**REGISTERED CHARITY NUMBER: 800533**
## **Trustees' Report and**
**Unaudited Financial Statements for the Year Ended 5 April 2022**
**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 2022**
||**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|
|**Detailed Statement of Financial Activities**|12|
**Trustees' Report for the year ended 5 April 2022**
## **LIONEL WIGRAM MEMORIAL TRUST**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in October 2019.
## **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.
## **Achievement and performance**
## **How our grant programme delivered public benefit: a review of achievements**
The investment property generated rental income of £74,366 (2021: £51,863) 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 12 grants to charitable institutions (2021: 17 grants) totalling £216 (2021: £2,566) representing 0.3% (2021: 5%) of rental income received. The charities benefiting from the Trust's grants are set out in detail in note 4 to the financial statements.
## **Financial review**
## **Material investments policy**
The principal source of revenue in the year was from the investment in student accommodation in Newcastle (£63,655). Some income was also derived from the investment in Mayfair Capital (£10,712), 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 2022 stood at £82,967 in surplus (2021: £45,262). The trustees will endeavour to continue achieving a surplus on unrestricted funds during the year ending 5 April 2023.
## **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.
## **Reference and administrative details Registered Charity number**
800533
Page 1
**LIONEL WIGRAM MEMORIAL TRUST**
**Trustees' Report for the year ended 5 April 2022**
## **Principal address**
Highfield House 4 Woodfall Street London SW3 4DJ
## **Trustees**
The following acted as trustees throughout the year: A Wigram Mrs S A Wigram Mrs T Pernice
With effect from 15 December 2022, Mrs S A Wigram and Mrs T Pernice resigned as trustees and M J L Wigram and R Rushton were appointed.
## **Independent Examiner**
Haines Watts Chartered Accountants New Derwent House 69-73 Theobalds Road London WC1X 8TA
## **Solicitors**
Ince, Aldgate Tower, 2 Leman Street, London, E1 8QN
## **Accountants**
Haines Watts, New Derwent House, 69-73 Theobalds Road, London, WC1X 8TA
31/01/2023
Approved by order of the board of trustees on ............................................. 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 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:
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.
Jonathan Moughton Haines Watts Chartered Accountants New Derwent House 69-73 Theobalds Road London WC1X 8TA 31/01/2023 Date: .............................................
Page 3
## **LIONEL WIGRAM MEMORIAL TRUST**
## **Statement of Financial Activities for the year ended 5 April 2022**
|**Unrestricted**
**Endowment**
**fund**
**fund**
**Notes**
**£**
**£**
**Income and endowments from**
Investment income
2
74,366
-
**Expenditure on**
Raising funds
3
36,445
-
**Charitable activities**
Grants payable
216
-
**Total**
36,661
-
Net gains on investments
-
25,791
**NET INCOME**
37,705
25,791
**Reconciliation of funds**
Total funds brought forward
45,262
936,027
**Total funds carried forward**
82,967
961,818|**2022**
**Total**
**funds**
**£**
74,366
36,445
216
36,661
25,791
63,496
981,289
1,044,785|**2021**
**Total**
**funds**
**£**
51,863
23,171
2,566
25,737
11,559
37,685
940,622
978,307|
|---|---|---|
The notes form part of these financial statements
Page 4
## **LIONEL WIGRAM MEMORIAL TRUST**
## **Balance Sheet 5 April 2022**
|**Unrestricted**
**Endowment**
**fund**
**fund**
**Notes**
**£**
**£**
**Fixed assets**
Tangible assets
6
-
663,666
Investments
7
-
277,212
-
940,878
**Current assets**
Debtors
8
14,761
-
Cash at bank
70,504
20,940
85,265
20,940
**Creditors**
Amounts falling due within one year
9
(2,298)
-
**Net current assets**
82,967
20,940
**Total assets less current liabilities**
82,967
961,818
**NET ASSETS**
82,967
961,818
**Funds**
10
Unrestricted funds
Endowment funds
**Total funds**|**2022**
**Total**
**funds**
**£**
663,666
277,212
940,878
14,761
91,444
106,205
(2,298)
103,907
1,044,785
1,044,785
82,967
961,818
1,044,785|**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|
|---|---|---|
31/01/2023
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 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 2022**
## **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.
## **Incoming resources**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Rents receivable represents income generated to support the charity’s activities from property assets held under operating leases which are recognised in the Statement of Financial Activities on a straight line basis over the lease term. All incoming resources are recognised gross of related expenditure. No incoming resources have been deferred.
## **Resources expended**
All expenditure is accounted for in the Statement of Financial Activities on an accruals basis and has been included under headings that aggregate all costs relating to that category. Resources include attributable VAT which cannot be recovered.
Expenditure on raising funds relates to the costs associated with the management of the property and the administration and collection of rental income.
Costs of charitable activities and governance costs include grants payable which represents donations to charitable institutional bodies and are accounted for when paid. This is unless a firm commitment exists at the year-end to pay grants in future periods in which grants payable are accrued in full. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the costs of the external scrutiny of the financial statements by the independent examiner.
