The Galen and Hilary Weston Foundation
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 31 December 2022
Page CONTENTS
2 Trustees’ report
9 Independent auditor’s report to the members of The Galen and Hilary Weston Foundation
13 Statement of financial activities
14 Balance sheet 15 Statement of cash flows
16 Notes to the financial statements
REGISTERED OFFICE
Squire Patton Boggs (UK) LLP, Rutland House, 148 Edmund Street, Birmingham, England, B3 2JR
INDEPENDENT AUDITOR
Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL
SOLICITORS
Bircham Dyson Bell LLP, 50 Broadway, London, SW1H 0BL
BANKERS
Barclays, Level 27, 1 Churchill Place, London, E14 5HP
REGISTERED COMPANY NUMBER
The Company’s registered number is 09899315.
REGISTERED CHARITY NUMBER
The Charity’s registered number is 1167260.
1
The Galen and Hilary Weston Foundation
Trustees’ report for the year ended 31 December 2022
The Galen and Hilary Weston Foundation (“The Foundation”) is a charity incorporated in England and Wales. The trustees of the Foundation present their report and audited financial statements for the year ended 31 December 2022. During the year, the Foundation received donations from Wittington Canada Holdings Limited to fund its objectives and activities as described below.
The financial statements have been prepared in accordance with Financial Reporting Standard 102 (“FRS102”), the Charities SORP (FRS 102), the Companies Act 2006, and the Charities Act 2011.
The Trustees’ report should also be considered as the Directors’ report for company law purposes.
Objectives
The Foundation’s objects are restricted specifically to the advancement of such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time, in particular, but not limited to:
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promoting research into brain diseases for the public benefit and to publish the useful results; and
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relieving those suffering from brain diseases anywhere in the world for the public benefit, provided that the Foundation’s objects shall not include the promotion of any religion.
Aims
The trustees are pleased to report that, during the year, the activities undertaken have supported their aims and objectives through the provision of grant funding as described in this report.
The Foundation seeks to provide funding through its programmes to support research into brain diseases for the public benefit and to publish the useful results and relieve those suffering from brain diseases anywhere in the world for the public benefit.
There is a profound need to help patients with brain diseases which is a global issue and so there needs to be coordination and unified research efforts across the world to address this challenge. The aim is to accelerate breakthrough discoveries by finding treatments for neurodegenerative diseases of ageing, including Alzheimer’s, Parkinson’s and frontotemporal dementia – there are currently no cures for, or any way to slow down these diseases and there are very few treatments for their symptoms. Whilst research has improved understanding, there are still significant gaps in resources that are slowing further progress. The Foundation wants to tackle some of these gaps by funding and pioneering approaches towards accelerating treatments.
To achieve this, the Foundation invests primarily in projects using innovative funding models which allow research centres to get resources they require quickly and efficiently. The focus is on translational research, which involves turning advances in basic research into discoveries that directly benefit patients and, through this, the Foundation believes it can be a catalyst in the fight against these diseases.
In respect of the translational research, the main measure of success will be the outcomes of the grants made. As well (and until those are available) the Foundation uses a number of factors to monitor performance, including ratios of applications to proposals to grants, the number of grants meeting the bar for funding and reviewer feedback on funding proposals.
We also aim to support those suffering from these diseases and their families through support organisations in the community.
2
The Galen and Hilary Weston Foundation
Trustees’ report for the year ended 31 December 2022 (continued)
Activities
In the year under review, the Foundation, with assistance from the Weston Family Foundation, continued to provide grant funding through research programmes in the Netherlands and the United Kingdom. Total grant funding recognised in expenditure in 2022 was £844,371 of which £594,371, comprising six separate grants, was through research programmes. (2021: £573,007, of which £493,007, comprising eight separate grants). The Foundation also provided £250,000 to Help Age International in the year (2021: nil).
All programmes fund high-risk, high-reward translational research projects on neurodegenerative diseases of ageing. Grants have been given out through two types of programmes which are slightly different from one another. Generally, Rapid Response grants are shorter, smaller grants for funding earlier-stage ideas, while Novel Biomarker grants are longer, larger grants for funding slightly later stage work. From 2018 onwards, Rapid Response and Novel Biomarkers programmes typically run every other year in alternating years. In addition, the trustees decided to provide funding to other European charities supporting important causes during the pandemic, see details below.
