WILLIAM ARTHUR RUDD MEMORIAL TRUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Hunters Law LLP g New Square Lincoln's Inn London WC2A 3QN LAW.PAC.43020-1
WILLIAM ARTHUR RUDD MEMORIAL TRUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page ststement of the Trustees, Responsibilities Trustees, Report Independent Examiner's Report Statement of Flnancisl Activities Balance Sheet Notes to the Accounts 9-14
WILLIAM ARTHUR RUDD MEMORIAL TRUST STATEMENT OF TRUSTEES. RESPONSIBLITIES IN RESPECT OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responsible for preparing the Trustees, report and the financial statements in accordan wth applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) 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 reSoUrS of the charity for that period. In preparing these financial statements, the trustees are required to: select suitsble accounting policies and apply them consistently" observe the methods and principles of the Charities SORP. make judgements and accounting estimates that are reasonable and prudent.. state whether 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 wll 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 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 iThegularities.
WILLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and Administrative Details Charity registration number 326495 Principal address 9 New Square Lincoln's Inn London WC2A 3QN Trustees Alexandra Ahavni Sarkis David Hamilton Smyth Robert George Maples Independent Examiners S Rose Dixon Wilson 22 Chancery Lane London WC2A 1LS Solicitors Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment managers Investec Wealth & Investment 30 Gresham Street London EC2V 7QN
WILLIAM ARTHUR RUDD MEMORIAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Structure Governance and Mana ement Governing document The William Arthur Rudd Memorial Trust was created by the late Mrs Mary Templeton Rudd. the Settlor. by a trust deed dated 31st Dember 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. Organisational structure of the charity The Trustees manage the Charity. They meet twice a year and liaise regularly to take all necessary decisions jointly wth gard to the Charitys activities and achievement of its objectives. Certain day-to-day administrative tasks are delegated to the charitys legal and investment advisers. Volunteers The Charity receives no assistance from volunteers. Wider Network The Charity acts independently and is not part of a wider netyrk. Donations The Charity is not involved in fund-raising or publicity and has never received donations. Related Partles The Charity has no subsidiaries and is not connected with any other Foundation. Risk pollcy The Trustees have assessed the major risks to which the Charity is exposed. in particular those related 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 2024 Ob'ectlves and Activities for the Publlc Benefit Objects and significant 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 suth other charitable applications or charitable purposes a5 the Trustees in their discretion think fit. In exercising their discretion the Trustees may have regard to wishe5 previously expressed by the Settlor. The Trustees meet twce a year to make their choi. As the object5 of the Charity are not linked to any specific areas of charitable activity, the Trustees receive a large number of applications for donations. They revlew the applications received during the year at their meetings and any wishes previously expressed by the Settlor and make their Wdrds. Due to the high number of applications received, the Trustees are unable to reply or retum printed material supplied. During the year under review they made donations totalling £208,940 to registered charities in the United Kingdom. There have been no material changes in the policies of the Charity since 31 st December 2023. Mrs Mary Ru¢Jd, 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. Publlc Benefft Statement The Trustees consider that the Charitsls activities. as set out in its Objectives and Activities detsiled above, are for the public benefit, and confirm that they have complied with their duty under $17{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. Achlevements and Performance Charltable activities During the year to 31 st December 2024 the Charity received income from its investments of £205,972 (£223.154 in 2023) and made charitable donations totalling £208,940 (£133,000 in 2023). The largest donation VRS £48,000 and the smallest %Yas £2,000. 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 purGhased during the year, the value of the Charitys net assets increased during the year by £387,490 to £8.185.123. The market value of the Charity's investments increased from £7,870,211 to £8,185,767 during the year. Calculation of Reallsed 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 2024 Flnancial Review Reserves policy It is the policy of the Trustees to maintain adequate reserves to enable the Charity to Tnaintain the amount given as charitable grants each year and to preserve the income generating capital base. Principal funding sources The Charitsls income is derived from its investment portfolio. All investrnent income is accounted for when received. Investment policy and objectives The Trustees have the authority to invest the funds of the Charity in a 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. Fut re develo ments The Trustees hope to be able to continue at approximately the same level of activity in 2025 as in 2024. The Charity will continue to operate solely as a grant-making charity. We declare that in our capacity as the Trust's Trustees have approved the report above. Alexandra Ah rkis Robert George aples
