2025-04-05-accounts - Kenneth Maurice Williams Will Trust

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Kenneth Maurice Williams Will Trust Annual Report and Financial Statements For the Year Ended 5 April 2025

Charity Registered in England and Wales number: 1078971

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Kenneth Maurice Williams Will Trust Contents For the Year Ended 5 April 2025

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Kenneth Maurice Williams Will Trust Reference and administrative information For the Year Ended 5 April 2025

Trustees

R E Beresford F G Collins

Principal! office Mogers Drewett LLP Spring House East Mill lane Sherborne Dorset DT9 3DP

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 Spring House East Mill lane Sherborne Dorset DT9 3DP

Investment managers Close Brothers Asset Management 10 Exchange Square Primrose Street London EC2A 2BY

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Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2025

Report of the Trustees for the year ended 5 April 2025

The Trustees present their annual report and financial statements of the Charity for the year ended 5 April 2025. 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

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Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2025

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:

e Power to delegate management of investments
e Power to promote companies e Power to appoint agents
e 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.

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.

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Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2025

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 haif-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 £2.709m (2024 - £2.775m) which is a minor decrease from the prior year of 0.64m. The reduction coincides with the announcement of tariffs raised in the US weakening the stock market. Included within this decrease are realised and unrealised gains of £21,199 (2024: £199,771).

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 and equalizations received in the year were £78k (2024 - £85k).

There are cash reserves in the investments, which are available to invest or distribute of £33k, compared to £90k 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 £260k (2024 - £257k).

Our donations enable the charities we support to continue to provide their services.

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 52 years.

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Kenneth Maurice Williams Will Trust Trustees’ Report For the Year Ended 5 April 2025

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:

e select suitable accounting policies and then apply them consistently;
e observe the methods and principles in the Charities SORP;
¢ make judgments and accounting estimates that are reasonable and prudent; estate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
¢ 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 ... __,_2nd2nd DDecembb e r r 2 0228 and signed on their behalf by: [receR EFEBITFEOESBB4SignedBeresfordby: bursford.TA" +” [F=GFrankDocuSignedISSEODEZEACTAO".Collins Collinsby“**” Trustee Trustee

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Kenneth Maurice Williams Will Trust Independent Auditor’s Report to the Members For the Year Ended 5 April 2025

Opinion

We have audited the financial statements of Kenneth Maurice Williams Will Trust (the ‘charity’) for the year ended 5 April 2025, 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:

e 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;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e 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 2025

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:

e the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report; or
e sufficient accounting records have not been kept; or
e the financial statements are not in agreement with the accounting records; or ¢ 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:

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;
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;
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;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

¢ 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 2025

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:
performed analytical procedures to identify any unusual or unexpected relationships;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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:

agreeing financial statement disclosures to underlying supporting documentation;
feading the minutes of meetings of those charged with governance; and
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, ifany.

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: ...2f42) 8.............

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.

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Kenneth Maurice Williams Will Trust Statement of Financial Activities For the Year Ended 5 April 2025

		Total Funds	Total Funds
		Restricted	Restricted
		2025	2024
	Notes	£	£
Income and endowments from:
Investment income	2	338,829	342,856
Total		338,829	342,856
Expenditure on:
Raising funds	3	(95,031)	(112,413)
Charitable activities	4	(294,302)	(288,778)
Total		(389,333)	(401,191)
Net (expenditure)/income before other
recognised gains/(losses)		(60,504)	(58,335)
Realised and unrealised gains/(losses)
on investment assets and investment property		558,697	199,771
Net income/(expenditure)& netmovement		508,193	141,436
in fundsfortheyear
Reconciliation offunds
Totalfunds brought forward		8,106,854	7,965,418
Totalfundscarriedforward		8,615,047	8,106,854

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.

