DR DANIEL WILLIAMS (COMMONLY KNOW]Y AS DR WILLIAMS'S TRUST) ACCOUNTS FOR THE YEAR ENDED JO SEYfEMBER 2024 REGISTERED CHARITY NO 214926 Page I DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Trustees report Year ended 30 September 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS R¢gist¢r¢d Charity No. 214926 Room 26J, Senaie House. Maler SireeL WCI E 7HU Trustees at 30 September 2024 Mr Alan R Rusion Mr Howard Hagjue WilliaJn P Fea¢h¢rs¢one Pmf¢ssor Gravson M Dii¢hfi¢ld Rev. Siephen L. Copson Mr JelTrev J. Tea&le Dr D. Jane Williams Professor J. Clyde G. Binfield Mrs Margarei l. Kirk Mr Derek McAuley Rev. Dr Ann S. Pearl Rev. Mi¢ha¢l HopL"ins Rev. Manin Whiiell Rev. Dr Rob¢rf P P()pe laptKTrinted l i Sepiember ?0241 R¢¥.. Dr Elaine Col¢¢hin laptx)ini¢d l i Sepi¢rnber 20241 Rev. Dr Robert Whitman {apwinied 13 September 2024) Dlreeior Dr Hugh Maguire Audilor4 Shaw Gibbs (Audiil Lid. 2()4 Bdnbury Road. Oxford OX2 7DY National Wesiminstrr Bank PIL. JS? I libh Holbom. London WCI V 7PS CAF Bank Ltd. Kings Hill, Wesi Mallin& Kenl. MEI 9 4TA Ini'estment M*n*gtrs Charl¢s Stanlo" & Co. L￿, 23 R0￿Mak¢r Str¢¢L London. EC?Y I BL Solicitors Whitehead Monckion Ltd. 72 King Sireei. Maidstone. KenL ME14 1 BL Page 2 DR DANIELWILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Trustees report conti￿Ued Ye4r end 30 September 2024 STRUCTURE GOVERNANCE AND MANAGEMENT l. Gov¢rnan¢e The charity originated under the Will of Dr Daniel Williams daied 26 June 1711. li is now governed by a Charity Commission Schcmc s¢al¢d 15 July 1910. as varicd by 5chcmc5 scalcd on 19 April 1955, li JLily 1972, 17 F¢bruar)' 1978. dnd 19 F¢bruar)' 1996. with ihe Trustees in¢orpDrat¢d as 8 body. 2. Election Recruitment and Training of Trnstees The eleLlitsn of Triisiees is goTrerned bl. the Charil!" Commission S¢heme sealed on 19 February 1996. All TrUs￿e9 are appointed by a resoluiion ofihe Trusiees. and no ￿rsOn is entiiled io aci as a Trustee until he or She has signed a declardlion of acceplance and of willinginess to act in the trusts of the Chariiy in ihe regiisier sei aside for ihe purwTrse. No other person or tN)dy is entitled io appoini Trustees. Newl>' apKKiinied-l-rusiees are given a M'rillen briefing on ihe duiies of a Trustee and are en¢ouragT¢d lo Jne¢¢ with Senior Mana&yemenl and other Trustee5 for th¢ bel¢ernient of their undersianding ofihe Trusi's mission. 0￿rationS and financial position. 3. Si*ff The Trus¢ aims io provide compeiilive salaries for siaff ai leasi equivalent io ihe London Living Wagie. Rates of pay are benchmarked a&)ainsi relevani n)arkei dath from iinie io lime. In addition. The Trustees meel annually to discu55 paj. and remuneration includin& for Kej personnel. 4. Membership MLnibLrship Iil-tlie Trust consist5 of a minimum of15 and a maximum of18 Trustees. The quorum ror Ordinary and S￿ela[ Meetinbys is six irnsiees. MembLrship ol-the TrLlSI on JO Sepiember 2014 $1(rt)d ar 16. Three new Trustees were app)inted on I I Septeinber 2024. The Trustees are aware of ihe need io rene￿ and revilalise the membership of the Board of TrLisiees. especiall>. with view to long-time members stepping dowi and as part of a wider reslru¢iurinbF of focus. 5. Organisational .structure of the Chgritv The business ol-lhe Trust IS LonduLied b). Ihe paid officers of ihe Trust under the direction of the Director. who is answerable lo the T￿Slee5. and reports to ihe General Meeting and the two main committees CLirrently covering Finance & Admini5trdtion and the Librdry.. Dav_to-da> i55ue5 are referred to the Chaiman of the relevant commillees. All actions and activiiies undertaken by the officeTS of the-l'rust are required to compl). with the decisions and w>licies established by the Trustees. Five ordinary General Meeiinb5 were held during Ihe )"ear to receive and consider reports from Finance & Adminislrdtion. %vhich mei four limes. and presentations from wlenlial partnership libraries and inslilulions for the future management of collections. The Trusi has no fornial links with any other charity. 6. Risk 8sse55rnen¢ The Tru5tee5 have identifled the mairt risks to which the Tntst and Librdry. collections are exposed. ollowing the physical departure of the Library from Gordon Square a range of risks have been itigated notablN fir¢ and damag¢ to th¢ phN'si¢al fabri¢ of a building and its cont¢nt5. Thc Trust's colleLtions are currently in secure siordge ai various facililies across England. The risks lo ihe Trust's colleciions are managed b}. the Director of the Trusi u,ho rewrts to the Finance & Administration and th¢ Library & Collcctions Committc¢5. Ongoing risks to Ihc coll¢clions consist of pr¢5¢rvation and securii>' and involve ihe physical securii>' of (he conients from fire. Iheft and other perils. and the Page 3 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) TrMs¢ees report continued Ye*r end 30 Septernber 2024 conservation and prcscTh'ation of lh¢ IK>oks and manwscripts fn)m ¢nvironm¢nial or other dainage. Tlie Trust¢¢s, Ihrougjh th¢ Dir¢ctor. und¢rtak'¢ ￿LTu13r r¢valuations of lh¢ storagT¢ and coiit¢Jits for insurance purwses. The Trusiees also emplo)'ed ihe services of Naiwesi Mentor in ihe year io rnanag¢ cmployrncnt and hcalih & safety risks. OWEcfivES AIYD ACTIVITIES Objeetives The purpose of ihe Triisi has been io support the Dr Williams's Librdri, and to mainthin an educaied Protestant Di55enting Ministry in England and Wale5. As part of a facilitated worksliop, J March. 