Charity Registration No. 1196516
The Sarah and Patrick Wills Foundation
Financial Statements
Year ended 5th April 2023
The Sarah and Patrick Wills Foundation Financial statements for the year ended 5th April 2023
Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 8 |
The Sarah and Patrick Wills Foundation Financial statements for the year ended 5th April 2023
Charity information
| Legal structure | An unincorporated Trust Fund operating under the founding |
|---|---|
| Trust Deed dated 8th April 2021. | |
| Registered charity number | 1196516 |
| Registered address | Tattingstone Place |
| Park Lane | |
| Tattingstone | |
| Ipswich | |
| IP9 2FP | |
| Trustees | Mrs S J E Wills |
| Mr P G Wills | |
| Mr N M Hornby | |
| Independent examiner | Kate Rosten |
| Jonathan Penn and Company | |
| Stowmarket | |
| Suffolk | |
| IP14 4AX | |
| Bankers | UBS |
| 5 Broadgate, London | |
| EC2M 2QS | |
| C Hoare & Co | |
| 37 Fleet Street | |
| Temple | |
| London | |
| EC4Y 1BT | |
| Investment managers | Cerno Capital |
| 34 Sackville Street | |
| London | |
| W1S 3ED |
1
The Sarah and Patrick Wills Foundation Trustees' Report for the year ended 5th April 2023
The Trustees present their report and accounts for the year to 5th April 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 the financial reporting standard in the UK and Republic of Ireland - updated 2019.
Objectives and activities
The Charity is managed in accordance with the provisions of the founding Trust Deed dated 8th April 2021 which gives the Trustees discretionary power to apply the income of the Trust to a wide range of charitable objectives.
The Trustees have considered the Charity Commissioners' guidance on public benefit and have concluded that the Trust's grant making role is for the public benefit.
Financial Review
For the year ended 5th April 2023 the charity recorded an overall surplus of £1,551,256 (2022: £833,164), all of which represent unrestricted reserves.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that the charity is well placed for future develeopment and that systems are in place to mitigate exposure to any major risks that the charity may face.
Training, which involves awareness of a trustee's responsibilities, the governing document, administrative procedures and the history of the trust, is undertaken by attendance at seminars and from information obtained from relevant websites including that of the Charity Commission.
Going Concern
The strong reserves held by the charity allows the Trustees to feel well placed to continue the charitable objectives and they are confident that the charity is considered a going concern.
Trustees’ responsibilities
Law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year (unless the charity is entitled to prepare accounts on the alternative receipts and payments basis). In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
-
Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles of the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures 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 operation.
2
The Sarah and Patrick Wills Foundation Trustees' Report (continued) for the period ended 5th April 2022
The trustees are responsible for the keeping of accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the provisions of the Trust Deed and the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website.
Report and accounts approval
This report together with the attached financial statements was approved by the Board of Trustees.
P G Wills
S J E Wills
N M Hornby
Dated ___
3
The Sarah and Patrick Wills Foundation Independent examiner's report on the accounts for the year ended 5th April 2023
I report to the trustees on my examination of the accounts of the Sarah and Patrick Wills Foundation ("the Charity") for the year ended 5th April 2023.
Responsibilities and basis of report
As the Charity's trustees, you are reponsible 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 Charity's accounts carried out under section 145 of the 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 which give me cause to believe that, in any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of the 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.
Date: Name: Relevant profession or body: Address:
Signature: ICAEW
Kate Rosten FCA CTA
Jonathan Penn and Company Stowmarket Suffolk IP14 4AX
4
The Sarah and Patrick Wills Foundation Statement of Financial Activities for the year ended 5th April 2023
| Note Incoming resources Interest & dividends from investments Interest received Donations received Resources expended Donations and grants 3 Legal, professional and administrative fees Bank charges and interest Investment management fees Net outgoing resources Net movement in funds Total funds carried forward Other recognised gains Gains and (losses) on quoted investment assets Total funds brought forward |
Unrestricted funds £ 16,226 168 753,700 |
Restricted income funds £ - - - |
Total 2023 £ 16,226 168 753,700 770,094 50,050 1,170 362 417 51,999 718,095 (3) 718,092 833,164 1,551,256 |
Total 2022 £ - - 834,380 |
|---|---|---|---|---|
| 770,094 | - | 834,380 | ||
| 50,050 1,170 362 417 |
- - - - |
- 1,170 - 46 |
||
| 51,999 | - | 1,216 | ||
| 718,095 (3) |
- - |
833,164 - |
||
| 718,092 833,164 |
- - |
833,164 - |
||
| 1,551,256 | - | 833,164 |
5
The Sarah and Patrick Wills Foundation Balance Sheet as at 5th April 2023
| Note Fixed assets Funds held at investment managers 2 Current assets Cash held at investment managers Cash at bank Creditors: amounts falling due within one year Accruals Net current assets Net assets Funds of the Charity Unrestricted funds Designated funds Total unrestricted funds Restricted income funds Endowment funds Total funds |
2023 £ 1,530,793 1,530,793 16,974 4,569 21,543 1,170 20,373 1,551,166 1,551,166 - 1,551,166 - - 1,551,166 |
2022 £ 829,380 |
|---|---|---|
| 829,380 | ||
| - 4,910 |
||
| 4,910 1,216 |
||
| 3,694 | ||
| 833,074 | ||
| 833,074 - |
||
| 833,074 | ||
| - - |
||
| 833,074 |
All the funds within the balance sheet are unrestricted funds.
The accounts were approved by the Trustees on ___
P G Wills
Trustee
S J E Wills
Trustee
N M Hornby Trustee
6
The Sarah and Patrick Wills Foundation Notes to the financial statements for the year ended 5th April 2023
1) Basis of preparation
These accounts have been prepared on the basis of historical cost in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities in accordance with the Financial Reporting Standard applicable in the UK (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from October 2019.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Incoming resources
Recognition of incoming resources
These are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
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it is more likely than not that the trustees will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Investment income
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Investment gains and losses
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Taxation
The charity’s activities are not considered liable to UK income or capital gains tax. Value Added Tax is paid on supplies of goods and services made to the charity.
Expenditure and liabilities
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Grants payable
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Assets
Investments
Investments traded on a recognised stock exchange are valued at market value at the year end.
7
The Sarah and Patrick Wills Foundation Notes to the financial statements for the year ended 5th April 2023
2) Fixed Asset Investments
Investments in quoted and similarly traded companies
3)
| Investments in quoted and similarly traded companies | ||
|---|---|---|
| Market Value brought forward Sales proceeds Losses on disposal Market Value carried forward Donations and grants Regrow Borneo The Whitley Fund for Nature Additions to investments |
2023 £ 829,380 753,700 (52,284) (3) 1,530,793 2023 £ 25,050 25,000 50,050 |
2022 £ - 829,380 - - |
| 829,380 | ||
| 2022 £ - - |
||
| - |
4) Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during this period.
5) Employees
There were no employees during the period.
6) Related Parties
During the year the charity received donations of £753,700 (2022: £829,380) from Mrs SJE Wills, a Trustee of this charity.
Also during the year the charity received donations of £nil (2022: £5,000) from Mr P G Wills, a Trustee of this charity.
8