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Kenneth Maurice Williams Will Trust Balance Sheet As at 5 April 2025

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£|£|£| |Notes| |Fixed|assets| |Investment|property|5|5,897,500|5,360,000| |Investments|6|2,709,781|2,775,656| |8,607,281|8,135,656| |Current|assets| |Debtors|7|10,066|5,218| |Cash|at|bank|and|in|hand|45,898|28,423| |55,964|33,641| |Liabilities| |Creditors|due|within|one|year|8|(48,198)|(62,443)| |Net|current|assets/|(liabilities)|7,766|(28,802)| |Net|assets|8,615,047|8,106,854| |The funds|of the|charity| |Restricted|funds:| |Income|9|137,342|115,785| |Capital|9|8,477,705|7,991,069| |Total|charity funds|8,615,047|8,106,854|

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The notes on pages 11 to 19 form part of these accounts. 2nd December 2025 Approved by the Trustees on .............................. and signed; by:

CmSams FBB3CFRDESBS4TA.”Signed by: burvsford [ Frauk—— SIGEYUE2ZEACTADU.*OocuSigned (Alinsby: ** R E Beresford F G Collins Trustee Trustee

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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

4. 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.

14 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:

1) Costs of raising funds comprise investment and property management fees 2) €xpenditure 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.

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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

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.

19 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.

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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

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.

Z: Investment income

		Total Funds	Total Funds
		Restricted	Restricted
		2025	2024
		£	£
Rental	income UK	259,994	257,481
Other	income (investment)	78,835	85,375
		338,829	342,856

Of the £338,829 income received, £338,829 relates to the income account (2024: £342,856) and Enil relates to the capital account (2024: £nil)

3. Expenditure on raising funds

	Total Funds	Total Funds
	Restricted	Restricted
	2025	2024
	£	£
Rental expenses - repairs	25,319	37,913
Rental expenses - service charges	12,539	17,256
Rental expenses - council tax	-	753
Rentalexpenses - agents fees	30,660	31,652
Rental expenses - insurance	9,774	7,198
	78,292	94,772
Bank charges	60	60
Portfolio management charges	16,679	17,581
	95,031	112,413

Of the £95,031 expenditure, £78,292 are costs related to the income account (2024: £94,772) and £16,739 are costs related to the capital account (2024: £17,641).

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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

4. Charitable activities

	Total	Total
	funds	funds
	2025	2024
Grants paid	£	£
The Royal Masonic Hospital	11,000	11,500
The Princess Louise Scottish Hospital (Erkine Hospital)	22,000	23,000
St John'sAmbulance Brigade	11,000	11,500
Guide Dogs For The Blind	44,000	46,000
Battersea Dogs Home	44,000	46,000
People's Dispensary For Sick Animals	33,000	34,500
Royal National Lifeboat Institutions	55,000	57,500
	220,000	230,000
Trust administration fees	47,808	45,016
Auditors remuneration - audit of financial statements	8,700	8,200
- other non-audit services	17,794	5,562
	294,302	288,778

Of the £294,302 expenditure, £220,000 relates to the grants paid within the income account and £18,980 (2024: £8,220) are other charitable activities costs related to the income and £55,322 are costs related to the capital account (2024: £50,558).

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Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

5. Investment property

Investment property
	2025	2024
	£	£
As at6 April 2024	5,360,000	5,360,000
Surplus on revaluation	§37,500	-
Asat5April2025	5,897,500	5,360,000

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 Martin & Mortimer as at 29 July 2025, based on the comparable method having regard to sales evidence available. Of the remaining two properties, both of these were valued by another third party, Carer Jonas LLP, with 2 Salmons Lane being valued as at 11 July 2025 & Clarendon Grange as at 1 September 2025.

In the year to 5 April 2025, the valuation was considered by Trustees and have been considered to be reasonable.

