Kenneth Maurice Williams Will Trust Annual Report and Financial Statements
For the Year Ended 5 April 2024
Charity Registered in England and Wales number: 1078971
Kenneth Maurice Williams Will Trust Contents For the Year Ended 5 April 2024
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ report | 2 – 5 |
| Independent auditor’s report | 6 – 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the accounts | 11 – 19 |
| Pages that do not form part of the statutory accounts | |
| Reconciliation of funds | 20 – 21 |
Kenneth Maurice Williams Will Trust Reference and administrative information For the Year Ended 5 April 2024
Trustees
R E Beresford F G Collins
Principal office
Mogers Drewett LLP St James House The Square, Lower Bristol Road Bath BA2 3BH
Charity number 1078971
Date of death 15 May 1998
Date of will
16 September 1993
Date of codicils
13 May 1994 and 29 March 1997
Trust period 15 May 2077
Residue
This is a charitable settlement for the benefit of the charities set out in clause 5.3 of the said Will.
Auditors
Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton TA1 2PX
Bankers
Lloyds Bank 47 Milsom Street Bath BA1 1XD
Solicitors
Mogers Drewett LLP St James House The Square, Lower Bristol Road Bath BA2 3BH
Investment managers
Close Brothers Asset Management 10 Exchange Square Primrose Street London EC2A 2BY
Page 1
Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2024
Report of the Trustees for the year ended 5 April 2024
The Trustees present their annual report and financial statements of the Charity for the year ended 5 April 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 the requirement 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 Ireland (FRS 102) (effective 1 January 2019).”
Structure, governance and management
a) Constitution
The principal object of the charity is to provide an annual income by percentages for the charities as stated in the Trust Document for the duration of the Trust. The stated charities’ details and percentage of the income is as follows:
5% The Royal Masonic Hospital (205793) The Grand Charity Freemasons Hall 60 Great Queen Street London WC2B 5AZ
10% The Princess Louise Scottish Hospital (Erskine Hospital) (SC006609) Bishopton Renfrewshire PA7 5PU 5% St John’s Ambulance Brigade (3866129) Roman Road Sailsbury SP2 9BN 20% Guide Dogs For The Blind (209617) Hillfields Reading Road Burghfield Common RG7 3YG
20% Battersea Dogs Home (206394) 4 Battersea Park Road London SW8 4AA
15% People’s Dispensary For Sick Animals (208217) 556 Bath Road Brislington Bristol BS4 3JZ 25% Royal National Lifeboat Institutions (209603) West Quay Road Poole Dorset BH15 1HZ
Page 2
Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2024
If the local branches of any charities mentioned above, in the opinion of the Trustees, have ceased to operate effectively or at all, then donations shall be made to the central or head office of that charity.
If any of the charities cease to exist or if in the absolute and unfettered discretion and opinion of the Trustees that it shall have changed its objectives from those obtaining at the date of the inception of the Trust, then their share shall be added to the other shares in the proportion which those shares bear to each other. This provision shall apply to both original shares and to shares which have increased as a result of the application of this provision.
From and after expiration of the Trust period the Trustees shall hold the capital and income of the Trust fund absolutely for such charity or charities as the Trustees (or the Court in the event of default by Trustees) shall in their absolute discretion decide. Without fettering the Trustees; it is Kenneth Williams’ wish that the Trustees shall give consideration to the above-mentioned charities but have regard also to the changes that the passage of time has brought about.
Restrictions on the Clarendon Grange Estate:
The Trustees are to hold the Clarendon Grange Estate, consisting of Clarendon Grange itself, the farm outbuildings and land and thereabouts, without selling the same for the period commencing with the date of death being 15 May 1998 and continuing until the expiration of 79 years from the date of death and such period shall be the “perpetuity period” applicable to the Will of Testament.
