Charity registration number.. 284376 Bestobell-meggitt Welfare Trust Annual Report and Financial Statements for the Year Ended 31 December 2024
Be8tobell4leggltt Welfare Trust Contents (continued) Reference and Admini81rative Details Truste8'8 Report 2to4 Independent Auditorn. Report 5t08 Statement of Flnandal Adivities Balance Sheel 10 Notes to the Financial Ststements 11to18
Bostobell-meggltt Welfare Trust Reference and Admlnlstrativo Details Trustee 8estobell Founders Welfare Trust Limited Charity Rogistration Nurnbgr 284376 Prlnclpal Offlce The 4814 Trust l Bmwr PO Box 96 Somerton TA11 9BS Audltor W6stcotts (SW) LLP Chartered Accountants Timberly Stsuth Strg&t Axminster Devon EX13 SAD Bankers CAF Bank 25 Kings Hill Avenue King$ Hill West Mailing ME19 4TA Sollcitors Bates. Wels & Braithwaite London LLP 10 Queèn Street Place London EC4R 1BE Page 1
Bestobell-meggltt Welfare Trust Trustee's Report The member presents the annual report together wth the financial statements and auditors, report of the Charity for the year ended 31 December 2024. Structurey governance and managernent The fund operates in the United Kingdom and is also available to those who work or have worked for the overseas subsidiarie$ ol Bestobell PLC and Meggitt PLC. Grants to primary beneficiar*s are awarded for a wide range of purposes, including.. - the relief of hardship or financial need, however it occurs.. and - medical and convalescence expenses which arise because Irealrnent is not readily available through normal channels. The Trust is administered by Bestobell Founders Weware Limited, ? limited company, whose directors act on behaK of the Trust. The directors of Bestobell Founders Welfare Trust Limited during the year, none of whom were remungraled for their semees lo the Trust, a. - Mr F C Bedwell (chaimnI - Mrs C E Bedwell Mr F T Bedwell Mr F C Arge Recrultment and appointment of trustoes The sole trustee is Beslolbell Founders Welfare Trust Limited, appointed by the original trust deed dated 7 September 1948. Appointment of any further trustee would require amendment to the original trust éeed. The power of appointing new dirgdors lo the trustee company is exercised by the existing directo. Objoctives and activities The gov8ming doeument5 of the charity are the Principal Trust Deed dated 7 September 1948. supplemented by later deeds and variations. The principal object of the Trust is the charitable relief of hardship, finanaal need, or sickness of qualfying employees, pensioners and their widows or other dependents. These objects are furthered by the making of grants or inteiest-free loans lo qualifying individuals. Secondary beneficiaries of the Trust include charities for the relief of har¢Jship, financial need or sickness al the dis¢relion of the Trustee. Publlc beneflt The trustee Gonfimi that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidan published by the Charty Commission for England and Wales. Page 2
Bestobell-meggitt Wolfare Trust Trustee's Report (contlnu6d) Flnanclal review The fund's investment income for the year, after allon9 for the recovery of income tax. w&s £92,746 12023.. £79.2561. The market value of tho fund's investment5 at 31 December 2024 was £3,047,014 12023.. £2,971,777). The Trustee has unrestricted powers of investment and is satisfied that investments held by the charity during the year have been acquId in accordance wrth rts powers of investment. The Tnjstee has appointed as professional investment managers Close Brothers Asset Management. The directors of the Tnjslee company believe that the chartys assets are avai18bl8 and adequate to fu11 the obligatK)ns of the charity. ReseThes pollcy The directors of the Trustee company have established a wlicy whereby the unrestricted funds held by the Charity are maintained in order to generate nel income annually which is then expended in line wrth the charrtvs aims. This policy has been followed throughout 2024. The chariws unrestricted funds amount to £3,090,056 al the 31 t)ecember 202412023.. £2,966,614), of which £3,047,014 is in inveslmentsl2023.. £2,971,777). The Trustee companys directors believe that the level of funds held, are adequate for the purpose of fuKilling the object of the ch8rty and are not excessive. Statement of Trustee's Responsibilities The trustee is responsible for preparing the trustee's report and the financial statements in accordan with the United lQngdom Accounting Stsndards {United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to