REGISTERED CHARITY NUMBER: 327601
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
----- Start of picture text -----
Page
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 10
----- End of picture text -----
WILLIAMSON TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 to promote for the public benefit the relief and treatment of physical or mental health disorders or disability through the support of education and research by making donations to appropriate institutions and individuals. The Trust recognises that the health of people is irrevocably linked to a healthy environment and access to healthy foods, and as such takes a One Health approach to its donation making strategy integrating health, the environment and food under the banner Healthy Planet Healthy People. Such an integrated One Health approach is promoted by The Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP) and the World Health Organization (WHO). 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 lives through a One Health approach by mobilizes multiple sectors, disciplines and communities to work together to foster well-being and tackle threats to health and the environment. 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 education across various sectors including the public, civil society, policy makers, and researchers, the development of new interventions and the funding of on-going projects with the goal being to foster well-being and tackle threats to health and the environment.
After the death of the founding Trustee William Salt in April 2020, the Trust has spent the last year establishing a new set of Trustees, selecting a Chair of the Trustees, finalising all required mandate changes to the Trust's bank accounts, updating information on the Trust with the Charity Commission, developing a new investment approach for the Trust's funds, and a new donation making policy, and identifying new projects for funding in 2022. Due to these administrative activities no charitable projects were funded in the year ending Dec 2021, with activity instead focused on these organisational aspects.
FINANCIAL REVIEW
Investment policy and objectives
The trustees' investment policy is to minimise potential capital losses while maximising income to support donation making. Accordingly, funds are managed by a leading financial planning and investment firm, taking a long investment time horizon (over 5 years), looking to obtain long-term returns above inflation to increase the value of the Trust's portfolio to enable donation making while maintaining the capital value of the Trust.
Reserves policy
The Statement of Financial Activities shows a net income for the year of £38,671 and total funds carried forward of £2,716,642.
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.
Page 1
WILLIAMSON TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
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 investment portfolio and bank deposits constitutes the charity's major financial risk. The trustees accept a medium degree of risk in seeking to increase the value of the Trust's investment portfolio over the longer term (over 5 years) to generate long-term returns above inflation. Funds in the Trust's bank accounts are fully covered by the Financial Services Compensation Scheme.
The major operational risk is the extent to which donations successfully advance knowledge and practice to benefit health and well-being. 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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
327601
Principal address
35 Little Church Lane Sileby Loughborough LE12 7NE
Trustees
Professor D E Salt Dr K N Salt K Fountain
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
Page 2
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 2022.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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: .............................................
Page 3
WILLIAMSON TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Medical Research Projects Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ - 34,078 34,078 16,050 156,751 172,801 (212,835) (351,558) 2,716,642 2,365,084 |
2021 Total funds £ 25,000 12,110 |
|---|---|---|
| 37,110 | ||
| 1,067 2,400 |
||
| 3,467 | ||
| 5,028 | ||
| 38,671 2,677,971 |
||
| 2,716,642 |
The notes form part of these financial statements
Page 4
WILLIAMSON TRUST
BALANCE SHEET 31 DECEMBER 2022
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 1,451 2,122,401 2,123,852 302 243,430 243,732 (2,500) 241,232 2,365,084 2,365,084 2,365,084 2,365,084 |
2021 Total funds £ - 540,679 540,679 3,170 2,175,193 2,178,363 (2,400) 2,175,963 2,716,642 2,716,642 2,716,642 2,716,642 |
|---|---|---|
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
Page 5
WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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.
Fixed asset investments
Fixed asset investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value) at the balance sheet date.
Going concern
Based on their consideration of the funding model and activities of the charity, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and pay its liabilities as they fall due for the foreseeable future. The period which they have considered in their assessment is at least 12 months from the date of approval of these financial statements. They thus continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Page 6
continued...
WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
2. INVESTMENT INCOME
| Bank interest Investment fund interest Dividend income 3. RAISING FUNDS Investment management costs Portfolio management Professional fees Foreign exchange (gains)/losses Depreciation 4. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the charity's independent examiner for the independent examination of the charity's financial statements |
2022 £ 2,904 6,244 24,930 34,078 2022 £ 16,536 259 (852) 107 16,050 |
2022 £ 2,904 6,244 24,930 34,078 2022 £ 16,536 259 (852) 107 16,050 |
2021 £ 12,110 - - 12,110 2021 £ - 632 435 - 1,067 |
2021 £ 12,110 - - 12,110 2021 £ - 632 435 - 1,067 |
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| 2,400 | 2,400 | |||
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| equipment | |
| £ | |
| COST | |
| Additions | 1,558 |
| DEPRECIATION | |
| Charge for year | 107 |
| NET BOOK VALUE | |
| At 31 December 2022 | 1,451 |
| At 31 December 2021 | - |
continued...
Page 7
WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 Geographical analysis of investments is as follows: 2022 £ United Kingdom 766,929 Outside United Kingdom 1,355,472 2,102,401 Historical cost of fixed asset investments at 31 December 2022 was £2,303,509 (2021: £535,652). 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Prepayments and accrued income 302 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Accruals and deferred income 2,500 10. MOVEMENT IN FUNDS Net movement At 1/1/22 in funds £ £ Unrestricted funds General fund 2,716,642 (351,558) TOTAL FUNDS 2,716,642 (351,558) |
Listed investments £ 540,679 2,002,748 (236,055) (184,971) 2,122,401 2,122,401 540,679 |
Listed investments £ 540,679 2,002,748 (236,055) (184,971) 2,122,401 2,122,401 540,679 |
||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| 766,929 | 248,343 | |||
| 1,355,472 | 292,336 | |||
| 2,102,401 | 570,679 | |||
| 2021 £ 3,170 2021 £ 2,400 At 31/12/22 £ 2,365,084 2,365,084 |
continued...
Page 8
WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 34,078 34,078 |
Resources expended £ (172,801) (172,801) At 1/1/21 £ 2,677,971 2,677,971 |
Gains and losses £ (212,835) (212,835) Net movement in funds £ 38,671 38,671 |
Movement in funds £ (351,558) (351,558) At 31/12/21 £ 2,716,642 2,716,642 |
|
|---|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 37,110 (3,467) 5,028 TOTAL FUNDS 37,110 (3,467) 5,028 A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1/1/21 in funds £ £ Unrestricted funds General fund 2,677,971 (312,887) TOTAL FUNDS 2,677,971 (312,887) |
Movement in funds £ 38,671 38,671 At 31/12/22 £ 2,365,084 2,365,084 |
|---|---|
continued...
Page 9
WILLIAMSON TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 71,188 71,188 |
Resources expended £ (176,268) (176,268) |
Gains and Movement losses in funds £ £ (207,807) (312,887) (207,807) (312,887) |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 10