2021-04-05-accounts

AUDREY WILSON CHARITABLE SETTLEMENT

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

AUDREY WILSON CHARITABLE SETTLEMENT

CONTENTS

	Page
Trustees' Report	1 - 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the financial statements	7 - 10
Investment Schedule	11 - 15

AUDREY WILSON CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their annual report and financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019.

Reference and Administrative Details

Constitution The Audrey Wilson Charitable Settlement is a registered charity governed by a Settlement Deed dated 17 February 2015 Charity Number: 1160826 Registered Office/administration The Administrator office and address of appeals The Audrey Wilson Charitable Settlement c/o SG Kleinwort Hambros Trust Company (UK) Limited, 8 St James's Square, London, SW1Y 4JU, United Kingdom Bankers and Investment Managers Smith & Williamson 25 Moorgate, London EC2R 6AY SG Kleinwort Hambros Bank Limited 8 St James's Square, London, SW1Y 4JU Independent Examiners Couch Bright King & Co Shropshire House, 179 Tottenham Court Road, London W1T 7NZ Legal adviser Forsters LLP 31 Hill Street, London W1J 5LS Trustees Nicholas David Grenville Jacob Philippa Audrey Dunning Elizabeth Mary Dunckley

By a Deed dated 30 January 2020, James Andrew Dunning retired as a Trustee with Philippa Audrey Dunning being appointed as new Trustee.

Objects of the charity

The objects of the charity are to promote and support such charitable purpose or purposes, and such charitable organisation or organisations (being purposes and organisations which are exclusively charitable according to the law of England) as the trustees shall from time to time in their discretion decide.

Grant making policy

The trustees' current policy is to meet annually and to make ad hoc distributions to certain selected charities although no commitment is given to recipients.

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

AUDREY WILSON CHARITABLE SETTLEMENT

Appointment of trustees and charity organisation

The charity is managed by the trustees who are appointed under the terms of the Trust Deed, with daily administration being dealt with by SG Kleinwort Hambros Trust Company (UK) Limited. No fundraising is undertaken to support the work of the charity.

Financial review and investment policy and performance

Incoming resources totalled £33,585.70 (£38,414.13 in 2020). Under the governing document, the investment objective is to maintain a balance between capital and income growth which over the long term will endeavour to maintain the real value of the assets. The investment objective is to be achieved by investment in a diversified balanced portfolio, benchmarked against FTSE WMA Income Index. This benchmark will be kept under review and may change from time to time as and if the trustees are advised by their investment adviser that it is no longer appropriate. The investment portfolio must at all times contain assets of a minimum value of £100,000 which can be liquidated within 4 working days. The purpose of this requirement is to ensure that at all times the trustees are able to make charitable distributions of at least £100,000 if they resolve to do so.

Review of the activities and future developments

The trustees are satisfied with the financial position of the charity and confirm that they have adequate assets available to fulfil their obligations. There are no plans to alter the charity's activities next year.

Charity's public benefit

The trustees have ensured that all activities throughout the period have been for the public benefit. This is evidenced by the contributions made to charities totalling £180,000.00 (£160,000.00 in 2020).

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

Reserves policy and risk management

The trustees have considered what risks the charity faces and believe these to be the risks of fraud or poor investment performance. Adequate systems are in place to mitigate fraud risk, and the Chaity's investment performance will be regularly monitored.

Trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare Financial Statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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TRUSTEES. REPORT FOR ThE YEAR ENDED 5 PPRIL 2021 Th¢ trusts88 am r08pOn8￿kn lor prw a(>xunUAP rnQ)rd• that d￿d098 wllh rwonobltr a¢cir at any Ilmg tho finan¢W pos￿ of thg (arty and to enable lo orwr8 thgt tho financaal statwn8nts nply wlth tho Charitios Act 2011, tho aFvlk8ble CharfU88 (Accounts or¥J Report8) R8gul8Uon& th& p￿slOA9 of the Trust D••d. They are a180 rnYponB1￿fj for 6af8guarding the as8ets of thè d￿rtty ènd laklThJ rn880n8blo 8teps for the preventkjn arrfl d•t•clp)n clfraud and 0th8r IrwulrfU•8. Id Gr•mrfdl• Ja¢¢b

61 AUDREY WILSON CHARITABLE SErrLEMENT TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2021 The truste88 are responslble lor keoplng proper accounllng records that dlsclose with reasonable accuracy at any time the linanclal posltlon ol the charity and to enable them to ensure that the linanclal statements comply with the Charltios Act 2011, the appllcablo Chariti88 (Accounts and Reports) Regulations, and the provlslons of the Trust Deed. They are also responslble for safeguarding the assets of the charity and tsking reasonable steps for the preventlon and detection ol fraud and other irregularities. Nlchola• Davld Grenvlllo Jacob Phlllppa Audrey Dunn Ellzaboth M8ry Dunckley Date

cofrw ￿ tf•e Charrties Act 2011, appik>ty• Charitkn• (Acayjnts aThJ 11.•pMJ) H•oA•ts¢Th, •nd th• provl8hTh of the Tntst Deed. Th•y ar• also r•spOn￿bkn tt)r lh• •8s•ts d th• a3,)2.11

AUDREY WILSON CHARITABLE SETTLEMENT

INDEPENDENT EXAMINER'S REPORT

Independent Examiner's Report to the Trustees of The Audrey Wilson Charitable Settlement

I report to the trustees on my examination of the accounts of The Audrey Wilson Charitable Settlement for the year ended 5 April 2021.

