THE 1989 WILLAN CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 30TH SEPTEMBER 2020 CHARITY NO. 802749
THE 1989 WILLAN CHARITABLE TRUST TRUSTEES, REPORT. Y•ar End2d 30th Soplember 2020 LEGALhND DMINIsTRATIvE DETAIL5 Trustees wbmil their pOrt and fingnc181 stalemenls of The 1989 Willan Charil8bk Ttusl Ilhe "Charity") for the year Ènded 301h September 2020 The financial $181omenis hav8 been prepared In accordance with the a¢couniing p(>licies 591 I In note 1 COmY Wlh the Irusl deed. the Charlliss Aci 20t1 and the Slalemenl of Recowmemle¢ Pr8ctice. AccouniiNJ and Reportin9 by Charitiès 2015 IFRS 1021. L89al Staius The 1989 Willan Charitae Twsl is g reg1ster Gwrily Ireglslared number 8027491 Govqrnlng D4xumont Trust Deed dated 8th August 1989 Tfustèes A Chapman A Ohlsson Wlllan TNsie8 Limited IDir8cics- M Bird. A Ch8pr8n, A Ohlsson. S Winfield and C Se¢Coml Key Manjgement Personnel The charity do8s noi tmploy any $ia(f and therefore the board remain responsibl& for lh& day-itrd8y wr81ion of lh& ch8nly. Administrators and Prlnclpol Office Cafilon Mana9emenl Serw¢&$ Limited PO Box 525, 41h FIcN)r 45 Esplanade Sl HelEr Jersey JE4 OWZ Gfant Ad¥l$ors Th$ Cotnmunty Foundation Philanlhfopy House Woodbine Road Goslorth me$119 up)n Tyna NE3 1D Inve$tmont Man898r$ Brewin Dolphin Ltd Time CeniTal 32 Gallowgale Newcasiie Upon Tyne NE14SR Baillie Gifford Calton Souarè 1 Greenside Row Edinburgh EH13AN UBS Weallh Management 2 Sl James. Gale Newcaslle Upon Tyne NE4 7JH Bankers Santander Private 8anknng PO Box 545 Sl HelEr Jerssy JE4 8XG Sollcltor¥ Mutkle LLP Time Central 32 Gallowgaie NeYKa511e Upon Tyne NE148F Wardhadaway Sandgale Hou50 102 Quayside Newcastle Uwn Tyne NE1 3DX AudltOVS MHA Tail Walker Bulman House Regent Centre Gosforth NeVKas1 uwn Tyn8 NE3 3LS
THE 1989 WILLAN CHARITABLE TRUST TRUSTee$' REPORT. Year End8d 30th September 2020 MS ANO OWECTIVES The Charity was esiablisheLI by an Inltial gift Irom lh8 Willaft family out of fuTrds originaling from a shipping tMirss based in the North East of England. Ov8r the years th8 Willsn family have sellled furthÈr funds on thè Chafity. The Charity's injsi deed 91$ tho Irusie¢s ¥ide powwy lo dislribule the income ol the trust and 5tKh of ils capital a5 they dèem appropnale lo orfor such charitable Institutions or cfvaritsbl& purposes ès the t$1•8$ in Ihelr absolu18 discreiion Ihlnk rrt. However, within Ihis bro 18mil, tha iiusiees rerognise thal the Fesou{S of Ihe Trus1 are finite and Ihal il is IherÈfore necessary lo funds more selectively lo areas where the funds used most etslwely and can make ihe m05t difference In racognilion ol th8 origlns of the Tlust rund and Iha economic Impa troi thè decline of the ship buildin9 industry has had on Ihe region, Ihe Iruslee8 ld to conc8niraié thèir support towards causes which are activè in Tyn& and Wéar and its Immediate surrounds. Th& Irusiees favour G3uses which airrTr lo ease swal deprivalion aiKI l or enriGh Ihe labriG of the k)cal community and the quality of life ol in¢iviLIu815 Ithlhin Ihal communily They may also support educaih)n wh8r8 Ihal is aime at improvlng lfve ewnorny in areas of deprivaiion. As well as direct supwrt for such causes in th& fonn ofgi8nts, Iha trusiees may 31so provide Indireci support. USln9 the TtU51'6 ¢atyiai 10 make rèsourcÈs (typically w8mls8$1 availab to other deseNin9 Charilabltr oryanisaiion5. The Irusl8es aim 10 disiribuie £SO0.0 lo £6W.000 per annum based on a real relwn 014% upon Ihe ITUSI a5set5. Wilhin Ihis Iimil, the Iru5tees have n911her a Th8ximum nor minimum applIc8On figure Ilhough awards made lo dale have typcally been in the range of £1,000_ £10.0001. The trustees wish the ChatY 10 b8 a r&source lor all seciK)ns of the communily and Iherefore do not $h lo discouwe applicanis b8cau88 Ihtii reouirements are 100 small or IhtriraÈplralns too 9reai. In considering whiGh bcal causes lo support and th& Itvel of support given, thè Itusietrs 14 also haya regard lo a applicant's 8bilily lo raise funds elsewber&. Conseouenlly. the Iruslees lend lo h1 their SUPPDrf l(Mards lrtal charitable inslilulions rather Ih8n naiion81 or iniemaibnal ones IhÈ basis Ihal the lar9er inslilulions eniDy nigher prDfiles and wll typically ha¥e Wider ¢sS 10 ftsnds. In cases ol great noed such as m8ff)r natural disaslet5. Confi15 or accidents. cau5e5 May be 5UPPOrted outside ihe tiuslees, normal parameters st818d above. PUBUC 8ENEFIT STATEhlENT Tho Iluslees have r8f8rred 10 guidanc& Contain in the Ch8nty Cornmi5510n' general gUittan on publi¢ benefit when viewng the aims and obi8cli¥es and in planning future activitie5. The chanlab obpolives are aLs0 set in orderto provide a clearand (kmonslrated publi nrIt. The Charity's acliwilies Ihrou9tK)ul th8 were consislent with Ils 8INs and 0lIveS 85 Staled above. Wl suGh a¢livil$ are undertaken lo lurlher ourcharilable purposes for the puNic benefit STRUCTURE. GOVERNANCE AND MIAAGEMENT Th? Charily is an urTincotwraled Irusl consllluled under a Irusi daed dated 8th Auyugl 1989 and Is a r8gslered Chaniy lnumbe1 8027491. The trust provides thai Ihefe be a minimum ol thre& Irusi6es. The irtts18e$ are appoin18d by mèmtts of Ihp Willan family and s8rve for an ind&finil& 1am. The Itusiees who served the CharY dufing the y&ar ware as foiiows.. A Chapman A Ohlsson Wiiian Trustee Lim*ed The Charity Oogs 1 acllvdy fundraise and saek$10 ¢onlinuo its suwort to gppropriale charit9$ c8u505 through tho ¢gfyful stewardship ol Ils exisiing rèsourctrs. The management of the Charitatle fund 15 diwLÈd into Iwo prI1paI areas. asset management and grant making R&sp)nsibilily for Iha 3$5el managemenl function Is delegated ID exiernal invesiment managers. Brawln Dolphin Securit$ Ltd, UBS Wealth Management and Baillia Gthrd mana9e invesimèni portfol$ for th& Charity und&r discretionary inveslTnenl managernent ageMentS. Th& IrLslees monilDr the performarKe Df the w>rtfoli0s on a quarterty basi% Ègainst relevant benchmsrk8. The Iru51ees are graiaful to th8 Communily FoundaliDll Seing Tyne & Wear and Northumbedand Ilhe 'Cornmunlty Foundadon'l. ApicationS are prctessad, co1131ed and shortlisted by the Community Foundalon w a quartgrly basis A subcommiliee of the board of Willan TNsiee Limited meet each qu8rter lo vel the 5hortlisi. The shortlisl Is then rirculaloj lo each ol the trustsas forGonsider8lKin and approval. Carflon Managtmenl Services Limilett, a Iicenced lrysl company regulated by the J8fS8y Flnancial sarye$ Commission. provid8S admintralivè and attounting 5eMces io the Chanly.
