Charity number: 1105582 ## THE HON E W C WELD FORESTER WILL TRUST UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 THE HON E W C WELD FORESTER WILL TRUST ## CONTENTS ||Page| |---|---| |Reference and administrative details of the Charity, its Trustees and advisers|1| |Trustees' report|2 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8 - 14| THE HON E W C WELD FORESTER WILL TRUST ## REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 |Trustees|Mr C J S Whitaker| |---|---| ||Mrs H C Dyer| ||Mr G E Holdsworth 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
NatWest Plc
121 High Street
Oxford
OX1 4DD
Solicitors
MFG Solicitors
Padmore House
Hall Court
Hall Park Way
Telford
TF3 4LX
Stockbrokers
E F G Harris Allday
33 Great Charles Street
Birmingham
B3 3JN|| Page 1 THE HON E W C WELD FORESTER WILL TRUST ## TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2024 to 5 April 2025. ## Objectives and activities ## a. Policies and objectives The Trustees wish to continue to apply the annual income of the trust in accordance with the Will of the Hon E W C Weld Forester dated 5 September 1946. The objectives of the 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 and needy and in the opinion of the Trustees suitable recipients of charity as the Trustees shall think fit. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## b. Grant-making policies The charitable funds are distributed in line with the objectives notes above. ## c. Main activities undertaken to further the Charity's purposes for the public benefit The Trustees confirm that they have referred to the revised public benefit guidance contained in the Charity Commission's general guidance when reviewing the trust's aims and objectives and in planning future distributions. ## Achievements and performance ## a. Review of activities Throughout the year, the investment portfolio has been managed to provide a stream of income for distribution to beneficiaries. ## b. Investment policy and performance The Trustees have instructed their stockbrokers to operate a long term investment strategy, taking a moderate risk approach, and aiming to achieve a balance between generating income and capital growth. ## Financial review ## a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 2 THE HON E W C WELD FORESTER WILL TRUST ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 ## b. Reserves policy The charity's net income less payments gave £1,070 gain (2024: £6,300 gain) and the market value of the investments was £1,285,902 (2024: £1,355,392). It is the Trustee's policy to maintain sufficient reserves to fund the ongoing administration of the trust over the next financial year. Free reserves at the year end are £63,032 (2024: £51,864), being the unrestricted funds less the designated funds. ## c. Conflict of interest management Where a conflict of interest exists between an applicant and a Trustee, the relevant Trustee abstains from any decision re distributions. ## Structure, governance and management ## 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 Trustees hold the capital and income of the Trust Fund upon Trust for the objectives declared above. ## b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. ## c. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## d. Investment powers The Trustees have the power to invest in any investments authorised by law for the investment of trust funds. Page 3 THE HON E W C WELD FORESTER WILL TRUST ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 ## Statement of Trustees' responsibilities The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient 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 statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also 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 order of the members of the board of Trustees and signed on their behalf by: ................................................ The Hon Mrs A E Connell Trustee Date: Page 4 THE HON E W C WELD FORESTER WILL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025 Independent Examiner's Report to the Trustees of The Hon E W C Weld Forester Will Trust ('the Charity') I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025. ## 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 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent Examiner's Statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's 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 Charity's Trustees as a body, for my work or for this report. Signed: Dated: 29/01/2026 Tim Lunt BA FCCA MTPI WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page 5 THE HON E W C WELD FORESTER WILL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 |Note
Income from:
Investments
2
Total income
Expenditure on:
Raising funds
3
Charitable activities
Total expenditure
Net income before net (losses)/gains on
investments
Net (losses)/gains on investments
Net (expenditure)/income
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward|Unrestricted
funds
2025
£
49,654
49,654
10,098
38,486
48,584
1,070
(59,271)
(58,201)
(58,201)
1,402,395
(58,201)
1,344,194|Total
funds
2025
£
49,654
49,654
10,098
38,486
48,584
1,070
(59,271)
(58,201)
(58,201)
1,402,395
(58,201)
1,344,194|Total
funds
2024
£
51,424
51,424| |---|---|---|---| ||||9,599
35,525
45,124| ||||6,300
28,419| ||||34,719
34,719| ||||1,367,676
34,719
1,402,395| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 14 form part of these financial statements. Page 6 THE HON E W C WELD FORESTER WILL TRUST ## BALANCE SHEET AS AT 5 APRIL 2025 ||||2025|2025|2024| |---|---|---|---|---|---| ||Note||£||£| |Fixed assets|||||| |Investments|8||1,285,902||1,355,392| ||||1,285,902||1,355,392| |Current assets|||||| |Cash at bank and in hand||90,386||77,423|| |||90,386||77,423|| |Current liabilities|||||| |Creditors: amounts falling due within one|||||| |year|9|(32,094)||(30,420)|| |Net current assets|||58,292||47,003| |Total assets less current liabilities|||1,344,194||1,402,395| |Total net assets|||1,344,194||1,402,395| |Charity funds|||||| |Unrestricted funds|10||1,344,194||1,402,395| |Total funds|||1,344,194||1,402,395| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ The Hon Mrs A E Connell Trustee ## Date: The notes on pages 8 to 14 form part of these financial statements. Page 7 THE HON E W C WELD FORESTER WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ## 1. Accounting policies ## 1.1 Basis of preparation of financial statements The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Hon E W C Weld Forester Will Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## 1.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. ## 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Page 8 THE HON E W C WELD FORESTER WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ## 1. Accounting policies (continued) ## 1.4 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. ## 1.5 Cash at bank and in hand Cash at 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 recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## 1.7 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## 1.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside 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 are allocated to the appropriate fund. Page 9 THE HON E W C WELD FORESTER WILL TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ## 2. Investment income |Unrestricted
funds
2025
£
Income from stocks and shares
49,654
Total 2025
49,654
Total 2024
51,424
3.
