The Wllllam Wates Memorlal Trust Consolldated Report and Audited Financlal Statements Year Ended 31 August 2024 Charit No: 1011213
The Wllllam Wates Memorial Trust Pa Consolldated Report and Audlted Flnanclal Statements for the year ended 3 1 August 2024 Contents Pages Legal and Administrative 7nfomiati( Trustee5' Report Independent Auditors. Report Consolidated Statement of Financial Activlries 12 Consolldated Balance Sheet 13 Charity Balance Sheet 14 Consolldated Statement of Cash Flows Notes to the Financial Statement5 16.25
The William Wates Memorlal Trust Legal and Admlnlstratlve Information Name and registered number of charity The charity is known as The William Wates morial Trust 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 Trustee5' Report on page5 3 to 8. Prlncipal addre55 Wates House Station Approach Leatherhead Surrey 22 75W Trustees Andrew Wates {Chairman Sarah Wates Timothy Wates Jonathan Wates Richard Wate5 Ikinty Wates Hayden Bailey Bankers Weatherbys Private Bank London Office 22 Sackvllle Street London W1S 3DN Investment Alana8ef S Evelyn Partners Onslow House On51ow Street Guildford Surrey GU14TL Sollcltors Boodle Hatfleld 6 Worcester Street Oxford OXI 2BX Independent Audltors Town & Forest Chartered AccoLJntant5 & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA Senlor Statutory Audltor Zara Dunster FCA
The Willlam Wates Memorial Trust Report of the Managing Trustees for the year ended 31 August 2024 The nagIng Trustees present their report for the year ended 31 August 2024. Object5 Pa Under the term5 of the Trust Deed, the objects of the charity are to pay or apply the incorne land 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 detemiine. The charity keeps alTve the memory of William Wates (1977-19961 who was tragically killed when travelling in Central America. Its main aim is to enable disadvantaged young people to fulfil their potentTal. In order to achieve that, the Trustees seek to target initiatives related to sport, art and edatIOn for young people, which can create an entry point for wider engagement and development. The Trustees also wish to support charitie5 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 Limited I, which organises the 'Le Loop, cycling event. With the exception of dTsruption caused by COVID thi5 eVt is run annually and the most recent event is discussed in more detail l)elow. 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 basi5, Wlth rider's direct costs, transport. accommodation, food etc being paid by the participants. Riders undertake to raise amounts of charitable donation5 related to the level of their participation in the event. All funds raised are paid directly to WWMT. A more detailed revlew 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 Ljnder Section 4 of the Charities Act 1960. The Trust was then known as the Henfold Trust. The Trustee5 changed its name to the William Wates h*lemorial Trust on 21 November 1997. The power to appoint new or additional Trustees vests in the settlor during hls lifetime. Objectives and Activities To keep alive the memory of William Wate5, the Tru5tees' objective5 are: To encourage disadvantaged and vulnerable young people away from anti-soclal behavlour and crim7nal activity, enabling them to f ulfil thelr potential. Eligibility guidelines Projects should help the most disadvantaged 5-19 year olds Applications should clearly define what succe55 looks like and how it w?11 be measured
The Willlam Wates Memorlal Trust Report of the Managing Trustees for the year ended 31 Au8USt 2024 (contlnued) We primarily support projects in London and the South East. However, we will also consider projects nationally (that meet our guidelinesl that may be proposed by our Le Loop riders Organisations that raise funds f r(Mm grant makers of less than £5(Kl,C(Q preferably with no more than 60% from public service contracts or other c(Thmissioned work Organisations shId be registered charities or not lor prolit enterprises Additional guidelines that will be IoLed uwn favourably The Trustees prefer to support projects that continue to have impact after wr supwjrt has ended. Helping a young person get a coaching qualif ication is preferable to facilitating that same yOg person to play Itball once a week. The sustalnability of support for young pec)le: The Trustees particularly want to support projects that have a continuing impact on individuals long after specific Isometimes intensivel projects come to an end. This may be done in house or through connections with other l(Kal organisations. The activities of the Charlty included: Supporting the organlsatlon of the Le Loop cycling event as the principal fundraising