WILLIAM ARTHUR RUDD MEMORIAL TRUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN LAW.PAC.43020-1
WILLIAM ARTHUR RUDD MEMORIAL TRUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page Statement of the Trustees, Responsibilities Trustees, Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Accounts 9-14
WILLIAM ARTHUR RUDD MEMORIAL TRUST STATEMENT OF TRUSTEES. RESPONSIBLrriES IN RESPECT OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial ststements 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-. select suitable accounting policies and apply them consistently; observe the methods and princlples of the Charities SORP: • make judgements and accounting estimates that are reasonable and prudent., state vthether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements. and 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 accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that Ihe financial staternents 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.
LLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Reference and Administrative Detalls Charlty reglstratlon number 326495 Princlpal address 9 New Square Lincoln's Inn London WC2A 3QN Trustees Alexandra Ahavni Sarkis David Hamilton Smyth Robert George Maples Independent Examln8r8 S Rose Dixon Wllson 22 Chancery Lane London WC2A 1LS Sollcitors Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Bankers Child & Co 1 Fleet Street London EC4Y 18D Investment managers Investec Wealth & Investment 30 Gresham Street London EC2V 7QN
WILLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Structure Governance and Manaqement Governing document The William Arthur Rudd Memorial Trust was created by the late Mrs Mary Templeton Rudd, the Settlor, by trust deed dated 31st December 1983 in memory of her late husband. William Arthur Rudd. Method of appointment of new trustees The power of appointing new trustees is vested in the Trustees. Organlsatlonal structure of the charlty The Trustees manage the Charity. They meet on an annual basis and liaise regularly to lake all necessary decisions jointly with regard to the Charitys activities and achievement of its objectives. Certain day-to-day administrative tasks are delegated to the charity's legal and investment advisers. Volunteers The Charity recelves no assistance from volunteers. Wider Network The Charity acts independently and is not part of a wider network. Donatlons The Charity is not involved in fund-raising or publiclty and has never received donations. Related Partle8 The Charity has no subsidiaries and is not connected wlth any other Foundation. Risk policy The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the safeguarding of financial assets of Ihe 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 2023 Ob ectives and Activttles for the Public Benefit Objects and slgnificant activlties 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 Truste8s in their discretion think fit. In exercising their discretion the Trustees may have regard to wishes previously expressed by the Setuor. The Trustees normally make their choices annually. towards the end 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 application5 for donations. They review the applications received during the year at their annual meeting and any wishes 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 material supplied. During the year under review they made donations totalling £133,000 to registered charities in the United Kingdom. There have been no material changes in the policies of the Charity since 31 st December 2021. Mrs Mary Rudd, who set up the 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 Benefit statement The Trustees consider that the Charity's activities. as set out in its Objectives and Activities detailed above, are for the public benefit, and confirm that they have complied with their duty under 517(5) of the Charities Act 2011 to have due regard to the guidance on public benefit published by the Charity Commission for England and Wales, Achievements and Performance Charltable activltles During the year to 31st December 2023 the Charity received income from its investments of £223,154 {£125,439 in 20221 and made charitable donations totalling £133.000 {£88,000 in 2022). The largest donation was £48,000 and the smallest was £3,000. Investment Performance The Trust has professional investment advisers who manage the Charity's investments on a discretionary basis, subject to the regular review of the Trustees. After accounting for all investments sold and purchased during the year, the value of the Charitls net assets increased during the year by £242.272 to £7,803,643. The market value of the Charity's investments increased from £7,370,338 to £7,870,211 during the year. Calculation of Reali5ed gains and Losses The average cost 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 2023 Financlal Review Reserves policy It is the policy of the Trustees to maintain adequate reserves to enable the Charity to maintain the amount given as charitable grants each year and to preserve the income generating capital base. Prlncipal fundlng sources The Charitls income 15 derived from its investrnent portfolio. All investment income is accounted for when received. Invostment pollcy and objectlves The Trustees have the authority to invest the funds of the Charity in a wide range of investments for the furtherance of the objects of the Charity, and their policy and objectives are reviewed annually by the Trustees and their professional investment managers. Future develo ments The Trustees hope to be able to continue at approximately the Same level of activity in 2024 as in 2023. The Charity will continue to operate solely as a grant-making charity. We declare that in our capacity as the Trust's Trustees we have approved the report above. Alexandra Ahavni Sarkis David Ham on Robert George Maples
