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2020-08-31-accounts

The William Wates Memorial Trust

Report and Financial Statements Year Ended

31 August 2020

Charity No: 1011213

Page 1

The William Wates Memorial Trust

Report and Financial Statements for the year ended 31 August 2020

Contents Pages
Legal and Administrative information 2
Trustees’ Report 3-7
Independent Examiner’s Report 8
Consolidated Statement of Financial Activities 9
Consolidated Balance Sheet 10
Charity Balance Sheet 11
Consolidated Statement of Cash Flows 12
Notes to the accounts 13-21

Page 2

The William Wates Memorial Trust

Legal and Administrative information

Name and registered number The charity is known as The William Wates Memorial Trust
of charity and its registered number is 1011213.
Status The charity was established by a Charitable
Trust Deed dated 2 April 1992. Its objects
are described in the Managing Trustees’ Report
on pages 3 to 7.
Principal address Wates House
Station Approach
Leatherhead
Surrey
KT22 7SW
Trustees Andrew Wates (Chairman)
Sarah Wates
Timothy Wates
Jonathan Wates
Richard Wates
Monty Wates
Susan Laing
Bankers Weatherbys Private Bank
London Office
22 Sackville Street
London
W1S 3DN
Investment Managers Smith & Williamson Investment Management LLP
25 Moorgate
London
EC2R 6AY
Solicitors Boodle Hatfield
6 Worcester Street
Oxford
OX1 2BX
Independent examiner Susan Kumar ACA
Holden Granat LLP Chartered Accountants
Springfield House
23 Oatlands Drive
Weybridge
Surrey
KT13 9LZ

Page 3

The William Wates Memorial Trust

Report of the Managing Trustees for the year ended 31 August 2020

The Managing Trustees present their report for the year ended 31 August 2020.

Objects

Under the terms of the Trust Deed, the objects of the charity are to pay or apply the income (and as much of the capital of the Trust Fund as they think fit,) as the Trustees may in their uncontrolled discretion determine, for such charitable purposes as they in their discretion from time to time determine.

The charity keeps alive the memory of William Wates (1977–1996) who was tragically killed when travelling in Central America. Its main aim is to enable disadvantaged young people to fulfil their potential.

In order to achieve that, the Trustees seek to target initiatives related to sport, art and education for young people, which can create an entry point for wider engagement and development. The Trustees also wish to support charities that train the trainer so that a ‘ripple effect’ of positive change can happen beyond the grant made.

In pursuit of the above objects, and in order to raise the great majority of the charity’s funds, WWMT has created a trading arm (Tour de Force Cycling Ltd), which organises the annual ‘Le Loop’ cycling event. This event allows amateur cyclists with a broad range of experience and ability to cycle part, or in some cases all, of the route of the Tour de France in the current year. The event is also used to introduce the riders directly to some of the beneficiary charities. Opportunities are taken for young people being supported by the charity to take part in the event itself.

The charity supports and underwrites the organisational and some of the running costs of Le Loop on an annual basis, with rider’s direct costs, transport, accommodation, food etc being paid by the participants. Riders undertake to raise amounts of charitable donations related to the level of their participation in the event. All funds raised are paid directly to WWMT.

A more detailed review of the operation of the event is discussed in the following report.

Governance

The Trust was established by Mr ATA Wates on 2 April 1992 and was registered as a charity under Section 4 of the Charities Act 1960. The Trust was then known as the Henfold Trust. The Trustees changed its name to the William Wates Memorial Trust on 21 November 1997.

The power to appoint new or additional Trustees vests in the settlor during his lifetime.

Objectives and Activities

To keep alive the memory of William Wates, the Trustees’ objectives are:

To encourage disadvantaged and vulnerable young people away from anti-social behaviour and criminal activity, enabling them to fulfil their potential.

Eligibility guidelines

Page 4

The William Wates Memorial Trust

Report of the Managing Trustees for the year ended 31 August 2020 (continued)

Additional guidelines that will be looked upon favorably

The activities of the Charity included:

Page 5

The William Wates Memorial Trust

Report of the Managing Trustees for the year ended 31 August 2020 (continued)

The Trustees aim to continue supporting the best charities that meet their criteria. The Trustees continue to champion particular charities personally, and to visit each charity at least once, before any grants are approved, in addition to other appropriate due diligence. The Trustees produce a periodic newsletter reporting the progress on each charity that the Trust supports. The newsletter is being distributed via email and hardcopy to interested parties.

