The James Welr Foundation (Registered Charity Number: 251764) Dated 10 January 1967 Report and Financial Statements for the year ended 31 December 2024 Mercer Hole ! Trustees The James Welr Foundatlon Dated 10 January 1967 Trustees, Annual Report for the year ended 31 December 2024 The tru5te8$ present th8ir annual report 8nd financkgl ststernent5 of the charity for the year ended 31 Decernber2024. The financial statements hav8 been p￿pared in accordanc8 With the accounting policies sel out in note 1 to the ac¢ounts and comply wrth th8 ¢harily'5 trust deed. the Charities Act 2011 arx Ac(xJunting and Reporting by Charities." Staternent of Recornmended Practice aP￿Icable to tharitses preparing their accounts in accoidance with the Financial ReF¥)rbng Statvjard applicab￿ in th8 UK and Republic of Ireland published on 2 Oclober2019. ObJectlY•s and Actlvlties for th8 publlc benafft.. The trust 15 an unincorporated trust. con5titut8d uThYer a trust deed ated 10 January 1967. The trust fU￿S and Incotne thereof are h8Pd upon such trusts and for such purposes 25 are exclusNeW charitable according to the law5 of Englan¢J. The trust is constrain8d by factors.. the Trust Deed whid) estsblished the Foundation, and the law regarding Charitable Trusts. Grant ma￿ng Pollcy: The Trust Deed sots out ￿rta1Th btxlies to which donations ar8 specifically directed, together with a general class ol beneficiary to which the trustee5 may make donations. We tnak8 donations onty to bodies who are themselves registered charities and we do Th)1 give money to individuals, however deserving t￿Y may bg. The sperir bodies to which (Jonations are dir8Cted are.. The Royal Society The British scien￿ Ass[￿18b0n The RAF Benevolent Fund Tho Royal College of Surgeons The Royal Cdlege of Physicians The Univ8rsty of Strathclyde As a rnatter of practic8, the trustees give priorty to charities which are situated in s￿￿and and in parti¢ular Ayrshire and Glasgow. The trust only gwes to chariti8s registerad in the UK arKI the berF8ficiaries ol which are located in the UK and not abroad. The trust does not giv8 grants to indNiduals. Suctss5ful applrAnts ar8 not able to subnit a furlher application for two years. Ap￿￿atiOnS should be received by letter wth supportsrig evIder￿8 and a (x)py of the lat85t annual report. No appliGgtions cari ba r8￿1Ved by email. Unsucressful applirants will bo notified by postcard afterth&tnJ$tees' rreeting has taken plac8. The tru5t88s meet a y8ar in furtherdrn￿ of the trust's oty'ectwe of rn8king grant5 to charitsble bodi8s. They deal ￿th all applications from charities during the period leading up to the distributions.. many of these will be on8S that have been coming to the trustees on an annual basis for many y8ars and som8 will L* n8w chantie5 approaching the trust for the fiTSt time. All ar8 $¢rutinised and deci￿on made as to WI￿ther to make a distribution (x not. Pdge 1 The James Weir Foundation Dated 10 January 1967 Trusteg5' Annual Report for the year ended 31 December 2024 f¢ontinued) Achlevements and P8rformane8'. During the y88rended 31 DecBrnber2024 thetrustees met the twst's objectNe5 by rnaking grants tolalling £269.000 as shown ￿ pag8s 11, 14to 15. Financial Revlew.. Total incom8 was £361,416 12023." £340,061) with expenditure amounting to £356,35412023'. £330,912). Net assets al the end of tt)e year were £10.786.781 12023.. £9,897,643). Th8 valua of the investments in￿e&￿ed by £884,075. Investment Powers and Poll¢y: The truste8s have powers of investment of beneficial owners and additsonal powers iwluding the F)owers of appropiiatson conferred Upon pe￿onal repfesentatives by the Administration of Eststes Act 1925 and May exercise such FK)W8rs without any of the consents required by Ihe Act. They a￿ ernts.tled lo emFAoy prolessk)nals to prO¥￿e such servi￿$ as fund managers for th8 trustses. Sarasin & P8rtn8rs h8ve acted 8s fund managers for the trustees sirr* August 2014. The investment polw is to generate th8 opts'mum amount of income