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a) The Rapid Response programme This programme originally launched in the Netherlands in 2016 and was expanded in 2018 to include the UK. In 2019, this programme was opened to researchers based in Ireland. During the year, one grant was paid from the 2017 programme and one grant was paid from the 2018 programme.
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b) Novel Biomarkers programme In 2017, the Foundation ran the first round of the Novel Biomarkers programme in Ireland and the UK. The programme provides funding for testing novel biomarkers in clinical samples/data or patients. During the year, one grant was paid from the 2017 programme, and nine grants from the 2019 programme were paid.
The Foundation is guided by a Scientific Advisory Committee primarily affiliated with the Weston Family Foundation and comprises of 5 to 7 internationally recognised experts. The Committee’s purpose is to participate in programme adjudications and to otherwise advise the Foundation on scientific and grant making strategy.
In addition to the Committee, the Foundation has access to over 345 experts worldwide from a range of backgrounds (including pharmaceutical industry experts, experts from other disciplines (e.g. biomedical research) and academic researchers), from which it selects reviewers who participate in the letter of intent or proposal stage of a programme review process. The reviewers also have a role in approving modifications and changes to proposals selected for funding and monitoring grant progress if needed.
The Foundation is formally recognised by HM Revenue and Customs as a charity for tax purposes within the United Kingdom. The Foundation is a charitable company limited by guarantee and during the year, Duke Street Property Limited was a corporate trustee of the Foundation, along with the independent individual trustees listed on page 7. On 7 February 2022, SHEL Holdings Europe ceased to be a corporate trustee and was replaced by Duke Street Property Limited.
3
The Galen and Hilary Weston Foundation
Trustees’ report for the year ended 31 December 2022 (continued)
Public Benefit
The trustees have paid due regard to the Charity Commission’s guidance on public benefit, as required by the Charities Act 2011, when reviewing the objects of the Foundation. In particular, the trustees have considered whether grants being awarded by the Foundation are for the public benefit and have concluded that they meet the public benefit test.
The Foundation has established its grant making policy to achieve its objects for the public benefit. The Foundation ensures that proper due diligence is undertaken to establish that proposed projects are charitable. In addition, the Foundation’s grants are made on terms either requiring reporting or entitling the Foundation to require reporting at its discretion, and in all cases restrict private benefit to the recipients of grants (and those connected with them).
Achievements and performance
The Foundation’s activities are limited to the making of grants pursuant to its charitable purposes and the public benefit. During the year, the Foundation has received donations from Wittington Canada Holdings Limited and ensures that funds are held securely. The Foundation has also worked to ensure that processes are in place to enable grant recommendations to be examined with the requisite detail and intended grant purposes, recipients scrutinised appropriately, and grants awarded subject to appropriate grant conditions, including conditions as to ongoing monitoring.
Grants recognised during the financial year amounted to £844,371 (2021: £573,007).
The Foundation does not raise funds from members of the general public. As a result, no further fundraising disclosures are considered necessary.
Financial review
During the financial year, income of £1,028,172 (2021: £1,124,508) was received. This income was applied to furthering the objects of the Foundation and the trustees awarding grants to institutions of £594,371 (2021: £493,007).
The value of the Foundation’s net assets at 31 December 2022 is £1,514,579 (2021: £1,391,103).
Policy statement on reserves and going concern
The trustees review the outstanding reserves at the end of each year to ensure that the Foundation will continue to have substantially adequate funds to be able to meet any outstanding creditors and meet its future financial commitments. The trustees intend to distribute substantially all undistributed funds by the making of grants within a reasonable timeframe, and on this basis, there is no target level of reserves set. The trustees believe that they will be able to fulfil their policy of distributing substantially all undistributed funds by the awarding of grants in future years.
These financial statements have been prepared on a going concern basis.
