Charity registration number: 202188
The Charity of William Williams
Annual Report and Financial Statements
for the Year Ended 31 December 2023
The Charity of William Williams
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Auditors' Report | 6 to 10 |
| Statement of Financial Activities | 11 to 12 |
| Balance Sheet | 13 |
| Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 to 29 |
The Charity of William Williams
Reference and Administrative Details
Trustees Mr R Cowley, (Chair and Nominee Trustee for holding property) Mrs C Sharp, (Vice Chair and Nominee Trustee for holding property) Mrs H J Lacey Mr A Chase, (Resigned 22/03/2023) Mr R Prideaux-Brune Mr G Rose Mr J D Thrift Mr H White Mr A Hollingshead, (Appointed 16/05/2023) Mr Colin Stevens, (Appointed 30/5/2024) Charity Registration Number 202188 Principal Office Stafford House 10 Prince of Wales Road Dorchester Dorset DT1 1PW Solicitors Battens Mansion House 54-58 Princes Street Yeovil Somerset BA20 1EP Bankers NatWest Bank Plc 49 South Street Dorchester Dorset DT1 1DW
Page 1
The Charity of William Williams
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.
The Charity name
The legal and operating name of the charity is: The Charity of William Williams.
The Charity's jurisdiction and UK charitable registration
The charity is registered in England and Wales with the Charity Commission in England and Wales (CCEW) with Charity number 202188.
Objectives and activities
Objects and aims
The object of the Charity is to apply income received to relieve either generally, or individually, persons resident in the area of benefit (being the ancient parishes of Blandford, Shaftesbury and Sturminster Newton) who are in conditions of need, hardship or distress. In addition, to assist persons in or entering any trade or profession.
This is achieved by making grants of money or providing or paying for items, services or facilities calculated to help such persons. This is achieved by inviting applications from individuals or organisations within the area of benefit in relation to the specific requirements as falling within the Charity's stated objectives. There have been no changes to this policy during the year.
Although there is no set criteria, the Trustees' aim is to divide the disposable income equally between education and relief of those in need. A majority of education grants are made to people embarking on higher education or recognised training schemes. In addition, grants are made to local educational institutions in support of specific projects.
Public benefit
The charity provides grants to members of the public and institutions with in the defined area of benefit in support of it objects.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
As part of their commitment to public benefit the trustees are seeking to invest in residential property. The policy is for the property to be specifically offered to local families. See future expenditure note below.
Achievements and performance
During the year, the number of grants made to individuals decreased with a total of 88 (2022 - 136) grants being made. The average of each grant was £612 (2022 - £1,070), being a decrease of 42.8%.
| Relief of those in need Education |
Budget £ 200,000 200,000 400,000 |
Actual £ 89,599 (note 6) 94,433 (note 6) 184,032 |
|---|---|---|
Included in the above are 8 grants made to Institutions totalling £35,715 (2022 - £40,902) - see note 6.
Page 2
The Charity of William Williams
Trustees' Report (continued)
Financial review
The Charity derives most of its income from its property investment portfolio. There was an 2% decrease in rental income this year.
Analysis of Rental Income is as follows:
Commercial Properties - 53% Retail Properties - 46% Residential Properties - 33%
The principle risk to our income relates to the retail sector, due to continued pressure on the high street shops as a result of the moves to on-line shopping and reduced footfall as a result in the change of working patterns with more people working from home.
The Trustees consider the financial position at the year end to be satisfactory. The charity has a strong balance sheet with sufficient liquid assets to meet its liabilities for the foreseeable future.
Policy on reserves
The unrestricted reserves amount to £9.71m (2022 - £9.56m), as set out in note 17 of the financial statements. However, after taking into account the Charity's long term investments and designated funds, the free reserves amounted to £1,191,896 (2022 - £1,074,578). The Trustees believe it prudent to provide for 12 months' expenditure as reserves each year. The total estimated expenditure to be provided for is £395,000. This means that we have excess reserves of £796,896 (2022 - 744,578). See plans for future periods below for how the excess funds will be spent.
