REGISTERED CHARITY NUMBER: 800533 Trustees. Report and Unaudlted Flnanclal Statements for the Year Ended 5 April 2024 tor LIONEL WIGRAM MEMORIAL TRUST Cooper Parry AdvisoTy Limited New Derwent House 69-73 Theobald5 Road London WC1X 8TA
LIONEL WIGRAM MEMORIAL TRUST Contents of the Financi81 Statements lor Ihe year ended 5 April 2024 Page Trustees. Report Indepèndent Examiner's Report Statement of Financi81 Activltles Balance Sheet Note5 to the Financial Slalements 6 to 10 Delailed Statement of Flnanclal Actlvities
LIONELWIGRAM MEMORIAL TRUST Trustees. Report lorthe year ended 5 April 2024 The trustees present their report with the financial slalemenls ol the charity for the year ended 5 April 2022. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI 'Accounling and Reporting by Charities, issued in October 2019. Objectives, actlvltles and public benefits The Lionel Wigram Memorial Trust is an unincorporated registered charity Iregistralion number 800533) constituted under a trust deed dated 11 November 1988. In 1988 the charity received a permanent endowment consisting primarily ol freehold property- The principal object of the charity is to apply the income ol the trust fund to such charf(ies for such charitable purposes as the Iruslees from time to time in their absolute discretion determine. but the trustees have particular regaTd to projects which will commemorate the life ol Major Lionel Wigram who was killed in action in Italy in 1944. The trustees confirm that Ih6y have complied with the duty in section 17151 of the Charities Act 2011 to have due regard lo 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 maklng pollcles The charity achieves ils obj'ectives by making grants. The Irustèes review applications received for funding and use their discretion lo 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 thèy also provide funds to support a wide range ol community projects for the ne1(( of the disadvantaged. How our grant programme delivered public beneflt: a revlew of achievements The investment property generated rental income of £93,04212023'. £88,017) which is usod principally to lund grants to various deserving charitable bodies and to cover the support and governance costs of the charity. During the year the charity made 15 grants to charitable institutions12023'. 13 grants) totaling £10,71612022- £1,716) representing 11.50 12023-1.95Q/.l of rental income received. The charities benefiting from the Trust's grants are set out in delail in note 4 to the financial slatements. Materlal Investments policy The principal source ol revenue in the year was from the invastrnent in student accommodation in Newcastle1£79,915}. Some incorne was also derived from the investment in Mayfair Capital1£13,127}, which is a property investment company exclusively available lo charities and as such enjoys a favorable lax status. Reserves policy Unrestricted reserves al 5 April 2024 stood at £160.200 in surplus {2023: £117.101). The trustees will endeavor to continuè achieving a surplus on unreslricled funds during the year ending 5 April 2025. Rlsk management The truslees of the charity have assessed the major risks to which the charity is exposed, in particular Ihose inherent in the ownetship of freehold propety and are satisfied that systems are in place to mitigate the exposure lo those risks. The charity plans to continue to make grants lo deserving causes during the forthcoming year. Slructure, governance and management The trustees who served during the year and since the year 6nd are set out on page 2. The power of appointing and rernoving trustees is vested in the settlor of the Trust, Mr A F Wigram. who is also a trustee. New trustees are lo be appointed by resolution and a momorandum of appointment signed by two other persons. The Iruslees are aware of their responsibilities in law and keep abreast ol legal and regulatory changes. The trustees meet al least once a year with one of th8 meetings devoted to reviewing grant applications. The day lo 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. Relerence and administrative details Regislered Charlty number 800533 Page 1
LIONELWIGRAM MEMORIAL TRUST Trustees. Report lor the year ended 5 April 2024 Prlnclpal address Highlield House 4 Woodfall Street London SW3 4DJ Trustees A Wigram R Rushton Iresigned 04104120241 M Wigram (resigned 0410412024} C Cordl8 (appointed 04104120241 L Sangsler (appointed 04104120241 Ind8p8ndent Examiner Jonathan Moughton Cooper Parry Advisory Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA Accountants Cooper Parry AdvisoTy Limited, New Derw8nl Hou58, 69-73 Theobalds Road, London, WC1 X 8TA Q31ol¥.IlS............. Approved by ordèr of the board of trustees on..... and signed on ils behalf by: - Trustee Page 2
