The Margaret Westwood Young Peoples. Foundation A Charitable Incorporated Organi$atlon Reglstered Charity Number: 1208060 TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENT YEAR ENDED 5 APRIL 2025 HIGGS LLP SOLICITORS 3 Waterfront Business Park Brierley Hlll West Midlands DY5 ILX
The Margar¢t Westwood Young Peoples. Foundatlon Index to the Flnancial Statements Year Ended 5 April 2025 Page Reference and Administrative Information 3-11 Trustees, Annual Report 12 Statement of Flnanclal Activitles 13 Balan Sheet 14-18 Notes to the Accounts
The Margaret Westwood Young Peoples. Foundatlon Page I Reference and Admlnlstratlve Informatlon Year Ended 5 Aprll 2025 Governing Documents The Charity is governed by the CIO Foundation Constitution dated 30 Aprll 2024. The Charlty is registered wlth the Charlty Commlssio under registered charity number 1208060. Trustees Peter Michael McDonald Frances Mary Oborski Sean Patrlck Shannon Peter Edward Sugg (Chair) John Wlllièm Roland Thomas Ellzabeth Boyn5 Tucker Secretary to the Trustees Ms K McEwen, Hlggs LLP Treasurer Mr N Smith, Folkes Worton Prlnclpal Offl¢e Higgs LLP 3 Waterfront Bu51fbes5 Park Brierley Hill West Midlands DY5 ILX Accountants Headley Meredith 13 Church Street Stourbridge West Midlands DY8 ILT Independent Examiners Folkes Worton 15-17 Church Street Stourbridge West Mldlands DY8 ILU Bankers CAF Bank 25 Kings Hill Avenue, Klngs Hill, West Malling Kent, ME19 4JQ
The Maryaret Westwood Young People5, Foundation Page 2 Reference and Admlnlstratlve Inforniation Year Ended 5 April 2025 Solicitors Higgs LLP 3 Waterfront Business Park Brierley Hill West Midlands DY5 ILX Dlscretlonary Investment EFG Harrls Allday Manager 33 Great Charles Street Bimiingham West Midlands 83 3JN
The Margaret Westwood Young Peoples. Foundation Page 3 Trustees Annual Report Year Ended 5 April 2025 The Trustees psent their annual report and financial statements of the Charity for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting pollcles set out in accounts and comply with the Charity's Governing Documents, the Charitles Act 2011 and the Statement of Recommended Prattice applicable to the charities preparing their accounts wlth the Financial Reportlng Standard applicable on l January 2019. Structure, Governance and Management The Charlty was registered with the Charity Commission on 30 April 2024 under reglstered charity number 1208060, and is constituted under the CIO Foundatlon Constitution dated 30 April 2024 ("the Governlng Documentl. The Charity does not actlvely fundraise and seeks to continue the charitable work desired by the Testator through the careful stewardshlp of Its existing resources. Nominative Trustees: Nomlnative Trustees are appointed under clause 9 of the Governing Document for a term of office of five years. Nomlnatlve Trustees are appolnted by Worcestershire County Council, Dudley Metropolltan Borough Council and Sandwell Metropolitan Borough Councll In such numbers as the Trustees determine from tlme to tlme. There must be a minimum of two and a maximum of four NomSnatlve Trustees. The Nomlnatlve Trustees for each Council are as follows: Worcestershlre County Council Peter Mich8el McDonald Frances Mary Oborski Norninative Trustees are appolnted by thelr respective appolntlng Councils for a term of four years at a meeting convened and held according to the ordinary practice of the appointing Council. The Chair of the meetlng of the appolnting Councll Is required to provlde to the Trustees and the Secretary the name and details of the person appointed. That person need not be a member of the appointing Councll.