WILLIAM ARTHUR RUDD MEMORIAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM ARTHUR RUDD MEMORIAL TRUST I report on the accounts ofthe charity for the year ended 31 December 2023, which are set out on pages 7 to 14. Responslbllltles and basis cf report As the charity's Trustees, yau are responslble for the preparatlon of the accounts in accordance with the requirements of the Charities Act 20111.the Act,). You are satisfied Ihat an audit is not required for this year under charity18w and that an independent examination is needed. I report in respect of my examlnation of the Trust's accounts carrled out under section 145 of the 2011 Act and In carrying out my examination I have followed all the applicable Direction5 given by the Charity Commission under sèction 14515llbl of the Act. An Independent examlnation does not involve gathering all th8 èvidence that would be required in an audlt and consequently does not cover all the matters than an auditor consider5 In giving their opinion on the accounts. Th8 planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts prBsenl a 'tnJe and falr. view and my report is limited to Ih05e specific m8tters sel out in the independent exarnineff s statement. Independent •xamlner's statement l am qualified to undertak8 the examination by being a qualified rnember of the Institute of Chartere(J Accountants in England and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any m81erial respect- accounting records were not kept in respect of the Trust as requlred by section 130 of the Act., or 2. the accounts do not accord with those records- or 3. the 8ccounts do not comply with the applicable requirements concerning the fom and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance wlth the methods and prlnciples of Ihe Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordence with the Financial Reportlng Stsnd8rd applicable in the UK and Republic of Ireland (FRS 1021. I have no concern5 and have ceme across no matters In connection with the examination to which attention should be drawn in thi5 r ort in order to enable a proper understanding of the accounts to b8 reaGhed. Rose CA Dixon Wilson 22 Chancery Lane London WC2A 1LS 2024 15 November
WILLIAM ARTHUR RUDD MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Expendable Income Endowment Fund Fund 2023 Total 2022 Total Notes Income and endowments from: Investments 223,154 223,154 125,439 Estate of Mrs M T Rudd 7,010,222 Total Incoming resources 223,154 223.154 7, 135,661 Expendlture on: Raising funds Charitabl8 activities 40,543 40.543 39,427 193,880 193,880 118,198 Other 26 26 Total oxpendlture 193,906 40,543 234.449 157,625 Net galnsl (losses) on investments Net movement In funds 253,568 253,568 (452,2211 6,525,815 29,248 213,025 242,272 Reconciliatlon of funds Total funds brought foNard at 1 January 7,241 7,548,120 7,555,361 1,029,546 Total funds carried forward at 31 Oecember 36,489 ,761,145 7,797,63 ,555,361
WILLIAM ARTHUR RUDD MEMORIAL TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 7,870,211 7,370,338 Total fixed assets 7.870,211 7,370,338 Current assets Cash at bank Money due from Investec 99,244 6,628 281,853 1.290 Total current asset5 105,872 283, 143 Credltors: amounts falling due wlthin one year 178,450 98, 120 Net current as8etsl (Ilabllitles) (72,578) 185,023 Net assets The funds of the charlty: Unrestricted income fund (Page 7) Expendable endowment funds IP898 7) 36,489 7,761,145 7,241 7,548, 120 Total charlty funds 7,79 33
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Basis of preparation Basis of accountin The accounts (financial statements) have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice: preparing their accounts In accordance with the Financial Reports'ng Standard applicabl8 in the UK and Republic of Ireland {FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Ch in basls of accountin Th8re has been no change to the accountlng pollcles slnce last year. Accounting pollcles Incoming resources are included in the Ststement of Financial Activities (SOFA) when.. the charity becornes entitled to the resources., the trustees are virtually certain they will receive the resources- and the monetary value can be measured with sufficient reliability Where incoming resources 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 the resources. Incoming resources from tsx reclalms are included In the SOFA at the sam8 time as the the income to which they relate. Investment income is included in the accounts when recelvable. Inveslment gains and losses include any galn or loss on the sale of investments and any gain or loss resulting from revaluing the investments to market value at the end of the year. Liabilities are recognised as soon a5 there is a legal or constructive obligation committing the charity to pay out resources. Governance costs include the cost of the preparation and examination of ststutory accounts. the cost of trustee meetings and the cost of any legal advic8 to th8 trust8es on govemance or constitutional matter5.
