MARGARET WESTWOOD MEMORIAL CHARITY { Registered Charity Number: 500125) TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2023 HIGGS LLP SOLICITORS 3 Waterfront Business Park Brierley Hill West Midlands DY5 ILX KMM/DW140167119 ## **Margaret Westwood Memorial Charity** ## **Index to the Financial Statements** ## **Year Ended 5 April 2023** ## **Page** - 1-2 Reference and Administrative Information - 3-12 Trustees' Annual Report - 13 Accountants' Report - 14 Statement of Financial Activities - 15 Balance Sheet - 16-24 Notes to the Accounts Margaret Westwood Memorial Charity Page I Reference and Administrative Information Year Ended 5 April 2023 Governing Documents The Charity is governed by a Charity Commission Scheme dated 22 March 1988 and an Order of 26 October 2005 as amended by a resolution dated 17 February 2009 and a resolution OF the Trustees under section 280 of the Charities Act 2011 dated 19 January 2022. The Charity is registered with the Charity Commlsslon under registered charity nu mber 500125. Trustees Colin Robert Beardwood OBE (Chairman) Peter Allen Angus Lees June Annette Hylda Longmuir Peter Michael McDonald Frances Nary Obor5ki Sean Patrick Shannon Peter Edward Sugg (appointed 08.02.2023) John William Roland Thomas Eliza beth Boyns Tucker Secretary to the Trustees Ms K McEwen, Higgs LLP Treasurer Mr N Smith, Folkes Worton Principal Off ice Higgs LLP 3 Waterfront Busines5 Park Brierley Hill West Nidlands DY5 ILX Accountants Headley Meredith 13 Church street Stourbridge West Midlands DY8 ILT Independent Examiners Folkes Worton 15-17 Church Street Stou rbridge West Midlands DY8 ILU Bankers Barclays Leicester LE87 2BB Margaret Westwood Memorial Charity Page 2 Reference and Admlnistrative Information Year Ended 5 April 2023 Solicitors Higgs LLP 3 Waterfront Business Park Brierley Hill West M idlands DY5 ILX Discretionary Investment EFG Harris Allday Manager 33 Great Charles Street Birmingham West Midland5 B3 3JN Margaret Westwood Memorial Charity Page 3 Trustees Annual Report Year Ended 5 April 2023 The Trustees present their annual report and financial statements of the Charity for the year ended 5 April 2023. The Financial statements have been prepared in accordance with the accounting policies set out in accounts and comply with the Charity's Governing Documents, the Charities Act 2011 and the Statement of Recommended Practice applicable to the charities preparing their account5 Wlth the Financial Reporting Standard applicable on l )anuary 2019. structure, Governance and Management The Charity was registered with the Charity Commission on I September 1970 under registered charity number 500125. The Charity is constituted under the will of William Westwood Skidmore Westwood {'the Testator,) of the 19 August 1946, as amended by a Scheme of the Charity Commission of 18 January 1972, a Scheme of the Charity Commission dated 22 March 1988 and an Order of the Commission of 26 October 2005, a resolution of the Trustees dated 17 February 2009 and a resolution of the Trustees dated 19 January 2022 ("the Governing Documents"). The Charity does not actively fundraise and seeks to continue the charitable work desired by the Testator through the careful stewardship of its existing resources. Nominative Trustees: Nominative Trustees are appointed under clause 5 of the Trustees Resolution dated 19 January 2022 for a term of office of four years. Nominative Trustees are appointed by Worcestershire County Council, Dudley Metropolitan Boroug h Council and Sandwell Metropolitan Borough Council in such numbers as the Trustees determine from time to time. There must be a mlnimum of two and a maximum of four Nominative Trustees. The Nominative Trustees for each Council a re as follows.. Worcestershire County Council Peter Michael McDonald Frances Mary Oborski Dudley Metropolitan Borough Council Angus Lees Sandwell Metropolitan Borough Council Peter Allen Margaret Westwood Memorial Charity Page 4 Trustees Annual Report Year Ended S April 2023 Co-optative Trustees Co-optative Trustees are appointed under clause 8 of the Scheme of the Charity Commission dated 22 March 1988 for a term of office of five years, by virtue of their special knowledge of the area of benefit, through residence, employment or otherwise. The Trustees Resolution of 19 January 2022 provides for the appointment of a minimum four Co-optative Trustees and a maximum of eight Co-optative Trustees. The Co-optative Trustees are as follows: Colin Robert Beardwood OBE Ju ne Annette Hylda Longmuir Sean Patrick Shannon Peter Edward Sugg John William Roland Thomas Elizabeth Boyns Tucker Nominative Trustees are appointed by their respective appointing Councils for a term of foLJr years at a meeting convened and held according to the ordinary practice of the appointing Cou ncil. The chairman of the meeting of the appointing Council 15 required to provide to the Trustees and the Secretary the name and details of the person appointed. That person need not be a member of the appointing Council. Co-optative Trustees are appointed for a term of office of five years by a resolution of the Trustees passed at a special meeting, of which not le5S than 21 days, notice has been given. A Co-optative Trustee may be appointed not more than one month before the term of an existing Co-optative Trustee expires, to take effect from the date of expiry, but so that the existing Co-optative Trustee shall not