THE LATE GWYNETH MON WILLIAMS CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Charity Number 1096358
THE LA TE GWYNETH MON WILLIAMS CHARITABLE TRUST CONTENTS PAGE Pages Reference and Administration Details Report of the Trustee Independent Examiner's Report Receipls and Payments Account Statement of Assets and Liabilities Appendix 1
THE LATE GWYNETH MON WILLIAMS CHARITABLE TRUST REFERENCE AND ADMINISTRATION DEfAILS Corporate Trustee HSBC Trust Company (UK) knmited Current Directors of Corporate Trustee J Coyle P M Spenr J Hewilson Trust Manager C Martin Princlple Office Forum 1 The Forum Parkway Whiteley Fareham Hampshire P015 7PA Independent Examiner Frances Millar ACA RSM UK Tax and Accounting Limrf(ed Highfield Court TOlate Chandlers Ford Eastleigh Hampshire S053 3TY Bankers HSBC Bank plc Forum 1 The Forum Parkway Whrteley Fareham Hampshire P015 7PA Investment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
THE LATE GWYNETH MON WILLIAMS CHARITABLE TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2022 The Trustee presents its report together wth the financial statements of the charity for the year ended 5 April 2022, which have been prepared on a receipts and payrnents basis. The financial statements have been prepared in accordance wilh the charity's constitution and applicable law. The purchase and sale of investments results from the day to day management of the investmenl portfolio by the investment managers. In accordance with the Charities Act. the financial statements have been prepared on the receipts and payments basis given that the definition of gross income excludes the feceipt of any endowment, loans and proceeds from the sale of investments or fixed assets. Structure. government and management The Late Gwyneth Mon Williams Charitable Trust is an unincorporated trusl and is oonstituted under Ihe trusl deed dated 12 December 2001. The trust is a registered charity Ino. 1096358). The Corporate Trustee has appointed a designated trust manager to look after the charity. The investment manager reviews the performance and provides recommendations on the slructure of Ihe investment portfolios. The power to appoint additional Trustees is vested in the currenl Trustee, and is exercisable in writing. Shovld new Trustees be appointed, the existing Trustee would take responsibility for theii induction. The Trustee has examined the major strategic, business and operational risks which the charity faces and confims that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The main risk in the year was considered to be the variability of investment returns. Objectives and activities The objectives of the charity are in perpetuity to pay or to apply the income and capital of the trijst for each of its charitable objectives or purposes as the Trustee thinks fit. in accordance with the governing document. This is performed through the awarding of grants, in accordance with the terms of the governin9 document. The Trustee considers granl making an effective method of delivering these objectives. Grants are awarded at the discretion of the Trustee. guided by a letter of wishes provided by the late Gwyneth Mon Williams Achievements and performance During the year 4 grants lolalling £91,017 12021. 4 grants totalling £62,072) were awarded lo charitable institutions, in accordance with the terms of the governing document. No grants were awarded to individu31s in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements. Financial Tevlew The charity originally received donations under the temis of the deed of settlement. The fund generated income of £77,782 12021.. £86,149) in the year to fund its charitable 8Ctivilies. The expenditure on charitable activities was £156.775 (2021.. £83,058). of which £91,017 {2021.' £62.072) was charitable expenditure in the form of grants to charitable inslrtutions. The level of investment income generated in the year was considered satisfaclory and the market value of the investments moved in line with the underlying securities.
THE LA TE GWYNETH MON WILLIAMS CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Investrnent policy In accordance with Ihe goveming document, Ihe Trustee has the power to invest in such stocks, shares, investments and property as they see fil. The Trustee engaged HSBC UK Bank plc as Investment Manager. The policy is to adopt a low lo medium risk investment stralegy to prolecl, in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income, and also providing the potential for longer lemi growth of capital in real lemis. Reserves policy The unrestricted funds. which are the free resee$ of the charity, and which are represented by the income arising are paid over to beneficiaries throughout the year. It is not the policy of the charity lo maintain specrfic reserves. The expendable endowment funds represent those assets which are held permanentty by the trust and are principally investments. Income arising on the endowment fund can be used in accordance with the objectives of the trust and is included as unrestricled income. Any caprtal gains or losses arising on the investments form part of the fund. The Trustee has the power to convert this fund into income. Publlc benefit We have referred to the guidance contained in the Charity Commission's general guidan on public benefit when reviewing our aim and objectives and in planning our future activities. In particular. the Trustee considers how planned activities will contribute to the aims and objectives they have set. Plans for the future The Trustee intends lo continue providing grants in a similar way to the recent past whilst taining flexibilty as to Ihe timing and scale of grant making. Related parties The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings plc. In addition lo the fees shown on page 6, as a resuh of the acquisition and disposal of investments, the trust pays transaction charges lo HSBC Bank plc. The charges are calculated on a sliding scale at a percentage of the transactions value plus VAT and are added lo or deducted from the cost of the investments or the disposal proceeds in accordance with UK slandard accounting practice.
