THE 1989 WILLAN CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 30TH SEPTEMBER 2024 NO. 802749
THE 1989 WILLAN CHARITryLE TRUST TRUSTEES, REPORT- Year Ended 30th September 2024 LEGAL AND ADMINISTRATIVE DEfALS The Trustees submit Iheir report and ffftancFal statements of The 1989 Willan Chaf4tabk8 Tfust (the "Charity,. or Trust") for the year endéd 30th September 2024. The financial statements have been prepar in accordan with the accounting polia88 Set out in note 1 and comply with Ihe trusl deed. the Charities Act 2011 and the Staiernent of Reo)mmended Practice. Accounting and Reportin9 by ChariiEs 2019 (FRS 102). Legal Statug The 1989 Wdlan Chariiable Trnst is a reLiStered chaT(ty (registered numbar 802749} Governing Docunxnt Tnjst Deed dated 8th August 1989 T18•8 A Chapman A Ohtsson Willan Trustee Limit (Direciors-A Chapman. A Ohlswn. S Wknfi8ld. C sebe. and J Ramsbotham) Key Managem•nt Personnel The Chaiity does not nploY any staff and theretore the Trustee5 remain responsible for th6 day- twtay operation of the Charity Administrato arfton Manag8rnent ser•7 Limited 4th Floor Windward Flou La Route De La Liberation Sl HelBr. Jersey JE2 38Q Grant Advlsors and Registered Addross The Cornmunty Foundation Philanthropy House Woodbine Road Gosforth Nm3S upon Tyne NE3 1DD Bankorn Santander PrNats 8anking PO Box 545 SL Heller. Jersey JE4 8XG Investment Managers BW Metlon Fund Managers Limited Cli8nt Servi Centre PO Box 366 DartitYJton DL19RF Brewin Dolphin Limited Time Central 32 GaUovMJate NeWstIe Upon Ty NE14SR CCLA Inveslment Management Limited One AJvJel Lane London EC4R &4B UBS Wealth Managanant 2 SL James. Gate New¢a$de Upon Te NE4 7JH Mclnroy & Wood Limited EasterAfderston Haddington East Lothian EH413SF Baillie Gifford Calton Square 1 Gan$*Je Row EdinIrgh EH1 IAN Solicitor8 Ward Hadaway LLP Sandgate House 102 Quays New(zstle Upon Tyne NE13DX Audilors A2ets Audit SeJvieAS Bulman House Regent Centre Newcasue upon Tjne NE3 3LS
THE 1989 MLLAN CHARITABLE TRUST TRUSTEES. REPORT- Yr Ended 31hh September 2024 AIMS AND OBJECTIVES The 1989 Willan Charltsble Trust (Ihe fharyv or Yntsv? vras eslablrshed by an niitial gift from the Willan family out of funds originating from a shipping business based in the North East of England. lknr thé arS the Willan family have settled fUrtr funds on the Charity. The Charitys tnJst deed gives the trustees bmde powets to dÉstribut8 inccmne of the tW5t and such of its c8piial a5 they deem appropriate to or for suth thaTitab18 IllstitutnS or charitsble purposes as the tfU5tees in their absolute discretson think fit However, within thts broad remiL the trustees recognise that resourtss of the Trust 8re finite end thal it is therefore necessary to tsrget funds m(xe seleclively to ara&s where the funds can be us&J most effedivety and can make the most difference. In rea)gnition of thè origins of the Trust fund and the economic impad that the dedine of th8 ship building industry has had on the region, the trustees tend to Conntrate Iheir support towards causes whith are active in Tyne and Wear and its immediats surrounds. Thé trustees favour causes wthich aim to ea¥e social deprNabon and l or enrid) the fab of the local communty and thè quality of tife of individuals wthin that C4Jnmunty. They may also support education where that is aimed at improving thè economy in areas of deprivation. wel as direct support for such causes in the fom of grants, the trusb85 may also proVe indirec support. usiThJ the Tnist's capital to makè resources (typically premises) availab to other deserving charitable oFganisations. trustees aim to distribute approximatety £825.IXIO per annum based on a real return of 4% upm the Irust &ts. PUBLIC BENEFIT STATEMENT The truslees have referred to guKlance contain&J w) the Charity Commission's general guidan on public benefft when revtewing the aims aThJ obje(vps and in planning fuiure activKies_ The charitable objectives are also set in order to provide a clear and demonstrated publtc benefil The Charivs adivilies throughout the perrod were consistent vAth its aims and d¥ecttves as stated above. All such activities are undertaken to further our charrlable purposes for the publi¢ b8nefft. STRUCTURE. GOVERNANCE AND MANAGEMENT The Charity is an unincorporated trust consts"tutod uThler a trust déad dated 8th August 1989 and is a regislered charity (numbered 8027491. The trust deed provides that there a minwnum of three trustee5. The trnstees ate appoinled by members of the Wiltan family and sem for an indefinit8 temi. The trus who Served the Charity duiing the year wer8: A Chapnan A Ohlsson Willan T5 Lirnited The Charity does not activety fundraise and seeks to continue its support to appropriate diarilable tsu5es through the car8ful stewardship of Its existin9 resour. The management of Ihe chafftats fvnd is divided into iwo prinapal areas, asset rnana9ement grant making. Responsibility for th# asset management function is dgated to exlernal inveslrnent manager5. Brewin Dolphin Securrties Ltd. UBS Wealth Managemènt. Baillie Giflord. CCLA Investment Management Ltmit8d {manage the "COIF Fund"), BNY Mellon Investment klanagers Lwnited (manage the Wewton FU1?, and Mclnroy & Wood Limtted manage investment portfolios for Ihe ChaTriy under discretionary investrnent management. or fund manag8mènL agreements. The trustees monitor tha pèrformance of the porwolios on a quartety basis against relevant benchmarks. The trustees aro grateful to th8 Community Fouftdatn serving Tyne & Wear and Northumberland (th8 fommunity Foundation"). Applications aro processed. collated and shortlisted by IIE Commun-ty Foundation on a quarterty basis. A Subcommittee of the board ofwillan Tfttee Limited meet each quwter to the shortlist. Tha shortlist ts then Cirlated lo each of the trusleas frjr consideration and approvaL Carlton Managernenl Servi5 Limited. a lind trust company regulatsd by the Jersey Financial servi Commission, provwjes administratNe and accounting services to the Charity. The trustees aim to meet at 18ast On a year to review the Chanvs financial stskments for the preCed1r year. the performance of its assets and its grant maktng acvitses and to wnsider whether changes are requirèd in the Charitys policaes and overall strategy.
