DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E Charity number.. 252973 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 THE BARBARA WELBY TRUST MENZIES BRlbrlTÉR I nlNThlN
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST CONTENTS Page R•f•rèneè and administrativè datails of th• Charity, its Trustèès and advisèrs Trustees. report Indepèndènt axaminar's r•port ststernent of financial activities Balance sheet Notes to the financial statements 7-12
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 Trustees C W H Welby, Esq V V Welby S F Welby M F Elliott Charity registered number 252973 Principal offi¢e 9 New Square Lincoln's Inn London WC2A 3QN Aecountants 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 Lègal advis•r Hunters 9 New Square Lincoln's Inn London WC2A 3QN Investment adviser Rathbones 30 Gresham Street London EC2V 7QN Independent Examiner Janice Matthews FCA Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Pag8 1
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual report together wrth the financial statements of the Charity for the year 6 April 2024 to 5 April 2025. Objectives and activities a. Poli¢ies and obje¢tive¥ The tIU5t d88d of 12 Jun8 1967 give5 th8 trustees pow8r to apply fund5 both 8S to eapital and incorne for such charitable PUIP05es, and In such pioportions, and in such tnannei, 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 ol the creator, namely Barbara Lady Welby. The trustees are not restricted in their charitable benevolence nor do they regard themselves as bound by predent. 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 Comrllission relating to public benefit. including the guidance'Public benefit.. running a charity IPB21'. b. Main activities undertaken to fvrther the Charity'8 purposes for the public benefit The objeds of the ¢h8rity ale to 8pply the funds vested in the trust for chaiitable puip05es 85 the tiustee5 m8y themselves determine. The tiustee5 confirm that they have referred to the guidance contained in the Charity Cornrnission'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 fvnds directly from the trust. Achievements and performance a. Review of activities The trustees, investments 8re held with a view to pioducing Income foi distribution to deserving organisations. The tIUStees are Satisfied wth the financial position ol the trust at the balance sheet date and for the foieseeable futur8. Having been suitably endowed many years previously, the charrty is financially independent of any other source and operates independently tsf any tsther organisatitsn. The trustees are content with the present investment policy, and have reviewed the servitss of all their professional advisers and their bankers and decided to make no changes. The reserves policy is to hold the investments, together wth a reasonable cash reserve to meet the trustees, day to day commitments. The trust's incoming resources were £864 less than the previous year. £17,500 was donated during the year to those charities selected by the Trustees. The ieserves held at the year end were £1,333.683. Pag8 2
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Financial review . Going concern The trustees are confident that the charity has adequate financial resources lo continue in operational existen for at least twehfe months following appiov81 of these fin8nci81 st8lernents which have. therefore. been prepared on the going concern ba51S. b. Rèserves policy Due to the discretionary nature of the grant making activity, the trustees do not consider it necessary to have a fomal 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 lo 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 whith the Ch8rty is exposed. in particular those related lo the oper*ions and fin8nces of the Chaiity. and 8ie sat15fied th81 systerns and produleS 8ie in place lo mitigate exposure to the major risks. Plans for future p8riods 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.. Do¢u8b¥Adby.' fr452WTQIF&....................... C W H Welby, Esq Date.. 23-Jan-2026 Pag8 3
