Wallscourt Foundation l<ony*ny lImh bygu•rdnt4•) Trustees. Report and Financial Statements Year ended 31 Au9USt 2022 Charity Registration Number. 1050468 Company RegistBtion Number. 02991142
Wallseourt Foundatlon Truste•s' Report and Financial Ststements Year Ended 31 Augusi 2022 Conterhts Refertnce and administrative details ol the charity, its tnJ51ees ond advise Trustees, Report Independent auditorfs feport to the members ol Wallscourt Foundation Consolidated Statsrrent of Firsancièl ACtltIeS 11 Balance Sheet 12 Consolidated Cash Flow Statement 13 otes to the F?Kial Statements 14
Wallscourt Foundation Reference and Administrative Details of the Foundation, its Trust and Advisers Year ended 31 August 2022 Trustws W J Marshall (Chair) R N eurton Ire519ned 13 June 20221 CABooy GECan J S Laycock S A Moore K J Morgan SGWest M J Hagen R J S Holme5 S 8 Mills (appointed 13 June 20221 Comp•ny R•9l$t•rnd 1mb•r 02991142 Ch4rfly R•gist•r•d Numb•r 1050468 R•9kt•rnd Offic• Finance Dèpartment UnNersrty of the West of England Frenchaycampus 8ristol 8S16 1QY Compary S•ci•tary R H 8roughton Audhor Mazars LLP Chartered A(cntantS 90 Victoria Street Bristol 8S16DP nk•rg Natwest pk 72 Gloucester Road Bishopston BS7 88F Handelsbanken pk 2540 The Quadrant Aztec West Bristol BS32 4AQ
Wallscourt Foundation Trustees. Report Year Ended 31 August 2022 The tru5tee8 a also the Foundation's directors for the purposes of company law, present their annual Teport and the audited financial StenntS forthe year ended 31 August 2022. They confirm that trustees, report and financial statements comply with Charities Act 2011, Companies Act 2006 and the FDundation'5 memorandum and articles of a550ciation. Theyalso conform tothe Statementof Recommendèd Practice tsORPI applicable tocharities preparing theii COUnts in accordance with Financial Reporting Stsndarj 102 IFRS 1021 apICable in the United Kingdom and Republic of Ireland, which Came èffectwe in January 2015. The financial ststements c¢Jll501idate the sults ol the Foundation and its subsidiary which throughout are collectively referred to as the'yr¢JJp'. Purposes and Actlvltles The purposes of the F¢wndation are to advance and further education and learning Jt or in connection with, the UnNersty of the West of En9land. These wrpose5arecarried out bythè provision of fundsfora varietyof actNitiesto the University gr by the provlsion ol physKal reSJrces for the use ot the University. The Foundation may, from time tts time, assist the University in other ways. The trustee5 confirm that they refer to the guidan contained in the Charity Commission's general guidance on public benefit when reviewin9 the Foundation'5 aetivfties and setting the grant making poIKy. In coming to the view that its tranStionS are for thè public gcxjd, the trustee5 have taken into consideration that the Univers((y is itself a charty whose activities 9ive rise to public good, as detailpd in the Universitys annual report and financial staternents. The Univer51ty also support5 the tIOnS taken by the Office for Students Ithe principal regulatoi of unwersitiesl to ensure that it complies with and demcffistrates its public benefit. Specifically, thè Foundation and its subsidiary seek to manage and develop their land and buildings to maximise b8nelit for the Unwersity while covering their own costs. They do this either by constructing buildings th can te leased to the UrtiversSty or by makin9 grants to the University lor specific purposes, Achl¢v•ments and P•rformanc• During thè 1, the Foundation continued to lease existry buildings te the Uni%rslty. The Fcxjndatyon also continued to build on its TSary programme to Students ol the University ot the West ot England. The Fojndation's subsidiary 501d in September 2015 an area of surplus land inmnediately tothe east of Coldharbour Laneclose to the Universlty's FnchayCamPus, colloquially known as the'LECHL'.The proceeds of this sale e1Ved from the developer, TOr Wimpey UK Limited over three years in in5taltnent5 have been passed over to the FthjndatiC by gift aid. These funds have allowed the Foundation to be &tivÈ in supporting the major redevelopment of the Uni¥*r%tl5 carnpu5e5 including the Film and Media building and Design Studi05 building both at Bowtr Ashton and the Hillside gardens Spofts facility near Ihe Frenchay campu5. In June 2022 the UnivÈrsity gave the Foundatlon fomal notice to terminate its of P Blc¢k on the 31 August 2024. At thi5 point P Block 11 have reached the end of its u5efiJl life so a5 a rewli wthin these accwnt5 the FOundatn has celerated the depreciation of this asset1£781,764 charged) and will by 31 August 2024 have written down the asset value lo nil. The Fwndation had agreed to fijnd the Wa115COUrt Scholarship scheme to assist 30 tsrgeted students eKh year for a ten year period, at an estimated iotal cost of £185,000, wth the aim ol increasin9 partKipation from local disadvantaged Students. The first cohort of 4 scholar5 joined the University in October 2016, 9 scholars in October