The Margaret Westw{d Young Peoples, Foundation Page 4 Trustees Annual Report Year Ended 5 Aprll 2025 Appointed Trustees Appointed Trustee5 are appolnted under clause 9 of the Governlng Document for a term of office of five years, by virtue of thelr special knowledge of the area of benefit, through residence, employment or otherwise. The Governing Document provides for the appointment of a mlnimum four Appointed Trustees and a maximum of eight Appointed Trustees. The Appointed Trustees are as follow5: Sean Patrick Shannon Peter Edward Sugg John William Roland Thomas Elizabeth Boyns Tucker Appointed Trustees are appointed for a term of offlce of flve years by a resolution of the Trustees passed at a properly convened meeting, of which not less than 21 days, notice has been glven. At the Trustees. meetlngs, the Trustees agree the broad strategy and areas of activitles for the Charityi including consideration of grant maklng, Investment, reserves and risk management policies and performance. The Trustees meet three tirnes per year. The quorum at any meetlng Is when three Trustees, or the number nearest to one third of the total number of Trustees, whichever is greater, or such larger number as the Trustees may decide are present. The day to day admlnlstratlon of grants and the prossIng and handllng of applications prlor to conslderation by Trustees is delegated to the Secretary, The Secretary will conslder the monltoring Informatlon concembng the performance of grants to date and make recommendations to the Trustees concerning the extension, cessation or suspension of exlstlng grant approvals. The Trsjstees wlll take account of the recommendation5 of the ICSA best practice gulde 'Recrultment, Appointment and Inductlon of Charity Trustees. should the need to recruit new Co-optative Trustees arise. The Trustees would look to recrult In Ilght of an appropriate skills audit of the current Board and taking into account the experien, expertise and dlversity of the current Board, as well as their knowledge of the Charlty's area of benefit and beneficial class.
The Margaret Westwood Young Peoples, Found*ron Page 5 Trustees Annual Report Year Ended S April 2025 New Trustees may be sought by open advertlsement or through a dialogue wlth local community groups respectlng the ethos of the Charity- To continue the charltable work intended by the Testator, the Trustees actlvely seek those wSth a knowledge of the local area when considering any prospertive candidate. The ultimate decision on selettlon is a matter for the Trustees. On appobntment new Trustees sign a Trustee Declaration and Undertaking committing them to the giving of thelr time and expertlse. It also confirms their ability to act in the role of Trustees. The induction process has been changed to follow the ICSA good practlce guide with a ft)rmal induction programme for any newly appointed trLJStee being led by the Clerk, to include initial training in the grant making process, the duties and responsiblllties of the Trustees and the role of any sub commbttees. The welcome pack includes, amongst other information and guidan, a brlef history of the Trust, copy of recent Trustee (and sub commlttee) minutes, a copy of the last three years of annual reports an(J accounts, a copy of the Govemlng Document and a copy of the Charity Commission's guidance 'The Essential Trustee.. What You Need to Know, and 'Charitles and Public Beneflt,. The Trustees intend in the upcomlng year, wlth the support of the Clerk, to continue developing a code of conduct for Trustees including formal statements of roles and re5pon5ibilities and to undertake work on the Charity Governance Code. All Trustees glve of their time freely and no Trustee remuneration was paid in the year. Trustees are entitled to claim reasonable out of pocket expenses and where they do those are noted in the accounts. Trustees are requlred to disclose annually (and as they arfse) any potentlal Interests which might conflict and register them with the Clerk and in accordance with the Charity's written conflicts of Interest pollcy. Rlsk Management The Trustees will consider the major risks to whlch the Charity might be exposed to and will review those rlsks and established systems and procedures to manage those risks. The major finandal risk Is the variabllity of investment retums on the portfollo and its impact on income levels and capital growth. The Trustees wlll actively seek to manage thos risk by appolnting Charles Phipps of EFG Harris Allday as Discretionary Manager of the investment portfolio. His role will be to monltor the performance of the portfollo, to take appropriate action to mitigate any loss to the portfolio. and to ensure that the objectlves as detalled in the Investment Pollcy Statement are following and reviewed annually.
