REGISTERED CHARITY NUMBER: 327601
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
WILLIAMSON TRUST
Harold Sharp Limited Chartered Accountants 5 Brooklands Place Brooklands Road Sale Cheshire M33 3SD
WILLIAMSON TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 9
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WILLIAMSON TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Trust are the promotion of education and research into the study and cure of various diseases and medical conditions through making donations to appropriate institutions and individuals. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the donation making policy for the year.
Donations
The Trust has established its donation making policy to achieve its objects for the public benefit to improve the lives of sufferers of various diseases and medical conditions. The trustees review the donation making policy annually to ensure that it reflects the charity's objects and thereby advances public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The benefits of the Trust's work are the education of future researchers, the dissemination of research findings, the development of new therapies and the funding of on-going research with the goal being to assist sufferers and future sufferers of the various diseases and medical conditions.
During the year the Trust continued to fund heart failure study at Barts Health NHS Trust. The trustees are happy with the achievements and performance of the Trust, and consider their donation will aid the treatment and prevention of various diseases and medical conditions.
FINANCIAL REVIEW
Investment policy and objectives
The trustees' investment policy is to minimise potential capital losses and accordingly funds are placed on deposit for short to medium terms with established banks.
Reserves policy
The Statement of Financial Activities shows a net income for the year of £34,679 and total funds carried forward of £2,680,371.
The trustees' aim is to maintain free reserves in unrestricted funds to be able to provide sufficient funds to make donations. The trustees consider the current level of reserves to be adequate given that the Trust does not have any charitable expenditure and ensures that funds are available at short notice to make donations.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Trust is a registered charity and is constituted under a trust deed dated 7 September 1987.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees consider the security of its bank deposits constitutes the charity's major financial risk. The trustees consider that the likelihood of a UK banking collapse to be remote given the implications of such an event for the rest of the economy.
The major operational risk is the extent to which the research donations successfully advance knowledge and practice to the benefit of those suffering from various medical conditions. The trustees manage this risk by reviewing the work of those they support, to ensure public benefit is derived from the funding of their work.
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WILLIAMSON TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 327601
Principal address 22 Stafford Road Eccles Manchester M30 9HW
Trustees
W Salt (deceased 16.4.20) Professor D E Salt Dr K N Salt (appointed 2.2.21) K Fountain (appointed 30.3.21)
Independent Examiner Christopher Wrighton Harold Sharp Limited Chartered Accountants 5 Brooklands Place Brooklands Road Sale Cheshire M33 3SD
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Professor D E Salt - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAMSON TRUST
Independent examiner's report to the trustees of Williamson Trust
I report to the charity trustees on my examination of the accounts of Williamson Trust (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Christopher Wrighton Harold Sharp Limited Chartered Accountants 5 Brooklands Place Brooklands Road Sale Cheshire M33 3SD
Date: .............................................
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WILLIAMSON TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Medical Research Projects NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted fund £ 50 34,629 34,679 2,400 32,279 2,645,692 2,677,971 |
2019 Total funds £ 137,500 36,132 |
|---|---|---|
| 173,632 52,400 |
||
| 121,232 2,524,460 |
||
| 2,645,692 |
The notes form part of these financial statements
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WILLIAMSON TRUST
BALANCE SHEET 31 DECEMBER 2020
| Notes CURRENT ASSETS Debtors 5 Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 7 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted fund £ 17,682 2,661,489 2,679,171 (1,200) 2,677,971 2,677,971 2,677,971 2,677,971 2,677,971 |
2019 Total funds £ 27,104 2,619,788 2,646,892 (1,200) 2,645,692 2,645,692 2,645,692 2,645,692 2,645,692 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D E Salt - Trustee
The notes form part of these financial statements
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WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Gift aid recoverable is included within the same category of income to which the gift aid claim relates in the same period in which the income is recognised.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
2. INVESTMENT INCOME
| Bank interest 3. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the charity's independent examiner for the independent examination of the charity's financial statements |
2020 £ 34,629 |
2020 £ 34,629 |
2019 £ 36,132 |
2019 £ 36,132 |
|---|---|---|---|---|
| 2020 | 2019 | |||
| £ | £ | |||
| 2,400 | 2,400 | |||
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continued...
WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 7. MOVEMENT IN FUNDS At 1/1/20 £ Unrestricted funds General fund 2,645,692 TOTAL FUNDS 2,645,692 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 34,679 TOTAL FUNDS 34,679 |
2020 £ 17,682 2020 £ 1,200 Net movement in funds £ 32,279 32,279 Resources expended £ (2,400) (2,400) |
2019 £ 27,104 2019 £ 1,200 At 31/12/20 £ 2,677,971 2,677,971 Movement in funds £ 32,279 32,279 |
|---|---|---|
continued...
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WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/1/19 £ Unrestricted funds General fund 2,524,460 TOTAL FUNDS 2,524,460 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 173,632 TOTAL FUNDS 173,632 |
Net movement in funds £ 121,232 121,232 Resources expended £ (52,400) (52,400) |
At 31/12/19 £ 2,645,692 |
At 31/12/19 £ 2,645,692 |
|
|---|---|---|---|---|
| 2,645,692 | ||||
| Movement in funds £ 121,232 121,232 |
||||
| 121,232 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/19 £ 2,524,460 2,524,460 |
Net movement in funds £ 153,511 153,511 |
At 31/12/20 £ 2,677,971 |
|---|---|---|---|
| 2,677,971 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 208,311 | (54,800) | 153,511 |
| TOTAL FUNDS | 208,311 | (54,800) | 153,511 |
continued...
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WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
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