Wallscourt Foundation Trustees. Report (contlnued) Year Ended 31 August 2022 2017, 10 scholars in Oclober 2018. 11 in October 2019, 10 in October 2020, 10 in October 2021 and 10 in OCtor 2021 The FCAIndatn had blso agreed to fijnd the WalIscrt FoUall0Th Chair, a research professorship, for a five year tem, at an estimated total cost of £625,000, to enable the developnnt of research at the University. Professor Manuèl Giuliana comnwnced in his post in March 2017 in the Bristol RobotKs Laboratory. The Foundation agreed to set up a £2m fund (with matched fijndlng of £1 m of QR fijnding from Research England) to support the truItment of staff with a strong profi'le in hwjh quality research to establish a strorig platform Ity the longer-tem) growth of high quality research at the University. £637k was committed in thè year to 31 August 2022 to this fund. Flnanclal Revlew Rewlts for the Yrnr con501idated unrestrictod income of the Group comprised rént receivable of £439k12021 £439kl, investment incomè of £372k 12021 £332kl and other income of £&202k 12021 £8Okl giving a total unrestricted income of £7,013k 12021 £851kl. In addition, there wa5 the elpt of the rÈstIted funds of £1k 12021 £1kl, giving a total inconR 01 £7,014k12021 £852kl. The consolidated UnstrICted eXpendrtUon charitable activities was £1107k12021 £1,421kl and thecostof raising funds was £28k12021 £118lkl. Thèrè was £6k rèstricted ¢xpènditur¢,fjn tharitable activitie512021 nill, giving a total eXpendIW Ot £1141k12021 £1,403k). There wls a £153k increase kn the revaluation ol Ihe investsnent propert[2027 £120k drop). The resulting net income for the year was £5,026k12021 net eKpenditure £671kl. This resulted in an UTh$trted fvnd Its011da1Qd) carried fomard at the end ol the year of £40.8m12021 £35.7ml and a restriied fund 01 £135k 12021 £14W. Fumrfin9Strurts The Foundation's principal wurce5 01 funding a rental income from L8nd and building5 leased to the Univer51ty and otr tenants plus investment income arising from cash held on deposiL Rejerves policy and goiry concern The Pufpose of the Reseryes Policy is to ensu stabilty ol the ongoing operations of the Foundation and to support the stratègy of implementing the programme of supptsrt to thè UnIr$ity, which is exK*ted tts span number of years. The group'5 unrestricted re5erve5 at 31 Auwst 2022 amounted to £40.8m 12021 £35.7ml. The Fwndation, undesignated free resernts at 31 August 2022 were £18.7m12021 £10.7ml further details are set out In note 19 of the accounts. The trustees expect that calls usxjn its existing reserves 11 increase in future, with & consequent diminution in the balance ol those reserves overthe bnger term.
Wa115COUrt Foundation Trustees. Report Icontlnu•d) Year Ended 31 August 2022 The Reserves PoIY is to split the unrestrKted reserves between designated and undesignated free funds. Designated funds are funds that have been set aside by the Trustees for a specific purpose. Thèse include a Grant Rèser%e 01 £474K to meet the ongoing grant ccmmitments of the years ahead and a Property ReseNe repsentIng the net brK)k value of the 5oKial investyment propertEs and inve5trnent propertiès held by the charity, which wc4Jld not be easily realisable il needed to meet fijture liabilit5. The remaining unrestricted reserves Pent undesignated free reserves of £18.7ffl, is available lor use at the discretion of the Trustee5 in putsuing the charity's general charitable objectNes. In addition, there is a Restricted Reserve in respect of the John Huliah Trust of £135k. The trustees a of the opinion that in the light of the level of reseNes above and the continuing stream of rental income, the group is a going ccerTr. Investment Pol(cy The Wallscourt Foundation is committed to maintaining sufficient funds in instant access or short nOtt prK*d acccxjnts to meet its ongoing expendttijre needs. Any ndS beyond this, will be invested in low risk deposit xcounts or fixed term bonds with notKe periods not exceeding year. In addltion the Foundation has retained 435 8ristol Business Park which is on a convnercbal basis. The Trustees are satisfied with the investment turnS in the Crnt year, the pollcy will be reviewed annually. Future Developments The sale ol the LECHL in September 2015 and its accunyjlated reserves provide substantial funds to enable the Fcyjndation to a55i5t the Univèrsity at a veiy excitirig and crur.ial sta9e ol its developrnent. To date that plan has been inlomed by UWE'5 2020 strategy which take5 into account not OTr the reftlrblshmt ol mvch ol the Universrty's estate also changes t¢ the te&hing and leaming experience to create a student-centred approach that puts thè University at the forefront of current leaming practice. UWÉ Govemors have now approved UWE, strategy 2030, which will Shape the Universty over the next 10 year& The key focus in that strategy will be solvin9 future challenges through outstding leaming, research and a culture of enterprise, creatwig opportunit$ lor people to thrive atid flc4Jrish and creating an ingpirlng univeNty as a global gateway to the fvture. Structur•. Gov•rMn¢e and Management Wallscourt Fwndatlon is a company limited by guarantee, govemed by it5 memorandum and articles of 3551xiation dated November 1994 lamended March 20061 and wistered with the Charity Commission sw)ce November 1995. If the charity is wound up, its rnembers are liable to pay the svm £1 each. Methodof AppointmentorEl¢rtl•n of Tnths New twvstees are appointed by the mèmbers ol tho Foundatlin in a general meeting or by the •xlstlng tnjstees, One third tsf thèm retire year by rotation and are eli9ibleto be -eknted. Induction and Trowing of Thiste¢J Newtrustees are provided with appropriate dctiOn and training, takin9 into &count the natu of the Foundation anLI t1r PrevIS experience in the charity sector.