initiative for the charity. The budget for this support is based on a request produced by Tour de Force Cycling Limited (trading a5 Le Loopi prepared for each rLmning of the event, reviewed by the companqs Board. and then presented for approval by the Trustees. Tour De Force Cycling Limited has Its own Board. chalred by Richard Wates and Including Andrew Wates, both of whom are Trustees of WWMT. The Board also has an independent Director, Duncan Straughen. With the assistance of the Executive Cornmittee. including Sarah Perry. Chlef Executive of Le Loop. the board monitors all aspects of the running of the event, including preparation of budget5 for approval, and report5 to the Trustees. The Tour de Force event has been run since 2012 on an annual basls. and desplte the unavoidable hiatus of recent years, it has become an established event. The success of the 2024 event. demonstrates the continuing huge levels of support and engagement from the riders. It also represented an enonnou5 effort on the part of the ole organ751ng team led by Sarah Perry and Kate Norris, who provided another very successful event which raised a total of £514,048 in the year. It is also important to recognise the contribution of those riders who having been so patient In their support of the event despite the disruptions and cancellation5 in recent years. The Trustees are delighted that they welcomed back the great majority of the riders In this year's event.
The Willlam Wates Memorial Trust Pa Report of the Alana8ln8 Trustees for the year ended 3 1 August 2024 Icontinuedl With the very successful fundraising as rnentioned previously, combined with a prudent reserve sition established in previous years. this enabled WWMT to confim its abllity to continue to fund all its committed qrant5 and projects, as well as considering new grants. It continues to work very closely with the front-line charities to see what additional ass1Stance cjId be offered during the continuing crisis, as many of th orqanisations have been among the hardest h?t. Over recent years. the Trustees decided to utilise some of the previously accumulated reserves of the Trust to maintain and in some cases increase levels of 5UPPOrt to charities and make new commitments, in order to help them address the ever-growing demand for the support they provide. We have now made grant5 of over £5 million. It is the Trust's usual practice to make multi-year grant awards to supported charities where that is appropriate. Going foTh¥ard, it is the Intenti to maintain reserves at a level which would enable the Trust to meet all its existing ccffimitment5 to multi year grant funding, even if there 15 another interruption to fundraising. In addition. the resetves will be held at a level to allow WWMT to support the necessary contribution to enable Le LP to take place when possible. The Trustees will review the level of resee$ each year in Ilght of the above. current fundralslng and commitments. They will seek 10 utilise funds available, above the required long.term level, to Increase commitments made to charities. As mentioned above. each year the direct Costs of runnlng the event are expected to be met by the contributions received from ridets in respect of their accomfflodation and other direct cost5. In 2024. this was achieved with the income Irom riders totalling £503,(KKJ 12023: £465,013) lully covering event costs of £468,092 12023.. C460.6261 and contributlng to the indirect cost5 of running the event. tring 2024 the Trustees financed C68.147 of ottror Tour de Force expense5 12023: £99,055}. This year £522,921 in dcmatlon income was raised for the Trust by rider5 afKI other supporters 12023.. £484.2291. There has been strong support for the Le Loop event In 2025. which will run from 27 June to 21" July 2025. The Grand Depart is in Lille and the finale is back in Parls. The established popularity of the event is shown by the fact that close to 180 rlder5 have slgned up for the event this year. The Trustees aim to ctinue supporting the best charities that Meet thelr criteria. The Trustees continue to champion particular charities personally, and to visit each charity at least once, before any grants are approved. in additi to other appropriate due diligence. The Trustee5 pr(Kluce a periodic nev*sletter reporting the progress on each charity that the Trust supports. The nebvsletter 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 TnJ5tees in the last financial year to not crf)ly c(J)tinue to support previous commitments inclLKJing some larger projects with the scope for even greater Tmpact but also provided the capacity to maintain a higher level of new grant making to support on Selted charities.