4
The Galen and Hilary Weston Foundation
Trustees’ report for the year ended 31 December 2022 (continued)
There are no material uncertainties regarding the Foundation’s ability to continue, on the basis that adequate reserves are available to fund the activities of the Foundation for the foreseeable future. Duke Street Property Limited has indicated that they would provide sufficient funding to the Foundation to enable the Foundation to meet any future liabilities which the Foundation would not be able to meet from its existing reserves. The trustees have received a letter of support from Duke Street Property Limited confirming this position. On the basis of their assessment of the Foundation’s financial position, the trustees have reasonable expectation that the Foundation will be able to continue in operational existence for the foreseeable future.
Grant making
The Weston Family Foundation assists the Foundation in grant making through the Rapid Response, Advisor Fellows and Novel Biomarker programmes.
For research project funding, a programme is opened and applicants submit letters of intent which are reviewed by a review panel selected for the programme. The review panel includes select members of the Scientific Advisory Committee. Top scoring letters of intent are invited to submit a more detailed proposal.
Reviewers then agree which proposals are to be put forward for Board approval. The scientific review committee chair and potentially other reviewers explain to the trustees why the proposals are recommended for grant funding. The trustees have the chance to ask questions and discuss the recommendations before deciding whether the Foundation wishes to make each grant.
For research support funding, Advisors agree funding will be used for a project within the aims described above.
Due diligence research on the suitability of potential grant recipients in relation to whether they meet the necessary criteria is delegated to a committee of the Board.
Principal risks and uncertainties
The Trustees have overall responsibility for the management of risk within the Foundation. Trustees view the management of risk as an essential discipline to support the Foundation in achieving its strategy and goals. This includes determining the risk appetite for the Foundation, ensuring that there are reasonable procedures in place for the prevention and detection of major risks.
The risks facing the Foundation are overseen by the Finance and Audit Committee having regard to the risk register framework in order to ensure appropriate identification and consideration of risk within the Foundation, ensuring that robust mitigating actions and controls are in place. The Finance and Audit Committee report back to the full board of trustees on risk management at least once a year.
The reviews cover strategic, operational, financial and reputational risks. New risks are added as appropriate and, together with existing risks, are assessed for both financial and reputational impact. This year tested our risk management and this was used as an opportunity to look again at the way we capture risks.
Set out below are the highest impact risks (in terms of potential financial impact and reputational impact) in relation to achieving our strategy and the way we manage these risks.
The trustees confirm that the controls implemented to mitigate and manage the risks are appropriate to the size of the Foundation and the nature of its operations. Key controls include; the trustees and those individuals providing services and advice to the trustees and Foundation have appropriate skills and experience, regular monitoring of programmes, cashflows/reserves and new laws and regulations applicable to the Foundation, regular dialogue with grantees and amongst the trustees.
5
The Galen and Hilary Weston Foundation
Trustees’ report for the year ended 31 December 2022 (continued)
| Potential risk | Steps to mitigate risks/control procedure |
|---|---|
| Compliance with legislation and regulations |
Identify key legal and regulatory requirements Establish compliance monitoring and reporting Keep compliance high on agenda Seek professional advice where appropriate Identify and agree compliance procedures and allocation of responsibilities Allocate filing responsibilities in respect of Charity Commission and Companies House filings Ensure relevant Trustee/staff member understands and complies with data protection requirement |
| Fraud or error | Review and ongoing development of financial control procedures Set authorisation limits |
| Information Technology/ Data protection under GDPR |
Awareness of data protection regulations in UK & Canada (where data is processed) Review data systems and data held Review data controller entry with ICO Implement measures to secure and protect data |
| Loss of key staff | Succession planning in WBI Notice period and handover Suitable recruitment process Monitoring process |
| Brexit | Ensure that programmes continue to be open to applicants from Ireland and The Netherlands, not just UK Keep regular dialogue with UK grantees over any potential staffing, funding, or equipment issues |
Plans for future years
The Foundation’s future programmes are all UK based, however the Foundation’s aim is to fulfil its objects and continue to fund within its existing programming in Ireland, the Netherlands and the UK, as well as locations of Advisors in Europe. The trustees regularly review the scope of the existing programmes and assess how they are fulfilling the Foundation’s objects, whilst also looking at potential new programmes or funding strategies.
