REGISTERED CHARITY NUMBER: 256279
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
FOR
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
Chariot House Limited Chartered Accountants and Statutory Auditor
44 Grand Parade Brighton BN2 9QA
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 20 |
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
The trustee presents its report with the financial statements of the charity for the year ended 31 March 2022. The trustee has adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objectives of the Charity are to provide monies for the purposes of providing medical research and promoting neurological research throughout the UK and providing funding to the Department of Neurological Studies at the Middlesex Hospital and Medical School, London now part of University College London.
It has been a specific policy of the trustee to support many areas of neurological research including the development of new neuro-protective drugs associated with cardiac and neuro-surgery. In particular, these funds have been devoted to an ongoing research programme in the Neurological Department of the Middlesex Hospital Medical School.
Significant activities
The Reta Lila Weston Institute for Neurological Studies has been supported by the Reta Lila Weston Trust for Medical Research for many years and is a world leading centre focused on into neurodegenerative diseases and stroke. This work is presented in international peer reviewed papers and meetings. The Reta Lila Weston Institute collaborates closely with many research departments within University College London and other academic groups in the UK, US and beyond.
The Institute is led by Professor Thomas Warner and undertakes important research in clinical features of Parkinsonian disorders and dementia. In addition, the laboratory undertakes genetic and cell biological research to identify disease mechanisms in neuronal models derived from induced pluripotential stem cells. The Reta Lila Weston Institute is closely linked with the Queen Square Brain Bank (QSBB) which is a world leading centre for the study of neuropathology, and there is an active programme of research in the brain tissue available at the Brain Bank.
The charity continued to support two new major research projects into Parkinsons disease and into cognitive decline. The total grants for these two projects will be £1,460,000.
Public benefit
The trustee has had regard to the Charity Commission guidance on public benefit and paid due regard to it in deciding what activities the charity should undertake.
The trustee is satisfied that the ongoing grants being made mean that the charity is continuing to meet the public benefit requirement.
Grantmaking
Details of grants paid in the year are shown in note 5 to the accounts.
Page 1
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
FINANCIAL REVIEW
Investment policy and objectives
Investment powers are governed by the Trust Deed which permit funds to be invested in any security as may be thought fit.
The investment policy of the charity is designed to enable the trustee to achieve sufficient resources to pay out grants and to achieve the objectives of the Reserves policy.
Investment market movements have resulted in a rise in investment values, and the trustee considers that the investment performance has been satisfactory in the light of market conditions and investment objectives.
The trustee considers the main risk for the charity is fluctuation in investment returns. The risk is managed by agreement with the investment managers of an appropriate investment diversification policy and by monitoring this policy and investment value movements with the investment managers.
Reserves policy
The trustee seeks to maintain the value of the endowment as adjusted for United Kingdom inflation since April 2001. The trustee also seeks to maintain adequate available monies to enable the smooth day to day operations of the charity.
Investment income amounting to £464,386 was earned. Losses on investments during the current year amounted to £7,250,472.
Four grants amounting to £1,012,424 were paid during the year, in accordance with the above policies and objectives.
Investments had a market value of £34,961,670 at the end of the period. Overall the net assets of the Trust at 31 March 2022 are £32,703,401. The funds are adequate to fulfil the obligations of the Charity.
The trustees consider the main risk for the charity is fluctuation in investment returns. The risk is managed by agreement with the investment managers of an appropriate investment diversification policy and by monitoring this policy and investment value movements with the investment managers.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Organisational structure
The Reta Lila Weston Trust for Medical Research is a registered charity (registered number 256279). The operation of the charity is governed by a Trust Deed dated 5 January 1968, as modified by a scheme of 30 October 2001, whereby the Reta Lila Howard Foundation (registered charity number 1041634) is the sole trustee of the Trust. These accounts comply with this Trust Deed and with current statutory requirements.