Pa The Wllliam Wates Memorial Trust Report of the Managing Trustees for the year ended 31 August 2024 (continued) Recruitrnent 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 associate(I with the work of the charity have the relevant skills. competences, knowledge and understanding needed to deliver the Trust's mi55ion effectively. sustaining and improving the overall performance of the Trust and its grant making. Trustees gain experience as members of the Tnjst s Grant Committee and through involvement in a range of other charitable initiatives. They take an active role in the grant assessment pr(xess and related due diligence and other visits, as y1[ as a programme of visits to relevant organisations and institut10n5. Where relevant, Trustees vrill also undertake formal training conducted by bodies such a5 the Associatir of Charitable Foundations. The Trustees also seek regular independent review of the Trust's grant making. Risk Managernent The Trustee5 consider that in light of the ongoing success of f undraising, despite the challenges related to Le Loop discussed above, they hold adequate funds to meet all current commitments and liabilitie5. The Trustees have identlfied 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. Reserrfes Policy It is the policy of the Trustees to maintain unrestricted funds. which are the free reseThes of the charity. to meet approved but uncommitted grant5 lo quality'ng 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 £348,362 12023: £435,547>. reflecting the Trustees decision to utilise a portion of current reserves to increase grants in the short term. Publlc Beneflt The principles of PLJblic benefTt. as defined by the Charity Commissi, have been noted by Twstees. The Trustee5 confirm having given regard to the Charity Commission'5 guidance and state their belief that the Trust provides identifiable benefits to a section of the publlc. Investrnents The Trust's investments are predominately in UK listed securities on which the Trustees have taken the advice of thelr Investment hlanagers. An unquoted investment Is held, and further details are given in note 10. Investment policies and performances are reviewed at meetings by the Trustee5.
The William Wates Alemorial Trust Report of the Managing Trustees for the year ended 31 August 2024 (continued) Flnancial 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 carrie5 Out f undraising activities on behalf of the Trust and as sh it is not intended to make a profit. Any surplus created is transferred to WWMT. Donation. fundraising and investment income for the year 202312024 Vre £1.036,839 {2023'. 1955,3991. Grants of 1566,378 12023: C479.1541 were cofflmitted during the year (see note 7 of the accounts). Grants actually paid out during the financial year were £510.859 12023- £382.3841, which evidences the charity's ongoing commitment to those it supports. 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 of 31 August 2024 was £452,358 12023: £396,839). At 31 August 2024 the unrestricted reserves of the Trust and its subsidiary amounted to £348,362 12023.. 1435,5471. This position reflects the higher leve15 of actual grants being paid in line with policy discussed above. The Balance Sheet date coincides vlith the end of the fundraising through the Tour de Force thefefore in normal years representing a high point in resources each year. TypTcally, there are two Grants Commlttee ffleetings each year, vlith the first of the new reporting year being in October 2024. During the year ended 31" August 2024, WWMT received total donations of £522,921. of which C514,048 related to fund raising efforts of Le Loop riders. In the unprecedented context of recent years. and continued strong fund raising. the Trustees are happy with the overall financial performance of the charity which has enabled WWMT to maintain adequate reserves f rom which the charity can continue to fund its objectives. Statement of trustees, responsibilities The Trustees are responsible for preparing the Annual Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom kcounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which glve a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charity and the group for that year. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent;
The Wllllam Wat•s A4•morlal Trust ReF of the Man4ln8 Trust••s for th• y••r ended 31 August 2024 Icontlnued) state thether appllcable acc¢xmtln8 standards have teen followed. subject to any materfal departures d15clos(yJ and explalncd In the flnanclal statLwts, preparp the flnanclal statements on the goin8 concem ba51s te$S It Is inappropriate to prne that the chatlty a1 8rwp wlll contlnue In lSOne$s. The Twstees are responslble for keeplng proper aCcOtIn8 reclS whlch dlsc1¢>5e vlith reasonable accuracy at any time the financial wsitlon ol the charfty and the group and enable them to (sure that the financial statements comply wlth the Chadtles Act 2011, the CFkirttles (Accounts and Reports) Regulatlons 2CK18 and the provlslons ol the twst deed. It Is also responsible for uleguarding the a55ets of the charity anLI the Rroup and hence for taklry reasonable steps for the prevention at*1 detection ol fraud and other Irre8ularflies. Approved by the Board ol Trustees of The Wllllam Wates h•ernorial Trust on aThJ si8ned on its behalf by Andrew Wates ITru5teel