The Trustees are to let the Estate to a suitable tenant or tenants upon such terms and for such period as the Trustees may in their discretion think fit but the fields and meadows of the Estate shall be used only for agricultural purposes during this period.
b) Method of appointment or election of Trustees
Trustees are appointed as required. Trustees throughout the year are as listed on page 1. Titles are held in the names of these trustees.
c) Organisational structure and decision making
Some of the powers given to the Trustees are as follows:
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Power to delegate management of investments
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• Power to promote companies
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Power to appoint agents
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Delegation of powers
d) Related party relationships
Mogers Drewett LLP, a limited liability partnership in which R E Beresford (Trustee) and F G Collins (Trustee) are partners, has been paid legal and professional fees for work performed on behalf of the Trust and is considered to be a related party. Further details can be found in note 12.
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Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2024
e) Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate its exposure to major risks.
The Trustees consider the charity to be a low risk Trust because of the diversification via property investments and listed investments. The portfolio management company briefs the Trustees on investment types and generally low to medium risk investment vehicles are chosen to secure an on-going income. Regular half-yearly reviews are performed with the portfolio manager to discuss the overall performance of the investments held.
Objectives and Activities
It is the Trustees’ intention for the period of the Trust, to continue to provide an annual income for the charities set out above, in accordance with the Will of Kenneth Williams.
The Trust funds are managed by an independent portfolio manager and the investment properties are let out for rental incomes which are managed through professional managing agents.
The charity was established after the death of Kenneth Williams in 1998 for the purpose of holding the assets of the estate and maximising the income thereon for distribution to a number of charities as stated in the constitution document for the public benefit.
The charity is not involved in the activities of the beneficiary charities.
The Trustees have given due consideration to the Charity Commission published guidance on the operation of the public benefit requirement and confirm that they have complied with their duties under the Charities Act.
Achievements and Performance
At the end of the year the investment portfolio had a value of £2.78m (2023 - £2.60m) which is a minor increase on the previous year of £0.18m. Included within this decrease are realised and unrealised gains of £30,397 (2023: £84,966).
The investment policy of the Trust is to invest in medium to low risk investment vehicles, which has generated a sustainable ongoing income for distribution to the designated charities. Dividends received in the year were £85k (2023 - £80k).
There are cash reserves in the investments, which are available to invest or distribute of £90k, compared to £107k last year.
The properties are still attracting income at the same levels of previous years and they are well maintained. Rental income in the year was £247k (2023 - £235k).
Our donations enable the charities we support to continue to provide their services.
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Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2024
Plans for the future
The Trust will carry on holding investment properties and other medium to low risk listed investments to secure an on-going income for those charities defined in the Will. There are no plans going forward for additional investments or a change in the mix of investments.
Reserves policy
Designated charities are paid quarterly from the income account, after the audit any surplus in the income account is distributed to the charities. Reserves are held for the distributions to the designated charities after the end of the Trust period, which will be in 53 years.
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 including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 income and expenditure of the charity for that period. In preparing these 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 Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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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 maintaining proper accounting records which 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 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed/constitution. 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.
Approved by the Trustees on 26 November 2024 and signed on their behalf by:
R E Beresford F G Collins Trustee Trustee
Page 5
Kenneth Maurice Williams Will Trust Independent Auditor’s Report to the Members For the Year Ended 5 April 2024
Opinion
We have audited the financial statements of Kenneth Maurice Williams Will Trust (the 'charity') for the year ended 5 April 2024, which comprise the Statement of Financial Activities, Balance Sheet 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 Generally Accepted Accounting Practice, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 2024 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 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 Auditor’s 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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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Kenneth Maurice Williams Will Trust Independent Auditor’s Report to the Trustees and Members For the Year Ended 5 April 2024
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which 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 financial statements is inconsistent in any material respect with the Trustees’ Report; 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; or
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we have not received all the information and explanations we require for out audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor 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 an auditor’s report 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 the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our commercial knowledge of the charities sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, Landlord and Tenant Act 1985 and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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Kenneth Maurice Williams Will Trust Independent Auditor’s Report to the Trustees and Members For the Year Ended 5 April 2024
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance; and
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enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 auditor's report.