then vote on the matter. Co-optative Trustees must, through residence, occupation or employment, or otherwise, have special knowledge of the area of benefit. The Governing Documents provide that there shall be no more than four Nominative Trustee5 and no more than eight Co-optative Trustees. At the Trustees, meetings, the Trustees agree the broad strategy and areas of activities for the Charity, including consideration of grant making, investment, reserves and risk mar¢agement policies and performance. Margaret Westwood Memorial Charity Page 5 Trustees Annual Report Year Ended 5 April 2023 The Trustees meet three times per year. The quorum at any meeting is when four Trustees are present. The day to day administration of grants and the proce55ing and handling of applications prior to consideration by Trustees is delegated to the Secretary. The Secretary will consider the monitoring information concerning the performance of grants to date and make recommendations to the Trustees concerning the extension, cessation or suspension of existing grant approvals. The Trustees will take account of the recommendations of the ICSA best practice guide 'Recruitment, Appointment and Induction of Charity Trustees, should the need to recruit new Co-optative Trustees arise. The Trustees would look to recruit in light of an appropriate skills audit of the current Board and taking into account the experience, expertlse and diversity of the current Soard, as well a5 their knowledge of the Charity's area of benefit and beneficial class. New Trustees may be sought by open advertisement or through a dialogue with local community groups respecting the ethos of the Charity. To continue the charitable work intended by the Testator, the Trustees actively seek those with a knowledge of the local area when considering any prospective candidate. The ultimate decision on selection is a matter for the Trustees. On appointment new Trustees sign a Trustee Declaration and Undertaking committing them to the giving of their time and expertise. It also confirms their ability to act in the role of Trustees. The induction process has been changed to follow the ICSA good practice guide with a formal Induttion programme for any newly appointed trustee being led by the Clerk, to include initial training in the grant making process, the duties and responsibilities of the Trustees and the role of any sub committees. The welcome pack includes, amongst other information and g uidance, a brief history of the Trust, copy of recent Trustee (and sub committee) minutes, a copy of the last three years of annual report5 and accounts, a copy of the Governing Document and a copy of the Charity Commission's guidance 'The Essential Trustee: What You Need to Know, and 'Charities and Public Benefit,. The Trustees intend in the upcoming year, with the support of the Clerk, to developing a code of conduct for Trustees including formal statements of roles and responsibilities and to undertake work on the Charity Governance Code.. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Trustees are enlitled to claim reasonable out of pocket expenses and where they do those are noted in the accounts. Margaret Westwood Memorial Charity Page 6 Trustees Annual Report Year Ended 5 April 2023 Trustees are required to disclose annually (and as they arlse) any potential interests which mig ht conflict and register them with the Clerk and in accordance with the Charity's written conflicts of interest policy, Risk Management The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The major financial risk is the variability of investment returns on the portfolio and its impact on income levels and capital growth. The Trustees have actively sought to manage this risk by appointing Charles Phipps of EFG Harris Allday as Discretionary Manager of the investment portfolio. His role is to monitor the performance of the portfolio, to take appropriate action to mitigate any10sS to the portfolio, and to ensure that the objectives as detailed in the Investment Policy Statement are following and reviewed annually. The major operational risk is the extent to which grants awarded to individuals and charitable or not for profit organisations advances the objects of the Charity and demonstrate sufficient public benefit, The Charity has managed its risk by retaining Trustees of sufficient expert15e and experience, and through the quality of the institutions and the people who they support. In addition, the Trustees rely on the Clerk to undertake appropriate and proportionate dLJe dlligence on applications and ensure all grant giving retains a focus on the public benefit. The major regulatory impact of the Common Reporting Standard ('the CRS,), on the operation of the Charity. CRS is being an international tax transparency regime aimed at preventing tax evasion. CRS came into force from l January 2016 and the Charity 15 now required to provide information about their beneficia ries, tax residency status to HMRC, who will then share this information with the appropriate tax authority in other jurisdictions. The Charity is subj'ect to this regime becaLJse it relies on investments for more than 500/0 of its income and those investments are professionally managed by a financial institution under discretionary mandate. This means the Trustees are required to carry out due diligence to establish a tax residency status of all beneficiaries, keep