The Weldon UK Charitable Trust
Report and Financial Statements For the Year Ended 30 September 2023
Charity number 327497
The Weldon UK Charitable Trust
Financial Statements For the Year Ended 30 September 2023
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Contents Page
Trustees’ Report 2 - 4
Auditor’s report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes forming part of the financial statements 8 - 11
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The Weldon UK Charitable Trust
Report of the Trustees for the year ended 30 September 2023
The Trustees present their report and financial statements for the year ended 30 September 2023.
Objectives
The Trust has broad charitable objects. The Trustees do not limit their grant making to a particular field, but look for projects across the not-for-profit sector, both in the UK and overseas.
How these objectives were achieved in 2022/23
The objectives for 2022/23 were for the Trust to continue to support UK and Overseas projects, with an emphasis on social welfare and educational projects. These objectives were met during the Year, as is reflected in the donations made.
Funding
The Trust received a major unrestricted donation in 2015 and this will be utilised over the coming years as projects are identified.
Objectives for 2023/24
The Trust will continue to provide support to develop UK and Overseas projects, with an emphasis on social welfare and education.
Charity and Public Benefit
Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the information in this annual report, about the Trust’s aims, activities and achievements in the areas of interest that the Trust supports demonstrates the benefit to its beneficiaries, and through them to the Public, which arises from those activities.
Financial Review
Outcome for the Year
During the year, grant expenditure was incurred of $132,664 (2022: $146,768). The surplus in the year was $5,767,453 (2022: deficit of $416,443) after gains/losses on foreign exchange and gains on sale of investments and unrealised gains has been added to brought forward unrestricted reserves. Excluding the effect of gains/losses on foreign exchange, there was a surplus of $6,000,662 (2022 – deficit of $313,377).
Investment Policy
The Trust’s funds have been held on bank deposits and an interest-bearing short-term loan.
Reserves Policy
The Trustees have no intention of building the reserves of the Foundation. However, the Trustees are likely to retain the reserves until such time as suitable charitable expenditure arises.
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The Weldon UK Charitable Trust
Report of the Trustees for the year ended 30 September 2023 (continued)
Plans for Future Years
The Trustees intend to continue the activities, outlined above, in forthcoming years.
Structure, Governance and Management
Governing Document
The organisation was registered as a charity on 23 July 1987 and is governed by its settlement deed of 10 June 1987.
Recruitment and Appointment of the Board
The Trustees were appointed for their desire to support the aims of the Charity.
Trustee Induction and Training
The Trustees are familiar with charitable organisations in general. As such no induction was necessary.
Risk Management
The Trustees are aware of the major risks to which all charities are exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces.
Organisational Structure
The Trustees meet or communicate as necessary and are responsible for the strategic direction and policy of the charity.
Reference and Administrative Information
Charity Name: Charity registration number: Administrative address:
The Weldon UK Charitable Trust 327497 15 Belgrave Square London SW1X 8PS
Board of Trustees
Anthony H.D. Weldon Nabil Fattal John R. Price Jane E. Rappeport
Appointed 22 March 2007 Appointed 29 September 2005 Appointed 31 July 2013 Appointed 22 September 2016
Bankers
CAF Bank Limited JP Morgan Bank Luxembourg
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The Weldon UK Charitable Trust
Report of the Trustees for the year ended 30 September 2023 (continued)
Responsibilities of the Trustees
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, for the financial year. In preparing those financial statements, the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue on that basis.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with Charity law. The Trustees 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.
Trustees
The Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 3.
