WILUAM ARTHUR RUDD MEMORIAL TRUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Hunters Law LLP 9 New Squar8 LincoSn's Inn London WC2A 3QN LAW.PAC.4302rk1
LLIAM ARTHUR RUDD MEMORIAL TrUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS Pago Statement of Ihe Trustses, Responsibilities Trustees, Report Independent Examiner's Report Statsment of FinanGial Activities Balance Sheet Notes to the Accounts 9-14
IMLLIAM ARTHUR RUDD MEMORIAL TRUST STATEMENT OF TRUSTEES. RESPONSIBLITIES IN RESPECT OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees are responsible for pr8paring the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charilies in England and Wales requires the trustee(sl to prepare financial statements for each financial year which give a true and fair view of the slale of affairs of the charity and of the incoming resources 8nd 8ppliGation of resource5 of the charity for that period. In preparing these financial statements, the Irustees are required to- • select suitsble accounting policies and apply them consistently., obseNe the methods 8nd principles of the Charitie5 SORP., make judgements and accounting estimates that are reasonable and prudent.. state whether applicable aOUntIng standards have been followe(I, subject to any departures disclose(J and explained in the financial statements. and prepare the financial statements on the going concem basis unles8 It is inappropriate to presume that the charity will continue in business. The trustees are regponsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply wth the Charities Act 2011. the Charity (Accounts and Reports) Regu18tions 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.
WILLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Referenco and Administrative Dots11s Charity registration numb•r 326495 Principal addrfrss 9 New Square Lincoln's Inn London WC2A 3QN Trustees Alexandra Ahavni Sarf(is David Hamilton Smyih Robert George Maples Independonl Examiners S Rose Dixon Wilson 22 Chancery Lane London WC2A 1 LS Solicitors Hunters Law LLP g New Square Lincoln's Inn London WC2A 3QN Bankefs Child & Co 1 Fleet Street London EC4Y 1BD Investment managers Investec Wealth & Investment 30 Gresham stet London EC2V 7QN
WILLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Structur6 Govemance and Mana ement Govorning documonl The William Arthur Rudd Mgmorial Trust was created by the lale Mrs Mary Templeton Rudd, the Settlor, by a trust d88d dated 31st December 1983 in memory of her late husband, William Arthur Rudd. Method of appolnlment of new trustees The power of appointing new trustees is vested in the Trustees. Organisational structuro of tho charlty The Trustees manage the Charity- They meet on an annual basis and liaise regularly to take all necessary decisions jointly th regard to the Charitys activities and achievement of it5 objectives. Certain day-to-day administrative tasks are delegated to the ¢haTitys legal and investment advisers. Voluntsors The Charity receives no assigtsnce from volunteers. Wlder Network The Charity acts independently and Is not part of a wider nerk. Donatlons The Charity is not involved In fund-raising or publicity and h88 never received donations. Related Parties The Charity has no subsidiaries and Is not connected with any other Foundation. Risk policy The Trustees have assessed the major risks to which the Charity is exposed. in particular those lated to the safeguarding of financial assets of the Charity, and are satisfied that systems are in place to mitigate their exposure to these risks.
WILLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Ob ectives and Activities for the Public Benefit Objocls and slgnificant activities The Charity is a grant making charity and the trust deed provides that income is to be applied in making such donations to charitable organisations and bodies and such other charitable applications or charitable purposes as the Trustees in their discretion think fit. In exercising their discretion the Truslees may have regard to wshes previously expressed by the Settlor. The Trustees normally make their choices annually. lowards the 8nd of the financial year. As the objects of the Charity are not linked to any specific areas of charitable activity. the Trustees receive a large number of applicalions for donations. They review the applications received during the year at their annual meeting and any wshes previously expressed by the Settlor and make their awards. Due to the high number of applications received. the Trustees are unable to reply or return printed materlal supplied. During the year under review they made donations lotalling £88.000 to registered charities in the United Kingdom. There have been no material changes in the policies of the Charity since 31st December 2021. Mr* Mary Rudd. vtho set up th'e charity in memory of her late husband, died on 4th January 2019 and in her Will left her residuary estate outside Spain to the Charity. Public Benefil Statement The Trustees consider that the Charity's activities. as set out in its Objectives and Activities detailed above. are for the public benefil, and confimi ihat they have complied with their duty under s1715) of the Charities Act 2011 to have due regard to Ihe guidance on public benefit published by the Charity Commission for England and Wales. Achievoments and Performance Charitable activities During the year to 31 st December 2022 ihe Charity ceiVed income from its investments of £125,439 (£29.953 in 2021), the sum of£7,010,222 from the estsle of Mrs Mary Rudd and made charilable donations totalling £88,0001£43,000 in 2021 }. The largest donation was £24.000 and the smallest was £2,000. Investment Performance The Twst has professional investment advisers who manage the Charity's investments on a discretionary basis. subject to the regular review of the Trustees. The Trust received 8 further endowment of cash an(1 shares in specie from the estate of the Settlor. After accounting for all investments sold and purchased during the year, and the aforementioned endowment, the value of the Charitys net assets increased during the year by £6.525,815 to £7,555,361. The market value of the Charity's investments increased from £924,148 to £7,370,338 during the year predominantly as a result of the endowment reIved, whilst the total net return of the wrtfolio decreased by 4.28°/u in the year. Calculation of Realised gains and Losses The average Gost method has been used to calculate realised gains or losses on investment sales.
WILLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Financlal Rovlow R•servo8 pollcy It Is the policy of the Trustees to maintain adequat8 reserves to enable the Charity to maintsin the amount given as charitable grants each year and to presetve the inGome generating capital base. Princlpal fundlng sources The Charity's income is derived from its investment portfolio. All investment income 15 accounted for when received. Investment policy and obJe¢tlves The Trustees have the authority to invest the funds of the Charity in a wide range of investments ft)r the furiherance of the objects of the Charity. and their policy and objectives are reviewed annually by th8 Trustee$ and their professional investsment managers. Fu ure develo ments The Trustees hope lo be able to cnntinue at approximately the same level of activity in 2023 as in 2022. The Charity will continue lo operate solely as a grant-making charity. We declare that in our capacity as the Trusvs Trustees we have approved the port above. Alexandra Ahavni Sarkis David ami on Robert George Maples
FMLLIAM ARTHUR RUDD MEMORIAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM ARTHUR RUDD MEMORIAL TRUST I pOrt on the accounts of the charity for the y8ar ended 31 December 2022. which 8re sel out pages 7 10 14. Responsibilltles and basis of report As the charity's Truslees, you are responsible for the preparation of the accounts in a)rdance with the requiremonls of the Charities Act 2011 {'Ihe Aci'l. You are satisfied that an audit is not required for this year under charity law and that an independent examination is need. I report In respeol of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in Carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(SXbl of the Act. An independent examlnation does not involve gathering all the evidence that would be required in an audit and consequentty does not cover all the matters than an auditor consbders In giving their opinion on the accounts. The planning and conduct of an audil goes beyond Ihe limited assurance that an independent examination ¢8n