Structure, governance and management
Governing documents
The Charity is a registered charity (with the Charity Commission for England and Wales number 1167260) incorporated on 2 December 2015 under the Companies Act 2006 as a company limited by guarantee (company number 09899315). Its governing document is its Articles of Association dated 2 December 2015. Each of the Company’s members undertakes to contribute the sum of £1 in the event of the company being wound up while a member, or within one year from ceasing to be a member.
During the year, the members of the Foundation are the corporate member and each of the independent individual trustees listed below. On 7 February 2022, SHEL Holdings Europe ceased to be a corporate trustee, and was replaced by Duke Street Property Limited.
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The Galen and Hilary Weston Foundation
Trustees’ report for the year ended 31 December 2022 (continued)
Trustees
The trustees of the Foundation, who held office during the financial year and up to the date of signing the financial statements, are as follows:
A D Batty A D Edwards A E Cochrane A J Forbes H Weston (appointed 26 January 2022, resigned 26 January 2023) P Kelly (resigned 14 November 2022)
The trustees do not hold any beneficial interest in the Foundation at 31 December 2022 or at any time during the financial year.
Appointment of trustees
Any person who is willing to act as a trustee, and is permitted by law to do so, may be appointed to be a trustee by Ordinary Resolution, or by a simple majority of all the trustees entitled to attend and vote at any meeting of the trustees. The Corporate Member may appoint one person with one vote as a trustee of the Foundation by written notice to the Foundation.
Trustee induction and training
New trustees are briefed on their legal obligations and powers under charity and company law, the content of the Memorandum and the Articles of Association of the Foundation, the decision-making processes of the Foundation and the Foundation’s future plans and objectives. The trustees are kept updated on any changes to their obligations and responsibilities by external legal advisers.
Organisation
The trustees meet at least three times per year. The agenda includes the review of the grant activity of the Foundation, together with a review of the performance of the grantees. The trustees have established procedures for examination of grant recommendations and the conduct of due diligence. Grant recommendations which satisfy the grant making policy requirements are approved by at least two of the trustees before being made.
No staff were employed by the Foundation during the financial year.
The Foundation received donated management services from Duke Street Property Limited during the year, the value of the services provided amounts to £24,572 (2021: £20,908).
The Foundation also received donated independent consultancy services from A D Batty during the year, the value of these services provided amounts to £3,600 (2021: £3,600).
Statement of responsibilities of the trustees
The trustees (who are also directors of The Galen and Hilary Weston Foundation for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. Under that law, the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 the Financial Reporting Standard applicable in the UK.
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The Galen and Hilary Weston Foundation
Trustees’ report for the year ended 31 December 2022 (continued)
Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities Statement of Recommended Practice;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards, comprising FRS 102, and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Independent Auditor
The members of the Foundation will re-appoint Sayer Vincent LLP as auditors to the Foundation during the relevant year for the appointment of auditors by way of written members’ resolution.
Approved by the board of trustees on 31 August 2023 and signed on its behalf by:
A D Batty Trustee
8
The Galen and Hilary Weston Foundation
Independent auditors’ report to the members of The Galen and Hilary Weston Foundation
Opinion
We have audited the financial statements of The Galen and Hilary Weston Foundation (the ‘charitable company’) for the year ended 31 December 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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In our opinion, the financial statements:
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Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
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Have been prepared in accordance with the requirements of the Companies Act 2006
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Galen and Hilary Weston Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
9
The Galen and Hilary Weston Foundation
Independent auditors’ report to the members of The Galen and Hilary Weston Foundation (continued)
Other Information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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The trustees’ annual report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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The financial statements are not in agreement with the accounting records and returns; or
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Certain disclosures of trustees’ remuneration specified by law are not made; or
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We have not received all the information and explanations we require for our audit; or
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The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report.
10
The Galen and Hilary Weston Foundation
Independent auditors’ report to the members of The Galen and Hilary Weston Foundation (continued)
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
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Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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We reviewed compliance with the internal policies on due diligence and monitoring of grant recipients.
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We inspected the minutes of meetings of those charged with governance.