lor distribution whilst tnaintainiry capital growth. R￿erveS. The F)01￿Y of the trustees is to aim to distribute a11 the ino)me as It arises to charities each year and not to accurnulate reserves. Ttw use th8ir discretion to distribute fvom capital from time to tinE. Risk Managèment: The trustees have assessed the major r&ks to wh￿h the charty is exposed and a￿ sab"sfied they are not 8XP088d to any significant risks, other than the fluctuation in the value of their inv8Stm8nt )rtfolio. They have d81egat8d the rnanagement ol the portfolio to prof85510n81 rnanagets and ￿gUladY review their perfomian¢e. Publlc Beneflt.. Th8 object5 of the trust (see atx)vel are clearty of public benefit both directty and indirectly arKI due regard has been paid to the publ benefrt guid8nc8 published by the Charity Commission. Plans for the Future: Th8 trustee5 plan forthe lutuie Isttscontinue theirgrant making policy thus assisb'ng the tharibes in fuKilling their objectNes. The trustees aim to utilis8 th8 unrestficted and endowment funds to achieve this obiectwe. Structure overnance and mana ement Setuor.. James George Weir C.M.G. C.B.E. (died 7 Novemb8r 19731 Name ofthe Charlty.. Th8 Jarne5 Weir Foundats"on The principal governing dwument is a Settlernent dated 10 January 1967 The Trust a private tharitatAe trust corilrolled by its trustees. There af& no pow8r5 above arid beyond the statutory FX)wers of appointing new trustees following the death of the setuor. If new or additional trust88s are appointed they wll be encouraged lo ￿Ceive appropriate training dependirKJ on their qualrficats.on and experience. Page 2 The James Weir Foundalion Dated 10 January 1967 Twstees, Annual Report for the year ended 31 December 2024 (ContInu￿1) Structure ovemance and mana em nt {continued) Cha￿ty Reglstratlon Number: 251764 Trust Administration: The administmtion of the trust is carried out by the Secretsry, reporting directly to the trustees. Trustees, meetings are hdcl twi￿ a year. at which the financial perf(xMan￿ 18 r8Vi8W8d d8ci510n5 tsken on the distribUti(￿S to charit￿5. Audltor: In ac¢ordanc9 Wlth th8 chartys 8rtiC￿8, a r8501ution proposing that Mercer & Hole LLP be reapFx)inted as auditor ol the chanty will be put at a Trust8es M8ets'ng. Reference and administrative infomation Trust8e8: SirrK)n Boriham Mrs Elizabeth Ann Bonham William Jay Duca5 Sophie Burktrmurphy Edwdrd K8nneth W8ir Principal Office= Apt 309 S Eastfields Avenue London SW18 1FU Accour￿n1$. Mer￿r & Hole Trustees knmited 72 London Road St Albans Hert5 AL11NS Audltors: Merc8r & Hde LLP 72 London Road St Mbans H8rts AL1 1NS Bankern: CAF Bank Limited 25 King5 Hill Avenue West Malling Kent ME19 4JQ Investment Managers: Sarasin & Partners 100 St Paul's Churd)yard London EC4M 8BU Page 3 **The James Weir Foundation Dated 10 January 1967** ## **Trustees’ Annual Report for the year ended 31 December 2024** _**(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 AUDrroR'S REPORT tothe Trustee¥ of The Jame5 Weir Foundatlon-A Rtrgl8t8red Charity Oplnion WÉ have audited the fmancial slatetnents of The Jaffles Weir Foundation Its 'cl)arily'l for thè y&ar ended 31 December 2024 whid) cTrnpri5e Statèmenl of Financial ActsvilRs, Ihe Balance Sheet and nol&S lo the financial slalemenls, including significani attounling policies. The financial repotting framework Ihat has been applied in Iheir pBpardtion is ap￿1¢able law and United knngdom Accounting Standar(Is. induding Financial Reportng Standard 102 rhe Financièl Rewrting Standanl applicablg ift the UK Repubhc of Ireland Iunited Kingdom G8nerally A￿pted Accounting Practseel. In ouropinion th8 financial stalernenls.. ' give a true and fairwewof the slate of the chanty's affair5 as al 31 December 2024, and of its incotning resource5 applitslion of re50urces, Including its incom8 and expendilur8, for the year thén ended,. . have b8en property prepared in ac(vrdance with Unile(l Kingdom Generalty At£?pled Acwunting Practice.. and . have been prepared in