**REGISTERED CHARITY NUMBER: 327601** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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 2025** **----- Start of picture text -----**
Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 12
**----- End of picture text -----**
**WILLIAMSON TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025** The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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). ## **Public benefit** 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 objectives for the public benefit to improve lives through a One Health approach by mobilising 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 objectives and thereby advances public benefit. ## **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. Page 1 **WILLIAMSON TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025** ## **ACHIEVEMENTS AND PERFORMANCE** • The Williamson Trust funded 16 community-led research projects through round two of our annual Healthy Planet, Health People (HPHP) programme jointly with the Royal Society of Edinburgh (RSE). These awards have been named Catalyst Awards. - In partnership with the RSE, the Trust also launched the first round of follow-on funding for Catalyst awardees, called the HPHP Change Awards, up to £75,000 each. • The inaugural annual meeting for the HPHP programme was held at RSE with all current Catalyst Award holders invited, along with stakeholders from various sector organisations. - As part of our partnership with RSE, the Trust also funded a workshop titled 'Valuing Local Communities in Research and Policymaking' with the Community Development Lens (CoDeL) organisation. • The Trust has developed a new partnership with the Learned Society of Wales (LSW). As part of this new partnership the Trust funded an Impact Practitioner at LSW to assess the LSW's impact and effectiveness around the shared HPHP vision. • The Trust also jointly announced with LSW the new Trusted Voices awards. These will begin in the summer of 2026 The 16 community-led Catalyst projects located across Scotland were awarded in April 2025 for a total of £84,669 (https://williamsontrust.org.uk/rse-announces-16-recipients-of-community-led-research-awards/). Delivered in partnership with the RSE, the awards are designed to enable new and existing community-led research projects in any discipline that promote the health of individuals by fostering healthy communities, healthy environments, and healthy food. Applications to the HPHP community-led Catalyst awards continue to grow, demonstrating the strong desire of communities in Scotland to develop local solutions to the ongoing global challenges to our environment, our communities and our food. This year, we again have an amazing diversity of projects, from dolphins, bees, seeds, orchards, woodlands and lochs to food banks, composting, urban crofts and coffee shops. The Trust truly looks to invest in hope and the power of ideas wherever they arise. We hope that these locally focused projects can find solutions to the challenges local communities face and that these solutions can also have wider application. In this second round of the funding programme, the number of projects awarded has exceeded the inaugural round by four projects, such was the strength of the applications. Outwith the joint programme with RSE, the Trust also directly funded for £5,000 a Catalyst project with Glen Spean Producers Market looking at the feasibility of a local abattoir in Lochaber. In Sept 2025, the Trust launched the third round of our HPHP community-led Catalyst awards programme with RSE, with a closing date for application in early 2026. With the success of our partnership with RSE delivering the HPHP Catalyst awards programme, the Trust decided to develop further programming with RSE. In Oct 2025 the Trust launched the new HPHP Change award. This is a new funding incentive to allow previous Catalyst awardees to grow and scale their community-led projects across Scotland. The Trust is looking to fund projects led by community-based individuals or organisations, who would receive an award amount of either £25,000 or £75,000, depending on the scale of the project, to conduct work for up to 24 months. The goal is to provide flexibility and not overwhelm the community organizations with overly large funding amounts. Announcing this new tranche of funding for community-led projects is an important moment for the Trust and the RSE. It is a statement of ambition that we are expanding the HPHP programme. This has been made achievable by the incredible array of Catalyst projects previously supported. The Trust looks forward to seeing these new Change awards, for larger and longer projects, build on the earlier Catalyst projects, scaling to make real change for the better in people's lives. Funding of up to £1,000 is available per application to allow teams to develop partnerships and come together to develop bids. On the 28 - 29th October 2025, the Trust held the inaugural HPHP annual meeting jointly with RSE at a cost of £18,169. The meeting was delivered jointly with