Investment management costs
Unrestricted
funds
2025
£
Investment management fees
10,098
Total 2025
10,098
Total 2024
9,599
4.
Analysis of grants
Grants to
Individuals
2025
£
Distributions to individuals
31,569
Total 2025
31,569
Total 2024
27,630|Total
funds
2025
£
49,654
49,654
51,424
Total
funds
2025
£
10,098
10,098
9,599
Total
funds
2025
£
31,569
31,569
27,630|Total
funds
2024
£
51,424
51,424| |---|---|---| |||Total
funds
2024
£
9,599
9,599| |||Total
funds
2024
£
27,630
27,630| |||| Page 10 THE HON E W C WELD FORESTER WILL TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ## 5. Analysis of expenditure by activities |Charitable expenditure
Total 2025
Total 2024
Analysis of support costs|Grant
funding of
activities
2025
£
31,569
31,569
27,630|Support
costs
2025
£
6,917
6,917
7,895|Total
funds
2025
£
38,486
38,486
35,525|Total
funds
2024
£
35,525
35,525| |---|---|---|---|---| |||||| |Sundry expenses
Insurance
Governance costs
Total 2024|Activities
2025
£
-
553
6,364
6,917
7,895|Total
funds
2025
£
-
553
6,364
6,917
7,895|Total
funds
2024
£
190
493
7,212
7,895| |---|---|---|---| ||||| 6. Independent examiner's remuneration The independent examiner's remuneration amounts to an independent examiner fee of £1,047 (2024 - £960), and accounts preparation of £1,047 (2024 - £960). Page 11 THE HON E W C WELD FORESTER WILL TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ## 7. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £165). ## 8. Fixed asset investments |Cost or valuation
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
Net book value
At 5 April 2025
At 5 April 2024|Listed
investments
£
1,355,392
186,372
(196,591)
(59,271)| |---|---| ||1,285,902| ||1,285,902| ||1,355,392| The investments are all listed investments, and are held in the UK. ## 9. Creditors: Amounts falling due within one year |Trade Creditors
Accruals|2025
£
30,000
2,094
32,094|2024
£
28,500
1,920
30,420| |---|---|---| Page 12 THE HON E W C WELD FORESTER WILL TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ## 10. Statement of funds Statement of funds - current year |Statement of funds - current|year||||| |---|---|---|---|---|---| ||Balance at 6|||Gains/|Balance at 5| ||April 2024|Income|Expenditure|(Losses)|April 2025| ||£|£|£|£|£| |Unrestricted funds|||||| |Designated funds|||||| |Designated Funds - all funds|1,350,531|-|(10,098)|(59,271)|1,281,162| |The designated fund relates to|the investments held by the|the investments held by the|the investments held by the|charity and incurs the cost|charity and incurs the cost|of holding the|of holding the| |---|---|---|---|---|---|---|---| |investments.|||||||| |General funds|||||||| |General Funds - all funds|51,864|49,654||(38,486)|-||63,032| |Total Unrestricted funds|1,402,395|49,654||(48,584)|(59,271)||1,344,194| ||||||||| |Statement of funds - prior year|||||||| ||Balance at||||Gains/||Balance at| ||1 April 2023|Income||Expenditure|(Losses)||5 April 2024| ||£|£||£|£||£| |Unrestricted funds|||||||| |Designated funds|||||||| |Designated Funds - all funds|1,331,575|-||(9,599)|28,555||1,350,531| |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| ||||||||| Page 13 THE HON E W C WELD FORESTER WILL TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ## 11. Analysis of net assets between funds Analysis of net assets between funds - current year |Unrestricted
funds
2025
£
Fixed asset investments
1,285,902
Current assets
90,386
Creditors due within one year
(32,094)
Total
1,344,194|Total
funds
2025
£
1,285,902
90,386
(32,094)
1,344,194| |---|---| Analysis of net assets between funds - prior year |Fixed asset investments
Current assets
Creditors due within one year
Total|Unrestricted
funds
2024
£
1,355,392
77,423
(30,420)
1,402,395|Total
funds
2024
£
1,355,392
77,423
(30,420)
1,402,395| |---|---|---| ## 12. Related party transactions It is within the nature of the charity that the grants are awarded to descendends of the Hon E W C Weld Forester. Any decisions regarding the awarding of of grants is managed through the use of the Trust's Conflicts of Interest policy. There were two related party transactions in the year ending 5th April 2024. G E Holdsworth Hunt and H C Dyer Trustees have family members that received grants totaling £6,600 and are creditors at year end. ( 2024: 2 Trustees family members received grants totaling £4,500 Page 14