REGISTERED CHARITY NUMBER: 1086668
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2021
for
The Williams Charitable Trust
The Williams Charitable Trust
Contents of the Financial Statements for the Year Ended 30 June 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
The Williams Charitable Trust
Report of the Trustees for the Year Ended 30 June 2021
The trustees present their report with the financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The objects of the trust are to support education and training, the advancement of medicine and general charitable purposes.
Public benefit
The trustees confirm that they have considered the guidance contained in the Charity Commission's general guidance on public benefit when setting the grant making policy for the year. The trust complies with its public benefit responsibilities by making grants to individuals and institutions in support of theatrical , educational and local community activities.
Grantmaking
The trustees adopt a proactive approach in seeking worthy causes requiring support.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the trustees have allocated funds to financially support the theatre and various local community initiatives.
Fundraising activities
The trust is funded principally by gifts from the founder. Additionally income generated from investing the funds are used to further the charity's objectives.
FINANCIAL REVIEW
Financial position
During the year under review incoming resources exceeded expended resources by £53,236 (2020: £144,190). At the end of the year the trust retained liquid unrestricted assets of £172,566 (2020: £156,679) and quoted investments with a market value of £2,349,850 (2020: £2,073,546).
Principal funding sources
The principal source of funds is investment income generated from the trust's substantial investment base.
Investment policy and objectives
In order to maintain a prudent and responsible investment policy and in view of the volatility in the investment markets the trust's investments have been split between managed cash funds, bonds and UK equities.
Reserves policy
The trustees have sought to balance grants paid with investment income generated and to maintain the capital base to generate a steady income stream. Applications for grants are considered on a regular basis and the trustees decide on awards where the criteria meet the objectives of the trust.
FUTURE PLANS
The trust plans to continue the activities outlined above in the forthcoming years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Trust is an incorporated trust, constituted under a trust deed dated 1 March 2001 as amended by later deeds of amendment the latest of which was dated 8 August 2011. The trust is a registered charity. The Charitable trust which was established by an initial gift from S. K. M. Williams has as its objectives the support education and training, the advancement of medicine and general charitable purposes.
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The Williams Charitable Trust
Report of the Trustees for the Year Ended 30 June 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Trustees will be appointed by the existing trustees and retiring trustees maybe re-elected. A maximum number of 8 trustees maybe appointed.
S K M Williams was appointed chairman of the trustees for life on 16 October 2011.
H A Williams is a trustee for life.
A M Williams, M T M Williams and K P Eyre Varnier were appointed for a further term of 3 years in May 2019.
Organisational structure
The trust is managed by the trustees who meet regularly to agree the consideration of grant making, investment, reserves and risk management policies and performance.
Induction and training of new trustees
The induction process for any newly appointed trustee comprises an initial meeting with all existing trustees. In addition the appointed trustee will be provided with a copy of the Charity's Commission guidance 'The Essential Trustee: What you need to know', a copy of the Charity's trust deed and a copy of the latest annual report and accounts.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1086668
Principal address
85 Capital Wharf 50 Wapping High Street London London E1W 1LY
Trustees
S K M Williams Mrs H A Williams A M Williams M T M Williams K P Eyre-Varnier
Independent Examiner
A S Robinson FCA J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP
Approved by order of the board of trustees on 23 September 2021 and signed on its behalf by:
S K M Williams - Trustee
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Independent Examiner's Report to the Trustees of The Williams Charitable Trust
Independent examiner's report to the trustees of The Williams Charitable Trust
I report to the charity trustees on my examination of the accounts of The Williams Charitable Trust (the Trust) for the year ended 30 June 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
I 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.
