CHARITY REGISTRATION NUMBER: 1049047 The David Wilson Foundation Financial Statements 5 April 2024 HN N MURKErr& H Chartered Accountants & statutory auditor Rawdon House Rawdon Terrace Ashby de la Zouch Leicestershire LE65 2GN The David Wilson Foundation Financial Statements Year ended 5 April 2024 Page Trustees, annual report Independent auditor's report to the trustees of The David Wilson Foundation Slatement of financial activities Balance sheet 10 Notes to the financial statements 11 Page 1 The David Wilson Foundation Trustees. Annual Report Year ended 5 April 2024 The trustees present their report and the financial statements of the charity for the year ended 5 April 2024. Reference and administratlve deialls Registered charity name The David Wilson Foundation Charlty regislration number 1049047 Prlnclpal offlce Wilson House Leicester Road Ibstock Leicestershire LE67 6HP The trustees Mr J D Wilson Mrs L I Wilson Mr R W H Wilson Ms S E Wilson Mr R E C Wilson Mr C V McLeod Mr J A Gillions Mr T G Bir1wistle Mr C J Simpson (Retired 10 October 2023) (Retired 5 June 2023) (Appointed 20 March 2024) Audltor Johnson Murkett & Hurst Chartered Accountants & statutory auditor Rawdon House Rawdon Terrace Ashby de la Zouch Leicestershire LE65 2GN Bankers Lloyds Bank Private Banking Limited 125 Colmore Row Birmingham B3 3SD Sollcltors Browne Jacobson LLP 15th Floor 103 Colmore Row Birmingham B3 3AG Page 2 The David Wilson Foundation Trustees. Annual Report (conHnued) Year ended 5 April 2024 Structure, governance and management The David Wilson Foundation is an unincortK)rated charity established under a Charitable Trust Deed by David Wilson (the Founder) dated 26 July 1995. The Founder has the poV￿r to appoint new or additional trustees and to appoint a person to succeed as a Founder during his lifetime. Trustees will be recruited as and when required by the continuing trustees by way of personal invitation. The trustees are mindful of their duties in connection with the induction and training of new trustees and would follow the guidelines set down by the Charity Commission. New trustees would be referred to the Charity Commission's website. They would be given copies of previous years, accounts prior to their attendance at a trustees. meeting and the Foundation's solicitor V￿uld provide a background briefing and be available to answer any questions. The trustees have full and unrestricted powers of investment as if they were absolute owners and beneficially entitled to the assets. ObJeciive8 and activities The objects of the charity are set out in the Trust Deed as follows: 1. Such charitable purposes and the making of donations to such charitable insiitutions as th8 Founder may from time to time direct. 2. Subject to any direction from the Founder the incorne of the charity is to be used for or towards such charitable purposes or to make donations to such charitable institutions as the trustees think fit. The truslees shall hold the capital and income of the trust fund upon trust and make donations as such charitable institution or institutions at such time or times and in such manner as the Founder may d8termine. Income not distributed under such directions by 5 April in the income tax year following thai in which the income arose may be disposed of at the trustees. absolute discretion. In addition. the trustees may in their absolute discretion accumulate surplus income for the period of 21 years from the establishment of the Foundation. The trustees confirm that they have referred to the guidance conlained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and selling the grant making policy for the year. Grants policy The trustees have a general policy of seeking to support local charities which benefit the Leicestershire and Rutland area so far as possible although this is not an exclusive policy. The trustees are prepared to consider national appeals if they feel that these have real meril. However, generally the trustees would want lo see a strong link to the local communities in and around Leicestershire and in particular the emphasis would be upon promoting youth education and sport to helping young people in Leiceslershire achieve their potential. The trustees have sought to benefit the public through a range of grants to charitable causes within the conditions of the trust deed. Page 3 The David Wilson Foundation Trustees. Annual Report fcontlnued) Year ended 5 April 2024 Achievements and perforniance Donations committed in the year totalled £162,811. This consisted of £60,000 to Leicester Hospitals, £5.000 to Young Leicestershire. £500 to MRC Community Action, £15,000 to Air Ambulance, £2,220 to Treehouse Cr8ative CIC, £2.000 to Lucy Weston, £4,240 to St Johns Ambulance, £2,376 to Switch 1801Snow Camp, £19,779 to Rainbows Hospice, £10,346 to Ibstock Junior School, £104,000 for three construction apprentices, £75,000 to Building Heroes, £7,000 to Ukraine Aid Appeal and £7,650 to Ibstock Community College. Earlier