Investment properties comprise:		2025	2024
		£	£
Clarendon Grange
Probate value		400,000	400,000
Improvements at cost		427,482	427,482
Revaluation as atOctober2016		(77,482)	(77,482)
Revaluation as at May2019		275,000	275,000
Revaluation as at July2025		295,000	-
Subtotal at valuation		1,320,000	1,025,000
7 Cedar Court, Cambridge	at valuation	357,500	335,000
8 Cedar Court, Cambridge	at valuation	355,000	335,000
9 St Paul's Walk, Cambridge	at valuation	640,000	590,000
16 Beaulands Close, Cambridge	at valuation	275,000	275,000
21 Cedar Court, Cambridge	at valuation	357,500	335,000
4 Garden Court, Cambridge	atvaluation	325,000	325,000
8 Garden Court, Cambridge	at valuation	325,000	325,000
5 Cedar Court, Cambridge	at valuation	355,000	335,000
86 York Terrace, Cambridge	at valuation	310,000	265,000
3 Cedar Court, Cambridge	at valuation	357,500	335,000
2 Salmons Lane, Middleton Cheney	at valuation	920,000	880,000
		5,897,500	5,360,000

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Docusign Envelope ID: E47F§C22-3210-4645-8E6F-6E3063E51D8C

Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

Investments
Movement in fixed asset investments		2025	2024
		Total	Total
Close Brothers Portfolio		£	£
Market value as at6 Apri! 2024		2,775,656	2,603,957
Additions at cost		182,714	97,516
Disposals at carrying value		(212,892)	(109,316)
Revaluations		21,199	199,771
Cash movements		(56,896)	(16,272)
Market value as at 5 April 2025		2,709,781	2,775,656
2025 Investments atmarketvaluecomprise			2025
	UK	Overseas	Total
Close Brothers portfolio	£	£	£
Capital account	15,561	-	15,561
Income account	17,806	-	17,806
Shares and unit trusts	1,381,729	-	1,381,729
Convertible loan stock	150,184	-	150,184
Foreign stock	-	1,144,501	1,144,501
Total	4,565,280	1,144,501	2,709,781
2024 Investments at marketvalue comprise
			2024
	UK	Overseas	Total
Close Brothers portfolio	£	£	£
Capital account	70,262	-	70,262
Income account	20,001	-	20,001
Shares and unit trusts	1,352,087	-	1,352,087
Convertible loan stock	147,392	-	147,392
Foreign stock	-	1,185,914	1,185,914
Total	1,589,742	1,185,914	2,775,656

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Docusign Envelope ID: E47F5C22-3210-4645-8E6F-6E3063E51D8C

Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

7.	Debtors
					2025	2024
					£	£
	Other debtors				1,283	200
	Prepayments				8,783	5,018
					10,066	5,218
8.	Creditors
					2025	2024
					£	£
	Accruals and deferred income				48,198	59,504
	VAT liability				-	2,939
					48,198	62,443
9.	Summary offunds—2025
		Fund			Investment	Fund
		Bifwd	Income	Expenditure	Gains	cifwd
		£	£	£	£	£
	Restricted fund:
	Income	115,785	338,829	(317,272)	-	137,342
	Capital	7,991,069	-	(72,061)	558,697	8,477,705
	Total	8,106,854	338,829	(389,333)	558,697	8,615,047
	Summary offunds—2024
		Fund			Investment	Fund
		Bifwd	Income	Expenditure	Gains	cifwd
		£	£	£	£	£
	Restricted fund:
	Income	105,921	342,856	(332,992)	-	115,785
	Capital	7,859,497	-	(68,199)	199,771	7,991,069
	Total	7,965,418	342,856	(401,191)	199,771	8,106,854

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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Docusign Envelope ID: E47F5C22-3210-4645-8E6F-6E3063E51D8C

Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

10. Analysis of net assets between funds

Analysis of net assets between funds
	Total Funds	Total Funds
	Restricted	Restricted
	2025	2024
	£	£
Investment property	5,897,500	5,360,000
Fixed asset investments	2,709,781	2,775,656
Current assets	55,964	33,641
Creditors due within oneyear	(48,198)	(62,443)
	8,615,047	8,106,854

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 (2024: none). No Trustee received reimbursement of travel expenses (2024: none).