2022, Ihe Trustees atyimied their vision and mission: Vision.. OUT Vision is io ensure ihat the and conlinuing conlribulion of Religyious Dissent to SO¢'i¢ly is pronioi¢d and publi¢l)' r¢¢o¥nised. Mission: The Mission of Dr Williams's Trusi is io promoie Ihe siud>' and greaier public and dL¢id¢miL iind¢rst4u)ding ofihe contribution of R¢ligTiOUS Di5s¢nt lo lh¢ religjious. cultural. social, and wlitical life of Britain. r(KTried in tli¢ Pr()lestant Dissen¢ingi tradition5. 2. Actii'ities Th¢-l-rus(ees maintain lh¢ ¢oll¢¢iion5 ofihe Dr Williams's Library. ainonb the pw-cminenl Lolleciions for British Proiesiani t)iSSL'ni. li is a maj()r independent research collection of iniernational imponance with. historically, many visiting scholars and readers. The Trnslees seek. lo increase knowled&7e ofthe librari. s collection5 and io encourage g￿ater inlerest in the collcc¢ions ai)d iii the study ol-relisjious Dissent b), holding) conferences. semina￿. and svn)w)siums. When funds pemiit, they also seek to encoura&ye an educa*d dissenlin&J ministry by orrering g>rants 10 Protestanl Dissenling Ministers in full (ime seltlejiient with a Congregation for poslgraduate study. In the Course of 20•4. the Trust proi'ided studeni suppon bursaries for ihe London Rare Books School at the Universit}. of London. The Trustees are deeplv appreciaiive of ihe contribution that our iolunteers havc madc ihrough sharing ¢h¢ir lim¢ and ¢xrKrt15c cnabling th¢ TTUSI lo moi'c forward and mcct th¢ Trust's Vision and Mission as alread>. sei out. 3. Pybli¢ Benefit The TrLislees lake into account the Charity Commission s guidance on public benefil and believe that the activities of Dr William5 s Charity are in line with thal guidance. ACHIEVEMENTS AND PERFORMANCE l. Rei'iew of charitable aetii'ities Th¢ main aclivities of th¢ charily lh¢ cducation of prot￿18n¢ Di55¢nting mini5t¢rs. through the Universit>. ol-GlasgoM'. and the mainienance and promoiion of an hisiorie Librarv colleciion. In 2023- 24 the Trusi, in collaboration with the Universi￿. of Glasgow. coniinued supwirt for a part-time MTh in Th¢ology and Practi¢¢. Page 4 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Trllstees report continued Ye*r end 30 Septernber 2024 2. Fundraising The Trust¢¢s seek to raise fimds lo support the Library's Core objeclives especially in the area ofconservalion, and preservaiion, acquisiiion of historical maierial relevant io its remit, study bursaries in the field ot British Proteslanl Dissent, and minislerial iraining. 3 Donations and gifts In S¢pt¢nikr ?024 the Trust received a legacy of £5.000 towards generdl operations. 4. Investment policy and perforni*nce The Trustees exercise a g?eneral power of investmeni under the ry0￿ Trnstecs Acr. The ii)vestrnciii objective is to generate the besi financial reiiirn wiihin an accepthble level of risk while preserving th¢ long-ierm real value of the invesimenis. The Invesimeni Manager operaies on a discreiionary basis and is required to manag?e the inve.stments and to maintain a dI￿er51r1ed approach after ag7reeingT a suitable assei allocation. The invesiineni wlic>' and performance are reviewed half->'earl>' (or n)ore often as requirLdl by the Invesimeni SuWommiiiee which includes non-TrustLYS. They arrange for the regyular review of investmen15 in addition lo nionitoring funits and investment changte5. The Trusi¢¢s s¢¢k io avoid investin& dir¢¢il)" in gamblinb. am)am¢nis. and ihe manufa¢iure ai)d distribution of tobacco or alcohol. The Trust is in iransilion ai the pr¢seni lime and meaningful perfomance indi¢a(ors are difficult io establish. Once the Collection is established at a suitable insiiiuiion, we will ￿ able to fom)ulate a new Set of indicators. The sale of the buildin&> and entruslingp the managemeni of ihe collection to a suitable inslilution will enable the 'l'Tus¢ to increase the 5um5 available to be made in granls and bursaries.'l-he'l Tustees aim (o support the wider sociei>' through siratebjic partnetships which also supp)rt the Trust's Mission. FINANCIAL REVIEW Financial Ptrformanee Th¢ procecd.s of the sale of 14 Gordon Square in Decemkr 20?3 for 13.5m We￿ u%ed to increa￿¢ our investment holdinbT5. Thi5 h&5 contributed significanil). to an Inc￿ase in our inve5tn)ent income in the year. Ini'estnient ttrfom)ance 15 subjecl to the wider market condilions however ihe Trustees are onfid¢nt that th¢y havc a robust InV￿trn¢n1 rK)li¢y in plac¢ as al￿dY sct out. 2. Reserves policy Followinb the disposal of their buildirtgF in Gordon Square. and the inve5tibJation on il future home for its collections. the Trustees are in the P￿￿eSS of forn)ulaiing a new reserves ix)licy. The total funds of th¢ Trust in¢r¢as¢d from £i.827.879 to £16.144.766 during lh¢ ycar. Th¢ funds hcld to g¢ncrat¢ an annual income for the Trusi io enable i(10 mee( operaiional eosis in line w'ith its ViSLon and Mission. The amount of restricted fund5 has increased from £i05,653 to £J2? 