RSE and was held at the RSE's historic building in Edinburgh. All current Catalyst Award holders were invited, from across Scotland, including those at the start of their project (2025 awardees) and those at the end (2024 awardees). Each presenting in creative ways their project, their journey, and what positive change they are making. With 33 awardees, advisors, and stakeholders from sector organizations such as Scottish Community Development Centre, Young Foundation, Science Ceilidh, CEMVO Scotland and British Science Association, we had a lively and packed event. Details of the meeting, including a short film and graphical illustrations, can be found on the new 'Our Annual Meets' section of the Trust's website (https://williamsontrust.org.uk/our-annual-meets/). Page 2 **WILLIAMSON TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025** The RSE and Community Development Lens (CoDeL), with £21,435 support from the Williamson Trust, brought together a diverse group of people with rich experience of research practices in August 2025, at Sabhal Mòr Ostaig, the Gàidhlig college in Skye. All three of the Williamson Trust trustees attended. The diverse programme of presentations, discussions and facilitated sessions created a space for the participants to engage with each other to reflect on different types of research, especially community-rooted research. They recognised the extent to which many communities are already delivering such research that draws on knowledge and voices of local people. A report presenting the main learning outcomes from the two-day event was published in April 2026. To further develop our support of the Healthy Planet, Healthy People vision within the devolved Celtic nations of the UK, the Williamson Trust has developed a new partnership with the Learned Society of Wales (https://www.learnedsociety.wales/). Learned Society of Wales (LSW) was set up in 2010 to recognise and represent excellence, and promote scholarship and research, wherever it is found in Wales while appreciating the national and global dimension. With funding of £56,000 from the Williamson Trust in September 2025, the LSE hired Leon Quinn as an Impact Practitioner at 0.5 FTE over 24 months. Leon Quinn's role at the LSW is to deliver in partnership with the Williamson Trust. Leon is designing and developing ways of monitoring, evaluating and demonstrating the Society's impact across a range of areas, including a focus on how LSW's impact aligns with the Trust's HPHP vision. As well as measuring LSW's past and ongoing impact, Leon will also support the LSW to make improvements in the future. As part of this new partnership with LSW in Sept 2025, the Trust jointly announced the new 'Trusted Voices: Evidence-based knowledge for Wales' awards (https://williamsontrust.org.uk/trusted-voices-evidence-based-knowledge-for-wales-grants-2025-2026/). These awards are funded by the Williamson Trust and jointly delivered with LSW. They offer awards of up to £10,000 each for projects that create content for audiences in Wales and beyond which is innovative, engaging, and trustworthy. The content must be based on research and evidence and aligned with the themes of a healthier Wales, healthier people, or a healthier planet. There is huge scope for how the content can be presented, with anything from TikTok to a festival performance, and everything in between. At the Williamson Trust, we understand that knowledge empowers people to improve their lives, through fostering healthy environments and communities, and improving access to healthy foods. With this new and exciting Trusted Voices programme with LSW, the Trust aims to build strong and lasting networks between knowledge-producers and the people and communities that deliver the needed change. The Trust is excited to be partnering with the LSW to offer this new award scheme, and we look forward to building a cohort of trusted voices to join in the work of making our world a better place to live. Shortlisted applicants will receive expert training that can offer either career support, as required, or assist with content development. They will also form a cohort of trusted voices for Wales, able to speak to the vision of HPHP, the guiding principle of the Williamson Trust. Ongoing development of the Trust's website continues with the updating of the project report section with details of new projects funded in 2025. Six news items were published on the website in 2025. We have also added a new 'Our Awards' section detailing the Catalyst, Change and Trusted Voices awards the Trust now provides. ## **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 £490,673 and total funds carried forward of £5,596,621. 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. New trustees are appointed by consensus of remaining trustees who provide necessary training as part of the onboarding process. Page 3 **WILLIAMSON TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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** PO Box 73 LLANGOLLEN LL20 9BR ## **Trustees** Professor D E Salt Professor K N Salt K Fountain ## **Independent Examiner** Fred Norman 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 4 **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 2025. ## **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: 1. accounting records 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 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. Fred Norman Harold Sharp Limited Chartered Accountants 5 Brooklands Place Brooklands Road Sale Cheshire M33 3SD Date: ............................................. Page 5 **WILLIAMSON TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Health and wellbeing education and research
projects