records of efforts to comply with the regime, register with HMRC as a financial institution ("Financial Institution") if they have reporting requirements and report to HMRC if required. Margaret Westwood Memorlal Charlty Page 7 Trustees Annual Report Year Ended 5 April 2023 The granl application process is reviewed annually and the grant application form expanded to collect the necessary due diligence information that is required In order to establish tax residency status of all grant recipients, both individuals and charity and not for profit organisations. This includes additional information including tax resident jurisdiction, tax identification number (for individuals) and entity status (for organisations). The Trustees will keep this under review. Objects and Activities for the Public Benefit The objects of the Charity are to make grants "for charitable purposes devoted to the physical, educational or moral welfare and benefit of children or young persons in the area of beneflit-. The area of benefit is defined as the 'former County of Worcestershire as constituted on the 19 August 1946" ('the Area of Benefit.), The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's objects and in planning future activities and setting the grant making policy for the year. The Charity carries out its objects by providing grants to individuals (for exclusively charitable purposes) and to charitable or not for profit organisations within the area of benefit (for exclusively charita ble purposes) within the Area of Benefit. By focusing on these areas of grant activity, the Charity achieves its strategic priority of maintaining an extensive structured grant making programme. balancing support to both individuals and institutions. Grant Making Policy The Trustees have power to spend the income, with the capital being retained as permanent endowment and not expendable. The income is expended on an annual basis in furtherance of the objects. The Charity has adopted a written grant making policy, which deta11s how the Trustees intend to meet the objetts for the public benefit, and improve the lives of individuals and support charitable and not for profit organisations {for exclusively charitable purposes) within the geographical Area of Benefit which the Trustees have established and which they review on an annual basis. The Trustees review the grant making policy annually to ensure it reflects the Charity's objects and continues to advance public benefit. The Charity's beneficiaries are individuals under the age of 25 who live in the Area of Benefit and charitable or not for profit organisations (for exclusively charitable purposes) within the same. Margaret Westwood Memorial Charity Page 8 Trustees Annual Report Year Ended 5 April 2023 Grants are awa rded to individuals who can demonstrate a charitable need to SUPPOrt the costs of educational visits or expeditions, the cost of books and other resources, but not toward5 the normal costs of education such as course fees or residential costs. Grants are awarded to charitable or not for profit organisations (for exclusively charitable purposes) for capital projects within the area of benefit. The Trustees will not generally meet core administration costs such as staff costs or property costs etc. The general policy of the Trustees is not to award retrospective grants and the Trustees retain a discretion to only consider an application from an Individual or a charltable or not for profit organisation (for exclusively charitable purposes) once in any two year period. Grant Making Procedure Applications can only be considered if they are on the Charity's standard application form. The application form must be completed and returned (together with a copy of any supporting information relevant to the application) to the Secretary at least four weeks before the meeting at which the application is to be considered. The Trustees meet three times a year to consider applications. It is the policy of the Trustees to consider grants on an equal opportunities basis, regardless of gender, religion and ethnic backg round. Public Benefjt The Trustees confirm that they have referred to the information contained in the Charity Commission's general gu idance on public benefit when reviewing the Charity's objects and activities, their grant making policy and plans for future period. The objects and activities of the Charity are largely determined by the provlsions of the Governing Document5, and from there the Trustees exercise a discretion in considering how best to meet the public benefit test and ensure that as many individuals and charitable and not for profit organisations (for exclusively charitable purposes) with particular needs will gain advantage. Further details of the grants made are set out in schedule to the accounts at page 12. Monitoring and Achievement The Trustees have continued with an aspiration to seek a reasonable return over a long term. In recent years the return has shown a welcomed recovery and it Is considered that our long term objectives remain obtainable. Margaret Westwood Memorial Charity Page 9 Trustees Annual Report Year Ended 5 Aprll 2023 During the year the performance of the principal investment portfolio was managed by EFG Harris Allday and wa5 POSltive with all agreed benchmarks being met. During the year the number of grant applications considered was 24. Grants were made to 9 charitable and