THE 1989 WILLAN CHARITABLE TRVST TRUSTEES. REPORT. Year Eaded 30th Septernber 2020 ICont4nued) The trust5 aim lo meet al lfya51 once a year lo rewew Ihg Charily's financi41 stalemwts f¢K the prwllng y&ar, Ihe P9rfotm3nTr of its a5sels its grant mgkiry aGlivrties lo cwsider %thelher chan9 are required in Charitls rM)Iicies and overall slralegy RECRUITMENT OF TRUSTEES Any Irusiee vaGancies which arise are filled by search wilh due iegard to maintaining a proper balance of skills and expprience ¥wlhin the 803id Rgprfysenlalion felevanl lo the service user group Is 8 key f8clor gi¥en the Charity's fflisSn l appcinimenls ar8 subject lo Ihe appFDval by mgmbers al a genera1 meeting. Wilh the notice of 5uth mgeling metnbers are provldÉd witn a profile of prospeclwe new Iruslees- and equivalent Infomialion for any Iru51ee offering Ihemsdves for r eleclion. Additi31 a lull aiiendance record is pThide(I 10 membets to infomi th&1 decions. TRUSTEE INLIUCMON AND TRANING Ne4Y Iruslees are provided th a proper Induction prct8ss and a checkli&l 8nsui8s ihey rewve all r818wanl papers and guMJance lo prop8rty fu11 Ihelr responsibili1$. Bri8flng p8p8rs arKI famdiarisaiion training is affected for all Imsl8w6 a$ deemed CeSSary. RISK MANAGENJENT Th& ITu51ee5 have csidered the major risks lo which the Charity Is exposed and have eslatlished syslems and prureS manage OSe rL%ks. RESERVES POLICY Tha resul1$ lor the year leave Thè 1989 WilLgn charb Trust with an Unre51ncled Revenue Reserve of £21,165.198. It ¢8n b8 s8en thai of th15 Sutn £152.551 is hekl In Nel Curreni As5e15. Ihal Is. represented by cash. nel Llebtors therefore readily expendable by the Iruslees The Irusies$ aim 10 disiribule £SOO,000 lo E600.(h)O ppr annurn baserf Dn a real 1 of 4Vty upon Ihe trust assets 11 is the policy of Ihe cTharily 10 Tnaintain a Iree cash balance ol approximately onths. vnreslricw gxpendilurg This provides sJHici8ni fuNJs 10 cov6r management. ajminislialion Suppr cosis and lo Spond lo appiicalions lor grwt5 which arise Imm lim& 10 lime. The lryslees have revwed ad1vill and prred a risk assessment lo enable Ihetn lo consKler the financiyl position of the organisalion In IvJhl of the on90ing tuation in relation lo the Covid-19 vi5 On conclusion of this the Iru51ee$, having consi(tered trt)Ih tho si9nificanl lev4 of cash and investments held by Ihp charity consider Ih31 Ihere are no maierial uncertainties regardln9 the Gharily's 3txlily lo continue as 8 going concem for next 12 months. FINANCIAL REVIEYI As al 30 September 2020 Ihe albcaiion siood as follows.. 29.6% LJBS discrèboThary portfolio, 29.9% BrevAn Oolphin discretionary portfolio. and 40.5% Bail1 Grfford Managed B Acc. UK equities delIred a lolal relurn of -18.IYts Ovtr Ine penod 7-10 year gills dalivered a lotal return of +2 5Y0 3fi(J the $0..50 composite index fell_7 2P/o Iquarterfy re4>alancedl The compogle relum of lh& Willan 4M)rtfolio was 5.940/0. Global equity marke15 declined .?3. on Covid-19 conc8m8 belor8 staging a rapid recovery SUPfN)rt8d by Jnprecedenied IulditY from rknlral banks and emergency govemmeni Stimulus mèasures. For ihÈ full year 9lobal èouitieg dalivered a loial turn of +8.5%. global govemm8ni bonds17-tfyrl rerned 3 4%. yold rose 428.1Yts. and copper rose 417.1QA. In contrast, UK equities fell-16 1.kn and gills rose jus1 +2.5¥o weiged down by d disprop0On3teIY negative COVKI impaGI. slalling Brexit negoliallons and the FTSE'S ovevweighl skew lo cydicallvalue 5eclors. Oil fell .31 fj% as global travel effeclively ceased. enwgy siocks lell -46.4Y and financial St(kS fell -18.4Y, lihe two sectors account for 28Vo ol the FTSE 100 Indexl. US Stocks 1+16.1%) Hnd parbcularfy technology stocks I42.) conllnued lo 18ad lh8 marfL8is r8infordng Ihdr status as winners regardless of the economL climate. Performance of irte Ihlee inv8simÈni porttolios varied con5iderabty. The LJBS rtfolIO fell .8.2% underperfotminy the comp)slle benchmark which fell -7 2¥ Tho Brwtyin Dolphin portfolio also declined. falling 41.6% wttilsl Ihe 8aillie Gifford Portfdio rose +26.5%. Sterling fell-2.?/ry vs Ihfr Euro and rose 5.1Yo vs. the US dlar Impacting the portfolios InlemalioDally domiciled allrtaiions. Gills which make up 50/. of the composi18 benchmark siron9ly oulp&rfomed UK equiiios during the year ¢aling a hea(Mind for all 3 portfolios which are significantly 0VeN1ght equilie5 As the LJBS p(KEfolio is predominantly Insted in UK as$81s Ils performance fflosl cleady rellgcls this negalwe allocation deci51on. UBS and also have exposure lo REITS whi¢n n8ga14VY ImpaGled performance. Brewin and Baillie Giffortt benefilled considerably froxn thr 18maiKJnal éxrK)surè ano lo a ks5er dege from Ihelr ov8rwei9hl allocaiion ID inflauon linked and corporate bonds vs govefflmenl ndS Ball1e Gfftord delh¢r8d a s9gering pÈrftrrm8n¢e. oulpèrfomiing the Other portfolios bolh dJrfn9 th8 arkel decline and also during Ihe recovery. BailliÈ Gifford holds a $ignifi¢aTrl prOportn of asseis in Ihe US and has a high gxrrf)5Jre 10 sm911 cap. gfovrth and US tech sloGks (ILS singk 1grges1 Industry allwalion Is Inlwnel stocks.. 16.4% NAVI whtGh perform iTrcredibty well dudThJ ll)8 year Ils laryest holding was Te51a Ylhich rose 79OV* Total intsi8$1 and divKlend income E467.833 equal io a yleld of apwoximaiely 2.3'k. Thls 5$ consk8ienl wlh tolh hislort Itrve1s, and Ihe ItUSlees' expectations. Tha ovetsll valu& of inveslm8nis rostr 2.7% Ina of fees and di$idbuih)nsl lo 0,764,263.