The Margaret Westwood Young Peoples. Foundation Page 6 Trustees Annual Report Year Ended 5 Aprll 2025 The major operational rfsk Is the extent to whlch grants awarded to individuals and charltable or not for proffit organi5atlons advances the objerts of the Charlty and demonstrate sufflcient public benefit. The Charity will manage Its risk by retainlng Trustees of sufficSent expertlse and experience, arbd through the quallty of the institutions and the people who they support. In addition, the Trustees will rely on the Clerk to undertake approprlate and proportionate due diligen on appllcations and ensure all grant giving retain5 a focus on the publlc benefit. The major regulatory Impact of the Common Reporting Standard ('the CRS?. on the operdtion of the Charity. CRS is belng an international tax transparency regime almed at preventing tax evasion. CRS came into force from l January 2016 and the Charity is now required to provide informatlon about their beneflclaries, tax residency status to HMRC, who wlll then share this information with the approprlate tax authority in other Jurisdictions. The Charity is subject to this regime because it relies on investments for more than 50Vo of Its Income and those investments are professlonally managed by a financlal Institutlon under discretionary mandate. This means the Trustees are required to carry out due dlligence to establish a tax residency status of all beneficiaries, keep records of efforts to comply with the reglme, reglster with HMRC a5 a ffnanclal Instltution fFinancial Instltutlon") If they have reporting requirements and report to HMRC If required. The grant application process Is reviewed annually and the grant appllcatlon form expanded to collect the necessary due diligence information that is required in order to establlsh tax residency status of all grant recipients, both Indlvlduals and charity and not for proflt organlsatlons. This include5 addltSonal information including tax resldent Jurisdlctlon, tax identification number (for Indivlduals) and entity status (for organisations). The Trustees will keep this under review. Objects and Actlvltles for the Public Benefit The objects of the Charity are "to advance such charitable purposes (according to the lavw of England ond Wales) for the benefi't of children and young people living in the Area of Benefit, as the trustees see fit from time to time, in particulor but not limited to advancing the education of children and young people and developing their mental, physical. and moral capabilities by making grant5". The area of benefit is defined as the "the County of Worcestershlre from tlme to ts'me to include those areas which fell within the County of Worcestershire on 19th AugLJSt 1946" ('the Area of Beneflt.). The Trustees confirm that they have referred to the Charity Commisslon's guidance on public benefit when reviewing the Charlty's objects and in planning future actlvltles and setting the grant maklng pollcy for the year.
Th¢ Maryaret Westwood Young Peopl¢s' Foundation Page 7 Trustees Annual Report Year Ended 5 April 2025 The Charlty wlll carry out its objects by provldlng grants to Indivlduals (for exclusively charitable purposes) and to charitable or not for profit organisations within the area of benefit (for exdusSvely charltable purposes) within the Area of Beneflt. By focuslng on these areas of grant activity, the Charlty wlll achleve Its strategic priorlty of maintaining an extenslve strurtured grant making programme, balanclng support to both individuals and institutions. Grant Making Policy The Trustees have power to Spend the Income, with the capltal belng retalned as permanent endowment and not expendable. The income Is expended on an annual basis In furtherance of the objects. The Charity will adopt a written grant making policy, which detalls how the Trustee5 intend to meet the objetts for the publlc benefit, and improve the Ilves of Indivlduals and support charitable and not for profit organisations {for exclusively charitable purposes) wlthin the geographical Area of Benefit which the Trustees have estsblished and which they review on an annual basis. The TrLJStees wlll revlew the grant maklng pollcy annually to ensure it reflects the Charity's objects and continues to advance public benefit. The Charity'5 beneflciarles are Indlviduals under the age of 25 who Ilve In the Area of Benefit and charitable or not for profit organisation5 (for exclusively charitable purposes) within the same. Grants will be awarded to indivlduals who can demonstrate a charitable need to support the costs of educètlonal vlsits or expeditions, the cost of books and other resources, but not towards the normal costs of education such as course fees or residential c05t5. Grants will be awarded to charftable or not for profit organi5ations (for exdLJslvely charitable purposes) for capital projects withln the area of benefit. The Trustees will not generally meet core admlnistration costs such as staff costs or property costs etc. The general policy of the Trustees Is not to award retrospectlve grants and the Trustees retai n a discretion to only consider an application from an Individual or a charitèble or not for profit organisation (for exclusively charitable purposes) once in any two year period.
