2021-10-31-accounts

WALTER LEES FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDING 31ST OCTOBER 2021 Minerva House 5 Monlague C105e London SE1988 DX.. 156810 London Bridge 8 Win worth erwood T 020 7fJ93 5(M)O F 020 7593 5099 www.wslaw.co uk Sollcilors artd Parllam8ntary Agoiitg

WALTER LEES FOUNDATION FULL NAME OF CHARITY Waller Lees Foundalion. GOVERNING INSTRUMENT Will of tho deceased d8ted 24 March 2005 proved al the Principal Probate Registry 16 July 2010 DATE OF REGISTRATION 11th November 2010 REGISTERED CHARITY NO. 1138935 TRUSTEES OF CHARITY DURING YEAR ENDING 31ST OCTOBER 2021 Roderick Hugh Alexander MacDougald Minerva House 5 Monlague Close London SE19BB Gerald Richard Ornsleln Fisher Phillips LLP Summit House 170 Finchley Road London NW3 6BP Steven Paul Frost Fisher Phillips LLP Summit House 170 Finchley Road Londo NW3 6BP PRINCIPAL ADDRESS Winckworth She￿ood LLP MineN8 House 5 Monlague Close London SE19BB SOLICITORS TO THE CHARITY Win¢kworth Sherwood LLP BANKERS TO THE CHARITY Wln¢kworth SheNood LLP Client current and deposit accounts (with Lloyds Barbkl INDEPENDENT EXAMINERS TO THE CHARITY Newton & Garner Limiled Building 2 30 Friern Park North Fin¢hley London N12 9DA AREA OF BENEFIT No limitation in goveming document ex￿pt that the definition of "charitable is limited lo charitable according lo Ihe18w of England & Wales.

The current criteria is: Grants are to be awarded only to charities that are registered In England and Wales. 2. Grants will generally only be made for specific projects which would not be eligible for fully funded assistance elsewhere. 3. The Iruslees will decide on Ihe amounl of the granl awarded on an individual basis. they will generally be single grants of £5,000 or more. 4. Matched funding wlll nomially be required lo be demonslraled. 5. Normally support will noi be given to a charity whose annual income exceeds £100,000. INVESTMENT POWERS Wide APPOINTMENT OF TRUSTEES Contained in clause 7.1 of the Will - "A new trustee or new trustees may be 8ppoinled 8t any lime (either by way of replacement or 8ddilion) bul so that the total number of trustees Shall at no time exceed three" The mechanics for such an appointment are Gonlained in clause 7.2 of the Will. RISKS The charity funds were invested in a residential property which was let and in an equily based portfolS0 following advice given by EFG in order lo achiev8 diversification of assets. EFG are due lo report to the trustees iwice a year. FUTURE PLANS The Charity will make grants in accordance wllh the obleGts of the will. The ob.ects of tho charit The objects of the charity are to apply the income and 811 or such part or parts of the capllal at such lime or limes and in such manner to or for the benefit of such exclusively charitable objeGts and purposes in any part of the world as the trustees, in thelr dis¢retion, Ihlnk flt. "Charitabl8" is defined lo mean charitable according lo the law of England and Wa18S. Policies and or anisation of the ¢harit In practice, it 18 the policy of the trustees to exp6nd th@ income (but not the capital) of the trust for such charitable purposes. Public Benefit The trustees have made grants during Ihe period to 31 October 2021.