eharities requires the Iruslee lo prepare financial slalements for each financial year whKh give a true and fair vW of the stste of affairs of the ¢h8rty and of the incoming resources and application of resources of the charity for that period. In Pparing these finan¢ial $tstements, the member is Fequired lo.. select suitable accounting policies and then apply them consistentty,. observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent., State whether applicable accounting standards have been follow&J, subject lo any material departurgs disclosed and explained in the financial statements-, and prepare the financial slalemenls on the going conrn basis unless f( is inappropriate to presume Ihal the charity will continue in business. The member is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011. Ihe Charities (A¢Unts and Reports) Regulations 2008, and the provisions of the constr(ution. The mernber is also responsible fof safeguarding the assets of the charity and hen for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee is responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may drfler from legislation in otherjuri8dictions. Page 3
Bestobell-meggitt Welfare Trust Trustee's Report Icontlnued) Dlsclosure ol infomation to auditor The member has taken Steps that ought lo have taken a$ a member in order lo make aware of any relevant audit infomialion and to estsblish that the ¢harty'8 audiloi is aware ol that infomiation. The member confimis that there is no relevant inforrnation that of and of which the auditor is unaware. The annual report was approved by the member of the charity on 271rw25 and signed on its behall by.. Mr F C Bedwell on behalf of Beslobell Founders Welfare Trust Limited Trusteg Page 4
Bastobell-meggitt Welfar• Trust Independent Auditor's Report to the Members of Bestobell-meggitt Welfare Trust Oplnlon We havo audited the financial statements of Beslobell-meggitt Welfare Trust (the 'eharty') for the year ended 31 December 2024, which comprise the Slalemenl ()f Financial Ath'vities, Balance Sheet. and Note5 to the Financial Statements, including a summary of si9nffieanl aceounting pOIleS. The financial reporting frarnework that has been 8pplied in their preparation is United Kingdom Accounting standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republ of Ireland, and applicable law (Unrted Kingdcn Generally Accepted AcLounting Praclicel. In our opinion the financial stalemenls.. give a tnje and fair view of the slate of the charity's affairs as at 31 December 2024 and of its incoming resources and appli&ion of resources. including its income and expenditure, for the year then ended,. have been properfy prepared in accordance with United Kingdom Generally Accepted Acwunting Practiee,. and have been prepared in accordance with the requirements of the Charrties Act 2011. Basis for opinion We conducted our audrt in accordance wth Inlemalional Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further d&scribed in the auditor responsibiliiies for the audit of the financial slalements section of our report. We are independent of the charity in accordance wilh the ethul requirements that are rekvant lo our audi( of the financial statements in the UK, induding the FRC'S Ethica1 Standard, and we have fulfilled o¢Jr other ethical responsibilrties in aecordance with these requirements. We believe that the audit emdence we have obtained is sufficient and approprkqte to provide a basis foi our opinion. Conclusion5 relating to golng concern In audf(ing the financial statements, we have eoncluded that the trustee use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on tho work we have perfom)8d, we have not identrfied any material uncertainties relating to events or condi(ions that, indniKlually or collectively, may cast signrficant doubl on the charity's ability to continue as a going concern for a peri¢xI of at least IWee months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going conc8m are described in the relevant sedions of this report. Other information The Iruslee is responsib for the other infomiation. The other infomation comprises the infomalion included in the annual report, other than the financial ststements and our auditor's report thereon. Our opinion on the financial staterrEnls does not cover the other information and, except to the extent otherwise explicitly sL*ed in our report, do not express any form of assurance conclusion thereon. Page 5