THE 1989 WILLAN CHARITABLE TRUST TRUSTEES. REPORT. Year Ended 30th 8¢ptsmr 2024 {Gontinued) RECRUITMENT OF TRUSTEES Any trustee vacancies vthith aiise are filed by ¥earch with due regard to matntaining a proper balance of skills 8nd exgerience wilhin the Board. Reptat)n felevantto the user group is a key factor given the Chartys mission. Al appointments are subject to approval by members at a general meeiiThJ. With Ihe nottce of suth meeting members are provided with 3 profile of prospectNe new Istee5- and equNatent informath)D for any trustee offering themseEves for r ekction. Additionally a full attendan rerd is Pved to memb5 to inform decisions. TRUSTEE INDUCTION AND TRAINING New Iruslees are provided with a proper indudion process and a chacklist ènsurès they re1ve all relevant papers and guidance to properly fulfil their re4)onsibilities. Briefing papeTS and faMIanSatI( training is affeded for all trust$ as deemed necessary. RISK MANAGEMENT The trustees have consvsered the maj(Y risks to whith the Charity is wosed and establtshed systsms and pr<Kedures to manage those risks. RESERVES POUCY The results for the year leave The 1989 Willan Charitable Trust an Unrestrthd Revenue Reserve of £22,139.078 (2023.. £20.287,213). It can be seen thal of Ihts sum. £195.514 {2023". £16.5Z3) is held in N8t Current Assels. that is represented by cash 8nd net debt and therefore readily expendable by the trustees. The trustees aim to dL8lribut8 approximately £825.¢XIo per annum based on a real retLFm of 4% upon the trust assets. It is the policy of th8 Charity to maintsin a free cash balance of approximatety six months, unreslriced expenditure. Thts provides sufknnt funds to cr managemenL administration and support costs aThJ to respond io applications for grants whith ati5e from Itme to time. The Iru8¢ees have reviewed adith and prepared a iisk assessment to enable them to considèr the financÉal posilwjn of the Charity. On condusion of this WO the Injstees. having considéred both tha signifi13nt level of cash and investments hekl by th8 Chanty. constder that there are no material untsrtain148s regardin9 the Charivs abilty to continue as a going concern for the next 12 months. FINANCIAL REVIEW As al 30 September 2024 the allocation in in¥6skn8nt portfolios stormj as follows: Allocatlon 2024 1.2% 25.0% 40.4% 12.20 12.4% 8.7% aThager 2023 26.9% 25.6% 37. 4.8% 5.0% Brewin tknlph Baillie Gifford COIF Charity Fund Newton Growth and Ingjme Fund fvr Chartties Mctnroy & Wood Balanced Fund A h8ndful of gBnt t&nobJy ccrfnpanies coined the knagnffjnt seven. have nIn to bolst8r tha équity markets. The Bloomberg MagnifnI 7 Index is up +62.6% during Ihe fal year under considefalion. This ra1 has oxtandad beyond the tethnology heavywepJhts over past 12 months with the MSCI Worly Equity Indèx up +20.5% in steilin9 terms. This strength has be8n a function of Several ntral banks tliftg intérèst ratos folh)vJing moderating inflation and resilient eonent China'8 economic chaIng&S rSISted throughout the year. leading the People¥ Bank of China (PBOC) io inplement a serns of stimulus measures aimed at boosttsig dometi demand and stabilÉsing the troub propety marfEet. This contribuled lo the MSCI Emeryng Markets Index rEtuming +14.6% over the year in sterling terms. The Blth)mberg Barday5 Global Aggregaie Bond index unhedged in sterling is up +1.9% over the past 12 months. Gold is up +30.0% in Sterling lenS over the fscal year under (vn5ideration. Steding appreciated against the US Dollar by +9.6%.
