REGISTERED CHARITY NUMBER: CHASE WUNERE: Neches 1003546
REPORT OF THE TRUSTEES AND ‘REECRT OF THE TRUSTEE AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 3I MARCH 2024 DHAUMIUES PIMAnClAD STCTeRINelS POR THE YRAR SADE 31 MARES 2004
Fa FOR
THE THE WR WR ower FOUNDATION
Malthouse & Company
Chartered Accountants & Business Advisers
Malthouse & Company is the trading name of Malthouse & Company Limited registered in England no. 3576518, VAT registration no. 926 7203 23 Registered office: America House, Rumford Court, Rumford Place, Liverpool L3 9DD
‘Regains Registered cerry to carry on audit work in the UK, regulated for a range of investment business “st activities, acd and lice Howard nse cn d t wht o carry out th wok fs Shs e reserve TEi d rau legal peerirtap activity of no ot n-c irvsctrsect ontentious Sceisass probate Steal in England and Wale Giceahy s batictacdsadtr by th cory e Inst cart itute of Chartered Cee amareShadlandtlege! Accounta Haaerst ches nts i ‘eo n Eng Bagheal-eectiocs land and Wales. oat avian patets www.malthouse.com
THE WR FOUNDATION
CONTENTS OF TI-IE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3I MARCH 2024
| Page | Page | |
|---|---|---|
| Reportofthe Trustees | 3 to 6 | 3 to 6 |
| Independent Examiner's Report | 7 | |
| Statement ofFinancial Activities | 8 | |
| Balance Sheet | 9to | 10 |
| Notes to the Financial Statements | 1 1to | 19 |
| Detailed Statement of FinancialActivities | 20 |
THE WR FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3 I MARCH 2024
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's trust deed, the charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in sooncdante accordance with th will fw e Fimmngiel Financial Reporting Standard applicable in the UK and Republic Reporting Stenderd ceglicatile oy Ge OR ed = of Ireland (FRS 102) of SeleneGRE 1S) detmeuive (effective I January 2019). | Teuscy GO1F1.,
Tee The ac ecocunts counts ha ews ve d degested eparted from from the Charities ie Chemises ( (Asosumte Accounts and Rep md Ager)Requisition orts) Regulations 2008 only 2008 only t & o Ge the e ates xtent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice sOBISH which ie is referred to in the regulation ceferned sy is ths mgwetionn s Yor but which Obie has since been withdrawn. bee sinus teen wife, OBJECTIVES AND ACTIVITIES Objectives and aims Vis The object osest of the charity is that of applying the income and all or such parts of the capital for or towards heise charitable purposes nf tes cucny and to fe make chet donations to of eoplying such fis fous charitable institution and all ce cosh s at pect: such a time and in such of fie capital fe or manner tormmats as ‘dhe the Trustees may in their di ‘Fhuntees superswens fn wllTheirdo imaeSiekestion scretion think Cowetioniteink fic. fit. to spall Trustees Wywreschertedhe may may fotosalte also at of their di sted st ceteerie scretion for «SeowSr o a ardpers period of in muskof twenty t e enyee one eset peers years from the date of the trust deed instead of applying the Gorm, She dete of Ge uet eet tend el ging Tie Eee income of vf the the Charity in any year, accumulate all or Chaaity tery yore, cocemmalnte any part of such income at compound interest by investing the same and resulting income in authorised eng pat oT opal Serer at ceeceerenl (terest Wy fevesting all ct dewestuehits investments an exit d hol boot d t Ose he s earns ame as an acc 2b amaveretion retion to and as part of the the ca meme pital etl of the reciting Charit fees y without in pre ilies judice to sos their rights to apply the whole or any ce wy pect part of such accu oF Toeh entiencomclitedax m yest ulated sf Eecontestlie income in an papledFn miteafl y clliemeaanttie subse Ghectee quent withert year as pivilios if the same @ were income of the Charity arising in the current year. ie Wildl wore (noerse of Se Cheeky acing ts tho cueect para, poe ep {ff Tie oes Tie The Charity's Chertye main aim the mein aie dien n iy is to te sacle make donations to other Aosations mm otis appropriate appropriate organisations. It also spon topetiintions. 4 alee spores sors and and finances individuals for educational purposes. It hopes to make a difference to these institutions and individuals by providing them with what sometimes is much needed financial support in order for them to continue with their work and/or studies. Whilst the object of the Charity is to make donations of this nature each year, the sare amount of donations made annually can vary, because this is dependent on its own level of income which of Ganuions[fara] sococla ce ven, Win thee barellent ta Bs eon Toul OF ee aE Slateclealig historically has San been generated largely from one been secseeted ieegtty Pondieme source and which arises sense ved witch arte Jo in resp weapons: onse to the trustees' wo he ree! decisions t deeded & o distribute.