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 auditor’s 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.
Robert Oram BFP FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor
Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Date: 28 November 2024
Albert Goodman LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 8
Kenneth Maurice Williams Will Trust Statement of Financial Activities For the Year Ended 5 April 2024
| Notes Income and endowments from: Investment income 2 Total Expenditure on: Raising funds 3 Charitable activities 4 Total Net (expenditure)/income before other recognised gains/(losses) Realised and unrealised gains/(losses) on investment assets and investment property Net income/(expenditure) & net movement in funds for the year Reconciliation of funds Total funds brought forward Total funds carried forward |
Total Funds Restricted 2024 £ 342,856 342,856 (112,413) (288,778) (401,191) (58,335) 199,771 141,436 7,965,418 8,106,854 |
Total Funds Restricted 2023 £ 314,874 |
|---|---|---|
| 314,874 | ||
| (126,147) (218,192) |
||
| (344,339) | ||
| (29,465) (54,966) |
||
| (84,431) 8,049,849 |
||
| 7,965,418 | ||
The statement of financial activities has been prepared on the basis that all operations are continuing operations.
There were no gains or losses arising in the year that is not shown above.
Page 9
Kenneth Maurice Williams Will Trust Balance Sheet As at 5 April 2024
----- Start of picture text -----
2024 2023
£ £ £ £
Notes
Fixed assets
Investment property 5 5,360,000 5,360,000
Investments 6 2,775,656 2,603,957
8,135,656 7,963,957
Current assets
Debtors 7 5,218 16,799
Cash at bank and in hand 28,423 43,298
33,641 60,097
Liabilities
Creditors due within one year 8 (62,443) (58,636)
Net current assets/ (liabilities) (28,802) 1,461
Net assets 8,106,854 7,965,418
The funds of the charity
Restricted funds:
Income 9 115,785 105,921
Capital 9 7,991,069 7,859,497
Total charity funds 8,106,854 7,965,418
----- End of picture text -----
The notes on pages 11 to 19 form part of these accounts.
Approved by the Trustees on 26 November 2024 and signed by:
R E Beresford F G Collins Trustee Trustee
Page 10
Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
1. Accounting policies
1.1 Basis of accounting
The financial statements have been prepared in £ sterling on the historical cost basis rounded to the nearest £ and in accordance with 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 (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)).
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
There are no material uncertainties about the charity’s ability to continue as a going concern.
1.2 Funds structure
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Within restricted funds are income and capital funds. This split is estimated to allow payments of grants from income accumulation.
1.3 Income
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 incoming resources can be measured with sufficient reliability.
Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Operating lease rental receipts are recognised on the statement of financial activities on a straight line basis over the period of the lease.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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1) Costs of raising funds comprise investment and property management fees
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2) Expenditure on charitable activities included grants paid, governance costs and all other costs associated with the upkeep of the property.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
The grants can only be made to the charities specified in the will and testament and the percentage of the grants to those charities should be in accordance with the governing document.
Page 11
Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
Allocation of support costs – Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include bank office cost, finance and governance costs. These costs have been allocated wholly to expenditure on charitable activities.
1.5 Fixed asset investments
Investments – All investments held by the Trust, including investments in quoted shares, traded bonds and similar investments, as well as investment property, are measured initially at cost and subsequently at fair value at the reporting date, with all gains and losses passing through the Statement of Financial Activities (SOFA).
Investment properties are held to earn rental income and capital appreciation. They are initially measured at cost and subsequently at fair value as determined by external valuers. No depreciation is provided. Changes in fair value are recognised in income or expenditure.
1.6 Realised gains and losses
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the SOFA.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, including trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8 Cash at bank and in hand
Cash at bank and in hand comprise of cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
1.9 Taxation
As a registered charity, the charity is not liable to corporation tax to the extent that all income and gains are applied for charitable purposes.