Long term investment properties
These are maintained for their income generation and capital appreciation. The investment properties were valued in October 2023.
Designated property repair fund
This is monies put aside in order to specifically cover major repairs to the property portfolio, a large proportion of which consists of listed properties. These are more expensive to repair and therefore the Trustees are setting aside funds towards any future costs arising from these properties.
Cash reserves
These are currently in excess of the six months direct charitable expenditure that the Trustees consider prudent to maintain in case of loss of income from the property portfolio. See below for plans for future expenditure.
Going concern
The Charity derives the majority of its income from the letting of commercial and residential properties and the impact, of Covid-19, on the tenants of commercial and retail tenants has resulted in the charity granting a number of 'rent holidays' and 'deferrals' however these came to an end in April 2022.
A number of existing lease are due to expire in 2022 and 2023. Those expiring in 2022 have been renewed and the trustees are confident that negotiations will result in new agreements for those leases due to expire in 2023.
The Charity continues to have a very strong balance sheet and, at the date of approval of these financial statements, it has net current assets in excess of £1.7 m which the trustees believe will be sufficient for the Charity to continue its current activities for at least the next twelve months.
Page 3
The Charity of William Williams
Trustees' Report (continued)
Structure, governance and management
Nature of governing document
The Charity is an unincorporated Charity which is governed by a Charity Commission Scheme dated December 1968, as amended in June 1993. The Charity was originally founded in 1621 by the Will of Mr. William Williams, a merchant from Blandford. The Charity does not actively fundraise and seeks to continue the philanthropic work desired by the donor through careful Stewardship of its existing resources.
Recruitment and appointment of trustees
The Board of Trustees comprises of three nominative Trustees who are appointed for a period of four years. One each is appointed by Blandford Forum Town Council, Shaftesbury Town Council and Sturminster Newton Town Council. Seven further "co-opted" Trustees are appointed for a fixed term of five years. All "co-opted" Trustees are eligible for re-appointment at the end of their term.
The appointment of "co-opted" Trustees is by Resolution of the Board passed at a special meeting.
In the event of a "co-opted" Trustee retiring, the Board will set up a sub-committee to ascertain the required skill mix needed to replace the retiring Trustee and enhance the remaining Trustees knowledge base. New Trustees may be sought by open advertisements or by Trustees approaching likely candidates within the area. a shortlist is drawn up and their appointment is made by the full Board.
The Trustees meet regularly, at least four times a year, to discuss grant applications, monitor investment income and associated property repairs, reserves and risk management. The day to day administration of the grants and general affairs are delegated to Symonds & Sampson LLP.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 23 December 2024 and signed on its behalf by:
......................................... Mr R Cowley Chairman and trustee
Page 4
The Charity of William Williams
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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 corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 23 December 2024 and signed on its behalf by:
......................................... Mr R Cowley Chairman and trustee
Page 5
The Charity of William Williams
Independent Auditor's Report to the Members of The Charity of William Williams
Opinion
We have audited the financial statements of the Charity of William Williams (‘the charity’) for the year ended 31 December 2023, which comprise of the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, 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).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 charity 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 trustee’s 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 entity’s ability to continue as a going concern for a period of at least 12 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
Page 6
The Charity of William Williams
Independent Auditor's Report to the Members of The Charity of William Williams (continued)
Other information
The other information comprises the information included in the annual report, including the trustees’ 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.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
•the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
•sufficient accounting records have not been kept; or
- •the financial statements are not in agreement with the accounting records; or
•we have not received all the information and explanations we require for our audit
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement (set out on page 6), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Page 7
The Charity of William Williams
Independent Auditor's Report to the Members of The Charity of William Williams (continued)
Auditor Responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
Page 8
The Charity of William Williams
Independent Auditor's Report to the Members of The Charity of William Williams (continued)
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations;
