The James Weir Foundation (Registered Charity Number: 251764)
Dated 10 January 1967
Report and Financial Statements for the year ended 31 December 2023
The James Weir Foundation Dated 10 January 1967
Trustees’ Annual Report for the year ended 31 December 2023
The trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set 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: 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 published on 2 October 2019.
Objectives and Activities for the public benefit:
The trust is an unincorporated trust, constituted under a trust deed dated 10 January 1967. The trust funds and income thereof are held upon such trusts and for such purposes as are exclusively charitable according to the laws of England.
The trust is constrained by two factors: the Trust Deed which established the Foundation, and the law regarding Charitable Trusts.
Grant Making Policy:
The Trust Deed sets out certain bodies to which donations are specifically directed, together with a general class of beneficiary to which the trustees may make donations. We make donations only to bodies who are themselves registered charities and we do not give money to individuals, however deserving they may be. The specific bodies to which donations are directed are:
The Royal Society The British Science Association The RAF Benevolent Fund The Royal College of Surgeons The Royal College of Physicians The University of Strathclyde
As a matter of practice, the trustees give priority to charities which are situated in Scotland and in particular Ayrshire and Glasgow.
The trust only gives to charities registered in the UK and the beneficiaries of which are located in the UK and not abroad.
The trust does not give grants to individuals.
Successful applicants are not able to submit a further application for two years.
Applications should be received by letter with supporting evidence and a copy of the latest annual report. No applications can be received by email.
Unsuccessful applicants will be notified by postcard after the trustees’ meeting has taken place.
The trustees meet twice a year in furtherance of the trust’s objective of making grants to charitable bodies. They deal with all applications from charities during the period leading up to the distributions; many of these will be ones that have been coming to the trustees on an annual basis for many years and some will be new charities approaching the trust for the first time. All are scrutinised and a decision made as to whether to make a distribution or not.
Page 1
The James Weir Foundation Dated 10 January 1967
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Achievements and Performance: During the year ended 31 December 2023 the trustees met the trust’s objectives by making grants totalling £234,500 as shown on pages 11, 14 to 15.
Financial Review: Total income was £340,062 (2022: £340,329) with expenditure amounting to £330,912 (2022: £329,777). Net assets at the end of the year were £9,897,643 (2022: £9,330,071). The value of the investments increased by £558,422.
-
Investment Powers and Policy: The trustees have powers of investment of beneficial owners and additional powers including the powers of appropriation conferred upon personal representatives by the Administration of Estates Act 1925 and may exercise such powers without any of the consents required by the Act. They are entitled to employ professionals to provide such services as fund managers for the trustees. Sarasin & Partners have acted as fund managers for the trustees since August 2014.
-
The investment policy is to generate the optimum amount of income for distribution whilst maintaining capital growth.
Reserves: The policy of the trustees is to aim to distribute all the income as it arises to charities each year and not to accumulate reserves. They use their discretion to distribute from capital from time to time.
- Risk Management: The trustees have assessed the major risks to which the charity is exposed and are satisfied they are not exposed to any significant risks, other than the fluctuation in the value of their investment portfolio. They have delegated the management of the portfolio to professional managers and regularly review their performance.
Public Benefit: The objects of the trust (see above) are clearly of public benefit both directly and indirectly and due regard has been paid to the public benefit guidance published by the Charity Commission.
Plans for the Future: The trustees plan for the future is to continue their grant making policy thus assisting the charities in fulfilling their objectives. The trustees aim to utilise the unrestricted and endowment funds to achieve this objective.
Structure, governance and management
Settlor: James George Weir C.M.G. C.B.E. (died 7 November 1973)
Name of the Charity : The James Weir Foundation
The principal governing document is a Settlement dated 10 January 1967. The Trust is a private charitable trust controlled by its trustees.
There are no powers above and beyond the statutory powers of appointing new trustees following the death of the settlor. If new or additional trustees are appointed they will be encouraged to receive appropriate training depending on their qualification and experience.