8estobell-Meggitt Welfare Trust Independent Auditorfs Report to the Members of Bestobe114Jleggitt Welfare Trust (continued) In connection with ¢)ur audrt of the financial slalements. our responsibility is to read the other information and, in doing so, consider whether the other inlormation is Material inconsi51enl wrth the financial statements or our knowledge obtained in the audit or othemise appears lo be materially misstated. If we idenb'fy Such malenal ineonsistenues or apparent materi81 misststements, we are required to deterniine whether there is a material mi5slalement in the financial ststements or a material misslalement of the other infomiation. If, based on the work we have pgrfomied, we conclude that there is a material misstatement of this other infomiation, we are required lo report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the Course of the audit, we have not identified material mi$statemenls in the Trustee's Report. We have nothing lo report in respect of the following matters whefe the Charities {Accounts and Report} Regulations 2008 requires us to report lo you if. in our opinion.. adequate accounting records have not b¢en kept. or returns adequate for our audit have not been receivèd from branches not v15fted by us., or the finaneial statements atE not in a9reement th the accounting records and retums,. or ertain disclosures of trustse remuneration specrfied by law are not made: or we have not receNed all the infomiation and explanations we require for our audit. Responslbilitios of trustee As explained more fully in the Sialemenl of Trustee's Responsibilities (set out on page 31, the Iruslee are responsible for the preparatn of the financi81 staternents and for being satisfied th81 they gNe • true and fair view, and for such internal control as the trustee delemine 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, thg tru51ee are responsible for assessing the charity's abilty to continue as a going concem, disclosing, as applieable, matters related to going concem and using the going con¢em basis of accounting unless the trustee either intend to liquKlale the charty or to cease operations, or have no realistic alternative but to do so. Auditor Responsibilities for the audit of the financlal ststements Our objectwes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fr8ud or error. and to issue an auditorfs report thet includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarante8 that an audit conducted in accordance with ISA5 IUKI will aayS detect a material misstslement when it exists. Mi5Stalements can arise from fraud or error and are considered material if, individually or in the a99gate, they eould aSOnablY be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularit*s. including fraud is detailod bel¢)W.' We identified areas of laws and regulations that could reasonably be eypected to have a material effect on the financial slalements from our general commercial and sector experience and through discussion with the trustees and other management and inspection of the ¢hariWs correspondence. We communicated identified laws and regulal¥)ns thToughout our team, and remained akrt to any indications of non-compliance Ihfoughout the audit. Page 6
Bestobell-wteggitt Welfare Trust Independent Auditorfs Report to the Members of Bostobell-moggitt Welfare Trust (continued) The charity 18 subject to laws and regulations that govem the preparation of the financial statemenlg, including financial reporting legislation. and other charity legislation. The charity is also subject lo other igws and regulations where the consequences of non-compliance could have material impact on the amounts or disclosures within the financial statements, including employment, anli-bribery, anli-money Lqundering and certain ospecls of charilie$1ggi$lation. ing lo the inherent limttations of an audit, there is an unavoidable risk that we may not have detected some material misslalements in the financial slalements. even though we have properly planned and performed our audit in accordance wf(h auditing standards. In any audi(, there remains a higher risk of non-deteclion of irregularities. as these may involve collusion, forgery. intentional omissions, MISpsentatIOns, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance wilh all laws and gUlatiOns. As part of an audit in accordance wth ISAS IUKI, we exercise professional judgement and maintain prefessional sceplicism throughout the audit. We also.. Identify and assess the fisks of material misstatement