DR WILLIAMS'S CHARITY (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 REGISTERED CHARITY NO 214926
Page DR WILLIAMS'S CHARITY (Commonly known 85 Dr Williams's Trust) Registered Chi)rity No. 214926 14 GORDON SQUARE, LONDON, WCIH OAR REFEREf4CE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Trllstees at 30 September 2023 MT Alan R Ruston Mr Howard Hague Mr William P Featherstone Professor Gray50n M Ditchfield Rev. Stephen L. Copson Mr Jeffrey J. Teagle Dr D. Jane Williams Professor J. Clyde G. Binfield Mrs Margaret l. Kirk Mr Derek McAuley Rev. Dr Ann S. Peart Rev. Michael Hopkins Rev. Martin Whitell Director Dr Hugh Maguire Auditors Shaw. Gibbs (Audit) Ltd, 264 Banbury Road, Oxford OX2 7DY Bankers National Westminster Bank Plc, 3J2 High Holborn, London WC I V 7PS CAF Bai)k Ltd, Kin&)s Hill, West Mallin& Kent, ME19 4TA Investme1 Managers Charles Sianley & Co. Ltd, 25 Ropemaker Street, London, EC2Y 9CY Solititors Whitehead Monckton Ltd, 72 King Street. Maidgtone, KenL ME14 1 BL The name of the charity" is Dr Daniel Williams (commonl}' known as Dr Williams s Trust), throughout these stdteiiieiits we reter to the Lharity as Dr Willi5,5 Charity
Page 2 DR WILLIAMS'S CHARITY (COMMONLY KIYOWN AS DR WILLIAMS'S TRUST) Trustees report Year ended 30 September 2023 STRUCTURE GOVERNANCE AND MANAGEMENT l. Governance The charity originated under the Will of Dr Daniel Williams dated 26 June 171 l. It is now governed b), a Charitr), Commission Sch¢Tll¢ s¢al¢d 15 Julv 1910, a5 vari¢d by sch¢m¢5 scaled on 19 April 1955, 13 July 1972, 17 Februat), 1978: and 19 February 1996, with the Trustees incorporated as a body. 2. Election of Trustees Tl)e eleLtion of Trustees is governed by the Charity Ctsminission Seheme sealed on 19 February 1996. All Trusiees are appointed by a resolution of the Trustees. and no person is entitled to act as a Trustee until li¢ or she has sign¢d a declaration of acc¢ptance and of willingness to act in the trusts of th¢ Charity in the register set aside for the purtx)se. No other person or body is entitled to appoint Trustees. 3. MeMbehIp Membership of the Trust consists of a minimum of15 and a maximum of18 Trustees. The quorum for OTdinary and Special Meetings is 51X trust¢cs. Membership of the Trust on JO September 202J Stood at l J, 14Jlth five vacancies. The Trustees are aware of the shortfall and as part of a wider restructuring of focus are tsking steps to fill all vacancies. 4. Organisational structure of the Charity Th¢ business of the Tnist is conducted by th¢ paid offi¢¢TS of th¢ Tnist under th¢ dircction of th¢ Director, who is answerable to the Trustees, and reports to the General Meeting and the two main committees currently covering Finance & Adminisiration and the Library. Day-tO-da}' issues are referred to the Chairman of the relevant committees. All actions and activities undertaken by the otlILers of the Trust are required to Lomply with the deLl5ion5 and pDIiLies established by the Trustees. Five ordinary General Meetings were held during the year 10 receive and consider reports from Finance & Administration and th¢ Library. Committees, which mct ¢ight and thr¢¢ tim¢s respeLtively diiring the year. The Trust has no fomial links with any other charit),. 5. Risk assessment The Trustees have identified the main risks to which the Trust and Library is extN)sed. The risks to the library building and contents are managcd b}, the officers of the Trust 'hO report to the Finance & Administration dnd the Library Comiiiittees. Tliey Lorisist of preservation dnd security and involve the ph>Jsical security of the building and contents from fire. Iheft and otlier perils. and the Conservation and pr¢s¢Tvation of the books and manuscripts from ¢nvironm¢lltal or other damag¢. The Trust¢¢s ui)derthke regular revalLLations of the building and contents for ii)surance purposes. A renewed valuation process was completed and infornied the Trust's decision making on the retention or saie of thcir GoTdon Squar¢ building. Th¢ Trust¢¢s also manag¢ ¢inployTh¢nt and h¢alth & sal¢ty risks with Natwest Mentor.