THE LATE GV¥VNETH MON WILLIAMS CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Statement of Trustee'$ responsibilitie$ In relation to the financial statements The law applicable to charities in England and Wales requires the Tiuslee to prepare financial statements for each financial year which give a true and fair view of the Irusl's financial activities during the year and of it's financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the Trustee should follow best praclice and". select suitable accounting policies and then apply Ihem consistently-, make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards and statements of recommended practice have been followed, subjecl to any departures disclosed and explained in the financial statements., and prepare the financial Statements on the going conrn basis unless it is inappropriate to presume that the trust will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accura¢y the financial position of the charity. This enables them lo ascertain the financial position of the charity and enables them lo ensure the financial statemen15 comply with the Charities Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The Trustee is 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 Trustee and signed on its behalf.. HSBC Trust Company (UK) Limrted Date.. ZC 2013
THE LATE GWYNETH MON WILLIAMS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE LATE GWYNETH MON WILLIAMS CHARITABLE TRUST I report to the Trustee on my examination of the financial statements of The Late Gwyneth Mon Williams Cha¥itable Tnjst for the year ended 5 April 2022. which are set out on pages 6 to 7. Responsibllltles and basis of report As the Trustee of the charrty you are responsible for the preparation of the financial statements in accordance wrth the requirements of the Charities Act 20111'the 2011 Act,). I reF)Ort in respect of my examination of the trust's financial statements carried out under section 145 of the 2011 Ad and in carrying out my examinalion I have followed all the applicable directions given by the Charity Commission under section 14515){bl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial statements present a 'true and fair view, and my report is limited to those specific matters set out in the independent examiner's statement. Independent Examinees statement I have completed my examination. I confimi that no material matters have come to my attention in ¢onnection with the examination giving me reasonable 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 2011 Act,. or 2. the financi21 statements do not accord with those records", or 3. the financial statements do not comply with the applicable requirements conceming the form and content of financial statements set out in the Charrties (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attenlion should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Frances Millar ACA Chartered Accountant The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgale Chandlers Ford Eastleigh Hampshire S053 3TY Dale.. 27-Jan-2023
THE LATE GI•IYNETH MON WILLIAMS CHARITABLE TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022 Unrestricted lunds Endovfftnt funds Total 2022 Total 2021 Receipts eslment itKome 77.782 77,782 86,149 77,782 77,782 86.149 lnvestrlnt sale procèeds PreedS from the sale of investments 3,291,290 3,291,290 4,465.626 TotsS recelpts 77.782 3.291,290 3,369,072 4.551,775 Payn*nts Cost of generatlng funds Investment seNce charge 8,775 8.T15 Charitable activities Grants pa nagemenl fee 91.017 65.758 91.017 65,758 62,072 20,986 Governance $ts Iependent examinerfs lee 1,260 1.260 1,224 158.035 8,775 166.810 84,282 Investment purchases Payments for purchases of inveslmenL¢ 3,159,257 3.159.25r 4,477,658 Total paYTrnts 158.035 3,168,032 3,326,067 4,561,940 Itoymentsl I iec&pts 180.2531 123,258 43.(K)5 110,165) Transfers beeen fUS 93.436 193,4361 Invested funds al 6 ri1 2021 191 63,578 63,769 73.934 Invested fvnds at 5 April 2022 13.374 93.400 106,774 63,769 These unaudited financial statements have been subjected to independent examination. See report on page 5.
THE LATE GWYNETH MON WILLIAMS CHARITABLE TRUST STATEMENT OF ASSETS AND LIABILITIES AT 5 APRIL 2022 Unrestricted funds EndOwnt funds Total 2022 Total 2021 Investff*nts UK fixed interest securities Overseas fixed interest securities UK equrties Overseas equities Aternative Investment Other trust assets Cash 414.824 1,485.273 152,143 1,241,593 346,074 414,824 1.485,273 152,143 1,241.593 346,074 1,526,459 1,735.104 350,462 27,673 13,374 93,4(Xi 106,774 63,769 Total assets 13,374 3,733,308 3 746,682 3.703.488 Liabilittes Professional fees payable 1,325 1,260 Approved by the Trustee and aulhorised for issue on... and stgned on its behalf.. HSBC Trust Company (UK) Limited These unaudrted financial statements have been subjected to independent examination. See report on page 5.
THE LATE GWYNETH MON WILLIAMS CHARITABLE TRUST APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS FOR THE YEAR ENDED 5 APRIL 2022 Numberof grants Amount Instttution Royal National Lifeboat Insliluiion 91,017 91.017