Charity registration number 1138388
THE BROCK WEBB TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE BROCK WEBB TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Joan Webb Valerie Wood Philip Lovegrove James Harrison Julian Dieppe Appointed on 01/06/2023 Charity number 1138388 Principal address St Mary's Court The Broadway Amersham Bucks HP7 0UT Independent examiner Caroline Brazier ACA DChA SKS Audit LLP 3 Sheen Road Richmond Upon Thames TW9 1AD Bankers National Wesminster Bank Plc 13 Stonehills Welwyn Garden City Hertfordshire AL8 6ND
THE BROCK WEBB TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
THE BROCK WEBB TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their report with the financial statements of the charity for the year ended 5 April 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).
Investment policy and objectives
The trustees have power to deposit or invest, in their absolute discretion, in any investments or securities of any nature whatsoever and where so ever including land of any tenure, with the fullest power to vary or change such investments for other authorised investments as freely as if the trustees were absolutely and beneficially entitled to the moneys concerned.
Investment income makes up 100% (2023: 100%) of total income and therefore represents a significant element in the overall performance of the Trust. The portfolio is managed by an external provider and any activity in the portfolio is for the best interest of the Trust in order to maximize growth. The overall value of the portfolio has increase by £133,103 (Decreased 2023: £152,292) and has yielded investment income of £54,139 (2023 :£47,264).
Review of Activities and Reserves policy
The Trust continues to provide grants, in accordance with its objectives. The trustees administer the funds directly. Joan Webb, one of the trustees, made a loan to the charity. The balance outstanding at the year end was £776,055 (2023: £776,055). The majority of the funds received for distribution will be received from the trustees.
The results for the year, and the charity's financial position at the end of the year, are shown in the attached financial statements. The Trust’s work is reliant on voluntary donations and investment income. All income and expenditure in the year is considered as routine and the year ended with an increase in funds of £232,143 (2023:decrease by £238,582).
The trustees have established a policy whereby the unrestricted funds not committed are sufficient to enable the Trust to continue to achieve its objectives and its grant policy. Unrestricted funds at 5 April 2024 stood at £1,177,860. There are no restricted funds. The trustees will review the reserves policy and the level of reserves from time to time. The trustees plan to disburse the funds over the coming years. Whilst holding these funds they seek to obtain the best return whilst minimizing risk.
Risk Review
The trustees regularly review the risks to which the Trust is exposed and aim to minimise the risks as far as possible. Procedures will be periodically reviewed to ensure they still meet the needs of the Charity.
The trustees consider variability of investment returns on the fixed asset investments to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
The trustees consider that should Joan Webb request full payment of her loan of £776,055 then the Trust would not be able to continue as a going concern. This is mitigated by ensuring the fixed asset investment value is greater than the loan. Joan Webb has also agreed to provide 12 months’ notice before requesting the loan to be repaid.
FUTURE PLANS
The Trust intends to continue to provide donations and grants to charitable organizations operating for the benefit of communities and people in a diverse range of circumstances in countries across the world and may include further substantial individual donations in the future.
During the year the Trustees conducted a comprehensive review of all organizations to whom donations have been made in the previous two years, after which a list together with donation amounts was agreed.
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THE BROCK WEBB TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
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 was set up by Trust Deed dated 22 March 2010 (as amended 9 September 2010) and was registered as a charity by the Charity Commission for England and Wales on 12 October 2010. The objectives of the Trust are to further such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.
The trustees who served throughout the period and to the date of this report were Joan Webb, Valerie Wood, Philip Lovegrove, James Harrison and Julian Dieppe .
New trustees may be appointed by the trustees. It is the policy of the Trust to have a minimum of three trustees at any one time. Any new trustees must undergo an orientation to brief them on their legal obligations under charity law, decision making processes and recent financial performance. During the orientation they will meet the other trustees. At the regular trustees meetings, the trustees agree the overall strategy and areas of activity for the Trust..
The Trustees' report was approved by the Board of Trustees.
...............................................
Trustee
Dated: 29 January 2025
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THE BROCK WEBB TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE BROCK WEBB TRUST
I report to the charity Trustees on my examination of the financial statements of The Brock Webb Trust (the Trust) for the year ended 5 April 2024.
