THE WALTER GUINNESS CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
THE WALTER GUINNESS CHARITABLE TRUST
I N D E X
Year ended 5 April 2025
| Page | |
|---|---|
| General information | 2 |
| Report of the Trustees | 3 |
| Independent examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
1
THE WALTER GUINNESS CHARITABLE TRUST
G E N E R A L I N F O R M A T I O N
Year ended 5 April 2025
| Settlor | Rt Hon Bryan Walter Guinness, Second Lord Moyne |
|---|---|
| Registered charity number | 205375 |
| Trustees | The Hon Finn Benjamin Guinness |
| The Hon Rosaleen Elisabeth Mulji | |
| The Hon Catriona Rose Guinness | |
| The power of appointing trustees is vested in The Honourable | |
| Rosaleen Elisabeth Mulji | |
| Principal office | Biddesden House |
| Andover | |
| Hampshire | |
| SP11 9DN | |
| Solicitors | Withers LLP |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| Independent examiner | Oliver Jackson ACA |
| Dixon Wilson | |
| 22 Chancery Lane | |
| London | |
| WC2A 1LS | |
| Investment managers | Cazenove Capital Management |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Bankers | C Hoare & Co. |
| 37 Fleet Street | |
| London | |
| EC4P 4DQ | |
| Tax | Under existing law the Charity is exempt from income tax, |
| inheritance tax and capital gains tax. |
2
R E P O R T O F T H E T R U S T E E S
THE WALTER GUINNESS CHARITABLE TRUST
Year ended 5 April 2025
The Trustees present their 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 policies set out in note 1 of the financial statements and with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). This report should be read in conjunction with the information on page 2.
Objectives, structure, governance and management
The settlement was made in memory of the Settlor's Father, Walter Edward Guinness, First Lord Moyne. By the deed dated 6 December 1961, the trust fund as to capital (expendable endowment) and income is held for such charitable purposes as the Trustees think fit. The trust deed included a twenty-one year power to accumulate income, which ended on 6 December 1982. After that date income should be used for charitable purposes as far as it is possible.
When appointing a new Trustee, due consideration is given to the skills required by the Board of Trustees. The Trustees have adopted a policy in the event of the appointment of a new Trustee which includes a brief induction and training process. This includes a meeting with the existing Trustees to advise on investment policy, the grant making process and the powers and responsibilities of the Trustee board. In addition any new Trustee will be provided with a copy of the latest financial statements and annual return and any recent investment reports.
The Charity's ongoing activities and policies are set at the discretion of the Trustees in accordance with the objectives of the trust deed. The Charity's principal activity is its grant making programme. The Trustees meet regularly to determine distributions to well researched charitable projects. In addition, the Trustees meet annually to review investment performance and receive quarterly reports on the Bryth ICVC shares.
Activities for the public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when setting their grant making policy for the year, in line with the Charity's aims and objectives.
The Trustees are satisfied that all grants made during the year are for the benefit of the public and that the benefits of each and every grant are clearly identifiable. A list of significant grants can be seen in note 4 to the Financial Statements.
The Trustees in planning their grant making policy for the year consider that its objects are carried out by the wide range of grants made including: the provision of grants towards bursaries in the field of education; funding medical research; and making grants for specific and general projects relating to activities for the disabled, elderly, veterans, prisoners, children, families and youth.
Investment policy
The Trustees have wide powers of investment, as though beneficially entitled. The investment objectives are to balance income and capital growth. Cazenove Capital Management have discretionary management over the Charity's portfolio with the exception of the Diageo holding, on which they advise the Trustees. The Charity's investment portfolio (excluding the Bryth ICVC shares but including cash) has decreased in value by 7.94% over the year. In comparison the FTSE100 index has increased by 1.44% over the same period.
The Trustees are satisfied with Cazenove's investment performance as they adopt a cautious conservative approach to long-term investment.