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST MENZIES INDEPENDENT EXAMINERS, REPORT Indep8nd8nt examiner's report to the Trustees of The Barbara W8lby Trust I'the Charity) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025. Responslbllltles an(1 basls 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 I'the 2011 Act'l. 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 14515llbl of the 2011 Act. Independent examiner's ststement 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 01 the 2011 Act., or the accounts do not accord with those records,. or the accounts do not cornply with the applicable requirements concerning the forrn and content of accounts set out in the Gharities (Accounts and Reports) Regul8tions 2008 other th8n any requirernent that the accounts give a 'lrue and fairf view which is not a matter considered as part of an indepelldent 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 l rnight state to the Charitys Trustees those rnatters I arr required lo slate to them in an Independent examiner's report and for No other purpose. To the fullest extent permitted by law, I do not acTrpl or assurne responsibility lo anyone other than the Charity and the Charitys Trustees as a body, for my work 01 for this ieport. Signed.. Dated.. 23-Jan-2026 834F240E92A4471 . Janice Matthews FCA Menzles LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Pag8 4
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestrlcted funds 2025 Total funds 2025 Total fiinds 2024 Note Income from.. Investments 30,747 30,747 31,611 Total income 30,747 30,747 31,67Y Expendlture on.. Raising funds Charitable activitleS 6,935 29.539 6,935 29,539 6,685 46, 144 Total expenditure 36,474 36,474 52,829 Net expenditure before net 110ssl19aInS on investments 15,7271 170,3381 15,7271 170,3381 (21,278) 109,963 Net Ilossesllgains on investments Net lexpenditurellincome 176,0651 176,0651 88, 745 Net movement In funds 176,0651 176,0651 88, 745 Reeonciliation of fund$= Total funds brought fotward Nel movement IN funds 1,409,748 176,0651 1,409,748 176,0651 1,321,003 88, 745 Total funds carried forward 1,333,683 1,333,683 1,409, 748 The Statement of fin8nci81 activities indudes all gains and losses recognised in the ye8r. The notes on pages 7 10 12 fortn part of these financial ststemenls. Pag8 5
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 Note Fixad assats Investments 1,311,803 1.387,363 1,311,803 1.387,363 Curnt assets Cash at bank and in hand 31.026 40,302 31.026 40,302 Current liabiliti•s Creditors.. amounts falling due within one year 19,1461 {17,917J Net current assets 21,880 22,385 Totsl a¥$ets less current liabilities 1,333,683 1.409, 748 Totsl net a¥¥ets 1,333.683 1.409. 748 Charity funds Unrestricted funds 1,333,683 1.409, 748 Totsl funds 1,333,683 1.409, 748 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by". tkxuSbJMdby'. C W H Welby. Esq Date.. 23-Jan-2026 The notes on pages 7 to 12 form part of these financial statements. Page 6
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies 1.1 Basis of preparation of financial 8tatement8 The financial 5tatetnent5 have been prepared In accordance with the Charities SORP IFRS 1021- 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 IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a'true and lair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Pr8clice effective frorll 1 April 2005 which has since been withdrawn. The B8rb8r8 Welby Trust rneets the definition of 8 public benefit entity undei FRS 102. Assets and liabilitie5 are initially iecognised at historical cost or transaction value unless otherwise stated in the ielevant accounting policy. 1.2 Going conearn The trustees are confident that the charty 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 enlillement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation to investment income is recognised al the time the investment income is reivable. 1.4 Expenditure Exp8nditure is recogni58d once there 15 a 18g81 or constructThf8 oblig8tion to tran5f81 economic benefit to 8 third party, it 15 probable that a tran5fei of economic benefits will be required in settlement and the amount of the tsbligatitsn can be measured ieliably. 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 Govemance costs are costs incurred on the charity's operations. including support costs and costs relating lo the governance of the charity 8PPOrtioned lo charitable activities.. Grants payable are chaiged in the year when the offer is made except in those cases where the offei is nditional, such grants being recognised as expendrture when the conditions attaching are fulfilled. Gi8ntS offered subject to condition5 which h8V8 not be8n tnet at the y88r end are noted a5 8 commitment, bLrt not accrued a5 expenditure. Pag8 7
