Charity Registration No. 1080938 THE MEL WEIR CHARITABLE TRUST TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 THE MEL WEIR CHARITABLE TRUST ## CONTENTS ||Page| |---|---| |Reference and Administrative Information|1| |Trustees’ report|Dah| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Notestotheaccounts|8-15| THE MEL WEIR CHARITABLE TRUST ## REFERENCE AND ADMINISTRATIVE INFORMATION |Trustees|RobertAlexander Dickinson| |---|---| ||Gordon Robinson| ||Gerald Carr| |Charity number|1080938| |Principal address|c/o Womble Bond Dickinson (UK) LLP| ||One Trinity| ||Broad Chare| ||Newcastle upon Tyne| ||NE1 2HF| |Independent examiner|Philip Holt FCA FCIE| ||High Park Farm| ||Kirkbymoorside| ||York| ||YO62 7HS| |Bankers|Lloyds Bank Plc| ||102 Grey Street| ||Newcastle upon Tyne| ||NE99 1SL| |Solicitors|Womble Bond Dickinson (UK) LLP| ||StAnn's Wharf| ||112 Quayside| ||Newcastle upon Tyne| ||NE1 3DX| |Investment advisors|Womble Bond Dickinson Wealth Limited| ||One Trinity| ||Broad Chare| ||Newcastle upon Tyne| ||NE12HF| ## Independent examiner ## Bankers ## Solicitors Investment advisors af! = ## THE MEL WEIR CHARITABLE TRUST ## TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021 ## The Trustees present their report and financial statements for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## Structure, governance and management The Charitable Trust is governed by the terms of the Will of Mr Melville Gardhouse Weir who died on 25 December 1999. The Charitable Trust was registered as a charity on 31 May 2000 during the administration of Mr Weir's estate. Upon completion of the administration of the estate on 7 November 2000 one quarter of the residue was transferred to the Trustees. The day to day running of the Charitable Trust is organised by Womble Bond Dickinson (UK) LLP. The Trustees pay due regard to the Charity Commission's guidance on public benefit. The Trustees who served during the year were: Robert Alexander Dickinson Gordon Robinson Gerald Carr There must be at least two Trustees at any one time. The Trustees are appointed by the existing and outgoing Trustees. The statutory power of appointment applies to the Will of Mr Melville Gardhouse Weir and is exercisable by the continuing Trustee and the retiring Trustee. An induction booklet is given to all Trustees which gives the necessary information about the Charitable Trust, its strategic objectives and history. It explains the Charitable Trust and principles of good governance. A chapter is dedicated to explaining the Trustee's role, the skills and qualities required, and the role of the Trustees in strategic planning. A further chapter gives guidance from the Charities Commission to Trustees on their responsibilities. ## Objectives and activities The object of the Charitable Trust is the payment of income from the Trust Fund arising each year to such local charities (by which is meant charities operating within Northumberland, Tyne and Wear and Co Durham) as the Trustees in their absolute discretion from time to time think fit. There have been no changes in the objectives or policies since the last report. ## Achievements and performance There is accumulated income of £20,425 available for distribution. During the year 11 grants totalling £26,000 (2020 - 14 grants totalling £38,000) were made to further the Charitable Trust's charitable purposes for public benefit. at THE MEL WEIR CHARITABLE TRUST ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 ## Financial review During the year under review the Charitable Trust had net expenditure of £3,023 (2020 - £1,484). As at 5 April 2021, the Charitable Trust had made net gains on revaluation of investment assets of £208,629 (2020 - losses of £265,100) as shown on page 6 of the accounts. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. ## Reserves policy and going concern The aim of the Charitable Trust's Reserves Policy is to ensure that its ongoing and future activities are reasonably protected from unexpected variances in income and expenditure and to maintain grants in times of economic difficulties. The Trustees review the level of reserves on a regular basis. They consider funds available against the total forecast level of income and expenditure. The Trustees consider the current level within the unrestricted funds of £20,425 (2020 - £23,448), being the free reserve of the Charitable Trust, to be sufficient to meet both ongoing charitable grants and the support and governance costs. ## Investment Policy The Charitable Trust Deed provides power to hold investments. The Trustees have appointed Womble Bond Dickinson Wealth Limited to manage the portfolio on an advisory basis. On the 19 September 2019 the investment portfolio was moved from North Nominess Limited to Seven Investment Management (71M). Mindful