THE 1589 WILLAN CWITABLE TRUST TRUSTEES. REPORT-Year Ended 30th September 2020 Icontlnuedl REVIEW OF GRANT MAKING ACTIVITIES TtE Charity awarded 75 grants lolallin9 £504.320 in Ihe financial year compared lo the 87 grants tolalling £509.443 madt in 2019. The yeTr8ral mak8 up of Ihe granls awarded is compaiable vAlh Pre¥S years and the increase in Ihe averag8 9rant (from £5,855 10 £6.7241 is rèllpclNe of any change in wliay on the part of the Iruslees. With effect from September 2020, the Charity has eniared into a Philanthropy Agreèmeni wlh Tha Communlly Foun(lalion. who wlll b8 responsible lor payfflenls ol grants lunder the new a9reem8nll and sMII administer these from Ihg funds h8ld. Any monies paid lo TtE C(xninunily FoundatTr uThJer e rEw 8greemenl will become an irrevocable grft. In September 2020, £125.(N)O was d(Kled to The Communily Found¥lion. lo b8 di$lribuled In accordance with Ir Philanthropy Agreement. In addition lo the grant rnakiry activity ovllined above. Charity glfied an addnlonal £73.500 in low lo the unlversilies of SunderL4nd. Teesside. Newcastle and Northumbria. in ordèr to providtr support 10 graduates seeklng 10 fund viab. sust¥in8bP8 n8w bu81n888 ventu8.12019.. £63.5001. AS detailed In Iht accountin9 poliBy.' gifts in kind, the charily also rnade effective donron$ totrllinu £37.18512019- £39.8001 in re5PeGt of lease atrangpments made th other charilable organisaltons to provkle a¢$5 to accoMrncat10n al a b2lc>w matkel value rental. The trustees believe the See5 of the Communlly Foundaibn are dellverlng raal value Sn helpSng If Iruste8s to ident ¢auses consislenl with the slated aims and objeGtives of the Charity. In addition. th8 Irustet$ f8cognise th81 the 8dminislralion lees paid by the Charity lo Ihe C(xnmurwly Foundation indirecly support the charitable purposes ol the CMunitY Foundation itself which are wholty consi5tsnl vAlh those of the Chgrily. FuNDRsING DISCLOSURES The Charity is required lo reporf how 11 deals wllh tundraisln9 frcNr the publK. The Charity does noi actively fundraise aryj seeks lo continue ils support to appropriait charitable Gauses through the careful 51e¥vardship of ts existing funds. rectriv from the Willan family. PLANS FOR FUTURE YEARS The Iruslees do not anlicipale significant chang8S to Ihe siruciure. res(r¢•$ and op$raih)ns of lh8 Chadly In lh8 fore$eeab18 rulure. However. lo the extent that suii¥bL ¢haniablè projects may be idènlifvad, tho INslees may ¢onslder 8lloc8ling a portion ol the Charily's grani making capaty lo providing svJnifiGanl support lo a limi18d number of SPBGific charilab projects STATEMENT OF TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENT$ The Charilyb lYuslee¥ are mponsible for preparing the Irustees, annual rewrt al the financial statements in accordanc8 with the Uniled Kingdom A¢¢ounling Standards Iuniled Kinglom Generally AcpIed Accounting Practice) and aPiCab 18w¥nd raguLtron5. The law applicable to charthes in ETrgL4nd and Wales requires Ihe Iruslees lo prep8re financial st¥lements for each financial year. Under Ihal law the Iruslees have ele¢ied lo prepare th& financk81 $1818m&nls in 8c¢ordance with Flnancial Reporting Standard applicable In IIE United Kingdom IFRS 1021. The Iruslees tnusl not approv8 th8 financial slalem8nl$ unless they are 5a115fied that they give ¥ Irue and fair wesy of the stale of affairs of the Charity and Ihe incomg and exp8TrJilure of th Charity lor ihal p8rlod. In pr8parin9 these financial statements, Ihe trustees are required lo. - SeCt suitable accounting p)licies and then pY Ihetn consislenlty., - observe Ihe methods and principles in the CharilEs SORP,. mak8 judgements and eslimales Ihal are raasonablo and prudeni.. late whelher applkabl8 acGounting t9rd$ hgve bew folbwed. subject to any maleri?I depgrtures discbsed aThl explained in the financial staletnents., prepare the finCIal slatem8nls on tha wing concern basis nsS it is inappropriate lo presume that thè chadly WII continue In operaik)n. The twslees are resp)nsSbl8 lor k8eping proppr accounting reGords that discJ05e with reasonable 8cwraGy at any tim8 the rinanckql posilh)n of Ihe charity and enable them to ensure that Ihe financial slalemenls comply ilh ihe Charibe5 Act 2011. the appliGabie Charities (Accounts ar Reports) R8gulallons, and the prowsions of the consiiiuiion. The Iruslees are also r•spDnsible lor safeguarding Ihe a$s81s of Iha charity and htnB8 lor lakin9 reasonat8 sleps for the pon and delecllon oltraud ar other Irregubrilies. AUDITOR A resolution to ro-appoinl MHA Tail Walker as aUOrfOr the ensurlng yearvAII b& proposad at th? Annual Genaral etIng. pro by Trnsiees un 21 2011 and Signed en their behalf by.. Twslge A Ohlsson Elre¢lor
THE 1989 WILL CHARITABLE TRUST IWDEPENDENT AUDITORS. REPORT YO THE TRVSTEES Year Enrfd 30th $ept•rnber 2020 Oplnlon We have audited th$ fin)n¢ial $1)lemenls of The 1989 W1118n Tw$1 Ilhe 'charily'l for the year ended 30 SeplOmtr 2020, whr¢h comprise the Slalemenl of Financial A¢liVilies, Balance Sheet, Statement ol Cash Flows 8nd Notes lo the FinanGial Stalemenis, including a summ8ry of significani accourning wlicifrs. The financ181 reporting fr8meL¥ork Ihal has been 3pplied In Iheir preparation is Uni18d Kingdom Accounting Stsndatds. compri5iny Charilies SORP - FRS 102 The Financial RepDrtsng Stsndarf appiicatAe In UK and R¢publi¢ of Ir4and' and applioble law iunil¢U KINgdom Ge[allY Acc8Pléd Accounting practe) In our Opin the finamal slaiernenls. gwe a true lair vw¥ of the 51ale of lh8 ch8rily's affairs as 81 30 Seplsmtr 2020 and of Ils incomiThJ resources and appllcaiion of resources. indudng lis income and ?xp8ndilui8. for the