3
THE WALTER GUINNESS CHARITABLE TRUST
R E P O R T O F T H E T R U S T E E S
Year ended 5 April 2025
Financial Review
The Trustees received income of £213,252 (2024 - £201,211) for the financial year reflecting an increase in investment income of £12,041. .
During the year the Trustees have continued to apply the Charity's income by making grants totaling £115,736 (2024 - £156,600) to a wide range of charities as detailed on pages 11 and 12. The Trustees were pleased to be able to make 67 grants in the year (2024 - 120 grants were made).
Expenditure during the year ended 5 April 2025 amounted to £158,120 (2024 - £197,782). The Trustees aim to spend the estimated income from each year, aiming to have no significant income reserves at each year end. Administration services are provided at no cost by the Guinness family.
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Future plans to achieve charitable objectives
The Trustees are satisfied with their grant making priorities and investment policy and it is their intention to continue on this basis to achieve the objectives of the Charity in the future. The Charity continues to concentrate on supporting Charities working in Wiltshire and would like to hear from these.
Reserves Policy
The Endowment Fund represents the Charity's reserves which are used to generate the income as necessary to maintain the donations made.
At the year end the balance of the income fund was £116,447 (2024 - £32,296) and the balance on the Endowment Fund was £10,671,572 (2024 - £11,078,976).
Risk management
The Trustees confirm that the major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate the risks.
Trustees’ responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales 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;
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observe the methods and principles of the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any 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.
4
THE WALTER GUINNESS CHARITABLE TRUST REPOR T OF THE TRUSTEES Ye*r •nd•d 5 Aprll 2020 The Trustee8 are re¥wn8ible for keeping accounting records which disclose wlth reasonable accuracy thè flnancial position of the charity and enable thgm to ensurg that the financial statements comply with the Charities Act 2011, th• Charity {Accounts and Rgport51 Regulations 2008 and the provisions of the Trust They are alyts rgsponsibl8 for safeguarding the assets of the charity and hence for taking rea80nable steps for the prevanlion and deltIon of fraud and other irregularilles. Approvod by the Board of Trustees on 2025 and 8Sgned on their behaw by: R MULJI For the Trustees
THE WALTER GUINNESS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPOR T Y•aranded 6 April 2025 Ind•p8ndent •xambnèrf• r•port to th• trustees of Tho Waltor Gulnness Charitalb• Tru8t. I reFQrt to the Irustees on my examinalion of the accounts of the Trust lor the year ended 5 Aprll 2025. R•spon$ibllltie• and ba*18 of rnport A8 the charity trustees of the Trust you are responsible for the preparatK)n of the accounts In accordance with the requirements of the Charilies Act 2011 1'th8 Acl'l. You are satisffied that an audit is not requifed for this year under charity law and that an independont examination Is needed. I report in respect of my examination of the Trust's accounts Carried out under sectson 145 of the 2011 Act and in carrying out my @xaminalion I have followed all the applicablè Direclion$ given by th& Charity Commis¥lon under section 14515llbl of the Act. Dlxon Wilson, a fim) of Chartgred Accountants of whi¢h I am an employge has provided bookkeeping services lo the Trust and I have appliod the FRC'S Revi88d Ethical Stsndard in carrying out my gxaminats'on. An independent examination does not involve gathering all the èvldence that would be requlred in an audit and consequently does not cover all the malleTS than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can providg. Consequently, l 8xpres8 no opinion as to whether the accounts present a 'true and lalr. view and my roport 1$ limrted to those specific matters Set out in the indep6nd8nt ex8min8r'8 8tstement. Ind•p•nd•nt •xamln•r'• •t•lgm•nt 1am qualified lo undertake the 8xamin8tion by being a qualffied member of the Instbtule of Chartéred Accountsnts In England and Wales. I have completed my examlnation. I confimi that no material matters have come to my attention In ¢onnectlon wlth the examlnatlon gNlng me cause to bolk8VO that in any material respect.. accounting records ware not kept in re$p8cl of the Tru8t as requir6d by 8eclion 130 of tho Act., or 2. the accounts do not accord with those record$', or 3. the accounts do not comply with the applicable requirements concèrnlng the fomi and content of accounts $91 out in the Chorilkrys (Accounts and Reports) Regulatlon8 2008 other than any requirement that the accounts gNe o 'truo and fair view, which is not a matter considered as part of an independent examination. 