not for profit organisations (for exclusively charitable purposes) and 15 individuals. The grants made to charitable and not for profit organlsations (for exclusively charitable purposes) amounted to £15,503 a nd the g rants to individuals ainou nted to £4,682. Financial Review The Charity's work is entirely reliant on income generated on the investment portfol io held with EFG Ha rris Allday. The total gross income for the year on both the accumulated income fund and the permanent endowment fund was £57,709 {c/f 2022 £91,080). The gross income for the year on the accumulated fund (including profits on disposal investments) was £57,709. The gross income for the year on the permanent endowment fund (Including profit5 on the disposal of investment5) was £0. Details of this and the changes to the investments made by the Trustees are Shown in the accounts. Investment Policy and Performance The investmer)t powers of the Trustees are as contained in the Trustee Act 2000. Thls includes the general power of investment under sections 3 - 7. The Trustees have an absolute discretion and are treated as the ab501ute owners beneficially entitled. The investment powers of the Trustees are wide a nd allow the Trustees to invest funds i n any manner (after taking such advice as they consider necessary) and having regard to the suitability of investments and need for diversification. The principal investment holdings of the Charity comprise funds and portfolios of quoted secu rities. As at 5 April 2023, the value represented IOOO/o of the Charity's investments. The management of the portfolio Is undertaken on a discretionary management basis by EFG Harris Allday and the written investment policy is reviewed on at least an annual basls by the Secretary in conjunction with the investment managers and ultimately approved by the Trustees. Margaret Westwood Memorial Charity Page 10 Trustees Annual Report Year Ended 5 April 2023 The portfolio is split into two funds, the accumulated income fund and the permanent endowment fund. The value of the permanent endowment fund as at 5 April 2023 was £596,692 and the value of the accumulated income fund as at 5 April 2023 was £418,304. As at 5 April 2023 the Trustees held cash with EFG Harris Allday (earnings account) of £12,253 and cash in the bank with Barclays of £50,210. The Trustees adopted an investment policy statement on 30 October 2019 which is reviewed on an annual basis. Reserves Policy The Charity's permanent endowment fund 15 not expendable; the capital is held a5 permanent endowment. The Charlty's accumulated income fund is fully expendable as to both income and capital. The Trustees appreciate that the general principle of charity law requires Trustees to spend their income within a reasonable period of receipt. The Trustees have set and ag reed a policy which broadly identifies the framework within which the Charity will operate its reserves. The intention is that the Charity will retain an appropriate and reasonable level of reserves whilst concurrently ensu ring that it uses the income a manner that is within the objects at the best interests of the Charity and its beneficiaries. Since the Charity receives all of its income from the investment portfolio, the Trustees are mindful that the source of income can be volatile and subject to sudden changes in the market. They are concerned that in any year there is a risk that they cannot meet their ongoing administration and professional expense commitments as and when they arise, due to any fluctuations in the market which may prevent or significantly reduce income. The Trustees have therefore considered, in conjunction with the professional advisers, the level of reserves to retain from surplu5 u nrestricted funds. They have decided to build up a pot of reserve5 equivalent to one year's administrative and professional expenses but excluding grant commitments. This will ensure that should there be any fluctuations in the market which reduce the income available for distribution, the Charity can use it5 reserves to continue to meet its obligations and liabilities as and when they fall due. io Margaret Westwood Memorial Charity Page 11 Trustees Annual Report Year Ended 5 April 2023 Plan for Future Periods The Trustees believe their grants have translated into sig nificant public benefit. The Charity is a lasting testimony to the generosity and charitable concerns of the Testator. In cementing the arrangements already in place, and continu ing with its current activities as set out in this report, 50 that the many and varied charitable and not for. profit organisations, and individuals may continue to benefit in real terms from its financial support, the Charity aims to provide a longer term commitment and thereby encourage and support individuals and charitable and not for profit organisations within the area of benefit. The intention is to continue a programme of grant giving which will translate into significant public benefit. The Trustees will focus on those individuals and organisations who wou Id benefit in real terms (impact) from its financial sUPPOrt, thus providing and ensuring a longer-term commitment to support. Trustees. Responslbilities in Relation to the Financial Statements The Trustees are responsib5e for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standard5. The law applicable to charities in England and Wales reqLJired the Trustees to