of the Trustees’ obligation to balance the needs of the current beneficiaries against those of future beneficiaries, the investments are held to produce a balance of income for grant making with capital appreciation where possible in line at least with inflation over the longer term. ## Public Benefit The Trustees pay due regard to the Charity Commission guidance on public benefit and all grants which are made are to further the Charitable Trusts purposes and for public benefit. The Trustees have examined the business and operational risks which the Charitable Trust faces and confirm that systems have been established to mitigate these risks. ## Plans for the future The Trustees intend to continue distributing income on an annual basis to organisations operating in Northumberland, Tyne and Wear and County Durham including those which have objectives centred on young people and/or sport. aZe ## THE MEL WEIR CHARITABLE TRUST ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 ## Statement of Trustees’ responsibilities The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company 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 year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state 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 operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## Approved by the Trustees and signed on their behalf by: Robert Alexander Dickinson TrusteeDated: AF: OCs_ (oe j -4- THE MEL WEIR CHARITABLE TRUST ## INDEPENDENT EXAMINER'S REPORT ## TO THE TRUSTEES OF THE MEL WEIR CHARITABLE TRUST | report on the accounts of the Charity for the year ended 5 April 2021, which are set out on pages6 to 15. ## Respective responsibilities of Trustees and examiner As the Charitable Trusts Trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). | report in respect of my examination of the Charitable Trusts accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner's statement | have completed my examination. | 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: - (i) | accounting records were not kept in respect of the charity as required by section 130 of the Act; or (ii) | the accounts do not accord with those records; or - (iii) 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 | have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Philip Holt FCA FCIE Harrison Holt Chartered Accountants High Park Farm Kirbymoorside York YO62 7HS Dated:[STs] 7{telae2[ a] -5- THE MEL WEIR CHARITABLE TRUST ## STATEMENT OF FINANCIAL ACTIVITIES ## FOR THE YEAR ENDED 5 APRIL 2021 |||Unrestricted|Endowment|Total|Total| |---|---|---|---|---|---| |||funds|funds|2021|2020| ||Notes|£|£|£|£| |Incoming resources from generated funds|||||| |Investment income|2|32,726|-|32,726|42,321| |Total incoming resources||32,726|-|32,726|42,321| |Resources expended|3||||| |Costs of generating funds|||||| |Investment management costs||5,680|-|5,680|1,785| |Charitable activities|||||| |Grants payable||26,000|-|26,000|38,000| |Governance costs||4,069|-|4,069|4,020| |Total resources expended||35,749|-|35,749|43,805| |Net outgoing resources||(3,023)|-|(3,023)|(1,484)| |Other recognised gains and losses|||||| |Gains/(losses) on investment assets||-|208,629|208,629|(265,100)| |Netmovement in funds||(3,023)|208,629|205,606|(266,584)| |Fund balances at 6 April 2020||23,448|670,174|693,622|960,206| |Fundbalancesat5April2021||20,425|878,803|899,228|693,622| -6- ## THE MEL WEIR CHARITABLE TRUST ## BALANCE SHEET AS AT 5 APRIL 2021 |||2021||2020|| |---|---|---|---|---|---| ||Notes|£|£|£|£| |Fixed assets|||||| |Investments|7||876,818||667,170| |Current assets|||||| |Debtors|8|4,548||4,411|| |Cash at bank and in hand||18,666||22,941|| |||23,214||27,352|| |Creditors: amounts falling due within|||||| |one year|9|(804)||(900)|| |Net currentassets|||22,410||26,452| |Total assets less current liabilities|||899,228||693,622| |Capital funds|||||| |Endowment funds|||878,803||670,174| |Income funds|||||| |Unrestricted funds|||20,425||23,448| ||||899,228||693,622| The financial| statements were approved by the Trustees on ......%.....ceeeeeeiF ONWh 2e2) WAAL _— Robert Alexander Dickinson Trustee as THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS ## FOR THE YEAR ENDED 5 APRIL 2021 - 1 Accounting policies ## Charity information The Mel Weir Trust is a charitable trust. - 1.1. Basis of preparation These financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Charity is a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling which is the functional and presentation currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1. The principal accounting policies adopted are set out below. ## 1.2 Going concern - At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. - 1.3. Incoming resources All income is recognised once the Charitable Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Investment income: interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Trust; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. 