The William Wates Memorlal Trust Pa Report of the Independent Audltors to the Trustees Opinlon We have audited the financial statements of The William Wates Memorial Trust (the 'charity'l for the year ended 31 AugLJSt 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements.. give a tnje and fair view of the state of the charity's affairs a5 at 31 August 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the Charitles Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditlng IUKI 11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical respon5ibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained i5 Sufficient and appropriate to provide a basis for our ¢Jpinion. Concluslons relatln8 to golng concern In auditing the financial statement5, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financlal Statements is appropriate. Based on the work we have performed, we have not identified any materfal uncertainties relating to event5 or conditlons that, individually or collectively, may cast significant doubt on the charity s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our iespons?bilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The trustee5 are responsible for the other information. The other infom)ation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial Statements does not cover the other Information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connect7on with our audit of the financial statements, our responsibility Is to read the other information and. in doing so, consider whether the other Tnf ormation 15 materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mTSStated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this give5 rise to a material mi55taternent in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomation. we are required to report that fact. We have nothing to report in this regard.
The Willlam Wates Memorial Trust e10 Report of the Independent Audltors to the Trustees Icontinued) Matters on which we are required to report by exceptlon We have nothing to report in respect of the follon9 matters where the Charities (Accounts and Reports Regulations 2008 requires us to ieport to you if . in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the f inancial statements., or suffFcTent accounting records have not been kept., or the financial statements are not in agreement with the accounting records and retums; or we have not received all the information and explanations we requi re for our audit. Responsibilltles of trustees As explained more f ully Tn the Statement of Tru5tees' Responsibilities, the trustee5 are responsible for the preparation of the financial 5tate¥nents which give a true and fair view, and for such intemal control as the trustee5 determine is necessary to able the Preparati of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity s ability to continue as a going concern. disclosing, as applicable. matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the cha rity or to cease operation5, or have no realistic alternative but to do so. Our responsibllities for the audlt of the fTnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement, whether due to fraud or error, and to issue a Report of the Independent Auditors that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 11 always detect a material misstatement when it exists. Misstatements can anse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inf luence the economic dec75ions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities. Including f raud Is detailed below.. We obtained an understanding of the legal and regulatory framework5 that are applicable to the entity and determined that the most significant are those that relate to the Charities Act 2011 and FRS 102. We assessed the risks of material misstatement in respect of Iraud as foll0v. we made full enquiries with management and those charged wth governance. As part of our fraud discussions, we discussed particular area5 we believed to be susceptible to misstatement. Also. during our audit. we paid particular attention to looking for any related party transactions. A f urther description of our responsibilities for the audit of the f7nancial statements 15 located on the Financial Reporting Council's website at www.f rc.org. uklauditorsresponsibilities. This description forrns part of our Report of the Independent Auditors.
e11 The Wllllam Wates Memorial Trust Report of the Independent Auditors to the Trustees (Contlnued) Use of our report This report is made solely to the charitvs trustees, as a bcmjy. in accordance w?th Part 4 of the Charities (ACCOLt5 and Reportsl Regulations 2CM)8. Our audit work has been undertaken so that vle might state to the charitys trustees those matters we are required to state to them in an auditor5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fomed. Zara Dunster FCA (Senior Statutory Auditor Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA Date.. 30 June 2025
The William Wates Memorlal Trust e12 Consolldated Statement of Flnancial Activities for the year ended 31 August 2024 2024 2023 Notes Income Donations received Activities for generatlng funds Investment income Bank interest receivable Total Income 522,921 503,Ix)o 7,205 3,713 1.036,839 484,229 465,013 6,157 955,399 Expenditure Charitable activities Costs of raising funds Total expendlture 580.799 588,729 1,169,528 484,858 579,567 1.C64,425 Net expendlture before 8alnsl{losse5) on Investments 1132,6891 1109.0261 Galns on revaluati of investments Net movement In funds 9,10 45,504 112,8801 {121,9061 187,1851 Reconciliation of funds Total funds brought forv4ard at I September 2023 Total funds carried forward at 31 Auqust 2024 435,547 £348.362 557.453 C435,547 During both financlal years funds cons1Sted entirely of unrestricted funds. All operations are classed as continuing.
