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2025-04-05-accounts

THE W G BELOE CHARITABLE TRUST

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2025

Westlake Clark Limited Chartered Accountants 7 Lynwood Court Priestlands Place Lymington Hampshire SO41 9GA

The W G Beloe Charitable Trust

Year ended 5 April 2025

Contents

Page
Reference and administrative information 1
Trustees’ Report 2-3
Independent Examiner’s Report 4
Statement of Financial Activities (including income and expenditure account) 5
Balance Sheet 6
Notes to the financial statements 7-11
Appendix 1 12

The W G Beloe Charitable Trust

Year ended 5 April 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

The Trustees who served during the year were as follows:

Victoria Peppiatt Peter Charles Beloe

The power of appointing and removing trustees is vested in the current trustees.

Charity Number 263345 Principal Office 44 Clarence Hill Dartmouth Devon TQ6 9NY

Advisers

The principal advisers of the trust are as follows:

Bankers Barclays Bank plc
60 Putney High Street
London
SW15 1CF
Investment Managers Canaccord Genuity Wealth Management
41 Lothbury
London
EC2R 7AE
Independent Examiner Westlake Clark Limited
Chartered Accountants
7 Lynwood Court
Priestlands Place
Lymington
Hampshire
SO41 9GA

The W G Beloe Charitable Trust

Year ended 5 April 2025

TRUSTEES’ REPORT

The trustees present their report and the financial statements for the year ended 5 April 2025. The financial statements comply with the charity’s trust deed, Charities Act 2022 and the Statement of Recommended Practice – Accounting and Reporting by Charities FRS 102.

Structure, governance and management

The trust was established under a trust deed dated 12 November 1971, and is a registered charity, number 263345.

The statutory power of appointment of new trustees applies following the death of the settler. New trustees are given appropriate induction and training.

Objectives and activities

The income of the trust is to be distributed solely for charitable purposes and to charitable institutions. The capital of the trust may be applied for charitable purposes or retained by the trustees at their discretion.

The trustees have had due regard to guidance published by the Charity Commission on public benefits.

Grant making policy

The trustees’ policy is to make grants in support of charitable institutions for such charitable purposes as the trustees shall think fit.

Risk management

The trustees have undertaken a risk assessment exercise to identify the risks that The W G Beloe Charitable Trust encounters during its operation. The trustees consider that adequate controls are in place to manage the key risks identified.

Achievements and performance

Financial review

The results for the year are shown on page 4. The trustees consider the results for the year to be satisfactory given the current market conditions, and the year end fund position to be strong.

The principal funding sources of the trust are from net dividends from the listed investments: £24,893 (2024: £24,725); and bank interest: £114 (2024: £52).

The main objectives of the trust have been met through the year, by the trustees authorising and paying 16 grants which totalled £8,900 (2024: 13 grants; £8,500). The grants were paid to a variety of organisations and details of key grants are listed in note 3 of the financial statements.

Investment performance

The trustees are satisfied with the performance of the investments.

Plans for the future

No change is planned for the immediate future.

The W G Beloe Charitable Trust

Year ended 5 April 2025

TRUSTEES’ REPORT (continued)

Investments

The listed investments with the investment managers are included at market value.

There are no restrictions imposed on the investment policy by the trust deed. The trustees make the investments in accordance with Trustees Act 2000.

Reserves policy

The trustees intend to distribute the income arising from year to year.

Statement of trustees’ responsibilities in respect of the Trustees’ Report and the financial statements

The trustees are responsible for preparing the Trustees’ Annual 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:

The trustees are responsible for keeping proper 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 2022, the Charities (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.

Signature and Declaration

This report was approved by the trustees and signed on their behalf by:

Peter Beloe

…………………………… Peter Beloe Principal Trustee

Date: 22 October 2025

The W G Beloe Charitable Trust

Year ended 5 April 2025

Independent Examiner’s Report To The Trustees Of The W G Beloe Charitable Trust

We report to the trustees on our examination of the financial statements of The W G Beloe Charitable Trust for the year ended 5 April 2025.

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. Our work has been undertaken so that we might state to the charity's trustees those matters we am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our Independent Examination, for this report, or for the opinions we have formed.