The Maryaret Westwood Young Peoples. Foundation Page 8 Trustees Annual Report Year Ended 5 April 2025 Grant Making Procedure Appllcatlons can only be considered If they are on the Charity's stsndard application form. The application form must be completed and retumed (together with a copy of any supportlng Information relevant to the application) to the Secretary at least four weeks before the meeting at which the application Is to be consldered. The Trustees wlll meet three times a year to consider appllcations. It Is the poliry of the Trustees to o)nsider grants on an equal opportunities basis, regardless of gender, rellgion and ethnlc background. Publlc Benefit The TNstees confimi that they have referred to the information contsined in the Charity Commission's general guidance on publlc benefSt when reviewing the Charlty's objects and attivitie5, their grant making policy and plans for future period. The objects and activities of the Charlty are largely detemilned by the provislons of the Governing Documents, and from there the Trustee5 exercise a discretion in considering how best to rneet the public benefit test and ensure that as many individuals and charitable and not for profit organisations (for excluslvely charltable purposes) wlth partlcular needs will gain advantage. Further details of the grants made are set out In the schedule to the accounts at page 20. Monltorlng and Ach*vement During the year the perfomiance ofthe prln(Jpal Investment portfollo was managed by EFG Harrls Allday on a discretionary basls. It Is Intended that the portfolio wlll show a welcomed recover and that the long-term objectives to meet income needs and grow the capital are obtainable. During the year the number of grant applications considered was O. Grants were made to O charitable and not for profit organisations (for excluslvely charltable purposes} and O Indlvlduals. The grants made to charitable and not for profit organi5ations (for exdusively charitable purposes) amounted to £0 and the grants to individuals amounted to £0.
The Margaret Westwood Young Peoples, Foundation Page 9 Trustees Annual Report Year Ended S April 2025 Financial Review The Charlty's work is entIlY reliant on income and Investment returns from Its capital. As at 5 April 2025, the market value of inve5trNentS Stood at £0. Durlng the year the income of the Charlty was £0. Investment Policy and Performance The investment powers of the Trustee5 are wide and allow the Trustees to invest funds in any manner (after taking such advice as they consider necessary) and having regard to the sultabillty of investments and need for diversbflcation. The prlnclpal Investment holdlngs of the Charlty comprise funds and portfollos of quoted securities. As at 5 April 2025, the value represented 100% of the Charity's investments. The management of the portfolio will be undertaken on a discretionary management basis by EFG Harrls Allday and the wrltten investment policy is revlewed on at least an annual basls by the Secretary in conjunction wlth the Snvestment managers and ultlmately approved by the Trustee5. The value of the capital account fund as at 5 April 2025 wa5 £0 (clf 2024 £0). As at 5 April 2025 the Trustees held cash with EFG Harrfs Allday (eamings account) of £0 and cash In the bank wlth CAF of £0. The Trustees adopted an Investment policy statement on 30 Ottober 2019 whlch is reviewed on an annual basis. Reserves Policy The whole of the Charity's capital 15 expendable and thls distinctior) between capltal and income is not relevant, The trustees appreciate that the general principles of charity law require trustees to spend thelr Income within ? rea50nable period of recelpt. The Trustees wlll set an agreed policy which broadly Identlfles the framework wlthin whlch the Charlty will operate its reserves. The intention is that the Charity will retaln an appropriate and reasonable level of reserves whilst concurrently ensurlng that it uses the income in a rnanner that is within the objects at the best interests of the Charlty and its benefidaries.