The Wllllam W4t•s M•morlal Trust e 13 Consolldated Balance Sh••t at 31 Au8USt 2024 2024 2023 Notes Flxed Asset5 Tan8ible flxed assets {oted Investmcnts Unquoted Investments 464,614 10 412,520 Curr•nt Ass•ts tkbtor5 and prepayments Cash at bank and in hand 464,614 412,520 129.240 270.808 123,898 392,089 515,987 12 4LXJ,048 Llabllltl•s Credltors: Arn(nts falllng vlthln one year Grants payable Other credlto 13 14 322.377 63,942 248,943 96.121 345,(VA 386,319 Net curr•nt as5etS Total asséts less current Ilabllltles Credltors.. ArnntS fallln8 due after more than one year Grants payable N•t ass•ts 13,n9 170,923 3,44 13 129,981 147,896 £435,547 (348,362 Repr•sent•d by.. Unrcstricted Trust Fund 16 1348.362 £435,547 Apwoved by the Tntstee5 ruslec Tlmothy Wates Trustee Date
Th• Wllllam Wat•s Memorlal Trust Pa e 14 Charlty Balanc• Sh••t at 3 1 Au8USt 2024 2024 2023 Notes Flxed Assets Tanglble flxed assets Qjoted investments Unquoted Investments 464.614 10,IXiI 474.614 10 412.520 10.IJKJ 422,520 L*btor5 and prepaymffit5 Cash at bank and In hand 129.240 270.544 123,439 388.313 12 399,784 511.752 Llabllltles Crethtors: Amounts falllng due wthln one year Grants payable Other credltors 13 14 322.377 73,678 396,05 248.943 101.886 350,829 N•t current as5•ts Total ass•ts l•ss current Ilabllltl•s 3,T29 160,923 83,443 Creéitors: Amounts falling due after more than one year Grants payable Net 455•ts 129,981 £348,]62 147.896 £435,547 R•pr•s•nted by". Unrestricted Tfust Fund 16 £348.362 £435.547 Approved ty the Trustees rc rustce Tfmothy Wate5 Tiustce
The Wlll?am Wates Memorial Trust Consolldated Statement of Cash Flows for the year ended 31 Au8USt 2024 2024 2023 Notes Net cash used In operatln8 actlvltles 1114,691 112.5631 Investlng actlvltles Additions to investments Proceeds on disposal of investments 168,9721 62.382 1105,1161 102,911 Net cash generated from / (used In) Investing actlvltles 16.5901 12,2051 Net Increase l (decreaseTr In cash and cash equlvalents 114.768) Cash and cash equivalents at beginning of the year 392.089 406,857 Cash and cash equlvalents at end of year £270.808 £392.089 A. Reconclllatlon ol net expendlture to net cash flow from operatln8 actlvltles Net movement in funds Depreciation charge 187,1851 Change in debtors Change in credito Gains on Investments 1121.9061 15,3421 23,338 145,5021 (34,5811 119,957 {23,967 Net cash used In operatln8 actlvltles 112.5631
Pa The William Wates Memorial Trust Notes to the accounts for the year ended 31 August 2024 Accountlng Policies General Information William Wates Memorial Trust is a charity registered in England and Wales under registration number 1011213. It is goveme(J by its trust deed and has its reg15tered office address at Wates House, Station Approach, Leatherhead, Surrey. Kr22 7SW. Basis of Accountlng The accounts {financial statements) have been prepared in accordance with the relevant ve70n of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102} and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The accounts Ifinancial statements) have been prepared to give a 'trl and fair. view and have departed from ihe Charities IAccounis and Reports1 Regulations 2tJ)8 only to the extent required to provide a 'true and fair view.. This departure has involved following the relevant version of the Statemeni of Recommended Practice applicable to charities preparing their account5 In accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland IFRS 1021 rather than the Accounting and Reporting by Charities= Statement of Recommended Practice effective from 1 April 2005 wh7ch has since been withdrawn. The Trustees c51der that there are no materbal uncertainties about the charity's ability to continue as a going concern. The charity meets the FRS 102 definition of a public benefit entity IPBEI. Investments Quoted investments are stated at mat*et value, based on the closing middle market price on the Balance Sheet date. Unquoted investments are stated at cost less provision for impairment. knements are shovm in Notes 9 and 10. DIfferceS between the market value of investments at the end of the year and the carryng valueare recognised as unrealised gains or losses in the SOFA. Gains or losses on investments that are disposed of during the year areaccounted