accordan* wilh the ￿qUirements of the Charitie5 Ad 2011. Ba81s lor opinion We condurted our audit in e￿ordanCe wlh Intemalional Standards on Auditing IUKI IISAS IUKII and appI￿able law. Our responsibilibes under those slandafds are further desr￿bed In the Auditor'8 r8sponsibililies for the audit of the finanual 5tstemenls section of (Jur ￿POrt. We are ind8p8ndent of the charity In accordance with the ethicxl requirements that ar& relevant ￿ our audit of the finantial stalemenls in the UK. inGludirwJ the FRC'S Eth￿1 Standard. and we have fulfilled ourolherelhical resprx)sibi11ties in 3c£ordance with ttE5e requirements. We believe that the audit Èwdence we havÈ obtained 15 suffici￿1 and appropriaté to Provide a basis for wr opinion. Concluslons relating to golng GonGtrm In auditing thè finanaal slateTnents, we have concluded ihat Ihe trustees, use of the wing r*)￿ern ba&s of accounting in the prepar3ti0n of the finanaal st8t8menls Is appropriate. Based on the work we have perforrned, wè have not identifi8d any materi31 unc8riainties rdaling to events or condit￿S Ihat. indimdually ￿ collecbv8ly. may Gast $ignifi¢ant dwbt on Iht tharily's ability to continue as a going concem fora ￿n0d of al least Iwelve monlhs from when the finan(xal statements a￿ authrrised for issue. Our responsi￿lItieS and the respon81bililies of thè trustees wth respect lo going cort8m are de5(xbBd in th? lèvant sections of tt)is report Other informatlon The other information comprisès the infornation induded in Ihe trusl88s annual report, okner than the finartKg1 statements and our auditor's ￿portthereOn. The trustees are responsiNe forlhe olher Information contained *iihin Ihtr annual report. Our opinion on the finanaal ststernents does not cover the other 1nforrnaknon and. ex￿pt to the exlenl othefwis? expliryuy stated In our rewrt, wè do not express any fomi of assurancè condusKn Iherèm. Our rtsponsibilily to read the other infornalion and, in d(Mn9 so, consider whether the olhÈr infomiatson 1$ matenally in￿Sistent wilh Ihe finanrxal statements or our know￿dge obtained In the coursé of the audit or othe￿i￿e appears to be rnalerially m15s1ated. If we identify such matenal Incon515tenties or apparent material misslatemenls. we are requir&d to delerrnine wh8ther Ihis gives rise to a material misstalemenl in thè financial 5tstemènls Ihemsefves. If. based on Ih& work we havtr p?rfomied. we condude Ihal ther8 is a material ml&8tatement of this ether inforrTiation, we a￿ required to r8POrt that fact. We have ￿tt)Ing lo rel￿ in this regard. Matters on whith w8 are requirÈd to report by extèptlon We have nothing lo rewrt in r8specl of the fdlowng matters in rdation lo which the Charities lkncounts and Reports) Regulalions 2￿8 ￿qUIre u5 to report lo you If. in ouropinion.. . the infom8tion given th? fmancial Statem￿t$ is inconsistent in any Tnalwal rèspect wilh the trustees, repoyl", or . the charity has rnt kept 8dequal& acwunting record8', or . the financial statements ale not in agreement with th& a¢￿Unting reixJrd8 relurns", • we have not r￿1Ved all the inforTnati¢)n and explanations we reqiire for our audit. Re5ptsnslbllltles of trust088 As 8xp181ned more fully in the trustees, ￿POnsibl11t1es 5t818m8nl. the trustees ar8 respwsible for the preparation of the finanual statements and for being salisfie(l that they give a true and fair view.. and for such internal contr as the trustees delemine is ne￿$Sary lo enable the prepardtion of finanual Statements thatare free frotn material mi5slatément. whelherdutr to fraud or error. In y&pariry the financi81 slalements, th& Iruslees are responsible for a55essing Ihe chafity's atslity to conliwe as gong concem. disdosing, as applIca￿e. mattets ralated to going concern and using Ihe going conGem basis of Page 5 accounting unless the trustÈes either Intènd to liquidate the charity or lo cease operat￿ryS, or have m raallstic aMern8twe bLJtta do so. Audltorfys re¥pon81bili¢ie$ for thè audit of the finan¢lal 8tst8ments We haw& been 8ppoin18d