commitments of £2.300 to Medicines for Ukraine Refugees and £150.000 for a training and construction apprentice scheme have now been written off as no payment has been made. The donations were to causes that the trustees feh were worthy of supporting and which fulfilled the objectives of the Foundation. The iwstees continue to obtain advice from appropriately qualified financial advisers. The substantial holding in cash has given the Charity considerable protection against stock market volatility. The trustees continue to monitor the investment performance regularly and to implement a programme of div8rsilication of investments. Flnanclal revlew Income in the year amounted to £324,527 (2023: £272,101) and comprised investment income and interesi receivable. A greater contribution was made to the total income by investment income following movement in recent years from interesi bearing deposits to stock market based investments coupled with the general decline in interest rates. The incoming resources were in excess of the expended resources of £226.105. There were realised losses on sale of investments of £65,735 and unrealised gains on investments of £489,053 resulting in a net increase in funds of £521,740. At 5 April 2024 the net assets of the Foundation were £10,157,187 (2023: £9,635,447). No significant fundraising activities are undertaken by the Charity. Reserves pollcy It is not the policy of the Foundation to hold reserves commttted or designated for specific purposes. Rather they are held to satisfy applications for funding that are received and which the trustees consider meet the objectives of the Charity. The trustees are mindful of the requirement to maintain the capital value of investments in order to secure income to satisfy future funding requests from deserving causes. They are commitled to donating the net income of the Foundation over the medium term. Risk assessment The trustees have carried out an overall risk assessment to identify the risks associated with the operaiions of the Foundation and, where appropriate, have introduced controls and safeguards to minimise the effect of Ihose risks. Fundlng The trustees are satisfied that the Foundation's assets are available and adequate to fulfill its obligations. Page 4 The David Wilson Foundation Trustees. Annual Report (¢ontlnued) Year ended 5 April 2024 Plans for future periods The trustees are currently seeking opportunities to make further donations to worthwhile causes. Trustees. responsibililies siatement The trustees are responsible for preparing the truslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a irue and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charty for that period. 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 applicable Charities SORP: make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis un18ss il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities {Accounts and Reports} Regulaiions. and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, annual report was approved on 21 January 2025 and signed on behalf of the board of truste Mr C V McLeod Trustee Page 5 The David Wilson Foundation Independent Auditor's Report to the Trustees of The David Wilson Foundation Year ended 5 April 2024 Opinion We have audited the financial statements of The David Wilson Foundation (the 'charityl for the year ended 5 April 2024 which comprise the statemenl of financial activities, balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practi￿}. In our opinion the financial staiements: give a true and fair view of th8 State of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's 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 ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we hav8 obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the irustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have pertomed. V￿ have not idenlified any material uncertainties relating to events or conditions 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 responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 6 The David Wilson Foundation Independent Auditor's Report to the Trustees of The David Wilson Foundation (contlnued) Year ended 5 April 2024 Olher Infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that tact. We have nothing to report in this regard. Mallers on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of Ihe audit, we have not identified material misslatements in the trustees. r8POrt. We have nothing to report in respeth of the following matters in relation to which the Charities Act 2011 requires us to report to you rf, in our opinion: the information given in the trustees, report is inconsistenl in any material respect with the financial statements; or adequate accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or we have noi received all the information and explanations w8 require for our audit. Responslbllllles of trustees As explained more fully in the