Approved by the Trustees on ……………………… and signed on its behalf by:
ANTHONY HD WELDON Trustee
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The Weldon UK Charitable Trust
Auditor’s Report to the Trustees of The Weldon UK Charitable Trust
5
The Weldon UK Charitable Trust
Statement of Financial Activities (including Income & Expenditure Account) for the year ended 30 September 2023
| Notes Income from Donations Investment Income - Bank Interest - Loan interest Total income Expenditure on Charitable activities Grants payable 2 Support costs 2 Foreign exchange (gains) losses Total expenditure Gain on investments 6 Unrealised (losses) on investments 6 Net income (expenditure) for the year Total funds brought forward Total funds carried forward |
Unrestricted Funds 2023 2022 $ $ 6,074,378 - 3,557 316 - 16,234 6,077,935 16,550 132,664 146,768 17,380 7,323 (72,771) 175,836 77,273 329,927 91,912 4,490 (325,121) (107,556) 5,767,453 (416,443) 1,363,184 1,779,627 7,130,637 1,363,184 |
Unrestricted Funds 2023 2022 $ $ 6,074,378 - 3,557 316 - 16,234 6,077,935 16,550 132,664 146,768 17,380 7,323 (72,771) 175,836 77,273 329,927 91,912 4,490 (325,121) (107,556) 5,767,453 (416,443) 1,363,184 1,779,627 7,130,637 1,363,184 |
|---|---|---|
| 16,550 | ||
| 146,768 7,323 175,836 |
||
| 329,927 | ||
| 4,490 (107,556) |
||
| (416,443) 1,779,627 |
||
| 1,363,184 | ||
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
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The Weldon UK Charitable Trust
Balance Sheet as at 30 September 2023
| 2023 Notes $ $ Fixed Asset Investments Investments 6 499,820 Current Assets Cash at bank and in hand 45,429 Debtor - loan 7 6,591,430 Debtor - accrued interest on loan 7 - 6,636,859 Current Liabilities Creditors: amounts falling due within one year 8 (6,042) (6,042) Net Current Assets 7,130,637 Net Assets 7,130,637 Unrestricted Funds General funds 7,130,637 Total Funds 7,130,637 Approved by the Trustees on …………………… and signed on its behalf by: …………………………………… ANTHONY HD WELDON Trustee |
2022 $ $ 750,766 58,135 544,384 15,486 618,005 (5,587) (5,587) 1,363,184 1,363,184 1,363,184 1,363,184 |
2022 $ $ 750,766 58,135 544,384 15,486 618,005 (5,587) (5,587) 1,363,184 1,363,184 1,363,184 1,363,184 |
|---|---|---|
| 618,005 | ||
| (5,587) | ||
| (5,587) | ||
| 1,363,184 | ||
| 1,363,184 | ||
| 1,363,184 | ||
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The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2023
1. Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
(a) Basis of accounting
The financial statements of the Trust, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The charity is a Public Benefit entity as defined by FRS102.
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern and, accordingly, the financial statements are prepared on a going concern basis.
(b) Foreign currency
Monetary assets and liabilities in foreign currencies are translated into USD at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into USD at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the surplus.
(c) Fund accounting
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Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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Designated funds are unrestricted funds earmarked by the Board for particular purposes.
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• Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
(d) Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.
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Investment income is included when receivable.
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The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2023 (continued)
(e) Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities
2. Total Resources Expended
| Direct activity costs Grants payable (analysed below) Support costs Independent examiner’s fee Professional fees Bank charges Interest payable Analysis of grants payable for the year The Listening Place, UK Jonathan Verney – FWM ACE Projects Campaign Against Antisemitism Lamroth Hakol, Argentina Community Security Trust USPUK 3. Net Expenditure for the Year This is stated after charging: Independent examiner’s remuneration |
2023 $ 2022 $ 132,664 146,768 |
|---|---|
| 1,780 1,490 - 5,630 114 202 15,486 1 |
|
| 17,380 7,323 |
|
| 2023 2022 $ $ 62,462 58,156 52,378 - 17,824 17,762 - 13,162 - 20,000 - 6,826 - 30,862 132,664 146,768 2023 $ 2022 $ 1,780 1,490 |
3. Net Expenditure for the Year
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The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2023 (continued)
4. Trustee Remuneration & Related Party Transactions
No Trustee received any remuneration during the year.