Wallscourt Foundatlon Trustees. Report (continued) Year Ended 31 August 2022 Organlsational Struciure and Dt¢lslon Maklng The twstees rneet at leastthree time5 a year and at other time5 if necessary. They have degated the day-to-day rvnning of the Foundation to the company secretary assisted by other staff from the University ol the West of En9land ading under a service cCtraCt. The Fndation monitors the performance of its tivitieS by reports and pres&ntations at trustee5' meetings. The director5 of the FWndat1L and its subsidiary meet regularly wilh senior stsff of the Unwersity to review the effectiveness of the assistance provided to the University. Reloted Partles ¢vJd Co.operntlon wlth Other Oryanlsatllw None ol the trustee5 re£eive any remuneration, expenses or other benefits from their appointment. The Foundation's only beneficiary is the Universityof thewest of En9land and the Vice-CharKellor is one of the trustees. Due to the close working relationship between the FCUndatn and the Unrwersty, his apw)intment is considered helpfvl in order io ensure that the tnjstees are fully aware ol the University's strategic plans and objectives. All transxtions between the University and the Foundation are recorded in note 22 of the financial statements. The charity'5 wholly owned subsidiary, Bristol Polytechnic Enterprises (Developmts) Limited was estsblished to own the LECHL and undertake any other suitsble trading or Investrnt activib'e5. The entity gift aids the majtsity of it5 profits to the charity. Rlsk Manwertt The trustees have a risk ManageDnt strategy thbt comprises., reviewing the Foundation'5 risk re915ter at least onLi.? a year estsblishing policie5, Systems and procedures to rnrtigate risks identifipd In the register, and devlslng procedures designed to minimise thè ptstential impact should those risks materialise. The trustees believe they have adequate pr¢xedures in place to rnr(igate the risk5 to which the Foundation is eKp95ed. The rnain risk identified, whKh is Still classified a5 unlikely, is thè loss tsn depositslinveslments due to bank defauhs. However all inve5trnents are made In accordance with the investment policy which has a k)w risk approach. The Trustees aim to strike a balance between the ri5ksof losses from bank defaults and the desiretoobtain a reasonable rate of retyrn on the charitls investryrttS. The Trustees assessed the impact ol the Covld-19 pandemic on the Foundations activit5 and concluded that there was not likely to be a material impact on its currènt 01 future actNities. Grant Moklng Pollry The Foundation has esiablishèd its grant rnaklng policy to achieve Its objects for the public benefit. The grant aking polKy is reviewed annually to ensure it reflects the charity's objects and thereby advances publK benefit. Thè beneficiary of our grant program¢ is vltimately the Unwèrsity ¢f the West of England and Its student& PuyPoU¢y The directors consider that the board of directors, who are the Foundation's trustees, and the company secretary comprise the keymanagement personnel ofthecharityin charge oldirecting and £oritrolling. running and operatsng the Fcundation on a day to day ba5. All direttors give theirtime free and no director received remuneration in the )*ar. See notes 6 and 7 of the accounts.
Wa115¢0Urt Foundatlon Trust•o5' Report Icontinu4d) Yèar Endéd 31 August 2022 Statement of Trustees. Rèsponsiblllties in respect of the Financial Ststements TtnJstee5, whoare the d1clO of the Foundation forthe wrposes of company law, are responsible for pieparing the trustees, Port and the financial statements in acctsrdanceth applicable lawand United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law Quire the trustees to prepare financial 5tsternent5 for each finarKial year that give a true and lair view of the Foundation's state of affairs and ol its incoming and out90ing resource4 including the irfome and expenditure lor that period. In preparing these linancial statements the trustees are required to.. selert suitable accounting polKies and then appty them consistendy, observe the methods and prIlpleS of the Statement of Recommended PractKe Accountin9 and Reporting by Charities.; makejudgments and estimates that are reasonable and prudent., state whether appllcable United Kingdom COuntIng stsndwds have been followed subpct to any material depar5 disc105ed and explained in the financial statement5,' and prepare the fInCIal statements on the going concem basis unles5 It is inappropriate to P$ that the FcAJndation will continue in operation. The trustees a re4)onsible for keepin9 proper acicxjnting records that disclose with reasonable accuracy at any time, the Foundation's fInCIal position and enable them to ensure that the financial 5tatemthts comply with the companSAct 2CQ6. They are a150 Sponsible forsafeguarding the Foundation'5 asset5 and hence for takiThJ step5 lor the prevention and detection of Iraud and other irregularitie& Provlslon of Informatlon to the Audltor tmstees who held offKe at the date of approval of thi5 trustee5' report CCrI thaL so far as thty are aware.. the is no relevant drf( information ol which the companys auditor is Unawa,. and they have taken all the stèps that theyou9ht to have laken, as trustee& to make themsel5 aware ol any relevant wdit information and to establish that the company's dItor is awa of that informailon. Audltor Thè audrtor, MazaTS LLP, is willing to continue in office and a resolution for its reappointment wll be prosThd at the forthcomin9 annual general meetin9. Appro1 The trustees have prepared this POrt in accordance with the ProviOnI applicable to companies gjbject to the small compani, re9imè. This rep¢yt was approved and authori5ed for i55U? on 13 February 2023 and signed on its behalf by. atshall Trusteè