yearthen 8nd8d,. have been propety prepared in accllrdan wllh United Kmgdom GerrallY A¢pIed Accounting Practice, arKI have been prepared In accordance Wllh Ihè requlFements of ChariUe8 Aci 2011. Baslsfor opinian We conduGled our gu¢il in 8ccordanTr with International Siandards on Auditing IUKI IISAS IUKII and applKable law Our re5wnsibililies under Ihose sl¥ndards are further dascAbsd in the Auditor's responsibililies for t1 avdil of the financial sMentS seclioll of our report. We are indèp8nLÈni ol the ¢harily in accordance sviLh the eihi¢ wuiremenls Ihal are rel8vani 10 our audit ol lh8 financial st*tmÈnis In the UK. Induding the FRC'S Ethical stsndard, and wè have fulfilled our Olhw elh81 reswnsibilibe5 in cordanCe wlh Ihese requirernenls. We telieve Ihal the audit evidence we have Dbne¢$ is sufficient and approprK3le io provKJe a ba51s for our opinion. Concluslon5 relatlng to 8olng concern We have nolhing lo report in respect ol Ihe f01h)n9 mattets in rdation to wb¢h Ihs ISAS IUKI require us lo report lo you where Ihe Irustee5 use of the going wncern basis of accounting In Ihe preparation of the financial statents is not appropriate.. or the ISteeS have not disdosed In Ihe financkql si818ments any idenlffiied maierkgl unc8rt8inlie5 Ih81 may cast significant doubl about the charivs ability lo continue lo adopt Ihe going concern ba8 of aCCnIlg lor a pbyiod of al Wt twefve months from th& dale when the financial slaiemen15 are aJlhorised for issue o¢her Informatlon Tha IriFSlees are resW)n5lb for th8 other Informall. The other InfOrallOn comprises the information Includ In the annual oport. other than me financi81 siaiements and our auditor's report Ih&r8on. Our opinion on ihe finanal 51alemenls does not cover the olher Inform81iM and. excapt to th& trxleni Othe1$8 explicitly sia16d in our ffport. we do not express any ror¥n of assurance conclusion Ihereon In connection 1th our audit of the financiql statents. our re¥N)nsibility is lo read the olhw Inlormalion and, In doing 50, consider whether the other Inlomiallon is mateiially intonsi8teni with the financial slaiemenl$ or our knowledge obiained in the audit or olherwjse appears be marially missisied. If we ideniily $u¢fv maieriai incons19tenes or apparenl m¥i$rlal misslalefflgnls. are required 10 determine whe1[ iherÈ i% a material missiaLÈmeni in the finarLial SialemlS or a maleriBI misslalemeni of the other Inform81i(x). If. based on th8 work w8 have ptrform8d. con¢luda thai Ihere Is a material mi8s1818meni of this other illfotmalion. we are required to rerrf)rt Ihal knl. We have noihirKJ 10 rewrt in ihis rÈ9èrd. Matters on whlch we are regulred to report byexceptton In lighl ol our knowledge un(krsl8nding of Ihe chanly anLI ils enwronmenl oblaMe¢ In the cwrse of tho audit. h8v8 not id8ntifiett maienal misslalernenls In IfE Trwlees. Annual Report. We have nolNng to report kn resp8 of the follow4ry rnattets wthere ihe Charibe5 Act 2011 wuirès us 10 f8POrt io you rf, in curokxnion. . suifio$nl 8ccounllng records have kept.. (K retutns ad4uate fur audit have nDI betrn ved from brarrth8s noi ¥isiled by us, or . the finanual 513lements are not in agreemenlwilh Ih? ac¢ouMiny records and reium$'. or . certain disdosures of trustees remuneratiDn 5perAfied. we have not recewed all Ihe inlDrrnalon and explanatio we requrg for our audit.
THE 1989 WILLAN CHARITABLE TRLIST INDepeMDeNT AUDITORS. REPORT TO THE TRUSTEES Year Ended 30th Sopt•mb8r 2020 l¢ontlnuedl ststernent of trustees, rponSIbIlItIeS As explwned more fully in the Slaleffleni of TFustetrs' Rospon9ibililles in rèlaiion lo the flnancial 513lernenls Isel out on page 41, Ihe Iruslees are resprSi1e forthe preparation ol the financjal sta18mtrnig and for being Satisfi ihal Ihey give a Irue and fair and lor such internal control as the Iruslees deleimine is nece55ary 10 en8bl8 Ihe epara1On of finanGial siaiemenis thal are free from maienal misslaent, whether du8 lo fraud or etror In eparng Ihe financial slaiemanls. th8 trJslees are reswnsible lor asses5iw Ihe Gharilys ability lo eonllnue as a going con[n. disd0sing. as appliGablB, matt8rs related 10 goir¥J concem and using going conG9fn ba$ of accounting unless Ihetruslees either intend 10 liquidate IhÈ charily or 10 tease operations. or have no r8alisbc alterve bul io do $0. Audltor's responslbllltlEsfor the audlt of the flnèrlal 5tsternents Our obFcli¥es are lo obtain reasonatye assurance about whether thè financial slements as a whole are free fro maierial misslalomenl. whether du? lo fr1 or eor, and lo issue ao auditor's repDrt thai includes our opinion. Re3sabEe assurance a hvJh level of assurance, bJl Is not a guarantee Ihal an audil conducted in C0[anCe ISAS IUKI will aNvay5 del1 a mal8riBI misstalem8nt when il exists Mi551aletnents Can arise fr fraud or error and are considered malenal rf. indiirydually or In Ihe aggregate. Ihey could reas(wbly b0 exp8ci110 influ&e Ihe economiG deGislons of users laken on Ihe basis ol these finarcial stalemen15 As part of an audil in a¢cordanc8 ISA8 IUKI. w& 8xèrcl$& prof8s8Lonal judgement and Ththntsln professional scepticism Ihroughoul the aLKlil We also. Identify and assess Ihtr risks ol material misstaiemeni of th8 financlal slalemenls. WhetIr due to fraud or eiror, design and perform audit predureS re5FX)nsive lo Ise risks. and obtain auttsl Èvidence Ihai is sufficlenl and apwopriate lo provide a basis for our opnion The rrsk of ng14elecling g tnalgri41 mis51aiement resulidng from fraud is higher Ihan lor one rtsulling from eiror. as fraud may Invofve Gollugon, forgery. Intentional offtis$ion$. misr8pr88enlalions, or the overnde ol internal Control. Obtain an