345 during the year. The unrestricted reserves currenil). show a negaiive balance. The income from ihe investments is expecied to replenish ihis in ihe future. The irusiees will also consider obtaining chariti, commission Page 5 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Trllstees report continued Ye*r end 30 Septernber 2024 approval to utilise some of the ￿MI￿ne￿I endowtnent cap1t￿ to ensure the continued rnaintenance of the library should this b¢com¢ necessary. 3. Current 4cfount There w&$ a surplus on the generdl accouni of£19?.917 (compared io a deficii of £27J.5JO in 2093). 4. Risk a$￿$m*￿t The Trustees maintain prO￿r financial controls through the employmeni of a Finance Officer. The sal¢ ol'ih¢ buildin￿T and th¢ compl¢t¢ rcmoval of ih¢ ¢oll￿tionS to s¢Lur¢ off-sil¢ stordgY¢ n¢L¢ssita¢ed a review of the'l'rusi's insurance cover for ihe library. building and colleaions.. l-hey have also identified the need to have a contingency plan in case the Director is incapacitated or when he is absent. 5. Pennanent Endowment Th¢ original will of1711 dir¢¢ied the inilial irusiees io purchase or build a site io house ¢h¢ ¢olle¢lion of Lxiok.s of Dr Williams. This was paid largiely thmugh the colleclion of donaiions and c&sh kiifts a5 insLiI'fiLient fiinds had been made available in The Will for ihis purwTr5e. It is i)ui known M,heiheT ihis was the pernianent endowment or M.heiher the endowmeni was creaied tsnder ihe 187.5 Schem¢ ￿.h¢re the charity was regulated under the Endowed Schools Acts or one of the Subsequent Scheme5. In 1727 ihe ehariiy purchased a buildinb> io house ihe library.. The charii!, has moved pren)ises various times over the yvdrs. The last building? was sold in 2023 as it had serious siruciural issues requiring repairs (hat were ¢onsid¢red prohibilive. The proceeds have invested io gT¢n¢r41¢ an in¢om¢ ¢0 maintain the library for the future. PLANS FOR FUTURF. PF.RIODS Having diswsed of its historic Gordon Square building in December 2023 the Trusiees Coryordinaled lh¢ full and final d¢¢anting of iLs collections in a ¢ompl¢x and ¢onsid¢r¢d opcration b), April 2024. Discussion with potential homes for its di&er5e and rich Collections continued ai)d the Trust enb7as7ed an extemal panel of hig>hly regarded authorities in the field io assess and provide advice on those institutions rcc¢LVLng con5id¢ration. Trwst¢¢5 rcachcd a unanimous agr¢¢mcnt in S¢p¢cmbcr that the Lollections would be mana&Fed by the John Ri.lands Research Institute and Library. Unive]sity of Manchester. -I'he'l rust's ownership of the colleclions was re-affimied. and it was confim)ed that the futur¢ partn¢r5hip Univ¢rsity Library wguld not onl}. 5af¢guard th¢ coll¢ctions in a prof¢ssional manner but would encourage wider and more diverse use ofihe collections in keepinbi wilh Ihe original spirit of ihe Trust. Following the conclusions of legal agreemenls the Trusi will consider the dei'elopment of a bursar). progrdmnie to encourage use of its materials to be held at Manchester. Additionall>'. the Tru51 will be open to the pn)vi5ion ofsupport towards academic initiatiwe5 which refleci not only its remit bui the diverse nature of lis hisioric published and archival materials. FUNDS HELD AS CUSTODIAN ON BEHALF OF OTHERS The Trust does not act as a custodian trustee for any other body. Page 6 DR DANIELWILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Trustees report conti￿Ued Year end 30 September 2024 StatemeTht ofTrustees' responsibilities Th¢ trust¢o ar¢ ￿SpOnSibl¢ for pr¢parin& th¢ TnL5t¢¢s" R¢￿rt and lh¢ financial 5tat¢in¢nts in accordance with applicable law and Uniied Kingdom Accounting Stsndards (Uniied Kingdom Generall>. Accepied Accounting Prdciice). The law applicable io ehariiies in England and Wales requires ihe irusiees to prepare financial statements for cach financial )'rar which give a irue and fair view of ihe stsre of affairs of the charity and ol th¢ incomingr r¢sourc¢5 and application of r¢sourc¢s of lh¢ charity for that EKrii)d. In prcparin Ihese financial siaiements. the irusiees are required io.. seleci suiiable accounting wlicies and ihcn appl}, then) consisicnilv; observe the methods and principles in the Chariiies SORP IfRS 1021. make jud&Ten)ents and estimaies ihai are reasonable and prudeni: state whether applicable accouniinby siandards ha￿e IKen