trustees, responsibilities statement. the trustees afe responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlernal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, vthether 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, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 7 The David Wilson Foundation Independent Auditor's Report to the Trustees of The David Wilson Foundation (continued) Year ended 5 April 2024 Auditor's responsibilities for Ihe audit of the financlal statemenls Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report thai includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econombc decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussion wilh the Trustees and olher management, as required by auditing standards. We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered the extent of compliance wilh those laws and regulations as part ol our procedures on the related financial statements. With the exception of any known or possible non {177,796) (271,097) (226,105) (226,105) {319,751) Net gainsl{losses) on investments 10 423,318 423.318 (923,807) Net Incomel(expenditure) and nel movement in fund9 521,740 521,740 (971,457) Reconclllatlon of funds Total funds brought forward Total funds carrled forward 9.635.447 9,635,447 10,606,904 10,157,187 10,157,187 9,635,447 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The noles on pages 11 to 16 lomi part of these financial statements. Page 10 The David Wilson Foundation Balance Sheet 5 April 2024 2024 2023 Note Flxed assets Investments 14 9,701,653 8,979,276 Curreni assets Debtors Cash at bank and in hand 15 40,298 619,866 35,353 933,562 660.164 968.915 Creditors: amounts falllng due within one year Nei currenl assets 16 (204,630) {312,744) 455,534 656,171 9.635.447 Toial assets less current Ilabllltles 10,157,187 10,157,187 Nel a38eis 9,635.447 Funds of the charity Unrestricted funds 10,157,187 10,157,187 9,635,447 Totsl charlty funds 17 9.635,447 These financial statements were approved by the board of trustees and authorised for issue on 21 Janu 025, and are signed on behalf of the board by: Mr C V McLeod Trustee The notes on pages 1110 16 form part of these financial statemenls. Page 11 The David Wilson Foundation Notes to the Financial Statements Year ended 5 April 2024 General infomialion The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address ol the principal office is Wilson House, Leicester Road, Ibstock, Leicestershire, LE67 6HP. Statement of compliance These financial staternents have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP {FRS 102)) and the Charities Act 2011. Accountlng pollcies Bas18 of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investments measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charitls ability to continu8. Judgements and key sources of estlmatlon uncertainty The preparation of the financial statements requires managemenl to make judgements, estimates and assumptions that affect the amounts reported. These estimaies and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity. Incomlng resources All monetary donations are included in the financial statements when receivable, provided there are not donor imposed restrictions as lo the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been mei. Gift aid reclaimable on donations to the foundation is included with the amount received. Resources expended Expenditure on grants is recorded once the Foundation has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. Other charitable expenditure and governance costs are included in the accounts on an accruals basis. Page 12 The David Wilson Foundation Notes to the Financial Statements (contlnued) Year ended 5 April 2024 Accountlng policies (contlnued) Investments Assets held for investment purposes are valued at mid market value at the balance sheet date. The change in market value is shown as an unrealised gain or loss. Any gain or loss on disposal is shown as a realised gain or loss. Investment income, including associated income tax recoveries. is recognised when receivable. Investment Income Unreslricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Dividends received Bank interest receivable 294.255 30,272 294,255 30,272 324,527 253.472 18,629 253,472 18,629 324,527 272,101 272,101 Inveslment managemenl costs Unrestricted Tolal Funds Unrestricted Total Funds Funds 2024 Funds 2023 Portfolio management 48,309 48,309 48.654 48,854 Expendlture on chariiable activilles by fund type Unrestricted Tolal Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Support costs 162,811 14,985 177,796 162,811 14,985 177,796 261,752 9,345 271,097 261,752 9,345 271,097 Expenditure on charllable actlvltles by aclivity type Grant funding of activities Support costs Totsl funds 2024 Total fund 2023 Donations Governance costs 162,811 162,811 14,985 177,796 261,752 9,345 14,985 162.811 14.985 271,097 Page 13 The David Wilson Foundation Notes to the Financial Statements Icontinuell) Year