The following loans were made to Valinco Investments Limited, a Bermuda company owned by one of the trustees. Loan interest of $15,486 that was previously accrued for in 2022, was written off following a mutual agreement between Valinco and the Trust and the interest rate was reduced to 0% on the loan.
| Date of loan | Interest rate | Amount $ | Repayments $ | Balance $ |
|---|---|---|---|---|
| 18-Oct-21 | 0% | 650,000 | (132,948) | 517,052 |
| 03-Oct-22 | 0% | 2,200,000 | - | 2,200,000 |
| 06-Oct-22 | 0% | 3,440,919 | - | 3,440,919 |
| 21-Sep-23 | 0% | 433,459 | - | 433,459 |
| 6,591,430 |
No other Trustees or other persons related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.
5. Taxation
As a charity, The Weldon UK Charitable Trust is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
6. Investments
| . Investments | |
|---|---|
| Opening Balance Additions Disposals Change in FX (loss) Realised gains Unrealised (loss) gain on investment Unrealised in gain on FX forward Closing Balance |
2023 2022 $ $ 750,766 1,032,697 - - - (107,326) - (197,725) - - (146,722) (265,709) 3,102 181,503 |
| 499,820 750,766 |
|
On 19 January 2021, an investment of $1,009,350 (£750,000) was made in Baillie Gifford Health Innovation Fund. The market value on 30 September 2021 was $1,019,726, $569,266 on 30 September 2022 and $496,719 on 30 September 2023. The unrealised loss at 30 September 2023 of $146,722 has been recognised in the Statement of Financial Activities.
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The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2022 (continued)
Please refer to the table below for details of the FX forwards that the Trust has entered in to.
| Date of FX forward |
Settlement date |
Bought | Sold | Cost Price | FX at settlement date / year end |
MV payable |
Realised gain | **Unrealised gain ** | Date |
|---|---|---|---|---|---|---|---|---|---|
| 15-Jan-21 | 19-Jan-22 | 755,000 £ |
1,030,158 $ |
1.360000 $ |
1.347266 | 1,017,186 $ |
12,972 $ |
30-Sep-21 | |
| 19-Jan-22 | 755,000 £ |
1,030,158 $ |
1.360000 $ |
1.364448 | 1,025,668 $ |
4,490 $ |
19-Jan-22 | ||
| 18-Jan-22 | 19-Jan-23 | 755,000 £ |
1,023,086 $ |
1.355080 $ |
1.35508 | 841,584 $ |
181,502 $ |
30-Sep-22 | |
| 19-Jan-23 | 755,000 £ |
1,023,086 $ |
1.355080 $ |
1.233179 | 931,050 $ |
92,036 $ |
19-Jan-23 | ||
| 19-Jan-23 | 31-Jan-24 | 200,000 £ |
247,550 $ |
1.23775 $ |
1.222242 | 244,448 $ |
3,102 $ |
30-Sep-23 | |
The FX forwards were entered into to hedge the position in the Baillie Gifford fund. The settlement date of the first FX forward was 19 January 2022 and a realised gain of $4,490 was recognised in the Statement of Financial Activities in the prior year. A further FX forward was entered into on 18 January 2022 with a settlement date of 19 January 2023. An unrealised gain of $181,502 was recognised in the Statement of Financial Activities in the prior year. On the settlement date, a realized gain of $92,036 was recognised in the Statement of Financial Activities. On 19 January 2023, the FX forward was reduced to £200,000 and at 30 September 2023 there was an unrealised gain of $3,102 recognised in the Statement of Financial Activities.
7. Debtors
| . Debtors | |
|---|---|
| Loan Accrued interest on loan |
2023 2022 $ $ 6,591,430 544,384 - 15,486 |
| 6,591,430 559,870 |
Please refer to note 4 for a summary of the loans made during the year. With mutual agreement with Valinco Investments Limited, the accrued interest was waived and written off and the interest rate on the loans revised to 0%.
8. Creditors: Amounts Falling Due within One Year
| 2023 | 2022 | |
|---|---|---|
| $ | $ | |
| Other creditors and accruals | 6,042 | 5,587 |
9. Movement in Funds
There is only one fund, which is unrestricted, and the movements on that fund are shown on the face of the Statement of Financial Activities.
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