DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
Charity number: 252973
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE BARBARA WELBY TRUST
DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
THE BARBARA WELBY TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
THE BARBARA WELBY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023
Trustees C W H Welby, Esq V V Welby, Trustee (appointed 16 May 2023) S F Welby M F Elliott
Charity registered number 252973 Principal office 9 New Square Lincoln's Inn London WC2A 3QN Accountants Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers C Hoare & Co. 37 Fleet Street London EC4P 4DQ Legal adviser Hunters 9 New Square Lincoln's Inn London WC2A 3QN Investment adviser Rathbones 8 Finsbury Circus London EC2M 7AZ
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DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
THE BARBARA WELBY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2022 to 5 April 2023.
Objectives and activities
a. Policies and objectives
The trust deed of 12 June 1967 gives the trustees power to apply funds both as to capital and income for such charitable purposes, and in such proportions, and in such manner, and subject to such terms and conditions as the trustees may in their absolute discretion determine. The trustees continually consider possible charitable beneficiaries and bear in mind the express preferences of the creator, namely Barbara Lady Welby. The trustees are not restricted in their charitable benevolence nor do they regard themselves as bound by precedent. The trustees annually consider their investment policy with their stockbrokers, Rathbones.
The trustees are appointed in accordance with the terms of the trust deed.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The objects of the charity are to apply the funds vested in the trust for charitable purposes as the trustees may themselves determine. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the trust’s aims and objectives, and in planning future activities and setting the grant making policy for the year.
The trust carries out these activities by providing grants to causes and charities that the trustees consider appropriate, with a particular emphasis on the Lincolnshire area.
The beneficiaries of the grants receive the benefits provided by those organisations that receive funds directly from the trust.
Achievements and performance
a. Review of activities
The trustees' investments are held with a view to producing income for distribution to deserving organisations. The trustees are satisfied with the financial position of the trust at the balance sheet date and for the foreseeable future. Having been suitably endowed many years previously, the charity is financially independent of any other source and operates independently of any other organisation. The trustees are content with the present investment policy, and have reviewed the services of all their professional advisers and their bankers and decided to make no changes.
The reserves policy is to hold the investments, together with a reasonable cash reserve to meet the trustees' day to day commitments.
The trust's incoming resources were £8,113 less than the previous year. £31,500 was donated during the year to those charities selected by the Trustees.
The reserves held at the year end were £1,321,003.
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THE BARBARA WELBY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Financial review
a. Going concern
The trustees are confident that the charity has adequate financial resources to continue in operational existence for at least twelve months following approval of these financial statements which have, therefore, been prepared on the going concern basis.
b. Reserves policy
Due to the discretionary nature of the grant making activity, the trustees do not consider it necessary to have a formal reserves policy. The trustees are satisfied with the level of reserves held.
Structure, governance and management
a. Constitution
The Barbara Welby Trust is a registered charity, number 252973, and is constituted under a Trust deed. The principal object of the charity is to provide apply the funds vested in the trust for charitable purposes as the trustees may themselves determine.
b. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The trustees intend to hold the investment portfolio into perpetuity and distribute the income generated by way of grants to other charitable organisations.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ C W H Welby, Esq
Date: 01-Feb-2024
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THE BARBARA WELBY TRUST
INDEPENDENT EXAMINER'S REPORT
Independent examiner's report to the Trustees of The Barbara Welby Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
01-Feb-2024 Dated:
Janice Matthews FCA
Menzies LLP
Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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THE BARBARA WELBY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Note Income from: Investments 2 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net (expenditure)/income Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 31,462 31,462 6,499 42,204 48,703 (17,241) (137,826) (155,067) (155,067) 1,476,070 (155,067) 1,321,003 |
Total funds 2023 £ 31,462 31,462 6,499 42,204 48,703 (17,241) (137,826) (155,067) (155,067) 1,476,070 (155,067) 1,321,003 |
Total funds 2022 £ 39,575 |
|---|---|---|---|
| 39,575 | |||
| 7,219 46,050 |
|||
| 53,269 | |||
| (13,694) 25,630 |
|||
| 11,936 | |||
| 11,936 | |||
| 1,464,134 11,936 |
|||
| 1,476,070 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 12 form part of these financial statements.
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THE BARBARA WELBY TRUST
BALANCE SHEET AS AT 5 APRIL 2023
| Note Fixed assets Investments 7 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 9 Total funds |
51,631 51,631 (14,620) |
2023 £ 1,283,992 1,283,992 37,011 1,321,003 1,321,003 1,321,003 1,321,003 |
73,068 73,068 (25,446) |
2022 £ 1,428,448 |
|---|---|---|---|---|
| 1,428,448 47,622 |
||||
| 1,476,070 | ||||
| 1,476,070 | ||||
| 1,476,070 | ||||
| 1,476,070 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
_________
C W H Welby, Esq
Date: 01-Feb-2024
The notes on pages 7 to 12 form part of these financial statements.