Indendent Examlner's Report lo the Trustees ol Lionel Wigram Memorial Trust Independent examlner's report to the trustees of Llonel Wigram Memorial Trust l Teport lo the charffty trustees on my examination ol the accounts ol Lionel Wigram M8moTial Trust {the Trust) for the year ended 5 April 2024. Responsibilities and bgsis ot report As the charity trustees of the Trust you are responsible foT the preparation ol the accounts in accoTdance with the requirèm8nls of the Charities Act 2011 Ilhe 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 145151{bl of the Act. Indep8ndent examiner's statèment I have completed my examination. I confirm that no material matters have come to my attention in conn8clion with th8 examination giving me cause to believe that in any material respect: accounting records were not kept in respect ol the Trust as required by Section 130 01 the Act- or the accounts do not accord with those records- (x the accounts do not comp5y with the applicable requirements concerning Ihe form and content of accounts set out in Ihe Chartties (Accounts and Reports) Regulations 2008 other than any requirement that the a(Lounls give a true and lair view which is not a matter considered as part ol an indendent examinalion. I have no concerns and have com8 across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding ol the accounts to be reached. Jonathan Moughton Cooper Parry Advisory Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA Date.. Page 3
LIONEL WIGRAM MEMORIAL TRUST Statement ot Financlal Activlties for the year ended 5 Aprll 2024 2024 Total tunds 2023 Totsl lunds Unrestricted Endowment fund fund Notes Income and endowments from Investment income 93,042 93.042 88,017 Expendlture on Raising funds 39,227 39,227 52,167 Charitable actlvltles Grants payable 10,716 10,716 1,716 Total 49,943 49,943 53,883 Net gainglllossesl on investments 114,9841 {14,9841 {56,1781 NET INCOMEI(EXPENDITURE} 43.099 {14,9841 28,115 {22,044} R8conclliation of lunds Total funds broughl forward 117,101 905,640 1,022,741 1.044,785 Total funds carrled forward 160,200 890,656 1,050,856 1.022,741 The notes form part of these financial sta18rn8nls Page 4
LIONEL WIGRAM MEMORIAL TRUST Balance Sheet 5 Aprll 2024 2024 Total funds 2023 Total funds Unrestricted fund Endowment lund Notes Flxed assets Tangible assets Investments 663.666 206,050 663,666 206,050 663,666 221,034 869,716 869,716 884,700 Current assets Debtors Cash at bank 13,382 153,918 13,382 174.858 14,403 127,188 20,940 167,300 20,940 188.240 141,591 Credltors Amounts falling due within one year 17,1001 17,1001 13,5501 Net currènt assets 160,200 20,940 181,140 138,041 Total assets less current liabilities 160.200 890,656 1,050,856 1,022,741 NET ASSETS 160,200 890,656 1,050,856 1,022,741 Funds Unreslricled funds Endowment funds 10 160.200 890,656 117,101 905.640 Total funds 1,050,856 1,022,741 anci l tsalements were approved by the Board of Trustees and authorized for issue o.3.f041ts............... on and were signed on ils behalf by.. igram - Tru The notes form part of these financial statements Page 5
LIONEL WIGRAM MEMORIAL TRUST Notes to the Financial Slatements tor the year ended 5 April 2024 Accounting policies Basis ot preparing the financial ststements 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 lo £1 per memLEr of the charity. The address of the registered off ice is given in the charity information on page 1 of these financial statements. The nature ol th8 charity's operations and principal activities are lo apply income ol 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 wf(h Accounting and Reporting by Gharities.- 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 IFRS 1021 issued on 16 July 2014 las updated through Updale Bulletin I published on 2 February 20161, the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021, the Charrties Act 2011, and UK GeneTally A(Lepted 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 il is applying FRS 102 Section 1 A. The financial statements are prepared on a going concern basi5 under the historical cost convention, modrfied lo include certain items at fair value. The financial statements are presented in sterling which is the tunctional currency of the charity and rounded lo the nearest £1. The significant accounting policies applied in the préparation of these financial statements are sel out below. These policies have been consistently applied to all years Presented unless otherwise slated. Ineomlng resources All income is recognised once the charity has entitlement to the income. it is probable that tho income will be received and the amount ol income receivable can be measured reliably. Rents receivable represents income generated to support the charity's activities from property assels held under operating leases which are recognised in the Statement ol 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 expendilure is accounted for in the Statement ol 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 managemént of the property and the administration and collection ol rental income. Costs of charitable aclivities and governance costs include grants payable which represents donations to charitable inslilutional bodi85 and are accounted for when paid. This is unless a firm commitment exists at the year-end lo 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 associaled with meeting the constitutional and statutory requirements of the charity and include the costs of the external scrutiny ol the financial statements by the independent examiner. All resources expended are inclusive of irrecoverable VAT. Grants offered subject to corKlitions which have nol been met at the year end date are noted as a commitment but not accrued as èxpenditure. Taxation The charity is exempt from tax on its charitable activf(ies. Fund accounting Unrestricted fUlS Page 6