understanding of iniemal coninls reY8Tht 10 thè audil in order to desNJn audit prwedures th91 arè approkYiai8 In the cirGurnslances. bul not forth2 purp(>se of expressing an niOn the eff6¢livenes$ ot Ihe charity'5 internal control. Evaluate Ihe approprialeness of accowtsng polKies us9d and the SOnabiènfrSS ol accounts.ng 8Sllmale5 and related disclosures rn1e by the iruslees. Conclude on the approprialertess of the Irvsiees use of Ihe 90ing concern basis of aGcounling aNI, based on the audii id8nce obiained, whether a material uncertsiniy exisis waied 10 events or condlions that may CBSI signific8ni doubt ry? the charity's ability to Gonlinut as a going ¢oncem. If we ¢trrL1ud8 thai a maieiial uncertainly exists. we are required to draw allenlion in our audilorfs rewrt lo the rela1j disclosures in financkgl sleMentS or. il such disclosures are inadewai. 10 odify our opin Our conclusions are based on the audit evidenc8 obiained up lo the dale of our audil(s rewrt. However. lulijre evenis QT condiiions may cause the charily lo cease io CDnlinua as & going concern. Evaluatè the ovwall presentation. siructurÈ and content ol the financial sialemenls. Including the disclosures. and whether Ihe financial statements represent the urvJefly4ng transactions and events In a manner that achieves fair pSental10n. ob1n suffjcieni appropriate audit evidénce regarding Ihe financial Infofmation of tho eniilles or busin8ss activity95 within the charity lo expross an opinion Ihe financial siaiemenls. We are reswnS1b for the dir8ciion. sur6rvLgron and performance of ItrE charity audit. We MaIn s(Aely restK>DSible for ouraudil opinh)n. We communicate Wilh those charged wiu) gov8mance r8g8rding. among other Inatters. Ihe planned Scope and liming of audit and si9nificani audit findings, including any grtrf1CanI defici8n¢i&s in intern81 control that identify during oui audS1. iJ5e OF the report ThL5 retx>rt is made solely lo the chanly Iruslees, as a body, in artordanc8 Trmlh S8Cllon 144 01 the Charit$ kn12011 and regtsl8lions ma(fe urTrder section 154 of Ihal Act Our work has been undertaken so that we might slate lo Ihe Iwslees IhosÈ mailers we are raquired 10 slate 10 Irusie* in an audilUS' report and for no other purpose. To the full&st exlenl permilled by law. sye do noi ac¢Èpi or assume re5PDnsitslily lo anyone Other than lh8 chtY and rts Irusiefys 9s g body, for our aLK1il work. f Ine opinions we have form Simw Brown BA. ACA. DChA ISe(wor Slalulory Aullilorl Forand on half of MHA Tail Walker, S181ulory Audiior Bulman HOUSÈ Regent Centre Gosforth Newtèsde upon Tyne NE33 Dale"... VRI. MHA Tait Walker is a tryading name tsf Tait Walker LLP
THE 1989 WILLAA CHARIYAALE TRUST STATEMENT OF FINANCIAL ACTIVITIES. Year Ended 30th September 2020 Year anded 30 Sep 2020 Year eThJed 30 Sop 2019 Noies INCOME Ihcome from thjrltsble actl¥ltl8S 37,185 39,0 Other InrnIng resource5'. Diwdends and Fixed Inieresi INell 466.92 527,613 Depo1 Inieresl Recwved 907 TOTAL INCOME 505,018 568,340 EXPENDITURE cost of ral$lng funds.. Inve51meni Portfdio Manag8mèni Fees 42.864 37,539 Expfyndlttjre on charltable actlvltles.. Gifl in Kind ost of Qranl Making 37.185 737.308 39,800 595,135 TOTAL EXPENDITURE 817.357 672,474 ReValuatn of Inveslmenl Property ovemenl w Investments includiw Gains & Ltssses 728,465 416.370 NET MOVEMENT IN TRLIST FUND 416,126 300.624 Totsi fund5 brought forward 20.749,072 20.448,448 Totsl funds rr68 lornard 21.16S,198 20.749,072
THE IM• WILLIN CIWtITL£ TriI$T LVICE SHEET.At 30th S•pt•rnb•i 1020 Xl8•p20a X* 2019 sEy8 248.384 2D311.241 ¢UIIRE14T A88En io I.071 1S8. CURRENT UJlLIIIE¥ ¢JM Y•w IieTCVRRENT AS8ETS TOTAL A8SET8 LESS CUIIREWY LIAaiuTIEg .74•.0 NET A88ETS TfdJST FIIIIO IPW i) 21.18&19• 20.T4I.012
THE t9 WILLAN CKARITABLE TRUST STATEMENT OF CASH FLOWS. At 30th September 2020 30 Sep 2020 30 Sep 2019 OPER4TING ACTIVITIES.. Nel Movement in Trust Fund Adlu51ed for MovemeThi on Inveslments inGludirrfJ Ggins Losses Revalualiw of Investment Properly Detrease I lincrea5el in Deblors Increase in CreQilors N&t Cash Oublow from Owratlny Activitiès 416,126 300.624 1728.4651 1418.3701 11,612 11.9091 60 1105.9831 1,909 120 1310.3101 INVESTING ACTIVlnES'. Dividends afid Fixed Intere51 IDveslmgnl Managemenl Fees Transfèrs from Portfoii05 ProGeeds from the sale ol Investmenl prOY 1487.4221 42,884 600,000 80,000 1528.4721 37,539 745,000 Net Cash Inflow trom Inves9 A¢t1¥It8 255,44Z 254,067 IDECREASEI I INCREASE IN CASH CASH EQUIVALENTS 154.8681 148,084 CASH AND CASH EQUIVALENTS AT I OCTOBER 212,939 64.855 CASH CASH EQUIVALENTS Af 30 SEPTEMBER 158,071 212.939
TME 1989 WILLAN CHARITABLE TRUST NOTES TO THE FINANCINL STATEMENTS. Yoar Endèd 30th Sptomber 202 I. ACCOUNTING POLICIES - ACCOUnng Conventitsn. Th8 f4nancial siaiÈmen15 have been prepared in accord8nce vth Accountin9 and Reporting by Charrfies. Sl8lemenl of Recomrnended PiacliGe applicaljie lo charities prepanng their aGcounis in accordance 11 Financial Reportin9 siand8fd applicable Ill th8 Uoiied lQngdom IFRS 1021- Icharllies SORP IFRS 10211. the FinancLHI Rewrting Slandard applicable in the Unilèfj Kingth)m IFRS 1021 arKI lh9 Charilies Act 2011. Thé 198P Willan Charitae Trusl me61s definption of a putAiG benefil enlily under FRS 102. Assets and li8bi&lies ale initially recorded al historical cosi or Iransaction value unless olhetwise staled in Ihe rdevant accounling pD1Y noies. Th9 nancial stsieThents are wapared in $iertiry. whlGh 15 the lufjclional currency of the entity. . Inve$tm•nt Propety- Property is shown 81 ils faif valuè. which is taken lo egual its martel value. as eslimaled by Ihe IfU5tees. Any gain or b55 on valualiw Is iaken to Ihe