Page 3 DR WILLIAMS'S CHARITY (COMMONLY KIYOWN AS DR WILLIAMS'S TRUST) Trllstets report eontinued Year end 30 Septernber 2023 OWECTIVES AND AcfiviTIES l. Objettlvts Thc purposc ot-thc Trust has bccn b) SUPFrf)rt thc Dr Williarns Librar! and to maintain an cducatcd Protcstant Dissenting Ministrv in Lnglaiid and Wales. As part ot a facilitated workshop. 3 March. 2022, the'l'ruste¢5 ffirmed their vi5iVll (1 tnisbiun, Vision.. Our Vision is to cnsurc that thc past and continuing contribution ot Rcligious Disscni to societN' is promoted and publiclv recognised. Mission: 'I"he Nlission of Dr Williarns,5'1'5t is to PTomote the studTr and greatei. public and iia(l¢niiL und¢ThlJnding vf th¢ uintributivn (If R¢ligi(ius Di5&¢nl to the r¢li¥ious, ¢ultur41, Soli11, poliiical lite ol" Britain, tted in the Protestant Dissenting traditions. 2. Ae¢ivitie5 Th¢ Truslevs niaintdin r)r Williatns's l.ib14Tr, Jrnong th¢ pr¢-¢min¢nl librai'i¢s fiii. Pr()t¢stont l)iss¢nt. It is a maji)r independent research libr2É fv Ot. intemaiional imporianee Ki'ith maii}' vi8iting scholars É2nd rvdders. The Trustccs scck to incrcasc k.no.1edgc ot thc librarv s collcctions and to cncouragc grcatcr intcrcst in thc LoTrll¢Ltiunb and in th¢ study (If ligI5 1)i55ent by holding wnf¢r¢nLes, semiiiars, and sytnp05iums. Wh¢ funds permit, the als11 s¢¢k lo ¢n¢ourd¥e all ¢du¢¢ diss¢nting mini5trv b}. off¢ring grJiit5 to Pr()l¢sianl Di%%eniing Mini%ters in tull lime %eiilemei)I b%.ith a congregaiion t()r %[graduate %tud)'. The Trust al%0 provides mccting rLN)ms tor dcnominational and othcr rclcvant trf)diLs and cornmunity groups. 3. Public Benefit The Tru%tee8 lake into account the Charitv Commi8sion's guidance on publiL benefit and believe thai the activitics of Dr Williarns s Charit). arc in linc with that guidancc. ACHIEVEMETrITS AND PERFORMANCE l. Rtvitw of thritable attivltles -l-he niain actii'ities of the charity are the education of Prote5tsnt Dissenting rninistei'5 and the Inaintenance ot a Library. In 2022-23 the"I'ru5L in collaboration 1th the UniN'ersit>' of Glasgow". supported a part-time M'l h in Th¢iilow' an(1 PrdltiL¢. 2. Fundraising The Trustees seek to raise tunds to support the LibrarN' s objectii'es especiallN' in the area of conservation by pplying f()r ¥rJnt5 f(?r sp¢LifiL priij¢¢l$ 4n(I vi4 VlriouS s¢h¢in¢$ 5uLh <15 th¢ Adiipt s¢h¢rn¢. 3 Donations and gifts In December 2022 the charitv receii'ed a legacN donation of £10,000 loardS general operations. 4. Investment polity and performanee The Tru%tee8 exertise a genei'al FN)I4'er of inie8tment under the 2000 Trustees Aci. The investment objeciiNe is to gcncratc thc bcst tinancial rctum 1th1n an acccptablc Icvcl ot risk M'hilc prcscrving thc long-tcrm rLal value of the ini'¢5tnients.'I'he InNestinent Manager operate5 on a discretiona basis and is required to manage the ini ¢5ttn¢nls 4n(I tu rnainlrflill a dip¢rsifi¢(l apprvach 1fter rfigr¢¢ing d 5Uitabl¢ 45S¢t all(?¢atiiin. Th¢ ini'¢51rn¢nt )IiL}' and pert(>mianLe are rleM'ed half'_)'earlN l()r mare ()tten 2% reqiiiredl bi, the Ini'esimeni Sub-cthmmiitee which includcs non-Trust¢cs. Thc! arran8C tor thc rcgular rcvicw ot. ini'cstrncnts in addition to monitoring tunds and ini'estment changes. The Trustees seek to ai'oid ini'esting directli. in gambling, armarnents, and the tnanufacture and distribution ot-tobacco or alcohol.'I'he total funds of the.1"51 decreased frotn £4,014.381 to £J.827,879 during the vear.
Page 4 DR WILLIAMS'S CHARITY (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Trustees report eontinued Year ¢nd 30 September 2023 Fif4ANCIAL REVIEW Reserves policy The Capital Eiidowm¢nt Fund has been expended to det'ray the initial costs of the building projcct. A new reserves wlicy will be formulated once the development of the Library building has been completed. 2. Current aeeount There was a deficit on th¢ general account of £273,530 {compar¢d to £1 12,533 in 20??). 3. Risk assessment The Trustees maintain prOr financial controls through the employment of a Fillance Officer. The Trustees have reviewed the itlsul'dnce cover for the librdry buildinuw and contents. They hdve also identified the need to have a contingency plan in case the Director is incapacitated or when he is absent. 4. Outstanding claim The Trust has an outstanding claim for negligencc against one of its professional advisors. Th¢ valu¢ of the claim has Eten detemiined to be £IOO,000 and the trust is also liable to pa>. £68,048 to the service provider PLANS FOR FUTURE PERIODS Despite reLeiving full planninr perinissioii in late 2021 for tl)e sensitive refurbishment (If its listed {Grade11) historic building it ¢ame increasingly clear to the Trustees that the costs involved, ompound¢d by high inflation, push¢d thi5 long¢d-for proj¢¢t beyond th¢ m¢ans of the Trust's resources and fund-raising capacity. conipounded by the pressing need for the works involved and the timeframe. The decision to the dispose of the building having been taken the Trusi consulted with a range of expert auctioneers to ensure the best price for its Bloomsbury buildin¥. HavingT appointed Ki)ight Frank the Dii'ector, with the support of Trustees, ensured that matters were in hand to allow the property to be brought to market in Spring 2023. In tandem the decanting of collections eontinued. Initiated originall J. in advance of refurbishment the deeant beLanie in¢r¢asinglv iinperative in view of the planned diswsal of the building. The TrusL through the Director, continued disc5S1Ons with potential homes for its diverse and rich collections. The Trust's oNnerShip of the collectioiis was re-affiTmed. and it was agTreed that the future partiiership UnivetSit}' Library (still to be confirmed) would nLIt only safeguard the collections in a professional manner but would encourage wider and more diverse us¢ of the coll¢ctiolls in ke¢ping with the original spirit of th¢ Trust. FUNDS HELD AS CUSTODIAN ON BEHALF OF OTHERS The Trust does not act as a custodian trustee for any other body.
