Charity number: 1105582 THE HON E W C WELD FORESTER WILL TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 WR Pariners Protecting your future.
THE HON E W C WELD FORESTER WILL TRUST CONTENTS Page Reference and admlnlstratlve detalls of the Charfty. Its Trustees and advisers Trustees. report Independent examlner's report Statement of flnanclal activllles Balance sheet Ntstes to the flnan¢lal statements 8-15
THE HON E W C WELD FORESTER MLL TRUST REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Mr C J S Whitaker Mrs H C Dyer Mr G E HcAdsworth Hunt The Hon Mrs A E Connell. Chair Charity registered number 1105582 Principal office Padmore House Hall Court Hall Park Way Telford TF3 4LX Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Natwesl PIC 121 High Street Oxford OX14DD Solicitors MFG Solicitors Padmoro House Hall Court Hall Park Way Telford TF3 4LX Stockbrokers E F G Harris Allday 33 Great Charles Street Bimiingham B3 3JN
THE HON E W C WELD FORESTER MLL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Truslees present th[ annual report together wtth the financial statements of Charity for the year 6 April 2023 to 5 April 2024. Objecttves and activities a. Policies and objectives The Trustees wish to continue to apply the annual income of the trust in accordance with the Wil of the Hon E W C Weld Forester dated 5 September 1946. The objectives of Ihe Will Trust are to apply the annual income for the purpose of providing a home for and otherwise for the benefit of such one or more exclusively of the Hon E W C Weld Forester's brothers. sisters, nephews and nieces and their respective issue and the surviving husband or wife of any such person who shall be poor ancl needy and In the opinion of the Truslees suilabte req)ients of chanty as the Trustees shall think fit. In setting objectives and planning for activtties. the Truslees have given due consideration to general guidance published by the Charty Commission relating to public benefit, including the guidance 'Public benefit. running a charity IPB21'. b. Grant-making policies The charitable funds are distributed in line wrth Ihe objectives notes atKJve. c. Main acltvtties undertaken to further the Charitys purposes for the public benefit The TSlee$ confirm that they have referred to the revised public benefrt guidance contained in the Charity Commission's general guidance reviewing the tnjsl's aims and objecb.vos and in planning future distrit)utions. Achievements and performance a. Review of activities Throughout the year, the inveslment wrtfolio has been managed lo provide a slream of income for distribution to beneficiaries. b. Investment policy and perfomiance The Trustees hav8 instructal their stockbrokers to operate a long temi investment strategy. taking a modèrata risk approach. and aiming to aclN'eve a balance between generating illcome and capital growth. Financial review a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resourc8s to continue in operational existence for the foreseeable futuro. For this reason. they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting Frt)licies.
THE HON E W C WELD FORESTER WILL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 b. Reserves policy The charity's net income less payments gave £6.300 gain (2023: £5,940 loss) and the market value of the investments was £1.355.392 (2023: £1,341.713). It is the Trusteès policy to maintain sufficient reseNes to fund the ongoing administration of the trust over the next financial yeai. Free reserves at the year end are £51,864 {2023.. £36.101). being the unrestricted fijnds less the designated funds. . Conflict of interest managemenl Where a conflict of interest exists between an applicant arKI a Trustee. the relevant Tntstee abstains from any decision re distributions. Structure. governance and managemenl a. Constitution The Hon E W C Weld Forester Will Trust is a registered charity. number 1105582. and was founded by the Will of the Hon E W C Weld Forester dated 5 September 1946. The TnJst8es hold the capital and income of Trust Fund upon Trust for the objectives declared above. b. Methods of appointment or election of Trustees The management of the Charity is the s[K)nsIbl11ty of the Trustees who are elecled and c(Fopted under the temis of the Trusl deed. . Financial risk management The Tfustees have assessed the major risks to whi(* the Charity ss exposed, in parb"cular those related to the operations and finances of tho Charity, and are satisfied that systems and procedures are in place to mitigat8 exposure to the major risks. d. Investment powers The Trustees have the power to invest in any inveslments aLrthorised by law for the investment of trust funds.