Independènt auditor's report to the members of Wallscourt Foundation Oplnlon We have audited the financial statements of Wallscourt Foundation Ithe 'parent charity'l and its sUbsidry Ithe '9roup'l for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activit the Balance Sheet. the Constslidated Cash Flow stsiement and mtes to the financial statements incljding a surnmary of signilicant accountin9 policie The ffinancial reporting framewts that has been applied in their preparation is applicable Liw and United Kingdom AcCnting Standards including FRS 102 "The Financial Rewrting Standard applicable in the UK and RepublK of Ireland. IUDited Kingdom Generally Accepted Accountin9 Pr&tKel. In our opinion. the financial statement¥. give a true and fair view tsf the state ol the group's affairs as at 31 August 2022 and cf its income and èxpendiiure for the year then ended., have been propety prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared In accordance with the requirerrnts of the Companies Acl 2006, Basls for oplnlon Weconducted ouraudit in (ordanCe with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our sPonSibl11t1es underthose standard5 are fvrther described in the Auditor's respon5ibilit¢e5 for the wdit of the lif14ncial statements section of our pOrt. We arLi indepvndent ol the group in accordance wth the ethKal requirements that are reant to our judit ol the financial Statements in the including the FRC'5 Ethical Standaid and have fulfilled our other eihical responsibilities in accordance with these requirements. We bdieve that the audit evidence we have obtained is suffKient and appropriate to provide a basi5 forour opinion. Concluslons r•latlng to golng conc•m In auditing the flnanclal StatennIS, we have concluded that the trustees, use of the going concern basi5 of accounting in the preparation ol the financial statements ts appropriate. Based ori the work we have perfomed, we have not identtfied any material uncertainties relating to events or conditions that indNidually or collectively, may cast Sl9nificant doubt on the gioup's ability to continue as a goin9 concem for a rIOd of at least months from when the financial stalempnts a authorised ttsr issue. Our resPstbIlItieS and the responsibilitvès of the tIU5tees wth respett to going con¢em are described in thè relevant 5ecti4Ms of this report Olher Informatlon The other information comprises Ihe inlorwnation included in the Tru5tee5 Repor¢ i)ther than the finarla1 statements and our auditorfs reportthereon.The trustees arè responsib forthe other information £ontsined within the annual report. Our opinion on the fillancial Statements does not cover the other Infom)ati and. except to the éxtènt othe1$e explicitly stated in our report we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation wd, in doing so consider whether the other information is materially inconsistent with the financial staternents or our knowledge obtained in ihe course ol the audil, or othemse appears to be materially misstated. If we identify such material inconsistencies or app8nt material
Independent auditor's report to the member5 of Wa115COUrt Foundation (¢ontinued) mi55tatemwts, we are required to determine whether this give5 rise to a material mi55tatement in the finala1 statements themsefves. If, based on the woth we have pertormed, we conclude thatthere is a material misstatement of this other inlomatiory we are required to report that ft. We have nothing to report in this regard. Oplnlons on other matters prexrlbed by the Companles Acl 2006 In our opinion, based on the work undertaken in the course of the wdit.. the inlomution given in the Trustees, Report for the financial year for which the finan¢ial statèmènts are prepared is consistent with the financial statement5', and the Directors. Reryirt included within the Twstees, Reporthas been prepared in actordance with applicable legal Tequirements. Matters on whlth we are requlred to report by exceptlon In light of ihe knowledge and understandin9 01 the gfOUP and the pawt charity and its environnpnt obtained in the course of the audit, we have not identified rnaterial misstatements in thè Trustees, Report. We have nothing to Teport in sPeCt ol the fdlowing matters in relation to which the Compan5 Act 2006 requires us to port to you il, in our opinion.. adequate accounting rgcords knvonot Ien kept, or retums adequate for our audit have not teen rL¥:eived from branches not visited by us,. or the financial statements are not in agreement with the accountin9 records and returns,. or certain disclosu5 of trustees, renneratIOn spetilled ty law a noi made., or we have not received all the inlormation explanations we requi lor our audit. the trustees were not entitled to prepare thè finar*ial statements in accordancè ¥th the small cornpanles regirnè and takè advantage of the small companies, exempticm in pparIng theTrustees' Report and from the requirement to prepare a Strategic Report. Responslbllltles of Trurtees As explained more fvlly in the trustees, respon5ibilitie5 Statement set out on page 6, the trustees aro responsible for the preparatian of the financial statements and lor being satisfied that they give a true and fair ¥, and for ch intemal cwtrol as the tW5tee5 deternine is necessary to enable the preparation of fmancial statements that a free from material misstatemenL whether due to fraud or error. In pParing the financial statements, the trustees are responsible for assessing the 9roup's and the parent charity ability to continue as a going cern, disclosing, a5 applicable, matter5 related to going concem and using the going concern basis ol accounling unless the trustees either intend to liquidate thè grp or to teasè operatlons, or have no realistic alternative but to do 50. Audltor's responslbllltl95 for tho audlt of the flnandal stalements Our objettlvès afè to obtaii asonable assurance ab)ut whether the financial statements as a whole are free from material rnisstatement. whether due to fraud or error, and to issue an audito¢s report that includes ouropinicffj.