Page 5 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED) Statement of Trustees, responsibilities The trllstees are responsible for preparingT the Trustees, Report and the financial stateTnents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial 5tat¢ni¢nts for ¢a¢li financial ycar which giv¢ a tru¢ and fair view of th¢ stst¢ of affairs of th¢ charity and of the incoming resources and appliLatioi) of resources of the chariiy for that period. In preparing these financial statements, the trustees are required to.. s¢lwt 5Uitabl¢ accounting wli¢i¢s and thcn apply thcm consistcntly- observe the niethods and principles in tlie Charities SORP (FRS 102)- make judgtImet1tS and estimates that are reasonable and prudent: stste whether applicable accounting standards have been followed. subjeci to any niaterial departures disclosed and explained in the financial statements; prepare financial statements on the going concern basis unless it is inappropriate to presume that thc charitv ivill continue in opEration. The trustees are responsible for keeping accounting records ,hICh disclose with reasonable accuracy at any time the finanLial position of the Lliarity dnd enable them to ensure thdt the finanLial statemeiits comply with the Charities Act 201 I, the Charity (Accounts Reports) Regulations 2008 and trust de&1. They ar¢ also r¢sponsibl¢ for saf¢giiarding the assets of th¢ chaTlty and hcncc for taking rcasonable steps for the prevention and detection of fraud and otlier irregulaTities. Auditors A resolution to reappoint Shaw Gibbs {Auditl Limited as auditorg for the enguing year will be proposed at the general meeting. Approved by the Trustees and signed on their behalf by.. Mr Derek McAuley 03 Sep 2024 Mr Alan R Ruston Date.. 04 Sep 2024
Page 6 (a) Indep¢nd¢nt,lydirors' R¢port to th¢ tru$tee5 of Dr Daniel M illim$ l¢ommonlv known a$ Dr Williams's Trst Opinion Il'e have dudiled the financial sldlemenls of Dr Williiims'b Chiiriti. for the yearended 30 Sepleiiiber 202) iyhich coinprise the Statement ot Financial Activitie5. the Balaiice Sheet and iiole5 to the financial stalemeiils. Including a suiiimary ot.51gnitlcit a¢¢ouniing wli¢ic5. Th¥ finaneial reporting (ramcwork Ihai has bLcn appliLd in Ihiirprcparaiion is 8ppli¢ablc lau, and Uniicd Kingdom Accounting Standards. Including 102Th¢ R¢portin8 Siandard appli¢abl¢ in Ih¢ LIK and Republic of Ireland Qlnited Kin8domGth¢rJty AccLV¢tdA¢wwllKwPra¢Dctl FRS give a true and fair i'iew of the £tate of the charity s affairs as at 3tJ September 2023. and of Itq Incoming re£ourc&% and application ot-resourcefi. for tlie l'ear then elided. habe beeii properl) prepared in accordaiice with Ilnited Kingdom Cienerally Accepted Accounting Practice.. and have been piepared in accordance with the reqiiireiiieiit5 of the Ch3tilies Act 2011 Illyis for opithits W¢ conducted our aud1t In a¢cordanc¢ w11h Intemaiional Standards on Audiiing IUKI IISAS IUKII and appli¢abl¢ law,. Our r¢%p(ynqihilitieq under thos¢ st3nd3rds are furth¢r des¢r1bed in the Alldimr q r¢sp011s1bilities for tlie audit of the financi31 £tDtement£ Section ofour report. We are Indepeiidentot-tlie Charit in accordance 14.ith tlieethical reqLiirement% that are releiiant to our alldit Trf the financial qtat¢m¢ntq In the IJK. lllcluding the FRC'q Ethicgl Standard, and ie hat fuifill¢dourotlierethicg1 responsibilities in acCOrdlce i¥ith these reqlliretnents. We beliei'e that the audit evideiice i¥e have obtaiiied is suffjcient nd appropriate to PTovide a basis tol OUT Opllllon. eVrIUS]15 rel411 to going cullrern W¢ hav¢ noihing to rLPOrt In r¢sp¢¢i of Ih¢ folloiving matt¢rs in r¢lation to which lh¥ TSAS IUKI requirc us 10 rLpori 10 you where. the tnL£tees' use of the going concern basis of accounting in the preparation of the financial stateinenLS Is not appropriate- or tlie trustees liave not disclosed in the tinancial statements identified material uiicertainties that lila ct significant doubl about the chilrit% s abiliti. lo continue to adopt the goiiig concern basis ot. accoiinting tOT a period ot at lea51 Iwell'e munihs the ddle when