for as realised gains or105ses In the SOFA. Incorne reco8nltion All incoming resources are inclLKled in the SOFA vthen the Trust is legally entltled to the income and the amount can be quantified with reasonable accuracy. Tax effect?ve funds from drmors and voluntary income are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt. All other incmiing resources are accounted for on an accruals basis. Expenditure recognition Expenditure is recognised in the SOFA vthen 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 recipient5. The provision for a multi-year grant is recognised when there are no unfulfilled perfomance ()ditI under the control of the Trust that would perTnit it to avoid making the future payTrents. and settlement is probable.
The Will?am Wates Memorlal Trust Notes to the accounts for the year ended 31 August 2024 Icontlnued Expendlture reco8nltlon - contlnued Costs of raising funds relate to expeyditure on fundraising activities which include all the activitie5 of the subsidiary company. Cha ritable activities consist of grants committed and 5UPPOrt costs of the Trust. Governance costs, which relate to the preparation and Independent Audit of the financial Statements, have been allocated to charitable activlties. Funds All f unds are unrestricted. Consolldated accounts The financial statements consolidate the accounts of The William Wates Memorial Trust and its subsidiary undertaklng. Taxatlon As a charity, the Trust is exempt under current leglslation f rom tax on income and galns to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. Tanglble flxed assets Depreciation Is calculated to write down the c05t less resldual 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, however the assets have been fully written down to £nil. 1.10 PrO510n5 and accruals Provisions are recognised when there is a present legal or constructlve obligation as a result of past events and the amount can be rellably estlmated. Provlslms are not recosnlsed for future operating10sses. Flnanclal Instruments A financial asset or a financial liability is recogni5ed only when the charity becomes a party to the contractual provisions of the instrument. Basic financial Instruments are initially reco8nTsed at the transaction price, unless the arrangement constitutes a financ?ng transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a slmllar debt Instnjment. Debt instrLJments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordlnary share5 or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at falr value with changes in f air value recognised in the statement of financial activitle5. All other such Investments are subsequently measured at C05t less impairment.
The Wllllam Wates Memorlal Trust Notes to the accounts for the year ended 31 August 2024 (contlnued Flnanclal Instruments - contlnued Other financial Instruments. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal txjsiness term5 or flnanced at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payTnents dKwnted at a market rate of interest for a slmllar debt instrument. Other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities. with the excepticffi of hedging instruments in a designated hedg?ng relationship. Financlal assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment. an impainnent 10$5 is recogn75ed in the statemwt of financ?al activities. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed Individually or grouped on the basls of simllar credit risk characteristics. 2. Analysls of charltable expendlture 2024 2023 Notes Grants payable Support costs - governance 566,378 14,421 479.154 5,704 £580.799 £484,858 3. Analysls of costs of ralsln8 funds 2024 2023 Note5 Accommodation & food Travel costs Wages of f undraising staff Other event costs 273.148 78,118 80.285 36,541 298,270 71.094 74.484 25,655 Total costs of events 468.092 469,503 Investment management fees Support costs 5,191 115.446 5.033 105,031 £588,729 £579,567 4. Actlvltles for ra151ng funds: fundralslng Costs Tcrtjr de Force ITdFI incurs c05tS Tn respect of accommodation. travel etc. vthich are passed on to the participants in the event, and are reimbursed directly to TdF. The ccffipany 15 not expected to make a profit or a loss on its trading act7vities.