of the finaneial statements. whether due to fraud or error, design ond perform 8udil procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misslalemenl resulting from fraud is higher than for one sUlLIng from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumslanees, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluatg the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the approprlaleness of the Iruslees, use of the going concern basis of acceunting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may east signrficanl doubl on the ¢harity'$ abilty to continue as a going eoncern. If we conclude that a material uncertainty exists, we are required to draw attention in our audf(orfs report lo the related disclosures in the financial statements or, if such disclosures are inadequate, to rnodify our opinion. Our conelusions are based on the audrt eviden obtained up to the dale of our audilorfs report. Howevor, future events or conditions may cause the charty to Cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, 8nd whether the financial statements represent the underlylng transactions and events in a manner that achieves fair presentation. We communicate with those ¢harged with govemance regarding, among other matters. Ihg planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identsfy during our audit. A further description of our responsibilities is available on the Financial Reporting Council's website 8t.. m.frc.org.uklaudilorsresponsibilf(ies. This deScriptn fornis part of our auditorfs report. Page 7
8estobell-Meggitt Welfare Trust Independent Auditorfs Report to the Mombers of Bestobell-meggltt Welfare Trust (continued Use of our rèport This report is made SOlY to the charty trustee in accordance with section 144 of the Charrties Act 2011 and regulations made under section 154 of that Act. Our audti work has been undertaken so that e might stste to the Irusteg those matters we are required to slate to tTUStee in an auditors, report and ft)r no other pr)se. To the fullest extent permitted by law, do not accept or assume responsibility to anyone other than the charty and its trustee as a W, for our audr( work, for this report, orfor the cpinions we have fomied. luart C8ninOon FCA (Senior SL*utory Auditor> For and on behalf of Westcotts ISWI LLP. Timberiy South Street Axminster Devon EX13 SAD Date.. itLJ 7d7f Page 8
Bestobell-meggltt Wolfare Trust ststement of Financial Activities for th• Y•ar Ended 31 December 2024 Unrestrictod funds Endowmont funds Totsl 2024 Total 2023 Income and Endowments from.. Investment income 92,746 92,746 79.256 Total income 92,746 92.746 79.256 Expenditure on: Raising fvnds Charitable activities 124,1561 {4,7041 {24.156} 4,704 124.7181 78,8861 1103.604 Total expenditure 128,8601 28,860 Net in¢omel{exFenditurel Other recognlsed gains and10sses Other gainsllos8e5 Net movement in funds 63,886 63,886 124,348) 59,556 59,556 118,194 123,442 123,442 93,846 Reconciliation of funds Total funds brought forward Totsl funds carried forward 15 2,966,614 3.090.056 43,837 3.010,451 2,916,605 3,010,451 43,837 3.133.893 l of the d)arity's actniities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 15. The notes on pag9s 11 to 18 form an integral part of thes8 financial stalemenls. Pago 9
Bestobell-meggitt Welfare Trust (Registration number: 284376) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Investments 11 3,047,014 2.971,777 Current assots Debtors Cash al bank and in hand 12 1,605 118,359 1 t9.964 1,291 65,852 67.143 Creditors: Arnounts folllng du• within one year 132,985 128,369) Net current assets 86,979 38,774 Total assets less current liabilities 3,133,993 3,010,551 Creditors: Amounts falllng due after more than one year 14 11001 3,133,893 11001 Net assets 3.010,451 Funds of the charity: Endowmentfunds 43,837 43,837 Unrgstricted Income funds Unrestricted funds 3,090.056 2,966,614 Total funds 3,133,893 3,010,451 The financial statements on pages 9 to 18 were approved by the board ol Iru$t¢es. and authorisgd for issue on 27106r25 and signed on behalf by.. Mr F C Bedwell on behalf of Bestobell Founders Weare Trust Limited Trustee The notes on pages 11 to 18 fom an integral part of these financial statements. Page 10