Public Benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public ‘The wanes eve seed Ge pitnnes ommasinel Se the Gherty Commiesgeod guides os piblis benefit when reviewing their aims and objectives and when planning for future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Bvaing During thi tits s year o yer of f operation gptsation, , donations were received Gone were ceomived oF of £21 051,706 ,200 (2023: £5,738) while donations paid to five (2503: 35,735) wails[Sonetions] paid to The organisations and one individual amounted to £33,980 (2023: £19,405).
The The trastess trustees consider that onnsider dit tito the overall result for overs!! vemult fis the the year is satisfactory. your ia pxtisantory,
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333 THE WR FOUNDATION 32 SUT
Seo REPORT OF THE OY Tas Eee TRUSTEES FOR THE YEAR ENDED 3 1 MARCI-I 2024
FINANCIAL REVIEW
Investment policy and objectives
The Trust Deed gives the Trustees powers to determine investment policy.
The Trustees appoint investment managers and have agreed arrangements for reviewing and assessing their perBirronne performance and portfolio and poctielio election. selection. All investment decis All lnvertmen: Cealalens ions are are delegated to th dalegytedto Gis e appointed investment e p ciuted evertmoect managers but must comply with The WR Foundation's ethical considerations. The WR Foundation's ethical deoptnent investment policy pollisy dtetes states that no thal ne Investments investments are knowingly ace Lncoringiy to to be bs mands made th in any cep cettgany company which generates more ‘Shen than 20% of turnover 28 cf temever from om mernBboguring manufacturing teSeece tobacco or eo tobesss tobacco product geodete, s, gutting, gambling, high interes wish genatete t loans oes or Famegasy. pornography. Migh interext ioeme ot The investment objective of the Trustees is to limit the risks to which the charity is exposed through its Ths ievectuscnt Gafective of (is Thisteet fo te limit the siete sowielhe stiertty ty anemeed Seve de stockholdings, whilst maintaining the portfolio's capital valuation in real terms, and to provide an income stream to support charitable objectives. The instructions to the investment managers reflect this objective.
The The listed investment portfolio increased in value from £200,000 initially invested to £222,955 at 3 1 Heed incernmen poetic imeeeundt im walpa fern EUGSOGS Sisilhy tevestedd tp SEESSS wt 3) Here March 2024 (2023: £208,388). The portfolio produced an income stream of £6,576 (2023: £6,588) to support charitable activities.
Reserves policy
‘TS The charity has historically depended diurity on its income in the main from one particular source. Its prime purpose is to to make distribution teshe. Adiartionsion Fanslan s each year gunsae that the trustees tie in Sthtecameen Fecron con ceain sider Ze maha to te be appropr Bo festaaguegtiads iate and cartionlerante to obtain the necessary funding tous,dims Hie 3ornommannyr prizes rapese Seestw from that one source. In the circumstances the trustees consider that the question of reserves - beyond those oosiud needed fir for the basic administration ee Iwads whaicitetknof of the charity - Ge whorty « moncet are not a significant = chorchcont feature of its operation. No comminnents commitments are entered into by the trustees without securing the appropriate funding ston in of advance. le ection During 2018 Bo deol and 2019, the c 2013, the ecnohetite harit entered y received t remainedine Dytae w tho o donations CometionnDuntoss wito totalling £474,794 from t eliiugher securingPATA TSCisfro apreyetuteone one sin ctngle gle testing dono Gener,im r. atone. The Thy trustees made the eosDoingrefs BSfe denizine decision to 40 lineent invest £ £350,000 200,000 o of r this don this donation ation ico into two separate tro aapsmnte in Tavertnses vestment fund onthe s (£ STON I 00,000 each sect. ). The Statement of Financial Activities is set out on page 8. Total incoming resources for the year amounted to £27,776 (2023: £12,326). After administrative expenses and charitable expenditure of £41,387 (2023: £25,272), £27.16 POU EXEAPSS. Hee wetalncative expensed clanitalils axpentiture of TAL,SE? (2055: AAG07, and a gain on