The balan￿ of the nel investrnent income is available for dislribLJlion during the year ending 31 October 2021 and the trusteès will deGide on awarding grants lo charities registered In England and Wales. They have established a website and invited applications for grants via that site - www.walterle8sfoundation.org.uk. Materlal chan es In the charlt oliclas and o anisation durin the ear There were no material changes in the charlty's poliGies and organisation during the year. Investment Polic and erformance Investment activities are managed in line with the requlrements of the Truslee Act 2000. The Trustees have continued to appoSnt EFG as investment m8n8ger allowing them lo manage th8 Portfolio using their discretion. The approximate splSt of the investments as follows {as of 31 October 2021)-. Inv6stment Type Percentage Equities 59Yo Bonds Altern2llve8 Cash As at 31st October 2021 the total market value of the securities was £2,597,305 (including capital cash of £63,010) compared lo £2,338,575 (including capltal cash of £115,171) as at 31st October 2020. This represents an increase of approximately 11.06Vo. The income received for the year ended 31st October 2021, was £42,599.47. Flnanclal osltlon of the charlt EFG have advised the trustees on the trust portfollo. which has been reviewed on a half yearly basis, and as and when the need arises. R8view ofthe financial statements for the ear endin 31st October 2021 The financlal statements comply with the Charities Act 2011, the Companies Act 2006 and the Accounting and Reporting by Charities, Statement of Recommended PraGlice ISORPI applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting standard applicable in the UK and Republlc of Ireland IFRS 102) leffeclive 1 January 20151. Trustees, res onslbllltles The Charity trustees are responsible for preparing the Trustees, Annual report and the financial statements in accordance with the applicable law and United Kingdom Accnunling Standards (Uniled Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the TrLJStees' to prepare the Trustees Annual Report and financial statements for each financial year whiGh give a true and fair view of the charity's financial activities during the year and of its financial poslllon at the end of the year. In preparing financial statements the trustees are required to..

Select suitable accountlng policies and then apply them consistently. ObSe￿e the methods and principles In the Charities SORP. Make judgements and estimates that are reasonable and prudent. stale whether applicable accounting standards have been followed, subleGI to any material departures and explained in the financial statements. Prepare the financial slalements on the going concern basis unless St Is Inappropriate to presume that the charity will continue In operation. liv) {v) The trustees are responsible for keeping accounting ￿cOrdS which disclose with reasonable accLSracy the financial position of the Gharity and which enable them to ensure that the finartrcial slalements comply with the Charities Act 2011, the charity (accounts and reports) Regulations 2008 and the provisions of the trust deed. They are also responsibl for safegLtarding the assets of the Gharity and hence for taklng reasonable steps for Ihe pr venlion and detection of fraud and other irregularitles. Roderick Hugh xander MacDougald On behalf of all the Iruste8S

WALTER LEES FOUNDATION

A Registered Charity No. 1138935

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED TO 31ST OCTOBER 2021

Minerva House 5 Montague Close Been anions bf aa‘ a www.wslaw.co.uk

|

• Veneers) ClSolicitors WOO and Parliamentary Agents

WALTER LEES FOUNDATION

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST OCTOBER 2021

, CONTENTS

PAGE

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|||||||| |---|---|---|---|---|---|---| |REPORT TO|THE|TRUSTEES||| |REPORT|OF|THE|INDEPENDENT|EXAMINERS|2|,| |GENERAL|INFORMATION|3-4| |FINANCIAL|STATEMENTS| |Notes|to|the|Financial|Statements|5| ||| |Balance|Sheet|6| |Statement|of|Financial|Activities|7| |Capital|Account|,|8| |Income|Account|2| |Schedule|of|Creditors|10| |Schedule|of Stocks|and|Shares|11-22|

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WALTER LEES FOUNDATION

REPORT TO THE TRUSTEES

We have prepared the financial statements set out on pages 5 to 22 from the records of the Trust maintained by us.

As at 31st October 2021 the total market value of the securities was £2,597,304.98 (including capital cash of £63,010) compared to £2,338,575.26 (including capital cash of £115,171) as at 3ist October 2020.

The income received for the period to 31st October 2021, was £42,599.47. —

Under Section 145(1) of the Charities Act 2011 the trustees may elect either:-

(a)

to have the accounts examined by an independent examiner; or

(b) to have the accounts audited by a person qualified under the definition contained in Section 144 (2) of the said Act.

The trustees have elected to appoint Newton & Garner Limited, chartered accountants, as independent examiners to review the accounts in accordance with the above provisions, and their report is contained in these financial statements.

blak (hows. WINCKWORTH SHERWOOD LLP

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beloo(rew
DATED
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WALTER LEES FOUNDATION

CHARITY NO. 1138935

YEAR ENDED 318'T OCTOBER 2021

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF WALTER LEES FOUNDATION

| report to the trustees on my examination of the accounts of the above charity (“the Trust’) for the year ended 31% October 2021, which are set out on pages 5 to 22.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

| report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the which gives me cause to believe that in, any material respect:

• e the accounting records were not kept in accordance with section 130 of the Charities Act; or e the accounts did not accord with the accounting records; or

• e the accounts did 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.

| 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.