11
The Galen and Hilary Weston Foundation
Independent auditors’ report to the members of The Galen and Hilary Weston Foundation (continued)
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We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
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We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
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We reviewed any reports made to regulators.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Noelia Serrano (Senior statutory auditor) 31 August 2023
for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
12
The Galen and Hilary Weston Foundation
Statement of financial activities for the year ended 31 December 2022
| Year ended 31 | Year ended 31 | ||
|---|---|---|---|
| December 2022 | December 2021 | ||
| Unrestricted funds | Unrestricted | ||
| funds | |||
| Note | £ | £ | |
| Income | |||
| Donations | 3 | 1,028,172 | 1,124,508 |
| Total | 1,028,172 | 1,124,508 | |
| Expenditure | |||
| Charitable activities | 4 | (905,449) | (628,115) |
| Total | (905,449) | (628,115) | |
| Net income and net movement in funds for the year | 122,723 | 496,393 | |
| Unrealised gains/(losses) on assets | 753 |
(1,124) | |
| Net income and net movement in funds for the year | 123,476 | 495,269 | |
| Reconciliation of funds | |||
| Total funds brought forward | 1,391,103 | 895,834 | |
| Total funds carried forward | 1,514,579 | 1,391,103 |
All of the Foundation’s activities are derived from continuing operations. All funds for the current and prior year are unrestricted.
The statement of financial activities includes all gains and losses recognised in the current year.
The notes on pages 16 to 21 form part of these financial statements.
13
The Galen and Hilary Weston Foundation
Balance sheet as at 31 December 2022 Company Number 09899315
| Note | 2022 2021 £ £ |
|---|---|
| Current assets Cash at bank and in hand 7 |
1,533,476 1,406,877 |
| Total current assets Creditors: amounts falling due within one year 8 |
1,533,476 1,406,877 18,897 15,774 |
| Net current assets and net assets | 1,514,579 1,391,103 |
| The funds of the charity Unrestricted income funds: General funds |
1,514,579 1,391,103 |
| Total charityfunds | 1,514,579 1,391,103 |
The notes on pages 16 to 21 form part of these financial statements.
The financial statements on pages 13 to 21 were approved by the board of trustees on and authorised for issue on 31 August 2023 and signed on its behalf by:
A D Batty Trustee
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The Galen and Hilary Weston Foundation
Statement of cash flows for the year ended 31 December 2022
| Note | Year ended 31 | Year ended 31 | |
|---|---|---|---|
| December 2022 | December 2021 | ||
| £ | £ | ||
| Cash flows from operating activities | |||
| Net income for the year | 122,723 | 496,393 | |
| Unrealised gain/(loss) on assets | 753 | (1,124) | |
| Increase/(decrease) in creditors | 8 | 3,123 | (43,715) |
| Net cash provide by operating activities | 126,599 | 451,554 | |
| Net increase in cash and cash equivalents | 126,599 | 451,554 | |
| Cash and cash equivalents at the beginning of the | 1,406,877 | 955,323 | |
| year | |||
| Cash and cash equivalents at the end of theyear | 7 | 1,533,476 | 1,406,877 |
The notes on pages 16 to 21 form part of these financial statements.
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The Galen and Hilary Weston Foundation
Notes to the financial statements for the year ended 31 December 2022
1 General information
The Galen and Hilary Weston Foundation (“The Foundation”) is a charity limited by guarantee, incorporated in England and Wales. The address of the Charity’s registered office is Squire Patton Boggs (UK) LLP, Rutland House, 148 Edmund Street, Birmingham, England, B3 2JR
2 Principal accounting policies
- a) Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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 (FRS 102) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and the Charities 2011.
The Foundation has adapted the Companies Act formats to reflect the Charities SORP.
The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policies.
b) Going concern
These financial statements have been prepared on the going concern basis and in accordance with the historical cost convention.