Responsibilities and basis of report

As the Charity’s trustees, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”).

We report in respect of our examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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.

We 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 financial statements to be reached.

Westlake Clark Limited

……………………………….…………. Westlake Clark Limited Chartered Accountants 7 Lynwood Court Priestlands Place Lymington Hampshire SO41 9GA

Date: 22 October 2025

The W G Beloe Charitable Trust

Year ended 5 April 2025

Statement of financial activities (including income and expenditure account) for the year ended 5 April 2025

Note
Incoming resources:
Incoming resources from generated funds
Investment income
2
Total incoming resources
Resources expended:
Costs of generating funds
Investment management fee
Charitable activities
Grants and donations payable
3
Support costs
Bank charges
Governance costs
4
Total resources expended
Net incoming resources before other recognised
gains and losses
Other recognised gains/(losses)
Gains/(losses) on investment assets
7
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Funds
Total
Funds
2025
2024
£
£
25,007
24,777
25,007
24,777
200
200
8,900
8,500
2
-
1,008
936
10,110
9,636
14,897
15,141
(33,848)
(19,438)
(18,951)
(4,297)
546,523
550,820
527,572
546,523

Incoming resources and resulting net movements in funds in each year arise from continuing operations.

All resources arising are unrestricted.

The notes on pages 7 to 11 form part of these financial statements.

The W G Beloe Charitable Trust

Year ended 5 April 2025

Balance sheet

As at 5 April 2025

Note
Fixed assets:
Investments (at market value)
7
Current assets:
Bank:
Barclays Bank PLC - Current Account
Barclays Bank PLC - Deposit Account
Investment Cash Account
Current Liabilities:
Creditors: amounts falling due within one year
8
Net current assets
Net assets
The funds of the charity:
Unrestricted fund		 Total
Funds
Total
Funds
2025
2024
£
£
465,201
512,674
100
200
11,174
6,798
52,105
27,787
63,379
34,785
(1,008)
(936)
62,371
33,849
527,572
546,523
527,572
546,523

These financial statements were approved by the trustees and were signed on their behalf by:

Peter Beloe

…………………………… Peter Beloe Principal Trustee

Date: 22 October 2025

The notes on pages 7 to 11 form part of these financial statements

The W G Beloe Charitable Trust

Year ended 5 April 2025

NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention except investments which have been included at market value.

The financial statements have been prepared under the accruals basis and in accordance with the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ FRS 102, and the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011, as amended by the Charities Act 2022. The principal accounting policies adopted in the preparation of the financial statements are set out below.

Incoming resources

Voluntary income, including donations, gifts and legacies and grants that provide core funding or are of a general nature, are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Investment income, consisting of bank interest and net dividends are accounted for on a receivable basis.

Resources expended

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs directly attributable to that activity. Where costs (including overheads) cannot be directly attributed they have been allocated to activities on a basis consistent with the use of resources and the time spent on those activities.

Direct costs of generating funds are those costs incurred in managing the investments to raise investment income.

Charitable activities include expenditure associated with grant making and include both the direct costs and support costs relating to these activities.

Governance costs are those incurred in the governance arrangement of the charity which relate to the general running of the charity as opposed to those costs associated with generating funds or charitable activities and its assets and are primarily associated with constitutional and statutory requirements.

Grants payable are payments made to third parties and have been agreed and paid by the trustees in the furtherance of the charitable objectives of the trust.

Taxation

The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.

Irrecoverable VAT

Irrecoverable VAT is included within resources expended with the expenditure incurred.

The W G Beloe Charitable Trust

Year ended 5 April 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

1. Accounting policies (continued)

Fixed asset investments

Listed investments are included in the balance sheet at their current market value.

The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Unrealised and realised investment gains and losses are shown net in the statement of financial activities.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.

