The Weldon UK Charitable Trust
Report and Financial Statements For the Year Ended 30 September 2025
Charity number 327497
The Weldon UK Charitable Trust
Financial Statements For the Year Ended 30 September 2025
----- Start of picture text -----
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
----- End of picture text -----
1
The Weldon UK Charitable Trust
Report of the Trustees for the year ended 30 September 2025
The Trustees present their report and financial statements for the year ended 30 September 2025.
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 2024/25
The objectives for 2024/25 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 2025/26
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 $251,352 (2024: $31,126). The surplus in the year was $59,658 (2024: $289,415) after gains/losses on foreign exchange and gains on sale of investments and unrealised gains has been added to brought forward unrestricted reserves.
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.
2
The Weldon UK Charitable Trust
Report of the Trustees for the year ended 30 September 2025 (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: The Weldon UK Charitable Trust Charity registration number: 327497 Administrative address: 15 Belgrave Square London SW1X 8PS
Board of Trustees
Anthony H.D. Weldon Appointed 22 March 2007 Nabil Fattal Appointed 29 September 2005 John R. Price Appointed 31 July 2013 Jane E. Rappeport Appointed 22 September 2016 Jonathan Verney Appointed 14 November 2024 Harriet Freeman Appointed 14 November 2024
Resigned 14 November 2024 Resigned 14 November 2024 Resigned 14 November 2024
Bankers
CAF Bank Limited (account was closed in April 2024) JP Morgan Bank Luxembourg
3
The Weldon UK Charitable Trust
Report of the Trustees for the year ended 30 September 2025 (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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent; and
-
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
4
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 2025
| 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 (Loss) Gain on investments 6 Unrealised gain (loss) on investments 6 Net income for the year Total funds brought forward Total funds carried forward |
Unrestricted Funds 2025 2024 $ $ 30,978 - - 26 307,276 380,939 338,254 380,965 251,352 31,126 24,830 44,508 2,647 15,929 278,829 91,563 - (452,871) 233 452,883 59,658 289,414 7,618,254 7,328,840 7,677,912 7,618,254 |
Unrestricted Funds 2025 2024 $ $ 30,978 - - 26 307,276 380,939 338,254 380,965 251,352 31,126 24,830 44,508 2,647 15,929 278,829 91,563 - (452,871) 233 452,883 59,658 289,414 7,618,254 7,328,840 7,677,912 7,618,254 |
|---|---|---|
| 380,965 | ||
| 31,126 44,508 15,929 |
||
| 91,563 | ||
| (452,871) 452,883 |
||
| 289,414 7,328,840 |
||
| 7,618,254 | ||
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
6
The Weldon UK Charitable Trust
Balance Sheet as at 30 September 2025
----- Start of picture text -----
2025 2024
Notes $ $ $ $
Fixed Asset Investments
Investments 6 - -
Current Assets
Cash at bank and in hand 1,258 907
Debtor - loan 7 6,828,592 7,083,294
Debtor - accrued interest on loan 7 906,952 599,676
7,736,802 7,683,877
Current Liabilities
Creditors: amounts falling due 8
within one year (58,890) (65,623)
(58,890) (65,623)
Net Current Assets 7,677,912 7,618,254
Net Assets 7,677,912 7,618,254
Unrestricted Funds
General funds 7,677,912 7,618,254
Total Funds 7,677,912 7,618,254
Approved by the Trustees on …………………… and signed on its behalf by:
……………………………………
ANTHONY HD WELDON
Trustee
----- End of picture text -----
7
The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2025
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
-
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
-
Designated funds are unrestricted funds earmarked by the Board for particular purposes.
-
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:
-
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.
-
Investment income is included when receivable.
8
The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2025 (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 Analysis of grants payable for the year The Listening Place, UK FWM ACE Projects Campaign Against Antisemitism Lamroth Hakol, Argentina Wiener Holocaust Library Ukraine Freedom Company Macclesfield Ukrainian Aid 3. Net Expenditure for the Year This is stated after charging: Independent examiner’s remuneration |
2025 $ 2024 $ 251,352 31,126 |
|---|---|
| 20,329 22,468 4,449 21,849 51 191 |
|
| 24,829 44,508 |
|
| 2025 2024 $ $ 62,755 - - - - - 24,446 18,206 15,000 10,000 118,177 2,920 22,107 - 8,867 - 251,352 31,126 2025 $ 2024 $ 20,329 22,468 |
9
The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2025 (continued)
4. Trustee Remuneration & Related Party Transactions
No Trustee received any remuneration during the year.
Loans were issued to Valinco Investments Limited, a Bermuda-based company owned by one of the trustees. The interest rates applied to the loans are noted below. The trustees review the interest rates annually.
| Loan No. Date Effective from |
Loan No. Date Effective from |
Loan No. Date Effective from |
Rate | Effective from Rate Changes to in |
Changes to in | Effective from Rate terest rates |
Effective from Rate terest rates |
Effective from Rate |
Effective from Rate |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 18-Oct-21 | 18-Oct-21 | 0.43% | 01-Oct-22 3.65% |
01-Oct-23 5.47% |
01-Oct-24 4.46% |
|||
| 2 | 30-Sep-22 | 30-Sep-22 | 3.30% | 01-Oct-23 5.47% |
01-Oct-24 4.46% |
||||
| 3 | 06-Oct-22 | 06-Oct-22 | 3.65% | 01-Oct-23 5.47% |
01-Oct-24 4.46% |
||||
| 4 | 21-Sep-23 | 21-Sep-23 | 5.37% | 01-Oct-24 4.46% |
|||||
| 5 | 14-Dec-23 | 14-Dec-23 | 5.26% | 01-Oct-24 4.46% |
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
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. On 7[th] December 2023, a full redemption request was submitted with a valuation date of 8[th] December 2023 and redemption proceeds were received on 14[th] December 2023. The value per share on redemption was $0.5551 and total proceeds received were $389,089. A realised loss of $452,871 has been recognized in the Statement of Financial Activities in the prior year.
| 7. Debtors Loan Accrued interest on loan |
2025 2024 $ $ 6,828,592 7,083,294 906,592 599,676 |
|---|---|
| 7,735,544 7,682,970 |
Please refer to note 4 for a summary of the loans made during the year.
8. Creditors: Amounts Falling Due within One Year
| 2025 | 2024 | |
|---|---|---|
| $ | $ | |
| Other creditors and accruals | 58,890 | 65,623 |
10
The Weldon UK Charitable Trust
Notes forming part of the Financial Statements for the year ended 30 September 2025 (continued)
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.
11