WELD OF LULWORTH CHARITY FUND ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Reglstered Charlty: 232570 Chartered Accountants
WELD OF LULWORTH CHARITY FUND CONTENTS Page Trustees. annual report Independent Examiners, report lo the trustees Statement of financial activities Balance sheet Notes lo the accounts 6-10
WELD OF LULWORTH CHARITY FUND TRUSTEES, ANNUAL REPORT REFERENCE AND ADMINISTRATIVE DETAILS Charity name Weld of Lulworlh Charity Fund Reglstgred charity number 232570 Trustees James Joseph Weld Esq Mrs Eleanor Sarah Weld DL Contact address The Estate Office Lulworth Castle East Lulworlh Wareham Dorsel BH20 5QS Professional advisors Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Accountants Edwards & Keeping Limited Chartered Accountants Unity Chambers 34 Wigh East Street Dorchesler Dorset DT1 1HA Investment managers Evelyn Partners 45 Gresham Street London EC2V 7BG
WELD OF LULWORTH CHARITY FUND TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their report 2nd accounts for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Objectives and activities for the public benefit When planning our activities for the year. the Trustees have considered the Charity Commission's guidance on public benefit. Accordingly the Charity continued its policy of assisting local charitable bodies by making grants from accumulated income, The Charity also assists in the day lo day operation of the Chapel al East Lulworlh. Achievements and performance The Charills income decreased from £79,259 in 2022123 10 £73,487 in 2023124. Donations and Gift aid decreased by £4,974 and investment income decreased by £827. The trustees made charitable donations of £43.455, this includes a £35,000 donation lo Dorsel Natural Hislory & Archaeological Society. Donations expenditure was £9,450 less than the previous year. Net income for the year was £9,278 12023 £6,2691 and the Charity's nel assets increased in the year from £335,456 10 £338,332 with net losses on the investments of £6,402. Alms and key ojectives for future periods The Charity aims lo raise funds for meeting the same broad aims. Flnancial review Al 5 April 2024 the Charity had an Endowment Fund balance of £325,816 and a balance on the Income Fund of £12,516. As in 2022123 the significant income sources were donations {£46,026, 2023 £50,000), Gift aid (£11,500, 2023 £12,500) and investment income1£12,206, 2023 £13,033). The Trustees have agreed that unrestricted fund reserves should be kept al a level that permits the continuance of the Charity as a going concern and the assistance of local charitable bodies. No quanlilalive figure has been placed on this policy and is purely at the discretion of the Trustees. Where funds are in excess of immediate expenditure Tequiremenls they are invested in shares or bonds or plaoed on short term deposit with banks at the prevailing interest rate. Structure, governance and management The Weld of Lulworlh Charity Fund was created by a Trust Deed dated 15 January 1960. The Fund is registered with the Charity Commission Iregislration number 2325701 and is held on tiust by the Trustees lo apply income thereof for such lawful charitable purposes in England as the head of the Weld family shall from lime to time direct and in default of and subject to any such direction as the Trustees shall in their absolute discretion think fil. Under the declaration of the Trust the Trustees have uncontrolled discretion as beneficial owners as lo the manner in which the Trust's assets are invested. The power to appoint Trustees is vested in the head of the Weld family. J J Weld (Trusleel has a life interest in the Weld Estate A Fund, is sole director and shareholder of Lulworth Landscapes Limited and Director of Lulworth Heritage Limited. Approved by the Trustees on and signed on their behalf by JJWeld
WELD OF LULWORTH CHARITY FUND INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES ON THE ACCOUNTS OF WELD OF LULWORTH CHARITY FUND FOR THE YEAR ENDED 5 APRIL 2024 I report lo the trustees on my examination of the accounts of Weld of Lulworth Charity Fund for the year ended 5 April 2024, which are sel out on pages 4 10 10. Responsibilities and basls of report As the charity trustees of the Charitable Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act'l. I report in respect of my examination ol the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. 111 accounting records were not kept in respect of the Charitable Trust as required by section 130 of the Act.. or 121 the accounts do not accord with those records.. or 13) the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a maller considered as parl ol an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ho CA Edwards and Keeping Limited Unity Chambers 34 High East Street Dorchester Dorsel DT1 1HA Dale