The Margaret Westwood Young Peoples. Foundation Page 10 Trustees Annual Report Year Ended 5 April 2025 Since the Charity will recelve all of Its Income from the investment portfolio, the Trustees are mindful that the source of income can be volatile and subject to sudden changes in the market. They are concerned that in any year there is a rlsk that they cannot meet their ongoing administratlon and professlonal expense commitment5 a5 and when they arise, due to any fluctuatlons In the market which may prevent or Significantly reduce income. The Trustees will consider, in conjunction wlth the professional advisers, the level of reserves to retaln from surplus unrestricted funds. They have decided to build up a pot of reserves equivalent to one year's administratlve and professional expenses but excludlng grant commitments. This will ensure that should there be any fluctuations in the market which reduce the income avallable for distributlon, the Charity can use its reserve5 to contlnue to meet Its obligations and liabilities as and when they fall due. Plan for Future Periods The Trustees believe thelr grants wlll translate into significant public benefit. In cementing the arrangements already in place, and continuing with its current activlties as set out in thls report, so that the many and varied charitable and not for profit organi5ations, and Individuals may continue to benefit In real terms from Its flnancial support, the Charity alms to provlde a longer term commitment and thereby encourage and support Indiviéuals and charitable and not for profit organisations within the area of benefit. The intention is to continue a programme of grant giving which will translate into significant publlc beneff t. The Trustee5 will focus on those individuals and organisatlons who would benefit in real terms (impact) from its flnancial SLfPPOrt, thus providirbg and ensurlng a longer-term commitment to support. Trustees. Responsibilities In Relatlon to the Financial Statements The Trustees are responsible for preparlng the Trustees, Report and the flnancial statements In accordance with applicable law and regulations and Unlted Klngdom Accounting Standards. The law applicable to charltles in England and Wales required the Trustees to give a true and fair view of the State of affairs of the Charity and of the Incoming resources and appllcation of reSoUrs. Snduding income and expendlture of the Charlty for that perlod. io
The Maryaret Westwood Young Peoples. Foundation Page 11 Trustees Annual Report Year Ended 5 Aprll 2025 In preparing these finandal statements, the Trustees are required to.. select suitable accounting pollcles and then apply them consistently. observe the methods and principle5 of the Charities SORP; make judgements and estitnates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained In the finantial statements,. and prepare the financial Statements on the going concern basis unless It Is inappropriate to presume that the Charlty wlll continue irb operation. The Trustees are responsible for keeping adequate accountlng records that are sufflcient to show and explaln the Charity's transattions and disclose wlth reasonable accuracy at any time the financial positlon of the Charlty and enable them to ensure that the finandal statement5 comply with the Charltles Art 2011, the Charity (Accounts and Reports) Regulations 2008 and the Governing Documents. They are also responsible for safeguardlng the assets of the Charity and hen for takSng reasonable steps for the prevention and detection of fraud ar)y other IrregulaHtle5. The Trustees are responsible for the maintenance and Integrlty of the Charity and financial Infomiatlon Included on the Register of Charltles. Approved by the Trustees and signed on thelr behalf by.. Peter Edward Sugg Chair li
The Margaret Westwood Young Peoples, Foundatlon Page 12 Statement of Financial Activities For Year Ended 5 April 2025 Notes Unrestrlcted Funds Total Funds 2025 2024 Gross income: Investment Income Overseas Investment Income UK property income Bank interest Profit on disposal of investments Total Incomlng resources Less: Grants awarded Los5 On disposal of investments Less: Expenditure Secretary's expenses Treasurer's expenses Harris Allday fees and Interest Bank charges Professional expense Excess of income over expenditure for the year Total funds brought forward Total funds carried forward 12