Responsibilities and basis of report

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

I 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 I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Dean R Cates BA FCA Chartered Accountant - ICAEW

Date 18/01/2022

Couch Bright King & Co Chartered Accountants Shropshire House 179 Tottenham Court Road London W1T 7NZ

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AUDREY WILSON CHARITABLE SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Note	Note	Unrestricted	Expendable	Total	Total
		Fund	Endowment	2021	2020
		£	£	£	£
Income and endowments
Investment Income	3	33,585.70	-	33,585.70	38,414.13
Total Income and Endowments		33,585.70	-	33,585.70	38,414.13
Expenditure
Costs of raising funds:
Smith & Williamson Investment Management Fees		-	10,893.69	10,893.69	11,763.07
Expenditure on Charitable Activities:
Donations	4	-	180,000.00	180,000.00	160,000.00
Support Costs	5	-	21,854.00	21,854.00	8,748.40
Total Expenditure		-	212,747.69	212,747.69	180,511.47
Net Income/(Expenditure) Before Gains and
Losses on Investments		33,585.70	(212,747.69)	(179,161.99)	(142,097.34)
Net (Losses)/Gains on Investments	6
Realised		-	34,069.13	34,069.13	6,078.55
Unrealised		-	296,576.42	296,576.42	(127,521.64)
		-	330,645.55	330,645.55	(121,443.09)
Net Movement in Funds in the Year		33,585.70	117,897.86	151,483.56	(263,540.43)
Funds
At 5 April 2020		73,007.59	1,659,274.86	1,732,282.45	1,995,822.88
Net Movement of Resources in the Year		33,585.70	117,897.86	151,483.56	(263,540.43)
At 5 April 2021		£106,593.29	£1,777,172.72	£1,883,766.01	£1,732,282.45

The Statement of Financial Activities includes all gains and losses recognised in the year.

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AUDREY MLSON CHAft1T￿LE SETfLEMENT BALAMCE SHEET FOR ThE YEAR ENDED S APRIL 2021 2021 Investmnts 1.880,172.52 1.733,840.75 Current As#•ts Cash at Bank 8,838.69 2,587.30 8.83B.69 2,567.30 Currnnt Ugblllti•8 Credltors, 8mtyJnts f8lh.ng du8 vththln one year 5.245.20 4.125.60 N•t Curr•ntA•••l•l(Llabllitl••l 3.593.49 11.558.30) A8•ts IM• Curnlnt Llab1111198 £1,883,766.01 £1.732.282.45 pll•l Fund Ex[erbjB￿e En¢thywmènt l.T17,172.72 1.659274.86 Incom• Fund lthr•strithd Fund 1￿.593.29 73,CK)7.59 £1.883.786.01 £1.732.282.45 The nots$ at poges 6 to 10 fom part ofthese flnencial statements. Th8 finantyal ststsrnents wero ap¥￿ed by the trustee$ on 2021 Nitknlas avid Gre vllle Jar Phllippa Audrèy Dunnbng Elizabeth Mary Dunckley

AUDREY WILSON CHARITABLE SErrLEMENT BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2021 Note 2021 2020 Fixed Assets Investments 1,880,172.52 1,733,840.75 Current Assets Cash at Bank 8,838.69 2,567.30 8,838.69 2,567.30 Current Liabilities Creditors, amounts falling due within one year 5,245.20 4,125.60 Net Current ASset￿(LiabIl1ties) 3,593.49 (1,558.30) Assets less Current Uabillties £1,883,766.01 £1,732,282.45 Capital Fund Expendable Endowment 1,777,172.72 1,659,274.86 Income Fund Unrestricted Fund 106,593.29 73,007.59 £1,883,766.01 £1,732,282.45 The notes at pages 6 to 10 form part of these financial statements. The financial statements were approved by the trustees on 2021 Nicholas David Grenville Jacob Philippa Audrey Dunning Elizabeth Mary Dunckley

1.n3.840 75 8,838.89 2A673) 8,838.69 2.5fl3J Cfedrtors, amounts falllng due wttkn one year 5,?45 20 4,125.KI 3.W3.49 (1SS83)) £1.883.766.01 £1.73228Z45 Expendable Endowment 1,777,172.72 1.659.n4.86 Unrestricted Fund 106,59329 n,(x7759 £1.883,766.01 £1.7322814S The notes at pages 6 10 10 fomi part of these fina￿121 statements. Th6 fina￿￿al siat8monts were 8pprov8d by ts trusteas on 2021 PhlllDpa Audrey tiiiming

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

AUDREY WILSON CHARITABLE SETTLEMENT

1 Accounting Policies

These financial statements have been prepared in accordance with the particular accounting policies described below.

