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 m￿￿orial 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 ed￿atIOn 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 eV￿t 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 sh￿Id be registered charities or not lor prolit enterprises
Additional guidelines that will be IoL*ed 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
yO￿g person to play I￿tball 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 c￿jId 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 L￿P to take place when possible.
The Trustees will review the level of rese￿e$ 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.
t￿ring 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 c￿tinue 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 Sel￿ted
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 y￿1[ 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 s￿h it is not intended to make a profit. Any surplus
created is transferred to WWMT.
Donation. fundraising and investment income for the year 202312024 V￿re £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$S It Is inappropriate to pr￿￿ne
that the chatlty a￿1 8rwp wlll contlnue In ￿lSOne$s.
The Twstees are responslble for keeplng proper aCcO￿tIn8 rec￿lS 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 follo￿n9 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
(ACCOL￿t5 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.. Arn￿ntS 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
ve￿70n 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 c￿51der 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.
DIffer￿ceS 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
PrO￿510n5 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, fL￿d5
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>.