12. Related party transactions

During the year trust administration fees and property purchase fees totalling £43,019 (2024: £45,016) were incurred from Mogers Drewett LLP, a limited liability partnership in which and R E Beresford and F G Collins are partners.

13. Financial instruments

Categorisation of financial instruments

Financial instruments Categorisation of financialfinancial instruments
	2025	2024
	£	£
Financial assets that are debt instruments measured at	47,181	28,623
amortised cost
Financial assets measured at fairvaluethrough income and	2,709,781	2,775,656
expenditure account
	2,756,962	2,804,279

Financial	liabilities	that	are	at	amortised	cost	48,198	59,504
							48,198	59,504

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Docusign Envelope ID: E47F5C22-3210-4645-8E6F-6E3063E5108C

Kenneth Maurice Williams Will Trust Notes to the Financial Statements For the Year Ended 5 April 2025

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----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Items|of income,|expense,|gains|or|losses| |Income|Expenditure|Net|gains|/|Net|losses| |(loss)| |£|£|£|£| |2025| |Financial|assets|measured|at|-|-|-|-| |amortised|cost| |Financial|assets|measured|at|fair|78,835|16,679|116,485|-| |value|through|income|and|expenditure| |account| |Financial|liabilities|measured|at|-|-|-|-| |amortised|cost| |78,835|16,679|116,485|-| |Income|Expenditure|Net gains|Net|losses| |£|£|£|£| |2024| |Financial|assets|measured|at|-|-|-|-| |amortised|cost| |Financial|assets|measured|at|fair|85,375|17,581|30,397|-| |value through|income|and|expenditure| |account| |Financial|liabilities|measured|at|-|-|-|-| |amortised|cost| |85375.|17;081.~t«~“‘<‘z ||TO!!!|

----- End of picture text -----

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Docusign Envelope ID: E47F5C22-3210-4645-8E6F-6E3063E51D8C

Kenneth Maurice Williams Will Trust Pages that do not form part of the statutory accounts Reconciliation of funds

For the Year Ended 5 April 2025

		Income	Capital	Restricted
		account	account	Fund
		2025	2025	2025
	Notes	£	£	£
Total funds broughtforward		115,785	7,991,069	8,106,854
Income and endowments from:
Investment income	2	338,829	-	338,829
Total		338,829	-	338,829
Expenditure on:
Raising funds	3	(78,292)	(16,739)	(95,031)
Charitable activities	4	(18,980)	(55,322)	(74,302)
Grants paid	4	(220,000)	-	(220,000)
Total		(317,272)	(72,061)	(389,333)
Net(expenditure)/income before other
recognised gains/(losses)		21,557	(72,061)	(50,504)
Realised and unrealised gains/(losses)
on investment assets and investment property		-	558,697	558,697
Net income/(expenditure) & netmovement		21,557	486,636	508,193
in funds forthe year
Totalfundscarriedforward		137,342	8,477,705	8,615,047

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Docusign Envelope ID: E47F5C22-3210-4645-8E6F-6E3063E51D8C

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	Capital	Restricted
		account	account	Fund
		2024	2024	2024
	Notes	£	£	£
Total funds broughtforward		105,921	7,859,497	7,965,418
Income and endowments from:
Investment income	2	342,856	-	342,856
Total		342,856	-	342,856
Expenditure on:
Raisingfunds Charitable activities	3 4	(94,772) (8,220)	(17,641) (50,558)	(112,413) (58,778)
Grants paid	4	(230,000)	-	(230,000)
Total		(332,992)	(68,199)	(171,191)
Net (expenditure)/income before other
recognised gains/(losses)		9,864	(68,199)	171,665
Realised and unrealised gains/(losses)
on investment assets and investment property		-	199,771	199,771
Net income/(expenditure) & netmovement		9,864	131,572	371,436
in funds fortheyear
Totalfundscarriedforward		115,785	7,991,069	8,106,854

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