Op » ‘

Robert Knight FCCA ATII Newton & Garner Limited Chartered Accountants BUILDING 2 30 FRIERN PARK NORTH FINCHLEY LONDON N12 9DA

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DATE: ‘4+ TAY , 2022
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ity

WALTER LEES FOUNDATION GENERAL INFORMATION

TESTATOR: TRUSTEES:

DATE OF WILL:

DATE OF DEATH: PROBATE GRANTED:

TERMS:

Walter Charles Lees

Roderick Hugh Alexander MacDougald (appointed by will - 30.01.2010) Gerald Richard Ornstein (appointed by will - 30.01.2010) Steven Paul Frost (appointed 01.11.2017)

24th March 2005

30th January 2010

16th July 2010

Following the death of Walter Charles Lees his estate was administered by his executors who were the same persons as the trustees of the Walter Lees Foundation. The administration of the estate was completed on 20 December 2011 although there had been a cash distribution to the trustees in August 2011 and the residential property, Flat 3, 48 Pimlico Road, London SW1W (the former home of the deceased) had been assented to the trustees in June 2011 and then let. The property was sold on 27 February 2019. Chattels that had belonged to the deceased were sold by the trustees during the administration period. The governing document of the Walter Lees Foundation is the will of the deceased dated 24 March 2005 and, inter alia, it states that:

A. The Trustees should hold capital and income of the trust fund upon trust to apply the income and all or such part or parts of the capital at such time or times and in such manner to or for the benefit of such exclusively charitable objects and purposes in any part of the world as the trustees may in their discretion think fit. Charitable was defined to mean charitable according to the law of England and Wales.

B.The trustees were given wide ranging investment powers under the terms of the Will. The powers state that the trustees are not under a duty to diversify investments and that the trustees may invest any part of the Trust Fund in any way in which any part of the estate was invested at the time of death.

C.The will gave the trustees power to appoint an investment adviser and to - delegate investment management. D.The trustees were directed to hold at least one meeting in each calendar year and that two trustees would form a quorum.

E.The trustees were given power to establish funds for particular purposes or to maintain reserves.

SOLICITORS:

Winckworth Sherwood LLP Minerva House 5 Montague Close London SE1 9BB

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WALTER LEES FOUNDATION

GENERAL INFORMATION

STOCKBROKERS:

EFG Private Bank Ltd Curzon Street Mayfair London WJ 5JB

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WALTER LEES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 3187 OCTOBER 2021

ACCOUNTING POLICIES

‘da Bs Basis of Preparation

The financial statements have been prepared 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 lreland (FRS 102) (effective 1 January 2015) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern.

b. Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts the trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS102 a restatement of comparative items was needed. No restatement is required.

ec. Income Recognition

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.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment porifolio.

d. Expenditure recognition

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

2. Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to

34 199/5/

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investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities

WINCKWORTH SHERWOOD LLP

DATE

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WALTERLEES FOUNDATION

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BALANCE SHEET
AS AT 31ST OCTOBER 2021
2021 2020
Stocks and shares 2,534,295.03 2,223,403.35
Income cash held by Winckworth Sherwood 6,733.82 8,361.30
Capital Cash held by EFG 50,050.20 101,811.63
Income cash held by EFG 12,959.75 13,360.28
Less:-
Creditors - per schedule on page 10 (13,884.96) (10,218.31)
~ £2,590,153.84 £2,336,718.25
This is represented by:-
CAPITAL ACCOUNT (Page 8) 2,581,880.13 2,314,243.38
INCOME ACCOUNT (Page 9) 8,273.71 22,474.87
~ £2,590,153.84 £2,336,718.25
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| approve the accounts uf[the][Trust][in][respect][of][ the][year][ ended] 31st October 2021 as 7 out on pages6 to 22 on behalf of all Trustees.

