2023-10-31-accounts - Walter Lees Foundation

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`FULLNAMEOFCHARITY`	`WalterLeesFoundation.`	`WalterLeesFoundation.`
`GOVERNINGINSTRUMENT`	`Willofthedeceased`	`dated24March`	`2005`
	`provedatthePrincipalProbateRegistry16`
	`July2010`
`DATEOFREGISTRATION`	`11November2010`
`REGISTEREDCHARITYNO.`	`1138935`
`TRUSTEESOFCHARITYDURINGYEAR`	`RoderickHughAlexanderMacDougald`
`ENDING31STOCTOBER2021`	`WinckworthSherwoodLLP`
	`Arbor`
	`255BlackfriarsRoad`
	`London`
	`SE19AX`
	`GeraldRichardOrnstein`
	`FisherPhillipsLLP`
	`SummitHouse`
	`170FinchleyRoad`
	`London`
	`NW36BP`
	`StevenPaulFrost`
	`FisherPhillipsLLP`
	`SummitHouse`
	`170FinchleyRoad`
	`London`
	`NW36BP`
`PRINCIPALADDRESS`	`WinckworthSherwoodLLP`
	`Arbor`
	`255BlackfriarsRoad`
	`London`
	`SE19AX`
`SOLICITORSTOTHECHARITY`	`WinckworthSherwoodLLP`
`BANKERSTOTHECHARITY`	`WinckworthSherwoodLLP`
	`Clientcurrentand`	`depositaccounts`	`(with`
	`HSBC)`
`INDEPENDENTEXAMINERSTOTHE`	`Newton& GarnerLimited`
`CHARITY`	`Building2`
	`30FriernPark`
	`NorthFinchley`
	`London`
	`N129DA`
`AREAOFBENEFIT`	`Nolimitationingoverningdocument`		`except`
	`thatthedefinitionof`	`“charitable”islimitedto`
	`charitableaccording`	`tothelawofEngland&`

`InvestmentType`	`Percentage`
`Equities`	`51.35.%`
`Bonds`	`40.48%`
`Alternatives`	`7.16%`
`Cash`	`1.01%`

WALTER LEES FOUNDATION ARe istered Charit No. 1138935 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 1ST NOVEMBER 2022 TO 31ST OCTOBER 2023

WALTER LEES FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023 CONTENTS PAGE REPORT TO THE TRUSTEES REPORT OF THE INDEPENDENT EXAMINERS GENERAL INFORMATION FINANCIAL STATEMENTS Notes to the Financial Statements Balance Sheet Statement of Financial Activities Capital Account Income Account Schedule of Creditors Schedule of Stocks and Shares

WALTER LEES FOUNDATION REPORT TO THE TRUSTEES We have prepared the financial statements set out on pages 5 to 21 from the records of the Trust maintained by us. As al 31st Oclober 2023 the total markel value of the securities was £2,059,854 (including capital cash of £2,915) compared to £2,074,565.00 (including capital cash of £22,037) as at 31st October 2022. The income received for the period to 31 sl October 2023. was £54,154.61. Under Section 145{11 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 {21 of the said Act. The trustees have elected to appoint Newton & Garner Limited, chartered accountants, as independent examiners lo review the accounts in 8ccordance with the above provisions. and their report is contained in these financial slalements. WINCKWORTH SHERWOOD LLP DATED

WALTER LEES FOUNDATION CHARITY NO. 1138935 YEAR ENDED 31ST OCTOBER 2023 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF WALTER LEES FOUNDATION I report to the Irkjstees on my examination of the accounts of the above charity {"Ihe Trust.) for the year ended 31st October 2023, which are sel oul on pages 5 to 21. Res onslbllltles and basls of re ort As the charity's Iruslees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {"Ihe Act"}. I report in respect of my examination of the Tnjsl's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145{5){bl of the Act. Inde endent examiner's statemenl I have completed my examination. I confirm that no material mallers have come to my attention in connection with the which gives me cause lo believe that in, any material respect.. the accounting records were not kepl in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements concerning the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'lrue and fair. view which is not a maller 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. Robert Knight FCCA ATII Newton & Garner Limited Chartered Accountants BUILDING 2 30 FRIERN PARK NORTH FINCHLEY LONDON N12 9DA DATE.. 24th June 2024