All resources expended are inclusive of irrecoverable VAT.
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.
Page 6
**LIONEL WIGRAM MEMORIAL TRUST**
**Notes to the Financial Statements - continued for the year ended 5 April 2022**
## **1. Accounting policies - continued**
## **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.
## **2. Investment income**
|**2.**
**Investment income**|||
|---|---|---|
|**2022**
**£**
Rents received
74,366
**3.**
**Raising funds**
**Raising donations and legacies**
**2022**
**£**
Support costs
6,059
**Investment management costs**
**2022**
**£**
Service charges
21,642
Ground rent
5,400
Letting fees
-
Website costs
186
Management fees
3,158
Insurance
-
30,386
Aggregate amounts
36,445
**4.**
**Grants payable**
**2022**
**£**
Grants payable
216
**Community projects and enhancement of education**
Name of Institution
2022
2022
2021
Number of
grants
£
Number of
grants
Newbury Spring Festival
1
Worcester College
1
Marylebone Cricket Club Foundation
1
Child Bereavement UK
1
University of Oxford Development Trust
1
**nil**
**nil**
**5**|**2021**
**£**
51,863||
||**2021**
**£**
3,882
**2021**
**£**
11,429
2,295
3,596
181
1,427
361|**2021**
**£**
3,882|
||19,289||
||23,171||
|||**2021**
**£**
2,566|
|||2021
£
500
500
100
1,000
250
**2,350**|
Page 7
**LIONEL WIGRAM MEMORIAL TRUST**
**Notes to the Financial Statements - continued for the year ended 5 April 2022**
## **5. Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
## **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 2021||251,421|
||Revaluation||25,791|
||||277,212|
||**Net book value**|||
||At 5 April 2022||277,212|
||At 5 April 2021||251,421|
||There were no investment assets outside the UK.|||
|**8.**|**Debtors: amounts falling due within one year**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Rent receivable|14,761|3,282|
Page 8
## **LIONEL WIGRAM MEMORIAL TRUST**
## **Notes to the Financial Statements - continued for the year ended 5 April 2022**
## **9. Creditors: amounts falling due within one year**
|||||**2022**|||**2021**|
|---|---|---|---|---|---|---|---|
|||||**£**|||**£**|
||Other creditors|||2,298|||2,850|
|**10.**|**Movement in funds**|||||||
|||||**Net**||||
|||||**movement**||||
||||**At 6/4/21**|**in funds**|**At**||**5/4/22**|
||||**£**|**£**|||**£**|
||**Unrestricted funds**|||||||
||General fund||45,262|37,705||82,967||
||**Endowment funds**|||||||
||Endowment fund||936,027|25,791||961,818||
||**TOTAL FUNDS**||981,289|63,496|1,044,785|||
||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|74,366|(36,661)|-||37,705||
||**Endowment funds**|||||||
||Endowment fund|-|-|25,791||25,791||
||**TOTAL FUNDS**|74,366|(36,661)|25,791||63,496||
||**Comparatives for 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||
Page 9
**Notes to the Financial Statements - continued for the year ended 5 April 2022**
## **LIONEL WIGRAM MEMORIAL TRUST**
## **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|51,863|(25,737)|-|26,126|
|**Endowment funds**|||||
|Endowment fund|-|-|11,559|11,559|
|**TOTAL FUNDS**|51,863|(25,737)|11,559|37,685|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|**Net**
**movement**
**At 6/4/20**
**in funds**
**At 5/4/22**
**£**
**£**
**£**
16,154
63,831
79,985
924,468
37,350
961,818
940,622
101,181
1,041,803|
|---|---|
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|126,229|(62,398)|-|63,831|
|**Endowment funds**|||||
|Endowment fund|-|-|37,350|37,350|
|**TOTAL FUNDS**|126,229|(62,398)|37,350|101,181|
Page 11
## **LIONEL WIGRAM MEMORIAL TRUST**
**Detailed Statement of Financial Activities for the year ended 5 April 2022**
|**Income and endowments**
**Investment income**
Rents received
**Total incoming resources**
**Expenditure**
**Investment management costs**
Service charges
Ground rent
Letting fees
Website costs
Management fees
Insurance
**Charitable activities**
Grants to institutions
**Support costs**
**Management**
Accountancy
Legal and professional fees
**Finance**
Bank charges
Total resources expended
**Net income before gains and losses**
**Unrealised recognised gains and losses**
Unrealised gains/(losses) on fixed asset
investments
**Net income**|**2022**
**£**
74,366
74,366
21,642
5,400
-
186
3,158
-
30,386
216
4,326
1,283
5,609
450
36,661
37,705
25,791
63,496|**2021**
**£**
51,863
51,863
11,429
2,295
3,596
181
1,427
361
19,289
2,566
2,982
-
2,982
900
25,737
26,126
11,559
37,685|
|---|---|---|
This page does not form part of the statutory financial statements
Page 12