•we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity sector;
•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including charity regulations and health and safety legislation;
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud;
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions;
•investigated the rationale behind significant or unusual transactions; and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•agreeing financial statement disclosures to underlying supporting documentation;
•reading the minutes of meetings of those charged with governance;
- •enquiring of management as to actual and potential litigation and claims;
Page 9
The Charity of William Williams
Independent Auditor's Report to the Members of The Charity of William Williams (continued)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located 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 charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' 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 charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Edwards & Keeping Limited, Statutory Auditor
Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA
23 December 2024
Edwards & Keeping Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 10
The Charity of William Williams
Statement of Financial Activities for the Year Ended 31 December 2023
| Note Income and Endowments from: Donations and legacies 2 Investment income 3 Other income Total Income Expenditure on: Raising funds 4 Charitable activities 5 Other expenditure Total Expenditure Gains/losses on investment assets Net (expenditure)/income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 16 |
Unrestricted funds Designated £ General £ - - - 538,975 - 19,000 - 557,975 (14,117) (111,384) - (268,439) - (369) (14,117) (380,192) - (6,009) (14,117) 171,774 449,127 (449,127) 435,010 (277,353) 439,835 9,112,445 874,845 8,835,092 |
Restricted funds £ 5,000 - - 5,000 - (500) - (500) - 4,500 - 4,500 17,310 21,810 |
Total 2023 £ 5,000 538,975 19,000 |
|---|---|---|---|
| 562,975 | |||
| (125,501) (268,939) (369) |
|||
| (394,809) (6,009) |
|||
| 162,157 - |
|||
| 162,157 9,569,590 |
|||
| 9,731,747 |
The notes on pages 15 to 29 form an integral part of these financial statements. Page 11
The Charity of William Williams
Statement of Financial Activities for the Year Ended 31 December 2023 (continued)
| Note Income and Endowments from: Donations and legacies 2 Investment income 3 Other income Total Income Expenditure on: Raising funds 4 Charitable activities 5 Other expenditure Total Expenditure Gains/losses on investment assets Net (expenditure)/income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 16 |
Unrestricted funds Designated £ General £ - - - 501,579 - 50,000 - 551,579 (27,470) (73,072) - (241,409) - (334) (27,470) (314,815) - 1,253,391 (27,470) 1,490,155 50,148 (50,148) 22,678 1,440,007 417,157 7,672,438 439,835 9,112,445 |
Restricted funds £ 2,500 - - 2,500 - (1,000) - (1,000) - 1,500 - 1,500 15,810 17,310 |
Total 2022 £ 2,500 501,579 50,000 |
|---|---|---|---|
| 554,079 | |||
| (100,542) (242,409) (334) |
|||
| (343,285) | |||
| 1,253,391 | |||
| 1,464,185 - |
|||
| 1,464,185 8,105,405 |
|||
| 9,569,590 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 16.
The notes on pages 15 to 29 form an integral part of these financial statements. Page 12
The Charity of William Williams
(Registration number: 202188) Balance Sheet as at 31 December 2023
| Note Fixed assets Investments 10, 11 Current assets Debtors 12 Investments 13 Cash at bank and in hand 14 Creditors: Amounts falling due within one year 15 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Revaluation reserve Total unrestricted funds Total funds 16 |
2023 £ 8,043,196 1,066,226 506,170 230,040 1,802,436 (113,885) 1,688,551 9,731,747 21,810 6,976,532 2,733,405 9,709,937 9,731,747 |
2022 £ (As restated) 8,047,242 48,482 500,129 1,051,267 |
|---|---|---|
| 1,599,878 (77,530) |
||
| 1,522,348 | ||
| 9,569,590 | ||
| 17,310 6,812,866 2,739,414 |
||
| 9,552,280 | ||
| 9,569,590 |
The financial statements on pages 11 to 29 were approved by the trustees, and authorised for issue on 23 December 2024 and signed on their behalf by:
......................................... Mr R Cowley Chairman and trustee
The notes on pages 15 to 29 form an integral part of these financial statements. Page 13
The Charity of William Williams
Cash Flow Statement for the Year Ended 31 December 2023
| Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Investment income 3 Working capital adjustments Increase in debtors 12 Increase in creditors 15 Increase in deferred income Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 3 Purchase of investments 10, 13 Sale of investments Income from dividends 3 Net cash flows from investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December Reconciliation of net cash flow to movement in net funds Decrease in cash Net funds at 1 January 2023 Net funds at 31 December 2023 |
2023 £ 168,166 (538,975) (370,809) (1,017,744) 32,595 3,760 (1,352,198) 538,586 (12,957) 4,953 389 530,971 (821,227) 1,051,267 230,040 (821,227) 1,051,267 230,040 |
2022 £ (As restated) 210,794 (501,579) |
|---|---|---|
| (290,785) (8,937) 2,492 9,675 |
||
| (287,555) | ||
| 501,209 (567,554) 1,500 370 |
||
| (64,475) | ||
| (352,030) 1,403,297 |
||
| 1,051,267 | ||
| (352,030) 1,403,297 |
||
| 1,051,267 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 15 to 29 form an integral part of these financial statements. Page 14
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023
1 Accounting policies
General information and basis of accounting
The charity is an unincorporated charity.