THE 1989 WtLLAN CHARITABLE TRUST TRUSTEES. REPORT- Year Ended 30th SepteMr 2024 (Contlnuod) FINANCIAL REVIEW {Contlnuod) Looking forward. the global finanoal landscap8 remains with ¢xuoing challenges from geopolittcal ten5ion$. demographic shifts. and slruclural economic change& All portfolios except for COIF Charity Fund and AldNoy & Wo(Ml Balanced FurKI outperformed the ARC Charibe5 Index (the Trusfs referen benchmatk). whith rose by 12.9% over the year. Performance 2024 14.6% 14.8% 16.0% 12.5% 13.0% -1.1% IAanager UBS Brvwin Dolphx) Ball GIffd COIF Charity Fund Nevrton Growth arKI Income Fund for Charities Mclnroy & Wood Balanced Fund 2023 4.4% 6.0% 4.3% 8.1% Total interest and dtvidend income was £460.0 (2023: £329.) equal io a yiebj of approxnately 2.1% (2023.. 1.6%). Tlus is consistent vth bath htoriC levels, and thé trustees, expeclations. The value of investsnent porttoli05 rose by 8.1% (2023: rose by 1.9%) (net of fee8 and dislrl)utions} to £21.614.894 {2023: £19.997.306). REVIE¥V OF GRApif MAKING ACTMTIES The Community Foundation been reSpsiblP for paynerts of gnts (under the 7)hilanthropy Agr8•mrf inbtially dat&Y September 2020 and extended to July 2026) and administer these from the funds hetd. Any montes pabj to Thè Community FouThlaiion under the Philanthropy Agreement will tec(xn8 an irrevocb]e gift. Thè Charity donated £707,074 (2023: £703.OCKI} to The Community Foundation in the finan(iaJ year. to be dtstributèd in accordance with the Philanthropy Agreement. In addition to the grant making outlined atrw the Charity gifted an additiona] £76,900 (2023.. £72,073} in total lo th6 universities of Sundertand. Teessid8, and Northumbria. in order to provide fJJPPOrt to graduates seeking to fvnd viable. sustainable new busrfiess venturas. As thtaiied in thè acrwntin9 polity. gifts in kind. the Chai*y also made effeCtTr donalions tolalling £40.920 {2023'. £37.680) in respect of ase affangements made with other charitsble organwtions to wovKfe actéss to accommodation at a below mark81 value rental. In additron. the tharity made a monetary donation of £31. to another charitabte Oanisation in reyct of propety dilapidations costs. The trustees bèlpve the Servi of the CornmuTrty Foundation are delNering real in helping the trustees to wjenlify eaus8s consistent with the stated aims and obiecb.ves of the Charity. In athlition. the truslees recognise that the adminislralion fees paKI by the Charity to the Community Foundation indir•cty support the thwitable puoSe5 of the Community Foundation itself which are wholly consistenl 4Mth those of th8 Charity. FUNDRAISING DISCLOSURES Th8 Charity is tequir8d to report how tt deals wlh fundraising from the pubfic. The Charity does not activety fvndraise and seeks to continuo its support to 8pprDpriate chantable causes through th8 careful stewardshtp of [15 existing funds. received fmm the Willan famity. PLANS FOR FUTURE YEARS tru51ees do not anticipale signifrant thanges to the 51ruthre. resour. or operations of the Charity in the foréseeable futur8. However. to thé éxtent that suiiable charitable projecls may be identrfEd. the trustees may consider allocating a portt.on of the Charitys grant making capacity to providing Si9nffi(3nt support to a limited number of spècific charitable projects.
THE 1989 WILLAN CHARABLE TRUST TRUSTEES. REPORT- Year Ended 30th S•ptsmber 2024 {Conllnued) STATEMENT OF TRUSTEES, RESPONSIBIUTIES IN RELATION TO THE FINANGIAL STATEMENTS The Charitys Irustees are fesponsftjlo for preparing the trustees. annual repLYt and th8 ancIal statements in accordan with the United ngdorn Accwnting Standards (Uned lfjngdom Generally Acwted Accounting Prdctica) and applicable law and regulations. The18w applicAb to charities in England and Wales reqiires the trustees to prepare finan?1 statements for each financial yéar. Undèr that law the tSlee$ have elected to prepare the ffft8nciat ststernents in accordanc8 with Financial Reporting Standard applicable in the United lfjngdom (FRS 102). The trustees must not approve the finanaal statements unlèss they 8fe satisd that they gNe a true and fair view of the stale of affai of the Charty and th8 income and expendilur8 of the Charity for that riod. In preparin9 these finanaal statements. the truslees are required to: - seled suitable ao))unting politiés arvj then apply them ¢orffjistenUr. - observe the methods and prin¢ple5 in the Charities SORP: - make judgements and estimates that a reasonable and prud slate whether applhxblg acuiunting standds have been folItrg. sutrfjecl k) any material departures ithsdosed and ewained in the finarla1 slatemonts: - prepare the finanaal statements on the g<xThJ conrn basi5 UesS ft ts appI0p[late to presume that th8 Charity will continue in operation. The trustees are responsible for keeping prop a(rJ)unting recfjrds that disclose wkh reasonable aCcTacY at any time Ihe financial position of Ihe Charity and énable them to ensure that the ffinanual statements comply 1h the Chatities Act 2011, the applicable Charili8s IAeLounts and Reports} Regulations, and the provistons of the constitutK4n. The trustees are also responsible for safeguarding the assets of tho Charity and hence lor takwvj rea50nable steps for the prevention and dét8ction of fraud and other Irregulari$. AUDrroR Azets Audit Se11%$ have indicaknj tsir wilingnwas to slaThJ réappointment at the forthcoming Annual General Meeting. Approved by thè TnBtees on I Z SUN E 1035 and svjned on their behaf ty. Tw¥tee
THE 1989 WILLAN CHARrfABLE TrUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES Yoar Ended 30th S•ptamb•r 2024 Opinion We have audited the finanaal ststémenis of The 1989 Wilan Trust (the 'Chari for the year ended 30 Sépt8mb8r 2024. (yJmprise the Statement of Financial Activtttes. Balan SheeL Stalement of Cash Flows Noles to the Financial statements. indudiro a summary of signrficant accounting pOlK The finanaal reporting framéwoik that has been applied in their praparalion is United Id0 AccountstvJ Standards, o)mprising Chariti8s SORP - FRS 102 'The Financial Reporhng Standard applicable in the UK and Republic of Ireland. K1 applicab ]aw (United lfjrKJdom Generaliy Apted A¢¢ounling Practi). In our opinion the financial statements: ' give a true and fair vtew of the state of thg tharivs affairs a¥ al 30 September 2024 and of its incoming resourc8$ and application of resour. induding its income and expeTrJilurE. for the year then ended: . have been proTlY prepared in attOrdan wilh United l(mgdom Gèn8r8lly A(Unting Practice: and . havg been prepared in accordance with the requirements ot the Charities Act 2011. Basis for oplnlon We corKluctgd our audii in accoan 7pr&h Intem[al SlarKlards on AuditiThJ IUK) IISAS (UK)) and appltcable law. Our résrA)nsibilitres under those standards are futher descriiBJ in the Auditorfs rèsponsibilities for the audit of the financial statements section of our reporL We are ind8peThJent of the chariiy in accordan with the ethi¥ requiremenls that are relevant to our audit of the finan(ial ¥tatements in the UK indtsding the FRC'S Ethical StandaTd, and we have