The prudent reserve position, created as a result of the success of Le Loop over a number of years, enabled the Trustees to continue to support previous commitments including some larger projects with the scope for even greater impact. It also provided the capacity to continue to support charities, meeting the purposes of the Trust in the current difficult circumstances.

Recruitment and Training of Trustees

The Trustees have identified training and development as a key area within the Trust's strategic planning. This is to ensure that members of the Wates Family associated with the work of the charity have the relevant skills, competences, knowledge and understanding needed to deliver the Trust's mission effectively, sustaining and improving the overall performance of the Trust and its grant making.

Trustees gain experience as members of the Trust's Grant Committee and through involvement in a range of other charitable initiatives. They take an active role in the grant assessment process and related due diligence and other visits, as well as a programme of visits to relevant organisations and institutions. Where relevant, Trustees will also undertake formal training conducted by bodies such as the Association of Charitable Foundations.

Risk Management

The Trustees consider that despite the challenges related to Le Loop fundraising discussed above, they hold adequate funds to meet current liabilities. The Trustees have identified and examined the major risks to which the charity is exposed and have established procedures for taking all reasonable steps to lessen or mitigate them. The Trustees review these risk management procedures annually.

Reserves Policy

It is the policy of the Trustees to maintain unrestricted funds, which are the free reserves of the charity, to meet approved but uncommitted grants to qualifying charities, with a minimum of at least one year’s total anticipated Grants. As discussed above, the current level of reserves also enables WWMT to have the confidence to continue to support its strategy of committing to more major initiatives, sometimes over a multi-year grant period. Free reserves are currently £668,723 (2019: £842,528).

Public Benefit

The principles of public benefit, as defined by the Charity Commission, have been noted by Trustees. The Trustees confirm having given regard to the Charity Commission’s guidance and state their belief that the Trust provides identifiable benefits to a section of the public.

Page 6

The William Wates Memorial Trust

Report of the Managing Trustees for the year ended 31 August 2020 (continued)

Investments

The Trust’s investments are predominately in UK listed securities on which the Trustees have taken the advice of their Investment Managers. An unquoted investment is held, and further details are given in note 10. Investment policies and performances are reviewed at meetings by the Trustees.

Financial review

The consolidated accounts include the combined results of the Trust and its wholly owned subsidiary Tour de Force Cycling Limited. As described above, Tour de Force Cycling Limited carries out fundraising activities on behalf of the Trust and as such it is not intended to make a profit. Any surplus created is transferred to WWMT.

Donation, fundraising and investment income for the 2019/2020 year were £352,002 (2019: £764,585).

Donations of £296,200 (2019: £180,315) were committed during the year. (see note 7 of the accounts). Grants actually paid out during the financial year were £398,238, (2019 £269,331)

It is the policy of the charity to support projects over longer periods where appropriate. Performance of all the recipients is closely monitored and subsequent year grants are subject to acceptable performance. In principle, support for continuing initiatives as at 31 August was £230,169 (2019: £332,207).

At 31 August 2020 the unrestricted reserves of the Trust and its subsidiary amounted to £668,723 (2019: £842,528). This position was helped by a strong performance of the charity’s invested reserves, which has also contributed to its ability to continue to fund grants long term despite the cancellation of Le Loop in 2020.

The Balance Sheet date coincides with the end of the fundraising through the Tour de Force therefore representing a high point in resources each year. Typically, there are three Grants Committee meetings each year, and the first of these in September 2019

During the year ended 31[st] August 2020, WWMT received total donations of £154,392, of which £131,627 related to fund raising efforts of Le Loop riders.

Participant income of £256,585 was received by Tour De Force Cycling Ltd in respect of the 2020 year. These receipts covered the direct costs incurred by the company in respect of the cancelled event and the administrative costs of preparing the event over the previous year.

Tour de Force cycling Ltd was also able to repay the contribution previously made by WWMT in respect of the budgeted costs for the event. This has helped to ensure the charity and the company are in a good position to renew the event in the current year.

In the unprecedented context of the last year, the Trustees are happy with the overall financial performance of the charity which has minimised the impact of cancellation, and enabled WWMT to maintain adequate reserves from which the charity can continue to fund its objectives.

