THE 1989 WILLAN CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 30TH SEPTEMBER 2024 NO. 802749 THE 1989 WILLAN CHARIT￿ryLE 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 T￿￿18•8 A Chapman A Ohtsson Willan Trustee Limit (Direciors-A Chapman. A Ohlswn. S Wknfi8ld. C se￿￿be. 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 NeW￿stIe Upon Ty NE14SR CCLA Inveslment Management Limited One AJvJel Lane London EC4R &4B UBS Wealth Managanant 2 SL James. Gate New¢a$de Upon T￿e NE4 7JH Mclnroy & Wood Limited EasterAfderston Haddington East Lothian EH413SF Baillie Gifford Calton Square 1 G￿an$*Je Row EdinI￿rgh 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- Y￿r 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 fUrt￿r 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 Illstitut￿nS 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 Con￿ntrate 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 proV￿e 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 T￿5￿ 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 d*gated 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 FU￿1?, 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 Fouftdat￿n 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 Tft￿tee Limited meet each quwter to the shortlist. Tha shortlist ts then Cir￿lated lo each of the trusleas frjr consideration and approvaL Carlton Managernenl Servi￿5 Limited. a li￿n￿d 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 ac*vitses 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¢ptsm￿r 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. Rep￿tat￿)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 I￿stee5- and equNatent informath)D for any trustee offering themseEves for r ekction. Additionally a full attendan￿ re￿rd is P￿v￿￿ed to memb￿5 to inform decisions. TRUSTEE INDUCTION AND TRAINING New Iruslees are provided with a proper indudion process and a chacklist ènsurès they re￿1ve all relevant papers and guidance to properly fulfil their re4)onsibilities. Briefing papeTS and faMI￿anSatI(￿ 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 prtained ÈS sufficient and approptiate to ptOVKJe a basis for our Op￿￿on. Concluslons rèlating to golng concern In auditing the financAal st2tem8nts. w8 have C￿ndUded 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 MIen￿led ￿ 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 con￿rn 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 Info￿natiOn and. exc8pt to the exient otherwise expliaty stated in our TeporL w8 do not express any fonn of assuran￿ cOndus￿n thereon. In u)nnection with our audit of the financial statements. our responsibilrty is to read the olher info￿a￿On 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 info￿ation. 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 le￿IVed 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•SponS￿le 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 trust￿5 are respons￿le for assessing the Charitys thlity to cantinue as a going concem. disdosing, as applicable. matters related to goin9 con￿rn and using the going con￿rn 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 a￿lIt of the financlal stat•m•nts Our objéctivos are to obtain reasonable assurance at￿)￿ w￿￿ther 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 m*ertal rf, individualty or in the oggregale. they r￿UkI reasonabty ￿ éxpected to infiuence the economic decis￿nS of users taken on the basi5 of these financ4al Sta￿Men Iiregulariltes, induding fraud. are instanc£s of non-complian￿ wkh la￿6 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￿. . Ravi￿ing financial statement disdosures and iestiiYJ to 8￿poIling do(￿menta￿On 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 busir*ss rdknale of significant transaciions ouiside Ihe normal cOu￿e 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-￿mPl￿1n￿ 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 ￿e8￿pIlon of our responsibilities for the audit of the financial stslements 15 k)(zted on the Finan￿al Reporbrtg Counc41'8 w8bsita at wmv.froorg.uklauditotsresponsibililies. TIMS de5c￿l￿)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 v￿rk. for this rewrt. or for the opinions we have fomied. Graham Fitzgerakl BA FCA DCILA (Senior Statutory Auditor) For and on behaw ofA￿ts 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 a￿lItLy in km$ of $8(*ion 1212 of the Compank% Act 2006. THE 1989 WILLAN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivmES - Year Ended 301h September 2024 Year ended 30 Sep ￿)24 Year ended 30 Sèp 2023 INCOME Income from charitable actlvltl•8 40.920 37.680 Other Incomlng r￿)urceS. Divhjends and FtKed Interest {Net) 450.886 326,958 Deposit Interest Re￿iVed 9,134 2,248 TOTAL INCOME 500.920 EXPENDITURE Cost of rdi5ing funds: IrNe¥tsnent Portfolw) Management Fees 42.114 55.941 Expondithre on charitable aclMtI•s: Gift in lQnd Cost of Grant Making 40,920 867,965 37,680 832.828 TOTAL EXPEfrIDrfuRE 950,999 926.449 Revalualion of Investment Property Movement on Investments inctudiryd Gain$ & 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 In￿stman1 (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 C￿H 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 p￿Pared in accordance *7th AfLounting afKI Reporting by Charities: Stataxent of Recommended Practtce applicabb to tharities preparing their aco)unts in a￿1rdan￿ with F￿ancial Reporbng Star￿ard ap￿tcAble 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 rn￿1$ 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[v￿Se 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 Acliwt*s. 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 c*arilable 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 I￿e1Th1 ood of recovery alld providé against these investments. reduang the value of the ￿Vestments. Where PRIS are irnpa1￿d at the year etKI, the Charity tharges 'Charitab￿ acbvthes, within resour￿5 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 diSC￿Unt 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 obl￿at1)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 g0￿Mment and olher grants. whether'caprtal. grants or'reverné. grants. is recognised vthen the Charity has entillémonl to the funds. any perf0mlan￿ wndit￿nS 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 r￿1Vab[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 c￿lMar¢Ia1 trading adivities 15 wntsed as eaffled (as the related goods and Se￿1￿ 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 transacI￿nS 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 ReSoUr￿S E￿nd￿ 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 Othe￿iSe 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 pa￿nent 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 act1Nryt￿s 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 faI￿ng inio any othei heading. IrrecA￿rabLo 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 a￿1 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 i8￿gnised wilhin the cost of grant maK￿g 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 char￿￿8 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 betr￿n them. - Going Goncern- Thè trt￿lees 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 Un￿rtaIn1[eS regarding thè Charivs abilty to continue as a going o)ncern for thè néxt 12 months. arKI theref￿e the financial statements have been prepared on a going concern basis. 12 THE 1989 IMLLAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEmE1￿s - Year Endéd 30th S•pt•M￿r 2024 Icontlnued> 2. INCOME FROM CHARITABLE AcllviTIES 30 Sep 2024 30 Sep 2023 tal income from plo￿leS 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 emplo￿e5. 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 Donal￿nS 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 Univers￿Y NOrth￿nb[la UnNer￿ty 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 F￿d 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 Nr*thboume 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 res￿bv9￿ and are let to a registered L*arity fDI a peppercorn Tent The commarcial value of the rent for Ihese propertiés is appro￿Matety £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. W￿lan Properties No2 Limited and Wifian Trustee Limibj as the Chanty is unino)rporated aThl ￿ not able to hokl property d1￿ctly. 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 benef￿1allY 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 Addit￿ns- 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 A￿ed 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 New￿StIe- 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 In*slmenl ("PRIJ posit￿n at 30 Sept￿be[ 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 Cl￿panY 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% prefr￿ed 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 In￿lMOnt. 10. cRED￿ORS. 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 F￿ed 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 SeTVV￿S 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 trar￿aeb0nS 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 LIMI￿1. 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