the findllLiiil 51alemeiilb are authorised tvr Ibsue. Othtr informDo The truste45 gr¢ r¢spon.qible for the oth¢r inform3110n The oih¢r Informatioll compris¢s the Informaiion Included in Ih¢ ttee. annual rewrt. other than the financial statemelltq and our auditor E reprjrt therenn Our opinion on the financial slalemeiits does not coTrer the otlier Informalioii aiid. except to the extent otherwise explicitlTr stated In Olir repon. we do not express an! lorm of D$surlce conclusion thereon In ¢0nne¢iiun wilh uur aiidil uf Ihe financial yiaiemenls, vur r¥spunsibilily i¥ Iv read Ihe uih¥i Infurm81ivn and. In dvin¥ 5V, consider ¥vh¢ih¢r lh¢ other Informaiion Is maiLnall)' Inconslgiuni wilh lh¥ f1nan¢ial stsicminis or our knoivludgc obiain¢d In thi audii or otherwis¢ appcars to b¢ mawr1alli missiat¢d. If H't Id¢rtiifJ such tnat¢rial In¢onsiSt¢nci¢s i)r appar¢ni mat¢rial m1551aicm¢nis, Iv¢ are r¢quir¢O Ic) dLi¢rm1n¢ 5sh¥ih¥r Ih¢rL 1S a mat¢r1al missiaiLmLni In Ihe financial siaiim¢nts or a maicrial m15Statitnini of th¢ other Informat10n If, b&s¢d on Ihi i¥ork' i¥¢ haTr¢ p¢rforin¢d, w¢ ¢on¢lud¢ ihat ih¢re is a Inat¢rial misstatement ot-this otlier Intorination. we ale iequiied lo repon that lacl We hal'e iiothing to ieport In this iegard. latter5 Yihi£h Yie #re required tu repvrl by ex£eptio W¢ have noih1ng to r¢pori In r(tsp¥¢t of thu follo,ing mait¢rs In relaiion to th1¢h (hi Charitics IA¢¢ounis and RepK)risl R¢8ulations 2008 r¢quir¢s LLS 10 r¢port to s'ou If, ln our op1nion.'
Page 6 (b) lh¢ informwiom 81I'¢n In Ih¢ financ1al siat¢m¢nts Is In¢onsisient in an) mat¢rial resp¢ct wilh Ih¢ irust¢es' r¢por¢' or suffiei¢ni accounting r¢¢ords hai'c not b¢un k¢pt. or the financial £tatemenL£ are nnt in agreeinent with the accountiiig recordq. or wt hai'¢ noi r¢¢¢iv¢d all Ih¢ Informglioii and evplanations w¢ r¢quire for our gudii Responsibilities of trustee5 As explained tnore fully in the Iruslees. responsibilities slalenient sel out on p3ge 5 the Ituslees are responsible for the prepdfdlivn uf the finilll¢ldl slalem¢nls ii.hich ¥Tjve d Itue dnd fdifi'i¢iv. dnd fvr bULh inlerndl wnlrul ihe Irubl¥es dvlettnine is nLC¢SS8r¥ 10 ¢nablc lh¢ prcparaiion offinancial siaw'm¢nis Ih818r¢ frcL frtsm maw'rial missiaw'mcni, wh¢ihLr duc 10 ([ld or error. Ill preparing the financial qtstemeiits. the tru8tee8 are responsihle for &ssesqing the charit)'£ ahility to colltiiiue Lq a goiiig concern. disclofiiiig. applicable. matters related to eoing coiicern and using Ilie going concern basis of accouiiting unless tlie mistees either inleiid to liquidate the charitr. or lo cease operations. or have no re31islic alternative bul to do so. Auditvr's 551b]Iltlt5 for the audit of the finmncial stateThtnts W¢ hai'¢ bc¢n appoini¢d auditor und¢r s¢ction 144 of (hi Chariti¥s Aci 2011 and report in accordan wilh r¢gulaiions madL und¢r sc¢iion 154 of Ihai Aci. Our obJe¢tii'es 3r¢ tn ()btain reasonabl¢ aqsurance about i¥h¢th¢r th¢ fiiiancial qtstein¢lltS gs a whol¢ are free from matrrial misstalemenl. Ivhelliei due lo fraud or etror. ld lo issue ali auditor s report that includes our opinion Reasonable Jssiirance Is a high lee1 Of-assur7Ce. bul Is not a guarantee that ali aiidit conducted in accordance with TSAS IUKI will always delect a r In the aggregate. thei. could reasonably be expected lo influence the ewnomic decisions of useTS taken on the ba515 olthese Irr¢gular1ti¢s. Including fraud. ar¢ Insianc¢s of tton-¢omplianc¢ iviih laws and r¢8ulaiions. We d¢si8n pro¢tdur¢s itt lin¢ with our re%p(Jn%ihilitieq, outlined gbr>Tr¢. to detect In3t¢rial miqstat¢mentq in respect (>f Irregularities. Including fraud Th¢ ¢xt¢ni to which OLir procedures are capable of detecting IrregLilarities. includiiig fraud. Is detailed below. At the planning stage of the audit ive gain an understanding ot-tlie laws and regiilatiolls ivhich appl!. lo the charity and hu¥%. the managemeiil seek lo Gomplv iyilh Ihvse Idws reBulatiuns 'l'his helps lis lo plan appropriate risk During Ihe audil e FoLU5 on relei'ani risk areag and re7¥%¥ Ihe Lompliance iviih the la$ and rvgulaiionb b!, making r¢lLI'ani ¢nqu1fiLS and und¢riaking ctsrroboraiion, for uxampl¢ bs ruviuwing Board MinuiLS and oih¢r docum¢nta110n. We &£sess the ri£k of Inaterial Inisststement in the financial ststements including as a result of fiaud and iindeitake procedures Including ReviewinB the controls sel in place by illanagemenl Makinbp ¥nquirie5 vfniandbiemeni ds tv whether they Lonsidei fraud ui viher irr¥¥Julatilieb mai. have Idk-en place. or where sucli opporliinity might ex151 ChallLnging managLm¢nt assumpiions wilh rcgard to a¢¢ouniing ¢stimat¢s Id¢ntifyin8 and iestin8 journal ¢niri¢s, particulgrly ihos¢ which apptar io b¢ unusual b!, s17t or natur¢ 0pIlance with a law or regulation is reiiivved froiii the elenls ld Iransaclioiis reflected in the financial slateinenls. i 5 we will be less likely lu becvin¢ al[¢ vf inslanLeb ol'nun-LoinplianLe.'I he [1K is dlso gi1¥[ regiarding irre¥5uldrilies OLLurring due to fraud nlher than etror. fraud Involl'es intentional cvncealmenl. forger>'. collusion. omissivn or mi5represenlalion A furihcr dcs¢fipiion o( our rcspKTrnsibiliiics for lh¢ audii of lh¢ f1nan¢ial siaiLmLnis is lo¢ai¢d on lh¢ Finaneial RcpK)rting Council's wcbsiic at.. wwM.fr¢.org.uklaudiiors-rLsponsibilitll5. This d¢scription forms pan of our audiior's r¢port.
Page 6 {c) Il$e of our report This rep)rt 1% Inade solel!. lo the charity's Iruslees. as a bodi. in accordance %N'Ith Part4 ofthe Charitie£ IAccounls and Reports) regulations 2008. Our aLidil work has been iiiidenaken so that we might slate lo the cliarily s trustees those matters ive are required to slate lo Ihein in an auditor's report and tor no other purwse To Ilie ftillesl exteiit petmitted bs law.. we do iiol accept or aknum¢ r¢sponsibililv io 8nN'onL oihLr Ihan thL chaniv and ihc ¢harily's ITUSLLL% as a bodi, for our audil work, for Ihis rcwri, or for thi opinions wi hai'¢ fomid 17 Sep 2024 Samantha DRnie15 (Senior Slatutor)" Auditor) r th{1 behalf vf Shaw Gibbs IAuditl LIlte Chlrltreil C'trtifie41 Ac¢ounlants Si#tutorY Auditor 264 BanbuTr Koad o.xford OX2 7DY
lig
Page 8 R WILLIAMS'S C BALANCE SHEEr AT 30 SEPTEMBER 2023 Schedule 202 2022 Fixed A88et8 Tanglit Assets Investments 1,199,241 2.388.311 1,083,•55 2.70:,769 3.587,552 3,766,024 Sundry Detlor3 Cash at bank and in hand 59,762 351,175 410,937 60,547 233, 133 293,680 C[lt . amounts faWing due one {170,610 (45.3231 Nel Cuet assets 240,327 248,357 Nel A¥¥et¥ 3.8?7 879 4 014 381 Capital AOnIs Pemianeni Eréduwment 4,202,384 4,132,070 Incon funds Resitted F6inds 305,653 293.607 Designated Funds 55,216 Unrvstiicted Ineome Fund 35,3741 461,844 1374,5051 1117.6891 3,827,879 4,014,381 ApFffjved ty the T and signed on their behalf by. Mr Derek M¢Aii*y p.a fvl.A.l. 03 Sep 2024 Mr Al R Rus 04 Sep 2024
Page 9 DR WILLIAMS'S CHARITY {COMMONLY KNOWN AS DR WILLIAMS'S TRUST) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 l. Accounting Policies The accounts hal'c bccn prcpared in accordance 1th Accounting and Reporting by Charities.. Statement of R¢iiTrrnm¢n(l¢d PrJLtiL¢ appliLabl¢ lil LhJriti¢s prepiiring th¢ir a¢Luunls in a¢L(Ii'danL¢ 1th rh¢ FinanLi41 Rep()riing Standard appliLahle in the IJK and RepubliL l)t'Ireland (FR$ 1021 (Charilie% SORP (FR£ 10211, th¢ Financial Rcporting Stsndard applicable in thc UK and Rcpublic ot Ireland IFRS 1021. and the Charitics Act2011. Dr Williatns b Trust IM¢¢t5 th¢ (lefinitivn of d publiL benefit ¢ntitv und¢r FRS 102. Abs¢tS' l.iabiliti¢s ar¢ initiallv rcco8niscd at historical cost or (ransaction valuc unlcss othcN'isc statcd in thc rclcvant accountin8 PN)licJ notclsl. The financial 5tatern¢nts PTepar¢d in 5t¢rling which 15 the funLtional curr¢nL}' of the ¢harit}' and are n)unded ti) the neare%i £. The principal accounting policies adopted in the preparation of the financial statements are a5 follow's.. Long Leasehold Proptrty Thc Trust accounts do noi includc a N'aluation of Un1Crs1ry Hall including thc library and contcnts. It would be onerous to identify the original c05t of acquisition and the benefits to usei's ot-tht accounts QUId be tninitnal. I loi¥ei'er, foi. insurance purtx)se5, the I w5tees are of