followed, subject to any material departures dis¢los¢d and explained in ihe fin8n¢ial sth¢¢m¢nis- prepar¢ financial siatem¢nis on ihe going ¢on¢¢rn basis unless it is inappropria1¢ io presume that the charity will conlinue in 0￿ration. Th¢ truste￿ are responsible for keeping accounting r¢¢ords which diwlose with reasonabl¢ a¢¢ura¢y at any time Ihe financial position of ihe charity and enable Ihem io ensure ihat ihe financial siatenienls coniply with ¢he Charit1¢5 Act ?0 I l. Ihe Charit). (Accounts Reports) R¢g?ulatioi)5 2008 and trust deed. They are also responsible for safeb)uardinbJ the assets ol the chariiy and hence for takinb> reasonable steps for the prevention and detection of fraud and oiher irNyularities. Audilors A resolution to reappoint Shaw Gibbs IAudit) Limited as auditors for the ensuing year will be proposed at the genernl meeting. Approved by the Trnstee5 and signed on their behaifby.. 18 Aug 2025 Mr Derek McAul¢>' Al_ &4.. 18 Aug 2025 Mr Alan R Ruston Date- Page 7 (4) DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Independent Allditor5' Report to the trustees Ye*r end 30 Septernber 2024 Opinion We have audited the financial sthiements of Dr Williams's Chariry for the year ended 30 Sepiember 2024 which compris¢ the Stsietn¢nt of Financial Activili¢s, th¢ Balanc¢ She¢1 and notes to th¢ financial siaiements. inelLiding a summary of significani aCLounting TM)licies. The financial retX)rting frdmemiork thai has ￿en applied in their preparation is applicable law and United Kingdom Accounting Standards. inLludin FRS 10? The FinaiiLial Reporting Standard applicable in ihe UK and Republic of Ireland {UnifrxI Kingth)m Ge]￿ra1]Y Accerned Accouniing Practiccl. In our opinion the financial siaiemenis.. give a true and fair i'iew of the siaie of ihc charity's affairs as at 30 September 2024, and of its inLomingv resourLes and applicalion Or￿S0Ur¢eS. for the year then ended- have been properlv prepared in a¢¢ordance wilh United Kingdom Generally A¢¢¢pied A¢¢ounting PraLtice- and have been prepared in accordance with ihe requirements of ihe Charilies Ac¢ 2011. Basis for opinion We conducted our audit in accordance wilh In1ern￿1onaI Sthndards on Audiiin& (UK) IISAS IUKII and appliLable laiv. Our rL%wnsibililies under those standards are further desLribed in the Auditor s re5ponsibililies for the audil of the financial siaiements section of our reFK>rt. W¢ are liide￿nde1)I ofihe charii>' in accordance with the ethical requiremenis thai are relevan( to our audit of Ihe financial statements in the UK, includin&? the FRC'S Eihical s￿ndard. and we have fulfilled our other eihical r¢5ponsibililics in a¢cordanc¢ wilh ih¢s¢ r¢quir¢m¢iits. W¢ ￿lI¢v¢ iha¢ ihc audit cvidcncc wc hav¢ obtained is sulTILient and appropriaie to provide a basis for our opinion. Conclusions rtl*ting to going concern We have nothing to report in resr*ct of the following matters in relation to which the ISAS {UKI require us to r¢port to you where: the trustees. use of the going concem basis of accounting in the preparation of the financial Statements is not appropriate- or th¢ Irust¢¢s hav¢ not disc105d in ihc financial slal¢m¢nts any id¢nlifi¢d mat¢rial unc¢rtainti¢5 that may. east Sib?nifi¢ani dolibi atrx)ui Ihe chariiv s abilii>' 10 coniinue 10 adopt the b¥oing concern basls of accounting for a pcriod of at Ica5t twclvc nionth5 thc datc wh¢n thc financial 5tatan¢nts arc 8uthori5ed for issue. Other informatio The trusiees are reswnsible for the other inforniaiion. The oiher information comprises ihe infornialion included in the trustees annual retKIrt. other than the financial sthtements and our auditor's report thereon. Our opinion on the financial statements doe5 not cover the other information and, except to the Page 7 (b) extent othenvise explicitly stated in our reFK)rt. we do not express any fomi of assurance conclusion th¢r¢on. In connection with our audit of the financial staiements, our responsibiliry is to read the other information and, in doing so. Lonsider M'hether the other information is nialeridlly inconsistent with the rinancial staiemenis or our knoM.ledge obtained in ihe audii or oihenvise appea]s io be maierially misstat¢d. If we identify such material inconsistcncics or apparcni Inat¢rial misstat¢ni¢nts. we are r¢quir¢d to d¢l¢rmin¢ wh¢th¢r th¢r¢ is a mal¢rial niisstat¢m¢nt in lh¢ financial sta¢¢ni¢nts or a mat¢rial missiaiemeni of the other infomiaiion. If. based on ihe work we have ￿rf0med. we conclude (hat there is a rnat¢rial mis5tat¢m¢ni of ihis othcr infOrn￿li0n, wc ar¢ rcquircd io rcFK)rt thai fact. We have nothin8 to retsxbrt in this regard. Matters on which we are required to report by ¢xc¢plion We have nothing io rep)rt in respect of ihe follo￿,ing maners in relation to which ihe Chariiies IA¢¢ounts and Reports) Regulaiions 2(K)8 requires us to r¢rKJrt to you if, in our opinion.. the infom)ation given in the financial stsiements is