give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resource5, including income and expenditure of the Charity for that perlod, In prepa ring these financial statements, the Trustees are required to.. select SU itable accounting policies and then apply them consistently,. observe the methods and principles of the Charities SORP,. make jLJdgements and e5timate5 that a re reasonable and prudent.. state whether applicable accounting standards have been followed, subject to any material departu res disclosed and explained in the financia I statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presu me that the Charity wil I continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transartions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Governing Documents. Margaret Westwood Memorial Charity Page 12 Trustees Annual Report Year Ended 5 April 2023 They are also responsible for safeguard ing the assets of the Cha rity and hence for taking reasonable steps for the prevention and detection of fraud any other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Register of Charities. Approved by the Trustees and signed on their behalf by.. Colin Robert Beardwood OBE Chair to the Tru5tee5 12 ## TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARTTY ## ACCOUNTANTS REPORT FOR THE YEAR ENDED S APRJL 2023 We report on the accounts for the year ended 5 April 2023 sel out on pages 2 to 7. ## Respective responsibilities of trustees and nccountants As the charity's trustees you are responsible for the preparation of the financial statements; you consider that the audit requirements of section 43 (2) of the Charities Act 201 I (the Act) does not apply. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43 (7) (b) of the Act, whether particular matters have come to our attention. ## Basis of our report Our examination was carried out in accordance with the General Directions given by the Charily Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. II also includes consideration ofnny unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence tha1 would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts. ## Reporting accountants' statement In connection with our examination, no matter hns come to our attention: - (I) which gives us reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with section 41 of the Act; and - to prepare accounts in accord with the accounting records and lo comply with the accounting requirements of the Act have not been met; or - (2) in which, in our opinion, attention should be drawn in order to enable proper understanding of the accounts to be reached. **Folkes** Worton **LLP** Chartered Accountants 15 & 17 Church Street Stourbridge West Midlands DY8 ILU 12 July 2023 Page 13 ## TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARITY STATEMENT OF FrNANCIAL ACTIVITJES FOR THE YEAR ENDED 5 APRJL 2023 ||**Unrestrlcted**|||| |---|---|---|---|---| ||Funds|**Permanent**|**Total**|**Total**| ||**Income**|**Endowment**|**funds**|**funds**| ||**Account**|**Fllnds**|**2023**|**2022**| ||**£**|**£**|**£**|£| |**GROSS INCOME**||||| |Investment income|13,404|28,138|41,542|34,691| |Property income|2,016|3,472|5,488|6,061| |Donation received||||4,000| |Bank interest|4||4|| |Transfer of income from Endowment Fund|31,610|(31,610)||| |Profit on disposal of investments|10,675||10,675|46,328| ||57,709||57,709|91,080| |**LESS:**||||| |Grants awarded|(20,185)||(20,185)|(26,150)| |Loss on disposal of investments||{15,020}|{15,020�|| ||37,524|( 15z020)|22,504|64,930| |**LESS: EXPENDITURE**||||| |Secretary's expenses|(14,164)||(14,164)|(9,075)| |Treasurer's expenses|(3,682)||(3,682)|(2,532)| |Harris Allday fees|(2,183)|(3,441)|(5,624)|| |Sundry expenses||||| ||(20,029)|{3,441)|�23,470)|�l 1,6072| |**Excess of income over expenditure for the year**|17,495|(18,461)|(966)|53,323| |Accumulated income and permanent endowment brought fonvard|456,097|615,153|1,071,250|1,017,927| |Accumulated income and permanent endowment carried fonvard|473,592|5961692|1,070,284|1,071,250| Page14 ## TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARITY ## BALANCE SHEET **FOR THE YEAR ENDED 5 APRIL 2023** ||||**2023**||**2022**| |---|---|---|---|---|---| ||Notes|**£**|£|£|
**£**| |**CAPITAL ASSETS**|||||| |Investments at cost|**1**||1,005,358||988,287| |Market value:|||||| |5 April 2023 - £896,950|||||| |5 April 2022 - £1,088,382
Harris Allday deposit account|||8,293||36,469| ||||1,013,651||1,024,756| |**CURRENT ASSETS**|||||| |Current account||50,210||36,465|| |High interest cheque account||1,826||1,822|| |CAF account
Ha**r**is Allday earnings account||1,000
12,253||8,993|| |Prepayments
Grants to be returned|||||800
250| |||65,289||48,330|| |**LESS: CURRENT LIABILITIES**|||||| |Creditors|2|(4,156)||(1,836)|| |Grants due||(4,500)|||| ||||56,633||46,494| |**NET ASSETS**|||1,070,284||1,071,250| |**PERMANENT ENDOWMENT**|**3**||596,692||615,153| |**ACCUMULATED INCOME ACCOUNT**|**3**||418,304||409,812| |**INCOME ACCOUNT**|**3**||55,288||46,285| ||||1,070,284||1,071,250| The financial �latement�, which have been prepared in accordance with the requirements of section 42 of the Charities Act 2011 were approved by the trustees on 14 June 2023 and signed on their behalf . .... � .. ? **.** � ## **Trustee** The notes on pages **4** to **7** fonn part of these financial statements. Page 15 ## **TRUSTFES OF THE MAB!ARET WESTWOOD MEMORIAL CH!!RITY** ## **NOTES TO THE ACCOUNTS FOR THE VEAR ENDF:D 5 APRIL** 202J |I.**SCllEDULl 01 INVESTMENTS**