the opinion that Unii'¢rsit}' I lall and the libi-ari. n(en(8 haTr¢ a curreni imarket value i)f not le%5 thai) £12 milli()n. Investments Listed ini'estments ar¢ stated at market value Imid-market i'aluel at the balance sheet date. Changes in markel Tralue ar¢ ¢r¢dit¢d (Ir LhJrg¢d 10 the Stdtemenl of Fiiidn¢ial Avlivilies. Gdins Jndl()r Ivsses drising rrom the disw%Jl i)r sl)are8 al-e reL(Trgni%ed king reali4ed Ih¢re&S gains aniYvr10ss¢s arising from the moi'cmcnts in sharc priccs arc rccogniscd as bcing unrcaliscd. Incoming Resources It)¢vmii)g res(iurL¢s are inLlude(I when r¢ueiiiabl¢. Income from legacies is also accounted for on a receil'able basis, being recognised in the Statement of Financial ActiNitl¢s in the period in which the receipt becomes probable. Restsllrees Expended EYpcnditur¢ is includcd on an accruals basis. Expcnditurc has bccn allocat¢d as indicatcd in thc cncloscd 5ch¢dule5. P¢n510J15 Thc Trust opcratcs a dctincd contribution sLhcrnc. Thc assets ot-thc schcmc arc held scparatcl), trom those of the CotnpanN in an independentli, adrninistered fund. The pension cost charge represents contributions paN'able to the fund and aniounted to £15 C)0512022 £20.6111. Cash llow statement As a small charity, as dctincd bl. thc StatemLnt of Rccommcndcd Practicc for Charitics. thc Charity is e¥etnpt from reporting a cash flow statement as w.ould otherwise be required bj SORP IFRS 1021. Related Party Trxnsaotions Thcrc 'Cre no relcvant tranetIonS. c.orporation Tax DT Williams'% Tru%t 1.4 a chaiitsble insiilulion M'ith exempiion from IIK Corporatii)n Tax undcr scction 478 of thc Corporation Tax Act 2010. Government Grants Governm¢nL CJi'ant4 are ieLI)¥nised ai the fair i'Jlu¢ ofthe asset reveled or recei#1¢ Ihere ib assurance that the grant conditions 111 be met and the granis i¥ill be reLeii'ed. A grant that specifies pcrtormancc conditions is recosnisLd in incomc w,hcn thc rtOM7anCC conditions arc mct. Whcrc a grant does not specity performance conditions it is recognised in income when the proc¢eds are received or r¢c¢jiiable. A grant reLeiTred before th¢ reLognition criteria ar¢ sat15fied ib reLognise(l a liability.
DR IVILLIANIS'S CHARITY 'rHTr.A FOR THTr- I'Tr-..IR Tr'NDTr.t) 30 SF.PTTr'IRF.R 2023 Page 10 2023 2022 Wage5 and sal5 Redundary w5ts IDS.717 &9.140 11.448 15.90 210.163 13.r5 2D.011 243.859 l emkne was pa hi excess £.l¥X). Tru5w re¢errtd norernurerarty In th?rI20. £NifL nurnber Df•npkTyee5dunng th@ yearwJ5." 8 12022 81 SCHEDULE B MANAGEME T AND ADMINISTRATIOII-TRUST AND UBRARY 2023 2022 TtU5t LikTrry Ctswi Ar¢rMwSt by RsttKd and $at$d FL4id5 Ca13Jo9Jerfvnded by Restrtho fund Lryry 5lafffved by Resthoeo Fwd5 sal515 h[ry 59.210 197.207 57.027 1B3.130 L•ss". 14.OL¥JI t7.8WI 1g.DDDI 22.Q7D lQ8.7Q3 244.677 1.529 828 3.302 ondadw 1.792 2.890 ptry and 5Libonery atth and Safdy M&roJm PtokssKJThal F*•s Bulthng SaeDsts Legal Fees 1.740 13.800 3.281 7D.W5 10.60D 397 5.$3S 388 1.332 197 4.416 t3.1 420 257.658 2.9 13.474 355.530 SCHEDULE C_ VPKEEP OF UBFLIRY BUILDIMGS 2023 2023 2.800
1.282 6.940 .511 3.LO 3nd water BhtiTW ard 1ttSurèn 28.361 9.432 40.189 4.733 oo 88.791 83.748 SCHEDULE D_ REPR$ TO LIBRPAY gUILDINGS 2023 2022 BuWaraaffDs and sérJJnty Lin ppars and maintenarbce Generydl Maiknar*X 3.312 2.540 7.009 73.461 2.972 2.352 9.3 14.gT7
DII Il'ILLI.4l5'b C'H.41II I I. SCHEDIILES'I"O I'HE AC'C'OIINTS THP. I'F.AR F.NT)F.VI .F.pTF.lRF.R Page11 SCHEDULE E. GRAKfs DISTRIBlON OF SURPLUS - DESIGNATED FUNDS Balance Unrealised at 2022 Gain Loss External ndswre Balance ai 2023 Inew G£YEr Eti Fu ¢ffi$eNatn FufKJ Miuofikniry FuThJ QAlege Fund es LYx)*$ S. wa ledure 31370 75,Q3) 1.219 1.419 35.( 15.0 1,225 3.4flJ 561 3.124 1.225 3,4fl) 2.0 1.0 1.219 Balance at 2021 Unrealised Gain Loss External ndttur• Balance at 2022 Ineom• Genero E¢u¢aii(N) fuThJ FUTh1 MicrofiEfniru Fun(J Ne clEe Futtd BftAes (Aher txy&Ks s. wa$ let GLqsgow bu 1&581 1,660 1.0(M) 32,370 15.01) 14.01) 1,033 1.225 3.4f 564 3.117 48.553 3.4f 13.124 658 2.6FJ> SCHEDULE F. RESTRICTED FUNDS- INCOME ACCOUNTS Realised and Vnr•aliy GatnslLosses Bala at 2022 ian¢• at 2023 diture 44.828 55.244 21.381 14,682 10259 59.966 3.514 4.161 &55 1,082 4.529 4,321 13,51M)I 14,0(Xll 47.862 CISnthF N BayTES BLJuest peJ Fund F[S ol D[WIlas,S G Nuitai Iend In¢(xnei ial CatatyuerFurKI Ethvard Calattry B&FUA Catthguer Fu1 Painfing Re51otalw FuT¥J Arthivisl FuTr1 Jatn COnalK)n F1 3.575 .599 15,764 12.665 12,1231 14,U(KJl 3.713 15.0001 112.57TI 45.923 1.525 1,268 5.LYJO 5.(M)D 270 17.57TI S2.114 1.525 1.2f 114.0791 Library e[aCt{x5 General libvi) 293,607 28.879 28,Q02 5,8