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WALTER LEES FOUNDATION

STATEMENT OF FINANGIAL ACTIVITIES FOR THE PERIOD ENDING 31ST OCTOBER 2021

			2021	2020
Incomeand Expenditure	Capital	Income	Total Funds
Incoming resources Investment income	0.00	42,599.47	42,599.47	51,573.43
Gross Interest	0.00	0.00	0.00	39.72
Total incoming resources	0.00	42,599.47	42,599.47	51,613.15
Resources used
Direct charitable expenditure
Grants	0.00	50,000.00	50,000.00	55,000.00
Administration costs	57,779.89	6,800.63	64,580.52	58,893.80
Total resources used	57,779.89	56,800.63	114,580.52	113,893.80
Net incoming/(outgoing) resources fortheyear	(57,779.89)	(14,201.16)	(71,981.05)	(62,280.65)
Other recognised gains and losses
Gains and losses on investmenis:~
Realised Unrealised Netmovement in funds	(1,694.12) 327,110.76 267,636.75	0.00 0.00 (14,201.16)	(1,694.12) 327,110.76 253,435.59	(49,205.21) 47,793.29 (63,692.57)
Balances broughtforward at 4stNovember2020	2,314,243.38	22,474.87	2,336,718.25	2,400,410.82
Balances carried forward at
31stOctober2021	£2,581880.13	£8,273.71	£2,590,153.84	—£2,336,718.25

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WALTER LEES FOUNDATION

CAPITAL ACCOUNT PERIOD ENDED 31ST OCTOBER 2021

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024|2020| |Balance|brought forward|as|at|1st|November 2020|2,314,243.38|2,368,672.59| |Add:-| |Proceeds from|sale|of|painting|from|the|estate|of|4.40|0.00| |Walter|Lees|deceased| |Profit on|sale|of stocks|and|shares|3,716.90|(56,431.92)| |Revaluation|of stocks|and|shares|327,110.76|47,793.29| |FWD:|USD|vs.|GBP|(8,329.89)|E2207| |FWD:|HKD|vs.|GBP|(50.71)|0.00| |EFG|-|Reimbursement|2,965.18|0.00| |~|[2,639,660.02]|—|2,367,260.67| |Less:-| |EFG|Bank|Charge|0.00|90.00| |EFG|Management fees|24,938.45|23,290.04| |VAT|thereon|.|4,987.69|4,658.01| |Fisher|Phillips|4,800.00|4,800.00| |VAT thereon|960.00|960.00| |Legal,|accountancy,|taxation|and| |administration|charges|and|disbursements|17,001.56|14,691.30| |VAT thereon|3,400.31|2,938.25| |Disbursements|159.90|124.74| |VAT theron|31,98|24.95| |Newton|&|Garner independent|examination|fees|(provision)|1,250.00|1,200.00| |VAT thereon|250.00|240.00| |Balance|carried forward|at 31st October 2021|~ £2,581,880.13|£2,314,243.38|_|

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as

WALTER LEES FOUNDATION

INCOME ACCOUNT PERIOD ENDED 31ST OCTOBER 2021

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||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |Balance|brought forward|as|at|ist|November 2020|22,474.87|31,738.23| |Dividends|and|interest|42,599.47|51,573.43| |Gross|interest|0.00|39.72| |65,074.34|83,351.38| |Less:-| |Grants|to:-| |The Worshipful|Company of|Paviours|0.00|10,000.00| |Kids|in|the|Spotlight|0.00|5,000.00| |Blooming|Blossoms|Trust|0.00|2,500.00| |Woodwork|to|Wellness|0.00|7,500.00| |in|Touch/Kids|United|0.00|8,500.00| |Listening|Books|0.00|5,000.00| |Cerebral|Palsy Plus|0.00|7,250.00| |Autism|Inclusive|0.00|4,250.00| |Crisis|UK|5,000.00|5,000.00| |Two|Pennies|Money Advice|5,000.00|0.00| |SPACE|ClO|5,000.00|0.00| |Refreshing|Minds|5,000.00|0.00| |Pauls|Cancer Support Centre|5,000.00|0.00| |Fenland|Black|Oak|CIO|5,000.00|0.00| |Lev|Echod|Cancer|Care|5,000.00|0.00| |British|Liver Trust|5,000.00|0.00| |Allin|Sound|5,000.00|0.00| |The|Royal|School|for the|Blind|5,000.00|0.00| |Legal,|accountancy,|taxation|and|5,667.19|4,897.09| |administration|charges| |VAT thereon|1,133.44|979.42| |Balance|carried|forward|as|at|3ist October 2021|£8,273.71|£22, 474.87|