1.4 Investments This includes any realised gains or losses on the sale of investments and any gains or losses resulting from revaluing to market value at the end of the year. -8- THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2021 - 1 Accounting policies ## (Continued) - 1.5 Resources expended Expenditure and liabilities are recognised on an accruals basis as soon as there is a legal or constructive obligation committing the Charitable Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the Charitable Trust in the delivery of its activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Where the Charitable Trust gives a grant with performance conditions for its payment, being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Assets once the recipient of the grant has provided the specified service or output. Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the Charitable Trust. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiners fees and costs linked to the strategic management of the Charitable Trust. All costs are allocated between the expenditure categories of the Statement of Financial Assets on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage as determined by the Trustees. 1.6 Investments Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. Any gains or losses on revaluation are taken to the Statement of Financial Activities. ## 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 1.8 Financial instruments The Charitable Trust 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 Balance Sheet once the Charitable Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the accounts, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## Debtors and cash at bank Basic financial assets, which include debtors and cash bank balances, are initially measured at transaction price including transaction costs and 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 receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. «Qs THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 1 Accounting policies ## (Continued) ## Creditors and provisions Basic financial liabilities, including creditors and bank loans 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. Trade creditors are obligations to pay for the goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## Derecognition of financial liabilities Financial liabilities are derecognised when the Charitable Trusts contractual obligations expire or are discharged or cancelled. ## 1.9 Funds The endowment capital fund represents the cost of investments as modified for realised and unrealised investment gains. The only costs charged against this fund are professional charges in respect of the investments. The income fund is unrestricted and handles all investment and other income, pays grants to charities and covers all management and administration costs. ## 2 Investment income |||2021|2020| |---|---|---|---| |||£|£| |Income|from listed investments|32,700|42,229| |Interest|receivable|26|92| |||32,726|42,321| ~10- THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS (CONTINUED) ## FOR THE YEAR ENDED5 APRIL 2021 ## 3 Total resources expended |Total resources expended||| |---|---|---| ||Total|Total| ||2021|2020| ||£|£| |Costs ofgenerating funds||| |Investment management costs|5,680|1,785| |Charitable activities||| |Grant funding of activities|26,000|38,000| |Governance costs|4,069|4,020| |Total|35,749|43,805| |Governance costs comprise:||| |Womble Bond Dickinson (UK) LLP Fees|3,240|3,240| |Independent Examiner's Fees|829|780| ||4,069|4,020| The above governance costs are charged to the Unrestricted fund. Womble Bond Dickinson Wealth Limited received fees of £4,441 (2020 - £697) as a result of investment transactions by the Charitable Trust. The independent examiner's remuneration constituted a fee to Philip Holt of £829 (2020 - £780). = = THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS (CONTINUED) ## FOR THE YEAR ENDED5 APRIL 2021 ## 4 Grants payable |Grants payable||| |---|---|---| ||Total|Total| ||2021|2020| ||£|£| |Grants to institutions (14 grants):||| |Church of St Mary The Virgin|5,000|5,000| |Northern Counties Children's Benevolent Society|5,000|5,000| |St Oswald's Hospice|2,500|2,500| |The Percy Headley Foundation|2,500|2,500| |The Outward Bound Trust|2,000|5,000| |Macmillan Cancer Support|2,000|2,500| |Great North AirAmbulance|2,000|2,500| |Northumbria Calver Trust - Kielder|2,000|2,500| |Evening Chronicle Sunshine Fund|-|2,500| |Marie Curie|2,000|2,500| |Blyth Star Enterprises|500|-| |Krazee Krafters|-|1,000| |Tall Ships Youth Trust|-|1,000| |Hospice Care North