4. the accounts have nol bean prep8red in accordance with Ihg methods and principle$ of the Slalement of Recommended Practice for accounting and reporting by charitses applicablg to charities prep8ring their accounts in 8rxordance with the FinanGial Reporting Stsndard appll¢able in the UK and Republic ol Ireland IFRS 1021. I have no concems and have com6 acro$8 no matters in connection with th8 examinalKin lo whiGh attentlon should be drawn in Ihio report in order to enable a proper underst8nding of the account$ to be reached. OLIV R JACKSON AGI Dixon Wilson 22 Chancery Lane London WC2A 1LS 1 s rjIG loLf 2025
THE WALTER GUINNESS CHARITABLE TRUST
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 5 April 2025
| Expendable Unrestricted Note Endowment Income £ £ Income and endowments from: Investment income 2 - 213,252 Total incoming resources - 213,252 Expenditure on: Cost of raising funds 3 29,019 - Charitable activities 4 - 129,101 29,019 129,101 Net (expenditure)/income (29,019) 84,151 Net (losses)/gains on investments 7 (376,626) - Net (expenditure)/income (406,645) 84,151 Other recognised losses: Net losses on foreign currency exchange (1,759) - Net movement in funds (407,404) 84,151 Fund balances brought forward 11,078,976 32,296 Fund balances carried forward 10,671,572 116,447 |
Total 2025 £ 213,252 213,252 29,019 129,101 158,120 55,132 (376,626) (321,494) (1,759) (323,253) 11,111,272 10,788,019 |
Total 2024 £ 201,211 201,211 28,867 168,915 197,782 3,429 500,599 504,028 (824) 503,204 10,608,068 11,111,272 |
|---|---|---|
All amounts are in respect of continuing activities.
7
THE WALTER GUINNESS CHARITABLE TRUST BALANCE SHEET As It S ApTII 2026 Not• 2026 2024 Flx•d assots Inve8tment8 10,6S7.473 10.657,473 11.052,679 11,052.679 Currnnt I•ts C$$h at bank 154,740 154,740 77.593 77.593 credor&.. amount8 falling du• within ono year Net current a88ets {24,1941 130,546 (19.000) 58,593 11,111,272 Total &1* l••• Gurr•nl Ilabllitlo• 10,788.019 Th• funds ofth• charlty: Expendable endowment fund Unrestrl¢led income fund 10 10 10,671.572 116.447 11.078,976 32,296 10.788,019 11,111,272 The finan¢io16tatements on pag98 7 10 15 were approv by the board of tru8tOO8 on and were signed on behalf by'.- s )£G, 2025 R MUUI Trustoe
THE WALTER GUINNESS CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2025
1. Accounting policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (effective 1 January 2019) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in Sterling which is the functional currency of the trust and rounded to the nearest £.
(b) Fund structure
Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.
The expendable endowment represents funds originally settled into the Charity and subsequent gifts of shares by family members. The Trustees are permitted to apply the endowment as though it were income.
(c) Income recognition
All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Interest on funds held is included upon notification of the interest paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Income from donations and legacies is recognised as it is received by the Trustees.
(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. For more information on this allocation refer to note e) below.
Grants payable are payments made in furtherance of the charitable objectives of the Charity. Provision
is made for grants approved by the Trustees in the year.
(e) Allocation of governance and other support costs
Governance and support costs have been allocated between charitable activities and governance based on the activity to which they relate. The allocation is analysed in note 5.
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the independent examination of the Charity and accountancy charges together with an apportionment of overhead and support costs.