WALTER LEES FOUNDATION GENERAL INFORMATION TESTATOR: Waller Charles Lees TRUSTEES.. Roderick Hugh Alexander MacDougald lappoinled by will - 30.01.2010 and registered with the Charity Commission on 11.11.2010) Gerald Richard Ornslein (appointed by will - 30.01.2010 and registered with th& Charity Commission on 11.11.20101 steven Paul Frost (appointed by deed 01.11.20171 24th March 2005 DATE OF WILL.. DATE OF DEATH.. 30th January 2010 16th July2010 PROBATE GRANTED: TERMS.. Following the death of Waller Chades Lees his estate was administered by his executors who were the saTne persons as the Iruslees of the Walter Lees Foundation. The administration of the estate was completed on 20 December 2011 although there had been a cash distribution lo the Iruslees in August 2011 and the residential property, Flat 3, 48 Pimlico Road. London SW1W Ilhe former home of the deceased) had been assented to the Iruslees in June 2011 and th6n1o1. {The property was eventually sold on 27 February 2019.1 Chattels that had belonged lo the deaSed were sold by the trustees during the adminislralion period.The governing document of the Walter Lees Foundation is the will of the deceased datod 24 March 2005 and, inter alia, it stales that.. A. The Trust688 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 lime or times and in such manner lo or for the benefit of such exclLJsively charitable objects and purposes in any part of thè world as the Iruslees may in their discretion think fil. Charitab18 was defined to mean charitable according to the law of England and Wales. B.The Irustees were given wide ranging investment powers under the terms of tho Will. The powers state that the trustees are not under a duly to diversify investments and that the Iruslees may invosl any part of the Trust Fund in any way in which any part of thè estatè was inv8sled al the time of death. C.The will gave the Iruslees power to appoint an investment adviser and lo d818gate investment management. D.The Iruslees were directed lo hold al least one meeting In each calendar year and that Iwo trustees would form 8 quorum. E.The Iruslees were given power to establish funds for particular purposes or to maintain r6seNes. SOLICITORS.. Winckworth Sherwood LLP Arbor 255 Blackfriars Road London SE19AX

WALTER LEES FOUNDATION GENERAL INFORMATION STOCKBROKERS: EFG Private Bank Ltd Park House 116 Park Street London W1K6AP

WALTER LEES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST OCTOBER 2023 ACCOUNTING POLICIES Basis of Pre aration The financi81 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 Ireland IFRS 102) leffeclive 1 January 20151- {Charilies SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider th81 there are no material uncertainties about the trust's ability to continue as a going concern. Reconciliation with revious Generall Acce ted Accountin Practice In preparing the accounts the Iruslees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS102 a restatement of comparative items was needed. No resl8lement is required. Income Reco nition All income is recognised once the charity has entitlement to the income, il 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 ¢an 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 nolrfication has been received of the dividend due. This is normally upon notilicalion by our investment advisor of the dividend yield of the investment portfolio. enditure reco nilion Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation commilling the charity to th81 expenditure, it is probable that settlement will be required and the amounl of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. 2. Investments Investments are a form of basic finanaal inslnjment and are initially recognised 81 their transaction value and subsequently measured at their fair value as at the balan¢e sheet date using the closing quoted market price. The slalement of financial activities indudes the net gains and losses arising on revaluation and disposals throughout the year. The Irusl does not acquire put options, derivatives or other complex financial instruments. The main fomi of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the allilude of investors lo

investment risk, and Changes in sentiment concerning equities and within particular sectors or sub sectors. Realised ains 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 prOedS 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 al the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Slalement of Financial Activities WINCKWORTH SHERWOOD LLP DATE

WALTER LEES FOUNDATION BALANCE SHEET AS AT 31ST OCTOBER 2023 2023 2022 Stocks and shares 2,056,938.62 2,052,527.91 Income cash held by Winckworth Sheood 7,806.77 3,318.26 Capital Cash held by EFG 2,915.35 22.037.55 Income cash held by EFG 21,289.67 14,301.93 Less:_ Creditors - per schedule on page 10 (15,063.181 (6,705.24) £2 073,887.23 £2,085,480.41 This is represented by'.- CAPITAL ACCOUNT (Page 8) 2,082,577.19 2,089.774.98 INCOME ACCOUNT (Page 9) (8,689.961 (4,294.571 £2,073,887.23 £2,085,480.41 l approve the accounts of t 31 st October 2023 as set o Trust in respect of the year ended t on pages 6 to 21 on behalf of all Trustees. Roderick Hugh Alexander MaGDougald