The principal accounting policies applied in the preparation of thee financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements have been prepared under the historic cost convention, as modified by the revaluation of certain fixed assets. They have been prepared in accordance with 'Accounting and Reporting by Charities (SORP)' applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective from 1 January 2019 - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public entity as defined FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern.
Income recognition
All income is recognised as soon as the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is recognised on a receivable basis and is shown gross of income tax recovered and recoverable. Other income is accounted for on the basis of amounts receivable for the year.
Expenditure
All expenditure is recognised 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 the accrual basis, inclusive of irrecoverable VAT.
Raising funds - These are costs are incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities - Charitable expenditure comprises those costs incurred by the Charity in delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly so such activities and those costs of an indirect nature necessary to support them.
Page 15
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Investments
Fixed asset invetments are included at fair value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent costs, and are charged or credited to the statement of financial activities in the period of disposal.
Unrealised gains and losses represent the movement in the market value during the year and are credited or charged to the statement of financial activites based on the market value at the end of the year.
Debtors
Trade debtors are recognised at the settlement amount after any trade discounts offered and any appropriate allowances for irrecoverable amounts. Prepayments are valued at the amount paid in advance for goods and services provided to the Charity
Creditors
Trade creditors are stated at the original invoiced amount.
Deferred income represents revenue received or invoiced in advance of the services rendered. Revenue is recognized in accordance with the stage of completion of the services at the reporting date. When the performance obligation is satisfied, revenue is recognized.
Accruals represent expenses incurred but not yet paid or invoiced as of the reporting date. Expenses are recognized when the goods or services are received or utilized, regardless of the timing of the payment.
Fund accounting policies
Unrestricted income funds are general funds that are available for use at the trustees discretion in the furtherance of the objectives of the Charity.
Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes.
Restricted income funds are those donated for use in a particular area or for specific puposes, the use of which is restricted to that area or purpose.
Further details of each fund are disclosed in note 16.
Taxation
The Charity of William Williams is a registered charity and accordingly is exempt from taxation on it's income where they are applied for charitable purposes.
The charity is registered for VAT and is therefore able to recover VAT on certain expenditure.
Page 16
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Investment properties
Investment property is carried at fair value, derived from the current market prices provided by specialist organisations.
Programme related investments
Programme related investments are made exclusively to further the charity's aims by funding specific activities.