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DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
THE BARBARA WELBY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Barbara Welby Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The trustees are confident that the charity has adequate financial resources to continue in operational existence for at least twelve months following approval of these financial statements which have, therefore, been prepared on the going concern basis.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Governance costs are those incurred in connection with administration of the chairty and compliance with constitutional and statutory requirements..
Cost of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities..
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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THE BARBARA WELBY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. Accounting policies (continued)
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
2. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Investment income | 31,462 | 31,462 | 39,575 |
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THE BARBARA WELBY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
3. Analysis of expenditure by activities
| Charitable Activities Total 2022 |
Activities undertaken directly 2023 £ 31,500 36,500 |
Support costs 2023 £ 10,704 9,550 |
Total funds 2023 £ 42,204 46,050 |
Total funds 2022 £ 46,050 |
|---|---|---|---|---|
Analysis of support costs
| Bank charges Governance costs Total 2022 |
Activities 2023 £ 360 10,344 10,704 9,550 |
Total funds 2023 £ 360 10,344 10,704 9,550 |
Total funds 2022 £ 360 9,190 |
|---|---|---|---|
| 9,550 | |||
4. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,900 ( 2022 - £2,640 ).
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DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
THE BARBARA WELBY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
5. Charitable donations
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Allington Church | - | 1,000 |
| Animal Free Research UK | 1,000 | - |
| Barnabus Fund | - | 2,000 |
| Battersea Dogs Home | 1,000 | 2,000 |
| Belvoir Hunt Charitable Trust | 500 | 500 |
| Blue Cross | 1,000 | 1,000 |
| Brooke Hospital | 1,000 | 1,000 |
| Cats Protection | 1,000 | 1,000 |
| Childrens Crisis Appeal | 1,000 | - |
| Children with Cancer UK | 1,000 | - |
| Compassion in World Farming International | 1,000 | - |
| Cruelty Free International | 1,000 | - |
| Demand | - | 500 |
| Donkey Sanctuary | 1,000 | 1,000 |
| Dr Friers Children's Holiday Fund | - | 2,500 |
| Elizabeth Finn | - | 500 |
| FRAME | 1,000 | 500 |
| Game Conservancy | 500 | 500 |
| Grantham Poverty Concern | 1,000 | - |
| Great Ormond Street Hospital | 1,000 | 2,000 |
| Greenpeace | 1,000 | - |
| Highground | - | 1,000 |
| Lifelites | 1,000 | - |
| Lincolnshire Wildlife Trust | 1,000 | - |
| Matt Hampson Foundation | - | 1,000 |
| Mencap | 1,000 | 500 |
| MS Therapy Centre | 500 | 1,000 |
| PDSA | 1,000 | - |
| PETA | 1,000 | - |
| Redwings Horse Sanctuary | 1,000 | 500 |
| Salvation Army | 500 | 1,000 |
| Samaritans Grantham | 500 | 500 |
| St Martin in The Fields | - | 2,000 |
| Stroke Association | 1,000 | 1,000 |
| Stroxton Church | 1,000 | 5,000 |
| The Trussell Trust | 1,000 | - |
| Turkey/Syria Earthquake Appeal | 1,000 | - |
| Turkey/Syria Earthquake Appeal Save the Children UK | 1,000 | - |
| UK for UNHCR | - | 2,500 |
| Ukraine Appeal | 1,000 | - |
| University College Oxford | 1,000 | 1,000 |
| Upbeat Communities | - | 2,500 |
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DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
THE BARBARA WELBY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
| Woodland Trust 1,000 World Animal Protection UK 1,000 31,500 6. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits_(2022 - £NIL). During the year ended 5 April 2023, no Trustee expenses have been incurred(2022 - £NIL). During the year there were no employees (2022 - £NIL). 7. Fixed asset investments Cost or valuation At 6 April 2022 Cash Movements Revaluations At 5 April 2023 Net book value At 5 April 2023 _At 5 April 2022 8. Creditors: Amounts falling due within one year 2023 £ Accruals and deferred income 14,620 |
- 1,000 |
|---|---|
| 36,500 Listed investments £ 1,428,448 (6,629) (137,827) |
|
| 1,283,992 | |
| 1,283,992 | |
| 1,428,448 | |
| 2022 £ 25,446 |
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DocuSign Envelope ID: 5D1C1ACF-5EBB-475A-BD66-4DF147D569EE
THE BARBARA WELBY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
9. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Statement of funds - prior year Unrestricted funds General Funds |
Balance at 6 April 2022 £ 1,476,070 Balance at 1 April 2021 £ 1,464,134 |
Income £ 31,462 Income £ 39,575 |
Expenditure £ (48,703) Expenditure £ (53,269) |
Gains/ (Losses) £ (137,826) Gains/ (Losses) £ 25,630 |
Balance at 5 April 2023 £ 1,321,003 |
|---|---|---|---|---|---|
| Balance at 5 April 2022 £ 1,476,070 |
10. Related party transactions
Hunters Law LLP charged fees of £7,440 (inclusive of VAT) (2022: £6,540) to the charity during the period in respect of legal and administrative costs. Mary Elliott, who is a partner of Hunters Law LLP is a Trustee of the charity.
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