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies Icontinuedl 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 8re deposited. 1.6 Investments Fixed a55et inve5ttllent5 are a fom ol financial Instrument and ale 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 'GainsllLossesl 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 investrnents with a short rnaturity of three months or less frorn 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 al the Balance sheet date as a resul of 8 Past event. it is probable that 8 tr8nsfei of econoTnic benefit will be required in settlement, and the amount of the settlement ran be estirnat8d reliabty. Liabilities are iecognised at the amount that the Charty anticipates it will pay to setlle the debt or the amount it has received as advanced payments lor the goods or services it must provide. 1.9 Flnanelal 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 rnethod. 1.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the gener81 objectives of the Charity and whioh have not been designated for other purposes. Invèstment ineomè Unrestrlcted funds 2025 Total funds 202S Total funds 2024 Investment income 30,747 30,747 Pag8 8
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Analysis of expenditure by activitie5 Activitie¥ undertaken directly 2025 Support costs Total funds 2025 Total Mnds 2024 2025 Charitable Activities 17,500 12,039 29,539 46, 144 Tol812024 32,500 13,644 46, 144 Analysls of support costs Total funds 2025 rotal funds 2024 Activities 2025 Bank charges Governance costs 360 360 360 11,679 11,679 13,284 12,039 12,039 tS,644 Total 2024 13,644 13,644 The Trust had no ernployees during the year. (2024- NILI Independent examinèr's rernuneration The independent examiner's remuneration amounts to an independent examiner fee of £3,46512024- £3, 750). Pag8 9
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Charitable donations 2025 2024 Anirnal Free Research UK 500 5( Battersea Dogs Horne Belvoir Hunt Charitable Trust 500 1,0( 500 soo Blue Cross 7,000 1,000 650 Brooke Hospital Cancel Research 500 Cats Protection Children with Cancer UK Compassion in Worfd Farming International Cruelty Free International Dementia UK Donk8y Sanctuary Dr Friers Children's Holiday Fund Drone to Horne 500 500 soo 500 5( 5( 500 500 7,000 500 500 1,0( 5( 500 East Anglia Children's Hospices FRAME Friends of the Earth Game Consetvancy Gr8nlham Foodbank Granlharn Poverty Concern Great Omond Street Hospital Greenpeace Humane Society Intemational Intern8tion81 Fund foi Anirnal Welfaie Joss Searchlight soo 500 soo 500 7,000 500 500 500 500 500 soo 500 1,0( 1,0( 1,000 500 1,000 500 500 500 500 500 5( 5( Lincolnshire Bomber Cornmand Memorial Lincolnshire Wildlrfe Trust 1,000 500 soo Mencap MS Therapy C8ntre PDSA PETA Redwings Horse Sanctuary Red Cross Gaza Appeal Retraining of Racehorses RVC Animal Care TIu5t 500 1,000 500 500 500 1,0( 5( 500 7,000 350 soo 500 500 Saation Arrny Samaritans Granlharn Save the Children Gaza Appeal Stroke Association Stroxton Church 500 5( 500 5( 500 t,000 1,000 1,000 500 The Goed Lif8 P8g8 10
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 EDAN Lines University College Oxford Woodland TIu5t soo 500 7,000 500 Whyzz Kidz World Animal Protection UK 1,0( 1,0( 500 17,500 32,5( Tru¥tee¥' remuneration and expen8e¥ During the year, no TtU5tees leiVed any remuneration or other benefits12024 - £NILJ. During the year ended 5 April 2025, no Trustee expenses have been incurred (2024- £NIL). Fixad assèt invèstmènts Listed investments Cost or valuatlon At 6 April 2024 Other Movernenls Revaluations 1,387.363 15.2221 170,3381 At 5 April 2025 1,311,803 Net book value At 5 April 2025 1,311,803 At 5 Apnl 2024 1,387,363 Credltors.. Amounts fallSng due wlthln one year 2025 2024 Accruals and deferred income 9,146 17,977 Pag8 11
DoGusign Envebpe ID". 384043EO-4D9843CF-8849-A13AE8EFBF1E THE BARBARA WELBY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Statement of funds Statement of funds- Gurrent year Balance at 6 April 2024 Gainsl Balance at 5 (Loss) April 2025 In¢ome Expenditure Unrestricted funds 1,409,748 2B.966 136.4741 168,5571 1,333,683 General Funds Stat•m•nt of funds- prior yèar Balance at 6 Apnl 2023 Gairtsl (Lossesj Balance at 5 Apnl 2024 Income Expenditure Unre¥tri¢ted funds 1,321,003 37,611 (52,8291 109,963 1,409, 748 General Funds 10. Related party transactions Hunters Law LLP charged fees of £8.214 linclusive of VATI12024.. £10.1341 lo the Charity during the period in respect of leg81 and 8dminislralive costs. Mary Elliott, who is a partner of Hunters Law LLP is 8 Trustee of the ch81ty. P8g8 12