Concessionary loans are either initially measured at the amount received and paid and then adjusted in subsequent years to reflect repayments, interest and any impairment.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 17
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
2 Income from donations and legacies
| 2 Income from donations and legacies |
|||
|---|---|---|---|
| Donations and legacies; Donations from individuals Total for 2023 Total for 2022 3 Investment income Income from dividends; Dividends receivable from other listed investments Interest receivable and similar income; Interest receivable on bank deposits Interest receivable on other loans Income from rents |
Unrestricted funds General £ 389 31,187 6,750 500,649 538,975 |
Restricted funds £ 5,000 5,000 2,500 Total 2023 £ 389 31,187 6,750 500,649 538,975 |
Total funds £ 5,000 |
| 5,000 | |||
| 2,500 | |||
| Total 2022 £ (As restated) 370 2,351 6,750 492,108 |
|||
| 501,579 |
Page 18
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
4 Expenditure on raising funds
a) Investment management costs
| Other investment management costs; Bad debts written off Property insurance costs Other property costs Property repairs, renewals and maintenance Property management commission, legal fees etc Other investment management costs; Bad debts written off Property insurance costs Other property costs Property repairs, renewals and maintenance Property management commission, legal fees etc 5 Expenditure on charitable activities Relief for those in need - grants to individuals Relief for those in need - grants to institutions Education - grants to individuals Allocated support costs Governance costs Total for 2023 Total for 2022- (see analysis below) |
Unrestricted funds Designated £ General £ - 30,708 - 10,439 - 1,939 14,117 - - 68,298 14,117 111,384 Unrestricted funds Designated £ General £ - 5,813 - 8,681 - 2,861 27,470 - - 55,717 27,470 73,072 Unrestricted funds Restricted General £ funds £ 53,884 - 35,715 - 117,933 500 202 - 60,705 - 268,439 500 241,409 1,000 |
Total 2023 £ 30,708 10,439 1,939 14,117 68,298 |
|---|---|---|
| 125,501 | ||
| Total 2022 £ 5,813 8,681 2,861 27,470 55,717 |
||
| 100,542 | ||
| Total funds £ 53,884 35,715 118,433 202 60,705 |
||
| 268,939 | ||
| 242,409 |
Page 19
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
| Relief for those in need - grants to individuals Relief for those in need - grants to institutions Education - grants to individuals Governance costs Governance costs Trustees expenses Sundry and other costs Advertising and promotion Accountancy and bookkeeping Auditors' remuneration Clerks and administration fees Trustees insurance Bad debt write off 6 Grant-making Analysis of grants Analysis Relief of those in need Education |
Unrestricted funds Note General £ 56,240 40,902 88,304 55,963 241,409 Grants to institutions 2023 £ 2022 £ 35,715 40,902 - - 35,715 40,902 |
Unrestricted funds General £ 56,240 40,902 88,304 55,963 |
Restricted funds £ - - 1,000 - 1,000 2023 £ 165 90 496 24,342 8,000 20,033 558 - |
Total 2022 £ 56,240 40,902 89,304 55,963 |
|
|---|---|---|---|---|---|
| 241,409 | 242,409 | ||||
| 53,685 | |||||
| 40,902 |
The support costs associated with grant-making are £Nil (31 December 2022 - £Nil).
Page 20
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Below are details of material grants made to institutions.
| Below are details of material grants made to institutions. | ||
|---|---|---|
| Name of institution Activity Blandford Opportunity Group Relief of those in need Sturminster - Amateur boxing club Relief of those in need Blandford - Stour valley canoe club Relief of those in need Blandford Rugby Club Relief of those in need Blandford - Age concern Relief of those in need Blandford - legion club Relief of those in need Miscellaneous - under £1,000 each Relief of those in need Shaftesbury open house org Relief of those in need Shaftesbury Car link Relief of those in need Sturminster Home Start N Dorset Relief of those in need Shaftesbury School Relief of those in need Shaftesbury Girl Guides Relief of those in need Sturminster DC Williams Barnes School Relief of those in need Sturminster High School Relief of those in need Sturminster Blackmore Vale Charity Relief of those in need Panda Pre-School Relief of those in need Sturminster - Friends of Stour Connect Relief of those in need Blandford Youth Club Relief of those in need Sturminster High School Relief of those in need |
2023 £ - - - - - - 2,715 - - 3,000 - - - - - - - 15,000 15,000 35,715 |
2022 £ - 2,000 - - - - 1,300 2,000 2,800 5,000 - - 1,161 14,641 10,000 2,000 - - - |
| 40,902 |
Page 21
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
7 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Mr H White
£32 (2022: £Nil) of expenses were reimbursed to Mr H White during the year.