Indépendent auditor's report to the members of Wa115COUrt Foundation (conllnuedl Reasonable assurancè is 3 high lèvèl of a55urance but is not a guarantee that an audit conckncted in accordance with ISAS IUKI will always detect a rnaterial misstatennt when it exists. Misstatements can arise from fraud or error and a¥e conSided material if, individualty or in the aggregate, they cwld reasonably be expected to influencè the ecOnnIC decisi¢ms of users taken on the basis of the financial staternénts. The extent to vhich Jr procedures are capable of delecting IrguIant1e4 including fraud is detailed below. IrreguL4ritiei inckjding fraud, are instances of non-c(P11ance with laws and regulations. We design pr<xedure3 in line with our ponsIbIlitieS out11 abtsve, to detect material misstatements in respect ol irregularities, includin9 fraud. 8ased on our Understding ol the grojp and the pat chafity and its aclivities, we conSided that non- compliance with the following laws and regulation5 mght have a material effect on the financial statetnents.. Companie5 Act 2t)S CharitiesAct 2011, the Charities Statement of Recommended PraclKe, UK tax legislation, anti- money launderin9 regulation. To help u5 identify instances ol non-compliance with these laws and re9ulations, and in identifying and a5se55in9 the risks of material misstatement in respect to non-compliance, our procedres included, but were not limited to.. Inquiring ol managemènt and, there appropriate, those charged with 9ovemance, as to whether the 9roup is in cornpliance with laws and regulatio,-,% and <Jiscussilly tl)eir ptslicies and procedures regarding compliance. with laws and regulations Insprftin9 torrespon(lence, if any, th relevant IKensing or regulatory thorItIeS,. Communicating identified laws and reyulations to the enga9ement team and remaining alert to any indications ol non-complwnce throughout our audit,. and Considerin9 the risk ol acts by the group %4thi¢h were Contrary to ap1{able laws and regulations, including fraud. We also consided those laws and re9ulatlDn5 that have a direct effect on preparation ol the financial Statements, such as tax gISlation. Charities Act 2011, the Charities Statement of Flecomnnded Prncticè, the Compan5 Act 2(K6. In addition, evaluated the tNsteès' and mana9ement'5 incentives and opportunities lor fraudulent mlpulatIon of the financial statements including the risk ol managementoverride ofcontrols, and determined that the pri ipal ri5k5 related to stIng manual journal entries to manipulate firia)cial performance, management bias through judgements and assumptions in significant accounting estimates. in particular in relation to revenue recognition (which we pinpointed to the cut off assertion and svjnifieant one-off or unusual tran5actirmsl. Our audit procedures in relation to fraud included but were not limited to.. Making enquiries of the trustees and management on ether they had knOedge of any actual, susperted or alleged fraud,. Gaining an understandSng of thè internal contrds established to mitigate risks related io fraud.. Discussing amongst the engagement tearn the ri5k5 01 fraud,. and AddSSing the risk5 of fraud through management override of controls by performing joumal entrytÈstin9.
Independent audltor'5 report to the member5 of Wallscourt Foundation IiontinuÈdl There are inheTht limitstions in thè audit procedu$ described above and the primary responsibility for the prevention and detectitsn of irregularities including fraud restswih management. As with any audil there mained a risk of non-detection ol irregularities, a5 these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal contrds. A further descript ol tyjr resKX)nsibIfitS lor the audit of the financial statements is located on the Financial Reportin9 Council's website al This description forms part of our auditor's report. Use of th• audlt report This report is made solely to the charit15 members &5 3 body in accordance with Chapter 3 of Part 16 of the C¢Jmpanies Act 2¢6. Our audit work has been undertaken so that we mujht state to the charity's members th05e matt¢rs we are required to State to them in an auditof s report and for no other purpose. To the fullest eKtent permitted by law, do not accept or assume resptsnsibility to anyone olher than the charity Mernrs as a body fof our audit worl for this reporL or lor the opinions we have formed. Jonatfian Marchant Senlorststutory Au¢Jilor for Jnd on behalf ol Mazars LLP Chartered Accountants and Ststutory Auditor g) Victoria Street Bristol BSI 6DP Oate.. 20 February 2023 10
