REGISTERED CHARITY NUMBER: 800533
Trustees' Report and
Unaudited Financial Statements
for the Year Ended 5 April 2021
for
LIONEL WIGRAM MEMORIAL TRUST
Haines Watts Chartered Accountants New Derwent House 69-73 Theobalds Road London WC1X 8TA
LIONEL WIGRAM MEMORIAL TRUST
Contents of the Financial Statements for the year ended 5 April 2021
| Page | |||
|---|---|---|---|
| Trustees' Report | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
LIONEL WIGRAM MEMORIAL TRUST
Trustees' Report for the year ended 5 April 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in October 2019.
Objectives and activities
Objectives, activities and public benefits
The Lionel Wigram Memorial Trust is an unincorporated registered charity (registration number 800533) constituted under a trust deed dated 11 November 1988. In 1988 the charity received a permanent endowment consisting primarily of freehold property. The principal object of the charity is to apply the income of the trust fund to such charities for such charitable purposes as the trustees from time to time in their absolute discretion determine, but the trustees have particular regard to projects which will commemorate the life of Major Lionel Wigram who was killed in action in Italy in 1944.
The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grant making policies
The charity achieves its objectives by making grants. The trustees review applications received for funding and use their discretion to determine which charities will benefit from the income generated by the Trust. The trustees especially support charities in the coping with illness and disabilities sector, and they also provide funds to support a wide range of community projects for the benefit of the disadvantaged.
During the year the charity made one grant of £500 (2020: £1,700) to Newbury Spring Festival, who aim to bring to the people of West Berkshire and North Hampshire a programme of music covering the classical and contemporary at affordable prices, and to offer a free education programme to local children.
Achievement and performance
How our grant programme delivered public benefit: a review of achievements
The investment property generated rental income of £51,863 (2020: £12,814) which is used principally to fund grants to various deserving charitable bodies and to cover the support and governance costs of the charity. During the year the charity made 17 grants to charitable institutions (2020: 18 grants) totalling £2,566 (2020: £6,655) representing 5% (2020: 52%) of rental income received. The charities benefiting from the Trust's grants are set out in detail in note 5 to the financial statements.
Financial review
Material investments policy
The rental income (the principal source of revenue accruing to the charity in the year) was derived from the investment in Mayfair Capital, which is a property investment company exclusively available to charities and as such enjoys a favourable tax status.
Reserves policy
Unrestricted reserves at 5 April 2020 stood at £42,280 in surplus (2020: £16,154). The trustees will endeavour to continue achieving a surplus on unrestricted funds during the year ending 5 April 2021.
Risk management
The trustees of the charity have assessed the major risks to which the charity is exposed, in particular those inherent in the ownership of freehold property and are satisfied that systems are in place to mitigate the exposure to those risks.
The charity plans to continue to make grants to deserving causes during the forthcoming year.
Structure, governance and management
The trustees who served during the year and since the year end are set out on page 2. The power of appointing and removing trustees is vested in the settlor of the Trust, Mr A F Wigram, who is also a trustee. New trustees are to be appointed by resolution and a memorandum of appointment signed by two other persons. However, no new trustees have been appointed since the Trust was established. The original trustees are aware of their responsibilities in law and keep abreast of legal and regulatory changes. The trustees meet at least once a year with one of the meetings devoted to reviewing grant applications.
The day to day administration of the charity is delegated to Tracy Pernice, PA to Mr A F Wigram. Neither the trustees nor Tracy Pernice receive any remuneration.
Page 1
LIONEL WIGRAM MEMORIAL TRUST
Trustees' Report for the year ended 5 April 2021
Reference and administrative details Registered Charity number 800533
Principal address
Highfield House 4 Woodfall Street London SW3 4DJ
Trustees
A Wigram Mrs S A Wigram Mrs T Pernice
Independent Examiner
Haines Watts Chartered Accountants New Derwent House 69-73 Theobalds Road London WC1X 8TA
Solicitors
Gordan Dadds, Leconfield House, Curzon Street, London, W1J 5JA
Accountants
Haines Watts, New Derwent House, 69-73 Theobalds Road, London, WC1X 8TA
Approved by order of the board of trustees on 3 April 2022 and signed on its behalf by:
A Wigram - Trustee
Page 2
Independent Examiner's Report to the Trustees of Lionel Wigram Memorial Trust
Independent examiner's report to the trustees of Lionel Wigram Memorial Trust
I report to the charity trustees on my examination of the accounts of Lionel Wigram Memorial Trust (the Trust) for the year ended 5 April 2021.