WELD OF LULWORTH CHARITY FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Expondable Endowment Ind Unrestricted Income fund Total fund5 2024 Total fund8 2023 Not&¥ Incomè Donation5 and legacies Gift aid on donations Other trading income Investment income 46.026 11,500 3,755 12,206 46,026 11,500 3,755 12.206 50,000 12,500 3.726 13,033 Total income 73,487 73,487 79,259 Expenditure Cost of raising funds Investment management fees Chapel activities Charitable aclivili¢s Chapel overheads Donation8 made Support and govemance co818 1.826 1,826 2,094 1.470 1.579 2,094 15.412 43,455 1,422 15,412 43,455 1.422 15,868 52,905 1.168 Total expenditur& 1,826 62.383 64,209 72,990 Ngt Income 11,8261 11,104 9,278 6,269 Realised Iloss)Igaln on disposal of investments Unrealised (lossl on revalu8tion of investments 1345) {6.0571 {3451 5,091 16,057} 112,5101 Net movem•nt In funds 18,228} 11,104 2,876 11,1501 Funds brought fonvard at 6 April 2023 334,044 1.412 335,456 336,606 Funds carrled forw8rd at S Aprll 2024 325,816 12,516 338.332 335,456
WELD OF LULWORTH CHARITY FUND BALANCE SHEET AS A T 5 APRIL 2024 2024 2023 Notes Fixed assets Investments 310.320 289,895 Current assets Debtors Cash at bank and in hand 24,880 8.070 71,289 38.135 10 32,950 109,424 Creditors: amounts falling due wlthin one year 11 4,938 63,863 Net current assets 28,012 45,561 Net assets 338,332 335,456 Funds Expendable Endowment Fund Unrestricted Income Fund 13 13 325,816 12.516 334,044 1,412 338,332 335,456 Approved by the Trustees on . and signed on their behalf by JJWeld
WELD OF LULWORTH CHARITY FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 1 Accountlng policies lal Accounting convention The Weld of Lulworth Charity Fund was created under deed of trust and registered as a charity in England and Wales. The address of the principal office is given in the charity information on page 1 of these financial slalemenls. The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accord8n¢e with the Fillancial Reporting Standard applicable in the UK and Republic of Ireland, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. They also comply with the Charities Act 2011 and UK Generally Accepted Accounting Pr8Cti¢e. The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow slalemenl on the grounds that il is applying FRS 102 Se¢lion 1A and is a small charity. The accounts have been prepared lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial slalemenls have been prepared under the historica5 cost convention with items recognised al costs or transaction value, apart from investments which are included al market value. The accounts are presented in sterling which is the functional currency ol the charity and rounded lo the nearest £. The charity conslilules a public benefit entity as defined by FRS 102. Ibl Golng conc&rn The Iruslees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Icl Income recognltlon All income is reco9nised once the Chaiily has enlillemenl lo the income, there is sufficient certainly of receipt so it is probable that income will be received, and the amount of income receivable can be measured reliably. Other trading income includes wedding and christening fees. Investment income includes dividends, bank and 108n interest and any income tax recoverable. All income, including that arising from endowment funds, is unrestricted. Idl Investments Listed investments are slated al market value al the balance sheet date. Realised gains and losses on disposal or unrealised gains and losses on revaluation are taken lo the Slalemelll of Financial Aclivilies. Investment incDme has been taken into account on the basis of the due date of payment and includes incom& lax recoverable.
WELD OF LULWORTH CHARITY FUND NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 le) Expenditure recognltion Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity lo that expenditure, il is probable that selllemenl will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure on investment management is deducted from endowment funds.. all other expenditure is deducted from unrestricted income funds. Donations made are payments made lo third parties in the furtherance of the charitable objects of the Charity. fl Taxation As a registered Charity, the Trust is generally exempl from Income Tax and Capital Gains Tax, bul not from Value Added Tax. Irrecoverable Value Added Tax is included in the cost of those items to which il relates. Ig) Fund accounting The Charity maintains the following funds as necessary'.- (il Endowment Fund lexpendablel - represents gifts which have been applied for capital purposes. This fund includes all subsequent gains and losses, both realised and unrealised, arising from fixed asset investments. This endowment is expendable and may al the discretion of the Trustees be applied for the purposes for which the endowment was given. {iil Income Fund lunreslrictedl - represents income from fixed asset investments and is applicable for making grants lo charitable properties and administering the affairs of the Charity. This fund may al the discretion of the Trustees be expended for capital purposes. 2024 Incomè fund 2023 Income fund 2 Other trading Incomg and costs Wedding and christening fees Gandle box money 3.135 620 2.775 951 3,755 3,726 Wedding costs Sacristan and organist costs Candles, wine and sundries Christmas costs 890 375 724 105 770 225 475 109 2,094 1,579 2,147 Nel income 1,661