Walls¢ourt Foundatlon Consolldated Statement of Flnancial Actlvities Year Ended 31 August 2022 31 Al$t 2022 31 AuAuSt 2022 31Ault 2022 31Auiust 2021 £(KJo [11rntsh$J 112thtsftthÈ1 112rnwthil Restricted Unrertnrted 112nxYrthsl Tot¥1 Income IDcoMe frtyn ch8rlfab artmtles Rent recelvable 439 439 439 It)vestmet)t Income 372 373 333 Othtr Income 6.202 6,202 7,013 7,014 852 Expendlre C05t of rJisln8 funds Invpstmeni piopertles TradlnB Expefidltuie on charlt8ble actmtles Charltable artlvliles undertaken dlredty Grlni fundlth8 of charltable actIvleS 1221 io io I,J27 1327 786 661 760 2,135 2,141 1,403. Wet In¢on (Emptrndrè1Itt th Y•at 4.878 15511 RevBluatlon of In¥e5rment propertle5 153 153 11201 N•t MDv•ffl•ntof Fun 5.031 S,026 16711 Funds brou8ht forward at 01 September 2021 18 35.736 35,870 36,547 FyhdsCrrlod For¥Mrd ataiAuwst 2022 18 135 40,767 40,W2 35,876 The statement of flnanclal artIlIeS shows all8aln5 and losses recognlsed Sn the ar. All Income ¢Jeflves from contlnuln8 attmtles. li
Wallscourt Foundatlon Balance Sheet At 31 Auiust 2022 Group Fotsrthtlon Not• 2021 Er¥Jo 2022 2021 tJlAuyJ&tl I$iAughotl 131 Auwrtl Flwed N5sets Investment Property 5odal inve5tmert Property 12 3,773 17.B36 3,530 19.085 19.085 17M36 2L609 22,705 21,46 22.615 C¥rrentAs%ots Debtors Short term depo15 Cash at bonk Is 6J95 12A26 323 12.370 297 IL604 322 11,551 693 IZ.566 19,605 13,497 IU55 Cwrent U•bllttles Credhor5.' Amounts fallln8 due %vlthln one yeaf 16 (31ZI 13261 13261 19,293 13,171 12.240 Totsl As5tts leh rr•ntUibllltks 40.gn 35.876 33.729 34.855 35,876 33.729 34,855 Fuktholth• Fourthtton Re5trlcted funds Unrestrkied funds Totsl Funds 135 40.767 40,902 140 35,736 35,876 ijs 33,594 33,729 34,715 34.855 The irustee5 have prepared youp atceunt5 in a¢cordatKe wthh sertion 398 of the Companies Art 2(K16 llnd 5ecikin L38of the CharItS Aci 2011. The accounts are prepared In attordanct whh the special WOVi$HJns of part IS of the Companles Act ielaiin8 tosmall companle$ constltutethe annual accounts roqulred bythe Companles Act 21JJ6to be drcuLated to memters. The notes on po8es 14 ta 21form partofthese tOunts. The lknanclal sraiements were opproved bythE board of trusteeson the 13 February 2023 and wEre s18ned on itsbehèSf by.. Trustee CompinyAei15tr4t+on Nmber.. 02991142 12
Walls¢ourt Foundatlon Consolldated Cash Flow Ststement fortheJZmothended31Auiwr102Z JIA 31 knIu5t 2021 ote 2022 112 rntsnthsl Net cash ItwI from operatlw actlvltles 23 Invesrinqo¢tfvltte5 Rwurnson In¥e5tments and swvlclng of finance Interesi recelved 77 Net C05h Inflowlrom investlng Ottlvltles 54 InCrnil u¥h •nda%h ¢qu•1•nts 36 Cash oi c•5h equfvalents 0V8htIOafd 13,174 13,638 C•sh•ruthequlv•l¢nts¢•rrl¢d Iw4 13.174 13
Wallscourt Foundation Notes to the Flnanclal statements Year Ended 31AUXUSt 2022 l General Informadon The compaNy wa5 formed on the 16th November 1994, Is Ilmhed by guarantee INO 029911421 and a re815tered charSlY (Wo 10504681. The wmpanyls re8lstered in En8land and Wales. The charity's re8lstered office Is do Finance Dept. Unlver5ity of the Westof England. Frenchaycampus, Br15roI, B516 IQY. 2 A¢n¢p0lclts The yincipal accountlnÉ pol£&4d0pIed, ludÉmen15 and key sources of e5timatbn lThthe accounts are aslts11ows. The fhlènclal sia¢emenr5 have been prepaied irt accordante wlth the Flnanclal Reportlng sraodard applicable In the Unlted %ln8dom and ftepubllcof Ireland IFR5 1021 whith etttte in lalluary2015 the Staiemeni ol Recomrtiended Prartke ISORPI #ppll¢abk ¢0 ¢harllles preparkn8 Ihe ttounts In attordaneewith FRS 102 the Companles Acl I. The Fouffldatlorb meets the defknltlon of a publlc benelt entmyunder FRS 102, Assets and IlobllltlE5 ave lnllla1 reco8nlsed at hlslrykal cost ortransxtlon value unlp55 Otherw15e stated In thE relev*)t gccountln8 poli¢y notes. In prepaiknlthe flnanclol 5toternenis,11 has not been necess8ryto mBke s14nlficant judgment5 and estlmwtes. After rpvlewln8the company's forecasts and prolectloD$. the trustees have4 rea50noble expectat th•t Iht Foundatlon ha5 adequate resources lo contlnue In OPeratnal exlstence for the foreseeable luture. It, Iheiefore ontlnues to adopi the 8oln6 toncerTh basls In prepavkngihe flnanclal statements ITrustee5 repurt p4ge 3 &41. The statemeTrtof nnancl31 actlvltles ISOFAI and balance sheet tonsolldate the resuftsof the Foundatlon and115 sub5101èr¥. The re5ulrs of the sub51dlary are ¢onsolkS•ted on a Ilne byllne bèsls and no separato SOFA has been prèp•red lorthe