Basis of Preparation and Assessment of Going Concern

The financial statements have been prepared under the historical cost convention except for investments, which have been included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.

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

The presentation currency of these financial statements is Pounds Sterling.

The figures have not been rounded.

Basis of Accounting

- Income recognition

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Income tax recoverable in relation to investment income is recognised at the time investment income is receivable.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

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 manager of the dividend yield of the investment portfolio.

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

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

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AUDREY WILSON CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Fund Structure

Income funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital funds comprise expendable endowments, whereby there is no requirement to spend the capital unless, or until, the charity trustees decide to do so. These funds are invested to produce unrestricted income which can be spent in accordance with the charitable objectives.

Investment income, gains and losses are allocated to the appropriate fund.

Investments

Listed investments are included in the financial statements at mid-market value at the balance sheet date. Unlisted investments are included in the balance sheet at their historical cost less any amounts written off. Investments include cash held for investment purposes.

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.

2 Information regarding Trustees and Employees

SG Kleinwort Hambros Trust Company (UK) Limited received a fee of £4,225.20 (£4,125.60 in 2020) for administration services. The charity had no employees and no Trustee received remuneration or expenses during the year. The Trustees have purchased indemnity insurance for £432.80 (2020: £422.80).

3 Investment Income Income from UK Listed Securities Interest Received Accrued income 4 Donations to Charitable Institutions British Heart Foundation Guide Dogs Kent, Surrey & Sussex Air Ambulance Trust Royal National Lifeboat Institution The Salvation Army (SAUKT) The Prince's Trust The Yehudi Menuhin School	2021 £ 33,443.61 10.35 131.74 £33,585.70 2021 £ 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 - 30,000.00 £180,000.00	2020 £ 38,192.14 64.80 157.19
		£38,414.13
		2020 £ 20,000.00 20,000.00 - 50,000.00 20,000.00 50,000.00 -
		£160,000.00

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AUDREY WILSON CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

5	Support Costs
		2021	2020
	Governance Costs:	£	£
	SG Kleinwort Hambros Trust Company (UK) Limited Fees	4,225.20	4,125.60
	Forsters LLP	15,000.00	4,200.00
	Indemnity Insurance	432.80	422.80
	LEI Charges	216.00	-
	Couch Bright King & Co 2020 Fees	960.00	-
	Couch Bright King & Co 2021 Fees	1,020.00	-
		£21,854.00	£8,748.40
6	Investments listed on a recognised Stock Exchange	2021	2020
		£	£
	Market Value Brought Forward	1,710,168.00	1,954,955.00
	Purchases	108,480.11	153,537.47
	Disposals	(292,378.66)	(276,881.38)
		1,526,269.45	1,831,611.09
	Realised Gain/loss	34,069.13	6,078.55
	Unrealised Gain	296,576.42	(127,521.64)
	Market Value Carried Forward	1,856,915.00	1,710,168.00
	Cash on Account	23,257.52	23,672.75
	Total Investments	£1,880,172.52	£1,733,840.75
	Investments comprising greater than 5% of the Portfolio	2021	2020
		%	%
	Capita Finl Mngrs Trojan Inc Acc Nav	6.22	6.21
	Edgewood L Select	5.08	-
	Findlay Park Partner	5.23	5.86
	Fundsmith LLP	5.21	5.15
	Morgan Stanely Inv Management	5.13	-
	Schroder Asia Pacific	5.02	-

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AUDREY WILSON CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

7	Creditors, amounts falling due within one year		2021		2020
			£		£
	SG Kleinwort Hambros Trust Company (UK) Limited		4,225.20		4,125.60
	Couch Bright King & Co Fees		1,020.00		-
			£5,245.20		£4,125.60
8	Expendable Endowments			Movement in
				Funds
			Balance	Gains and	Balance
		5 April 2020		Transfers	5 April 2021
		£1,659,274.86		£117,897.86	1,777,172.72

Income is available for general purposes. The expendable endowment is represented mainly by investments listed on a recognised Stock Exchange.

9 Unrestricted Funds

The income funds of the charity will be allocated by the trustees towards charities and charitable activities, as set out in the Trustees' Report attached to these Financial Statements and when sufficient income balances are available. Unrestricted funds are represented by the current assets and investments of the charity.

10 Related party transactions and trustees' expenses and remuneration

The charity does not have a relationship with any other charity or organisations.

Remuneration of £4,225.20 including VAT (£4,125.60 in 2020) was paid to SG Kleinwort Hambros Trust Company (UK) Limited for administration services.

Nicholas David Grenville Jacob is a partner of Forsters LLP where legal fees totalling £15,000.00 (2020: £4,200.00) were paid during the year.

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