Sl8iemenl of Financial Activities Property is behj for the benfyfil ol UK Rltered Charilies and the Iruslees ¢0 not r•Ve ccnm8rclal rent bul account lor the value of comrnercial rent a5 rentsl Income and as ch8rllabl& donaiion. As property is held for long term capital g8in and does not coniribule to Ihe n81 Income of The 1989 Willan Charitsble Trust. the Iru51ees belEve thai il is Ih8refor8 appropriate lo chargtrdtrpre¢ialn. - In¥estm8nts- Inve51menls are slated 81 Iheir fair value, which is taken lo equal the c105illg mid-markel value as al 30th September 2020. Any gain or loss on Maluaiion is taken lo the Sklefflenl of Financral Activities. - Prourommè Rèlated Investments- PRI are separaiety held froffl the chanly's olh$r invesim8nls 8nd are ai net recoverable co81. The PRI represenl loans ana equity Inveslmenls made by Ihe charily Into new $iart-up compani8$ y1 Iht potential 10 increasa ewnomic *tsvily arKJ &mpk)ymenl in the North Easl ol England. Al each y&8r ènd. the ItU51eÈs assess th8 likelih(y)d of r8cDvery and provide against Ihese invesln7enls, rgducing Iha value 01 inveslmen15. Where PRI are impaired al the year end, thè chariiy charges 'charil8ble activilEs' 1h1n reswrces exptrrKJed. Where a gain is made uw)n dispDSal of a PRI, In thè gain is rewrted under Olh8r incoming SoU$,. - Dtrbtors- Trade and other debl(Ks are rec(ynised al the sellL9m)I amount due aftw any trade dlscounl offered. Prepayment3 are valued ai the amount propaid nel of any trade discounis du8. . Cash at bank arbd In hand- Cash al bank and in hand Inclu¢es cash and short iemi highly liquid inv8$1m6nis ¥th a srt maiuriiy of thre8 months or less from the dale ol acqui110 oror6ning of Ihe depo511 or %milar account. - Credltor8 and provl$lons- Creditors and provisions are recognised where the chanly has a pr85eni obligalion resulling from a pasi event Ihal wlll probably resull in Ihe liansf of fvnQs lo a third party and Ihfr amount due to seiii8 the obli9aiion can be measured or esiimaled reliably Creditors and prow1510ns are nomally r8coynised 81 their selllèment amnI aftér allts9 for any Ir8d8 discounts due. Taxatltsft. The chariiy 1$ exempt fr(xn lax on Irtclfe 8nd 98ins falling wlhin seBtion SD5 of the Taxes Acl 1988 or S&lits) 252 ef thè T8Xaln of Chttrgèable Gains Act 199210 the eent thai these are applrdd 1¢ lis charitable obj1$. Income Is recognised when tha charity has entillemenl lo Ihe Iijnds. any perforrnance condibons all¥hed lo Ihe ilEm or ncome ha been m, il is probatAe Ihal the incomewll be recewed and the 8mouni can be maasured reuably. Irrcome from govèmmenl and other grants. whoihei c8piial' gnts or'revtrnue, grants, is recognised byhen lh& charity has eniillemenl lo Ihe fund5. any porformance condillons aliach8d to the granis have beÈn MÈI. il is probable thai Ihe income wll B receivEd and the amount can b8 mwa5ured reliably and b not deferred. Inlwasl reCeab is tOgnIsed on a receivablg ba&s. vth8n the arn1 can b8 m8asur8d rdiably- Ihls is n¢Thally upon Th)IIflc81ion of interest pat(1 or payabl8 by the bank. . Investrnonts Income- Inv8simeni InM is tsccounled for in the period In which the Charity Is entild 10 rec•pt. 10
THE 1989 WILLM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS. Yoai Endèd 30th swOmr 2020 1. ACCOUMTING POLICIES IntInued) - Gwt In Ifjn Incorne fr(Kn ctynmerclal tradin9 a¢livilies is reco9nised as earned Ias r81818d 9othYs and servKes ai? proVeI and as Ihe fenlal and Servi charge falls due Inwrne regard9¢ as "Renial Income frorn PrOpeeS. is included as a gift in kind based on the mart81 reTht value of each property. This is due 10 the chariiy entsrin9 into l&ase arran9emenls wllh charitablè organisalion5 to provKle accornmodalion lo ihostr or9anisalions al balow mark81 ranlal and often for £Nil consideration. Th& Itu$iÈ&s recoynise Ihal in doing so, these lype ol Irw5acliws continue lo furlher Ihwr charity's (l>jecliv aNI ar8 simllar 10 the charity providing donati$ lo these other Chan18b organisalions. As a resull the Iruslee5 have recorded Ihe marf(el value of the prcoerty rentsl as"IKome from Charitable Activit$ - Rentsi Incom& from Propertle8" and an Identical charye Included 83 a "Gift in Kind" as part ol Resources Eyknded in Ihe SOFA. This has a £Nil imp8cI on the reFQrted re5uII for Ihe year. bul retrty)nisÈs bt>ln ihe incoffle that would be olhwwise reTr and th? effEclive donaiion mJe. This trealmL does irnpacl upon the basis for hdding these properth?s. for their c8pits1 gain polenlial ralher than Ih&r social puiposè. . Expendltstr• ExpendilUf8 Is rncr*Jnised on¢0 Ih¢ffj is a legal or conslwcb¥e obliggtion 10 make g paymeni 10 a Ihird party. il is probab thai settlernert will bp rewired and the amounl of the oblvJ81iw can be me8sured reliabty Expenditure is cL4SrIed under Ihefoltokwng ¥ciiviiy headin9S. Costs of raising funds aE those costs of investments managemeni fees, logelherwlh Iheirassoualed support Costs Expgndllure on ¢harii8ble 8cllvllS indudes th& S15 aSXtiaièJ with the prov10 of grant making and include both I direci C¢1$ and supwrt costs rèlating 10 tho athvrties of the Ghanly. Other txpèndilwe represenis Ih05e item5 nol falling into any olhef headiny. jrrac0vebk VAT is ¢bai9ed as a cost against Ihe tlY41y for which ihe exppndlture Wd5 In¢rred. - Donawons to the Communlty Foundatlon- With elfeci from Sep18mb&r 2020. Ihe Charily has énierad into a new Philanihropy Agreement Wilh The communily Foundation. WAII b6 r68ponsible payments of gran lurKJer the new agreèmenii ar wll admlnisier these ffom I funds held. Any mcnies p81d lo The Community Foth4aiiM und8r th& rw a9lt8menl wlll becom8 an Irrevocable gfft. Donations