**�**
f
**holding**
**Al**
20,000
**Aberdeen World Eqty Income FD Inc**
**Al**
11.525
**Augmcn1um Fintcch Pie**
**Al**
0
**BBGI Global lnfasbucturc S.A**
**Al**
0
**Bellevue Heollhcarc TrSI Pie**
**Al**
32.000
**Digiral 9 Infrastrcture Pie**
**Al**
10,000
**DMS Ltitude Global FD I**
**Al**
0
**Dunedin Inc GiwU1 Inv Ts1**
**Al**
0
**Forcsis),1 Solar fund Ltd**
**Al**
0
**Gore Sneet Energy Storage fund Pie**
**Al**
22.500
**HICL lnfsnuctur< Pie**
**Al**
0
**lnten,alionol Public POis**
**Al**
12,835
**Inveso Select Trusl**
**Al**
35,000
**LF Rufer Div Retur FD I**
**Al**
2,500
**Muray Inc Trst pie**
**Al**
20,000
**Prmary Health Properies**
**Al**
0
**RM lnfslclurc Ic Pie**
**Al**
25,000
**RTW Venture Fund Limi1ed**
**Al**
15,000
**SDCL En�r[ Efciency Inc Trsl**
**Al**
10,000
**Tritox Big Box Reil Pie**
**Al**
25,000
**Tritax Eurobox Pie**
**Al**
13,500
**Tm Trojon Income O Inc**
**Al**
27,500
**Twcntour Income Fund Red**
**Al**
35.000
**UK Treasur**
**Al**
15.000
**\S Bellevue Hc>lthcaro FD (UK) OEIC**
**To1al nccumulatcd income fnd**
**Cost@**
**�**
Q
**Rrorianisation acguisitions**
17/01/2023
18,432.11
28,682.93
26/04/2022
01/08/2022
33,354.50
18/01/2023
32,240.30
32,169.43
36,613.23
13/04/2022
15/07/2022
01/08/2022
16/09/2022
23,412.72
25.264,83
04/07/022
01/09/2022
06/09/2022
06/09/2022
40,036.39
02/09/2022
20/09/2022
27.471.72
29,878.08
01/09/2022
16/09/022
16,311.75
15106/2022
25.809.88
(267.20)17/01/2023
13/0312023
26/04/2022
06/06/2022
01/08/2022
(101.52) 26109/2022
18/01/2023
369.707.87
(68 72!
**Date of**
**Acguisition,**
**disnnul**
14.586.00
26/04/2022
21,875.05
26/09/2022
12,545.42
14.436.00
13/06/2022
24/06/2022
18.669.86
27/06/2022
07/07/2022
21.145 00
**8,669.50**
8.820.00
17/01/2023
13/06/2022
51,385.00
17/0ln023
10,364.00
20.233.50
6,852.50
D,451.00
29/06/2022
6,619.90
15/09/2022
22,980.00
17/01/2023
11.430.00
13,911.00
30108/2022
31/08/2022
17,091.00
5.641.35
16,488.81
5,320.00
7.655,00
35,502.67
13,925,00
379 597.56|**Sal«**
**proceed.,**
(30,858 27)
(33,379.00)
(34,729.00)
(34,239.00)
(26,647.40)
(35,948 SR)
(23,684.03)
(5,819.68)
(26,662.50)
(38,809.00)
(25,479.00)
l 14,485.00)
(8,660.00)
(8.320.00)
(47,720.46)|**Proll/{lo.«}**
**on �ale**
2, 17< 34
(1,041 47)
2,488.70
2.069,57
7,282.89
271.31
435.55
1,064.02
(1,227.39)
(1.992.72)
(2,720.00)
1,868.62
10,674.42|**Cost@**
OS/04/2023
14,586.00
18,432.11
33,354.50
14.436.00
38,634.50
19,880.70
36,150.52
20,233.50
26,923.40
29,878.08
17,205.00
15,111.37
25,809.88
22,465.15
29,463.81
35.401.15
13,925.00
411,890.67|**Market value**
@OS/04/ZOlJ
14,200.00
11,064.00
21,696.00
14.99,00
35,010.00
20,054.69
37,145.50
21,075.00
20,140.00
20,175.38
12,870.00
13.940.00
15.275,00
22,476.15
27,9-0 00
35,866.95
12,907.50
| |---|---|---|---|---| |||||_235.17| ## TRUSTEFS OF THF MARGARFT WESTWOOD MEMORIAL CHARITY NOTES TO TIIE. ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 |I. SCHEDULE OF INVESTMENTS (cont'd)
**Current**
f
**holding**
**PE**
75,000
Aherdecn World Eqty Income FD Inc
**PE**
IS.000
BBGI Global Infstrcture S.A
**PE**
0
Bellevue Heallheare Trst Pie
**PE**
30.000
Digital 9 lnfastcrure Pie
**PE**
16,000
Dunedin Inc Grlh Inv Tsr
**PE**
40.000
GCP lnfraslcturc Inv Ltd
**PE**
0
Greeneoal UK Wind Pie
**PE**
1,000
GSK PLC
**PE**
20,000
International Public Ptns
**PE**
20.000
Middlefeld Canadian Income
**PE**
30,000
Octopus Renewables Infra Trust Pie
**PE**
40,000
Primay Health Prperies
**PE**
27,500
RM lnfrastrucrre Inc Pie
**PE**
0
RTW Vcnrure Fund Lin111cd
**PE**
40.000
Taylor Martime Investents Ltd
**PE**
15,000
Trtax Big Box Reil Pie
**PE**
25,000
Trlax Eurobox rlc
**PE**
**32.500**
Troy Trojan Icome O Inc
**PE**
35,000
Twcntyfoor Income Fund Red
**PE**
37,500
UK Treur
**PE**
27.500
VH Gbl Sustainable Energ Opp
Total pcnnanent endowment fund
TOTAL
0|�
6/04/2022
47,602 49
18,815.7)
31.773,75
57,517.75
4S,518.06
31,834.90
13.81149
33,666.25
31,924.13
**62,386.35**
27,514**JO**
33,328.30
43.573.23
21,3TT.72
53,910.75
28,742.19
35,282.50
618,579.67|
**o,te of**
**Rcrrpaniston acgubilinn�**
09/0112023
17/01/023
31/0812022
01/022023
06/06/2022
03/11/2022
16/06/2022
06/01/2023
(8�S.40) 17/01/023
0(,/06/2022
01/08/2022
31/08/2022
( I I 6.02) 26/09/2022
(63.54) 28/09/2022
(82.87)13/10/2022
23/06/2022
(1,130.83)
**(1,499.55)**
Date or
**Acgul!itlons**
**disposal**
46,898.00
7.303.00
05/0)/2023
17,252.20
26/09'022
15/06/2022
16/01/2023
14,276.08
19,026.75
02/111022
**13,958.50**
16/06/2022
13/10/2022
20/0S12022
15106/2022
27/06/2022
18,351.00
30/08/2022
03/11/2022
**46,088.00**
**_8,555.50_**
S,320.00
5,110.00
05/01/2023
10,300.74
40,571.62
20,365.14
05/0112023
15,395 67
19,250.00
28/09/2022
17/01/2023
308,022.20
687,619.76|§
**Profil/(ois}**
**proceeds**
**on�ale**
(24,281.n)
480.08
HJ,729.00)
5,661.09
(I 1,299.00)
(204.S;)
(29,759.00)
(2,075.90)
(IS.268.75)
1.701.75
(20,733.00)
(1,285 71)
(21,429.00)
(6,085.10)
(23,296.76)
(10,031.54)
(11,180.00)
6,955.59
(10,300.00)
(17.399 00}
1,507.SI
(14,979.00)
(I 1,976.37)
(9,880.12)
(1,113.86)
(39,272.6 I)
1,237.61
(21,199.00)
424.71
(4,978.40)
(215.17)
(316,983.96)
(15,019.86)
!664,704.42)
**(4,345.44)**|�
05/04/2023
54,201.00
23,8012S
31,773.75
46,014.20
4S,518.06
14,276.08
32,838.24
20,099.25
31,924.13
**54,326.14**
29,048.82
23,837.23
26,955.38
53.775.10
38,478 95
38,035.00
**28.S64**64
593,467 2f
l ,0051357.89
|**M:rkct value**
�04/2023
53,250.00
22,800.00
20,340.00