The Wllll•m Wates IAtrnthal Trust P) Repryt d the klana8lniTrust••5 f(f the ye¥ ended 31 August 2020 Ic(mtlnued ststement of trustees. reSp￿SIbIlItIeS The Tn￿ are re9￿X￿￿te for wepathi the Anr•Jal Rermxt ol the Trustees •r#J the fthaiKSal ststements w) accordance with apwubie law and iknfted Kkngikn) Acc(Amlkn8 Standard5 {lknlted Kkn8thJm Generally Accepted ACc￿n￿9 Practkel. The law aFpikabie tr) char1tr5 kn tngland & Wale5 relwtres the Tnjstees kn rryare fknandal 51atements for eath f￿andal ￿ar whkth 8fve a true and latr of the strte of affatrs ol the chartty an¢J the qroup and of the resources and aFpltakn of resowces of ts ttwrlty •nd Ihe group for that year. In yepathi fknand)151atwnents, the Trt￿treS are re(Bthed th: select suttable accoLmth8 tdtles and then affAy them c¢m$bt￿dy. observe the method5 and kn the Ch)rlts SORP; make lud8menL% and JCCW71biq esiknares thai are reascrnbie and ryu￿¢ whether a￿￿￿aL￿e accounlkng slarKlard5 have been followed. gthJect ts any m4tMlal depaftyre5 dtsdosed and exFlakned kn the fvwnd)1 strtwnents; prepare the fknandal #Atements ty) the 80kn8 ¢c￿eM basL4 It ts to we5ume that the tharlty and 8rw w1 ¢￿ts)ue kn tw¥￿55. The Trystees are reS￿￿s￿le lor keepw reoyds dwose wlth reasonable accuracy ai any tkn)e the fknancial posithjn of the dwlty and the gr(w and enable them to enwre that Ihe fknandal statenTrents c￿pIY with the Charth5 Art 2011, the Charths IAcctyJnts and Reiyjrtsl Requlakns 2fy)8 and the of the trust deed. It Is also respmsbie fcf saleKuardkn8 the assets of the chartty and the groLV and hen￿ lor rea%xwble step5 lor we¥enikn and detethon of fraud and other iregularitRs. by the E4Mrd ol Tnjstees of The VIKllam Wates Ilmor*l Trust and 5tyned on Its behalf Andrew Wates ITnthj Date:

Page 8

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WILLIAM WATES MEMORIAL TRUST

I report to the trustees on my examination of the accounts of The William Wates Memorial Trust for the year ended 31 August 2020, which comprise the Statement of Financial Activities, the Balance Sheet/the Statement of Financial Position, the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies.

Respective responsibilities of trustees and examiner and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the 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.

Susan Kumar ACA Member of the Institute of Chartered Accountants in England and Wales Holden Granat LLP Chartered Accountants Springfield House 23 Oatlands Drive Weybridge KT13 9LZ

Date: 11 May 2021

Page 9

The William Wates Memorial Trust

Consolidated Statement of Financial Activities for the year ended 31 August 2020

Notes
Income
Donations received
Activities for generating funds
4
Investment income
6
Total income
Expenditure
Charitable activities
2
Costs of raising funds
3
Total expenditure
Net expenditure before
gains/(losses) on investments
Gains on revaluation of investments
9
Net movement in funds
Reconciliation of funds
Total funds brought forward at 1 September 2019
Total funds carried forward at 31 August 2020		 2020
£
154,392
188,085
9,525

352,002

350,580
165,922

516,502

(164,500)
(4,305)

(168,805)
842,528

£673,723
 2019
£
395,671
363,399
5,515

764,585

186,765
474,838

661,603

102,982
142,366

245,348
597,180

842,528

During both financial years funds consisted entirely of unrestricted funds.

All operations are classed as continuing.

e10 The Wllllam Wates Ilem¢rlal Trust Cmsolld•ted Balance Sheet at 31 Auiust 2020 2020 2019 Noles Flxed Assets Tangble flxed assets Quoted investrnents Unquoted knvestjnents 440 859,686 18,030 528.444 12.OCKJ 10 Current A55ets Debtor5 and W￿￿nents Cath al bank and w) hand 5,113 414,871 20,527 335.243 12 Llabllltl•s Crethtors: Arn￿nts falllry ts wtthkn one year Grants payable Other credltor5 13 14 189,969 56,536 237,567 59,191 Net current assets 173,479 59,012 Total assets lèss curr•nt li•bllttl•s Credltors.. Amounts fallknq kn alter more than one Grants payable N•t 155•ts 13 40.2(M) Represented by: strlcted T￿￿t Fund 16 £673.n3 £842,528 Approbtd by the Tru5 Andrew Tknothy Wjles Date