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WALTERLEES FOUNDATION

SCHEDULE OF CREDITORS AS AT 31ST OCTOBER 2021

Newton& Garner independent examination fees	4,250.00
VATthereon	250.00
Winckworth Sherwood LLP	3,950.00
VATthereon	790.00
EFG Management Fees	6,370.80
VATthereon	1,274.16
	~£13,884.96

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WALTER LEES FOUNDATION

A Registered Charity No. 1138935

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED TO 31ST OCTOBER 2021

Minerva House 5 Montague Close Been anions bf aa‘ a www.wslaw.co.uk

|

• Veneers) ClSolicitors WOO and Parliamentary Agents

WALTER LEES FOUNDATION

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST OCTOBER 2021

, CONTENTS

PAGE

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|||||||| |---|---|---|---|---|---|---| |REPORT TO|THE|TRUSTEES||| |REPORT|OF|THE|INDEPENDENT|EXAMINERS|2|,| |GENERAL|INFORMATION|3-4| |FINANCIAL|STATEMENTS| |Notes|to|the|Financial|Statements|5| ||| |Balance|Sheet|6| |Statement|of|Financial|Activities|7| |Capital|Account|,|8| |Income|Account|2| |Schedule|of|Creditors|10| |Schedule|of Stocks|and|Shares|11-22|

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)

WALTER LEES FOUNDATION

REPORT TO THE TRUSTEES

We have prepared the financial statements set out on pages 5 to 22 from the records of the Trust maintained by us.

As at 31st October 2021 the total market value of the securities was £2,597,304.98 (including capital cash of £63,010) compared to £2,338,575.26 (including capital cash of £115,171) as at 3ist October 2020.

The income received for the period to 31st October 2021, was £42,599.47. —

Under Section 145(1) of the Charities Act 2011 the trustees may elect either:-

(a)

to have the accounts examined by an independent examiner; or

(b) to have the accounts audited by a person qualified under the definition contained in Section 144 (2) of the said Act.

The trustees have elected to appoint Newton & Garner Limited, chartered accountants, as independent examiners to review the accounts in accordance with the above provisions, and their report is contained in these financial statements.

blak (hows. WINCKWORTH SHERWOOD LLP

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beloo(rew
DATED
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ai

WALTER LEES FOUNDATION

CHARITY NO. 1138935

YEAR ENDED 318'T OCTOBER 2021

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF WALTER LEES FOUNDATION

| report to the trustees on my examination of the accounts of the above charity (“the Trust’) for the year ended 31% October 2021, which are set out on pages 5 to 22.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

| report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the which gives me cause to believe that in, any material respect:

• e the accounting records were not kept in accordance with section 130 of the Charities Act; or e the accounts did not accord with the accounting records; or

• e the accounts did 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.

| 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.

Op » ‘

Robert Knight FCCA ATII Newton & Garner Limited Chartered Accountants BUILDING 2 30 FRIERN PARK NORTH FINCHLEY LONDON N12 9DA

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DATE: ‘4+ TAY , 2022
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ity

WALTER LEES FOUNDATION GENERAL INFORMATION

TESTATOR: TRUSTEES:

DATE OF WILL:

DATE OF DEATH: PROBATE GRANTED:

TERMS:

Walter Charles Lees

Roderick Hugh Alexander MacDougald (appointed by will - 30.01.2010) Gerald Richard Ornstein (appointed by will - 30.01.2010) Steven Paul Frost (appointed 01.11.2017)