provide. Con5equenUy, l express no opinion as lo whether the accounts Psent a 'true and fail, view and my report is limited lo those SpefiC matters sel out in the independent examinerfs statement. Independ8nt oxamSnerfs statoment l arn qualified lo undertake the examination by being a qu8lifi8d member ofthe ln5b.lule of Chartered Accountants In Eno18nd and Wales. I have completed my examination. I confirrn that no matsrial matters have me to my attention in connection with the examinab'on glving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as requlred by secthon 130 01 the Act,. or 2. the accounts do not aord with those records- or 3. the accounts do not comply with the applicable requiremen15 concernlng the fomi and content of accounts sel out in the Charities (Accounts and Reports} Regulations 2008 other than any Tequirement that the accounts give a 'true and lair view, which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in aGrdance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charib.es applicable lo charities preparing thèir accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across rKJ matters in connection with the examination towhich attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. AC Dixon Wilson 22 Chancery Lane London WC2A 1 LS 31 Octobor 2023
nLLIAM ARTHUR RUDD MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrtricted Income Fund Expendable Endowment Fund 2022 Total 2021 Total R•stat Notes Income and endowments from: Investments 125,439 125,439 7,010,222 29,953 127,000 156,953 Estate of Mrs M T Rudd 7.010,222 Total Incomlng resourcos 125.439 7.010,222 7,135,861 Expenditurn on: Raising funds Charitsbl& activities 39,427 39,427 8, 706 63,670 14.400 118.198 118,198 Other Total •xp•nditure 118.198 39.427 157,625 86, 776 Net galnsl (lossosl on investments Not movem•nt in fund$ 1452,2211 6.518,575 1452.2211 6.525,815 72. 186 7,241 142,363 Reconciliation of funds Total funds brought forward a11 January 1.029.546 1,029,546 887, 183 Totsl funds carried forward at 31 December 7.241 7,548,120 7,555,361 1,029,546
WILLIAM ARTHUR RUDD MEMORIAL TRUST BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Restatod Notès Flxod assets Investments 7,370,338 924, 148 Total fixed assels 7,370,338 924,148 Current assets Cash at bank Debtors 281,853 1.290 159,282 2,466 Tolal Gurrent assels 283,143 161,748 Crnditors: amounts falling due within one y?ar 98,120 56,350 Net current assetsl (liabilities) 185,023 105.398 Net assets The funds of the charity: Unrestricted income fund IPage 71 Expendable endowment funds {Page 71 7,241 7,548,120 1,029,546 Total charity funds
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Bas1$ of preparation Basis of accountin The accounts (financial statements) have been prepared under the historical cost convention with Ftems recognised at cost or transaction value unless otheiSe stated in the relevant notels) to these accounts. The financial statements have been ppad In accordance Vth Accounting and Reporting by Charities Statement of Recommended Practice.. preparing their accounts in accordance the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland (FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Chan e in basis of accountin There has been no change to the 8ccounting policies Sin last year. Chan eto revious accounts The 2021 compardtive Tigures have been amended to show the split been the unrestricted income fund ar)d the expendable endowment fund. Accounting pollclos Incoming resoUe$ are included in the Statement of Financial Activities (SOFA) when: - the charty becomes entided to the resources; - the trustees are virtually certain they will receive the resources- and - the monetary value can be measured with sufficient lIability Where incoming resOUrS have related expenditure, the incoming resources and related expenditure are reported gross in the SOFA. Grants and donations are only included in the SOFA when the charity has unconditional entitlement to Ihe resources. Incoming resources from tax reclaims are included in the SOFA at the same time 8$ the the in¢xJme to which they relate. Investment Income Is included in the accounts when receivable. Investment gains and losses include any gain or105s on the sale of investments and any gain or loss resulting from revaluing the investments to markel value at the end of the year. Liabilities are recognised as soon as there is a legal or ¢onstNctive obligation committing the charity to pay out resources. Govemance GOSIS inGlude the cost of the prepardtion and examinalion of statutory accounts, the cost of trustee meetings and the cost of any legal advice to the trustees on governance or onstitutional matters.