ended 5 April 2024 Analysis of support costs Analysis of support costs aclivity 1 Total 2024 Total 2023 Communications and IT Governance Costs 882 13,173 1,369 7,976 13,173 14,055 14,055 9.345 Analysls of grants 2024 2023 Gr8niS io Insiiiuiions Marlene Reid Centre Leicester Hospitals Charity Leicester Hospitals Charity - Glenfiekj Hospital Young Leicesiershire Decrease in provision to apprentice training scheme in construction industry Building Heroes Ibstock Secondary School Sl Andrews Clinics Tall Ships Youth The Leg Up Project Falcon Support Services Melton Learning Hub UK Veterans Hearing The Laura Centre Air Ambulance Medicine for Ukraine Refugees Oakham Ashwell Scanner Treehouse Creative CIC St John's Ambulance Switch 1801Snow Camp Rainbows Hospice Ibstock Junior School Construction apprentices Ukraine Aid Appeal 500 60,000 1,000 20,000 5,000 (150,000) 75,000 7.650 20,000 3,000 2,000 13,452 15,000 15,000 5,000 15,000 2,300 150.000 15,000 (2,300) 2,220 4,240 2,376 19,779 10,346 104,000 7,000 160,811 261,752 Grants to 5ndividuals Miss L Weston 2,000 162.811 Total grants 261,752 Page 14 The David Wilson Foundation Notes to the Financial Statements (contlnued) Year ended 5 April 2024 10. Net galnsl(losses) on investmenis Unrestricted Tolal Funds Unrestricted Total Funds Funds 2024 Funds 2023 Realised gainsl(losses) on listed investments Unrealised gainsl(losses) on listed investments (65,735) {65,735) (148,171> (148,171) 489.053 489,053 423,318 (775,636) (775,636) {923,807) (923,807) 423,318 11. Audltors r8munerat5on 2024 2023 Fees payable for the audit of the financial staternents 2.652 2.520 12. Staff costs and emolumenis No salaries or wages have been paid to employees. including the members of the committee, during the year. 13. Trustee remuneraiion and expenses No trustees. or person with a family or business connection with a trustee, received remuneration in the year (2023: £nil), directly or indirectly from th8 charity. No expenses were reimbursed to the trusiees during the year (2023: £nill. 14. Invesimenls Listed Invesimenls Valuatlon At 6 April 2023 Additions Disposals Fair value movements 8,979,276 991,044 (757,720) 489,053 9,701,653 Al 5 April 2024 Carrying amounl At 5 April 2024 At 5 April 2023 9,701.653 8,979,276 All investments shovm above are held at valuation. Financlal assets held at fair value Investments are valued at the mid marf(￿ price on 5 April each year. Page 15 The David Wilson Foundation Notes to the Financial Statements (contlnued) Year ended 5 April 2024 15. Debtors %)24 2023 Prepayments and accrued income Interest receivable Dividends receivable 563 1.766 37,969 40,298 688 2,931 31,734 35,353 16. Credltors: amounts falllng due wlthln one year 2024 2023 Accruals and deferred income Donations payable 16,724 187,906 204,630 10,444 302,300 312.744 Donations payable include creditors of £75.000 for Building Heroes, £98,256 for three construction apprentices, £7,000 for Ukraine Aid Appeal and £7,650 to Ibstock Community College payable in the year ended 5 April 2025. 17. Analysis of chariiable funds Unreslrlcted fundg At 6 April 2023 Gains and At losses 5 April 2024 Income Expenditure General funds 9,635,447 324.527 {226,105> 423,318 10,157,187 At 6 April 2022 Gains and At losses 5 April 2023 Income Expenditure General funds 10.606.904 272,101 (319,751) (923,807) 9,635,447 Page 16 The David Wilson Foundation Notes to the Financial Statements (conllnued) Year ended 5 April 2024 18. Investmenis and investment income Schroder Barralls Developments Vartan and Charity PIC 59,926 10p ordinary Sons Multl Assei shares Portfolio Fund Middle Market Value at 6 April Additions Proceeds of Sale Net Realised Gainsl(Losses) on Sale Unrealised Gainsl{Losses) Change in Market Value 270,806 4,650,221 709,064 (623,296) (65,583) 2,783,198 199,299 8,150 278,956 245,180 4,915,586 160,712 3,143,209 Middle Market Value at 5 April Cost at 5 April Income 1,008,751 20,195 4,109,934 113,614 2,820,843 132,648 Maiiioli Woods Portfolio Total Middle Market Value ai 6 April Additions Proceeds of Sale Net Realised Gainsl(Losses) on Sale Unrealised Gains Change in Market Value Middle Markei Value at 5 April 1,275,051 8,979,276 82,681 991,044 (68,689) (691,985) (152) (65,735) 75,011 489,053 1,363,902 9,701,653 Cost at 5 April Income 1,297.546 27,798 9,237,074 294,255 19. Related partles During the year the day to day management of the Foundation was perfomed by Fishers Solicilors. Until June 2023,one of the Foundation's Trustees. Mr T G Birtwistle. was a parlner of Fishers. On that date, Mr Birtwistle left that partnership and also resigned as a trustee of this Foundation. During the year an amount of £3.600 was paid to Fishers, and an amount of £5,110 was owing at the year end. Subsequent to the year end, the day to day management has been performed by Finch Tax and Accountancy Seniices Ltd, a business with which there are no related party transactions. There are no other related party transactions that require disclosure.