Northumberland|-|2,500| |Whizz-Kids|-|1,000| |Headway|500|-| ||26,000|38,000| ## 5 Trustees None of the Trustees (or any persons connected with them) received any remuneration during the year or prior year. Robert Alexander Dickinson is a partner in the firm of Womble Bond Dickinson (UK) LLP which acts as the legal adviser to and administers the Charitable Trust. All fees paid to Womble Bond Dickinson (UK) LLP are included within note 3 above. ## 6 Employees There were no employees during the year. wi Dis THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS (CONTINUED) ## FOR THE YEAR ENDED 5 APRIL 2021 ## 7 Fixed asset investments |7|Fixed asset investments|||||| |---|---|---|---|---|---|---| ||||||2021|2020| ||||||£|£| ||Market value at 6 April 2020||||667,170|933,358| ||Acquisitions at cost||||19,441|-| ||Disposal at market value||||(20,693)|(1,088)| ||Net gains /(losses) on investment assets||||208,629|(265,100)| ||Cash movement during the year||||2,271|-| ||Marketvalue at 5 April 2021||||876,818|667,170| ||Historical cost:|||||| ||At 5 April||||780,782|782,558| ||Net gains/(losses) on investments|||||| ||Gains/(losses) on disposal of share investment assets||||3,601|-| ||Gains/(losses) on revaluation of share investment assets||||205,028|(265,100)| ||||||208,629|(265,100)| ||All ofthe above fixed asset investement are on UK listed||Unit Trusts trading in the London Stock Exchange.|||| ||The valuation of investments prepared by the investment manager|||as at 5 April 2021 gives the following||| ||allocation of investments by market value which are held:|||||| ||||2021|2021|2020|2020| ||||£|%|£|%| ||UK Equity|644,225||73.47|459,768|68.91| ||UK Small Capital Equity|62,397||7.12|78,613|11.78| ||European Equity|67,126||7.66|59,688|8.95| ||Money Market cash|18,943||2.16|18,322|2.75| ||Overseas Equity|54,572||6.22|29,889|4.48| ||Cash||2,271|0.26|-|-| ||Other assets|27,284||3.11|20,890|313| |||876,818||100.00|667,170|100.00| |8|Debtors||||2021|2020| ||||||£|£| ||Dividendsdue||||4,548|4,411| The valuation of investments prepared by the investment manager as at 5 April 2021 gives the following allocation of investments by market value which are held: = 43x THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2021 |9|Creditors: amounts falling due within one year|2021|2020| |---|---|---|---| |||£|E| ||Accruals|804|900| |10|Financial instruments||| |||Total|Total| |||2021|2020| |||£|£| ||Financial assets measured at fair value|874,547|667,170| ||Financial assets measured at amortised cost|20,937|22,941| |||895,484|690,111| ||Carrying amount offinancial liabilities||| ||Financial liabilities measured at amortised cost|804|900| ||Financial assets measured at fair value comprise fixed assets investments.||| ||Financial assets measured at amortised cost comprise cash at bank.||| ||Financialliabilitiesmeasuredatamortisedcostcompriseaccruals.||| |11.|+|Analysis ofnetassets between funds|Unrestricted|Endowment|Total|Total| |---|---|---|---|---|---|---| ||||funds|funds|2021|2020| ||||£|£|£|£| |||Fund balances at 5 April 2021 are represented by:||||| |||investments|-|876,818|876,818|667,170| |||Current assets|21,229|1,985|23,214|27,352| |||Creditors: amounts falling due within one year|(804)|-|(804)|(900)| ||||20,425|878,803|899,228|693,622| = iGon THE MEL WEIR CHARITABLE TRUST ## NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 ## 12 Statement of unrestricted funds - current year ||Balance at|Balance at|||Gains/|Balance at| |---|---|---|---|---|---|---| ||6|April 2020|Income|Expenditure|(Losses)5 April 2021|| |||£|£|£|£|£| |Endowment funds||670,174|-|-|208,629|878,803| |Unrestricted funds||23,448|32,726|(35,749)|-|20,425| |||693,622|32,726|(35,749)|208,629|899,228| |Statement of unrestricted funds|- prior year|||||| |||Balance at|||Gains/|Balance at| ||6|April 2019|Income|Expenditure|(Losses) 5 April 2020|| |||£|£|£|£|£| |Endowment funds||935,274|-|-|(265,100)|670,174| |Unrestricted funds||24,932|42,321|(43,805)|-|23,448| |||960,206|42,321|(43,805)|(265,100)|693,622| ## 13. Funds The permanent endowment fund represents those assets which must be held permanently by the Charitable Trust, principally investments. Income arising on the permanent endowment fund can be used in accordance with the objects of the Charitable Trust and is included as unrestricted income. Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. ## 14 Related parties All transactions with the Trustees are carried out on an "arms length" basis. There are no such transactions in the current year or prior year. ## 15 Post balance sheet events The Charity has sufficient free reserves to continue funding the expected grant awards to beneficiaries and, should the need arise, these awards can be flexed accordingly, so that the long-term viability of the charity remains unchanged. =15-