45,760.00
34,600.00
14,872.00
29,680.00
21.9 .00
29,430.00
40,280.00
36,240.00
20,910.00
15,275.00
**54.109.25**
35,560.00
**38,428.68**
27,280.00
540,715.13| |---|---|---|---|---|---| |||
|||| ||**988,287.54**||||_896,950.30| ## TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 |||2023||2022| |---|---|---|---|---| |||£||£| |2.|CREDITORS|||| ||Secretary's expenses|1,604||| ||Treasurer's expenses|2,552||1,836| |||4,156||1,836| |3.|FUNDS|||| |||At|**Movement**|**At**| |||05/04/2022|**in year**|**05/04/2023**| ||Endowment Fund|||| ||Capital account|615,153|(18,461)|596,692| ||**Unrestricted Funds**|||| ||Accumulated income account|409,812|8,492|418,304| ||Income account|46,285|9,003|55,288| |||456,097|17,495|473,592| ## 4. TRUSTEE REMUNERATION No remuneration was paid to the trustees during the period. ## 5. GRANTS PAID Number £ Grants to individuals 15 4,682 Grants to ins ti tut ions 9 15,503 20,185 Page 18 ## **TRUSTEES** _**OF**_ **THE MARGARET WESTWOOD MEMORIAL CHARITY** ## NOTES TO THE FINANCIAL STATEMENTS **FOR THE YEAR ENDED 5 APRIL 2023** ## **6. ACCOUNTING POLICIES** ## Basis of accounting The financial statements have been prepared in accordance with the 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 January **2015) -** Charities SORP (FRS l **02).** Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). ## Investment income Dividends are recognised when they are received and are stated exclusive of the associated tax credit. Bank interest is recognised when it is credited to the bank account. Tax reclaimable represents the excess of tax recoverable over the tax credit on investment income. ## Profit/loss on disposal of investments Profit/loss on disposal of investments is recognised when the proceeds of sale are credited. No provision for unrecognised profit/loss is made. ## **Grants awarded** Grants are stated at the amounts awarded during the year and take account of grants remaining unpaid at the balance sheet date. Page 19 ## TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARITY ## SCHEDULE OF INVESTMENT INCOME FOR THE YEAR ENDED 5 APRIL 2023 |Holding|
Investment income|Date|**Dividend**| |---|---|---|---| |Pennanent|Endowment Fund||| |30000|BBGI Global Infrastructure S.A.|07/04/2022|1,099.50| |30000
15000|BBGI Global Infrastructure S.A
BBGI Global Infrastructure S.A|20/10/2022
05/04/2023|1,122.00
561.00| |15000|Bellevue Healthcare Trust Plc|28/04/2022|452.25| |15000|Bellevue Healthcare Trust Pie|02/09/2022|485.25| |30000|Digital 9 Infrastructure Plc|30/06/2022|450.00| |30000
30000|Digital 9 Infrastructure Plc
Digital 9 Infrastructure Pie|30/09/2022
23/12/2022|450.00
450.00| |30000|Digital 9 Infrastructure Pie|31/03/2023|450.00| |20000
16000|DLJDedin Inc Grwth Inv Tst
Dunedin Inc Grwth Inv Tst|27/05/2022
26/08/2022|780.00
480.00| |16000|Dunedin Inc Grwth Inv Tst|25/11/2022|480.00| |16000|Dunedin Inc Gnvth Inv Tst|24/02/2023|480.00| |40000|GCP Infrastructure Inv Ltd|07/06/2022|700.00| |40000|GCP Infrastructure Inv Ltd|06/09/2022|700.00| |40000
40000|GCP Infrastructure Inv Ltd
GCP Infrastructure Inv Ltd|06/12/2022
14/03/2023|700.00
700.00| |20000
20000|Greencoat UK Wind Pie
Greencoat UK Wind Pie|27/05/2022
26/08/2022|386.00
386.00| |20000|Greencoat UK Wind Pie|25/11/2022|386.00| |8750
20000|International Public Ptns
International Public Ptns|07/06/2022
18/11/2022|329.88
774.00| |33500
33500
33500
20000|Middlefield Canadian Income
Middlefield Canadian Income
Middlefield Canadian Income
Middlefield Canadian Income|29/04/2022
29/07/2022
31/10/2022
31/01/2023|427.13
427.13
427.13
260.00| |30000
30000
30000
30000
30000
30000
30000|Octopus Renewables Infra Trnst Pk
Octopus Renewables Infra Trust Pie
Octopus Renewables Infra Trust Pie
Octopus Renewables Infra Trust Pie
Octopus Renewables Infra Trust Pie
Octopus Renewables Infra Trust Pie
Octopus Renewables Infra Trust Pie|27/05/2022
27/05/2022
30/08/2022
30/08/2022
28/11/2022
28/11/2022
27/02/2023|237.37
155.63
201.22
191.78
249.95
143.05
191.78| |30000|Octopus Renewables Infra Trust Plc|27/02/2023|201.22| |27500|RM Infrastructure Inc Pie|24/06/2022|446.88| |27500|RM Infrastructure Inc Plc|30/09/2022|446.88| Page 20 ## TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARITY ## SCHEDULE OF INVESTMENT INCOME CONT'D FOR THE YEAR ENDED 5 APRIL 2023 |**Holding**|**Investment income**|**Date**|**Dividend**| |---|---|---|---| |60000|Taylor Maritime Investments Ltd|19/05/2022|841.59| |60000|Taylor Maritime Investments Ltd|10/06/2022|1,532.76| |40000|Taylor Maritime Investments Ltd|24/08/2022|671.43| |40000|Taylor Maritime Investments Ltd|25/11/2022|655.69| |40000|Taylor Maritime Investments Ltd|28/02/2023|661.94| |50000|Tritax Eurobox Pie|24/06/2022|136.22| |50000|Tritax Eurobox Pie|24/06/2022|395.90| |50000|Tritax Eurobox Pie|12/09/2022|408.13| |50000|Tritax Eurobox Pie|12/09/2022|117 .81| |25000|Tritax Eurobox Pie|16/01/2023|45.90| |25000|Tritax Eurobox Pie|16/01/2023|227.29| |25000|Tritax Eurobox Plc|14/03/2023|191.40| |25000|Tritax Eurobox Pie|14/03/2023|83.60| |32500|Troy Trojan Income O Inc|31/03/2023|124.51| |25000
30000|Twentyfour Income Fund Red
Twcntyfour Income Fund Red|06/05/2022
05/08/2022|567.50
450.00| |45000
35000|Twentyfour Income Fund Red
Twentyfour Income Fund Red|04/11/2022
03/02/2023|787.50
612.50| |37500|UK Treasury|07/03/2023|937.50| |35000|VH Gbl Sustainable Energy Opp|10/06/2022|437.50| |52500|VH Gbl Sustainable Energy Opp|16/09/2022|656.25| |32500