A S Robinson FCA J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP
11 October 2021
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The Williams Charitable Trust
Statement of Financial Activities for the Year Ended 30 June 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Portfolio management 3 Charitable activities 4 Charitable grants Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 69,123 6,610 45,300 1,326 53,236 - 15,887 305,453 321,340 |
Endowment fund £ - - - - - 501,037 501,037 1,924,772 2,425,809 |
30.6.21 Total funds £ 69,123 6,610 45,300 1,326 53,236 501,037 516,924 2,230,225 2,747,149 |
30.6.20 Total funds £ 93,338 963 142,259 968 144,190 (486,037) (536,889) 2,767,114 2,230,225 |
|---|---|---|---|---|
The notes form part of these financial statements
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The Williams Charitable Trust
Balance Sheet 30 June 2021
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 148,774 2,922 171,704 174,626 (2,060) 172,566 321,340 321,340 |
Endowment fund £ 2,201,076 - 224,733 224,733 - 224,733 2,425,809 2,425,809 |
30.6.21 Total funds £ 2,349,850 2,922 396,437 399,359 (2,060) 397,299 2,747,149 2,747,149 321,340 2,425,809 2,747,149 |
30.6.20 Total funds £ 2,073,546 1,859 156,880 158,739 (2,060) 156,679 2,230,225 2,230,225 305,453 1,924,772 2,230,225 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 September 2021 and were signed on its behalf by:
S K M Williams - Trustee
The notes form part of these financial statements
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The Williams Charitable Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
ALLOCATION AND APPORTIONMENT OF COSTS
Resources expended are allocated directly to the fund to which they relate.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The endowment fund is restricted in that the funds were provided to provide a capital base in order to generate an income to make grants in the course of the charity's activities. The endowment is however expendable at the discretion of the trustees.
FIXED ASSETS INVESTMENTS
Fixed asset investments are stated at market value on the balance sheet. Any gains or losses arising on revaluation are included in the statement of financial resources.
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continued...
The Williams Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
| 2. INVESTMENT INCOME Other fixed asset invest - FII Deposit account interest 3. PORTFOLIO MANAGEMENT INVESTMENT MANAGEMENT COSTS Portfolio management 4. CHARITABLE ACTIVITIES COSTS Charitable grants 5. GRANTS PAYABLE Charitable grants The total grants paid to institutions during the year was as follows: Almeida Theatre - support of a Delicate Balance/Kerry Ellis Arts Educational Schools British Film Institute Eastbourne Society La Serenissima London Firebird Orchestra London School of Musical Theatre Michaels Limited Montage Theatre Pratt Contemporary - Anne Pacheco Sculpture RCP London - Physicians Africa Royal Central School of Speech and Drama Stage One Towner Gallery Union Creatives Viva Arts and Community Group Other grants of £1,000 or less - Nil (2020: 13) in number |
30.6.21 30.6.20 £ £ 69,123 92,498 - 840 69,123 93,338 30.6.21 30.6.20 £ £ 6,610 963 Grant funding of activities (see note 5) £ 45,300 30.6.21 30.6.20 £ £ 45,300 142,259 30.6.21 30.6.20 £ £ - 5,376 - 10,000 972 3,883 1,000 - - 5,000 10,000 10,000 2,328 - 1,000 - 8,000 5,000 - 40,000 - 10,000 12,000 - - 2,000 - 12,500 - 10,000 10,000 15,000 - 12,500 45,300 141,259 |
30.6.21 30.6.20 £ £ 69,123 92,498 - 840 69,123 93,338 30.6.21 30.6.20 £ £ 6,610 963 Grant funding of activities (see note 5) £ 45,300 30.6.21 30.6.20 £ £ 45,300 142,259 30.6.21 30.6.20 £ £ - 5,376 - 10,000 972 3,883 1,000 - - 5,000 10,000 10,000 2,328 - 1,000 - 8,000 5,000 - 40,000 - 10,000 12,000 - - 2,000 - 12,500 - 10,000 10,000 15,000 - 12,500 45,300 141,259 |
|---|---|---|
| 30.6.20 £ 5,376 10,000 3,883 - 5,000 10,000 - - 5,000 40,000 10,000 - 2,000 12,500 10,000 15,000 12,500 |
||
| 141,259 |
continued...