WILLIAM ARTHUR RUDD MEMORIAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM ARTHUR RUDD MEMORIAL TRUST I report on the accounts of the charity for the year ended 31 Decembar 2024, whlch are set OLrt on pages 7 to 14. Responsibilities and basis of rnport As the charity's Trust885, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Acr). You are satisfied that an audit is not required for this year under charily law and that an independent examination is needed. I report in respect of my examinatlon of the Tnjst's accounts carrted out under section 145 of the 2011 Act and in carying out my examination I have followed all the appllcable Directlons given by the Charity Commission under sectlon 145{5Xb> of the Act. An independent examination does not involve gathering all the evidence that would be requirèd in an audit and consequently does not cover all the matters than an auditor considers In giving their opinion on the accounts. The 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 th8 accounts present a 'tNe and fairf view and my report is limited to those specific matters set out in the independent exaMineS statement. Independent examine8 statement l am qualified to undertake the examlnatlon ty Ing a qualified member of the Institute of Chartered Accountants in England and Wales. I have completed my examination. I confim that no material matters have come to my attention in connection wtth the examination giving me cause to believe that in any material respecl.. accounting CordS were not kept in respect of the Trust as required by section 130 of the Act. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the fom and content of accounts set out in the Charitles (Accounts and Reports) Regulations 2008 other than any rèquirement that the accounts give 8 'true and fair view which is not a matter consldered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles ofthe Statsment of Recommended Practlce for accounting and reporting by charitie5 applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK arKI Republic of Ireland (FRS 102}. I have no concems and havo come across no matters in connection with the examination to which attentlon should be drawn in this report In order to enable a proper understanding of the accounts to be reached. S Rose ACA Dixon Wilson 22 Chancery Lane London WC2A 1 LS 16 October 2025
WILLIAM ARTHUR RUDD MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Expendable Income Endowment Fund Fund 2024 Total 2023 Total Notes Income and endowments from: Investments 205.972 205,972 205,972 223, 154 223. 154 Total incoming resources 205.972 Expenditure on: Raising funds Charitable activit18S 42,289 42,289 261.172 62 40.543 193,880 26 261,172 62 Othèr Total expendlturo 261,234 42,289 303,522 234,449 Net galnsl (losses) on Investments Net movement in funds 485,040 442,751 485.040 387.490 253,568 242.272 (55,261) Reconclllatlon of funds Total funds brought forward at 1 January 36,489 7,761,145 7,797,633 T.555.361 Totsl funds carried fomard at 31 December 03,896 8,185,123 775TS3r
WILLIAM ARTHUR RUDD MEMORIAL TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Investments 8,185,767 7,870,211 Current assets Cash at bank Debtors 30,556 65,139 99,244 6.628 Total current assets 95,694 105,872 Creditors: amounts falling due within one year 96,338 178,450 Net current assetsl (liabilities) (644) 72,578) Net assets Th• funds of the charlty.. Unrestricted income fund (Page 7) Expendable endowment funds (Page 7) (18,772) 8,203.896 36,489 7.761,145 Total charfty funds
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Basis of preparation Basis of accountin The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaclion value unless otherwise stated in the relevant note(s) to these accounts. The financial ststements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice: preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and 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 accounting policies since last year. Accounting policles Incoming resources are included in the Statement of Financial Activities (SOFA) when.. the charity becomes 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 in¢omlng resources and related expèndltura ar8 r8POrt8d gross in the SOFA. Grants and donations are only included In the SoFAwhen the charity has unconditional entitlement to the resources. Incoming resources from tax reclaims are included in the SOFA at the same lime as the the income to which they relate. Investment income is included in the accounts when re1Vable. Investment gains and losses include any gain 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 as 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 statutory accounts, the cost of trustee meetings and the cost of any legal advice to the trustees on governance or constitutional matters.
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 trustees 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 Investrnents quoted on a recognised stock exchange are valued at rnarket value at the year end. 2.11 The Charity has an expendable endowment tund 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 so determine. Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitsble objeds. Unrestricted funds Include designated funds where the Trustees, at their dlscretion, have created a fund for a specific purpose. Investment assets 2024 2023 Quoted investments Market value brought forward Additions Disposals Net reallsedlunrealised investment gainsl (losses) 7,870,211 1,326.550 (1,496,033) 485.040 7,370,338 4,021,018 (3, 774, 713) 253.568 Market value at 31 st December 2024 Inve5tment5 at market value consists of: 2024 2023 Equities Fixed interest secLFrities 6,044,176 2.141.591 5,844.999 2,025,212 All investments ar8 carriad at th8ir fair value. Investment in equities and fixed interest securities are all traded in quoted publlc markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair valu8 for quot8d investments is equivalent to the market value, using the bld price. Asset sales and purchases are COgniSed at the date of trad8 at cost (that is their transaction value). 10-
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTESTOTHE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Cash account balances 2024 2023 CAF Bank account Investec capital account 15.046 15.510 8,924 90.320 Debtors 2024 2023 Money due from Investec Cash due to CAF bank from Investec 8,127 57,012 6,628 Credltors: amounts falling due within one year 2024 2023 Trade creditors Accruals Other creditors 21,638 2,700 72,000 34,440 6,010 138.000 Transactions with Trustees Robert Maples charged a professional Trustee fee of £1,920 {2023 - £1,800). The payment was made under the authority given in the Trust Deed under Clause 9a. No Trustee has been reimbursed for any outknof-pocket exp8nses (2023 - NIL). Alexandra Sarkis 15 a Trustee of the Charity and was a consultant of Hunters Law LLP for part of thè year. She ceased being a consultant on 30 September 2024. For the year to 31 st December 2024 Hunters Law LLP Charged f88s of £48,682 (including VAT) (2023 - £52,470) fOr1al, secratarial and administration servlces.