The trustee may invest the funds of the charity not immediately required for its purposes in or upon such investments, securities or property as it thinks fit, and from time to time to transpose, vary and realise such investments subject to such conditions and such consensus as may be required by law and subject also to the provisions of the Trust Deed.
The trustee during the year was The Reta Lila Howard Foundation.
The trustee is appointed by the scheme of 30 October 2001.
Page 2
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
256279
Principal address
c/o Amanda McKenna, Foundation Secretary The Business Centre The Green Horsmonden TN12 8JS
Trustees
Reta Lila Howard Foundation
Auditors
John Thacker DCA FChA Institute of Chartered Accountants in England and Wales Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA
Bankers
C. Hoare & Co 37 Fleet Street Temple London EC4P 4DQ
Investment managers
Morningstar Associates Europe Limited 1 Olivers Yard 55/71 City Road London EC1Y 1HQ
Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU
Secretary to the Trustee
Amanda McKenna The Business Centre The Green Horsmonden TN12 8JS
Page 3
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.
Approved by order of the board of trustees on 7th November 2022 and signed on its behalf by:
Trustee
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
Opinion
We have audited the financial statements of Reta Lila Weston Trust for Medical Research (the 'charity') for the year ended 31st March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st March 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 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.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and its activities, and through discussion with the trustees and management, we identified the principal risks and considered the extent to which these would have a material impact on the financial statements. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewed significant or unusual transactions to identify their underlying supporting rationale.
We inspected the minutes of meetings of those charged with governance, and made direct enquiries of management and the board of trustees concerning the charity's policies and procedures relating to:
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Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates were indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
We also
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discussed and reviewed the charity's business model and forward planning to assess going concern
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communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
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reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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Carried out substantive testing on income and expenditure
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Re-performed reconciliations of control accounts, and recalculating items such as depreciation
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
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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 auditors' 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.
Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA
7th November 2022
Page 8
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Charitable Expenditure Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 14 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 464,386 44,606 32,447 77,053 - 387,333 (387,333) - - - |
Endowment fund £ - - - - (7,250,472 ) (7,250,472 ) 387,333 (6,863,139 ) 39,566,540 32,703,401 |
2022 Total funds £ 464,386 44,606 32,447 77,053 (7,250,472 ) (6,863,139 ) - (6,863,139 ) 39,566,540 32,703,401 |
2021 Total funds as restated £ 65 |
|---|---|---|---|---|
| 43,607 2,356,861 |
||||
| 2,400,468 | ||||
| 9,959,255 | ||||
| 7,558,852 - |
||||
| 7,558,852 32,007,688 |
||||
| 39,566,540 |
The notes form part of these financial statements
Page 9
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
BALANCE SHEET
31ST MARCH 2022
| Notes FIXED ASSETS Investments 11 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 14 Endowment funds TOTAL FUNDS |
Unrestricted fund £ - - - - - - - |
Endowment fund £ 34,961,670 429,755 (1,358,517 ) (928,762) 34,032,908 (1,329,507 ) 32,703,401 |
2022 Total funds £ 34,961,670 429,755 (1,358,517 ) (928,762) 34,032,908 (1,329,507 ) 32,703,401 32,703,401 32,703,401 |
2021 Total funds as restated £ 43,123,630 154,287 (1,319,124 ) (1,164,837 ) 41,958,793 (2,392,253 ) 39,566,540 39,566,540 39,566,540 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 7th November 2022 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
Page 10
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ (1,100,406 ) (1,100,406 ) (928,531) 1,840,019 55 464,331 1,375,874 275,468 154,287 429,755 |
2021 as restated £ (479,945) (479,945) (6,886,200 ) 7,109,940 65 - 223,805 (256,140) 410,427 154,287 |
|---|---|---|
The notes form part of these financial statements
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RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(gain) on investments Interest received Dividends received (Decrease)/increase in creditors Net cash used in operations ANALYSIS OF CHANGES IN NET FUNDS At 1/4/21 £ Net cash Cash at bank 154,287 154,287 Total 154,287 |
2022 £ (6,863,139 ) 7,250,472 (55) (464,331) (1,023,353 ) (1,100,406 ) Cash flow £ 275,468 275,468 275,468 |
2021 as restated £ 7,558,852 (9,959,255 ) (65) - 1,920,523 (479,945) At 31/3/22 £ 429,755 429,755 429,755 |
|---|---|---|
- ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
Page 12
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed asset investments
Fixed asset investments are stated at market value as at the balance sheet date using the closing quoted market price, details of which are provided in a valuation report by the investment managers. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses
continued...