27500|VH Gbl Sustainable Energy Opp
VH Gbl Sustainable Energy Opp|16/12/2022
31/03/2023|406.25
66.00| |27500|VH Gbl Sustainable Energy Opp|31/03/2023|313.50| |**Total permanent endowment fund**|||**28,137.70**| |Accumulated|Income Fund||| |18500|BBGI Global Infrastructure S.A|07/04/2022|678.03| |12500|Bellevue Healthcare Trust Plc|02/09/2022|404.38| |32000|Digital 9 Infrastructure Pie|30/06/2022|480.00| |32000
32000
32000|Digital 9 Infrastmcture Pie
Digital 9 Infrastructure Plc
Digital 9 Infrastructure Pie|30/09/2022
23/12/2022
31/03/2023|480.00
480.00
480.00| |12500|Dunedin Inc Grwth Inv Tst|27/05/2022|487.50| |30000|Foresight Solar Fund Ltd|27/05/2022|523.50| Page21 **TRUSTEES OF THE MARGARET WESTWOOD MEMORA CHARITY** ## **SCHEDULE OF INVESTMENT INCOME CONT'D FOR THE YAR ENDED S APRIL 2023** |**Holding**|**Investment income**|**Date**|**Dividend**| |---|---|---|---| |35283|Gore Street Energy Storage Fund Pie|08/04/2022|705.66| |17500|HICL Infrastructure|30/09/2022|281.19| |17500
22500
22500
22500
22500|HICL Infrastructure
HICL Infastructure
HICL Infastructure
HICL Infastructure Pie
HICL Infastructure Pie|30/09/2022
30/12/2022
30/12/2022
31/03/2023
31/03/2023|79.31
148.32
315.18
190.04
273.47| |15000
15000|Interational Public Ptns
Interational Public Ptns|07/06/2022
18/11/2022|565.50
580.50| |16311|Invesco Select Trust|16/05/2022|358.84| |12835|Invesco Select Trust|15/08/2022|192.53| |12835
12835|Invesco Select Trust
Ivesco Select Trust|15/11/2022
15/02/2023|192.53
192.53| |2500|Murray Inc Trust pie|15/12/2022|206.25| |2500|Murray Inc Trust pie|16/03/2023|206.25| |30000
30000|RM Infastrcture Inc Pie
RM Infastructure Inc Pie|24/06/2022
30/09/2022|487.50
487.50| |30000
15000|SDCL Energy Efciency Inc Trust
SDCL Energy Efciency Inc Trust|21/12/2022
31/03/2023|450.00
225.00| |25000|Trtax Eurobox Pie|24/06/2022|68.11| |25000|Tritax Eurobox Pie|24/06/2022|197.95| |25000|Tritax Eurobox Pie|12/09/2022|204.06| |25000|Tritax Eurobox Pie|12/09/2022|58.91| |25000|Tritax Eurobox Pie|16/01/2023|45.90| |25000|Tritax Eurobox Pie|16/01/2023|227.29| |25000|Tritax Eurobox Pie|14/03/2023|191.40| |25000|Tritax Eurobox Pie|14/03/2023|83.60| |10000|Troy Trojan Income O Inc|31/03/2023|38.31| |20000
27500
27500|Twentyfur Income Fund Red
Twentyfour Icome Fund Red
Twentyfur Income Fund Red|05/08/2022
04/11/2022
03/02/2023|300.00
481.25
481.25| |35000|U Teasury|07/03/2023|875.00| |**Total accumulated income fund**|||**13,404.54**| |**Total investment income**|||**41,542.24**| Page 22 ## TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARITY ## SCHEDULE OF INVESTMENT INCOME CONT'D FOR THE YEAR ENDED 5 APRIL 2023 |**Holding**||**Property income**|**Date**|**Dividend**| |---|---|---|---|---| |Permanent Endowment Fund||||| |42500
27500
27500
27500|Primary Health
Primary Health
Primary Health
Primary Health|Prope1ties
Properties
Properties
Properties|20/05/2022
19/08/2022
19/08/2022
25/11/2022|690.63
220.00
226.88
220.00| |27500
40000
40000|Primary Health
Primary Health
Primary Health|Properties
Properties
Properties|25/11/2022
23/02/2023
23/02/2023|226.88
536.00
134.00| |15000|Tritax Big Box|Reit Plc|01/06/2022|251.25| |25000|Tritax Big Box|Reit Pie|25/08/2022|418.75| |15000|Tritax Big Box|Reit Pie|03/11/2022|251.25| |15000|Tritax Big Box|Reit Pie|30/03/2023|33.75| |15000|Tritax Big Box|Reit Pie|30/03/2023|262.50| |**Total permanent endowment**||**fund**||**3,471.89**| |Accumulated Income Fund||||| |27500|Primary Health|Properties|20/05/2022|446.88| |20000|Primary Health|Properties|25/11/2022|160.00| |20000|Primary Health|Properties|25/J 1/2022|165.00| |20000|Primary Health|Properties|23/02/2023|268.00| |20000|Primary Health|Properties|23/02/2023|67.00| |12500|Tritax_Big_Box|Reit Pie|01/06/2022|209.38| |20000|Tritax Big Box|Reit Pie|25/08/2022|335.00| |10000|Tritax Big Box|Reit Pie|03/11/2022|167.50| |10000|Tritax Big Box|Reit pie|30/03/2023|22.50| |10000|Tritax Big Box|Reit plc|30/03/2023|175.00| |**Total accumulated income fund**||||**2,016.26**| |**Total property income**||||**5,488.15**| Page 23 ## **TRUSTEES OF THE MARGARET WESTWOOD MEMORIAL CHARITY** ## **SCHEDULE OF GRANTS A WARDED FOR THE YEAR ENDED 5 APRIL 2023** |||Date|| |---|---|---|---| |Application|
Recipient|released|Amount| |2022/28|Olivia Mcfarlane|29/07/2022|250.00| |2022/29|William Cockram|29/07/2022|250.00| |2022/30|West Mercia Scout Council|29/07/2022|250.00| |2022/3 J|KIDS|29/07/2022|5,000.00| |2022/32|2nd Broadwaters & Wolverley|29/07/2022|1,000.00| |2022/35|Guide Dogs|29/07/2022|1,000.00| |2022/36|Isobel Keepax|11/11/2022|300.00| |2022/37|Maya Goodger|11/11/2022|300.00| |2022/38|Bewdley Rowing Club Ltd|11/11/2022|361.00| |2022/39|Hamzah Nasar|11/11/2022|300.00| |2022/40|WF&SW Nightstop & Mediation Service|11/11/2022|1,500.00| |2022/42
2023/01|Pershore Riverside Centre
Kiddenninster & District Youth Trust|11/11/2022
03/03/2023|1,142.00
4,000.00| |2023/02|Bromsgrove Youth and Community Hub|03/03/2023|_500.00_| |2023/03|Cally Buxton|03/03/2023|150.00| |2023/04
2023/05
2023/06|Abigail Price-House
James Andrew Glennie
William Charles Watkins|03/03/2023
03/03/2023
03/03/2023|250.00
250.00
250.00| |2023/07|Samantha Blizzard|03/03/2023|300.00| |2023/08|Home-Start Wyre Forest|03/03/2023|1,000.00| |2023/09|Jeremai Necho Bryan|03/03/2023|300.00| |2023/10|Sensory People|03/03/2023|932.00| |2023/1 I|Megan White|23/03/2023|300.00| |2023/13|Daniel White|23/03/2023|300.00| ||**Total grants issued**||20,185.00| Page 24