WALTER LEES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2023 2023 Total Funds 2022 Income and Ex Income Incomln resources Investment income Gross Inlgresl 0.00 0.00 52,469.69 1,684.92 52.469.69 1.684.92 43,590.67 36.05 Totsl incoming reSoUS 0.00 54 154.61 54 154.61 43,626.72 Resources used Direct tharilabl8 tsx Grants Administration costs endilure 0.00 55,191.63 51,500.00 7,050.00 51,500.00 62.241.63 50,000.00 62,373.51 Total reSoUrS used Nel incomin out oin the ear 55 191.63 58 550.00 113 741.63 112 373.51 sources 155,191.631 14,395.391 159.587.02} 168,746.791 Other reco nised ains and losses Gains and losses on investments-. R8alisad Unrealised Adjuslmenls Net movement in funds 80,626.63 3,683.15 36 315.94 17.197.79) 0.00 0.00 0.00 14,395.391 80.626.63 3.683.15 36 315.94 {11,593.181 {238,696.541 {197.230.101 0.00 {504,673.431 Ba18nces brought foward al 1st November 2022 2,089,774.98 14,294.571 2,085,480.41 2,590,153.84 Balances carried foward al 31st Oclober 2023 £2,082,577.19 £8.689.96 £2,073.887.23 £2,085,480.41

WALTER LEES FOUNDATION CAPITAL ACCOUNT YEAR ENDED 31ST OCTOBER 2023 2023 2022 Balance brought fOard as al 1 sl November 2022 2,089,774.98 2,581,880.13 Add'.- Gain on sale of stocks and shares 24,316.01 (161,313.21) Revaluation of stocks and shares 3,683.15 (197,230.10) Currency gains Adjuslmenls FWD: HKD vs. GBP 56,310.62 {36,315.94) 0.00 (78,180.98} 0.00 797.65 2,137,768.82 2,145,953.49 Less'.- EFG Management fees 21,914.12 23,743.92 VAT thereon 4,382.81 4,748.79 Fisher Phillips 4,800.00 6,000.00 VAT Ihereon 960.00 1,200.00 Legal, accountancy, taxallon and administration charges and disbursements 17,625.00 15,487.50 VAT Ihereon 3,525.00 3,097.50 Disbursements 228.91 234.00 VAT Iheron 45.78 46.80 Newion & Gamer independent examination fees 1.425.00 1,350.00 VAT Ihereon 285.00 270.00 Balance Garrred forward at 31st October 2023 £2 082 577.19 £2 089 774.98

WALTER LEES FOUNDATION INCOME ACCOUNT YEAR ENDED 31ST OCTOBER 2023 2023 2022 Balance brought fonard as at 1st November 2022 {4,294.57) 8,273.71 Dividends and Inlerest 52,469.69 40,964.43 Scrip Dividend - Woodside Energy 0.00 2.626.24 Gross interest 1,684.92 36.05 49,860.04 51,900.43 Less'.- Grants to-. Time Out Group Climbing Out Bels Brucha Sunny Days Children's Fund Clapton Support and Advice Support for All Listening Books Cerebral Palsy Plus Crisis UK British Liver Trust The Freya Foundation Autism Inclusive Harrow Cycle Club Lennox Children's Canr Fund TB A18rt Clapton Common Boys Club Kids Space The Upper Room 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 6,500.00 5,000.00 5,000.00 5,000.00 5.000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Legal, accountancy, laxalion and administration charges 5,875.00 5,162.50 VAT thereon 1,175.00 1,032.50 Balance carried foNard as at 31st October 2023 £8,689.96 £4,294.57

WALTER LEES FOUNDATION SCHEDULE OF CREDITORS AS AT 31ST OCTOBER 2023 2023 1,425.00 2022 1,350.00 Newton & Garner independent examination fees VAT thereon 285.00 270.00 Winckworth Sheood LLP 5.773.70 4,237.70 VAT Ihereon 1.154.74 847.54 EFG Management Fees 5,353.95 0.00 VAT thereon 1,070.79 0.00 £15,063.18 £6,705.24 10

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