Foundètlon aknne a5 permttted bysertlon408oftheCompanles Act 21Xl6. Unrestrlrted fvnds ale fund5whkh are expEndable •t the trustees. dlsuetlon In furtheiance of the Foundatlon's oblotis. Resiricted funds reweseni Income received where the dDnDi or the rbature of the appeal genoratins the Incoffle ha5 Irnp05ed restrictions •5 to how the monles shall be used. All Income islnduded It)the SOFA and can bequ3fited %vlih reasona accurary. The prlmary income of the FouThdatlon'5 sub51dkJrycompany (UK re8tsteredl Is trom Ihe hoklln8 of ID¥estmen¢ properlv. Interèst on funds hekl on deposl Is Included when rctI¥able thE amount can be fftea5ured rell3bly by the company., thi5 15 normally upon noriflcatlon of the Interest pald or payable by the bank. Asa re8151eied chaitty. the Foundatkjn lsexemptfrom taxatlon on $ Income and galnsfallln8 within 5ectlon 505 of the Taxes Act 1988 01 SectvJn 256 Dlthe Taxation of ChafgeaNeGain5Att 1992 ro the extEntthbt theyare applied ID It5 charitable oblectlve5. No tax thorge has arlsen In theyear. 14
Wallscourt Foundatlon Notes to the Flnancial Statements Iwrtlnuedl Year Ended 31 Aw8ust 2022 2 Prlndpal AUmIn¢POlIc1eS¢coknuedb h FlXe6Ars•r/sarAthwstrnffntaP01JcV Flxed as&ets/Soclbl Investment assets are stated at cost less accumulared depreda¢ion. Depreciatwin 15 provlded ai thefollowkiB onnual rates towrkeoff the costof tho asset overtheir estlmated useful Il¥es.'- Estlmated Ille 50years Sports Facllftles E511med Ibfe 25 years Furniture & ffttlng5 E5tlrnatpd life I to5 years Where equlpment and flttlngs are w0ded as part of the buiklin& whlth15 let wkh annual break dauses inthe lease. then thot C05t i$fvlly deprecid knthe first veèr ofthe lease. Debt5 are le¢niSed atthelrorlÉlnal valuè lessany prov15kin for Impalrment In thelr value. CredKors ar¢ shown at theli orl8lnal value. All expendltuie Is attouThted for on an acuuals basls. Overhead and other Support C05t5 not direllly Itflbuiable io a partkular futKtlonal artivlty are apportioned on the basls of rnbThwment estimatès. Expendlture by Ihe Foundailon's subsldlaiy, whlch15 conslstentwhh the Fouthd•tlON'S thirltable objec15, Is recorded under'charllable 8¢tlvllles'. l Gmnts Poypwl Gtarts payable are iecordeL¢ In the 50FAwhen 115 belleved thli there Is a ¢onstructl¥e oblatn under Fft5102. As explalned in the SORP, g tonstructhe obllgatlon, In thls conie¥t, arlses when the trustees have communkated thelrfundlns decislon tothe Unl¥er51ty. Investmenl properly Is land and bulidln85 held for ienial ineome or cgpltèl appredatlon, Theyare In meèsured at C05t and sub5equenityat fall value wlth movemnts reco8nlsed In the SOFA. Propeitlesare T1 depreclated but revalued ur rèvlewed ant)ually. ThE compgnyonly has fflnanclal bs5ets ond lInalOp Ikbllltlesof a klnd that gu411fy a5 bè51c lknanclal In5tiument5. 8isi¢financlbl in5trurnent5 are 1n1tiéC0ln1Sed at tran5artlon value and 5ub5equentlv measured ot thelr settlemet)tvaluewllh the excepth7n of ban loans whlch ère subSequeni measured atamort15ed cost U51n8 the effeCte Interest method. ThÈ hÈadlth8'tash at bank, Includes dep051ts repayable wlthln 24 hour5 w51houi peThotty, all other depos115 belng Included wlthln rhe headlng'shorl term deposlts,. All cash at ban and shori term dep051ts are held at approved ¥Ylthlnthe Unlted Klngdom. p Leqses Operatin8 lease rentèls aietharged tothe SOFA on a strat¥ht Ilne basisover the pErlod elthe lÈa5è. fk4ntJvdymerrfJ•nde511rnaie5 Due to the nature ind location of a number of the Foundat.5 Investment Propeitle5, theTru5te25 ha¥ used a dlscounted iental YU6110n approach to 3rtain ètsir vèlue. 15
Walls¢ourt FoundatSon Notes to the Finandal Statements Icontinfftdl Year Ended 31 Auiu5t 2022 3 Le8Jl sts$ olthe F•wdBt The FoundatKtn 15 3 mmpany limited by guarantee. In the event of It beln8wound up. the li81fty1th respert ol theguarantee ts Ilmlted 10 £1 per member. 