2022
£
10,514,390
337,870
(_543,713)
_965,583
11,274,130
7,275,213
7,004,991
4,269,139
11,274,130

All investments are carried at fair value. The basis of fair value for quoted investments is equivalent to the market value. Asset sales and purchases are recognised at the date of trade at cost.

The charity relies in part on dividend income to finance its work and therefore volatility in yields is a risk to the charity. Liquidity risk is considered to be low as all assets are traded in markets with good liquidity.

12

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

7. Debtors 2023 2023
Madeleine’s Unrestricted 2023 2022
Fund Fund Total Funds Total Funds
£ £ £ £
Interfund – representing unaccumulated income - 6,242 6,242 4,436
Unsettled trades -
 2,196
 2,196
 -
- 8,438 8,438
 4,436
8. Creditors: amounts falling due 2023 2023
within one year Madeleine’s Unrestricted 2023 2022
Fund Fund Total Funds Total Funds
£ £ £ £
Accountancy - 5,421 5,421 2,766
Interfund – representing unaccumulated income 6,242
 -
 6,242
 4,436
6,242 5,421 11,663
 7,202

9. Analysis of charitable funds

Balance
brought
forward
£
Madeleine’s fund
719,922
Unrestricted fund
10,869,394

Total
11,589,316

Analysis of charitable funds – previous year
Balance
brought
forward
£
Madeleine’s fund
659,489
Unrestricted fund
10,074,862

Total
10,734,351
 Income
Expenditure
£
£
-
(1,269)
95,204
(342,910)

95,204
(344,179)
Income
Expenditure
£
£
-
(864)
68,928
(178,682)


68,928
(179,546)		 Gains
Balance
and
carried
losses
forward
£
£
(28,990)
689,663
(380,028) 10,241,660


(409,018) 10,931,323

Gains
Balance
and
carried
losses
forward
£
£
61,297
719,922
904,286
10,869,394


965,583
11,589,316

13

THE TONY AND SHEELAGH WILLIAMS CHARITABLE FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

10. Related party disclosures

The trustees received no emoluments or reimbursement of expenses for their services to the charity in the current or previous year.

Trustee Madeleine Graham Harding is chair of the charity Child’s i Foundation. The trustees approved donations of £20,000 to the Child’s i Foundation during the year (2022 – £25,000).

The charity LEAF is chaired by Harry Fonseca Williams, nephew of trustees Madeleine Grahan Harding, Philip Graham Williams and Sean Mountford Graham Williams. The trustees approved donations of £10,000 to LEAF during the year (2022 - £10,000)

14