Responsibilities and basis of report
As the charity Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
.............................................. Caroline Brazier ACA DChA
SKS Audit LLP 3 Sheen Road Richmond Upon Thames TW9 1AD
Dated: 29 January 2025
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THE BROCK WEBB TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | |||
| Income from: | |||
| Investments | 2 | 54,139 | 47,264 |
| Total income | 54,139 | 47,264 | |
| Expenditure on: | |||
| Raising funds | 3 | 13,845 | 11,628 |
| Charitable activities | 4 | 59,600 | 61,600 |
| Other expenditure | 5 | 5,246 | 3,650 |
| Total expenditure | 78,691 | 76,878 | |
| Net gains/(losses) on investments | 7 | 256,694 | (208,968) |
| Net income/(expenditure) and movement in funds | 232,142 | (238,582) | |
| Reconciliation of funds: | |||
| Fund balances at 6 April 2023 | 885,718 | 1,124,300 | |
| Fund balances at 5 April 2024 | 1,117,860 | 885,718 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE BROCK WEBB TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | |||||
| Fixed assets | |||||
| Investments | 8 | 1,754,163 | 1,621,060 | ||
| Current assets | |||||
| Debtors | 9 | 9,000 | 9,000 | ||
| Cash at bank and in hand | 144,788 | 44,061 | |||
| 153,788 | 53,061 | ||||
| Creditors: amounts falling due within one | 10 | ||||
| year | (790,091) | (788,403) | |||
| Net current liabilities | (636,303) | (735,342) | |||
| Total assets less current liabilities | 1,117,860 | 885,718 | |||
| Income funds | |||||
| Unrestricted funds | 1,117,860 | 885,718 | |||
| ~~-~~ | |||||
| 1,117,860 | 885,718 |
The financial statements were approved by the Trustees on 29 January 2025
Trustee
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THE BROCK WEBB TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
1.1 Accounting convention
These financial statements of the charity ,which is 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 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 ) (effective 1 January 2019) and the Charities Act 2011.The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
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 departuree has involved following the 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 issued 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
.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictionsarise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements
1.4 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.
1.5 Resources expended
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
1.6 Fixed asset investments
Fixed asset investments are included at fair value at the balance sheet date. Any gain or loss on revaluation is included in the Statement of Financial Activities.
1.7 Taxation
The Charity is exempt from tax on its charitable activities.
1.8 Grants
Grants to individuals and institutions are accounted for when paid.
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THE BROCK WEBB TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 2 Investments Dividends Interest on UK Stock 3 Raising funds Investment management fees 4 Analysis of grants and donations Tyndale House Save the children British Red Cross Medecins Sans Frontiers Royal College of Surgeons Tearfund British Heart Foundation CMS Essex & Herts Air Ambulance Kent, Surrey & Sussex King Edward VII's Hospital Medical Aid for Palestine Mercy Ships National Trust for Scotland Salvation Army Other Grants During the year, the Trust made a total of 50 grant payments (2023: 52). |
2024 46,808 7,331 54,139 2024 13,845 13,845 2024 2,000 2,000 5,000 5,000 5,000 2,500 2,000 2,000 2,000 2,000 2,000 2,000 2,000 - 2,000 22,100 59,600 |
2023 40,322 6,942 |
|---|---|---|
| 47,264 | ||
| 2023 11,628 |
||
| 11,628 | ||
| 2023 2,000 2,000 5,000 5,000 5,000 2,500 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 22,100 |
||
| 61,600 | ||
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THE BROCK WEBB TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
5 Support costs
| Independent examiners fee Independent examiners fee for other services Accountancy Investigation fee |
2024 3,756 1,320 170 5,246 |
2023 3,480 - 170 |
|---|---|---|
| 3,650 |
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
7 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | ||
| Revaluation of investments | 233,950 | (173,303) |
| Sale of investments | 22,744 | (35,665) |
| 256,694 | (208,968) | |
| Fixed Asset Investments | ||
| 2024 | ||
| At 6 April 2023 | 1,621,060 | |
| Additions | 370,843 | |
| Disposals | (471,730) | |
| Net gains or losses on revaluation | 233,990 | |
| At 5 April 2024 | 1,754,163 |
8 Fixed Asset Investments
All investments are carried at their fair value. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the rate of trade cost.
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THE BROCK WEBB TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 9 Debtors Amounts falling due within one year: Other debtors 10 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2024 9,000 2024 782,171 7,920 790,091 |
2023 9,000 |
|---|---|---|
| 2023 778,054 10,349 |
||
| 788,403 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 6 General funds Previous year: At 6 General funds |
April 2023 885,718 April 2022 1,124,300 |
Incoming resources 54,139 Incoming resources 47,264 |
Resources expended Gains (78,691) Resources expended Gains (76,878) |
and losses At 5 256,694 and losses At 5 (208,968) |
April 2024 1,117,860 |
|---|---|---|---|---|---|
| April 2023 885,718 |
12 Related party transactions
Joan Webb, who is a trustee, made a loan to the charity. The balance at 5 April 2024 is £776,055 (2023: £776,055). This is an interest free loan so no interest is due.
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