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grant8 are accounted for where either the trustees have agreed to pay the grant ¥Mthout condition and the recipient ha5 a reasonable expectation Ihal they will receive the grant, or any condilion attaching to the grant is outside the control of the trust. 2.10 Investments quoted on a recognised stock exchange are valued at matket value at the year end. 2.11 The Charity has an expendable endowmenl fund created by a gift. The income of this trust is unrestricted. The tenns of the endowment allow the capital of the fund to be spent if the Trustees so determine. Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charilable objects. Unrestricted funds include designaled funds where the Trustees. at their discretion, have created a fund for a speclfic purpose. Investment assets 2022 2021 Quoted investments Market value brought forward Additions Disposals Nel realised1un8lI$9d investment gainsl (losses) 924.148 8,797,794 11.899.383) (452,2211 887,915 112,090 (148,043) 72,186 Market valuo at 31st D•¢•mber 2022 .338 9Z4, 748 Investments at market value consists of: 2022 2021 Equities Fixed interest securitles 5,993.057 1,377,281 690,638 233,510 7,37 ,14 All investments are c8rried at their fair value. Investment In equitie8 and fixed interest securities are all traded in quoted public markets, prim8rfly the London Stock Exchange. Holdings in Gommon investment fvnds, unit trusts and open-ended investment companies are 8t the bid price. The basis of fair value for quoted investments is equivalent to the market value. using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their trans8clion v8luel. 10-
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Cash account balances 2022 2021 Child & Co deposit account Child & Co current account Investec capital account Huntsrs client account 91,822 3, 744 63,716 185,453 96,400 Creditor5- amounts falling duo wlthln one year 2022 2021 Legal, secretarial and administration fees Donations Independent examinalion fees Accountancy fees 9,480 83,000 2,640 3,000 12,360 43.000 990 Transaction5 With Trustees Robert Maples charged a profession81 Trustee fee of £1.68012021- £1,440}. The payment was made under the authority given in the Trusl Oeed under Clause 9a. No Trustee h8s been reimbursed for any out-of-pocket expenses12021- NIL). There were no transactions for Trustees or connected persons12021- NIL). Alexandra Sarkis is a Trustee of the Charity and a consultant of Hunters Law LLP. For the year to 31 st December 2022 Hunters Law LLP charged fees of £22.878 (including VAT) for legal, secretarial and administration seNices. Analysis of In¢omlng resources Instment Income 2022 2021 UK interest UK unit trust interest UK dividends UK property income dividends Unit trust dividends Overseas dividends Overseas interest Interest on bank deposits 663 7,017 14,077 5,391 35,534 25,481 35,367 1,909 5,239 1.320 13,282 6.229 3,882
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Endowmonl funds giftgd by the estate of Mrs M T Rudd 7,010,222 127,000 Analysis of resources expended Investment management Gosts 2022 2021 Investec Wealth & Investment 39.427 8, 706 Expenditure on investment management costs is attributable to the expendable endowment fund. Charitable actlvitios 2022 2021 Governance cost8 (note 8.31 Charitable donations (note 8.4} 30,198 88,000 20.670 43,000 118,19 Govornanco costs 2022 2021 Accountanw fee Independent examination fees Legal, se¢retarial and administration fees Twstee fee 3,000 2,640 22,878 1.680 990 18,240 1,440 12-
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Chayltable donatlons 2022 2021 Cardiac Risk in the Young Cystic Fibrosis DEC Ukraine Appeal Dementia Carers Count Diocese in Europe Guide Dogs for the Bllnd Home-start Westminster Koesder Art Scholarships Leap Confronting Conflict MS Trust Oxfam Parkinson's UK Providence Row Ripple Effect Success Trinity Hospice The Trussell Trust The walla Collection World Wision Young Enterprise & Young Money 3.000 5,000 1,000 6,000 2,000 5,000 3,000 2,000 24,000 16,000 7,000 3,000 3.000 2,000 5.000 5,000 2,000 3,000 10,000 10,000 3,000 1,000 1,000 2,000 1,000 1,000 6,000 1.000 1,000 Oth•r 2022 2021 Counsel's fees 74,400 The Trust employed no stsff during the year ended 31 December 2022 (2021- none). Analysls of funds Analysls of net assets between funds Unrestricted Income Fund Expendable Endowment Fund 2022 Total Investments Cash and debtors Creditors 7.370,338 177,782 7,370,338 283,143 (98,120) 105,361 (98,1201 13-
LLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 alysls of charltsblÈ funds Balance brought fornard Balane• carried fornard Incoming R•sourees resources eypended In$tent Losses Llnrestricted ino)rne fund E¥pend8ble end¢)wment fund 125.439 7,010,222 (118,1981 139,4271 (452,2211 7.241 7,548.120 1,029.546 7.555, Prior year- analysis of nèt assots 1)theen funds las restated) Unrestricted Expendabl• Income Fund Endowment Fund Total Inveslmgnts Cash and debtors Creditors W24,148 105.398 924.148 161,748 156.350) 56.350 156,3501 1,029.546 Prior ar- anal1* of ¢harStable funds las re6tatsd) Balance brought Ineomlng R•sources fobward r•8ourc•s expended Balanc• earrigd forward Invgstrnent Gains Transfers Unrestrict8d income fund Expendable endowment fund 29,953 127,000 178,070} 18,7081 48,117 148.117} 887,183 72.186 1.029,546 887,1 15 86,776 72,186 .029.546 14-