24th March 2005

30th January 2010

16th July 2010

Following the death of Walter Charles Lees his estate was administered by his executors who were the same persons as the trustees of the Walter Lees Foundation. The administration of the estate was completed on 20 December 2011 although there had been a cash distribution to the trustees in August 2011 and the residential property, Flat 3, 48 Pimlico Road, London SW1W (the former home of the deceased) had been assented to the trustees in June 2011 and then let. The property was sold on 27 February 2019. Chattels that had belonged to the deceased were sold by the trustees during the administration period. The governing document of the Walter Lees Foundation is the will of the deceased dated 24 March 2005 and, inter alia, it states that:

A. The Trustees should hold capital and income of the trust fund upon trust to apply the income and all or such part or parts of the capital at such time or times and in such manner to or for the benefit of such exclusively charitable objects and purposes in any part of the world as the trustees may in their discretion think fit. Charitable was defined to mean charitable according to the law of England and Wales.

B.The trustees were given wide ranging investment powers under the terms of the Will. The powers state that the trustees are not under a duty to diversify investments and that the trustees may invest any part of the Trust Fund in any way in which any part of the estate was invested at the time of death.

C.The will gave the trustees power to appoint an investment adviser and to - delegate investment management. D.The trustees were directed to hold at least one meeting in each calendar year and that two trustees would form a quorum.

E.The trustees were given power to establish funds for particular purposes or to maintain reserves.

SOLICITORS:

Winckworth Sherwood LLP Minerva House 5 Montague Close London SE1 9BB

~~ s

WALTER LEES FOUNDATION

GENERAL INFORMATION

STOCKBROKERS:

EFG Private Bank Ltd Curzon Street Mayfair London WJ 5JB

;

~4-

WALTER LEES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 3187 OCTOBER 2021

ACCOUNTING POLICIES

‘da Bs Basis of Preparation

The financial statements have been prepared 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 lreland (FRS 102) (effective 1 January 2015) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern.

b. Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts the trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS102 a restatement of comparative items was needed. No restatement is required.

ec. Income Recognition

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.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment porifolio.

d. Expenditure recognition

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

2. Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to

34 199/5/

5s

investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities

WINCKWORTH SHERWOOD LLP

DATE

• 5a-

WALTERLEES FOUNDATION

----- Start of picture text -----
BALANCE SHEET
AS AT 31ST OCTOBER 2021
2021 2020
Stocks and shares 2,534,295.03 2,223,403.35
Income cash held by Winckworth Sherwood 6,733.82 8,361.30
Capital Cash held by EFG 50,050.20 101,811.63
Income cash held by EFG 12,959.75 13,360.28
Less:-
Creditors - per schedule on page 10 (13,884.96) (10,218.31)
~ £2,590,153.84 £2,336,718.25
This is represented by:-
CAPITAL ACCOUNT (Page 8) 2,581,880.13 2,314,243.38
INCOME ACCOUNT (Page 9) 8,273.71 22,474.87
~ £2,590,153.84 £2,336,718.25
----- End of picture text -----

| approve the accounts uf[the][Trust][in][respect][of][ the][year][ ended] 31st October 2021 as 7 out on pages6 to 22 on behalf of all Trustees.

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ag
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WALTER LEES FOUNDATION

STATEMENT OF FINANGIAL ACTIVITIES FOR THE PERIOD ENDING 31ST OCTOBER 2021

			2021	2020
Incomeand Expenditure	Capital	Income	Total Funds
Incoming resources Investment income	0.00	42,599.47	42,599.47	51,573.43
Gross Interest	0.00	0.00	0.00	39.72
Total incoming resources	0.00	42,599.47	42,599.47	51,613.15
Resources used
Direct charitable expenditure
Grants	0.00	50,000.00	50,000.00	55,000.00
Administration costs	57,779.89	6,800.63	64,580.52	58,893.80
Total resources used	57,779.89	56,800.63	114,580.52	113,893.80
Net incoming/(outgoing) resources fortheyear	(57,779.89)	(14,201.16)	(71,981.05)	(62,280.65)
Other recognised gains and losses
Gains and losses on investmenis:~
Realised Unrealised Netmovement in funds	(1,694.12) 327,110.76 267,636.75	0.00 0.00 (14,201.16)	(1,694.12) 327,110.76 253,435.59	(49,205.21) 47,793.29 (63,692.57)
Balances broughtforward at 4stNovember2020	2,314,243.38	22,474.87	2,336,718.25	2,400,410.82
Balances carried forward at
31stOctober2021	£2,581880.13	£8,273.71	£2,590,153.84	—£2,336,718.25