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of Incomlng resources Investment Income 2024 2023 UK bank intarast UK interest UK unit trust interest UK gilt interest UK dividends UK propety income dlvldends Unit trust dividends Overseas dividends Overseas interest Interèst on bank d8POSIts 665 38,905 8,876 3,382 55,329 875 37,544 30 21,996 6,351 9, 709 14,274 4, 190 51.070 I I 44,186 13,617 2,595 38,019 75,433 2.083 Income from investment assets is attributable to the unrestricted fund. Analysis of resources expended Investment management costs 2024 2023 Investec W8alth & Investment 42.289 40,543 Expenditure on investment managemant costs is attributable to the expendable endowment fund. Charltable activities 2024 2023 Governance costs {note 8.3) Charitable donatlons (not8 8.4) 52,232 208,940 60,880 133,000 Expenditure on charitable activities 15 atlributable to the unrestricted income fund. 12-
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Governance costs 2024 2023 Accountancy fee Independent examination fees Prior year fee adjustment Legal, secretarial and administration fees Trustee fee 1.380 2.760 (2,640) 48.812 1.920 3.970 2,640 52.470 1,800 Charitable donations 2024 2023 Belltree Music Therapy Criminon UK Cystic Fibrosis Drama Expressions Guide Dogs for the Blind Holy Trinity Church Las Palmas Home-start Westminster Jigsaw (South East) Kids Space Koestler Art Scholarships Leap - Confronting Conflict MS Trust Parklnson's UK Providence Row Ripple Effect Royal Trinity Hospice Success Life After Cure Ltd Sunny Days Children's Fund Teen Enterprise The Respite Association The Trussell Trust The Wallace Collection UK for UNHCR UK Hospice World Vision 2.000 10.000 3,000 3,000 4,000 10,000 20,280 5,000 3,000 5,000 20,000 5,000 48.000 48,000 5,000 3,000 5,000 7,000 5,000 14,000 15,000 2,000 5,000 3,000 5,000 5,000 5,000 10.000 10.000 5.000 5,000 10,000 7,660 10.000 5.000 10.000 Other 2024 2023 Bank charges 62 26 Other expenditure is attributable to th8 unrestricted income fund. The Trust eTnployed no staff during the year ended 31 December 2024 (2023 - none). 13-
WILLIAM ARTHUR RUDD MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Analysis of funds 10.1 Analysls of net assets tsefven funds Unrestricted Income Fund Expendable Endowrnent Fund 2024 Total Investments Cash and debtors Creditors 8,185.767 18.129 8.185.767 95.694 {96,338) 77,566 {96,3381 8.185.1 After the year-end the Trustees resolved to make a transfer of £18,772 from Expendable Endowment funds lo Unrestricted funds as permitted under the constitution of the Fund. 10.2 Analysts of charltable funds Balancg brought forward Balance Caled forward Incomlng resources Resources Investment gxpended Gainslllosses) Unrestrictd income fund E>pend8ble endowment fund 36.489 7.761.145 205,972 1261.2341 (42,2891 118.772) 8,203,896 485,040 10.3 Prior year- analysis of net assets tween funds Unrestricted Income Fund Expendable Endowment Fund Total Investments Cash and debtors Cr8Jitors 7,870.211 1109,0661 7.870,211 105.872 {178,4501 214.939 {178,4501 10.4 Prior year- analysis of charitable funds Balance brought Incoming forward resources Balance carried fonvard Rpsource5 Investment expended gainsl{losses) Unrestricted income fund Expendable endDwrnent fund 7.241 7.548.120 223.154 {193,9061 {40,543) 36,489 7.761.145 253.568 7.555, 1234,4491 Th5T56r 97.634 14-