Page 12
Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
1.10 Judgements, estimations and assumptions
In the application of the Trust’s accounting policies, the Trustees are requires 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.
2. Investment income
----- Start of picture text -----
Total Funds Total Funds
Restricted Restricted
2024 2023
£ £
Rental income UK 257,481 234,956
Other income (investment) 85,375 79,918
342,856 314,874
----- End of picture text -----
Of the £342,856 income received, £342,856 relates to the income account (2023: £314,874) and £nil relates to the capital account (2023: £nil)
3. Expenditure on raising funds
----- Start of picture text -----
Total Funds Total Funds
Restricted Restricted
2024 2023
£ £
Rental expenses - repairs 37,913 27,506
Rental expenses - service charges 17,256 16,352
Rental expenses - council tax 753 39
Rental expenses - agents fees 31,652 60,595
Rental expenses - insurance 7,198 6,263
94,772 110,755
Bank charges 60 60
Portfolio management charges 17,581 15,332
112,413 126,147
----- End of picture text -----
Of the £112,413 expenditure, £94,772 are costs related to the income account (2023: £106,105) and £17,641 are costs related to the capital account (2023: £20,042).
Page 13
Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
4. Charitable activities
----- Start of picture text -----
Total Total
funds funds
2024 2023
Grants paid £ £
The Royal Masonic Hospital 11,500 8,650
The Princess Louise Scottish Hospital (Erkine Hospital) 23,000 17,300
St John's Ambulance Brigade 11,500 8,650
Guide Dogs For The Blind 46,000 34,600
Battersea Dogs Home 46,000 34,600
People's Dispensary For Sick Animals 34,500 25,950
Royal National Lifeboat Institutions 57,500 43,250
230,000 173,000
Trust administration fees 45,016 35,779
Auditors remuneration - audit of financial statements 6,350 6,250
- other non-audit services 7,412 3,163
288,778 218,192
----- End of picture text -----
Of the £288,778 expenditure, £230,000 relates to the grants paid within the income account and £8,220 (2023: £15,124) are other charitable activities costs related to the income and £50,558 are costs related to the capital account (2023: £30,068).
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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
5. Investment property
----- Start of picture text -----
2024 2023
£ £
At 5 April 2023 5,360,000 5,330,000
Surplus on revaluation - 30,000
At 5 April 2024 5,360,000 5,360,000
----- End of picture text -----
The historic cost of these properties was £3,836,240.
A third party valuation of all but two of the investment properties was made by Carter Jonas LLP as at 28 February 2019, based on the comparable method having regard to sales evidence available. Of the remaining two properties, one was purchased in 2019 and the other was valued in 2019 by a third party, H W White Limited.
In the year to 5 April 2024, the valuation was considered by Trustees and have been considered to be reasonable.