inconsisi¢ni in any maierial respect wilh ihe trustees, rew)rt,' or suITicient accounlingy record5 have noi been kept- or the financial staiements are not in ag?reement wilh the accounting records. or we have not received all the infomialion and explanations we require for our audit. Responsibilities oftrustees As Lxpl*inLd n)ore full>, in the irnsiees. responsibiliiies sthi¢m¢ni set oui on page 5 the tnjslees are responsible for the PTepardtion of ihe financial sialemenis M,hich give a irue and lair view, and for such internal Lontrol ￿ the truslees delermine 15 necessarv lo enable ilie preparntion of financial statements thai are free from material misstatement, wheiher due (o fraud or error. IN pr¢paring the financial statenienls. Ihe Irustees are resrxTrn5ibl¢ for assessing the ¢liarit)'5 ability to Loniinue as a g7oin&i concem. disclosinbT as applicable. matters related to btroinbt Concern and using) the FoingTr LonLem basis of acLountinbV unless Ihe iruslees either intend to liquidate the charily or (o Lease op¢rations, or have no ￿aliStIC alternative bul to do so. Auditor's responsibilities for the #udil of iht financial statements We have been appointed as audiior under section 144 of the Charities Act 2011 and report in accordance 'iih regulations made under sec(ion 154 of(hai Aci. Our objectives are to obtain reasonable assurance alK)ut whether the linancial statement5 as a wl)ole are free from material misslaiement. whether due io fraud or error. and to issue an audiior s report that includes our opinion. Rca50nabl¢ assurance is a high level of assurnnce. but is not a guarant¢¢ that an dudit conducted in 41ccordance with ISA5 IUK) Ivill alwa).5 detect a material mi55tdtement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, thej. could reasonabl). be extecled to influence the economic deci5ion5 of useTS taken on the basis of these financial statemenls. Ir￿gUlaritics, including fraud. arc i11slanc￿ of non-¢omplianc¢ with laws and rcgulations. Wc d¢5ign procedures in line with our resp)nsibiliiies. outlined atK)ve. io delect maierial misslalernents in respect Page 7 (c) of irregularities. including fraud. The exteni w which our procedures are capable of detecting Irr¢kTulariti¢s: including linud, is d¢tail¢d b¢low. At the planning stage of the audil we gain an understanding of ihe la￿'S and regulations which apply to the charity and how the managenient seek to comply with those Itt￿5 regyulatioiis. This helps us io plan appropriate risk assessmenis. During th¢ audit w¢ focus on r¢l¢vant risk arus and r¢vi¢w lh¢ complianc¢ with th¢ laws and regulaiions by making rele%'ani enquiries and undertaking corroknration. for example by rcvicwing Board Minulcs and othcr documcnlalion. We assess the risk of maierial missiaiemeni in the financial staiements including as a result of fraud and undertake procedures including.. Reviewing ihe controls s¢1 in pla¢¢ by manag¢m¢ni Making enquiries of management as io wheiher ihev consider fraud or other irregyularitie5 maj. have taken place. or w'here such optK)rtw)it)' might ¢.¥ist Challeng)ing managemeni assumptions with regard io accounting esiim8i¢s Idenrifving and iesiing journal entries. particularl}, (hose which appear to be unusual by size or nature Because of ihe inhereni limiiaiions of an audii. there is a risk ihai we will not delect all irregjularities. in¢ludingp those leading lo a maierial missiatenient in ihe financial stai¢in¢niS or non401nplian¢¢ wilh r¢gulaiions. This risk increases the more thai ¢omplian¢e wi¢h a law or r¢gulaiion is removed froin ihe events and transactions reflec(ed in the financial siaiemenis. as we will k less likely to become aw'are of inslances of non-coniplian¢e. The risk 15 also Lyrealer re&yardii)gT irreg7ularities occurring due to fraud raih¢r than ¢rror. as fraud involves ini¢niional ¢on¢¢alm¢ni. forgery. ¢ollusion. omission or misrepresentation. A further description of our reS￿nsIbIlitieS for the audii of the financial siatemenis is located on the Financial Reportinb Council's website at: www.frc.org.uk/audiiors-resp)nsibilities. This description fornis part of our auditor s report. Use of our report This rcport 15 mad¢ solely lo the charily's tn]si¢¢s. as a 1x￿y. in accordance with Part 4 of th¢ Chariti¢s IALcounts and Rew)rtsl rebFulaiions 2008. Our audit work has been undertaken so ihai we mibht state to the charity'5 trustees those matters ￿'e are required to state to them in an auditor s report and for no oth¢r purpo5¢. To th¢ full¢st ¢xt¢nt p¢rMItt￿ b). law. w¢ do not a¢c¢pt or assum¢ ￿SpOnsibl[llY to anyone other than the charity and the charily s iruslees as a trx)d>'. for our audil work. for Ihis reporl. or for the opinions we have fornied 20 Aug 2025 Samantha Daniels (Senior sta￿tOry Auditor) For and on behalf of Shaw Gibbs (Audiil Limiied Chartered Certified Accountants and Statutor). Auditor 264 Banbur>' Road Oxford OX2 7DY Page 8 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Statement of Financial Actii'ities Ye*r end 30 September 2024 Jaiii {%1,5 a8x Page 9 DR DANIEL WILLIAMS (COMMONLY KNOW'N AS DR WILLIAMS'S TRUST) Balance Sheet Ye*r end 30 September 2024 Sthed•k 20•4 2023 F¥xed.45SrfS Tallgblt A¥stts 1.199.?41 ?.388.311 15.081.537 1S.WA89 3.587.552 58.318 1.09•.079 59.762 3il.175 10.9 Cash at bak JDJ in 189.5_)0) {170.010) I.