investments of£ I 4,567 (2023: loss £18,144) the net surplus for the year amounted to £956 (2023: SxS deficit £31 E2109). ,090). ‘Wha The Chantty Charity has met its Bes moet tis objectives thi cbiectees Tis s gree year of making of malting donations donations to individuals and to indiviteele argeiisationy, organisations. ext This year the level of income has increased slightly compared to the prior year. At 3 1 March 2024 the general Tite yaar ts Leval of incor Hes incumase slighty comgmred yo the yetzr yecr At 92 iomk temcuicied unrestricted fo Rauds nds stood at a surplus o Good ets coniles oF f £ S2U4,062 224,862 (LORS: £955,956), (2023: £223,906). F Fite ree raeeves reserves at 3 1 March 20 2028 24 total <n geesenl £1,907 OSI. (2023: £15,5 I WLE,S10), 8). S Bizco ince fun Tenis ds ape are reylerdelivt replenished 2¢ as pod and when re when Yepvieed quired this is no indicatio at $) Marih n of the in genera sop l fina SEH ncial position of the charity, which continues very much as before. poetting of Gin clarity, witteti centinere werz oeech ec beta Ody ti ao intilesticn ofla0 geme:
FUTURE PLANS
The charity will carry on very much as before. All applications for funding will be considered on their own merits and donations and contributions made at whatever level the trustees f l is appropriate. conte and donations sad conteiincioan ved st wikabeviy bere] this teaitess Zeal 2 enproptete
Rage) Page J 4 4
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
THE WR FOUNDATION
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a registered unincorporated charity that was formed by a trust deed dated 27 June 1 99 1 as amended in 200 I , 2002 and 2009.
Recruitment and appointment of new trustees
The statutory power of appointing new or additional trustees is vested in the existing trustees. A new trustee or trustees may be appointed at any time (either by way of replacement or addition) but so that the total number of trustees shall at no time exceed eight. Any new trustee or trustees would be appointed by reference to their abilities to operate a charity of this nature and the existing trustees would ensure at all times that they were thus competent.
The charity is operated by its board of Trustees who are responsible for all decisions undertaken.
Risk management
The trustees have assessed the risks to which the charity is or may be exposed and in particular those which might relate to the operations and financing of the charity. They are satisfied that existing systems which are in place to protect against risk are adequate to mitigate the charity's exposure, if any. Such systems are reviewed at least annually.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1003546
Principal address
America House Rumford Court Rumford Place Liverpool L3 9DD
Trustees
W.M. Russell A.Russell J. Malthouse F.C.A.
Independent Examiner
Anita C Mason BA(Hons) BFP FCA Mitchell Charlesworth I4" Floor The Plaza
I 00 Old I-la! I Street Liverpool Merseyside L3 9QJ
Page [ 5
THE WR FOUNDATION
REPORT OF THE TRUSTEES FOR T H E YEAR ENDED 3 I MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors
Susan Malthouse Mahthouse & Company America House Rumford Court Rumford Place Liverpool L.3 9DD
Accountants
Mahthouse &: Company Limited America House Rumford Court Rumford Place Liverpool L3 9DD
Investment Managers Rathbones Asset Management Limited PO Box 9948 Chelmsford CM99 2G
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
KEY MANAGEMENT PERSONNEL REMUNERATION
The trustees consider the board of trustees as being the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 7 and note I6 to the accounts.
Approved by order oft he board or trustees on .. 21. 2 and signed on its behalf by: 9.2.S
J MalthouseF.CA. - Trustee
Page]6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WR FOUNDATION
Independent examiner's report to the trustees of The WR Foundation
I report to the trustees on my examination of the financial statements of The WR Foundation (the charity) for the year ended 31 March 2024.
This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2 0 1 1 . My examination has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity you arc responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20 1 1 (the 2011 Act).