| Investment properties comprise: Clarendon Grange Probate value Improvements at cost Revaluation as at October 2016 Revaluation as at May 2019 Subtotal at valuation 7 Cedar Court, Cambridge at valuation 8 Cedar Court, Cambridge at valuation 9 St Paul's Walk, Cambridge at valuation 16 Beaulands Close, Cambridge at valuation 21 Cedar Court, Cambridge at valuation 4 Garden Court, Cambridge at valuation 8 Garden Court, Cambridge at valuation 5 Cedar Court, Cambridge at valuation 86 York Terrace, Cambridge at valuation 3 Cedar Court, Cambridge at valuation 2 Salmons Lane, Middleton Cheney at valuation |
2024 £ 400,000 427,482 (77,482) 275,000 1,025,000 335,000 335,000 590,000 275,000 335,000 325,000 325,000 335,000 265,000 335,000 880,000 5,360,000 |
2023 £ 400,000 427,482 (77,482) 275,000 |
|---|---|---|
| 1,025,000 335,000 335,000 590,000 275,000 335,000 325,000 325,000 335,000 265,000 335,000 880,000 |
||
| 5,360,000 | ||
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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
| 6. Investments Movement in fixed asset investments Close Brothers Portfolio Market value as at 6 April 2023 Additions at cost Disposals at carrying value Revaluations Cash movements Market value at 5 April 2024 2024 Investments at market value comprise Close Brothers portfolio Capital account Income account Shares and unit trusts Convertible loan stock Foreign stock Total 2023 Investments at market value comprise Close Brothers portfolio Capital account Income account Shares and unit trusts Convertible loan stock Foreign stock Total |
UK £ 70,262 20,001 1,352,087 147,392 - 1,589,742 |
2024 Total £ 2,603,957 97,516 (109,316) 199,771 (16,272) 2,775,656 Overseas £ - - - - 1,185,914 1,185,914 |
2023 Total £ 2,736,179 - (80,991) (84,966) 33,735 |
|---|---|---|---|
| 2,603,957 | |||
| 2024 Total £ 70,262 20,001 1,352,087 147,392 1,185,914 |
|||
| 2,775,656 | |||
| UK £ 89,015 17,520 1,226,087 158,284 - 1,490,906 |
Overseas £ - - - - 1,113,051 1,113,051 |
2023 Total £ 89,015 17,520 1,226,087 158,284 1,113,051 |
|
| 2,603,957 | |||
Page 16
Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
7. Debtors
| Other debtors Prepayments |
Other debtors Prepayments |
2024 £ 200 5,018 5,218 |
2024 £ 200 5,018 5,218 |
2023 £ 11,781 5,018 16,799 2023 £ 56,329 2,307 58,636 Fund c/fwd £ 115,785 7,991,069 |
|||
|---|---|---|---|---|---|---|---|
| 8. Creditors Accruals and deferred income VAT liability 9. Summary of funds – 2024 Fund B/fwd £ Restricted fund: Income 105,921 Capital 7,859,497 Total 7,965,418 Summary of funds – 2023 Fund B/fwd £ Restricted fund: Income 85,276 Capital 7,964,573 Total 8,049,849 |
Income £ 342,856 - 342,856 Income £ 314,874 - |
2024 £ 59,504 2,939 62,443 Investment Expenditure Gains £ £ (332,992) - (68,199) 199,771 (401,191) 199,771 Investment Expenditure Gains £ £ (294,229) - (50,110) (54,966) |
|||||
| 8,106,854 | |||||||
| Fund c/fwd £ 105,921 7,859,497 |
|||||||
| 7,965,418 | |||||||
| 8,049,849 | 314,874 | (344,339) | (54,966) | ||||
The restricted fund is used to make grants to the charities specified in the Will, from investment income received. Under the terms of the Will assets are restricted for the use as set out in the Trustees’ Report unless changed by the Trustees.
The charity continues to identify the balance accumulated in income and capital funds respectively. It is the aim of the Trustees that utilising these calculations will provide more accurate data to allow better distribution of funds.
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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
10. Analysis of net assets between funds
----- Start of picture text -----
Total Funds Total Funds
Restricted Restricted
2024 2023
£ £
Investment property 5,360,000 5,360,000
Fixed asset investments 2,775,656 2,603,957
Current assets 33,641 60,097
Creditors due within one year (62,443) (58,636)
8,106,854 7,965,418
----- End of picture text -----
11. Trustees and employees
The charity has no employees and therefore no remuneration was paid.
The Trustees did not receive any remuneration or benefit from the charity during the year (2023: none). No Trustee received reimbursement of travel expenses (2023: none).
12. Related party transactions
During the year trust administration fees and property purchase fees totalling £45,016 (2023: £35,779) were incurred from Mogers Drewett LLP, a limited liability partnership in which and R E Beresford and F G Collins are partners.