(￿￿77 ?40,327 16.144. Fwid% of CbatlTh' IOJ07.654 305.653 55210 (54?.45n (735.374) (169 888) 16.141.766 1374.XlS) 3.8!7.879 MT Lkttk M¢Auky ? L A4.AU. 18 Aug 2025 Al_ 12_4.. 18 Aug 2025 Page 10 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) Statement of Cash Flop Ye*r end 30 September 2024 2024 2023 Opuaiin8 aNiiryties Inw acuwiies (258.015) (311,123) DLiidends. ￿lere￿ and rtnts fr(¢n Purchase of office eq￿Pn￿If Proceed5 fm sale of pr(T￿Y Prected5 from sale of PT¢S Pwchase of htntagt assets Pr¢ceeds from sale of initstments Puttha5e of ititt5tr1etsts 353907 (1.352) 1.247.913 11.967.501 (48.6721 1!463.117 ?4.98!.055 157,533 {135.986) 738.860 {331,?4? 998.919 429,105 In¢rea* in cash aDd tash tqub'Trltnts Cash and cash eWI"valethbifwd 740.WI 118.042 351.175 233.133 i.fr)•.079 351.175 2024 2023 Bank I￿) Casb I.￿1• 079 351.175 ?0•4 2023 Nei cash thfknv ftom operating actibilies Swplus Ret*pts from buildw8 sale 12.143.C {11.967.501) (1$1 ￿7> {279.662> (157 511) 785 1?5.?87 DtL1Ca)e w &iJl1115 (Deut39¢) i￿rease th ¢rtth'i (81.CW} 2S8.01> 311.1!3 Pagell DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) NOTF.S TO THF. ACCOUNTS Year eDd 30 September 2024 Accounting Policies The principal accouniing wlicies adopted in ihe prepardiion of the financial ststements are as follows- Charity Inlormation Dr Williams's Trust is an unincorwratcd charity and is regisl¢red with the Charit}. Cojnmission in En&Tldnd and Wales leharils. ?14926) b. Accounting Coni'ention The aLLounis hale been prLpared in accordance wilh Accouniing and Rewbrting bv Charities Statenient of Recommended Prdctice applicable io charities preparing their accounts in accordance with the Financial ReEKTrrting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act ?0 I l. Dr William5'5 Trusl meets the definition ora public benefit enlily under FRS 10? Assets and Liabilities are initiall>' re¢ognis¢d ai hisiori¢al cosi or tr8nsa¢iion value unless otherwise staled in the relevant accounting policy no*ls). Th¢ fLnan¢ial s¢a¢¢m¢nis ar¢ prepared in sterling which is the funciional currency of ihe ¢hariiy and ar¢ rounded io the near¢si £. Long L¢45ehold Propcrty Following the sale of14 Gordon Square. The Trusi no longer any interest in Long? Leasehold propert).. d. T8n%ible fixed 45selS '[ angible fixed assets are recognised at cosi less any deprecialion. Depreciation is recognised to write off the cost of the asset over its expected useful life as lollows.. Offi¢¢ ¢quipmeni 30V/o reducing balance Investments Listed investments are stated at markd value (mid-market value) at the balance sheet date. Change5 in market value are credited or charged io the Siatement of Financial Activities. Gains an￿Or Ioss¢s arising from th¢ di5Wsal of Shar￿ ￿￿08n15¢d as b¢ing r¢alis¢d wh¢r¢a5 gains anivor loss¢s arising from th¢ mov¢m¢nts in Sha￿ priccs ar¢ rwognis¢d as b¢ing unr¢alL5¢d. r. Incoming Resou￿¢5 Incominb? resources are recognised when entiilement io income is established. Incomc from Icgaci¢s 15 r¢¢ogniscd on notification of an impcnding dislribulion that is ￿aSonablY Lertain i.e. once probate has been branted. Investment income is recognised once right to receive Fyayment is established. Income frotn the sale of PrO￿rtY 15 reco¥nised on exchange of contract. Page 12 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) NOTES TO THF. ACCOUNTS (CONTINUED) Year eDd 30 September 2024 g. Resources Expended Expenditure 15 includ¢d on an accruals basis. Ex￿ndItUr¢ has bccn allo¢at¢d as indicated in thc enclosed schedules. h. Pen8jOIIS The Trusi opernies a defined contribution scheme. The assets of ihe scheme are held separately from those of the Compan}. in an indeFendenily adminiS￿red fund. The pension cost charge represents contribulion5 payable to the fund and amounled to £7,367 (2023 £15,905). Funds lJnreEtricted funds comprise the accumulaled surplus or deficii froi)I the Statement of financial A¢tivili¢s whilh is nei¢h¢r resiriLied or desi&vnated funds. Th¢). ar¢ dvdildbl¢ for us¢ ai the discretion of the Trusiees in furtherdnce of ihe genernl objectives of the charily. De5ig?nated funds comprise funds that have been set aside at the discreiion of the Trustees for Specific PUTposes. The designated funds are sei oul in note E to ihe financial 51alements. Restricted funds comprise unexpended balances of donations and grants held in trust 10 applied for specific purrx)ses. The restricted funds are sel out in note F to the financial slatemenis. Endowmenl funds are des¢ritrtd in note F & G io ihe financial staien)ei)Is. The condition of tl)e endowment is thai the capital elen)eni is noi eX￿ndable. The inconie arisingi froni ihe endowment 15 appliLd in accordance with ihe condiiions as sel out in ihe charit>. commission schenies lo which the Charity is now governed. J. Corpor¥tion T4x Dr Williams's Trusl is a charitable inslitution wilh exemption from UK Corporalion Tax under s¢¢tion 478 of ih¢ CortKpration Tax A¢1 2010 IL Goi'ernment Gr*nts Gov¢rnm¢nt Grants r¢wgni5¢d at th¢ fair valu¢ of th¢ ass¢t ￿¢¢1y¢d or r¢c¢ivablc whcn ther¢ 15 assuranLe thai the bTrant conditions will ￿ met and Ihe grants Mill be received. A bTrant that 5pecilie5 perfomiance conditions is recobjnised in income when the performance conditions are met. Where a grant does not specify perforniance conditions it is recognised in income when the proc¢￿S ar¢ rcccivcd or ￿￿¢1¥ab]c. A grant r¢c¢iv￿ befo￿ lh¢ r¢cognition critcria ar¢ sat15fL¢d 15 recogTni5ed a liability. l. Judgements and Key Estimates. In the application of the compan)" 5 accounting TX)lieres. the drrectors are required to make judgements. estimates and assumptions atrM)ui ihe can)'ing amount of assets and liabilities ihat are not readily aptrarent from other sources. The estimates and associated assumptions are based on historical ¢xpcricncc and othcr faclors that ar¢ consid¢rcd to bc r¢l¢vanl. Actual rcsult5 may diff¢r from these estimates. Page 13 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) NOTES TO THF. ACCOUNTS (CONTINUED) Year eDd 30 September 2024 The estimates and underlying assumptions are reviewed on an ongoing ixsis. Revisions to accounting cstitnat¢5 ar¢ rccogniscd in th¢ ￿rIod in ￿'hICh ihc ¢stimat¢ is rcviscd ￿h¢re the revision affeeis onl>. ihat period. or in ihe ￿rIOd of ihe revision and fuiure periods where the revision affecis Ex)ih current and fuDJre periods. Useful economic life of tangible 4ssets The useful e¢onomi¢ lives of non-curr¢ni &8sets hhv¢ }￿en derived from ihe ¢Siimai¢ of the trusiees. using their best estimate of the wriie4lown ￿riod. Page 14 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) J¥OTES TO THE ACCOUNTS (CONTINUED) Year eDd 30 September2024 SCHEDIiE.I &4L4RIES.I%IIPLISIO.% COSTS 195.717 3&140 11.448 15.905 (3.4>1) 7J67 SCHEDIIE B. %LII.4GLIIL%T.IIiI.INIDISTIL4llO.N. TRi3f.L%TI UBK4RI 61.692 4&147 39210 197267 14.CQYJ IrAJ39 .677 943 4.196 1.79• J.L74 1.471 (3.7fA)) 3Jl 70.053 io.é 397 1,170 L•pJ F• 15.055 11.946 !8.8L J9 13.474 47 15.367 355.530 28J61 9.43? 4&169 4.733 37.976 2933 3Jl• 1342 1.671 5.7 13. Page IS DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) J¥OTES TO THE ACCOUNTS (CONTINUED) Year eDd 30 September2024 Bal•nre IDTrallsed Exi•rD Bal*Df• TraN5ftTS 35.(*)8 15.070 1.033 l.??5 627 30.024 Fwo soT¥IA 564 13.1:41 564 11.¢W4} 2.030 55.116 SCHF.DULE F, PERMANENT ENDOWMENT AND RESTRICTED FUNDS PermAneni F.ndowrn¢nl The orib>inal will of1711 direLied the iniiial trusiees (o purchase or build a siie to house the colleLtion of book5 of Dr Williams. This was paid largcly through th¢ roll¢ction of donatlQll5 and Cash gifts a5 insLiflicient fLind5 had been made al'ailable in The Will for thi5 purpose. It 15 not known whether this was the pernianent endowmeni or wheiher ihe endom'ment was created under the 1875 Scheme where th¢ charity was rcgulatcd undcr th¢ Endowcd Schoo15 Acts or on¢ of thc subscqucnt Sch¢mcs. In 1727 ihe charity purchased a building to house the libraTJ'. The chariti. has moved preinises various tim¢s olcr lh¢ J¢ar5. Th¢ last building wa5 sold in 2073 as il had ￿riOUS structural i55U¢5 r¢quiring repairs that H'ere considered prohibiiive. The proceeds have I￿en invesifjl to generaie an income to maintain the library for ihe future. Page 16 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) NOTES TO THF. ACCOUNTS (CONTINUED) Year end 30 September 2024 Restricted Fund5 Norman Baynes Bequest Prolessor Nomian I l Bayn¢s, who died on 12 Fel￿￿#ry 1961, gave his imp)rtont ¢oll¢¢tion of Ixioks relaiing io ihe Byzaniine and Roman Empires io ihe Librdry. He also left £800 for binding such books as needed binding and for caialoguing. and £).000 to be invested io provide an income to purchase iM)oks to keep ihe collection up to dale. Beesley Fund The Rei. Alan Beesley, following his death in April 199? bequeaihed the residue of his estate amounlingr ¢0 £72.169 10 ihc T￿st for ihe b¢n¢fit of th¢ Library. Miss Constance l. Smith Fund Mis5 Smith left a lega¢y to be held in a separa* fund by ihe Trustees for ihe purchase of additional books for the Library or io assisi the mainienance of ihe Library. Library Benefactors General Fund This Fund was sei up following ihe generous b¢qu¢st of Miss Edna Marj¢ry Hall. The purpos¢ of the fund is to provide an income and to assisi ihe maintenance of ihe Library. G F Nuttall Fund The Trustees io arranb?e for a separate caialobjue 10 be published of ihe knoks from Ihe library of Neiv Colle&)e. London. nolingp the names of donors and fornier academ>. 