## 



## 

|`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`|<br>`(with`|
||`HSBC)`|||
|`INDEPENDENTEXAMINERSTOTHE`|`Newton& GarnerLimited`|||
|`CHARITY`|`Building2 `|||
||`30FriernPark`|||
||`NorthFinchley`|||
||`London`|||
||`N129DA`|||
|`AREAOFBENEFIT`|`Nolimitationingoverningdocument`||`except`|
||`thatthedefinitionof`|`“charitable”islimitedto`||
||`charitableaccording`|`tothelawofEngland&`||





## 

## 

## 

|`InvestmentType`|`Percentage`|
|---|---|
|<br>`Equities`|<br>`51.35.%`|
|<br> <br>`Bonds`|<br> <br>`40.48%`<br>|
|<br> <br>`Alternatives`|<br> <br>`7.16%`<br>|
|<br>`Cash`|<br>`1.01%`<br>|



## 

## 



## 




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
de￿aSed 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
prO￿edS 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 She￿ood
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 reSoU￿S
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 reSoUr￿S 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 fO￿ard 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 fon￿ard 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 Can￿r 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 She￿ood 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
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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
de￿aSed 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
prO￿edS 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 She￿ood
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 reSoU￿S
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 reSoUr￿S 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 fO￿ard 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 fon￿ard 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 Can￿r 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 She￿ood 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
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