THE HON E W C WELD FORESTER WILL TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Statement of Trustees. responsibilities The Trustees are reswnsible for preparing the Trustees. report arml the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unried Kingdom Generally Apted Accounting Pr3Ctice). 'rhe law applicable to charities in England & Wales requires the Twstees to prepare financial slatements for each financial which give a true and fair view of the stale of affairs of the Chanty and of its incoming sOurceS and application of resources. including its income aTvJ expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitable 8ccounting pdicies and then apply them consistenty: observe the methods and principles of the Charitss SORP {FRS 1021" make judglnents and accounting estimates that are reasonable and PnKJent", slate whether applicable UK Accounting Standards (FRS 1021 have been followed. subject to any material departures disclosed and explained in the financial stalements- prepare the financia statements on the going COrern basis unless it is inappropriate to presume that the Charity will continue in business. The Truslees are reswnsible for keeping adequaie accounting records that are sufficienl to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial stalements comply wrth the Charities Act 2011. the Charily (Accounts and Reports) Regulations 2008 and the provisions of ihe Trust deed. They are also responsible for safeguarding the assets of the Chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the rnembers of the board of Tnjstees and signed on their behalf by: The Hon Mrs A E Connell Trustee Dale.. 03 12 lol
THE HON E W C VVELD FORESTER WILL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent Examinerfs Report to the Trustees of The Hon E W C Weld Forester Will Trust (Ihe Charity.) I report to the charity Trustees on my examinalron of the accounts of the Chanty for the year ended 5 April 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 ACY). I report in respect of my examination of the Charivs accounts arried out under section 145 of the 2011 Ad and in carrying out my examination I have followed the applicable Direckn'ons given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examinerfs Statemenl Your attention is drawn to the fact that the Charity has prepared the accounts in accordance wtth Accounlillg and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appiicaf)le in the UK and Rèpublic of Irelan(l (FRS 1021 in preference to the Accounting and Reporttng by Chariiies.. Statemenl of Recommended Practice issued on 1 April 2005 which is ferred to in the exlant regulations but has been withdrawn. l understand that this has been done in order for the accounts to prwde a true arKJ fair view in accordance wth the Generally Accepted Accounbng Practi effectsve for reports.ng pericKJs beginning on or after 1 January 2015. I have completed my examination. I confifm that no matters have come to my attention in connection with the examination giving me cause to bdieve that in any material respect: aGcounting records were not kept in respect of the Chanty as requId by section 130 of the 2011 Act., or the accounts do not accord with those records; or the accounts do not COmY wth the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other Ihan any requirement that the accounts give a 'tfue and faif view which is not a matter considered as part of an independent examination. I have no concems ar)d 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 undersianding of the accounts to be reached. This report is made solely to tt)e Charitls Trustees. as a bcyty. in accordance with Part 4 of the Charrties {Accounls and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitls Truslees those matters l am required to state to them in an Independent examiners report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Chariws Trustees as a body. for my work or for this report. Signed.. Dated". 1611212024 Tim Lunt BA FCCA MTPI WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG
THE HON E W C WELD FORESTER MLL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlcted tunds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 51,424 51,424 51,063 Total income 51.424 51,424 51,06.3 Expendlture on: Raising funds Charitable activilies 9,599 35.525 9.599 35,525 10,152 46,851 Total expÈnditur8 45.124 45,124 57.00.9 Net incomel{expenditure) before net gainsl(losses1 on investments 6.300 28,419 6,300 28.419 (5,940} (152,870) et gainslllossesl on investments Net incomel(expenditure) 34,719 34,719 (158.810) Net movement in funds 34.719 34.719 {158.8to) Reconciliation of funds.. Total funds broughl forward Net movement in fLJnds 1,367.676 34,719 1.367.676 34,719 7,526,486 (158, 810) Total funds carried forward 1.402.395 1,402,395 1,367,676 The Stslemenl of FinancknAI Activities incIleS all gains and losses recognised in the year. The notes on pages 8 to 15 fomi part of these financial statements.
THE HON E W C WELD FORESTER LL TRUST BALANCE SHEEr AS AT 5 APRIL 2024 2024 2023 Note Fixed assets Investments 1,355,392 1,341.713 1,355.392 1.341,713 Current assets Cash al bank and in hand ri.423 74,503 77.423 74. 503 Creditors: amounts falling due within one year (30.420) (48.540) Net current assets 47,003 25,963 Total assets less current liabilities 1.402.395 1.367,6T6 Total net assets 1,402.395 1.367,676 Charity funds Unrestricted funds 10 1,402.395 1.367,676 Total funds 1,402,395 1,367,676 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. The Hon Mrs A E Connell Trust88 Date". 05 11 ZU The notes on pages 8 to 15 fomi part of these finanoal statements.
THE HON E W C WELD FORESTER WILL TRUST NOTES TO THE FNANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies (contiftued} 1.4 Investments Fixed asset investments a a of finar181 instrument and are initialty recognised at their transacti{ cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case rt is measured at cosl less impaiment. Investment gains and losses, whether realised or unrealised, are combined and presented as -"Gainsl(Losses) on investments, in the Stalement of financial activities. 1.5 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.6 Liabilities and provisions Liabilities are rocognised when the is an obligatK)n at the Balance sheet dat8 as a result of a past event, il is probable that a transfer of economic benefil will be wuired in settlement. and the amount of the sottlement can be eslimated reliably. Liabilities are recognised at the amount Ihat the Charity anticipates it 11 pay to settle the debt or the amount it has received as advanced payments for the goods or Servi it must provide. Provisions are measured al the best estirnate of the aMnIS required lo settle the obligation. Where the effect of the time value of money is matenal. Ihe provision is based on the present value of those amounts: discounted at the pr&tax discount rate that reflects the risks spectfic to the liability. The nwinding of Ihe discount is recognised in the Statement of financial activities as a finance cost. 1.7 Financial instruments The Charity only has finanaal assets and financial liabilrties of a kind that qualfy as tjasic financial instruments. Basic financial instruments are inttially recognised at trdnsaction value and subsequently measured at thr seement value wth the exPtIon of bank loans vthich are subsequently measured at amortised cost using the effective interest melhod. 1.8 Fund accounting General funds are unrestricted bjnds thich are availaEAe for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and Nyhich have ncrt been designated for other purposes. Designated funds compnse unrestricied funds that have been set asid8 by the Trustees for particular purposes. The aim and use of each designated Fund is set out in the notes to the financial statements. Investment income. gains and losses a allocated to Ihe appropriate fund.