I report in respeet of my examination of the charity's financial statements carried out under Section 145 of the 20 11 Act. In carrying out my examination I have followed all applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I 02) in preference to the Accounting and Reportin by Charities: Statement of Recommended Practice issued on I April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after I January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
I. accounting records were not kept in respeet of the charity as required by Section 130 of the 2 011 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of account set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that th accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anita C Mason BA(Hons) BFP FCA
Mitchell Charlesworth
14th Floor The Plaza I 00 Old Hall Street Liverpool L3 9QJ
31st January 2025
Page I 7
THE WR FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 3 I MARCH 2024
| 3I.3.24 | 31.3.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| INCOME ANDENDOWMENTSFROM | FROM | ||
| Donations andlegacies | 2 | 21,200 | 5,738 |
| Investment income | 3 | 6,576 | 6,588 |
| Total Income | 27,776 | 12,326 | |
| EXPENDITUREON | |||
| Raisingfunds | 4 | 9 | 8 |
| Charitable activities | 5 | ||
| CharitableActivities | |||
| 41,378 | 25,264 | ||
| NS | |||
| TotalExpenditure | 41,387 | 25,272 | |
| Netgains/(losses)on investments | 14,567 | (18,144) | |
| NET INCOME/(EXPENDITURE) | 956 | (3 I,090) | |
| RECONCILIATION OFFUNDS | |||
| Total funds brought forward | 223,906 | 254,996 | |
| TOTALFUNDS CARRIED FORWARD | FUNDS CARRIED FORWARD | 224,862 EE |
223,906 ee |
| CONTINUING OPERATIONS | |||
| Allincomeand expenditurehas arisen from cont | has arisen from continuing activities. |
The notes on pages I I to 19 form part of these financial statements.
Page I 8
Tl-IE WR FOUNDATION
BALANCE SHEET 3 1 MARCI-I 2024
| 31.3.24 | 31.3.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| FIXEDASSETS | |||
| Investments | 11 | 222,955 | 208,388 |
| CURRENT ASSETS | |||
| Debtors | 12 | 1 , 8 1 5 | 1,742 |
| Cashat bank | 4,672 | 15,878 | |
| 6,487 | 17.,620 | ||
| CREDITORS | |||
| Amounts fallingdue within one year | 13 | (4,580) | (2,I 02) |
| NET CURRENT ASSETS | 1,907 | 15,518 | |
| ——<= | |||
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 224,862 | 223,906 | |
| NET ASSETS | 224,862 | 223,906 |
Page I 9
HE WR FOUNDATION
BALANCE SHEET - continued
3I MARCH 2024
FUNDS
| FUNDS | |||
|---|---|---|---|
| FUNDS | 12 | ||
| Unrestricted funds: | |||
| Generalfund | 1,907 | 15,518 | |
| Fixed AssetInvestments | 222,955 | 208.388 | |
| 224.862 | 223.906 | ||
| TOTAL FUNDS | 224,862 | 223,906 |
TOTAL FUNDS
The financial statements were approved by the Board of Trustees and authorised for issue on 29¢5.kn4.202S. and were signed on its behalf by:
- ----------W.M. Russell- Trustee
A Russell - Trustee
J Ma house F, .A.- Trustee
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l'age I
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THE WR FOUNDATION NOTES TO Tl-IE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 I MARCH 2024
I. ACCOUNTING POLICIES
BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN
‘Ths The financial Susncial cteteecents statements of of the charity ths charty, , which is a public benefit wich (2 a pots Bemis entity entity under FRS I 02, have been der ERE 1G, tevs toro prepared in accordance with the Charities SORP (FRS I 02) 'Accounting and Reporting by Charities: eoeet Statement of iOF cocoons Recommended Wit fxs Practice app Ceemitinn licable to GORE charities EAE 109) preparing their ‘komeuntiagsnd accounts Rapoting in accordance with by Geatiies the Financial Reporting Standard applicable in the UK and Republic of reland (FRS I 02) (effective I tip Rewummesied Prantios suplinckis ts eltecities preparing thett aoocuade in aeamdancs with January 2019)', Financial Reporting Standard Fhseuvial egnctng Hesatiat ——e ix 102 'The Financial Reporti Ge UR and Republic of ng Standar Pelecd (FES d appl 127} icab {affective le in the UK 1 and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which arc included at market value, as modified by the revaluation of certain assets. ‘Vie The accounts eotioude (financial (ileunels! statements) ptrmenta) have been havea Wess prepared to give a 'true prepared to ahve eos antl and thir! fair' view and have departed lew nd hewn depected fore from the Charities (Accounts and Reports) ths Cloeitiee Gesommuts eal Megscis) Regulations 2008 only to the exten Regiletions 2000 caly fo tie extent t required to provide a 'true equine’ to provide aun and fair view'. This departure has involved following the relevant version of the Statement of Retemuecied Recommended Practice applicable to charities preparing their accounts in accordance with the Financial rer Reporting Standard applicable in the UK and Republic