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RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
1. ACCOUNTING POLICIES - continued
Fixed asset investments
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the opening carrying value or purchase price and their valuation at market price at the year-end. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Dividends and other investment income Deposit account interest |
2022 a £ 464,331 55 464,386 |
2021 s restated £ - 65 |
| 65 |
3. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| 2022 | 2021 | |
| as restated | ||
| £ | £ | |
| Costs of generating funds | 44,606 | 43,607 |
4. CHARITABLE ACTIVITIES COSTS
| Grant | ||||
|---|---|---|---|---|
| funding of | ||||
| activities | Support | |||
| Direct | (see note | costs (see | ||
| Costs | 5) | note 6) | Totals | |
| £ | £ | £ | £ | |
| Charitable Expenditure | (985,377) | 1,012,424 | 5,400 | 32,447 |
continued...
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RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
| 5. GRANTS PAYABLE Charitable Expenditure The total grants paid to institutions during the year was as follows: UCL Ongoing UCL Fellowship Kings College London University of Edinburgh 6. SUPPORT COSTS Charitable Expenditure 7. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements 8. TRUSTEES' REMUNERATION AND BENEFITS |
2022 £ 1,012,424 2022 £ 540,000 85,542 178,767 208,115 1,012,424 2022 £ 5,400 |
2021 as restated £ 429,635 2021 as restated £ 340,000 89,635 - - 429,635 Governance costs £ 5,400 2021 as restated £ - |
|---|---|---|
No remuneration was paid to the Charity Trustees.
Page 15
continued...
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
8. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
Reimbursement of travel and subsistence expenses totalling £NIL (2021: £3,713) were paid to the Charity Trustees.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Charitable Expenditure Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 65 43,607 2,356,861 2,400,468 - (2,400,403 ) 2,400,403 - - - |
Endowment fund £ - - - - 9,959,255 9,959,255 (2,400,403 ) 7,558,852 32,007,688 39,566,540 |
Total funds as restated £ 65 |
|---|---|---|---|
| 43,607 2,356,861 |
|||
| 2,400,468 | |||
| 9,959,255 | |||
| 7,558,852 - |
|||
| 7,558,852 32,007,688 |
|||
| 39,566,540 |
Page 16
continued...
RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
10. PRIOR YEAR ADJUSTMENT
The figures for the year ended 31st March 2021 have been restated for:
| £ | |
|---|---|
| Original net movement in funds | 8,499,440 |
| Gains on investments reduced by | (928,531) |
| Cost of raising funds increased by | (14,530) |
| Other costs reduced by | 2,473 |
Restated net movement in funds |
7,558,852 |
| FIXED ASSET INVESTMENTS | |
| £ | |
| Market value at 1 April 2021 | 43,123,630 |
| Additions | 2,617,385 |
| Disposals | (3,456,050 ) |
| 42,284,965 | |
| Realised gain/(loss) | (237,483) |
| Unrealised gain/(loss) | (7,012,989 ) |
| 35,034,493 | |
| Decrease in cash held by stockbrokers | (72,823 ) |
Market value at 31 March 2022 |
34,961,670 |
| Cost at 31 March 2022 | 20,351,183 |
| Investments comprising more than 5% of the portfolio value at 31 March 2022 were: | |
| 1,079,777 Associated British Foods plc ordinary shares |
17,945,894 |
| 1,594,908 LG UK 100 Index Trust |
4,264,784 |
| 255,546 iShares MSCI USA SRI ETF USD |
2,589,123 |
11. FIXED ASSET INVESTMENTS
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Investment assets in the UK | 33,142,018 | 42,481,046 |
| Investment assets outside the UK | 1,819,652 | 642,584 |
34,961,670 |
43,123,630 | |
| Investments are further analysed between: | ||
| Investments listed on recognised stock exchange | 34,511,995 | 42,601,132 |
| Cash | 449,675 | 522,498 |
| 34,961,670 | 43,123,630 |
The following investments were subject to restrictions on their realisation
continued...