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2025
Unrestricted
fund
£
113,982
48,188
188,466
236,654
613,345
490,673
5,105,948
5,596,621|2024
Total
funds
£
116,956| |---|---|---| |||44,028
69,667| |||113,695| |||306,812| |||310,073
4,795,875| |||5,105,948| The notes form part of these financial statements Page 6 **WILLIAMSON TRUST** ## **BALANCE SHEET 31 DECEMBER 2025** |Notes
**FIXED ASSETS**
Tangible assets
5
Investments
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|2025
Unrestricted
fund
£
283
5,328,559
5,328,842
3,922
278,038
281,960
(14,181)
267,779
5,596,621
5,596,621
5,596,621
5,596,621|2024
Total
funds
£
673
4,981,460
4,982,133
4,575
132,679
137,254
(13,439)
123,815
5,105,948
5,105,948
5,105,948
5,105,948| |---|---|---| 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 7 **WILLIAMSON TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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. continued... Page 8 **WILLIAMSON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025** ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| |Bank interest
Investment fund interest
Dividend income|2025
£
742
34,590
78,650
113,982|2024
£
2,317
35,926
78,713| |||116,956| ## **3. RAISING FUNDS** ## **Investment management costs** |Portfolio management
Professional fees
Insurance
Website development
Printing, postage and stationery
Foreign exchange (gains)/losses
Depreciation|2025
£
39,549
3,503
302
1,200
1,399
1,846
389
48,188|2024
£
37,911
2,173
-
1,200
-
2,355
389| |---|---|---| |||44,028| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024. ## **Trustees' expenses** ||2025|2024| |---|---|---| ||£|£| |Travel expenses|7,113|4,538| |||| ||7,113|4,538| |||| The above expenses were incurred by three Trustees in performance of their duties as Trustees. continued... Page 9 **WILLIAMSON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025** |**5.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 January 2025 and 31 December 2025
**DEPRECIATION**
At 1 January 2025
Charge for year
At 31 December 2025
**NET BOOK VALUE**
At 31 December 2025
At 31 December 2024
**6.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 January 2025
Additions
Disposals
Revaluations
At 31 December 2025
**NET BOOK VALUE**
At 31 December 2025
At 31 December 2024
Geographical analysis of investments is as follows:
United Kingdom
Outside United Kingdom|||Computer
equipment
£
1,558
885
390
1,275
283
673
Listed
investments
£
4,981,460
334,910
(614,918)
627,107
5,328,559
5,328,559
4,981,460| |---|---|---|---| ||2025||2024| ||£||£| ||||| ||1,893,371||1,838,565| ||3,435,188||3,142,895| ||||| ||||| ||5,328,559||4,981,460| ||||| ||||| Historical cost of fixed asset investments at 31 December 2025 was £4,402,246 (2024: £4,649,447). continued... Page 10 **WILLIAMSON TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025** |**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments and accrued income
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accruals and deferred income
**9.**
**MOVEMENT IN FUNDS**
At 1/1/25
£
**Unrestricted funds**
General fund
5,105,948
**TOTAL FUNDS**
5,105,948
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
113,982
(236,654)
**TOTAL FUNDS**
113,982
(236,654)
**Comparatives for movement in funds**
At 1/1/24
£
**Unrestricted funds**
General fund
4,795,875
**TOTAL FUNDS**
4,795,875||2025
£
3,922
2025
£
14,181
Net
movement
in funds
£
490,673
490,673
Gains and
losses
£
613,345
613,345
Net
movement
in funds
£
310,073
310,073|2024
£
4,575
2024
£
13,439
At
31/12/25
£
5,596,621
5,596,621
Movement
in funds
£
490,673
490,673
At
31/12/24
£
5,105,948
5,105,948| |---|---|---|---| ||||| ||||| ||||| continued... Page 11 **WILLIAMSON TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
116,956
116,956|Resources
expended
£
(113,695)
(113,695)|Gains and
Movement
losses
in funds
£
£
306,812
310,073
306,812
310,073|Gains and
Movement
losses
in funds
£
£
306,812
310,073
306,812
310,073| |---|---|---|---|---| |||||310,073| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/1/24
£
4,795,875
4,795,875|Net
movement
in funds
£
800,746
800,746|At
31/12/25
£
5,596,621| |---|---|---|---| ||||5,596,621| 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
£
230,938
230,938|Resources
expended
£
(350,349)
(350,349)|Gains and
Movement
losses
in funds
£
£
920,157
800,746
920,157
800,746|Gains and
Movement
losses
in funds
£
£
920,157
800,746
920,157
800,746| |---|---|---|---|---| |||||800,746| ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2025. Page 12