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THE WALTER GUINNESS CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2025
(f) Cost of raising funds
The cost of generating funds comprises the investment management charges.
(g) Charitable activities
The expenditure on charitable activities comprises grants made in the year, governance costs and an apportionment of support costs as shown in note 4.
(h) Fixed asset investments
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the Balance Sheet date using the closing quoted bid market price or an estimate provided by the investment managers. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
(i) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(j) Foreign currency translation
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates and translation differences are taken to the Statement of Financial Activities.
2. Income and endowments
| Expendable Unrestricted Endowment Fund £ £ Investment income Geographically: Within the UK - 126,659 Outside the UK - 79,845 - 206,504 Interest on cash deposits - 6,748 - 213,252 |
2025 Expendable Unrestricted Total Endowment Fund £ £ £ 126,659 - 122,815 79,845 - 73,050 206,504 - 195,865 6,748 - 5,346 213,252 - 201,211 |
2024 Total £ 122,815 73,050 195,865 5,346 201,211 |
|
|---|---|---|---|
All investment income relates to quoted investments.
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THE WALTER GUINNESS CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2025
| 3. Cost of raising funds Investment management charges LEI charges |
2025 £ 29,019 - 29,019 |
2024 £ 28,807 60 28,867 |
|---|---|---|
In 2025, £29,019 (2024 - £28,867) of costs of raising funds related to the expendable endowment fund and £nil (2024 - £nil) related to the unrestricted income fund.
4. Analysis of charitable activities
The Charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable objectives.
| Grant funded activity Support and governance costs Grants in furtherance of charitable objectives All grants are made to institutions Grants over £1,000 in descending order of magnitude MHA Communities Swindon Swindon Therapy Centre for Neuro Wellbeing St James Church, Ludgershall Parish Council The British Horse Society Salisbury Cathedral Prospect Hospice Wiltshire Air Ambulance The SOFA Project The Countess of Brecknock Hospice Trust Home Start South Wiltshire Listening Books Shelter Fight Against Blindness World Horse Welfare Wellspring Counselling Youth Adventure Trust The Salvation Army Volunteering Matters Tall Ships Youth Trust Bridge Foundation Learning for Life Young Lives vs Cancer Blind Veterans UK Turn2Us Carried forward |
2025 £ 115,736 13,365 129,101 |
2024 £ 156,600 12,315 168,915 £ 5,000 5,000 5,000 4,120 4,000 4,000 4,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 2,066 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 73,186 |
|---|---|---|
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THE WALTER GUINNESS CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2025
| 4. Analysis of charitable activities (continued) Brought forward FareShare South West Cavell Young and Free Jessie May MNDA - Motor Neurone Disease Association RABI Disabled Sailors Association Total grants over £1,000 Total of 38 other grants up to £1,000 Total of 68 grants in year Prior year grant adjustments Total grants Grants by value No of Grants £1 - £249 - £250 - £499 - £500 - £999 5 £1,000 - £2,499 47 £2,500 - £4,999 12 £5,000+ 3 67 Grants by geographical location Number Projects outside of the UK 1 Projects in Wiltshire & neighbouring areas 21 Projects elsewhere in the UK 45 67 |
2025 Total No of value Grants £ - 1 - 1 2,500 21 62,116 90 40,120 6 15,000 1 119,736 120 2025 £ Number 1,000 2 48,500 48 70,236 70 119,736 120 |
£ 73,186 2,000 2,000 2,000 2,000 2,000 2,000 1,050 86,236 33,500 119,736 (4,000) 115,736 2024 Total value £ 200 350 10,500 124,550 19,000 5,000 159,600 2024 £ 1,500 66,350 91,750 159,600 |
|---|---|---|
In 2025, £nil (2024 - £nil) of charity expenditure related to the expendable endowment fund and £129,101 (2024 - £168,915) related to the unrestricted income fund.
