2024-06-30-accounts

REGISTERED CHARITY NUMBER: 1086668

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 June 2024

for

The Williams Charitable Trust

The Williams Charitable Trust

Contents of the Financial Statements for the Year Ended 30 June 2024

		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	13

The Williams Charitable Trust

Report of the Trustees for the Year Ended 30 June 2024

The trustees present their report with the financial statements of the charity for the year ended 30 June 2024. 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 expended resources exceeded incoming resources by £38,739 (2023: £27,336). At the end of the year the trust retained liquid unrestricted assets of £309,3483 (2022: £348,222) and quoted investments with a market value of £2,033,853 (2023: £1,821,370).

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.

Page 1

The Williams Charitable Trust

Report of the Trustees for the Year Ended 30 June 2024

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.

E Fender was appointed for an initial term of 3 years and A M Williams, M T M Williams were appointed for a further term of 3 years all in May 2022.

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 Mrs E Fender

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 ............................................. and signed on its behalf by:

........................................................................ Mrs H A Williams - Trustee

Page 2

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 2024.

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:

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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 The Institute of Chartered Accountants in England and Wales

J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP

Date: .............................................

Page 3

The Williams Charitable Trust

Statement of Financial Activities for the Year Ended 30 June 2024

Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Portfolio management 3 Charitable activities 4 Charitable grants Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 120,330 4,136 153,420 1,513 159,069 - (38,739) 348,222 309,483	Endowment fund £ - - - - - 217,356 217,356 2,428,447 2,645,803	30.6.24 Total funds £ 120,330 4,136 153,420 1,513 159,069 217,356 178,617 2,776,669 2,955,286	30.6.23 Total funds £ 103,894
				4,105 124,300 2,825
				131,230
				133,613
				106,277 2,670,392
				2,776,669

The notes form part of these financial statements

Page 4

The Williams Charitable Trust

Balance Sheet 30 June 2024

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 £ - 14,493 297,110 311,603 (2,120) 309,483 309,483 309,483	Endowment fund £ 2,033,583 - 612,220 612,220 - 612,220 2,645,803 2,645,803	30.6.24 Total funds £ 2,033,583 14,493 909,330 923,823 (2,120) 921,703 2,955,286 2,955,286 309,483 2,645,803 2,955,286	30.6.23 Total funds £ 1,821,370 11,257 946,102 957,359 (2,060) 955,299 2,776,669 2,776,669 348,222 2,428,447 2,776,669

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. H A Williams - Trustee

The notes form part of these financial statements

Page 5

The Williams Charitable Trust

Notes to the Financial Statements for the Year Ended 30 June 2024

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.

Page 6

continued...

The Williams Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

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	30.6.24 30.6.23 £ £ 77,002 79,081 43,328 24,813 120,330 103,894 30.6.24 30.6.23 £ £ 4,136 4,105 Grant funding of activities (see note 5) £ 153,420 30.6.24 30.6.23 £ £ 153,420 124,300	30.6.23 £ 79,081 24,813
		103,894
		30.6.23 £ 124,300

continued...

Page 7

The Williams Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

5. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

30.6.24 £ Almeida Theatre 20,000 The Craft Trust 2,000 Donmar Warehouse 14,720 Dulwich Picture Gallery 5,000 Every Breath - The Global Warming Policy Foundation 2,000 Joy Theatre 5,000 London Firebird Orchestra 10,000 Meads (Eastbourne) Community Centre 15,000 MGCfutures Limited 20,000 Montage Theatre 1,500 Multiple System Atrophy Trust 3,000 National Theatre - Paines Plough 10,000 Relief in Need 2,000 Royal Foundation of St Katharine 18,000 Southend High School - St Martins Homeless - St Mungo Community - Theatre503 Limited 3,000 Towner Gallery - Tylers and Bricklayers 2,000 Wilton's Music Hall Trust 15,000 Winchester Young Carers - Other grants of £1,000 or less - 6 (2023: 5) in number 5,000 153,220 The total grants paid to individuals during the year was as follows: 30.6.24 £ Grants in year - 1 (2023: 1) 200 6. SUPPORT COSTS Governance Finance costs £ £ Other resources expended 433 1,080	30.6.23 £ 20,000 - 2,200 - 5,000 - - 10,000 - - 3,500 - 10,000 - - 20,000 20,000 5,000 2,000 - 15,000 6,000 - 2,000 3,400
	124,100
	30.6.23 £ 200 Totals £ 1,513

continued...