fvlfilled our otrr ethi1 responsibilitie5 in aOrdan with Ihese requK8rnen We believe that the audit eviderte we have ci>tained ÈS sufficient and approptiate to ptOVKJe a basis for our Opon. Concluslons rèlating to golng concern In auditing the financAal st2tem8nts. w8 have CndUded that the Trustee's use of the going concern basis of accounting in the preparation of the finanraal statements is appropriate. Based on the work we have perfofftied. we have not MIenled matsrial uncertainttes relatin9 to events or nditIonS that. incfividualty or colle(thvety, may cast Signffjcant doubt on tho entitrfs ability to eonlinue as a going conrn for a Peri¢ of at leasl tsvelve months from when t orvJinal financial statements wwe authorised for wue. Our responsibililte5 and the re5ponskn"lilies of the Tn *ryth respect to goiNJ concern are described in the re16vant sedions of Ihss report. Other Infomiation The trustees are responsible for the other infofftialion. Th8 other information comprise5 the information induded in the annual report other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover Ihe other InfonatiOn and. exc8pt to the exient otherwise expliaty stated in our TeporL w8 do not express any fonn of assuran cOndusn thereon. In u)nnection with our audit of the financial statements. our responsibilrty is to read the olher infoaOn and. in doing so. nshjer whether the other information is materi811y inconsistent with the financaal slaternents or our knowledge obtained in the audit or otherwise appears to be m8lwialty misslated. If we idenffy such material inconsisten(ies or apparent material misstatements. we are required to detemiin8 whether there is a material mmtatement in the finanaal statements or a maleri81 mi5¥tatement of the other infomation. If. based on the work we haTrR performed, conclude that there is a materral misstatement of this olh6r infoation. we arè required to report Ihat facl. We havè nolhing to report in this regard. Matters on whlch ar8 requlred to report byexception In the ljghl of our krKJwledge arml understanding of the tharity and its enviromient obtsined in the course of the audit. we have not Identrf material misslatèménts n the Tntstees, Annual Report We have nothirs to report in re¥pect of the fo1[•n9 matters thOr9 the Chaities Act 2011 require5 US to pOrt to you rf. in our opinion". ' ¥vffiuenl accounting records havè not been kept or turnS adequate for our audit have not en leIVed frffi) branches not visjted by us- or . Ihe financial statements are nol in agreement with the accounting rea)rd$ and retums. or • certain dtsclosure5 01 trustees remuneTrlion speofied. ' WB have not received all the informat>)n and e>planations we require for our a]lL
THE 1989 WILLAN CHARITABLE TRUST INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES Year Ended 30th S•ptémbgr 2024 (contlnued) statèmènt of trustees, responsibililies As 8xpLqined more fully in th8 stalement Trustees. Re5ponsbilfties in relation to the financial 5tatemonls Iset out on pag& 51. the trusttss aré r•SponSle for the prepaTrtion of the financtal stalements and for being satisfied that they giv8 a trua and fair view, and for such inlemal control a5 Ihe trustees detemiine 15 necessary to enable the preparation of financial statemènts that are free Irorn material mi5StatemenL whether due to fraud or error. In pr8paring the financial statèments. the trust5 are responsle for assessing the Charitys thlity to cantinue as a going concem. disdosing, as applicable. matters related to goin9 conrn and using the going conrn basis of accounting unless the trustees ailhar intend lo IKiuidate the tharity or to cease operntions. or have no realistic altemative but lo do so. Auditorfs responsibilities for tho alIt of the financlal stat•m•nts Our objéctivos are to obtain reasonable assurance at) wther financial statements as a vthole are free from Material misstatement. whether due to fraud or error. and Io Fssue an audilorfs report that includes our opinton. Reasonable assuran is a high level of assurance. but 15 not a warantee that an audit cy)nducled in attordancg with ISAS (UK) will atways detect a material misststement vthen it 8>ists. Misstatements can arisé from fraud or error and are considered mertal rf, individualty or in the oggregale. they rUkI reasonabty éxpected to infiuence the economic decisnS of users taken on the basi5 of these financ4al StaMen Iiregulariltes, induding fraud. are instanc£s of non-complian wkh la6 arnl regulatsons. We deswn procedure8 in line with our r6sponsibilities. outlined above. to detect mateiial misststements in respect of irregularities. induding fraud. Th8 extent to which our procedures a capabk of delecling irregulaiities, in(audiThJ fraud is detailed below. . Enquiry of management and those charged with g0Veman around actual and [entIal libgation and daims" . Rewiewing minutes of meetiThJs of those charged with g0veman. . Raviing financial statement disdosures and iestiiYJ to 8poIling do(mentaOn to assess complianeA wThJ applicable laws and regulations. and . Audiling the risk of management ov6rrid• of controls, induding through tssting joumal entries and other adjustments for approprbaleness. arml evaluating tho busirss rdknale of significant transaciions ouiside Ihe normal cOue of business. Becauso of the fiekl in which the dient operates. we identified the foll¢)wiThJ as those most likely to hav8 a material rmpact on the financ4al statements: and Complian with Ihe ChaiitEsAcL i)wing to the inhererjt lirnilations of an audit. there is an unavoKlable risk that some malerial misstatements in Ihe financial statements may not be detected. even though Ihe aucrrt 1$ properfy planned and Ferfornied in accordan with the ISAS (UK). For instan, Ihe further removed non-mPl1n is fr(Mn the evenis and transactions in the finanoal 51atements, the le83 Iki e the auditor is to becomé awarè of it or re(xwise the nrxv(xxnpl1?n. A fvrther e8pIlon of our responsibilities for the audit of the financial stslements 15 k)(zted on the Finanal Reporbrtg Counc41'8 w8bsita at wmv.froorg.uklauditotsresponsibililies. TIMS de5cl)n fofftis part of our auditor8 report. Use of the report ThÈs report is made solely lo the charrfy trnÈt8es. as a bfyjy. tii ac£ordanee with section 144 of Ihe Charilies Act 2011 and regulations made under se¢bon 154 of that Act. Our woth has been undertaken so that we mighl stats to the trustees those matters we are requir&J to slate to tntstees in an aLKlitor< report and for no other putP05e. To the fullest exient pemiitled by law. we do nol ac( or assume responsbi ility to anyone other than the ctrwity and its tnjstees as a body, for our audit vrk. for this rewrt. or for the opinions we have fomied. Graham Fitzgerakl BA FCA DCILA (Senior Statutory Auditor) For and on behaw ofAts ALKlii Sevrnw, Ststukny Auditor 8uknan House. Regent Centrè Gosforth Newcastle upon Tyne NE3 3LS Dat6.' 12 June 2025 knts Audit Services is a trading name of Azets Authl Servrces Limited. 2&ts Audit Servios LimTted is elwJible to act as an alItLy in km$ of $8(ion 1212 of the Compank% Act 2006.