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THE WALTER GUINNESS CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2025
5. Allocation of governance and other support costs
Support costs and how these were allocated between governance and charitable activities are shown below:
| below: | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Charitable | Charitable | |||
| Unrestricted income fund | Governance | activities | Governance | activities |
| £ | £ | |||
| Independent Examiner’s fees | 1,850 | - | 1,800 | - |
| Accountancy and taxation services | 11,115 | - | 10,095 | - |
| Postage stamps | - | - | - | 150 |
| Information Commissioner | 40 | - | 40 | - |
| Bank charges | - | 360 | - | 230 |
| 13,005 | 360 | 11,935 | 380 | |
| Total | Total | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Governance costs | 13,005 | 11,935 | ||
| Charitable activities | 360|_380_<br> |
|||
13,365|_12,315_<br> |
6. Trustees expenses and remuneration
None of the trustees received any remuneration or reimbursement of expenses in respect of the financial year ended 5 April 2025 (2024 - nil). The charity has no employees (2024 – nil).
| 7. Fixed asset investments Market value at 5 April 2024 Disposal proceeds Acquisitions at cost Net (losses)/gains on revaluation and disposal Market value at 5 April 2025 Cash held within the investment portfolio Historical cost at 5 April 2025 |
Total 2025 £ 11,002,914 (1,178,202) 858,525 (376,626) 10,306,611 350,862 10,657,473 5,629,681 |
Total 2024 £ 10,498,158 (1,600,790) 1,604,947 500,599 11,002,914 49,765 11,052,679 5,604,584 |
|---|---|---|
The net realised gains on investments this year and in the prior year related to the expendable endowment fund.
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THE WALTER GUINNESS CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2025
| 8. Cash at bank Investment income account Bank account |
2025 £ 7,212 147,528 154,740 |
2024 £ 10,767 66,826 77,593 |
|---|---|---|
| 9. Creditors – amounts falling due within one year Independent Examiner’s fees Accounting and taxation services Investment management charges Grants payable |
2025 £ 1,850 9,550 7,294 5,500 24,194 |
2024 £ 1,800 2,200 7,000 8,000 19,000 |
|---|---|---|
| 10. Analysis of net assets between funds Unrestricted Expendable Income Endowment fund £ £ Investments 10,657,473 - Cash 21,393 133,347 Creditors (7,294) (16,900) 10,671,572 116,447 |
Total 2025 £ 10,657,473 154,740 (24,194) 10,788,019 |
|---|---|
11. Related parties
The Trustees' investments are managed by Cazenove Capital Management, except for the Charity's holdings in Diageo and the Bryth ICVC, a UK open ended investment company. The Charity's shares in the Bryth ICVC were acquired in November 2007 in exchange for shares in Templeco 613 Limited, a UK private investment company. The Charity's shares in Templeco 613 Limited were in turn acquired in November 2003 in exchange for its common NPV shares in Bryth Limited, a company registered in Canada. The following Trustees have an interest in shares in the Bryth ICVC:
The Hon Finn Benjamin Guinness The Hon Catriona Rose Guinness
12. Volunteers
Other than the trustees, the charity receives no contribution from volunteers.
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THE WALTER GUINNESS CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2025
13. Summary of fund movements
| Fund Name Expendable Endowment Income Total funds Prior year Expendable Endowment Income Total funds |
Fund balances brought forward £ 11,078,976 32,296 11,111,272 Fund balances brought forward £ 10,608,068 - 10,608,068 |
Gains and Income Expenditure Transfers losses £ £ £ £ - (29,019) - (378,385) 213,252 (129,101) - - 213,252 (158,120) - (378,385) Gains and Income Expenditure Transfers losses £ £ £ £ - (28,867) - 499,775 201,211 (168,915) - - 201,211 (197,782) - 499,775 |
Fund balances carried forward £ 10,671,572 116,447 |
|---|---|---|---|
| 10,788,019 | |||
| Fund balances carried forward £ 11,078,976 32,296 |
|||
| 11,111,272 |
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