The Margaret Westwood Young Peoples. Foundation Page 13 Balance Sheet For Year Ended 5 April 2025 Notes Unrestricted Funds Total Funds 2025 2024 Capital Assets Investments at cost Market value.. 5 April 2024 £0 5 Aprll 2025 - £0 Harris Allday deposit account Current Assets Harrls Allday eamiThJ accounts CAF account Less: Current Liabllltles Creditors Net assets Capital account Income account Total funds The notes at pages 14 to ig form part of these accounts Approved by the Trustees on and signed on their behalf by: Peter Edward Sugg Chair 13
The Margaret Westwood Young Peoples. Foundation Page 14 Notes to the Accounts For Year Ended 5 Aprll 2025 l. Accounting Policies (a) Basis of preparation The financial statements have been prepared under the hlstorlc cost convention, wlth the exception that investments are included at market value. The flnancial statements have been prepared in accordance with the Statement of Recommended Practlce: Accounting and Reportlng by Charities {FRSEE) issued in January 2015 and applicable UK AOntIng standards and the Charities Art 2011. (b) Funds structure The charity has one fund. an unrestrlrted income fund. This is a fund which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretlon, have created a fund for a specific purpose. (c) Incoming re$ource$ All Incoming resources are recognlsed On the charfty has entitlement to the resources, it is certain that the resources wlll be recelved and the monetary value of incoming resources can be measured with sufficient reliability. (d) Resources expended Liabilities are recognised as reSoUrS expended as soon as there Is a legal or constructive obllgatlon committing the charlty to the expendlture. All expenditure is accounted for on an accruèls basis and has been classified under heading5 that aggregate all costs related to the category. Grants payable are payments made to charitable organlsatlons In the furtherance of the charltable objectlves of the Charity. Single or multi-year grants are accounted for when elther the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will recelve a grant and any condltion attachlng to the grar)t Is outside the control of the charity. Provisions for grants are fflade when the intention to make a grant has been communicated to the reclplent but there Is uncertalnty about elther the timing of the grant or the amount of the grant payable. (e) Costs of generating funds The costs of generating funds conslsts of Investment management fees, legal fees, accountancy fees and other governance and regulatory fees. 14
The Margaret Westwood Young Peoples. Foundation Page 15 Notes to the Accounts For Year Ended 5 April 2025 (Q Charitable Actlvltles The costs of charltable activitles Include grants made. (g) Governance costs Governance costs comprise all costs involving the publlc accountabllity of the charity and its compliance with regulation and good practice. These costs Include costs related to the preparation of the accounts, the independent examination fee and legal fees. (h) Flxed asset Investments Investments are stated at market value as at the balance sheet date. The statement of flnancial actlvlties Sncludes the net gain and losses arising on revaluation and dlsposals throughout the year. (i) Realised gains and losses All gains and losses are taken to the Statement of Flnancial Attivitie5 as they arise. Reallsed galns and losses on investments are calculated as the differen between sale5 proceeds and opening market value (purchase date If later). Unrealised gain5 and losses are calculated as the difference between and market value at the year end and opening market value (or purchase date If later). Realised and unreali5ed gains are not separate(I In the Statement of Flnanclal Artbvltles. (i) Contingent liabilities and provisions In accordan with the SORP, a contingent1Sabllity Is disclosed for those grants, which do not represent liabllltles, where the possible obligation, which arSses from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly wlthln the trustees, control. Provislons are recognised for those grants where there Is uncertainty as to the timing or amount, and any uncertalnty regarding the amount Is more than one of determlnlng a basls for reasonable estimation of the liability arising from that constructlve obllgatlon. 2. Creditors 2025 2024 15
The Margaret Westwood Young Peoples. Foundatlon Page 16 Notes to the Accounts For Year Ended 5 April 2025 3. Funds 2025 2024 Income account Capital account 4. Trustee remuneration No remuneration was paid to the trustees during the period. 5. Grants paid Number Grants to individuals Grants to Instltutlons 16
The Margaret Westwood Young Peoples. Foundation Page 17 Schedule of Investment Income For Year ended 5 April 2025 Holdin Inv Date ivl 17
The Margaret Westwood Young Peoples. Foundatlon Page 18 Schedule of Grant Paid For Year Ended 5 Aprll 2025 Grant n ount 18