Bestobell-meggitt Welfare Trust Notes to the Financial Statements for the Year Ended 31 December 2024 1 Accounting pollcles Statement of compllan¢e The financial statements have been prepared in accordance with the second edition of the Charities Slalement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. 8asls of preparatlon Beslobell-meggrtt Welfare Trust meets the definition of a public beneff( entty under FRS 102. The accounts {financial slatemenlsl have been prepared under the historical cost convention with items recognised al cost or IransactKJn value unless otherwise slated in the reVartt notelsl lo these accounts. DSs¢losure exemptlons The Charty has taken advantsge of the exemption in FRS102 from the requirement lo produce cashflow statement because il 1$ a small charity. Golng eoncern The trustee consider that there are no material uncertaintrds about the charitys ability to continue a$ a going concem. Judgements and key sources of 8¥timatlon uncertainty The preparation of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported. Thes@ estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made conceming the future and. by their nature, will rarely equal the related actual outcome. Income and endowrnonts Invgstment income Divi¢Yends are recognised once the dividend has been declared and notification has been received ot the dividend dye. Expgndlture All expendrture is recognised once there is a leg81 or Gon$lruGlive obligation to that expenditu, il is probable settlement is required and the amount ean be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that eateg¢ry. Where costs cannot be directly attributod to particular headings they have been allocated on a basis consistent wi(h the use of resources, w(th central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Page 11
Besto11-megg1tt Welfare Trust Notes to the Financial Ststements for the Year Ended 31 December 2024 (continued) Raising funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activrties that raise funds. Charitable a¢tivities Chantsble expenditure comprises Ih05e costs incurred by the charty in the de1Thry of its activities and services for ils beneficiaries. 11 includes both costs that can be allocated direclty to such activilEs and those costs of an indifecl nature necessary to support them. Grant provisions Provisions for grants are made when the intention to make a grant ha8 been communicated to the recipient birt there is uncertainty about either the liming of the grant or the amount of grant payable. Support costs Support costs include tsntral functions and have been allocated to actNity cost categories on a basis consistent with the use of resourees, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their sjsage. Taxatlon The chanty is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definitn of a charitable company for UK corporation tax purposes. Accordingly, the charity is potential exempt from taxation in Spect of income or capital gains received within categories covered by Chapter 3 Part 11 of the 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 exclusivety to charitable purpose5. Flxed asset Investments Fixed asset investments, other than programme related investments, are included at market value at the balan sheet dale. Realised gains and losses on inveslments are calculated as the dIffence befv4een sales proceeds and their market value at the stsrt of the year, or their subs8quenl cost, and are charged or credited lo the Statement of Financial Activities in the period of dssposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Slalement of Financial Actiwt*s based on the market value at the year end. Ca$h and ¢a$h equivalents Cash and Cash equivalents eomprise eash on hand and e211 deposits, and ¢ther Short-lerm highly liquhl investments that are readily convertible to a known amount of cash and are subjeGt to an insignificant risk of change in value. Fund $tructure Unrestricted income fiJnd$ are general fvnds that are available for use at the trust8e diseretion in furtherance of the objecbves of the charity. Page 12
Bestobell-meggitt Welfare Trust Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 2 Investment income Unrestrlctod funds General Unrgstrlcted Funds General Total 2024 Total 2023 8ank interest receivable Income from listed investments 396 92,350 318 78,938 79,256 318 78.938 92,350 92,746 92,746 79,256 3 Investrngnt management Costs Unrestrieted funds Ggneral Unrestrictfjd Fund$ Genernl Total 2024 Total 2023 Portfolio management 24,156 24,156 24,156 24,718 24.718 24,156 24,718 24,718 4 Expendlture on charitable •ctlv5tles Unrestrkled funds General Unrostricted Funds General Totsl 2024 Total 2023 Grant funding of activtties Support costs 75,537 3,349 78.886 7S,537 3,349 4,704 4,704 4,704 4,704 78,886 Page 13