The Wllliam Wates Memorial Trust e19 Notes to the accounts for the year ended 31 August 2024 (continuedl 5. Support costs 2024 2023 Governance Costs - Independent examiner's remuneralion Govemance Costs - Accountancy services Govemance Costs . Audit serwces 5,704 81 14,340 Support costs charitable activities {note 2) £14,421 £5.704 Event organiser costs Postage and communication Advertising and promotion Finance costs and bank charges Insurance Hotel. travel and motor costs Depreciati¢ 91,698 8,882 5,104 1,590 6,989 1,183 81,451 10.786 1,248 2,284 8,017 1,245 Support costs - raising funds {note 31 £115.446 1105,031 The Group has no employees {2023: none} No trustees, remuneration was paid during the year12023.. £nill. Details of trustees. expenses are given in note 17. 6. Investment income 2024 2023 Dividends 3,627 4.077 Interest receivable: Stockbrokers Bank deposit 3.578 2,080 3,578 2,080 Total investment income E7.205 £6,157 7. Charitable expenditure - grants payable Grants supporting young people: 2024 2023 Abram Wilson Foundation Active Learning Art Venture Trust Be Project Chapter One UK Ltd Children's Book Project Citizen's Advice Mole Valley Community Cycle Works 10,CAJJ 2,0(M) 2,000 2,500 60,OC 30,OCK) 2,5(K) 29,943
The Wllllam Wates Memorlal Trust Pa ezo Notes to the accounts for the year ended 31 Au8USt 2024 Icontlnuedl Coram's Fields Elk1 Charity Emerge Advocacy Future Frontiers KBSK Performing Arts Lifebeat SH Mane Chance Sanctuary Mid Surrey Community Fridges Motiv8 south Ltd Normandy Community Therapy Garden Oakleaf Entrepri5e Only Connect UK Onwards & Upward5 Oxford Hub Queen5 Crescent Community Ass(K QCCA QPR in the Community Trust RASASC Guildford Ltd Reading Force Regenerate Russell Anderson Foundation 5killway Sports Dans La Ville STAR Scheme Sutton Volunteer Centre Talent Ed Education The Children's Literacy Charity The Nucleo Project Think 18 40.0(K) 28,5(Xl 120,OCKI 65,1 10,OCKI 2,0 30.IXKI 2,848 20,OQ) 50.(MJ) 20.(KK) 30.IXKI 30,C 30,(KKI 2,5C¥) 50,OCLI 1,5IXI 15.IXKI 15.IXKI 69,¢x(J 130,654 20,lll) 55,L 60,0(KI 11.087 Total charitable grants payable to instituti¢)ns 579,878 479.154 Grants Rescindedlcancelled I13,5> £566.378 [479,154 Grants made can be categorised as foll0v. Supporting young people: 2024 2023 Mentoring Sports Music & Arts Personal Development Educational Support 228,348 274.154 44,943 99.IM) 72,(h)O 10,CQO 87,087 96,(M 147,IXIO £579,378 £479,154
The Willlam Wates Memorial Trust e21 Notes to the accounts for the year ended 31 AL•gust 20241continued) 8. Tangible fixed assets Charity and group Computer software Cost 1 September 2023 Additions 6.6(K) 31 August 2024 6,600 Depreciation 1 September 2023 Charge for year 31 August 2024 6,6(Ki 6,61)0 Net book value 3 1 August 2024 31 August 2023 9. Investments - Quoted Investrnents Charity and group 2024 2023 IIAarket value at 1 September 2023 412,520 419.734 Acquisitions at cost Sale proceeds from disposals 68,972 162.3821 105,116 (102.9111 Gain in the year - realised Gain/ Ilossl in the year unrealised 7.208 38,296 6,157 115,5761 45.504 9,419 Market value at 31 August 2024 £464,614 1412.520 Investments are geographically split as follows: UK investment5 Non-UK investments 123.216 341,398 148.765 263,755 £464.614 1412,520