DII Il'ILLI.4l5'b C'H.41II I I. SCHEDIILES'I"O I'HE AC'C'OIINTS THP. I'F.AR F.NT)F.VI .F.pTF.lRF.R Pag812 Realised and UM•alls•d Gn$lL0$Se5 Balan¢• at 2021 Balan¢• at 2022 Inme nditure Rev. A BeeeYFUTrl C I S[Tll} N Bayr5 Beqt re Fund Ftiends of Di will1[5 Lit G Nutw Idivthnd irKotnel Spe¢iai CalaioJuer Fun Eard Cal B&FUA Cala(wer Funcl Painlln9 Resi(rali Fund Afchivist FurKI at[n Mgan c¥S.0 Fund er CLYer¥allon PtoJeLI trKary BeneIerS General I¥kIend> 46.347 4.110 14.0(Kll {4,6(M)I 11.6291 11.9281 55.244 21,381 14.682 10259 59.wj 20.914 13.601 11.857 61.916 766 1,081 15.6521 15.D(M)I 3.7S) I8.7) 15.(Ml 112.5711 45.Y2J 1.525 112.5TII 45,923 1.525 1.703 14351 53.363 406 ?4nR 14(X)I 53.2( $¢HEDULE G. ANLY$I$ OF NET SET$ BETWEEN FuD$ Restricted Unre5rriCted Funds Funds D•slgnat•d Endowm•nt Total 2023 31259 266.324 11,828 7.S)1 S3.052 47,934 IW.7S)I 1170,6101 3201.917 I7.552 59,762 351.175 1170.6101 [)torS 23.957 1.000.467 C1(¥5 55.216 305.653 T.874 4,202.384 3.827.879 Resrricted Unresthcted Funds Funds D•gnat•d Endowm•nt Total 2022 TgiLle5sets D&to Cash 3Tr1 B* 35.3T4 324.OZJ 10,720 141.1361 3.406.F27 3.766.024 60.547 233.111 145.7231 49,827 14fffj,3481 145.3T31 15.174 72&443 5Q,fv18 293.657 461.844 4.131070 4,014.381
Page 13 DR WILLIAMS'S CHARITY (COMMONLY KNOWN AS DR WILLIAMS'S TRUSD SPECIAL AND RESTRICTED FUNDS For the year ended 30 September 2023 BequLJSt Professor Norman H Ba)'nes. who di¢d on 12 F¢bruary 1961, gav¢ hi5 important collection of books relating to the Byzantine and Roman Empires to the Library. He also left £800 for binding such books as needed binding and for cataloguing. and £3,000 to be invested to provide an income to purchase b(N)ks to keep the collection up to date. BeesleJ Fund The Rev. Aldll Bee51ey, follo.]llg hi5 death in April 1992, bequeathed the residue of his estate amounting to £72,169 to the Trust for the benefit of the Library. Mi55 C onstL7nre l. SFnFth Fund Miss Smith left a legacy to be held in a separate fund by the Trustees for the purchase of additional books for the Library or to assist the maintenance of the Library. General Educ'uli(In Fund Transterred to tlie Trust on the closure of Dr Williams's School, Dolge112U, 'to be used for the purposes of such Trust in their unfettered and uncontrolled discretion,. Librarv Benefaclors General Fund This Fund was set up following the generous bequest of Miss Edna Marjery Hall. The purpLise of the fund is to provide an income and to assist the maintenance of the l.ibrary. G F,Vuiia// Fund Th¢ Trust¢¢s to arrange for a s¢parate catalogu¢ to b¢ publish¢d of th¢ books from thc library of New College, London, noting the iiaines of donors and former academy owiiers. Any surplus funds are to be used for the conservation and repair of the books or to purchase any works to fill gaps in th¢ collection. B&FUA Fuvd Donation5 giv¢n to the Library to pay for th¢ cataloguing of th¢ British & For¢ign Unitarian Association records and the records of the General Assembly of Unitarian and Free Christian Churches. The Fund received £i,000 of this income in the }'ear. FuiFIliFi&T Fund A donation of £i5,000 in 2015 was mad¢ by the Council for World Missiolls towards the cost of storit)g and restoring their former paintings. Appeal Fund An appeal fund was launLhed in Deceiiiber 2000 with the objective of raiging sufficient money to undertake essential capital projects for the Library. Friends ofDr IYilliams'5 LibrL7ry The Friends of Dr Williams's Library established in 1946 with the intention to 'develop and make Tnore widelv known thc very considerable research tacilitics ot'thc Library,.