The above expenditure took place on 24 January 2023 and relates to mileage for a meeting.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
8 Staff costs
The aggregate payroll costs were as follows:
----- Start of picture text -----
2023 2022
£ £
Staff costs during the year were:
Other staff costs 20,033 21,481
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Staff costs are the fees charged by Symonds and Sampson who provide the stewardship function.
No employee received emoluments of more than £60,000 during the year
9 Auditors' remuneration
Audit of the financial statements
----- Start of picture text -----
2023 2022
£ £
15,020 13,927
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Page 22
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
10 Fixed asset investments
| Investment properties Cost or Valuation At 1 January 2023 Revaluation Additions At 31 December 2023 Provision At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Investment properties £ 7,570,000 (6,916) 6,916 |
|---|---|
| 7,570,000 - |
|
| 7,570,000 | |
| 7,570,000 |
The investment portfolio was valued at fair value in October 2023 by Symonds and Sampson LLP. The Trustees consider that the fair value at December 2023 was the same as at October 2023.
Page 23
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Other investments
| Cost or Valuation At 1 January 2023 Revaluation Disposals At 31 December 2023 Net book value At 31 December 2023 At 1 January 2023 |
Listed investments £ 11,742 907 (1,953) 10,696 10,696 11,742 |
Total £ 11,742 907 (1,953) |
|---|---|---|
| 10,696 | ||
| 10,696 | ||
| 11,742 |
11 Social investments
Programme related investments
| Cost At 1 January 2023 Repayments At 31 December 2023 Provision At 31 December 2023 Net book value At 31 December 2023 At 1 January 2023 |
Programme Related Investments £ 465,500 (3,000) 462,500 - 462,500 465,500 |
Total £ 465,500 (3,000) |
|---|---|---|
| 462,500 - |
||
| 462,500 | ||
| 465,500 |
£425,000 - Cedars Castle Hill - The loan is secured by way of a mortgage over freehold property. Interest is charged at a fixed rate of 3% p.a on £225,000 of the loan. Repayment of the loan was made on 17th April 2024.
£36,000 - Blandford Opportunity Group -The loan is secured by way of a mortgage over freehold property. Interest is charged at a fixed rate of 1% p.a. There is no specific repayment date for the loan.
£1,500 - Shaftesbury Sports Club - The loan, is interest free and repayable over three years.
Page 24
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
| 12 Debtors Trade debtors Prepayments 13 Current asset investments Cash deposits 14 Cash and cash equivalents Cash at bank Short-term deposits |
2023 £ 55,770 1,010,456 1,066,226 2023 £ 506,170 2023 £ 100,404 129,636 230,040 |
2022 £ 23,397 25,085 |
|---|---|---|
| 48,482 | ||
| 2022 £ 500,129 |
||
| 2022 £ 791,911 259,356 |
||
| 1,051,267 |
Page 25
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
15 Creditors: amounts falling due within one year
| 15 Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors VAT liability Accruals Deferred income |
2023 £ 24,000 4,974 25,020 59,891 113,885 |
2022 £ (As restated) - 8,379 13,020 56,131 |
| 77,530 |
Page 26
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
16 Funds
| Restricted funds Mr R Connell (Orbis) M Owen General funds Revaluation reserve Unrestricted income funds Designated funds Property repairs fund Committed grants Total funds Restricted funds Mr R Connell (Orbis) M Owen General fund Revaluation reserve Unrestricted income fund Designated funds Property repair funds |
Balance at 1 Jan 2023 As restated Incoming resources Resources expended Transfers Other recognised gains/(losses) Balance at 31 December 2023 £ £ £ £ £ £ 5,810 5,000 (500) - - 10,310 11,500 - - - - 11,500 |
|---|---|