Page 8

The Williams Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

6. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

FINANCE

FINANCE
	30.6.24	30.6.23
	Other
	resources	Total
	expended	activities
	£	£
Bank charges	433	395
GOVERNANCE COSTS
	30.6.24	30.6.23
	Other
	resources	Total
	expended	activities
	£	£
Independent examination	1,080	990
Legal fees	-	1,440
	1,080	2,430

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

COMPARATIVES FOR THE STATEMENT OF FINANCIAL	ACTIVITIES
INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Portfolio management Charitable activities Charitable grants Other Total Net gains on investments NET INCOME/(EXPENDITURE)	Unrestricted fund £ 103,894 4,105 124,300 2,825 131,230 - (27,336)	Endowment fund £ - - - - - 133,613 133,613	Total funds £ 103,894
			4,105 124,300 2,825
			131,230
			133,613
			106,277

continued...

Page 9

The Williams Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1 July 2023 Disposals Revaluations At 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 Investments at market value comprise:- Equities Bonds and alternatives	ACTIVITIES - Unrestricted fund £ 375,558 348,222	continued Endowment fund £ 2,294,834 2,428,447	continued Endowment fund £ 2,294,834 2,428,447		Total funds £ 2,670,392 2,776,669 Listed investments £ 1,821,370 (5,143) 217,356 2,033,583 2,033,583 1,821,370	Total funds £ 2,670,392 2,776,669 Listed investments £ 1,821,370 (5,143) 217,356 2,033,583 2,033,583 1,821,370
			30.6.24			30.6.23
			1,966,052			1,802,841
			16,902			18,529
			1,982,954			1,821,370

Of the investments held at the balance sheet date £788,789 (2023: £650,192) relate to overseas investments.

Cost or valuation at 30 June 2024 is represented by:

Valuation in 2024 Cost	Listed investments £ 763,071 1,270,512 2,033,583

continued...

Page 10

The Williams Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Other creditors comprise accrued expenses. 12. MOVEMENT IN FUNDS At 1.7.23 £ Unrestricted funds General fund 348,222 Endowment funds Expendable Endowment 2,428,447 TOTAL FUNDS 2,776,669 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 120,330 (159,069) Endowment funds Expendable Endowment - - TOTAL FUNDS 120,330 (159,069)		30.6.24 £ 14,493 30.6.24 £ 2,120 Net movement in funds £ (38,739) 217,356 178,617 Gains and losses £ - 217,356 217,356	30.6.23 £ 11,257 30.6.23 £ 2,060 At 30.6.24 £ 309,483 2,645,803 2,955,286 Movement in funds £ (38,739) 217,356 178,617

continued...

Page 11

The Williams Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.7.22 £ Unrestricted funds General fund 375,558 Endowment funds Expendable Endowment 2,294,834 TOTAL FUNDS 2,670,392 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 103,894 (131,230) Endowment funds Expendable Endowment - - TOTAL FUNDS 103,894 (131,230) A current year 12 months and prior year 12 months combined position is as follows: At 1.7.22 £ Unrestricted funds General fund 375,558 Endowment funds Expendable Endowment 2,294,834 TOTAL FUNDS 2,670,392		Net movement in funds £ (27,336) 133,613 106,277 Gains and losses £ - 133,613 133,613 Net movement in funds £ (66,075) 350,969 284,894	At 30.6.23 £ 348,222 2,428,447 2,776,669 Movement in funds £ (27,336) 133,613 106,277 At 30.6.24 £ 309,483 2,645,803 2,955,286

continued...

Page 12

The Williams Charitable Trust

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

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 £ 224,224 - 224,224	Resources expended £ (290,299) - (290,299)	Gains and Movement losses in funds £ £ - (66,075) 350,969 350,969 350,969 284,894

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2024.

Page 13