LIONELWIGRAM MEMORIAL TRUST Notes to the Financlal Statements- oontlnued for the year ènded 5 April 2024 Accountlng pollcles- continued Fund accounling Unrestricted funds comprise general lunds which are available for use al the discretion of the Trustees in furtherance ol the general objectives of the Charity and which have not been designated lor other purposes. EndowmentlurKIs 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 arurdance wrth the objects of the Charity which have not been designated for other purposes. Investment Income 2024 2023 Rents recENed 93,042 88,017 Raising funds Raising donallons and legaclès 2024 2023 Supwrt costs 3,550 8,930 Investment management ¢osts 2024 2023 Service charges Ground rent Website costs Management fees Insurance Council tax Commission 25,240 3,279 205 3,705 1,018 25,924 2,999 188 4,471 1,128 7,269 1.258 2,203 35,677 43,237 Aggregate amounts 39,227 52,167 Grants payable 2024 2023 Grants payable 10.716 1,716 Community projects and 8nhancement of education Narne of Institution 2024 Number of grants 2024 2023 Number of grants 2023 Dalgarno Trust 10,500 1,500 £10,500 £1.500 Page 7
LIONEL WIGRAM MEMORIAL TRUST Notes to the Financial Statements- continued lor the year ended 5 Aprll 2024 Trust88s' remuneration and benelits There w8re no trustees, remuneration or other b8n8fits lor the year ended 5 April 2024 nor for the year ended 5 April 2023. Trustees. expenses There were no trustees, expenses paid for th8 year ended 5 April 2024 nor lor the year ended 5 April 2023. Tanglble flxed assets Property Cost Investmont property 663,666 Net book value At 5 April 2024 663,666 At 5 April 2023 663,666 Flxed asset Investment5 Unlisted investments Market value At 6 April 2023 Impairm8nts 221,034 114.9841 At 5 April 2024 206,050 Net book value At 5 April 2024 206,050 At 5 April 2023 221,034 There were no investment assets OLrtside the UK. Debtors: amounts t811ing due within one year 2024 2023 Rent receivable 13.382 14,403 Page 8
LIONEL WIGRAM MEMORIAL TRUST Notes to the Flnanclal Statements- contlnued tor the year ended 5 April 2024 Credltors: amounts falling due within one year 2024 2023 Other credf(ors 7,100 3,550 10. Movement In tunds Net movement In funds At 614123 At 514124 Unrestricted funds General fund 117.101 43.099 160.200 Endowmèntlunds Endowment fund 905,640 {14,9841 890,656 TOTAL FUNDS 1,022.741 28,115 1,050,856 Net movement in funds, included in the above are as follows.. Incomlng resources Resources expended Galns and losses Movement In funds Unrestricted funds General fund 93.042 149,9431 43.099 Endowrnentfunds Endowment fund 114,9841 (14,9841 TOTAL FUNDS 93,042 {49,9431 {14,9841 28,115 Comparatlvos for movement In funds Net movement In funds At 614122 At 514123 Unrestrlcted funds General fund 82,967 34,134 117,101 Endowment funds Endowment fund 961,818 156,1781 905,640 TOTAL FUNDS 1,044,785 122,0441 1,022,741 Page 9
LIONEL WIGRAWJ MEMORIAL TRUST Notes lo the Financi81 Statemenls- continued for the year ended 5 April 2024 10. Movement in lunds- continuèd Comparative net movement in funds. includ8d in the above are as follows- Incomlng resources Resources expended Gains and losses Movement in funds Unrestrlcted lunds General lund 88.017 153,8831 34,134 Endowment funds Endowment fund {56.1781 156,178} TOTAL FUNDS 88,017 153,8831 156,1781 122,0441 A currènt year 12 months and prior year 12 months combined position is as follows: Not movement in funds At tsY4122 At SI24 Unrestricted funds General fund 82,967 77,233 160,200 Endobvment funds Endowment fund 961,818 171,1621 890.656 TOTAL FUNDS 1,044,785 6,071 1,050,856 A current year 12 months and prior year 12 months combined net movement in funds, included in Ihe above are as follows.. Incomlng resources Resources expended Galns and losses Movement In funds Unrestricted funds General fund 181.059 1103,8261 77,233 Endowmentfunds Endowmenl fund 171,1621 {71,1621 TOTAL FUNDS 181,059 1103,8261 {71.1621 6,071 Page 10
LIONELWIGRAM MEMORIAL TRUST Detailed Statement of Financial Activities for the year ended 5 Aprll 2024 2023 Income and erKlowments Investment income Rents recesved 93,042 88,017 Total Incomlng resources 93,042 88,017 Expendlture Investmènt management costs Service charges Ground rent Website costs Management fees Insurance Council tax Commission 25,240 3,279 205 3,705 1,018 27 2,203 25,924 2.999 188 4.471 1.128 7.269 1,258 35,677 43,237 Charitable actlvltles Grants lo institutions 10,716 1,716 Support costs Managem8nt Accountancy Legal and professional fees 3,550 6.788 2,142 3,550 8,930 Total resources expended 49,943 53,883 Net income before galns and losses 43,099 34,134 ' Realised recognlsed gains and losses Realised gainslllossesl on fixed asset investments 114,9841 156.1781 Net incomel{expendltur8) 28.115 {22,0441 Thi5 page does not form part ol the statutory financial statements Page 11