2. Investment income

Dividends - UK listed equities
Dividends - overseas companies
Dividends - UK unit trusts
Interest - UK fixed interest
Bank and broker interest		 2025
2024
£
£
15,961
15,881
6,550
6,077
1,023
1,389
1,359
1,378
114
52
25,007
24,777

The W G Beloe Charitable Trust

Year ended 5 April 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

3. Grants payable

Grants payable to institutions

Total grants paid to institutions - 16 (2024: 13)

The key grants provided to these institutions were as follows:

Name of institution
Landworks
Wildfowl & Wetlands Trust
Batten Disease Family Association
Dartmouth Caring
Dartmouth Youth Group
Dolphin Society
Anchor Society
Hammersley Homes
Prostate Cancer UK
Art for Cure
St Peter’s Hospice
Beleve UK
The Motherhood Plan
PCC of Wraxall
Dartmouth Green Partnerships
Cerebral Palsy Plus
Digilearning Foundation
Royal Dart Youth Sailing Trust
Cure Parkinson’s Trust
The Royal Marsden Cancer Charity
Dart RNLI
The SOFA Project
Lennox Children’s Cancer Fund
The Flavel Trust
Exeter Cathedral
4.
Allocation of governance costs
Accountancy fees		 2025
2024
£
£
1,000
1,000
500
500
500
500
1,000
500
500
-
300
-
300
-
850
-
500
-
500
-
500
-
500
-
500
-
500
-
450
-
500
-
-
1,000
-
1,000
-
1,000
-
500
-
500
-
500
-
500
-
500
-
500
8,900
8,500
2025
2024
£
£
1,008
936
1,008
936

The W G Beloe Charitable Trust

Year ended 5 April 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

5. Trustees’ remuneration and expenses

No remuneration or expenses were paid to the trustees for their services as trustees during the period (2024: £ nil).

6. Related party transactions

There were no outstanding balances with related parties as at 5 April 2025 (2024: £ nil).

The charity trustees were not paid or reimbursed during the year, and no charity trustee received any emolument or payment for professional or other services.

7. Investments

Investments at market value at 6 April 2024
Market value at 6 April 2024 of investments sold in the year
Additions of investments at cost
Cost of current year additions sold during the year
Unrealised gain/(loss) on revaluation at 5 April 2025
Investments at market value at 5 April 2025
Proceeds of investments sold in the year
Market value at 6 April 2024 of investments sold in the year
Cost of current year additions sold during the year
(Loss) / profit on sale of listed investments
Investments at 5 April 2025 comprised:
Investments assets in the UK
Investments assets outside the UK		 2025
2024
£
£
512,674
521,243
(48,134)
(49,428)
464,540
471,815
35,047
34,719
-
24,521
(34,386)
(18,381)
465,201
512,674
48,672
48,370
(48,134)
(24,907)
-
(24,521)
538
(1,058)
355,944
408,243
109,257
104,431
465,201
512,674

Listed investments are shown at market value at the balance sheet date (see Appendix 1).

The W G Beloe Charitable Trust

Year ended 5 April 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

8. Analysis of creditors

Accountancy fees accrual 2025
2024
£
£
1,008
936
1,008
936

9. Material investments

The following holdings represent more than 5% of the market value of the portfolio and are therefore classed as material interests of the trust.

2025 2024
£ £
Aberdeen Equity income Trust PLC 43,200 40,032
Legal & General Group 27,800 31,375
Fund Smith Equity 30,477 33,026
McDonald’s Corporation 32,608 29,549
Sequoia Economic Infrastructure Income Fund Ltd 26,889 29,502
Greencoat UK Wind 22,593 29,593
Shell PLC 43,418 48,641

10. Analysis of fund assets and liabilities

The unrestricted funds of the charity may be applied for any charitable purposes at the discretion of the trustees.

11. Paid employees

The trust has no paid employees during the year ended 5 April 2025 (2024: £nil)

12. Related parties

Controlling entity

The charity is controlled by the trustees.