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.
Haines Watts Chartered Accountants New Derwent House 69-73 Theobalds Road London WC1X 8TA
4 February 2022
Page 3
LIONEL WIGRAM MEMORIAL TRUST
Statement of Financial Activities for the year ended 5 April 2021
| Unrestricted Endowment fund fund Notes £ £ Income and endowments from Donations and legacies - - Investment income 2 51,863 - Total 51,863 - Expenditure on Raising funds 3 20,189 - Charitable activities Grants payable 2,566 - Total 22,755 - Net gains/(losses) on investments - 11,559 NET INCOME/(EXPENDITURE) 29,108 11,559 Reconciliation of funds Total funds brought forward 16,154 924,468 Total funds carried forward 45,262 936,027 |
2021 Total funds £ - 51,863 51,863 20,189 2,566 22,755 11,559 40,667 940,622 981,289 |
2020 Total funds £ 1,972 12,814 |
|---|---|---|
| 14,786 1,055 6,655 |
||
| 7,710 (10,138) |
||
| (3,062) 946,475 |
||
| 943,413 |
The notes form part of these financial statements
Page 4
LIONEL WIGRAM MEMORIAL TRUST
Balance Sheet 5 April 2021
| Unrestricted Endowment fund fund Notes £ £ Fixed assets Tangible assets 6 - 663,666 Investments 7 - 251,421 - 915,087 Current assets Debtors 8 3,282 - Cash at bank 41,848 20,940 45,130 20,940 Creditors Amounts falling due within one year 9 (2,850) - Net current assets 42,280 20,940 Total assets less current liabilities 42,280 936,027 NET ASSETS 42,280 936,027 Funds 10 Unrestricted funds Endowment funds Total funds |
2021 Total funds £ 663,666 251,421 915,087 3,282 62,788 66,070 (2,850) 63,220 978,307 978,307 42,280 936,027 978,307 |
2020 Total funds £ 663,666 239,862 |
|---|---|---|
| 903,528 - 39,819 |
||
| 39,819 (2,725) |
||
| 37,094 | ||
| 940,622 | ||
| 940,622 | ||
| 16,154 924,468 |
||
| 940,622 |
The financial statements were approved by the Board of Trustees and authorised for issue on 3 April 2022 and were signed on its behalf by:
A Wigram - Trustee
The notes form part of these financial statements
Page 5
LIONEL WIGRAM MEMORIAL TRUST
Notes to the Financial Statements for the year ended 5 April 2021
1. Accounting policies
Basis of preparing the financial statements
Lionel Wigram Memorial Trust is an unincorporated registered charity in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to apply income of the trust fund to charities for charitable purposes.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds
Unrestricted funds comprise general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds
The endowment fund represents those assets which are held permanently by the Charity, principally the freehold investment property. Income arising on the endowment fund can be used in accordance with the objects of the Charity which have not been designated for other purposes.