of Ireland Prerigs epeiteable to cliettiay prep r ing Mieke wooo (FRS in 102) rather than t ececotinee wih he Accounting de: Finest sar! and Repo[Eapsatinn] apne rting by ie Charities: Statement of Recommended Practice effective petting at ty rary 102) from I April 2005 which has sate thie: See Acooumting since been withdrawn. sipse Bem eit.Ky Clarifies! Stet oo Recemienvtad Feetie eSfertre: Seen 1 Apri] RS whi Seo At the time of approving the accounts, the trustees have a reasonable expectation that the charity has sBeowaste adequate resources to continue in meources 0 cbictin ii operationa cqeertliel l existence for the ealmenus fre Vie foreseeable Peeuseatile future. Dosey, Therefore the trustees Theses the Cunbe cortintic continue to adopt the going concern basis of accounting in preparing the ts sive thie poinp coma Sate ofl demviineng in prepesinns Tes accounts. antionntty,
In consideration of the appropriateness of the use of the going concern basis, the trustees have considered ie the porivecdyeal principal financial risks facing fipimevttel victor Suayy thee the gels charity and the steps geod die area ater they have taken to mitigate Heros maltem to entsigete Cine, them. With TWh respect to the next reporting period, 2024-25, the most significant areas of uncertainty that affect the ceepect te din nest sepocteig peated, AOS-ES, ae nuset epeiieant erees of wnccateinty iat affem ds carrying value of assets arc the level of investment return and the performance of investment markets, however, the trustees made the decision to liquidate the investments in May 2024 and the proceeds have since been received by the Charity. The trustees consider that there are no material uncertainties about ‘ the cborye charity's allt ability to to co comtinse ntinue as a te § going concern. gibig ees
The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update ‘Sylatis Bulletin I not to prepare a 1 seat to prepave s Fitwtsrnsat Statement of of Cash Flows. Sesh Foe,
The accounts are prepared in sterling, which is the functional currency of the charity, Monetary amounts in these financial statements are rounded to the nearest £
INCOME
Sil All income teseans ip is seoopetizel recognised in i the the Stateme esent nt of Financial Activities once oF Sengied Acchaties amos the the charity has entitleme ability hes eatidecunt nt to the funds, it is probable that the income will be received and the amount can be measured reliably. Voluntary fanda, i25t penbaitie thet He inoomns will ke sonntived snd thy amtcuxt ast Be meerersd relleity, Vaivmaryths income is received by way of donation and is included in full in the Statement of Financial Activities when receivable. Investment income is recognised when receivable and the amount can be measured reliably by the charity.
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THE WR FOUNDATION
BPOTES NOTES TO THE FfNANC TS TAS FIRANCIAE IAL STATEMENTS STATESOSATS - - conti continued FOR THE YEAR ENDED 3 1 MARCH 2024
I. ACCOUNTING POLICIES- continued
EXPENDITURE
Taabilities Liabilities are recognised as exp eccgrived us expend epen’trecss iture as soon soon os as Shes there is is 2 a l age) egal or con ce oottotive structive obli stligaitn gation committing commaiicg thy the charity to that gharity ‘te thet expenditu mupenditers, re, 4th it is p peobabiis robable that that a tran 2 taenity sfer of of economi sormsmiic c benefit Genetie s will will te be required meqiied in in seierieetovd settlement and the amou Ge strvunot nt of tis the oSigeion obligation can be cm be meemred-rstisliy, measured reliably. Expenditure is Spends accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. westuals t: cccounted ron ex ‘Withee Where costs can wante s iscama e n e ot be direc ctl Laeie directVery tly attributed to particular headin olucitiedataliutedunter:to particular Hestivaneondingethat gs aggesgits they have been Hery Hervea]benocrtallooe allocated rela t edded t to activ oe sechritiesthe categ ities on a o ry.n 8 basis consistent with the use of resources. Goan Grants offered oSesed s wetjet ubject to condition te cundisors s which have which Rave sol not been fees most met at the year end ot ta per aol det date are no ee nsivd ted as a es 0 oomunittinent commitment but Tot not wot econwed accrued wy as expenditure. sexpeodinure,
Peso TAXATION
Wie The Charity benefits from Ghority Sec ediip: thoes varlvue various exemptions exemptionsfiom from taxation tuxstion eiitetied afforded by By t tm ax Inpiziation legislation ane and is txwot not liable liehis to corporation tax on income or gains falling within those exemptions. The Charity is not able to recover a cerposetion tea on Saco ot pecs falinig witi’s slices eeceptieee, The Charity io net able to moore VWilee Value Added Tax. Expenditure Allies Tex. Eeepesatitiere ty is sapenied recorded in dy t Wie he accounts seonunis ihokarive inclusive of VAT. ot VAT.
