**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