Pa e 11 The Wllllam Wates Alenwxlal Trust Charlty Balance Sheetat 31 A￿uSt 2020 2020 2019 Notes Flxed Assets Tangible f r<ed assets Qutsted inbtstments Unquoted Inve5trnents 528,444 22,L 859,686 28,030 10 Current Assets Debrors and wepasTrents Cash at bank and kn hand 67.275 291,011 14.585 318,502 12 Llabllltles Credltors: Amounts (allkng kn whhtrt one year Grants pay0t￿e Other uethtws 13 14 189,969 4.83B 237,567 46,782 Net current w•ts 163,478 49,012 Total ass•ts l•ss curr•nt Ilabllltl•s Credltors: Amounts lallhw *kn after more than one Jtar Grants payable Net assets 45.2 94,640 Repr•wnt•d by: Unre5tr1cted TrL4t Fund 16 £668,723 £842.528 Apwoved by the Trustees Andrew Tthnothy Wale5 Date

Page 12

The William Wates Memorial Trust

Consolidated Statement of Cash Flows for the year ended 31 August 2020

2020
Notes
£
Net cash used in operating activities
A
(247,309)

Investing activities
Additions to investments
(168,160)
Proceeds on disposal of investments
495,097

Net cash generated from / (used in) investing activities
326,937

Net increase / (decrease) in cash and cash equivalents
79,628
Cash and cash equivalents at beginning of the year
335,243


Cash and cash equivalents at end of year
£414,871

A. Reconciliation of net expenditure to net cash flow from operating activities
Net movement in funds
(168,805)
Depreciation charge
440
Impairment Charge
6,030
Change in debtors
15,414
Change in creditors
(104,693)
Gains on investments
4,305

Net cash used in operating activities
(247,309)
 2019
£
52,213

(710,537)
411,803

(298,734)

(246,521)
581,764

£335,243

245,348
1,320
25,480
(2,492)
(75,077)
(142,366)

52,213

Page 13

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020

1. Accounting Policies

1.1 General information

William Wates Memorial Trust is a charity registered in England and Wales under registration number 1011213. It is governed by its trust deed and has its registered office address at Wates House, Station Approach, Leatherhead, Surrey, KT22 7SW.

1.2 Basis of Accounting

The financial statements have been prepared in accordance with applicable United Kingdom Generally Accepted Accounting Practice including FRS 102 “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (revised 1 January 2019) – (Charities SORP – FRS 102).

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The charity meets the FRS 102 definition of a public benefit entity (PBE).

1.3 Investments

Listed investments are stated at market value, based on the closing middle market price on the Balance Sheet date. Unlisted investments are stated at cost less provision for impairment. Movements are shown in Notes 9 and 10.

Differences between the market value of investments at the end of the year and the carrying value are recognised as unrealised gains or losses in the SOFA. Gains or losses on investments that are disposed of during the year are accounted for as realised gains or losses in the SOFA.

1.4 Income recognition

All incoming resources are included in the SOFA when the Trust is legally entitled to the income and the amount can be quantified with reasonable accuracy. Tax effective funds from donors and voluntary income are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt. All other incoming resources are accounted for on an accruals basis.

1.5 Expenditure recognition

Expenditure is recognised in the SOFA when a liability is incurred. Grants payable are recognised when the Trust approves the payment of a grant and communicates the terms of the award to the recipients. The provision for a multi-year grant is recognised when there are no unfulfilled performance conditions under the control of the Trust that would permit it to avoid making the future payments, and settlement is probable.

Page 14

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

Expenditure recognition - continued

Costs of raising funds relate to expenditure on fundraising activities which include all the activities of the subsidiary company. Charitable activities consist of grants committed and support costs of the Trust. Governance costs, which relate to the preparation and Independent Examination of the financial statements, have been allocated to charitable activities.

1.6 Funds

All funds are unrestricted.

1.7 Consolidated accounts

The financial statements consolidate the accounts of The William Wates Memorial Trust and its subsidiary undertaking.