FUND ACCOUNTING
Tawethtsted Unrestricted fonds Binge coy can be used in Ge wrod dx smootdlaen accordance w el ith the charitable objectives at th ty chats cifectivss at fie e disoetion discretion of of the te Gushies. trustees. These inclu Tease beiheils de all incoming resources rece all insonileg paltinias seein ived or generated G gerceand for Gy chiriile charitable purposes perpopes, .
Bank and cash
Ce Cash at bank and cas at Geek sal sagt, h in h be Serre and beetles includes cash cent el and short te cies teem rm highl Higety y Hou) liquid investments with a short Sryetemmum will = shox maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Debtors
Listtan Debtors em are r mecogeivad ecognised a af t th Oo e amount eons due to be recei dss th bs pected. ved.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will paweaiy probably r eeauds esult in dn che the tread transfer of of funds acts ts to a third party and the amount & thd pty and the cece des due to te actile settle the obligation Se otilipgtic»= can be coz be saan’ measured or estim or ery ated r eS. eliably.
Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial inetrperenis. instruments. Baste Basic feenclal financial instrume ieecercents nts are arn feittelty initially r nogniced ecognised at at tra Gansaction nsaction walus value and end ectragueniy subsequently spusaouend measured at their et Cie setemcemt settlement waltis value wit etl h fie the exception emeptionif of inves Seeeteeite tments in ited listed s eres, hares, which are witch ne nittcequen subsequently meas wenanursé ured at fa 26 fit ir val value ue (market value). Gou t ieethyvalus.
Fixed asset investments
‘Tewecteanttc Investments em are a form of bas 2 Zim of Tals ic financial Zeumedzt in batemest strument and are cud ens in initially recogni bielp seeogtined sed at cos cost t ad and subsequently eget meerzeel measured at at Sielr their fair value as at the Gir villne 22 at the Bales Balance S Ehiest heet date u debe wing sing the the marke ket t velon value. Se The State Setonett ment of of Financial Activities includes the net gains and losses arising on revaluations throughout the year. Trisinection Transaction costs are expen sore ero sxgeuesd sed as 2 inrenred. incurred.
Page Page | I bE 12
Tl-IE WR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 3I MARCH 2024
1. ACCOUNTING POLICIES- continued
Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees arc required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from 1 other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from 1 these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no critical accounting estimates or judgements in these accounts.
2. DONATIONS AND LEGACIES
| 31.3.24 | 31.3.23 | |||
|---|---|---|---|---|
| £ | £ | |||
| W.R. Limited-Donation | 21.200 | 5,738 | ||
| 21,200 | 5,738 | |||
| 3. | INVESTMENTINCOME | |||
| 31.3.24 | 31.3.23 | |||
| .£ | £ | |||
| Dividendsreceivable | 6,576 o.54w a |
|||
| 4. | RAISINGFUNDS | |||
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Supportcosts | 9 8 eee |
|||
| Supportcostscomprisebank chargesincurredintheyear. | ||||
| 5. | CHARITABLE ACTIVITIES COSTS | |||
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Donations | 33,980 | 19,405 | ||
| Governance costs | 7,398 | 5,859 | ||
| ——EEE— | 41,378 | 25,264 |
3.