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The James Weir Foundation Dated 10 January 1967
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Structure, governance and management ( continued)
| Charity Registration Number: | 251764 |
|---|---|
| Trust Administration: | The administration of the trust is carried out by the Secretary, |
| reporting directly to the trustees. Trustees’ meetings are held twice a | |
| year, at which the financial performance is reviewed and decisions | |
| taken on the distributions to charities. | |
| Auditor: | In accordance with the charity's articles, a resolution proposing that |
| Mercer & Hole LLP be reappointed as auditor of the charity will be | |
| put at a Trustees Meeting. | |
| Reference and administrative | information |
| Trustees: | Simon Bonham |
| Mrs Elizabeth Ann Bonham | |
| William Jay Ducas | |
| Principal Office: | Apt 309 |
| 5 Eastfields Avenue | |
| London | |
| SW18 1FU | |
| Accountants: | Mercer & Hole Trustees Limited |
| 72 London Road | |
| St Albans | |
| Herts | |
| AL1 1NS | |
| Auditors: | Mercer & Hole LLP |
| 72 London Road | |
| St Albans | |
| Herts | |
| AL1 1NS | |
| Bankers: | CAF Bank Limited |
| 25 Kings Hill Avenue | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Investment Managers: | Sarasin & Partners |
| 100 St Paul’s Churchyard | |
| London | |
| EC4M 8BU |
Page 3
The James Weir Foundation Dated 10 January 1967
Trustees’ Annual Report for the year ended 31 December 2023 (continued)
Statement of Trustees’ Responsibility:
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & 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;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 2 October 2019
........................................................... Signed on behalf of the Trustees
........................................................... Date
Page 4
INDEPENDENT AUDITOR'S REPORT to the Trustees of The James Weir Foundation - A Registered Charity
Opinion
We have audited the financial statements of The James Weir Foundation (the ‘charity’) for the year ended 31 December 2023 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the charity’s affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: • the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- the charity has not kept adequate accounting records; or
• the financial statements are not in agreement with the accounting records and returns; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
Page 5
accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
• discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
-
gaining an understanding of management's controls designed to prevent and detect irregularities; and
-
identifying and testing journal entries.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidancefor-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
…………………………………….. Steve Robinson, Senior Statutory Auditor Mercer & Hole LLP, 72 London Road, St Albans, Herts, AL1 1NS Date:
Mercer & Hole LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 6
Expendable |
Unrestricted |
2023 |
2022 |
||
|---|---|---|---|---|---|
Endowment |
Income |
Total |
Total |
||
Note |
Funds |
Funds |
|||
Incomeandendowments: |
£ |
£ |
£ |
£ |
|
IncomingResources |
|||||
Incomefrominvestments |
- |
272,069.22 |
272,069.22 |
268,641 |
|
Rebatesoninvestmentmanagementcosts |
67,992.51 |
a |
67,992.51 |
_71,689 |
|
Totalincomeandendowments |
67,992.51 |
272,069.22 |
340,061.73 |
340,329 |
|
Expenditureon: |
|||||
Costsofraisingfunds |
|||||
Investmentmanagementcosts |
51,319.34 |
. |
51,319.34 |
53,241 |
|
Charitableactivities |
- |
279,592.86 |
279,592.86 |
276,536 |
|
Totalexpenditure |
51,319.34 |
—279,592.86 |
330,912.20 |
329,777 |
|
Netgains/(losses)oninvestments |
558,422.64 |
. |
558,422.64 |
(1,277,634) |
|
Netmovementinfunds |
575,095.81 |
(7,523.64) |
567,572.17 |
(1,267,081) |
|
Reconciliationoffunds |
|||||
Totalfundsbroughtforward |
9,116,859.14 |
213,211.72 |
9,330,070.86 |
10,597,152 |
|
Totalfundscarriedforward |
9,691,954.95 |
205,688.08 |
9,897,643.03 |
9,330,071 |