lo The Communily Foundatn a tOgnIsed wilhin ttssi of 9rani makin9 in Ihe SOFA. - Fund Accountlng" Th& trustèès have adopted an absolule return approach lo Investment. aimiro lo gererale la dislribulel a real rtrm on thè Chaiily's assels averaging per annum over the econ(Knr ¢ycle. The Tru51 Deed make5 no material dislinclion betw Ihe dislrityuilon ol capital ana lh8 dlslrfbullon of Income henc8 the balanc8 of Ihe Trusi Fun(1 is nol segregated between Iheffl. - Golnu Conctm- The Iruslees have revEwed aciivilies and prepad a iisk assessrnenl lo enable them lo consider the IinanGial posi110n ol the organisalion In light of the ongoing siluaiion In rd81ion lo th8 Covld-19 wirus On ColUsIOn of this work Ihe Iruslees. hawng Wn5idered boih Ihe significant I&v81 of Cash and invesiments he by lh8 charity consider Ih81 Ihere 8r8 no materi uncertainlie$ regardin9 th& charilys atslily to Gonlinue as a going concern lor IhB nexl 12 Onih$. 2. INCOME FROM CHARITABLE ACTIVITIES 30 Sép 2020 30 Sep 2019 Rental Inceme from properties 37.185 39.800 3. INVESThIENT INCOME 30 sep 2020 30 Sep 2019 UK Equi158S UK Fixed InteFesl UK Unil Tru51s Non UK Equllies Non UK Unil Trusts Non UK Flxed Inleresi Aiiemaiive Investments 275,133 15,792 53,140 4S,811 67,373 3,660 fj,017 339.036 23.941 23.392 76,749 52,493 7.259 4.743 466.926 527,613 4. TRUSTEES. REMUNERAMON No solaries or w8ges have b88n pawl 10 employees, including Ihtr m8mbèrs of the ccmmiliè& duiing the ye8r12019-Nonel
THE 1989 WILLAN CHNRITABLE TRiIST NOTES TO THE FINANCIAL STATEMENT$- Y•ar Ended 30th 58Pt8mb8r 2020 5. GIFTS IN KINO 30 Sep 2020 30 Sep 2019 Rental donat$ 37,185 39.800 6. COST OF GIUNT MAXING 30 Sep 2020 30 Sep 2019 Granls Awdr(le(I Donaiions io The commutY Foun(Sah Donalions lo universib.es Donaiion 10 purthase fund property PIKJr Year Dollaligns Return Adminisiralion fees Audit al Accountancy fees Property expens$s Bank charges )ar(l exFenses 504,320 125.0(Kl 73.5( 5.0(K) 19.443 63.S)O 15.0001 21.600 5.400 22.450 5.520 1,488 132 737.308 595,135 Amalysls of Grants Awarded:. By Sect 8uilding our children's fuiure121 grants. 20t9- 23 giants) Improving health 12g grants. 2019- 31 gfanlsl Taking part in wtntnunity life121 granis. 2019- 30 grants) Enjoying later lffe14 granls, 2019- 3 granisl 130.605 200,856 159,359 13,5LKI 119,938 207,619 162,242 19,644 Total175 gr8nts, 2019. 87 gran151 504,320 $09,443 By Roion Dartinglon12 grants, 2019- 3gr8n151 rham117 grants. 2019- 9 gfanisl Galeshead11 grani, 2019- 8 9rani$l Harilep(xl11 granl. 2019- 4 grants) Middlesbrough15 granis. 2019- 5 granisl Newcaslle114 giants, 2019- 15 granls) North Tyneside18 grants, 2019- 3 gr8n151 Northumberland 112 gr¥nls. 2019- 15 9rantsl s1h Tyne81de ie 9ranis, 2019 6 grants) siocklon12 yranls. 2019- 3 gran151 SunderLqnd16 grants, 2019- 11 yranisl of Ar&811 grant, 2019- 4 grafjlsl Redcai10 grants, 2019- 1 granll 10.0(X) 109.598 1,860 4.4 41,369 121,805 57,5C 65,3LN) 39,672 15,0(X) 37.016 I,0(K) 12,MO 57,624 35.195 15,927 39,458 104,e31 17,100 76,5 37.170 14.340 79.533 9,000 10.WO Toial17S gran15. 2019- 87 wants) 504.320 509.443 y Sizè of Grani £10.001 or ovef119ranl, 2019- 0 granisl £5,(A)1410.000136 grants. 2019- 40 grants) £1.(N)1-5.000138 grants, 2019- 42 orani$l EI.000 or sSIO grants. 2019- 5 gr3nls1 250( 334,81 144,514 351.$02 155.441 2,0 Total175 9Fanis, 2019- 87 9ranisl 504,320 509.443 By Type of Recipieni lo Individuals10 grants. 2019- 4 grants) Pd to InslilulKJns175 grants, 2019- 83 grants) 2.000 501.443 504.320 Tolal 175 wgnts. 2019- 87 grants) 504.320 509,443 12
THE 1989 WILLAN CHARITABLE IRUST NOTES TO THE FINANCI STATEMENTS. Yoar End 30th 9gptsmbgr 2O2Q 6. COST OF GRANT MAKING l¢ontlnuedJ Analy¥l$ ol Donotfjons to lJnlvarsIO8..- Te&ssKJti Universily Sunderland Univwslly Northumbria Univetslly 30.0 30.50D 13.(M)D 41,WO 17,500 83,$00 As deiailed in Note 7 th8 Tru51 own5 property wmich 15 lel lo regisiered charities al peppercorn reDlal. The comfflerGial value ol the rÈntsl forthe riod was approximaldy £37,18512019- £39.8001. TVE8e arn(1$ have been shown as rental Incom& and a5 donaliws. A full lisb.rg of grants 8wardèJ is a¥81L8e on request from the Community Fouftdalion al Ihe address IIs18d on pa9& 1. Hald for long term Held for I9 ie T. INVESTMENT PROPERTY Held forsale Held for sa Summary C051 or valuation ai beginning of pèriod thsposais Transf10 ttekl lor Sale Revaluaiions in y68r 2020 2020 20tg 2019 80.(Th) 180.0001 248.384 339.996 80.(M)O IBO,OWI Cost or valualh)n 81 end of perfod 248,384 80,0 248.384 Held for low 1rn Held for long lelm Held for sale Held lor8afe By property- 2020 2020 2019 2019 19a Li)vAhian RO1, Hamlepool TS24 88H 15 Taylor Slreei, Bl>th. Northumberfand NE24 SNA 77 Vine Stre81, South Shields. Tyne & Wear NE33 4RG 15 Chichester Road. South Shields, Tyne & W8ar NE33 4A 96 NorthLe Slfeel, Gateshead. Tyne & Wear NE8 4A 1(NJ Hallside Road, Blyih, Nothumbertand. NE24 SPF 80000 34,666 49,195 50.661 53,420 60,442 34.666 49.195 50.661 53.420 60.442 248,384 80.fy)0 248.384 All ol the above woperties 3re Irgthold apart from 96 Pl)rthb)Ur sireei which is leasehold. The Iruslees believe the mark61 valut of the properties hdd for the long lerffl, are equal 10 Ih*r hisioric cosi of £248,384 12019 . 248,3841 In April 2020. Imsites completèd thè $2le of 19a Lowulkan Road 10 a rÈ9isbred charity lor a onsilleraliofj of£80,0(M). 19a Lowlhian Road was puitha5ed du9 the year ende¢ 2010 and was let lo a regslered Gh8rity for a pep[Corn reni. T commercial valu8 of Ihe rent for 19a Lowlhion Road up lo the dale ol sale was approximately e5.985 12019. £9.81K)I. 15 T8yloi Stre81 was purchased on 17th June 2014 and was let Irom 20th August 2014 lo a regislered charity for a PeprCoM rent. The commercial volw of rent for 15 Taylor Street Is approximately £5.760 perannum.12019.. £5.5201. 