Page I 1 3
THE WR FOUNDATION
NOTES TO TI-IE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 3 I MARCH 2024
5. CHARITABLE ACTIVITIES COSTS - continued
Donations in the year comprise:
| Donations in the year comprise:comprise:mprise:se: | |
|---|---|
| £ | |
| The Bradbury Centre | 1,000 |
| UK for UNHCRLibyaFloods Emergency Appeal | 8,000 |
| Liverpool 6 Community Association | 2,000 |
| The British Red Cross | 8.000 |
| Uk for UNHCR Aid in Marrakesh | 8,000 |
| N. A. Sutton Williams | 4,980 |
| The AlzheimersSociety | 2,000 |
| 33,980 | |
| ee | |
| Donations inthe prior yearcomprised: | 31.03.23 |
| £ | |
| International Rescue CommitteerePakistan Floods appeal | 6,000 |
| TheBohemians Theatre Company | 2,405 |
| Life inTheatreProductions | 3,000 |
| InternationalRescueCommittee reSyria-TurkeyEarthquake appeal | 8.000 |
| I 9,405 |
6. INDEPENDENT EXAMINER'S REMUNERATION
| 31.3 24 | 31.3.23 | ||
|---|---|---|---|
| £ | £ | ||
| Independent | Independentexaminer's fe | 1,140 ESO |
ESO |
7. TRUSTEES' REMUNERATION AND BENEFITS
The administration and accountancy of the trust is carried out by Malthouse & Company Limited, a firm of Chartered Accountants of which John Malthouse, a trustee, is a director. In respect of these services, professional f s amounting to £6,258 were charged during the year under review (2023: £5,859). This is authorised by clause I3a of the charitable trust deed. No other remuneration or expenses were paid to any trustee. Creditors include £3,440 due to Malthouse & Company Limited at the year end.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Page I 14
THE WR FOUNDATION
NOTES TO THE FfNANCIAL STATEMENTS - continued FOR THE YEAR ENDED 3I MARCH 2024
| 8. | EMPLOYEES | |||
|---|---|---|---|---|
| There were noemployeesduring the year(2023: None). | ||||
| 9. | NET GAIN(LOSSES) ONINVESTMENTS | |||
| 31.3.24 | 31.3 23 | |||
| £ | £ | |||
| Revaluationofinvestments ———— |
14,567 aaa SE |
(18,144) LSS |
||
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | ||||
| funds | ||||
| £ | ||||
| INCOME AND ENDOWMENTSFROM | ||||
| Donations and legacies | 5,738 | |||
| Investment income | 6,588 | |||
| Total | 12,326 | |||
| EXPENDITURE ON | ||||
| Raising funds | 8 | |||
| Charitableactivities | ||||
| CharitableActivities | ||||
| 25,264 | ||||
| Total | 25,272 | |||
| Net gains/(losses) on investments | (18,144) | |||
| NETINCOME/(EXPENDITURE) | (31,090) | |||
| RECONCILIATION OF FUNDS | ||||
| Totalfundsbrought forward | 254,996 |
P a g e / 1 5
Tl-IE WR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 3 I MARCH 2024
| 10. | COMPARATIVESFOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued | COMPARATIVESFOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued | COMPARATIVESFOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued | - continued |
|---|---|---|---|---|
| Unrestricted | ||||
| funds | ||||
| £ | ||||
| TOTAL FUNDS CARRIED FORWARD | 223,906 —— SS |
|||
| I. | FIXED ASSETINVESTMENTS | |||
| Listed | ||||
| investments | ||||
| £ | ||||
| MARKET VALUE | ||||
| At IApril 2023 | 208,388 | |||
| Revaluations | 14,567 | |||
| At 3 I March2024 | 222,955 | |||
| NET BOOK VALUE | ||||
| A t 3 1March2024 | 222,955 ————— |
|||
| At 3IMarch 2023 | ||||
| There werenoinvestmentassets outside the UK. | ||||
| Cost or valuation at 3 1March2024 isrepresented by: | Listed | |||
| investments | ||||
| £ | ||||
| Valuation in2018 | (10,275) | |||
| Valuation in 2019 | 5,346 | |||
| Valuationin2020 | (20,360) | |||
| Valuationin2021 | 42,755 | |||
| Valuation in2022 | 9,066 | |||
| Valuationin2023 | (18,144) | |||
| Valuation in 2024 | 14,567 | |||
| Cost | 200,000 | |||
| 222,955 | ||||
| 12. | DEBTORS: AMOUNTS FALLINGDUE WITHIN ONE YEAR | |||
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Prepayments and accruedincome | 1,815 1,742 ee i UES |
Page I 1 6
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 3 I MARCH 2024
THE WR FOUNDATION
| 13. | CREDITORS: AMOUNTSFALLING DUEWITHIN ONEYEAR | CREDITORS: AMOUNTSFALLING DUEWITHIN ONEYEAR | ||
|---|---|---|---|---|
| 31.3 24 | 31.3.23 | |||
| £ | £ | |||
| Othercreditors | 4,580 | 2,102 | ||
| el | SS | |||
| 14. | FINANCIAL INSTRUMENTS | |||
| 3 1.3.24 | 3 1.3.23 | |||
| £ | £ | |||