WELD OF LULWORTH CHARITY FUND NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 2024 Income fund 2023 Incoma fund 3 Investment income Interest received on UK listed investments Dividends received on UK listed investments Interest received on stockbroker account Bank interest 2,639 9,209 179 179 3,121 9.843 41 28 12,206 13.033 4 Chapel overheads Repairs and renewals Oil and healing Insurance 4,775 4,362 6,275 15,412 3,770 7,186 4,912 15,868 5 Donatlons made Dorsel Natural History & Archaeological Society Purbeck Arts Week Festival Miscellaneous Wool and Lulworth R C Parish 35,000 6.000 455 2,000 43,455 50.000 905 2,000 52.905 6 Support and governance costs Accountancy fees Independent Examination 868 300 1,110 312 1,422 1,168 6 Independent Examiner remuneration Total remuneration receivable by the Independent Examiners in the year was £1,422, of which £1,110 relates lo accountancy services12023 - £8681 and £312 relates to the examination of the accounls12023 - £3001. 7 Trustees remuneration and expenses No remuneration directly or indirectly was paid or payable out of the funds of the Charity for the current or previous year to any Trustee or lo any person or persons known lo be connected with any ol them. No expenses were reimbursed during the current or preceding years. 8 Investments UK listed Market value At 6 April 2023 Acquis11ions at cost Disposal Proceeds Realised loss on disposal Unrealised loss on revaluation 289.895 57,232 130,4051 13451 16,0571 At 5 April 2024 All investments are held primarily to provide an investment return for the Charity. 310,320
WELD OF LULWORTH CHARITY FUND NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 2024 Total fund5 2023 Total funds 9 Debtors Prepayments Gift aid receivable Other debtors 676 24,000 204 12,500 58,789 71,289 24.880 10 Cash at bank and in hand C Hoare & Co Cash held by stockbroker 5,261 2,809 8,070 8,268 29,867 38,135 11 Creditors: amounts falling due within one year Trade creditors Accruals Receipts in advance Other creditors 1,273 1.665 2,000 786 1,433 4,000 57,644 4,938 63.863 Receipts in advance are deposits for weddings that are due lo lake place in future periods.. At 6 April R81eased in Deferred 2023 year in year At 5 April 2024 Wedding fees Total deferred income 4.000 13.0001 1.000 2,000 Receipts in advance are attributable to Income Funds. 12 Contingent Llabilitles The Charity pledged £120,000 lo the Dorset Natural History & ArchaelogiGal Society. Aller donations made during the year there is £35,000 due lo be donated in 2024125 bul only if the Charity has significant funds available lor the purpose. 13 Movements In funds At 6 April 2023 Income Expenditure Net Investment losse8 At S Aprll 2024 Unrestricted funds Expendable Endowment Fund Income Fund 334.044 1,412 11.8261 162,383) 164,2091 16,402) 325,816 12,516 73,487 Total fund5 The cause of the Endowment fund delicil was due to fluclualions in the market value of investments. The surplus on the income fund is a result of investments providing the required return and reduced charitable activity expenditure during the year. 335.456 73,487 16,402) 338,332
WELD OF LULWORTH CHARITY FUND NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Analysis of net assets between funds Endowment fund5 Income funds Total funds at 5 Aprll 2024 Fixed assets 310,320 310,320 Current assets 15,933 17.017 32,950 Current liabilities 1437) (4.5011 14,9381 Total net assets 325.816 12.516 338,332 Endowment funds Income funds Total funds at 5 AprS12023 Fixed assets 289,895 289,895 Current assets 102,164 7,260 109,424 Current liabilities 158,0151 15,8481 (63,863) Total net assets 334,044 1.412 335,456 15 Related party transactlons J J Weld ITruslee} has a life interest in the Weld Estate A Fund. is sole director and shareholder of Lulworth Landscapes Limited, and a Director ol Lulworth Heritage Limited and Lulworlh Leisure Limited. Included in repairs and renewals Inole 41 are payments amounting 10 £3,18812023 - £2.8211 to Weld Estate A Fund and £nil {2023 - £121 lo Lulworth Leisure Limited. Included in Oil and healing {note 41 are reimbursements lo Lulworth Heritage Ltd amounting to £4,36212023 - £nill. Included in insurance {nole 4} are reimbursements amounting lo £6,27512023 - £4.9121 lo Weld A Fund. Included in candles, wine and sundry Inole 21 are payments amounting to £nil12023 £104) lo Weld Estate A Fund. Included in Christmas oosls {nole 21 are payments amounting lo £4812023 £109} to Weld Estate A Fund. These transactions were undertaken on an arm's length basis. There were no amounts outstanding al the year end for these transactions. Donations received from related parties in the aggregate amounted to £46,00012023- £50,000). 10