Page 6
LIONEL WIGRAM MEMORIAL TRUST
Notes to the Financial Statements - continued for the year ended 5 April 2021
| 2. Investment income 2021 £ Rents received 51,863 3. Raising funds Raising donations and legacies 2021 £ Support costs 900 Investment management costs 2021 £ Service charges 11,429 Ground rent 2,295 Letting fees 3,596 Website costs 181 Management fees 27 License fees 1,400 Insurance 361 19,289 Aggregate amounts 20,189 4. Grants payable 2021 £ Grants payable 2,566 Coping with illness and disability grants Name of institution 2021 2021 2020 Number of Number of grants £ grants PHAB 1 - - 1 Community projects and enhancement of education Name of Institution 2021 2021 2020 Number of Number of grants £ grants Chilton Foliat Community Association 1 Lyford Cay Club Charitable Trust 1 Newbury Spring Festival 1 500 1 Tenovus 1 Worcester College 1 500 Marylebone Cricket Club Foundation 1 100 The Remembrance Trust 1 Child Bereavement UK 1 1000 University of Oxford Development Trust 1 250 5 2,350 5 |
2021 £ 51,863 2021 £ 900 2021 £ 11,429 2,295 3,596 181 27 1,400 361 19,289 20,189 2021 £ 2,566 |
2021 £ 51,863 2021 £ 900 2021 £ 11,429 2,295 3,596 181 27 1,400 361 19,289 20,189 2021 £ 2,566 |
2020 £ 12,814 2020 £ 900 2020 £ - - - 155 - - - 155 1,055 2020 £ 6,655 |
2020 £ 12,814 2020 £ 900 2020 £ - - - 155 - - - 155 1,055 2020 £ 6,655 |
|---|---|---|---|---|
| 2020 | 2020 | |||
| £ | ||||
| 63 | ||||
| 63 | ||||
| 2020 | ||||
| £ | ||||
| 2500 | ||||
| 1676 | ||||
| 1700 | ||||
| 250 | ||||
| 250 | ||||
| 6,376 |
Page 7
LIONEL WIGRAM MEMORIAL TRUST
Notes to the Financial Statements - continued for the year ended 5 April 2021
5. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
6. Tangible fixed assets
| Property | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| Investment property | 663,666 | ||
| Net book value | |||
| At 5 April 2021 | 663,666 | ||
| At 5 April 2020 | 663,666 | ||
| 7. | Fixed asset investments | ||
| Unlisted | |||
| investments | |||
| £ | |||
| Market value | |||
| At 6 April 2020 | 239,862 | ||
| Impairments | 11,559 | ||
| At 5 April 2021 | 251,421 | ||
| Net book value | |||
| At 5 April 2021 | 251,421 | ||
| At 5 April 2020 | 239,862 | ||
| There were no investment assets outside the UK. | |||
| 8. | Debtors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Rent receivable | 3,282 | - |
Page 8
LIONEL WIGRAM MEMORIAL TRUST
Notes to the Financial Statements - continued for the year ended 5 April 2021
9. Creditors: amounts falling due within one year
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Other creditors | 2,850 | 2,725 | ||||
| 10. | Movement in funds | |||||
| Net | ||||||
| movement | ||||||
| At 6/4/20 | in funds | At | 5/4/21 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 16,154 | 26,126 | 42,280 | |||
| Endowment funds | ||||||
| Endowment fund | 924,468 | 11,559 | 936,027 | |||
| TOTAL FUNDS | 940,622 | 37,685 | 978,307 | |||
| Net movement in funds, included in the above | are as follows: | |||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in | funds | ||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 51,863 | (25,737) | - | 26,126 | ||
| Endowment funds | ||||||
| Endowment fund | - | - | 11,559 | 11,559 | ||
| TOTAL FUNDS | 51,863 | (25,737) | 11,559 | 37,685 | ||
| Comparatives for movement in funds | ||||||
| Net | ||||||
| movement | ||||||
| At 6/4/19 | in funds | At | 5/4/20 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 11,869 | 4,285 | 16,154 | |||
| Endowment funds | ||||||
| Endowment fund | 934,606 | (10,138) | 924,468 | |||
| TOTAL FUNDS | 946,475 | (5,853) | 940,622 |
Page 9
LIONEL WIGRAM MEMORIAL TRUST
Notes to the Financial Statements - continued for the year ended 5 April 2021
10. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 14,786 | (10,501) | - | 4,285 |
| Endowment funds | ||||
| Endowment fund | - | - | (10,138) | (10,138) |
| TOTAL FUNDS | 14,786 | (10,501) | (10,138) | (5,853) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||||
|---|---|---|---|---|---|
| movement | |||||
| At 6/4/19 | in funds | At 5/4/21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 11,869 | 30,411 | 42,280 | ||
| Endowment funds | |||||
| Endowment fund | 934,606 | 1,421 | 936,027 | ||
| TOTAL FUNDS | 946,475 | 31,832 | 978,307 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 66,649 | (36,238) | - | 30,411 |
| Endowment funds | ||||
| Endowment fund | - | - | 1,421 | 1,421 |
| TOTAL FUNDS | 66,649 | (36,238) | 1,421 | 31,832 |
Page 10
LIONEL WIGRAM MEMORIAL TRUST
Notes to the Financial Statements - continued for the year ended 5 April 2021
11. Related party disclosures
There were no related party transactions for the year ended 5 April 2021.
Page 11