DII Il'ILLI.4l5'b C'H.41II I I. SCHEDIILES'I"O I'HE AC'C'OIINTS THP. I'F.AR F.NT)F.VI .F.pTF.lRF.R Paye 14 5CHEWLE H. LISTED tNVESTMEMtS AT IAARKEf VALUE L FUNDS Mkei Va 2023 Share Holthng E[thW Capi1 FuThJ Book Co¥t BP Ckd 50.25 flcw tNJtch Shejl Vord Urokver pl¢ C¥d.031 f1 Glaxo SDMIMlire Ord 25p Scc4tish & S. Ew Ord GBP. Nat)nd Gfid Ord.1?431289 95,014 115.237 91.395 ID7.424 99.015 107.310 125,9 45.636 68.754 92.176 88.408 127 623 22.9 39.774 50.780 17,880 4,422 2,2S) 7,200 6,150 10.950 SJ,165 58 327 ILIO.323 5T,112 23.844 83.65T 91.433 70.942 83.341 B3 508 173.817 52.663 50.867 Valtair C181 Prw Inc Tfc VOdth Grw ord USD 2B95238 BHP 84Wston He USD. Irea GroupOFID GBP.01 G Ast Pmf D Irrt Kr Grtsjp Ord £ 01 GBP.0S Irt Pull Pw¢ ORD GBP.ON11 3,940 2.150 85,826 19.921 4,475 65.29J 117.565 70.158 99.952 1111 HICL Infrastrutlure Co Ltd ORD.CO)1 Buns ORD GBP.3?14?857 F TrLt US Equty Inc Artenis Fd g(a In¢ Fratthin Fd& Scff>Jer iMTrusi In¢thL Nwty ckne FU Emetyng Brtded M&G ScLthI]es CA¢thI rdP sac furKts GS In(lawAty RaihtKK Elhicth Bd Janu& Hendefn UK & Bcrfttl G uK4.125tlXjs 291Dif27 UK IrKlex ked 22ft1Y29 100.143 62.230 IDO.102 82.6 121.948 2,830 5,19J 1CXI.391 1fKI.090 126.305 102,804 66,?11 3,372 95,892 70,965 51,400 95.346 9J.03Q 76.866 61.664 84.102 78,Of8 72.172 99.123 99.267 99.452 79.701 70.tK)D 79.520 79.fA7 5D.852 50.[3 SPLIT BEIWEEN FLINDS 21J23 FLJ Re¥tricd 1,942.255 317,3 128.4n 2,197.983 359.397 145,389 2,386.311 IAarhetva 1 Ocknbpr2 Add}bc$ at cest Reditsed uNe&tsYrtg8ins VTr[eed In}1)Ènl 9ngk£ 2,702,769 1.242 557,874 1464,7141 (738,860 2,386.3f 1 113.146 1163.4091 li84,
DII Il'ILLI.4l5'b C'H.41II I I. SCHEDIILES'I"O I'HE AC'C'OIINTS THP. I'F.AR F.NT)F.VI .F.pTF.lRF.R Page15 SCHEDULE I. rd4GIBLE ASSETS 2023 2022 Libr redevoto nt and re[UrhMet At 1st October 2022 Addi 1.063.255 135,9B6 1.009.106 54.149 AI 301h S8Ptember2023 1.199,241 55 2023 2022 24.059 35.703 t7,4 43,043 Prepayments and attrued inco SCHEDULE K. CREDITORS 2023 2022 OtheT crwI)[s Accwals and defew80 incom8 72,288 98,322 170,610 4,623 40.700 45,323 SCHEDULE L. POST BALANCE SHEET EVENTS Duri October 2023 a medkqbon meeting was hdd to setde the case between Dr Williarn'5 Trust and a service provider. From this tIng rt was ruled that Df W11hams's Trust would receivè £100.000 bÈforÈ 61h November 2023.This was received otTr 3rd Novernber 2023 and. hence, Ihe bs13nce Is COndered to be a contitjgent a55et. It was a150 ruled that Dr Will4ims should pay £68.052 to the setvice prover befe 6th Novembef 2023. This was paid on 30th October2023 and hence the balance has been incled within olhercreditors al the year Èjid. Duriry March 2024 Ihe asset hekj as-Lfforary redevdlynenl felurbi5hmenf was sold for£13.5 millM)n. SCHEDULE M. CONTINGENT ASSETS At the yeaT eTrJ theFe was an ongomg di5PUte In which Dr Williamss cL3irNed Compensat lor prevh)u5 5eryices provided to Ihem. At the year end the case was 5ti51 001 but it was probable they ¥Kuld receNe the £100.000 they were elainmng. In October 2023 2 niediation meeling was held to seiie Ihe tase and rt was tondLMled that Di WilbattE woukl recÈivÈ £1rKI,000 by 6th mOvber. This ance was recwed on 3rd November 2023.