THE HON E W C WELD FORESTER WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from stocks and shares 51,424 51,424 51,063 Total 2024 51,424 51,424 51,063 Total 2023 51.063 51.063 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Invesltnent management fees 9.599 9,599 10, 152 Total 2024 9.599 9,599 10,152 Total 2023 10,152 10.152 Analysis of grants Grants to IndIvuals 2024 Total funds 2024 Total funds 2023 Dislributions lo individuals 27,630 27.630 40,787 Total 2024 27.630 27.630 40,781 Total 2023 40,781 40.781
THE HON E W C WELD FORESTER WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis ol expenditure by activities Grant funding of activities 2024 Support cost5 2024 Total funds 2024 Total funds 2023 Charitable expenditure 27.630 7.895 35,525 46.851 Total 2024 27.630 7,895 35,525 46,851 Total 2023 40,781 6.070 46.851 Analysis of 5UPPOrt costs Total fvnds 2024 Tolai funds 2023 Activities 2024 Sundry expenses Insurance 190 190 493 493 567 Governance costs 7.212 7,212 5, 503 7.895 7.895 6,070 Total 2023 6.070 6.070 Independent exarninerfs remuneration The independent examineffs MUneration amounts to an independent examiner fee of £960 (2023 - £900), and accounts preparation of £960 (2023- £91}.
THE HON E W C WELD FORESTER WILL TRUST NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other beneffts (2023 - £NIL). During the year ended 5 April 2024. expenses totalling £165 were reimbursed or paid directly to 2 Trustees (2023 - £NIL to Tmsteej. This was the reimbufsement of expenses Éncurred to attend meetings. Fixed asset investments Listed investments Cost or valuation At 6 April 2023 Additions 1.341.713 81,378 (95,7671 28.068 Disposals Revaluations At 5 April 2024 1,355,392 Net book value At 5 April 2024 1.355.392 At 5 Apn"12023 7,341, 713 The investments are all listed investrnents, and are held in the UK. Credilors: Amounts falling due within one year 2024 2023 Trade Creditors Accruals 28.500 1.920 46, 140 1.800 30,420 48,540
THE HON E W C WELD FORESTER WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. Statement of funds Statement of funds - current year Balance at 6 April 2023 Gainsl Balance at 5 (Losses) April 2024 Income Expenditure Unrestricted funds Designated funds Designated Funds - all funds 1.331.575 19.599) 28.555 1,350,531 The designated fund relates to the investments hekl by the chairty and incurs the cost of holding the investments. General funds General Funds- all funds 36,101 51,288 {35.525) 51,864 Total Unrestricted funds 1,367,676 51,288 {45,124) 28,555 1,402,395
THE HON E W C VYELD FORESTER WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. Statement of funds {continued) Statement of fund5 - prior year Balance al 1 Apnl 2022 Translers 7/out Gains/ Balance al (Losses) 5 Apnl 2023 Income Expenditu Unrestricted funds Designated funds Designated Funds - all funds 1.469,907 (10.152) 24.69LI (152.870) 1.331.575 General funds General Funds - all fund5 56,579 51.063 (46.851) (24.690) 36,101 Total Unrestricted funds 1.526.486 51,063 (57.003) (152.870) 1,367.676 11. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments 1,355.392 77.423 (30,420} 1,355.392 77,423 130.420) Current assets Creditors due wthin one year Total 1,402.3g5 1.402.395
THE HON E W C WELD FORESTER MLL TRUST NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 5 APRIL 2024 Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period UntEslricled funds 2023 Total funds 2023 Fixed asset investments 1,341,713 74,503 (48.540) 1,341,773 74,503 (48,540) Curr8nt assets Creditors due within one year Total 1,367.676 1.367.676 12. Related party transactions It is thin the nature of the charity that the grants are awarded to descenderKls of the Hon E W C Weld Forester. Any deCIonS regarding the awarding of of gfants is managed through the use of the Trust's Conflicts of Inlerest policy. There were trNO related party transactions in the year ending 5th Apn'l 2024. G E Holdsworth Hunt and H C Dyer Trustees have family members that received granls totaling £4,500 aTKI are creditors at year end. (2023: 3 Trustees family members received grants totaling £4.1001