os Pin

WALTER LEES FOUNDATION

CAPITAL ACCOUNT PERIOD ENDED 31ST OCTOBER 2021

.

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024|2020| |Balance|brought forward|as|at|1st|November 2020|2,314,243.38|2,368,672.59| |Add:-| |Proceeds from|sale|of|painting|from|the|estate|of|4.40|0.00| |Walter|Lees|deceased| |Profit on|sale|of stocks|and|shares|3,716.90|(56,431.92)| |Revaluation|of stocks|and|shares|327,110.76|47,793.29| |FWD:|USD|vs.|GBP|(8,329.89)|E2207| |FWD:|HKD|vs.|GBP|(50.71)|0.00| |EFG|-|Reimbursement|2,965.18|0.00| |~|[2,639,660.02]|—|2,367,260.67| |Less:-| |EFG|Bank|Charge|0.00|90.00| |EFG|Management fees|24,938.45|23,290.04| |VAT|thereon|.|4,987.69|4,658.01| |Fisher|Phillips|4,800.00|4,800.00| |VAT thereon|960.00|960.00| |Legal,|accountancy,|taxation|and| |administration|charges|and|disbursements|17,001.56|14,691.30| |VAT thereon|3,400.31|2,938.25| |Disbursements|159.90|124.74| |VAT theron|31,98|24.95| |Newton|&|Garner independent|examination|fees|(provision)|1,250.00|1,200.00| |VAT thereon|250.00|240.00| |Balance|carried forward|at 31st October 2021|~ £2,581,880.13|£2,314,243.38|_|

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as

WALTER LEES FOUNDATION

INCOME ACCOUNT PERIOD ENDED 31ST OCTOBER 2021

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |Balance|brought forward|as|at|ist|November 2020|22,474.87|31,738.23| |Dividends|and|interest|42,599.47|51,573.43| |Gross|interest|0.00|39.72| |65,074.34|83,351.38| |Less:-| |Grants|to:-| |The Worshipful|Company of|Paviours|0.00|10,000.00| |Kids|in|the|Spotlight|0.00|5,000.00| |Blooming|Blossoms|Trust|0.00|2,500.00| |Woodwork|to|Wellness|0.00|7,500.00| |in|Touch/Kids|United|0.00|8,500.00| |Listening|Books|0.00|5,000.00| |Cerebral|Palsy Plus|0.00|7,250.00| |Autism|Inclusive|0.00|4,250.00| |Crisis|UK|5,000.00|5,000.00| |Two|Pennies|Money Advice|5,000.00|0.00| |SPACE|ClO|5,000.00|0.00| |Refreshing|Minds|5,000.00|0.00| |Pauls|Cancer Support Centre|5,000.00|0.00| |Fenland|Black|Oak|CIO|5,000.00|0.00| |Lev|Echod|Cancer|Care|5,000.00|0.00| |British|Liver Trust|5,000.00|0.00| |Allin|Sound|5,000.00|0.00| |The|Royal|School|for the|Blind|5,000.00|0.00| |Legal,|accountancy,|taxation|and|5,667.19|4,897.09| |administration|charges| |VAT thereon|1,133.44|979.42| |Balance|carried|forward|as|at|3ist October 2021|£8,273.71|£22, 474.87|

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a Ow

WALTERLEES FOUNDATION

SCHEDULE OF CREDITORS AS AT 31ST OCTOBER 2021

Newton& Garner independent examination fees	4,250.00
VATthereon	250.00
Winckworth Sherwood LLP	3,950.00
VATthereon	790.00
EFG Management Fees	6,370.80
VATthereon	1,274.16
	~£13,884.96

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