1.8 Taxation

As a charity, the Trust is exempt under current legislation from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

1.9 Tangible fixed assets

Depreciation is calculated to write down the cost less residual value of fixed assets by equal annual instalments over their expected useful economic lives. The rates applicable are: Computer software - On a straight-line basis over five years

2. Analysis of charitable expenditure

2020
Notes
£
Grants payable
7
296,200
Other Donations
50,000
Support costs - governance
5
4,380
£350,580
Analysis of costs of raising funds
2020
Notes
£
Accommodation & food
45,360
Travel costs
15,259
Wages of fundraising staff
-
Other event costs
8,310
Total costs of events
4
68,929
Investment management fees
8,720
Support costs
5
88,273
£165,922		 2019
£
180,315
-
6,450

£186,765

2019
£
173,764
54,381
58,013
20,461

306,619
8,370
159,849

£474,838
_

3. Analysis of costs of raising funds

Page 15

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

4. Activities for raising funds: fundraising costs

Tour de Force (TdF) incurs costs in respect of accommodation, travel etc. which are passed on to the participants in the event, and are reimbursed directly to TdF. The company is not expected to make a profit or a loss on its trading activities.

  1. Support costs
Governance Costs - Independent examiner’s remuneration
Governance Costs – Accountancy services
Support costs – charitable activities (note 2)
Event Organiser costs
Postage and communication
Advertising and promotion
Finance costs and bank charges
Insurance
Hotel, travel and motor costs
Depreciation
Impairment of Investment – Gambado
Support costs – raising funds (note 3)		 2020
£
4,380
-
£4,380
63,535
5,301
3,975
3,640
4,283
1,069
440
6,030
£88,273		 2019
£
4,500
1,950
£6,450
103,450
7,065
7,431
8,686
5,357
1,060
1,320
25,480
£159,849

The Group has no employees (2019: none)

No trustees’ remuneration was paid during the year (2019: £nil).

Details of trustees’ expenses are given in note 17.

6. Investment income
Dividends
Interest receivable:
Stockbrokers
Bank deposit
Total investment income		 £
37
-		 2020
£
9,488
37
£9,525		 £
188
-		 2019
£
5,327
188
£5,515

Page 16

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

7. Charitable expenditure – grants payable
2020
£
Grants supporting young people;
Abram Wilson Foundation
35,000
Ahoy Centre
-
BIRD
-
BoxnSkills
-
Community Foundation Surrey
50,000
Palace for Life Foundation
-
Envision -
-
GRIT Breakthrough
5,000
Hackney Quest
30,000
Hackney Intercity
1,000
Interlinkx ICIC
-
Islington Boat Club
-
Key4Life
-
Livewire Youth Theatre
5,000
Manchester Youth Zone
1,000
Motiv8 South Ltd
5,000
Oarsome Chance
27,100
Our Time
27,600
Pilton Youth & Children’s Project
-
Ride High
-
Rubies
1,000
School Ground Sounds
19,500
Sports Dans La Ville
5,000
Springboard for Children
12,000
SIH Equine Therapy – Strength in horses
10,000
Suited for Success
2,000
Tykes
-
Youth Adventure Trust
60,000
___
Total charitable grants payable to institutions
296,200
Grants Rescinded/Cancelled
-
£296,200
Grants made can be categorised as follows:
Supporting young people:
2020
£
Mentoring
123,600
Sports
7,000
Arts
59,500
Personal Development
94,100
Educational Support
12,000
£296,200		 2019
£
-
-
2,500
500
-
30,000
120,000
-
-
27,000
20,000
45,000
-
-
-
-
-
19,000
6,300
-
-
5,000
-
-
-
2,000
-
_
247,300
(66,985)

£180,315
_
2019
£
64,000
8,500
2,500
105,315
-
£180,315




Page 17

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

8. Tangible fixed assets

Charity and group
Cost
1 September 2019
Additions
31 August 2020
Depreciation
1 September 2019
Charge for year
31 August 2020
Net book value
31 August 2020
31 August 2019
nvestments – Quoted Investments
Charity and group
Market value at 1 September 2019
Acquisitions at cost
Sale proceeds from disposals
Gain in the year – realised
Gain/(loss) in the year – unrealised
Market value at 31 August 2020		 Computer software
£
6,600
-
_
6,600
_
6,160
440
_
6,600
_
-
_
440
_
2020
£
2019
£
859,686
418,586
168,160
710,537
(495,097)
(411,803)
9,525
5,515
(13,830)
136,851
(4,305)
142,366
£528,444
£859,686