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RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
11. FIXED ASSET INVESTMENTS - continued
| Market value | Market value | ||
|---|---|---|---|
| at | 31 March | Further | |
| 2022 | Commitment | ||
| £ | € | ||
| Schroders Private Equity Issue III | 46,903 | 4,795 | |
| Schroders Private Equity Issue IV | 49,808 | 5,880 |
The further committed funds are projected to be paid over the following period:
Schroders Private Equity Issue III
The Remaining 2.8% of commitments are deferred until further notice and is unlikely to be called. In addition, the fund has made twenty-one distribution payments accounting for a total of 66% of the overall portfolio. Investors have received the full amount of their original investment with upside potential continuing for the remaining life of the investment. The projection continues until 2022.
Schroders Private Equity Issue IV
It has been agreed to waive 20% of shareholders’ original equity commitments. Subsequently, 6.3% of the original commitment remains outstanding, but is unlikely to be called. Fifteen distribution payments have been made accounting for a total of 46% of the overall portfolio. Investors are projected to receive the full amount of their original investment with upside potential continuing for the remaining life of the investment. The projection continues until 2024.
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Other creditors Grants committed Accruals and deferred income |
2022 £ - 1,333,306 25,211 1,358,517 |
2021 as restated £ 3,334 1,282,983 32,807 |
| 1,319,124 |
continued...
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RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Grant commitments 1 - 2 years 14. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Expendable Endowment Funds TOTAL FUNDS Net movement in funds, included in the above ar Unrestricted funds General fund Endowment funds Expendable Endowment Funds TOTAL FUNDS |
At 1/4/21 £ - 39,566,540 39,566,540 s follows: Incoming resources £ 464,386 - 464,386 |
Net movement in funds £ 387,333 (7,250,472 ) (6,863,139 ) Resources expended £ (77,053) - (77,053) |
2022 £ 1,329,507 Transfers between funds £ (387,333) 387,333 - Gains and losses £ - (7,250,472 ) (7,250,472 ) |
2021 as restated £ 2,392,253 At 31/3/22 £ - 32,703,401 32,703,401 Movement in funds £ 387,333 (7,250,472 ) (6,863,139 ) |
||||
|---|---|---|---|---|---|---|---|---|
| e a |
continued...
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RETA LILA WESTON TRUST FOR MEDICAL RESEARCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Endowment funds Expendable Endowment Funds TOTAL FUNDS Comparative net movement in funds, included in Unrestricted funds General fund Endowment funds Expendable Endowment Funds TOTAL FUNDS |
Net movement At 1/4/20 in funds £ £ - (2,400,403 ) 32,007,688 9,959,255 32,007,688 7,558,852 the above are as follows: Incoming Resources resources expended £ £ 65 (2,400,468 ) - - 65 (2,400,468 ) |
Transfers between funds £ 2,400,403 (2,400,403 ) - Gains and losses £ - 9,959,255 9,959,255 |
At 31/3/21 £ - 39,566,540 39,566,540 Movement in funds £ (2,400,403 ) 9,959,255 7,558,852 |
||
|---|---|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2022.
Page 20