There are no material uncertainties regarding the Foundation’s ability to continue, on the basis that adequate reserves are available to fund the activities of the Foundation for the foreseeable future. Duke Street Property Limited has provided a letter of support to the foundation confirming they would provide sufficient funding to the Foundation to enable the Foundation to meet any future liabilities which the Foundation would not be able to meet from its existing reserves. On the basis of their assessment of the Foundation’s financial position, the trustees have reasonable expectation that the Foundation will be able to continue in operational existence for the foreseeable future.
c) Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas of judgement that affect items in the financial statements are as follows:
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Income – Donations received are not restricted in nature and the trustees have no restrictions on how they can be spent by the Foundation as long as it is in line with the Articles of Association and policies of the Foundation.
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Grants payable – Grants are recognised as liabilities after they have been approved by the trustees, the recipients have been notified and there are no further terms and conditions to be fulfilled which are within control of the Foundation.
The key area of estimation that affects items in the financial statements is as follows:
- Gifts in Kind – Gifts in Kind represent the estimated cost of services donated to the Foundation, at the value at which the Foundation would have paid.
16
The Galen and Hilary Weston Foundation
Notes to the financial statements for the year ended 31 December 2022 (continued)
2 Principal accounting policies (continued)
d) Income
Donations are credited to the statement of financial activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy and valued on date of entitlement.
e) Donated services
Donated services (Gift in Kind) are recognised as income when the Foundation has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Foundation of the item is probable and the economic benefit can be measured reliably.
On receipt, donated services are recognised on the basis of the value of the gift to the Foundation. For services provided by Duke Street Property Limited and A D Batty, this is the value of time spent by individuals supporting the Foundation.
f) Expenditure
All expenditure is accounted for on an accruals basis. VAT is irrecoverable.
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Foundation to the expenditure.
Support costs are those incurred in support of direct charitable expenditures. Support costs also include governance costs. Governance costs comprise all costs associated with meeting the constitutional and statutory requirements of the Foundation, they include costs related to statutory audit and legal fees.
Grants, both single and multi-year, if any, are recognised in the financial statements as liabilities after they have been approved by the trustees, the recipients have been notified and there are no further terms and conditions to be fulfilled which are within the control of the Foundation.
Grant payments that are contingent on a successful outcome of and payable after a future scientific review are disclosed as non-binding commitments in Note 9.
g) Foreign currencies
These financial statements are presented in Great British Pounds (£), which is the Foundation’s functional currency. Transactions in foreign currencies are translated into £ at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into £ at the rate of exchange at the balance sheet date EUR1.1297:£1. Exchange differences are charged/ credited to the statement of financial activities and hence are taken into account in arriving at the net movement in funds.
h) Taxation
The fund is a registered charity, and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. VAT is included within expenditure where it is not recoverable.
i) Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but not held for investment purposes.
17
The Galen and Hilary Weston Foundation
Notes to the financial statements for the year ended 31 December 2022 (continued)
2 Principal accounting policies (continued)
j) Creditors
Trade creditors and other payables are recognised when a past event results in an obligation to transfer funds to a third party and the amount payable can be measured or reliably estimated. Trade creditors and other creditors are recognised at their nominal value.
3 Donations
| 3 Donations |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Monetarycontributions from Wittington Investments Limited | 1,000,000 | - |
| Monetarycontributions from Selfridges Group | - | 1,100,000 |
| Gifts in Kind | 28,172 | 24,508 |
| Total | 1,028,172 | 1,124,508 |
Gifts in Kind:
Gifts in Kind represent the estimated cost of services donated to the Foundation, at the value at which the Foundation would have paid. The Foundation received donated services from Duke Street Property Limited during the year, the value of the services provided amounts to £24,572 (2021: £20,908). The Foundation received donated services from A Batty during the year, the value of the services provided amounts to £3,600 (2021: £3,600).