77 Vine sireei. 15 ChiGhesler Road. 8ThY Northb)ume Slreel were purchased on 11th Seplember 2014. 261h September 2014 and 11th Augus12014 respeclbjely and ar8181 lo a reglsiered charfly for a p8pparcc¥T rent. The commercial value of the rentlgr these properties Is approximaiely £18,960 per annum.12019-. £18,240). 100 Hallside Roal, purchased on 12th Nov8mbef 2014 and was lei frcm 4th February 2015 10 s re918tered chanly fora peppprGorn rBnt The commercial valu8 of th8 rent for 100 Hallside Road 1> appr0MatelY £6.480 per anftum. 12019.. £6.2401. The lill? deeds of Ihe properties are currently held In Ihe name ol Willan Propertlos No1 Llmiled. Wi11an Propertie5 No2 Limited and Willan TnJ51ee Limite¢ as the charily is unincorporated and is not able lo hold propeffy ¢ireclly. All three companies are wnlrolled by Ihe trusiees ol the chafjly IW1118n Trustee Llmiied baSng a tru81ee dlr8ciiyl Iheref¢Ke have takén ih& view that the properties are beneficially Med by ihe thariiy. 13
IHE 19W WILLAN CHhRITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- Year Endad 30th s8p1amr 2020 8. INVESTMENTS 30 Sep 2020 30 S8p 2019 maet value al beginning of y8ar Income Exptrnses Wilhdrawals Pknyemenl on invesifflents inEWing Gains and Loss88 20,211.240 467,422 142,8641 1600.0001 726,465 20.048.937 526.472 137,5391 1745,0001 416.370 hnarkei value Ai year ¢n¢ 20,764.263 20.211.240 d as foll:. UK Equllies UK Fixed Interest UK UnilTru818 Non UK EquiUe5 Non UK Unil Trusts All&rnaiive ifft51ments Investment t)e8ling ACcniS Accrued Management Fees 12,282.$63 2.552.835 330.805 1.811.538 2,748.018 1,254.509 1.194.215 457,378 4,172.921 658.47e 213.640 20.764.263 20,211.240 Hekj by'.- Portlollo Turnover 1%) 18.60° 80.54% NIA Brewln Dolphin Newcast1e- Dlscrebonary portf10 UBS AG NÈweaslle- Dcre11n8ry portlolio Ball1 Gifford- investsneni portlolio 8.203.849 8.143.008 8,417,406 6,549.036 7,010.115 8,652.089 20.764.263 2Q,211.240 Oi5creUonary investment wrtrolbs are mana9èd by BraVn Ddphin NÈw¢aslle. UBS AG NeW¢aSll$ and Ball1 Grfford. Al 30th SeplemiEr 20, the porttolh)s did not includ8 any indNidual investments whose market Valutr vrds greater than 5% of the market value ol Ihe I01{2019-11ntrI. Hislonc Cost 16.688.731 16.685.422 9. PROGRAMME RELATED INVESTMENTS 30 Sep 2020 30 Sep 2019 As ai 1 Octo[ Addilion5- Komotn Limited A5 al 30 Seplemb8r 25.L 25.QOO As ai l Ociober Impairfflenl- Komouon Limited A8 ai 30 S8Pternber 125.OtM)I I25,0> PRI Balan5 as al 30 Seplemt*r 2020 PRI 831anGe5 as at 30 SeptemtÉr 2019 In 2018, ihe charity mada an 84uily Invesimeni in Komotion Limilerj, a new sL3rt-up company with the PDlenlial itr incr&ase economic aGlivlty and employmani in the North Eas1 of Efignd. As al 30 Seplgmber 2018, the Twslges ¥vgre of the opinion that the inve51menl should be fully Impalr8d given ils Èarty stage develowenl. Hgving rwvmed the PRI posthon at 30 September 2020. the Tmsiees have agree(1 the Inveskneol should remain fulw impaired. 10. DE8TORS 30 Sep 2020 30 Sep 2019 Other debtors 1.00 14
THE 1989 WILLAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- Year Enrted 30th S8Ptember 2020 t1. CREDITORS.. Amounts FalllTh9 Due Wllhln On8 Yeai 30 Sgp 2020 30 Sep 2019 Audil fee 5.520 5.4( 12. TRUST FUND ThÈ trustee5 have adopted an absolute return appioach lo inveslmenl. aiming to 9oneraia land disiribultrl a real relurn on the Ch¥nlls assets averaying per annum ovor Ihe econcmk Cyc. The Trust Deed makes no marial disiinction beiween lh& dislribulion of c8plal and the disiribulion of inc(Mne and ¢8 Ihg babnGe of the Tru51 Fund is not segregated bÈiwe9n them. 13. ANALYSIS OF NET ASSETS BEMEEN FUNDS Tangible FiKed Assets Inveslmenls Nel Current Assets Unreslrictsd FuThJ$ 248.384 20.764,263 152.551 21.185,198 14. RELATED PARTY TrANSACTIONS Mr A Ohlsson. Iruslee. is 3 direclor of Carfton Managemenl SeFvrces Limited, the Gompany pro¥iding the aCcoling and administrative servlces lo the Charity. There was no charge madg In re$pgcI of such semces and no oulslanding balances ai Ihe year end Mr A Ohl550n Mr A Chapman. Irusl8&S, are dlr6Ctors of Somer5ton Ventures Limit1. g company also hokl 8 S% eouity Sh8re In Komolion Limlted. 15. CAPITAL COMMITMENT5 The Charity has no ¢aptsl commilmenls al the yeaf end12019- None). 16. CONTNGENT LIABILITIES Th? Charity has no conllnganl liqknll1S ai the year end1201g- Nonel. 17. POST BALANCE SHEET EVENTS Sinc8 IhÈ balancp sheel dale. Ihe g1ob31 disruption caused by Covid-19 during 2Q20 is con11nuing Into 2021. The siluaiion Is rasi changing and the scale ol Ihe impaci on lh8 ylobal economy. on caprtal markets and on individual busine$5e5 remains uncértain The amounts $18ied in thèse finanaal 51atefflents Tef*Gt condit etIng as al the bal&nce sheel dale as th? impact ol Covid-19 is con&dèred a non-adju51ing enI. The discreb"onary Snv88imeni PLffilolios. hekl by the charity. havo Seen an Ire¥s8 In Yalue since ihe year 8rwJ. Should Ihe value f811. the portfolios are highly liqui¢. and the Inveslmenl Mana98rs have thè ability 10 rebalance th8 porttolios accofdingEy, in response lo chang1ng market condilions. The approach iaken by the Trusiees. as the portfolios have a medium iem) inveslmenl honzon. Is lo hold Ihtr invesimeni portfoliDS during the markel volalilily caused by Co%ryd-19. The Ttuslees plan lo conlinw wilh the Grani making acliwlies. dislllbuling tye9en £500.000 and £600.LKIO per ¥DnJm. 18. ULTIMATE CONTROLLING PARTY In the 01)n of th? Iruslees thera no uMim818 ¢oniwlling partyolh¥th3n the Iruslees. 15