B•stobell-Meggitt Wellare Trust Noles to the Financial Statements for the Year Ended 31 December 2024 (contlnued) S Anafysi$ of support cr$ Totsl 2024 Totsl 2023 Flnan¢e ¢osts Gov9rnance costs 88 4,616 88 3,261 4,704 3.349 6 Analysis of grants 2024 2023 Grants to institutions 75,537 75.537 7 Net Ilossesygalns on Investm9nts Unrestricted Funds Unrestrlcted Funds 2024 2023 Other gainsllosses on listed investments 59,556 59,556 118,194 118,194 8 Tru$tee rernunerdt*)n and expènses No trustee. nor any persons connected with them, have rgceived any romuneration from the charity during the year12023: none). No trustees have received any reimbursed expen$es or any other bgnefiis from the charity during the year {2023'. none). 9 Staff costs Th¢ monthly averagg number of pfjrsons {including Senior management I leadership team} employed by the charty during the year expressed as fvll ts'me equivalents was Nil (2023.. Nill. No employee received emoluments of more than £60,000 during the year12023.. Nill. Page 14
Bestobell-meggitt Welfare Trust Notes to the Financial Statements for the Year Ended 31 December 2024 {continued 10 Auditor¥' remuneratlon 2024 2023 Auditorfs fees Accountsncy fees 2,861 1,755 2,032 1.229 4,616 3,261 11 Fixed asset invostments Olher Investments Listed investments Cost or Valuation Al 1 January 2024 Additions Disposals Revaluation 2.971,777 945,917 1750,370) 1120,310 At 31 December 2024 3.047,014 Net book value At 31 December 2024 3,047,014 At 31 December 2023 2.971,777 All investments shown atrVe are held at valuation. The historical cost of investments £2,825,231 {2023.. £2,781,893). There has not been a significant reduction in the market values of investment$ $in¢e the year end. Flnanclal assets held at fair value Investments are held at fair value which ha3 been promded by the investment managers. Cloge Brothers Asset Management. 12 Debtors 2024 2023 Other debtors 1,291 Page15
Bestobell-meggitt Welfar• Trust Notes to the Financlal Statsments for the Year End•d 31 Dècember 2024 (contlnued) 13 Crtdrtots: amounts falling duè wlthln one year 2024 2023 Expenses paid by The 4814 Trust Accruals 28,314 4,671 32.985 24,103 4,266 28,369 14 Credftor8: amounts falllng due after one yoar 2024 2023 Bestobg11 Founders We8re Trust Limited 11JO 100 Pw30 16
Bestobell-meggitt Welfare Trust Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 15 Funds Balante at 31 Gains and December losses 2024 Balance at 1 January 2024 Incoming Rosources resources expended Unrestricted funds General General Funds 2,966.614 92,746 128,860} 59,556 3,090,056 Endowmont fvnds Pemianent Permanent Funds 43,837 43.837 Total funds 3.010,451 92,746 28,860 59,556 3,133,893 Balance at 31 Galns and December lossas 2023 Balance at 1 January 2023 Incomlng Resources resources èxpended Unrestrlcted funds Ggneral General Fund5 2.872.768 79,256 1103.6041 118.194 2.966,614 Endowment funds Permanent Pemianent Funds 43.837 43,837 Total funds 2,916,605 79,256 103,604 118,194 3.010,451 Page 17
Bestobell-meggitt Welfar• Trust Notes to the Financial Statements for the Year Ended 31 December 2024 {continued) 16 Analysls of net assots between fvnds Total funds at31 December 2024 Unrestrictsd funds General Endowmont funds Permanent Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 3,003.177 119,964 {32.9851 1100} 3,090,056 43,837 3.047.014 119.964 {32,985} 1100) 3,133,893 43.837 Totsl funds at31 December 2023 Unrestrictsd funds General Endowmènt funds Pemanent Fixed asset investments Current assets Current liabilities Creditors over l year Totsl net assets 2,927,940 67,143 {28,3691 1100 2,966.614 43,837 2,971.777 67,143 128,369} 100 43,837 3,010.451 17 Related party transactions The 4814 Trust was set up in 2014 as a Charitable Trust (registered number 11627141. The tTUStees are FC Bedwell, CE Bedwell. Bedwell, FC Argyle and CJ Gardner. FC B&Jwell, CE Beell, FT Bethll and FC Argyle are directors of the Trustee company. Bestobell Founders Weffare Trust Limited. During the year, grants of £-12023.. £75,537) were made lo The 4814 Trust. The 4814 Trust paid expenses of £ 4,212 {2023'. £4.2101 on behaw of Bestobell-meggitt Weware Trust. As at 31 D9rnber 2024, £28.314 {2023. £24.1031 was owed to The 4814 Trust. 18 Non4dlustlng events after the financlal porlod The Trustees of Bestobelkmeggitt Welfare Trust wishes lo transfer a capital sum of £2.000,000 out of its capital to The 4814 Trust with a deed dated 18 Mar¢h 2025. Page 18