THE 1989 WILLAN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivmES - Year Ended 301h September 2024 Year ended 30 Sep )24 Year ended 30 Sèp 2023 INCOME Income from charitable actlvltl•8 40.920 37.680 Other Incomlng r)urceS. Divhjends and FtKed Interest {Net) 450.886 326,958 Deposit Interest ReiVed 9,134 2,248 TOTAL INCOME 500.920 EXPENDITURE Cost of rdi5ing funds: IrNe¥tsnent Portfolw) Management Fees 42.114 55.941 Expondithre on charitable aclMtI•s: Gift in lQnd Cost of Grant Making 40,920 867,965 37,680 832.828 TOTAL EXPEfrIDrfuRE 950,999 926.449 Revalualion of Investment Property Movement on Investments inctudiryd Gain$ & Losses 30.224 2268.968 896.544 NEf MOVEMEwf IN TRUST FUND 1.849.113 336.982 Total funds brought fonmard 20.287.213 19.950.231 TolAI fvnd8 carrl8d forward 22.136.326 20.287,213 Alt aclivities above ll81e to UnrestrNAed Funds.
THE 1989 VVILLAN CHARITABLE TRUST BALANCE SHEET- At 30th Septsmber 2024 30 Sep 2024 30 Sep 2023 Note8 FIXED ASSETS Investsnent Propety. Held for long teThn Held for sale Inveslment Portfolios Programme Relat Inveslments 95,108 183,500 21.612.144 50,000 248,384 Investments: 19.997.306 25.000 21,940.752 20.270,690 CURRENT ASSErs Acuued bank interest income CEbtors Cash at Bank 1.927 489 395.357 1,303 209.470 397.774 210.773 CURRENT LIABILITIES CREDITORS: Amounts falliro du& within one year 10 202.200 194.250 202.200 194,250 NET CURRENf ASSETS 19S,574 16,523 NEf ASSErs 22.136.328 20.287.213 TRUST FUND (Page 8) 22,136.326 20.287.213 The fmancial statements were approved by the Tntst8ès on i l Ju tsjc 1015 Trustee Willan Trustee Limiied and signed on their behalf ty. A Ohlsson Director F A Chawnan
THE 1989 WJLLAN CHARITABLE TRUST STATEPAENT OF CASH FLOWS - At 30th S8ptombgr 2024 30 Sep 2024 30 Sop 2023 Noie8 OPERATING ACTMTIES: N8t Movément in TNsl FurKI AAljusted for Movement on inve51ments induding gains and Ios8es RwaluatK)n of Investrnent Prop&rty (Inueasè) l Décrèase in debtors Inueas8 1 {déttèase) in creditors 1.849.113 336.982 (2268.968) (30.224) (1.115) 7.950 (896,544) (1.040) 3.150 10 Net Cash Outnow from Operating A¢livilie8 (443.244) {557.452) INVESTING ACTMTIES: Dividends and fNed interest Purchase of invèstménts Investment management fees Withdrawals frorn inve¥trnenl pothlios Purchase of Programma Related Instman1 (450.866) (4.900.000) 42.114 5.962.883 (25.000) (326,9581 55.941 805.000 Net Cash Inflow from Investing Activities 629.131 533.983 INCREASE I {DECREASE) IN CASH AND CH EQUIVALEtr¥rs 185.887 (23,469) CASH AND CASH EQUIVALEKfs AT 1 OCTOBER 209,470 232.939 CASH AND CASH EQUIVALEKfs AT 30 SEPTEMBER 395.357 209,470 10
THE 1989 WILLAN GHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - Year Ended 30th Sepiember 2024 I. ACCOUNTING POLICIES - Accounting Convention - The finan¢tal statements have been pPared in accordance 7th AfLounting afKI Reporting by Charities: Stataxent of Recommended Practtce applicabb to tharities preparing their aco)unts in a1rdan with Fancial Reporbng Starard aptcAble in the Uniled ngdoM (FRS 102) - {Charilies SORP (FRS 102)), the Finantial R6portirKJ Standard applicable in the United lfjngdom {FRS 102) and the Charities Acl 2011. The 1989 Wiltan Charitabl6 Trust (the 'TwsV. or 'CharityJ rn1$ the definition of a public benefit entity under FRS 102. Assets and liabli Jties are initialty recorded at historical cost or transaction value unless Othe[vSe slated in the relevant accounting polic¥ notes. The financial statwnents are prepared ui slerfing. which is fv fvnctional and presentational rrency of the entity. - Investment Prnperty- Property 1$ shown at its fair value. whith is taken to equal it8 market value. as estinated by tho tntstees. Any gain or IDSS on valuation is taken lo the Statement of Financial Acliwts. Prf•@ty is h8ld for benefit of UK Registered Charities and the trustees do not receive o)mmercial renl but at£ount for the value of the oxnmerLial rent as rtta1 income and a5 carilable donation. As prnr i hèld for long tenn capiial gain and does not contrft>ute to the net income of The 1989 Wiuan Charitabk Trust. the trustees believe that it is not therefr)re appr(yriate to thar9e depTectation. . Investments- Investments are staled at their fair valuè, whith is taken to equal the dosing mtd-markel value a5 at 30th September 2024 {being the last working day of the year). net ot any acowed management f•é$ payablg. Any gain or Ioss on fevaluation is taken to thè Sta18menl of Financiat ActNilies. - Programme Related Inveslments f'PRl$-> - PRIS are separatety hekl from thè Charivs other irNgStments and are held at net recover8ble cosL The PRIS represent 108ns and equty Investménts made by the Charity into new start4Jp companies with the pcttential to increase economic actwity and èmploJThent in the North East of England. At eath year end, the trustee5 assess the Ie1Th1 ood of recovery alld providé against these investments. reduang the value of the Vestments. Where PRIS are irnpa1d at the year etKI, the Charity tharges 'Charitab acbvthes, within