as auditor under section 144 of the Charititts Act 2011 and report in accordanca with regulations made undefsectpon 154 of Ihat Act. Cxjrobjectives arè to ot)tsin reasonable assurance about ￿t￿the￿the financial strtements as a whole arèfree fr¢ material tlliSStalem8nl, whether du& to fraud or error. and to issue an auLlilor's re￿rt Ihal includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted ITr accordance %Mth ISAS IUKI VAII always delett a Tnalerial tnisslatemant when il exists. Misslalements can arise frorn fraud or e￿Orant1 are rx)nsidered material if. individuallyor in the aggregate. ￿eY Could reasonably beexp￿tsd toinfluence the economic deasK>ns of ￿erS taken on Ihe basis ofthese f￿antial stslem8nts. IrrÈgularthes, including fraud, are inslances of ￿n￿MplIan￿ vrilh laws and regulations. We LlesYJn procedures In line wth our responsiknlilies. ouuined above, to delect tnalerial mN%statements in ￿pect of irregularits"es. including fraud. The e¥lenl to ¥Yhich our pr￿edureS are Gqpable of d8tecbng irregularities. including fraud. is deleiled below. Explanation a8 towhatextent thÈ audliwa8 ¢on$lder8d capable of dettrcting IFregLttariEie$. Includlng fraud We gained an understanding of the legal and regulatory fram8wotk atvlicabltr to the chanty and the environment in which il operates and consider80 the risk of acts by Ihe charity that were conlrdry io applicable laws régulations, Induding fraud. We evaluated managemenl's incentives and opportunities lor fraudulent manpu￿tion of Ihe financial staternents and the financial report linclu¢ing the risk of ovemde of c￿trolS1, and Lletemined Ihat lh8 wnupal nsks we related to Posting Inappropriate entnes inckn(Jing to cverslate revenue or understst? experxlilure and managerrenl bias in a¢uunting estirTr4le8. Audit procedures tArfernitrd by the engag8rnwl team included.. . di5CV5s10ns with manag8menl. induding ton51deratst￿S trfknown orsuspectsd instarw of non- cornplignc&%trith laws and regulations and fraud". ' gaining an underslandir@ of tnanagemenl's ciJntro15 d8Agned to prevent an(J detect irregulanb"es', and IdentifwrKJ and tÈsbngjoumal entrie5. Because of the inherent l1wital￿ns of an audit. there is a risk that we wll notddect Il irregularities, includiw those leading lo a tnalerial misstalemenl In the finanoal stalÈmenlsornon-complianctr￿th regulation. This risk in¢rea5es the rnore that compliance wlh a law or regulation is removed from thé events and transactions r8flected in th8 financial statements. as we will be ltrss likely to ￿corTE aware of ir￿￿nceS of nan-compliance. The risk is also greater re98rding irre9ul8rities occurying due to fraud rather than &iror, as fraud Involves intentional wnc88lmenl. forgery. ccdluS￿, omission or rni5reyeseniation. A further description of our responsibilities is available on the Finanaal Reportjng Council's website at.. hll s Ilwmv.Irc.or .uklOur-WorklALJdiVAudil-andassur3n￿l$tsnd8rds-and foi-audilorslAudilors-res uidarvlSlandards-3rKI uidan nsibilities-lor-audivDesc This description fom5 part of audilorfs rewrt. bilitie&-fthaud¢t. Use ofour report This report is made solely lo the charity's trustees, as 8 body, in acLordance with Part 4 of the Charities (Accounts and Reports) Regulat￿n5 200B. Our auditwork has been undertaken 50 Ihatwe rn￿h1 stala tothe charity'struslees those mailers we are r8qiJire(I to stale lo them in 8n au(Jilor's rewrt and lor ￿ Olher purpose. To the full8$1 exlenl pprmitted by L3w, we do not accept c* assume responsibility lo anyone other than the charity and the charity'5 Irustee5 as a ￿dy, forour audit work. lor thi5 rekxirt. orfor Ihe o￿nI￿$ we have foftYEd. Steve Robinson, Senior Slatuluy Audiliy ￿er￿r & Hole LLP, 72 London Road. StAbans. Harts, AL11NS Mefcer & Holtr LLp￿ el￿1￿1• lo acl8S an èudilorin tsmisolsscbon 1212 ofth& COmpan￿S Acl 2(￿. Page 6 The James Weir Foundation Dated 10 January 1967 Statement of Financial Activities for the year ended 31 Dec•mber 2024 Expendable Endowmènt Funds Unrestricted