0￿.ners. Any surplus runds are to be used for the con5erYation and repair of ihe iyy)k5 or to purchase any work5 lo fill gaps in the ¢ollc¢iion. B&FUA Fund Donations given lo thc l.ibrary to pay for ihc cataloguing of ihc Ilrilish & Forcign Unitarian A550ciation records and the records of the General Assembly of Unitarian and Free ChrL5tian Churches. P4iDting Fund A donation of £35.000 in 2015 was made by Ihe Council for World Missions lowards the cost of Storing and restoring their fomier paintings. Appeal Fund An appeal fund was launched in December 2000 with the objective of raising Sufficient money to undcrtakc csscntial capilal projects for the Library. Friends of Dr Williams's Library Th¢ Friends of Dr Williams's Library w&8 eslablish¢d in 1946 wilh the int¢ntion to 'develop and make rnore widely known the very con5iderdble research facilities of the Library.. Page 17 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) J¥OTES TO THE ACCOUNTS (CONTINUED) Year end 30.September 21b24 Arehii'ist FuDd This fund is to sUp￿rt the post of an archivist. Jonathan Morgan Con5en'*tlOD Fund This fund is to suptx)n conseTration projects undertaken by The Trust. Baxter Conserv#tlOD Projett This fund 15 to SUPFK)n thc conservation of the Baxter treatise. Bai*Df• 117024 Ji *0?3 udknTi GaiDs.io% TTaM5fers 47.16? 58.9 i99 15.761 11.605 1.552 1.838 $0.371 01.960 C I Fthld N B2)x¢s Beq F￿d ofDIII 1.14? 810 16.574 1?.062 07.097 51 ii.c(rf)) (2.Q52) S￿111 Cjialo B&FUA C3tsiLyor Pamw Restorati ArchLii# F J Cthstrk?ttO B￿reT Cco5ers?r 58 (7.57D 6.577 1.5?5 1.168 1.515 1.208 53.553 Isj 53.801 Re¥llvd and Balanre ai •022 Bala￿* ai 2023 GalDwios*os Translèrs 44.8)8 55.?41 21.ml 14.087 10.?59 59.968 58 (S.￿1) (12.577) 3.514 4.101 655 (3J (4.( 47.86? 58.980 599 15.761 11.005 C I South F￿d N Ba￿9 BeyJl AETtai Fw¥J Fr￿d50rD￿l GNunJll ltht, Spfflai Caiajo Ethi7rd Cajam B&FUA Catr]OB 3.575 $63 (2.123) (4.(￿} 3.713 (7.57n 270 114.079) Arth"I7s1 Fwbj J MorgaoCrAL5eThili 1.5?5 1.768 .515 ¥y Bo¥&¢1￿$ 53_7Q8 347 53.553 293.&)7 78.879 305.053 Page 18 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) J¥OTES TO THE ACCOUNTS (CONTINUED) Year end 30.September 21b24 Fuds JIYJ.489 14.74).012 15.(ffj3.189 $8.318 l.LTr)2.079 (Y9.520) 46.405 1499.342) C*h¥dB* 25.436 1.507.012 57.))4 J45 la307.654 16.144.766 2023 F••ds Funds Trf*l 902J T*le Ass 3.!01.917 3.587.55? 59.76? 351.175 1170.6101 I.￿?.879 47.934 (080.7501 1170.6101 73>.374 C3shJDdB 25957 7.501 l.IkX).467 3Oi.6i3 SC"HEDIIE H. LISTED STMENTS.4T T 1".4LI"E (.4LL FIThIIS) Share H•lth•i Caplid *0* Holdthl Book C'•51 BP Ord SO 25 Ro￿1 Dutrh Sbell S. Uothvpkord Ojlll Gtsxo Sthithkluxé Ord ?5p N4tsoDal GThJ thd.12431 !89 70.036 107 ?33 89.5?1 109.188 145.673 143.517 43.130 67 161 91.13! 110.940 12?.485 27.451 83.781 89.700 13? 135 135.167 105.?95 IW.387 17.880 4.4?2 1.850 100.323 57.112 19.603 83.657 91.537 83.341 83.508 173.817 5!.663 50.867 81.685 117.565 99.932 IIXl.143 I￿.102 96.596 99.123 gP.267 79.701 79.J?O 79.047 50.338 50.063 I1￿*.$21 7.? 14.143 50.165 58.317 89.500 3.940 PILI) ltte T(C 'od*folle Gro￿ ¢)rd USD 1095231 BHP BI￿10￿ Pk LSD .50 testsk Grr4y ORD GBP.01 GLG Llldenil Ast PtofD lttt N Kler Grcup OKd £ .01 73.038 P￿bts¢ P•rf ORD GBP.0001 HICL l#fr•strndwe Co Ltd ORD .0￿)1 Fllst Trusi Global LS Eq￿tri Artegw Fd Ifuy% GJob•l loc Frallkl￿ TellyleK• Fund5 S¢bxod•T U￿¢ TniÉ* AGIW L fj5.!50 68.WO 5.150 1ty).391 I(￿.090 126.305 06.?11 93.002 75.?58 51.4C 33.OCrfJ 57.￿ Rathb(ffLe Edllcal B(YLd J•Lus Hendenon UK & EW0ptB¢￿G UK 4.1 ?5bottd5 ?9..01.27 UK lll&x I￿￿dbOnd 2J(13Q9 Ruffer Le8al & Genernlnoit trust Gbl UK S•(• 07,fj3ns UK 5•• 07JP3rJfj 84.017 78.?68 51.550 53.537 10?.860 84.133 12.6t4.978 12.063.450 8?.0(￿* 12.095J77 fj9.959 capi1￿ F￿0 Totsl 13.081.537 14.870.289 SPLIT BEThTE) FiThT•S Capi141 Fwtd 14.599J93 -94! !55 317.583 1 ?8.473 138.868 15.081.537 ? 388.311 Page 19 DR DANIEL WILLIAMS (COMMONLY KNOWN AS DR WILLIAMS'S TRUST) J¥OTES TO THE ACCOUNTS (CONTINUED) Year end 30 September 2024 SC"HEDIiE H. LISTED L%ITSniENI5.4T JL4RkTT 1".4LI M¥ktt V•he l Orth •0)3 2.388.311 • 702.769 331 !4? 557.874 1464.7141 1738.860) 59.6?? 114.106 {12,463.?In '5P05 Mth Vthe 30 Swea*er ?0?4 15.081.JJ7 •388.311 HEDIIE I. TA*CtBLE .4SSETS 20•4 2023 Llbiap. bulldlng redti1hp￿ll¢ and r11￿15￿•￿1 Isi OcwE¢r ?OJ Addittotts Lll year 1.199.?41 48.672 11 ?47.9131 1.003.255 135.986 nfftr• 2.352 AI 30th sep￿Mber •024 S('HEDIIE J. DEBTORS •0•4 ?0• J 40.40$ 11.913 24.059 35.703 >Y.702 SCHEDIIE K CREDttORS 72.288 98.J22 87.974 89.5*0 170.610 S(HEDIiE L. &4LE OF 14 GORDON SQI'.4RE •0?4 •0• J thofsak S￿11 t05ts 13.5(K).( •84.5861 11 •47.9131 11.907.501 SCHF.DULE M, TRUSTEES AND RELATED PARTIES No trustees received remunerdiion 01 M'ere reimbursed el￿nseS during the year1202J- none). There were no disclosable related tyarty transactions during the year (2023 - none).