| 17,310 5,000 (500) - - 21,810 |
|
| 2,739,414 - - - (6,009) 2,733,405 6,373,031 557,975 (380,192) (449,127) - 6,101,686 |
|
| 9,112,445 557,975 (380,192) (449,127) (6,009) 8,835,092 |
|
| 149,835 - (14,117) 49,127 - 184,845 290,000 - - 400,000 - 690,000 |
|
| 439,835 - (14,117) 449,127 - 874,845 |
|
| 9,569,590 562,975 (394,809) - (6,009) 9,731,747 |
|
| Balance at 1 Jan 2022 Incoming resources Resources expended Transfers Other recognised gains/(losses) Balance at 31 December 2022 - As restated £ £ £ £ £ £ 4,310 2,500 (1,000) - - 5,810 11,500 - - - - 11,500 |
|
| 15,810 2,500 (1,000) - - 17,310 |
|
| 1,486,023 - - - 1,253,391 2,739,414 6,186,415 560,954 (314,815) (50,148) - 6,382,406 |
|
| 7,672,438 560,954 (314,815) (50,148) 1,253,391 9,121,820 |
|
| 127,157 - (27,470) 50,148 - 149,835 |
Page 27
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
| Committed grants Total funds |
290,000 - - - - 290,000 |
|---|---|
| 417,157 - (27,470) 50,148 - 439,835 |
|
| 8,105,405 563,454 (343,285) - 1,253,391 9,578,965 |
Restricted funds:
The donation from the estate of the late Michael Owen is to be used for the educational need of Blandford residents only.
The donation from Mr Connell is to be used for the educational needs of Blandford residents studying away from home.
| Committed grants: Blandford Youth Club Shaftesbury Community Centre Blandford Corn Exchange * |
2023 2022 £ £ 40,000 40,000 250,000 250,000 400,000 - |
|---|---|
| 690,000 290,000 |
- Mr Thrift is a trustee of one of the organisations which could potentially benefit from the centre.
** Mr H White is a member of the Town Council (This memebership will cease on 2nd May 2024)
17 Analysis of net assets between funds
| Intangible fixed assets Fixed asset investments Programme related investments Current assets Current liabilities Total net assets Intangible fixed assets Fixed asset investments Programme related investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ Designated £ 7,570,000 - 10,696 - 462,500 - 905,781 874,845 (113,885) - 8,835,092 874,845 Unrestricted funds General £ Designated £ 7,570,000 - 11,742 - 465,500 - 1,142,733 439,835 (68,155) - 9,121,820 439,835 |
Restricted funds £ - - - 21,810 - 21,810 Restricted funds £ - - - 17,310 - 17,310 |
Total funds at 31 December 2023 £ 7,570,000 10,696 462,500 1,802,436 (113,885) |
|---|---|---|---|
| 9,731,747 | |||
| Total funds at 31 December 2022 £ 7,570,000 11,742 465,500 1,599,878 (68,155) |
|||
| 9,578,965 |
Page 28
The Charity of William Williams
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
18 Related party transactions
There were no related party transactions in the year.
19 Non adjusting events after the financial period
On 23rd January 2024, the Charity completed the purchase of a new property located at unit 9C Parkway Business Park, Poundbury, Dorchester, for a total acquisition cost of £993,032. The payment for this property was made on 13th December 2023.
As of 31st December 2023, the payment of £976,217 is recognized as a prepayment in the financial statements. The transfer of control and completion of the purchase occurred after the balance sheet date, and thus, the property is not recognized as part of the Company's property, plant, and equipment as at 31st December, 2023.
Key Details of the Transaction:
Payment Date: 13th December 2023. Completion Date: 23rd January 2024 Prepayment Amount: £976,217 Location: Unit 9C Parkway Business Park, Poundbury, Dorchester Purpose: Commercial rental
On 17th April 2024 the company received a repayment of £425,000 related to Cedars Castle Hill's programme-related investment.
20 Prior year adjustments
In the previous year there was omitted deferred income of £ 9,375 relating to the Old Creamery Dental practice. To correct this the funds brought forward have been adjusted accordingly.
Page 29