resour5 expended. Where a gain is made upon di5Fx>s91 of a PRI, then the gain reported under'other incoming resour,. - Debtors- Trade and other debtors are cognised at the ¥ellkment ami)t due after any trade diSCUnt offered. Prepayments ar• valued at the amount prepaid of any trade (bscounts due. - C88h at bank and In hand- Cash at bank and in hand indudes cash and short temi hYJhly 14vid nveslments with a short matunty of thr88 months or less from the date of acqutsitron or opening of the derM)Sit or simlar account. - Creditors and provisions- Creditors and provistons are reeogntstrj wherE the Charity has a present oblwatw)n resulting from a past event that will probably result in the transfer of funds to a third pajty and the amount due to settle the oblat1)n can b8 measured or estimated reliabty. Creditors and wovisrons are nomially rewgni5ed at tt[r seiuement amount after allowing for any trade di8oJunts due. - Taxoti0n- The Charity is exempt from tsx on income and gains fallry withw) sedion $05 of the Taxes Acl 1988 or s•dion 252 of the Taxation of Chargeable Gains Act 1992 to Ihe extent that Ihese are applied to its charitable objéds.
THE 1989 WILLAN CHARITABLE TRUST NOTES TO THE FIPIANCIAL STATEMENTS - Year Endèd 30th Sept8mb•r 2024 (continued) 1. AccouKllNG POLICIES {¢ontinued) - Income- Incomè is recognised when the Charity has entillement to the funds. any p8rfomiance Conditions attached to the item of incom& have been mel. li is wobable that the inc4Jme will b& received and tho amount te measured reliably. InoM)e from g0Mment and olher grants. whether'caprtal. grants or'reverné. grants. is recognised vthen the Charity has entillémonl to the funds. any perf0mlan wnditnS attach&l to lh6 grants ha been rnèL it 15 probable th8t the incorn8 wll be received and the amount can be Measured reliably and is notdefetred. Intsrèst receivable Ès recognised on a r1Vab[e basis. when the amount can be measured rewty - this is nonnalty upon notifKation of the interest paid or payable by the bank. - Investment Income- Investment income is accountejj for in the period kn thith the Chaftty is entiued to recwl - Gift In Klnd- Incnme from clMar¢Ia1 trading adivities 15 wntsed as eaffled (as the related goods and Se1 are provided) and as the rental aftd sorvKe charge falts due. Income regarded as -Rental income from properties" is induded as a gift in based on the market rental value of each property. This is due to thé Charity entertng into kase arrangemenls with d)ariiable organisabons to provide acwmmodat#)n lo those organisations at below market rental and often for £Nil consbderation. T1 trustees récognise that in (kxng so. these i)pe of transacInS continue to fijrther their Charitls objectNes and are sin1l8r to th8 Charity providing donatrons to these other charitsble organisations. As a result the trustees have recorded the markèt value of the property rental as "Income from Charitable A(VIt - Rental Income from Properties" and an identical charge induded as a 1ft in lQnd' as part of ReSoUrS End in the Statement of Financial Activilies fSOFA'?. This has a £Nil impact on the reported result for the year. but rètognkses both th& income that woukl be OtheiSe received and the effecfive donabon made. This treatrnenl does not impact upon thé basis for hotding these properties, for their capital gain potential rather than theK soctal purpose. - Exp•nditure- Expendrture is recx)gnised oncg there is a ]egal or constructive oblvJation to make a panent to a third paty, rl is probable that settlement will bè required and amount of the obligation can bé measured relba)ly. Expgndilure is classrfEd under the following activity headin95.' . Costs of raising fuThls are those costs of InveStrn management fees. togethermryth their associated support c. Exp8ndiluie on tharitable act1Nryts indudes the costs 8ssocFated wlh th? prthision of granl making and include both the dTrect costs and sUPPOrt costs relating to the activiltes ofthe Charity. Other expendibjre represents those items not faIng inio any othei heading. IrrecArabLo VAT i% tharged a5 a cosl against the activity lor which the expendiure was incurr&l. - Donations to the Community Foundation - With effect from September 2020. the Charity enieTed into a Philanthropy Agreement with The CLvnmunty Foundatitin, who are responsible for paynents of grants a1 wll adminrster thgse from Ihe funds held. Any monies paid to Thè Community Foundation under the agreement will become an irrevoeabie 9ifL Donatron5 to The Community Foundation ar8 i8gnised wilhin the cost of grant maKg in the Statement of FwcFal Acti In 2023. the PhiLqnUvopyPoreement was extended to JU 2026. - Fund Accounting- The trustees have adopted an absolute relutn approach to inve8th)en( aiming to generate (and distnbute) a real retuwn on tha char8 assets averaging 34% per annum over the econom cyde. The Tntst Deed makes no material distsnctson betsyeen the distnbution of capital arwj th8 distribution of incA)me. hen the balan of the Tnjst Fund is not segregated betrn them. - Going Goncern- Thè trtlees have tewiewed adNitses and consider&J ts finanaal posil)n of the organtsation. The Trust has a significant level of cash and investrnents. and a net current asset and net aSS8t posilion. Given thi5, the Tnjstees believe that the Trust will be able lo meet its obligations as they fall due for at ast 12 months from approval Of these financial statements. The Trusfe05 do not believe there are afty material UnrtaIn1[eS regarding thè Charivs abilty to continue as a going o)ncern for thè néxt 12 months. arKI therefe the financial statements have been prepared on a going concern basis. 12