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the truste8s have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive the grant, or any condition attaching to the grant is outside the control of the trust. 2.10 Investments quoted on a recognised stock exchange are valued at market value at the year end. 2.11 The Charity has an expendable endowment fund created by a gift. The income of this trust is unrestricted. The terms of the endowment allow the capital of the fund to be spent if the Trustees 50 determin8. Unrestrfcted Incom8 funds comprise those funds whlch the Trust88s are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designaled funds whère the Trustees, at th8ir discretion, have cr8ated a fund for a specific purpose. Investment assets 2023 2022 Quoted investments Market value brought forward Additions Disposals Net realisedlunrealised investment gainsl (losses) 7,370,338 4,021,018 (3,774,713) 253,568 924,148 8, 797, 794 (1,899,383) (452,221) Market value at 31st December 2023 7,370, Investments at market value conslsts of: 2023 2022 Equities Fixed interest securities 5,844,999 2,025,212 5,993,057 1,377,281 7,870,211 7,370,338 All inve5trnents are carried at their fair value. Investrnent in equities and fixed Interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment fund5, unil trusts and open-ended investment companies are al 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 transaction valu8). 10
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Cash account balances 2023 2022 CAF Bank account InvesteG capital account Hunters client account 8,924 90,320 185,453 96,400 Credltors: amounts falling due wlthln one year 2023 2022 Trade creditors Accruals Other creditors 34.440 6,010 138,000 15,120 83,000 Transactions wfth Trustees Robert Maples charged a professional Trustee fee of £1,800 (2022 - £1,680). The payment was made under the authority given in the Trust Deed under Clause 9a. No Trustee has been reimbursed for any out-of-pocket expenses12022 - NIL). Alexandra Sarkis is a Trustee of the Charity and a consullant of Hunters Law LLP. For the year lo 31st December 2023 Hunters Law LLP charged fees of £52,470 (includlng VAT) (2022- £22,878) for legal, secretarial and administration servlces. Analysls of Incornlng resources Investment income 2023 2022 UK bank interest UK interest UK unit trust inleresl UK gilt interest UK dividends UK property income dividends Unit trust dividends Overseas dividends Overseas interest Interest on bank deposits 30 21,996 6,351 9.709 14.274 4,190 51,070 38,019 75,433 2.083 663 7.017 14,077 5,391 35,534 25.481 35,367 1,909 223,154 25,439 Income from investrnent assets is attributable to the unrestricted fund.
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Endowment funds gifted by the estate of Mrs M T Rudd 7,010.222 Endowment funds gifted by the estate of Mrs M T Rudd are attributsble to the expendable endowment fund. Analysls of resources expended Investment management costs 2023 2022 Investec Wealth & Investment 40,543 39,427 Expenditure on investment management costs is attributable to the expendable endowment fund, Charltable activltles 2023 2022 Governanc8 Costs (note 8.3) Charitsble donations (note 8.4) 60,880 133,000 30,198 88,000 3,880 98 Expenditure on charitable activities is attributable to the unrestricted Income fund, Governance costs 2023 2022 Accountancy fee Independent examination fees Legal. secrBtarial and administration fees Trustee fee 3,970 2,640 52,470 1.800 3.000 2,640 22,878 1,680 60,880 30,198 12-
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable donatlons 2023 2022 Cystic Fibrosis DEC Ukraine Appeal Diocese in Europe Guidé Dogs for the Blind Holy Trinity Church Las Palmas Home-start Westminster Kids Space Koestler Art Scholarships MS Trust Oxfam Parkinson's UK Providenc8 Row Ripple Effect Royal Trinity Hospice Success Life After Cure Ltd The Respite Association The Trussell Trust The Wallace Collection UKfor UNHCR UK Hospice World Vision 3.000 3,000 5,000 5,000 3,000 4,000 5,000 20,000 5,000 48.000 2.000 24,000 3,000 3,000 2,000 5,000 5,000 3,000 2,000 3,000 5,000 5,000 5,000 10,000 10,000 5,000 5,000 10,000 10,000 3, 000 ,00 33,000 other 2023 2022 Bank charges 26 other expendlture is attributable to the unrestricted Income fund. The Trust employed no staff during the year ended 31 December 2023 (2022 - none). Analysi8 of funds Analysls of net assets between funds Unrestricted Income Fund Expendable Endowment Fund 2023 Total Investments Cash and debtor5 Creditors 7,870.211 (109.066) 7,870,211 105,872 (178,450) 7,797,633 214,939 (178,450) 36,489 7,761,14 13-
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO TrIE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 alysis of charitable funds Balance brought forward Balance Carrled forward Incomlng resources Re50urGes Investment expended Galnsl{Iosses) Unrestricted income fund Expendable endowment fund 7,241 7,548,120 223.154 {193,9061 140,5431 36.489 253,568 7,761,145 Prlor ar. analy•ls of net •¥8•ts b•tween fund¥ Unrestrlctfjd Income Fund Expendable Endowrnent Fund Total Inv85tments Cash and debtor8 Creditors 7.370,338 177,782 7,370,338 283,143 198,1201 105,361 198,1201 1 7,555,361 Pr(or year. analysls of charltable funds Balanee brought forward Balance carrled forward In¢omln9 resources Resources Investm•nt expended gainslllossgs Unrestricted Income fund Expendable endowment fund 125,439 7,010,222 (118,1981 139,4271 7.241 1452,2211 7,548,120 1,029.546 1,029,546 7.135,661 1452.221 11S7.6251 7.555,361 14-