Page 18
Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2024
13. Financial instruments Categorisation of financial instruments
| Financial liabilities that are at amortised cost Financial assets that are debt instruments measured at amortised cost Financial assets measured at fair value through income and expenditure account |
2024 £ 28,623 2,775,656 2,804,279 59,504 59,504 |
2023 £ 55,739 2,603,957 |
|---|---|---|
| 2,659,696 | ||
| 56,329 | ||
| 56,329 |
Items of income, expense, gains or losses
| 2024 Financial assets measured at amortised cost Financial assets measured at fair value through income and expenditure account Financial liabilities measured at amortised cost 2023 Financial assets measured at amortised cost |
Income Expenditure Net gains / (loss) Net losses £ £ £ £ - - - - 85,375 17,581 30,397 - - - - - |
|---|---|
| 85,375 17,581 30,397 - |
|
| Income Expenditure Net gains Net losses £ £ £ £ - 39 - - |
|
| Financial assets measured at fair value through income and expenditure account |
79,918 15,332 - 84,966 - |
| Financial liabilities measured at amortised cost |
- - - - |
| 79,918 15,371 84,966 - - |
|
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Kenneth Maurice Williams Will Trust Pages that do not form part of the statutory accounts Reconciliation of funds For the Year Ended 5 April 2024
| Income account 2024 Notes £ Total funds brought forward 105,921 Income and endowments from: Investment income 2 342,856 Total 342,856 Expenditure on: Raising funds 3 (94,772) Charitable activities 4 (8,220) Grants paid 4 (230,000) Total (332,992) Net (expenditure)/income before other recognised gains/(losses) 9,864 Realised and unrealised gains/(losses) |
Income account 2024 Notes £ Total funds brought forward 105,921 Income and endowments from: Investment income 2 342,856 Total 342,856 Expenditure on: Raising funds 3 (94,772) Charitable activities 4 (8,220) Grants paid 4 (230,000) Total (332,992) Net (expenditure)/income before other recognised gains/(losses) 9,864 Realised and unrealised gains/(losses) |
Capital account 2024 £ 7,859,497 - - (17,641) (50,558) - (68,199) (68,199) |
Restricted Fund 2024 £ 7,965,418 |
|---|---|---|---|
| 342,856 | |||
| 342,856 | |||
| (112,413) (58,778) (230,000) |
|||
| (401,191) | |||
| (58,335) | |||
| on investment assets and investment property | - | 199,771 | 199,771 |
| Net income/(expenditure) & net movement in funds for the year Total funds carried forward |
9,864 115,785 |
131,572 7,991,069 |
|
| 141,436 | |||
| 8,106,854 | |||
Page 20
Kenneth Maurice Williams Will Trust Pages that do not form part of the statutory accounts Reconciliation of funds For the Year Ended 5 April 2023
| Income account 2023 Notes £ Total funds brought forward 85,276 Income and endowments from: Investment income 2 314,874 Total 314,874 Expenditure on: Raising funds 3 (106,105) Charitable activities 4 (15,124) Grants paid 4 (173,000) Total (294,229) Net (expenditure)/income before other recognised gains/(losses) 20,645 Realised and unrealised gains/(losses) |
Income account 2023 Notes £ Total funds brought forward 85,276 Income and endowments from: Investment income 2 314,874 Total 314,874 Expenditure on: Raising funds 3 (106,105) Charitable activities 4 (15,124) Grants paid 4 (173,000) Total (294,229) Net (expenditure)/income before other recognised gains/(losses) 20,645 Realised and unrealised gains/(losses) |
Capital account 2023 £ 7,964,573 - - (20,042) (30,068) - (50,110) (50,110) |
Restricted Fund 2023 £ 8,049,849 |
|---|---|---|---|
| 314,874 | |||
| 314,874 | |||
| (126,147) (45,192) (173,000) |
|||
| (171,339) | |||
| 143,535 | |||
| on investment assets and investment property | (54,966) | (54,966) | |
| Net income/(expenditure) & net movement in funds for the year Total funds carried forward |
20,645 105,921 |
(105,076) 7,859,497 |
|
| 88,569 | |||
| 7,965,418 | |||
Page 21