THE 1989 IMLLAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEmE1s - Year Endéd 30th S•pt•Mr 2024 Icontlnued> 2. INCOME FROM CHARITABLE AcllviTIES 30 Sep 2024 30 Sep 2023 tal income from ploleS 40,920 37,680 3. INVESTMENT INCOME 30 Sep 2024 30 Sep 2023 UK Equities UK Fixed Inlerest UK Unit Trusts Non UK Equtites Non UK Unit Trusts Non UK Fixed Interest Altemats"ve Invesknents 131,234 53,342 18.951 169,042 151.545 31,342 18,629 85.631 69,If35 9.262 41.109 18,702 450,866 326.958 TRUSTEES. REMUNERATION No salaries or wages have been paid to emploe5. irKhJding the members of Ihe cffiimitlee duwing the year {2023: None). 5. GIFTS IN KIND 30 Sep 2024 30 Sep 2023 Rental donations 40.920 37.680 6. COST OF GRAKf MAKING 30 Sep 2024 30 Sep 2023 DonalnS to The Community Foundati)n Donations to UniMErsit*s Donations to Changing Lives Administration fees Investment review fee Audit and accountancy fees Légal and professional fees Insurart expense Bank charges 707,074 76.900 31.896 703.700 72.073 35.185 12,000 T.440 2.400 10.200 5.501 950 867,965 832.828 Anatysis of Donatlon6 to Unlversltles:. Teesswje Unrversity Sundedand UniversY NOrthnb[la UnNerty 32.300 25.600 19.000 30.900 22,SOO 18.673 76,900 72,073 As d@tail@d in Note 7. the Trust owns propety whith 15 let to registered charities at peppercom rent The commer¢ial value of th8 rèntsl for the period was approximately £40.920 {2023: £37.680). These amounts have been shown as rental income and as donations in kind. A fun ltsting of grants awatded is awdilabk on request from The Communty Foundation al the address listed on page 1. 13
THE 1989 WILLAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - Year Ended 30th September 2024 {continued) 7. INVESTMENT PROPERIY H8ld for IcrtYJ lemj 30 Sep 2023 Hekl for sale long temi Total 30 Sep 2024 30 Sep 2024 30 Sep 2024 Summary Cost or valuation at beginning of perKxl Disposals Transfer from held for long temi i to held for sale Revaluations in year 248.384 248,384 248.384 153.276 30,224 {153.276) 30.224 C08t or valuation at of peri 183.51x1 95,108 278,608 248.384 Fd for Hekl lor Hekl for salo lon9 temi Totsl long term 30 Sep 2024 30 Sep 2024 30 Sep 2024 30 Sep 2023 By property- 15 Taylor Stree( Btyth, Northumterknd NE24 SNA 77 Vine Street. South Shietds. Tyne & Wear NE33 4RG 15 Chtchester Road. South Shields. Tyne & Wear NE33 4AA 96 Northbourne Stree( Gatesh8ad. Tyne & Wear NE8 4AH 1CO Hallsid• Road. Btyth. Northumberland, NE24 SPF 34,666 57.500 56.000 70.CKJo 60,442 34,666 49.195 50.661 53,420 60,442 57.500 56,000 70.000 .442 183,500 95.108 278.808 248.384 All crf the abo properbes are freehokj opart from 96 Nrthboume Street [th is leasehold. The trustees believ8 the market valuè of thg propeths hekl for the lon9 tem? we equal to thetr hkstoric cost of £95,108 (2023: £248.384). The propertiés hokj for sale are valued based on a9reed ¥ale5 pri$ with indepeThlenl third pattBs. 15 Taylor Streét was purchased on 17th June 2014 and was let from 20th August 2014 to a registered chariiy for a pepFercom rent The oimmercial value of the rent foi 15 Taykjr Street is 8pproximatdy £7.560 per annum (2023.. £6,960). 77 Wme Slreet, 15 lChester Road, ar 96 Northboume Street Ere purchasgj on 11th September 2014. 26th Septamber 2014, and 11th Augvsl 2014 resbv9 and are let to a registered Larity fDI a peppercorn Tent The commarcial value of the rent for Ihese propertiés is approMatety £24.840 per annum (2023.. £219201 Sales have beèn agreed for thes& propertie8- at the valuès above- arKI are ongoing. 1(10 Hall$ide Road. purthased On 12th Nowrbber 2014 and was let from 4th February 2015 to a registered charity for a peppercorn rent. The commèrcial vatue of the rent for 100 Hallside Road is approximatety £8.520 per annum (2023: £7.8001. Th& trt19 deeds of the properties are rrentlY hehy in th6 name of Willan Prwrfies No1 Limiied. Wlan Properties No2 Limited and Wifian Trustee Limibj as the Chanty is unino)rporated aThl not able to hokl property d1ctly. AJI Ihree companies are controlled by the tw¥lees of the Charity Iwillan Trustee Lwnited being a Int5tee directly) and therefore have taken Ihe wew that the properties are benef1allY owned by the Chaiity. 14