| Carryingamountsoffinancialassets | ||||
| Debt instrumentsmeasuredatamortisedcost | 6,487 | 15,878 | ||
| Equity instrumentsmeasuredatfairvaluethroughtheSoFA | 222,955 — i om |
208,388 ——e |
||
| Carrying amounts of financial liabilities | ||||
| Measured at amortisedcost | 4,580 | 2,102 | ||
| 15. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At1.4.23 | in funds | 3 1.3.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 15,518 | (13,611) | 1,907 | |
| Fixed AssetInvestments | 208,388 | 14,567 | 222,955 | |
| 223,906 | 956 | 224,862 | ||
| TOTAL FUNDS | 223,906 =a |
956 ——— |
224,862 eee |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 27,776 | (41,387) | (13,6 1 1 | |
| Fixed AssetInvestments | 14,567 | 14,567 | ||
| 27,776 | (41,387) | 14,567 | 956 | |
| TOTALFUNDS | 27,776 Faia |
(41,387) —_—— |
14,567 ————— |
956 se |
Page I 1 7
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 3 I MARCH 2024
THE WR FOUNDATION
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At1.4.22 | in funds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Generalfund FixedAssetInvestments |
28,464 226,532 |
( I 2,946) (18,144) |
15,518 208,388 |
| 254,996 | (31,090) | 223,906 | |
| TOTAL FUNDS | 254,996 Ee |
(3I,090) os |
223,906 ————— |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gainsand | Movement | |
|---|---|---|---|---|
| resources | expended | losses | infunds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 12,326 | (25,272) | = | (12,946) |
| Fixed AssetInvestments | —— | — | (18,144) —_— |
(18,144) — |
| 12,326 | (25,272) | (18,144) | (31090) | |
| TOTAL FUNDS | 12,326 —————— |
(25,272) ———— |
(18,144) SSS |
(31,090) —aaaes |
A current year 12 months and prior year I2 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund Fixed Asset Investments |
28,464 226,532 |
(26,557) (3,577) |
1,907 22 ,955 |
| 254,996 | (30,134) | 224,862 | |
| TOTAL FUNDS | 254,996 — |
(30,134) a |
224,862 ——— |
Page I 1 8
NOTES TO Tl-IE FINANCIAL STATEMENTS - continued FOR Tl-IE YEAR ENDED 31 MARCI-I 2024
THE WR FOUNDATION
15. MOVEMENT IN FUNDS - continued
A current year I 2 months and prior year 12 months combined net movement in funds, included in the above arc as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | infunds | |
| £ | £ | £ | £ | |
| Unrestrictedfunds | ||||
| General fund | 40,102 | (66,659) | (26,557) | |
| Fixed AssetInvestments | (3,577) | (3,577) | ||
| 40,102 | (66,659) | (3,577) | (30,134) | |
| TOTAL FUNDS | 40,102 =e |
(66,659) == |
(3,577) ——— |
(30,134) — |
The General Fund exists to provide . charitable contributions to various organisations and individuals at the trustees' discretion. Funds are replenished as and when required. Total unrestricted funds include a gain for the year of £14,567 attributable to the revaluation of fixed asset investments to their fair value at the year-end as detailed in note I H .
16. RELATED PARTY DISCLOSURES
Voluntary income includes £21,200 (2023: £5,738) received from W.R. Limited, a company of which two of the Charity's Trustees, Willy Russell and Anne Russell arc directors.
17. POST BALANCE SHEET EVENTS
In May 2024, the Trustees made the decision to liquidate the fixed asset investments. The proceeds were received into the charity bank account post year end.
I8. OPERATING LEASES
During the year there were no operating leases (2023: none).
Page I 1 9
THE WR FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 3I MARCH 2024
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| INCOME ANDENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 21,200 | 5,738 |
| Investment income | ||
| Dividends receivable | 6,576 | 6,588 |
| Total incoming resources | 27,776 | 12,326 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations | 33,980 | 19,405 |
| Support costs | ||
| Finance | ||
| Bank charges | 9 | 8 |
| Governancecosts | ||
| Independent ExaminationFee | 1,140 | |
| Accountancy and legal fe s | 6,258 | 5,859 |
| 7,398 | 5,859 | |
| Total resources expended | 41,387 25.272 —— |
|
| Netexpenditurebefore gains and losses | ( 1 3 , 61 1 ) | (12,946) |
| Realised recognisedgains and losses | ||
| Realisedgains/(losses) on fixed asset | ||
| investments | 14,567 | (18,144) |
| Net income/(expenditure) | 956 (3 I,090) Ee |
Page I 20