The Wllliam Wates Memorial Trust e22 Notes to the accounts for the year ended 31 August 2024 (continued) 10. Investments - UK Unquoted Investments Grou 2023 Chari 2023 2024 2024 Unquoted Investments al Twr de Force Cycling Limited 10.CK)O Ordinary shares of £1 each 10,(X)o £10,C(10 10.(KKI C10,(0 bl Gambado Limited Cost brought forward at 1 September 2021 Impainnent/t*"sposal in the year Costs carried forward at 31 August 2022 12,(K)O I12.0> 12,(KK) 112,(K)01 Total unquoted investments held 110.(KKI C10.(K)O Tour de Force Cycling Limited is the 100% direct subsTdiary of the Charity. The registered office is Wate5 House. Station Approach, Leatherhead. Surrey, KT22 7SW. 11 Debtors and prepayments Grou 2023 Charit 2023 2024 2024 Accrued income Income tax repayment Prepayments and other debtors 91.740 85,939 91.740 85.939 37,500 £129,240 37,959 £123,898 37,500 37, 5tKI £129,240 £123.439
The Wllliam Wates Memorlal Trust Pa Note5 to the accounts for the year ended 31 Au8USt 2024 1contlnued 12. Cash held 2024 Charlty_ 2023 2023 2024 Evelyns Partners Cash account 12,037 16,610 12,037 16,610 Weatherbys Current Account Tour de Force 556 556 258,443 371,147 258,443 371,147 co.op -Tour de Force 249 3,761 Petty cash £270,808 £392.089 £270,544 C388.313 Grants payable Charlty and group Reconciliatlon of grants payable.. 2024 2023 Commitments brought forward 396,839 300,069 Commitments made during the year (note 71 566,378 479,154 963.217 779,223 Grants paid during the year 1510.8591 1382,3841 Commitments at 31 August 2024 £452,358 £396,839 Payable within one year Payable beyond one year 322.377 129,981 248,943 147,896 £452,358 £396,839
The William Wates Memorlal Trust Notes to the accounts for the year ended 31 Au8USt 2024 (continued) 14. Other creditors Grou 2023 Charit 2023 2024 2024 TrAJr de Force contributions Deferred income Independent Examlnation & accountancy Costs.. 59,338 96,189 . William Wates h*morial Trust Tour de Force Cycling Limited Investment management fees Other creditors 14,340 5.347 14,340 5,347 350 90,424 £96.121 350 49,602 163.942 £73,678 1101,886 15. Subsldlary undertakln8 The charity holds a 11X)% owned subsidiary company. Tour de Force Cycllng Limited. company number 07834337, which organises and manages lundrai5ing events which generate donations for the charity. The aggregaie amounts of the subsidiary's assets. liabilitie5 and f unds at the year-end are.. 2024 2023 Current assets Current liabilities 59,6 149,6LKII 10,lJ)O 100,421 190,4211 iO,CK)O Ag8regate share capital and shareholders, fLd5 The following is a summary of the turrN)ver and expenditure of the subsldlary for the year: 2024 2023 Tumover Cost of sales Other operating income Administration expenses Interest receivable Profit for the year 503,0(X) 1458,4101 68,147 (112,737) 465.013 1460,6261 99.055 (103,4421
The W?Illam Wates Memorlal Trust Notes to the account5 for the year ended 31 Au8USt 2024 {contlnued 16. Unrestrlcted trust fund Charlty and group Balance brought forward at I September 2023 Net incoming resources for the year ended 31 August 2024 Balance carried fotward at 31 August 2024 435,547 187,1851 C348,362 17. Related party transactlons As detailed in note 5. the trustees did not receive any remuneratlon during the year. Also, no trustee5 were reimbursed any expenses durfng the year. There were no other related party transactlons In the year other than the balance shown In the charity lin note 141 with Tour de Force Cycling Limited of £59,338 (2023.. 196.1891. There were reFmbursed expenses between the charity and Tour de Force Cycling Limited of C68,147 12023: £99,055>.