THE 1989 WILLAN CHARrrABLE TRUST NOTES TO THE RNANCIAL STATEMENTS - Year Ended 30th Septembor 2024 (continu•dl . INVESTMEKts 30 Sep 2024 30 S8p 2023 Market value at beginning of y IncA)m8 rtions Additns- within investment porttoli08 Di¥posa15- Wthin inveslment portfor Expenses Withdrawals Movement on itwpstrnents induding gains and losses 19.997.3C 450.867 4.9CIJ.000 1.699.493 (1.699.493} 142.1141 <5,962.8831 2.268.968 19,634.745 326,958 4.326.020 (4,326,020) (55.941) (805,000) 896.544 Markel valu6 al yèar end 21,612,144 19.997,306 Hetd as follows:_ UK Equities UK Fwl Interest Non UK Equities Non UK FLxed Interest Altemafive Investménts Investrnenl Dealing AC(Unts Aed Management Fees 3.971,439 1,724.432 12.198.761 1.978.761 1.198.D47 553,458 {12.7541 5.635,617 1.966.099 8.723,304 1.837.565 1.584.154 469.973 {19,406) 21.612.1H 19.997.306 Hekl by.- Brewin Dolphin NewStIe- Dis(¥etionary portlolio UBS AG Newcastte- Discretionary p)rtrcAio Baiifie Gifford- investment portlofto CCLA Investment Managers - COIF Charity Fund BNY Mellon - Newion Growth and Income Fund foi Charif M¢lnroy a WOCKI portfolio- Balan Fund 5.407.514 264,361 8,733,059 2,641,723 2.686.364 1.879,123 5,119.375 5,376,13S 7.528,902 969.779 1.001115 21.612.144 19.997.306 Invfjstment portfolios are managed by Brewin Dolphin Newcasile. UBS AG N¢ast. Bailli8 Gifford. CCLA Investment Management Limitad. BNY Mellon Inveslrnant Managers Limited. and Mdnroy & Wo)d Limited. 30 Sep 2024 30 Sep 2023 Historic Cost 17.294.605 17,117,808 15
THE 1989 WILLAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEprrs - Year Ended 301h Soptemb•r 2024 (continued) PROGRAMME RELATED INVESTMENTS 30 Sep 2024 30 Sep 2023 Cost As at 1 October J"tsons- Semester Student Planner Limited 50,000 25.000 50.000 As at 30 Séptember 75,000 50,000 iment As at 1 October- Komotion LThfted lrnpaimiénl (25,000) {25.000) As al 30 September Value Pragramme Related Investment BaLan as al September (25.000} (25.000) 50,000 25.000 In 2018, the Charity mad8 an quity tnvestment in Komotion Limitfyy. a new Start-up ts)mpany v•ilh the potential lo increase economic aclivty and employment the North &t of England. As at 30 September 2018. the Trustees were of the opinion that the invèslment should be fulty impaired given its eatly stage dev81opment Having revtewed Ihe Pro9ratnme Related Inslmenl ("PRIJ positn at 30 Septbe[ 2tr24. the Trustees ha% agreed the fvivestment shoukl remain fully impaired. In Juty 2022, the Charity invested in Semester Siudent Planner thited fsemesten. a stsrt-up ClpanY established by Teesside UnNewsity graduales, wthich focuses on thé mental allh of students armj university employees, which has the potential to increase econornic a(*Yty and employmant. The Chartty irNested £25.000 in return for 20 prefereneA shares. aquating to 10% preferred equty. with an addrtional £25.000 (a fvrther 10% prefred equity. being 25 preférénce shares) agreed. and draym on 27 De(ber 2023. Gwen the early-stage of the startwp, and the viablp businéss model which cuffenuy cashfjenerating, the Tnths corwsider cost to be a reasonable approyjmation of fair valu8 for thi8 InlMOnt. 10. cREDORS. Amounts Falling [e Within One Year 30 Sep 2024 30 Sep 23 Grants payable - The Communty Foundation Accrued invesiment remew fee A(rnied audit fees Accrned legal and prOfe)al fees 182.910 6,000 10.200 3.090 180.810 6,000 7,440 202.200 194.250 11. TRUST FUND The trustees have adopted an abscrfute retum approach to investsnenL aiming to 9enerale land distn"bute) a real reium on the Chativs assets averaging >4% per annum over the economic Gycle. The Trust Deed makes no material distinclion between the dislribution of capital and the distribution of income and hen Ihe balance of the Trust Fund is not segregated them. 16
THE 1989 WILLAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- Year Ended 30th 8epternbeT 2024 (continued 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangtble Fed Assets InNEstments Nel Current Total Unrestrided Funds - 2024 278.608 21.662.144 195.574 22.136.326 Unrestricled Funds- 2023 248.384 20.022.306 16.523 20.287.213 13. RELATED PARTY TRANSACTIONS Mr A A Ohlsson. trustee, is a directrjr of Carfton Management SeTVVS Limited. the company providing the accounting and adrnini5tratwe services to the Charity. The was no charge made in resped of suth serNieAS in 2023 or 2024. and no outstanding balan at the year erKI. Wthin the year there were no refated party traraeb0nS with the trustees to disdose {2023. £0). Mr A A Ohlsson and Mr F A Chapnan. trustees. we directors of Somerston Venture5 Lwnited. a company who aL80 hold 5% equty share in Komotion LIMI1. 14. CAPITAL COMMrtMENTS The Charity has capilal commitments of £0 at Ihe pr end (20ZJ: £0). 15. CONTINGEpif LIABILITIES The Charity has contingent liabilitEs of £0 at the year end {2023: £0). 16. ULTIMATE CONTROLLING PARTY In the opinion of the tru¥tees the 15 no ultimate ntrollIng paty other than thè frnstè0S. 17. EVENTS AFTER THE REPORTING PERIOD There were no events or conditions whith took place after thg reporting date. to the date of approyal of these financial 8tatem&nts, whith were signrficant enough to warrant di5c4osure in these finan(ial statements. 17