The James Weir Foundation Dated 10 January 1967
Balance sheet
31 December 2023
| Balance sheet 31 December 2023 |
|||||
|---|---|---|---|---|---|
| Note | 2023 | 2022 | |||
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Listed investments at market value | 6 | 9,899,645.00 | 9,324,549 | ||
| Current assets | |||||
| Balance with investment managers | 132.67 | 88 | |||
| Balance at CAF Bank | 11,665.36 | 8,584 | |||
| Total current assets | 11,798.03 | 8,672 | |||
| Current liabilities | |||||
| Creditors: Amounts falling due within one year | 7 | 13,800.00 | 3,150 | ||
| Net current assets/(liabilities) | ( 2,001.97) | 5,522 | |||
| Total net assets | 9,897,643.03 | 9,330,071 | |||
| The funds of the charity: | |||||
| Unrestricted funds | |||||
| Expendable endowment funds(page 7) | 9,691,954.95 | 9,116,859 | |||
| Unrestricted income funds(page 7) | 205,688.08 | 213,212 | |||
| Total charity funds | 8 | 9,897,643.03 | 9,330,071 | ||
| Approved by the trustees on ............................... | and signed on their behalf by | ||||
| ............................................... (Trustee). |
Page 8
3. |
Investmentincome |
2023 |
2022 |
|---|---|---|---|
£ |
£ |
||
Dividends |
271,537.68 |
268,460 |
|
Depositinterest |
531.54 |
181 |
|
272,069.22 |
268,641 |
||
4. |
Costofgeneratingfunds |
2023 |
2022 |
£ |
£ |
||
Investmentmanagementcharges |
51,275.81 |
53,200 |
|
LEIfees |
43.53 |
41 |
|
51,319.34 |
53,241 |
||
Theinvestmentmanagementcostsareallattributabletoendowmentfunds. |
|||
5. |
Charitableactivities |
2023 |
2022 |
£ |
£ |
||
Charitableactivities |
279,592.86 |
276,536 |
|
Thebreakdownofcharitableactivitiesisasfollow: |
|||
2023 |
2022 |
||
£ |
£ |
||
Grants- seepages14to15 |
234,500.00 |
250,000 |
Analysisofcharitableexpenditure |
: |
||
|---|---|---|---|
Governancecosts |
2023 |
2022 |
|
£ |
£ |
||
Expendableendowmentfunds |
|||
Accountancycharges- Capital |
|||
Unrestrictedincomefunds |
|||
Accountancycharges- Income |
28,680.00 |
10,500 |
|
Auditfee |
3,480.00 |
2,970 |
|
Non-TrusteeSecretary'sHonorarium |
(notebelow) |
8,676.00 |
8,117 |
40,836.00 |
21,587 |
||
Administrationcosts |
2023 |
2022 |
|
£ |
£ |
||
Generaladministrationexpenses |
3,443.86 |
4,170 |
|
SubscriptionpaidtoAssociationofCharitableFoundations |
702.00 |
669 |
|
Bankcharges |
111.00 |
109 |
|
4,256.86 |
4,948 |
||
TotalCharitableactivities |
279,592.86 |
276,535 |
6. |
Fixedassetinvestments |
2023 |
2022 |
|---|---|---|---|
Movementinfixedassetlistedinvestments |
£ |
£ |
|
Marketvalueat1January2023 |
9,324,549.19 |
10,578,773 |
|
Additions |
16,673.17 |
23,409 |
|
Disposals |
|||
Equalisationpayment |
|||
Netrealisedinvestmentgains/(losses) |
|||
Netunrealisedinvestmentgains/(losses) |
558,422.64 |
(1,277,634) |
|
Marketvalueat31December2023 |
9,899,645.00 |
9,324,548 |
|
Historicalcostat31December2023 |
7,183,258.36 |
7,166,585 |
Comparativefundsplit |
||||
|---|---|---|---|---|
Expendable |
Unrestricted |
2022 |
||
Endowment |
Income |
Total |
||
Note |
Funds |
Funds |
||
Incomeandendowments: |
£ |
£ |
£ |
|
Incomefrominvestments |
3 |
- |
268,641 |
268,641 |
Rebatesoninvestmentmanagementcosts |
71,689 |
- |
71,689 |
|
Totalincomeandendowments |
71,689 |
268,641 |
340,330 |
|
Expenditureon: |
||||
Costsofraisingfunds |
||||
Investmentmanagementcosts |
4 |
53,241 |
- |
53,241 |
Charitableactivities |
5 |
- |
276,536 |
276,536 |
Totalexpenditure |
53,241 |
276,536 |
329,777 |
|
Netgains/(losses)oninvestments |
6 |
(1,277,634) |
- |
(1,277,634) |
Netincome/(expenditure) |
(1,259,186) |
(7,895) |
(1,267,081) |
|
Netmovementinfunds |
(1,259,186) |
(7,895) |
(1,267,081) |
|
Reconciliationoffunds |
||||
Totalfundsbroughtforward |
10,376,045 |
221,107 |
10,597,152 |
|
Totalfundscarriedforward |
9,116,859 |
213,212 |
9,330,071 |
OtherCharitiesinaccordancewithcriteriaintheTrustees’Report(continued) |
||
|---|---|---|
£ |
||
Broughtforward |
147,500.00 |
|
TogetherforShortLives |
5,000.00 |
|
VicsintheCommunity |
5,000.00 |
|
Whizz-Kidz |
5,000.00 |
|
YoungLivesv CancerYouthActionWiltshire |
5,000.005,000.00 |
|
172,500.00 |
||
Total |
234,500.00 |