Incomè Funds 2024 Total 2023 Total Note Income and endowments: Incomlng Resources Income from investments Rebates on investrnenl management costs Total In¢ome and endawments 289,077.35 289,077.35 72,338.30 361,415.65 272,069 87,992 340,061 72,338.30 72,338.30 289,077.35 Expanditure on.. C051s of raising funds Investment management costs Charitable aetivth'es Total èxpenditure 53,691.06 53,691.06 302,663.02 356 354.08 51.319 279,593 330.912 302.663.02 302,663.02 53.691.06 Net galnslllossesl on Investments 884,076.15 884.076.15 558,423 Net movem•nt in funds 902,723.39 113,585.671 889.137.72 567,572 Reconclliation of funds Total funds brought forward 9.691.954.95 205,688.08 9,897,843.03 9,330.071 Totsl funds carrlod forward 10,594,678.34 192.102.41 10.786,780.75 9,897,643 Page 7 **The James Weir Foundation Dated 10 January 1967** ## **Balance sheet** ## **31 December 2024** |**Note**
**Fixed assets**
Listed investments at market value
**6**
**Current assets**
Balance with investment managers
Balance at CAF Bank
**Total current assets**
**Current liabilities**
Creditors: Amounts falling due within one year
**7**
Balance at CAF Bank overdrawn
**Net current assets/(liabilities)**
**Total net assets**
**The funds of the charity:**
**Unrestricted funds**
**Expendable endowment funds**(page 7)
**Unrestricted income funds**(page 7)
**Total charity funds**
**8**|**2024**
2023
**£**
**£**
£
£
**10,792,546.02**
9,899,645
**9,963.10**
133
**5.68**
11,665
**9,968.78**
11,798
**15,600.00**
13,800
**134.05**
-
**15,734.05**
13,800
**( 5,765.27)**
(2,002)
**10,786,780.75**
9,897,643
**10,594,678.34**
9,691,955
**192,102.41**
205,688
**10,786,780.75**
9,897,643| |---|---| Approved by the trustees on ............................... and signed on their behalf by ............................................... (Trustee). Page 8 The James Weir Foundatlon Dated 10 January 1967 Not￿ lo the Accounts for th8 yoar ended 31 D8c8mber 2024 ountlng pollcl88 Basls of pr8parallon The financial stat&mÈnls have been prepared to give a Mrue and fairf view and have Iher8fore necessarily depsrt8d from the extant Charities (Accounts and Reports) Regulations 2008 only to the Èxtènt rÈ4uired lo provide a Irue and fairf view. Thi5 departure has involved following the Statement of Recomrnended Practice.. Accounting and Reportsng by Charities applicable to tharilies p￿paring their finanoal 5tatemen15 in accordance with the Financial R&portsng Standard applicable in th8 UK and R8public of Ireland IFRS 1021 published on 2 Ortober 2019. The trustees consider that theo are no rnalerial uncertainties about the FoJndation's ability to continue as a going concern. There are no material uncertainties affecting the Gurrent year's acLounts. In luture years. the key risk5 to the Foundation ar8 fluctuation in th8 value of their investFnenl and a fall in investsnenl income bul Ihtr trust8es have arr3ngetnwts in place to mitigate those risks by delegating the rnanagemenl of the pOrt[d￿ to professional manag8rs and regulady reVie￿n9 their performance. The charty has taken advarFtag8 of the provision in tt)e SORP for tharities applying FRS 102 U￿at& Bulletin 2 not to prepare a Ststement of Cash Flow. Fund5 SlwGture The endowment funtss represÈnt the origitial cypilal gift to the charity. plus subsequent addikn'ons to Ihe endowment, less amounts which have been trdnsferred lo th8 unr88tricted funds for distiibution. Th8 trustees are enlillÈd to use the Èndowtnenl in futherance of the general objectives of the charity al their discr6lion. and th8y trdnsf8r funds from the endowmént to th¥ unrestricl8d funds as r￿UIred. Unresthcled fund5 represent Ihe income arising fronTr th8 endowm8nt, and tt)e Irusi8¥s aim to expend th8 Income for tharitablÈ purposes Mlhin a reasonable period of receipt. Incom8 recognltlon All Income is recognised On￿ the ¢hatTiy has ent￿e￿￿ent to the resources. il is certain that th8 sources wll be received and the mnetary valu8 of incoming r*s.00 Total 269,000.00 Page 15