The Trustees of the W G Beloe Charitiable Trust

Appendix 1 - Listed Investments

Year ended 5th April 2025

Artemis Fund Managers
High Income Fund
Scottish Mortgage Inv Trust
Abderdeen Equity Income Trust
Ord 25p shares
GlaxoSmithKline plc
Ord 25p shares
JP Morgan Fleming Mercantile Inv Trust plc
Ord 25p shares
Legal & General Group plc
Ord 2.5p shares
Marshalls
Ord 25p shares
Shell plc (Royal Dutch)
Ord €0.07 B shares
John Lang Environmental Asset
GRP NPV
Marlborough Fund Manager
Multi Cap Income B Inc
Greencoat UK Wind Plc
Ord 1p shares
Aberdeen Asian Income Fund
ORD NPV
Diageo
Ord 2.8935185p shaers
STS Global Income & Growth TST plc (Troy)
Ord 25p shares
Fundsmith LLP
Equity Income
Sequoia Economic Infrastructure Income Fund
McDonalds
Smithson Investment Trust plc
Schroder Oriental Income Fund Ord
Ecofin Gbl Utilities & Infr Tr Plc Ord
M&G
Astrazeneca
Experian PLC
Nestle
Pheonix Group Holdings
Rio Tinto
Blackrock World Mining Trust
UK Treasury
BALANCE SHEET		 Market Value
05/04/2024
Book Value
05/04/2024
Purchase
cost
(Sale
proceeds)
Profit /
(Loss)
Holding
05/04/2025
Market Value
05/04/2025
Book Value
05/04/2025
£
£
£
£
£
£
£
10,100
11,594
13,979
10,187
11,594
22,176
2,500
21,380
22,176

40,032
27,355
14,400
43,200
27,355

17,072
21,782
1,048
14,850
21,782

9,968
3,220
4,500
9,428
3,220

31,375
21,381
12,500
27,800
21,381


48,641
4,304
1,750
43,418
4,304
18,543
21,105
21,000
14,028
21,105

18,999
14,088
14,362
16,551
14,088

29,593
26,166
21,538
22,593
26,166
10,540
10,050
5,092
9,904
10,050

14,245
10,684
(12,848)
(1,397)
-
-
-

12,433
27,734
5,810
13,479
13,867

33,026
14,141
5,200
30,477
14,141
29,502
37,465
36,288
26,889
37,465
29,549
17,323
140
32,608
17,323
14,120
10,000
1,000
13,360
10,000
10,340
10,237
4,000
10,100
10,237
9,750
10,416
(10,824)
1,074
-
-
-
2,429
1,505
12,871
7,500
13,823
14,376
21,236
18,471
200
21,612
18,471
16,950
15,008
500
16,225
15,008
16,297
19,740
200
15,728
19,740
8,205
11,173
1,500
7,958
11,173
24,870
28,753
500
21,193
28,753
10,720
12,882
2,000
8,410
12,882
24,139
24,162
(25,000)
861
-
-
-
512,674
430,739
35,047
(48,672)
538
465,201
406,657		 Market Value
05/04/2024
Book Value
05/04/2024
Purchase
cost
(Sale
proceeds)
Profit /
(Loss)
Holding
05/04/2025
Market Value
05/04/2025
Book Value
05/04/2025
£
£
£
£
£
£
£
10,100
11,594
13,979
10,187
11,594
22,176
2,500
21,380
22,176

40,032
27,355
14,400
43,200
27,355

17,072
21,782
1,048
14,850
21,782

9,968
3,220
4,500
9,428
3,220

31,375
21,381
12,500
27,800
21,381


48,641
4,304
1,750
43,418
4,304
18,543
21,105
21,000
14,028
21,105

18,999
14,088
14,362
16,551
14,088

29,593
26,166
21,538
22,593
26,166
10,540
10,050
5,092
9,904
10,050

14,245
10,684
(12,848)
(1,397)
-
-
-

12,433
27,734
5,810
13,479
13,867

33,026
14,141
5,200
30,477
14,141
29,502
37,465
36,288
26,889
37,465
29,549
17,323
140
32,608
17,323
14,120
10,000
1,000
13,360
10,000
10,340
10,237
4,000
10,100
10,237
9,750
10,416
(10,824)
1,074
-
-
-
2,429
1,505
12,871
7,500
13,823
14,376
21,236
18,471
200
21,612
18,471
16,950
15,008
500
16,225
15,008
16,297
19,740
200
15,728
19,740
8,205
11,173
1,500
7,958
11,173
24,870
28,753
500
21,193
28,753
10,720
12,882
2,000
8,410
12,882
24,139
24,162
(25,000)
861
-
-
-
512,674
430,739
35,047
(48,672)
538
465,201
406,657
465,201
406,657

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