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The Williams Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
5. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
6.
| 30.6.21 | 30.6.20 | ||
|---|---|---|---|
| £ | £ | ||
| Grants in year - Nil (2020: 2) | - | 1,000 | |
| SUPPORT COSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 366 | 960 | 1,326 |
| Support costs, included in the above, are as follows: | |||
| FINANCE | |||
| 30.6.21 | 30.6.20 | ||
| Other | |||
| resources | Total | ||
| expended | activities | ||
| £ | £ | ||
| Bank charges | 366 | 8 | |
| GOVERNANCE COSTS | |||
| 30.6.21 | 30.6.20 | ||
| Other | |||
| resources | Total | ||
| expended | activities | ||
| £ | £ | ||
| Independent examination | 960 | 960 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| fund | fund | funds | |
| £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Investment income | 93,338 | - | 93,338 |
| EXPENDITURE ON | |||
| Portfolio management | 963 | - | 963 |
| Charitable activities | |||
| Charitable grants | 142,259 | - | 142,259 |
| Other | 968 | - | 968 |
continued...
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The Williams Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1 July 2020 Disposals Revaluations At 30 June 2021 NET BOOK VALUE At 30 June 2021 At 30 June 2020 Investments at market value comprise:- UK Equities UK Bonds and alternatives Cost or valuation at 30 June 2021 is represented by: Valuation in 2021 Cost |
ACTIVITIES - Unrestricted fund £ 144,190 - (50,852) 356,305 305,453 |
continued Endowment fund £ - (486,037) (486,037) 2,410,809 1,924,772 |
continued Endowment fund £ - (486,037) (486,037) 2,410,809 1,924,772 |
Total funds £ 144,190 (486,037) (536,889) 2,767,114 2,230,225 Listed investments £ 2,073,546 (103,335) 379,639 2,349,850 2,349,850 2,073,546 |
Total funds £ 144,190 (486,037) (536,889) 2,767,114 2,230,225 Listed investments £ 2,073,546 (103,335) 379,639 2,349,850 2,349,850 2,073,546 |
|
|---|---|---|---|---|---|---|
| 30.6.21 | 30.6.20 | |||||
| 2,335,768 | 2,054,132 | |||||
| 14,082 | 19,414 | |||||
| 2,349,850 | 2,073,546 | |||||
| Listed investments £ 580,097 1,769,753 2,349,850 |
||||||
continued...
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The Williams Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income Other debtors comprise accrued income. 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Other creditors comprise accrued expenses. 12. MOVEMENT IN FUNDS At 1.7.20 £ Unrestricted funds General fund 305,453 Endowment funds Expendable Endowment 1,924,772 TOTAL FUNDS 2,230,225 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 69,123 (53,236) Endowment funds Expendable Endowment - - TOTAL FUNDS 69,123 (53,236) |
30.6.21 £ 2,922 30.6.21 £ 2,060 Net movement in funds £ 15,887 501,037 516,924 Gains and losses £ - 501,037 501,037 |
30.6.20 £ 1,859 30.6.20 £ 2,060 At 30.6.21 £ 321,340 2,425,809 2,747,149 Movement in funds £ 15,887 501,037 516,924 |
|
|---|---|---|---|
continued...
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The Williams Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.7.19 £ Unrestricted funds General fund 356,305 Endowment funds Expendable Endowment 2,410,809 TOTAL FUNDS 2,767,114 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 93,338 (144,190) Endowment funds Expendable Endowment - - TOTAL FUNDS 93,338 (144,190) A current year 12 months and prior year 12 months combined position is as follows: At 1.7.19 £ Unrestricted funds General fund 356,305 Endowment funds Expendable Endowment 2,410,809 TOTAL FUNDS 2,767,114 |
Net movement in funds £ (50,852) (486,037) (536,889) Gains and losses £ - (486,037) (486,037) Net movement in funds £ (34,965) 15,000 (19,965) |
At 30.6.20 £ 305,453 1,924,772 2,230,225 Movement in funds £ (50,852) (486,037) (536,889) At 30.6.21 £ 321,340 2,425,809 2,747,149 |
|
|---|---|---|---|
continued...
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The Williams Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Expendable Endowment TOTAL FUNDS |
Incoming resources £ 162,461 - 162,461 |
Resources expended £ (197,426) - (197,426) |
Gains and Movement losses in funds £ £ - (34,965) 15,000 15,000 15,000 (19,965) |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2021.
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