4 Charitable activities
| 4 Charitable activities |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Expenditure of charitable activities: | ||
| Grants to institutions | 594,371 | 493,007 |
| Governance costs | 10,738 | 9,995 |
| Support costs | 50,340 | 45,113 |
| Grants to registered charities | 250,000 | 80,000 |
| Total | 905,449 | 628,115 |
There were a total of six (2021: eight) grants to institutions recognised during the year totaling £594,371 (2021: £493,007).
| Name of institution | Grant classification | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Rare Dementia Support Centre | Medical | - | 50,000 |
| Stichting Katholieke Universiteit | Medical | - | 21,470 |
| The University of Edinburgh | Medical | 131,181 | 62,848 |
| University College London | Medical | - | 54,483 |
| University of Groningen | Medical | - | 58,154 |
| University of Oxford | Medical | 106,244 | - |
| VU University Medical Centre | Medical | 6,291 | 69,634 |
| University of Nottingham | Medical | 105,042 | - |
| Swansea University | Medical | 100,913 | 38,966 |
| King’s College London | Medical | 144,700 | 137,452 |
| Total | 594,371 | 493,007 |
18
The Galen and Hilary Weston Foundation
Notes to the financial statements for the year ended 31 December 2022 (continued)
4 Charitable activities (continued)
There was a total of one (2021: two) grants to registered charities recognised during the year totalling £250,000 (2021: £80,000).
| Name of registered charity | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Age Action Ireland | - | 40,000 |
| Alzheimer Society Ireland | - | 40,000 |
| HelpAge International | 250,000 | - |
| Total | 250,000 | 80,000 |
5 Analysis of governance costs
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| External audit | 10,620 | 9,660 |
| Other costs | 118 | 335 |
| Total | 10,738 | 9,995 |
6 Staff costs and trustees’ remuneration
No staff were employed by the Foundation during the financial year.
Expenditure on staff of the Weston Family Foundation working for the charity are recharged to the Foundation. Staff costs recharged for the financial year amounted to £22,163 (2021: £20,908).
During the year, A D Batty donated A D Batty provided independent consultancy services to the Foundation, for the value of £3,600, as a Gift in Kind (2021: £3,600).
No trustees, being the key management personnel, received remuneration in respect of their services as trustees to the Foundation during the financial year. Key management personnel received no reimbursement of expenses during the financial year.
7 Cash at bank and in hand
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash at bank and in hand | 1,533,476 | 1,406,877 |
19
The Galen and Hilary Weston Foundation
Notes to the financial statements for the year ended 31 December 2022 (continued)
8 Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 7,954 | 5,267 |
| Accruals | 10,943 | 10,507 |
| Total | 18,897 | 15,774 |
| Movement in grant commitments during the year: | ||
| 2022 | 2021 | |
| £ | £ | |
| Grant commitments recognised at start of year | - | - |
| New grant commitments charged to SOFA in year | 844,371 | 573,007 |
| Grants paid during the year | (844,371) | (573,007) |
| Total | - | - |
9 Non-binding commitments
Funds are released for a project if the milestones are met on time. There are typically 6 months tranches of funding and milestones. If milestones are not met on time, funding may be released, stopped, or restructured pending review by the Foundation.
| 2023 | 2024 | 2025 | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Non-binding commitments | 1,337,358 | 552,036 | 101,603 | 1,889,394 |
10 Capital
The Foundation is a company limited by guarantee and has no share capital. In the event of the Foundation being wound up, the liability is limited to £1.
11 Reconciliation of movement in funds
| 2022 | 2022 | 2021 | 2021 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Designated | General | Designated | General | |
| funds | funds | funds | funds | |
| Opening funds | - | 1,391,103 | 131,155 | 764,679 |
| Net movement in funds | - | 123,476 | (131,155) | 628,034 |
| Closingfunds | - | 1,514,579 | - | 1,391,103 |
The purpose of the designated funds in 2021 was to provide grants to charities supporting vulnerable members of our communities most affected by the COVID-19 pandemic. Of the opening balance of £131,155, £130,000 was paid to registered charities and institutions in the year, with the remaining £1,155 transferred into general funds.
20
The Galen and Hilary Weston Foundation
Notes to the financial statements for the year ended 31 December 2022 (continued)
12 Related party transactions
No donations were received from the Trustees during the year.
Wittington Canada Holdings Limited provided funding during the year amounting to £1,000,000 (2021: nil).
Duke Street Property Limited donated services to the Foundation during the year, the value of the services provided amounted to £24,572 (2021: nil).
A D Batty provides independent consultancy services to the Foundation, during the year he donated £3,600 for these services (2021: £3,600).
21