9. Investments – Quoted Investments

__

Page 18

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

Investments are geographically split as follows:
UK investments
Non-UK investments
10.Investments – UK Unquoted Investments
Unquoted investments
a) Tour de Force Cycling Limited
10,000 Ordinary shares of £1 each
b) Gambado Limited
Cost brought forward at 1 September 2019
Impairment in the year
Costs carried forward at 31 August 2020
Total unquoted investments held		 179,216
349,228
£528,444
Group
2019
£
-
-
43,510
(25,480)
£18,030
£18,030		 247,661
612,025

£859,686
_
Charity
2020
£
-		 2020
£
10,000

2019
£
10,000
- £10,000 £10,000
18,030
(6,030)		 18,030
(6,030)
43,510
(25,480)
£12,000 £12,000 £18,030
£12,000 £22,000 £28,030

The impairment during the year is based on current information and market conditions available to the Trustees

11. Debtors and prepayments

Debtors and prepayments

Accrued income
Income tax repayment
Prepayments and other debtors		 Group
2020
2019
£
£
231
10,435
4,423
4,423
459
5,669
£5,113
£20,527
 Charity
2020
2019
£
£
231
10,435
4,423
4,423
62,621
-
£67,275
£14,858

Page 19

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

13.
Grants payable
Charity and group
Reconciliation of grants payable:
Commitments brought forward
Commitments made during the year (note 7)
Grants paid during the year
Commitments at 31 August 2020
Payable within one year
Payable beyond one year
12.Cash held
Group
2020
2019
£
£
Smith &
Williamson
- Cash
account
18,765
41,024
Weatherbys
- Current
Account
282
414
- Tour de
Force
271,964
277,064
Co-op
-Tour de
Force
123,845
16,726
Petty cash
15
15
£414,871
£335,243		 Charity
2020
2019
£
£
18,765
41,024
282
414
271,964
277,064
-
-
-
-
£291,011
£318,502
2020
2019
£
£
332,207
421,223
296,200
180,315
628,407
601,538
(398,238)
(269,331)
£230,169
£332,207
189,969
237,567
40,200
94,640

£230,169
£332,207

Page 20

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

14. Other creditors

Tour de Force contributions
Deferred income
Independent Examination & accountancy
costs:
- William Wates Memorial Trust
- Tour de Force Cycling Limited
Investment management fees
Other creditors		 Group
2020
2019
£
£
-
-
-
46,785
4,488
4,500
-
2,000
350
350
51,698
5,556
£56,536
£59,191		 Charity
2020
2019
£
£
-
41,932
-
-
4,488
4,500
-
-
350
350
-
-
£4,838
£46,782

15. Subsidiary undertaking

The charity holds a 100% owned subsidiary company, Tour de Force Cycling Limited, company number 07834337, which organises and manages fundraising events which generate donations for the charity. The aggregate amounts of the subsidiary’s assets, liabilities and funds at the year-end are:

2020
£
Current assets
124,319
Current liabilities
(114,319)
Aggregate share capital and shareholders’ funds
10,000
2019
£
64,341
(54,341)

10,000

The following is a summary of the turnover and expenditure of the subsidiary for the year:

Turnover
Cost of sales
Other operating income
Administration expenses
Interest receivable
Profit for the year
16.
Unrestricted trust fund
Charity and group
Balance brought forward at 1 September 2019
Net incoming resources for the year ended 31 August 2020
Balance carried forward at 31 August 2020		 2020
£
188,085
(62,985)
(44,555)
(80,545)
-
-

 2019
£
363,399
(301,816)
69,116
(130,699)
-

-

£
842,528
(168,805)

£673,723

Page 21

The William Wates Memorial Trust

Notes to the accounts for the year ended 31 August 2020 (continued)

17. Related party transactions

The charity and Group have an unquoted investment in Gambado Limited, a company incorporated in Great Britain. The investment is 0.58% (2019: 0.58%) of the share capital of that company. A number of the board of Trustees are directors and they and their related family trusts, family members and company have a shareholding of 46.16% (2019: 46.16%).

During the year ended 31[st] August 2020, the Trustees made grants totalling £50,000 (2019 NIL) to the Charities Aid Foundation, to an account held there by Andrew Wates. These funds were passed on, in smaller sums to a number of charitable organisations in line with the Trust’s objectives.