4 Flwthclil Perfoim•n¢eolthe Foundati The consolidated Statement of financyal •alvltles kndudesthe iesutts of Ihe Foundatlon'swhollyowned subsldlaiy, Bris101 Polyte¢hnlt Entetyrlses (Developmentsl Limbted. The summary posttlon of the Foundailon alone Is: Summ•ry profftind105si£(aunt 2022 £oty) 2021 iumrahthÉl 113 m1] IncDme 810 770 Expendlture on tharhtab1e Ktlvltles 111341 11,3241 11,3991 Revaluatlon of Investment property 14•lmwomthtolfvn 120 11201 17491 11,2041 Tot4lfunds bwouihl forward Glft èhl fiom 5ub51dlary 34.855 78 35,355 249 J3.n9 34,855 5 Brlstol Potyts¢hnk Entorpr15•s IDqvelowrtntil Umltd The Foundailon hasa wholly owned 5ubsidl4ry Incorporated h the UK 8rlstol P¥technIC Ehttrwlses Ioeveltsprnentsl Llmfted IBPEOI, whose pilnclpol odlvlty Isthe developrnent of13nd, ond the cGn5tiuctlon and asln8 Df bulldin8s for the beneftt of the Unl¥er511y of the West of Efgland, ThIs4dltY 1$ n$[stent wlth the Foundatlon'$ ¢harltable oblettlves and the relevant cost5 ore, therefoie, Included Wlthln'tharltableBdfvKS'. BPED Ilmfted by share capllal and Is ie815tered In EngLqnd INo023882911. Its re8lsteied office Iselo Flnance DepaitmenL Uner$I1V0ftthe West of England, Frenthdy Campu¥ Brlstol, BS16 IQY. 8PED'5 surnmèry flnanclal posltlon15 shown bekiw 2022 2021 IIR mwth&l Interest reCeable Other Irwme 6.101 6,205 B2 Interest payable otherexpeThJiture Revaluaiion of Investment propErtv 18) 3J Prvllrfvrthtprtod 6,Z30 78 16
Wallscourt Foundatlon Notes to the Flnanclal Statements IMndnued> Year Ended 31 Augu¥t 2022 S 1$to1 PotyhnIC Enterwlses IDe¥elopnnisl Unle 1¢ontIndI Z021 13lAuSt) 131AviuStl CurrenrAssets 7,173 1.021 Amounis payèble In more than one year Totsl Tret 05sets 7.173 I,ozi A8Bre8ale sh¥e upltol and reserves 7,173 1,021 fj Tmstees, Remuner•¥on No remuneiaison or empenses have been pa to the FoundotiDn'5trustee5 orthe dlrertors oFlts sub51dlary In the yeai under leeW or Ihe previous ye•r. 75tsff The Foundaibn ho5 no employees, tt5 admln15tra¢lon beln8 uttled wl by 518ff from the Unl%rsliy tyl lh¢ West of En8land under o swvlce contracl. 8 IrKoM1 R•souv¢•ifrom Clknrlt•lA• ActlvftbEs 2022 2021 112 mtythil 112rrrttths1 Refii receIVab from knd aThd bulld1$ let to ijnlverslly olthe West of En8lind 439 g Instment Intomè 2022 £0 2021 EorK) 112 monthil 8an Interert reteN8ble on deposAs ftent receivab trom nd at)d bulldiws 54 279 296 373 333 17
Wallscourt Foundation Notes to the Flnancial Ststoments Icontinuedl Yeir Ended 31 Auiust 2022 10 Analws of Eypendlture on Charftabl•A(tlvllles 2022 2021 112mthI) Cost5 relatlngto land and bulldlnÉs a$edt0 the Universlty ofthe Westof Engnd Operating 8$e rentats Depreciatknn 3S 587 622 39 661 1.249 1.284 Support and go¥rnano costs L327 GmtF•olCltortMbleAciivltkns Grants io the Unfverstty of thewest of England to fUrtr its support ol me01al bursary & other sUPPOrt Willscourt 5cho1¥5hips W•llscourt Professor & Felfv$hlp5 16 14 754 n4 15 699 758 Support and 8fvernan¢e coms 786 760 Thls note prowldesan 4naly51sof the conwlldated exPendre of the 8IOUPas shown In the consomdated stotement of flNandal ac¢ivitie5 Qn PB8e ii. The tO5ts Iiave been apportloned between thecharltable ind thegrant lundln8 actltIeS on the ba$15 olan estlme ol thetime and re50urce5 spenl. Z022 2021 11 DffApport•nd GO¥ern•t Costs M•na8emont chèr8e Isoo note 71 Governance cost5 Audlt ftes 35 45 41 Apptyrt(Pm•41 Charltableactl¥ltlp5 undertaken direttly Gratht IuDdlnB on chaittable act111¢$ 43 39 41 The abo¥e opportlonment ha5 bÈen made usln8esfjmates olthe tlme spem on each acimty. 12 In¥ethnt prapert¥ Ba515 of wdluatb)n w10rtOWd0 The Fo¢Jndèibn has one Invesrrnent property.ThE property. 8uildln8435 L¥) ihe Bristol Business Pèrkls let (Dmrnerclaltyand has been Independerstly valwd b¥Alder KlnBi thls lsiellBfted bEIow. The sub51dlary'51n¥estment land w¥s Val by Alder th8 at 31st Au8USt 2022thls valuafjon Is reffeoed bebw. 18
Wallscourt Foundatlon Notes to the Flnanclal Statements Itontlnued) Yeèr Ended 31 Auiust 2022 12 Investment Property Group 21)22 FtyJI•0n 2022 2021 2021 £ory) IIIAuytl I31Aul11 131 A4urti Mhtorf(ulCost Asat31 August 4,860 4,770 4,770 4,770 4,770 Balance at 01 September Transfer from Property under¢onstrv¢tion Revaluation of property Balanre at 31 August 3,620 3,740 3,530 153 3,77J 120 3,6SO 11201 3,590 9,620 13 Sotlal Inw4strMni Prop•rty Found•¢lon 2022 2021 2021 £0 131Awuitl tJL*J4ust] 131Awil Co A5 at 01 September AddlLlor15 20,919 20.919 20,919 20.919 As at 61 ZO,919 20,919 20,919 20,919 l)epre¢l•t¢•n A5 atol Septpmber Char8e forthe perlod A5 ai 314¥st 1,834 1,249 3,083 L247 587 1.834 1,834 1,249 3,Q83 1,247 587 1,8Y B•okVal• As at 31Av8USt 17.836 19,085 17,836 19,085 Proporty undwtmstructlon There are no propertles under constructlon 19
Wallscourt Foundatoon Notes to thè Nnanclal Statements IcoTrYnuedl Ye•r Ended 31Ausu5t 202Z J5 Debtors Group 2022 FoundJtion 2021 EL0 2012 £th)o 2021 £coo Pl•iuSl 131 Awustl 131 Au8U5tI Piepaymert5 and attrued Income ebtors 54 269 74 53 269 6,395 323 297 322 There are no lon8 term debtors 16 Credltars.. Armurts Fallbni Due Wlthlhijyè•r Gioup 2022 Found•Uon 2022 2021 Éots) 2021 £0 ill Au1] I31A¥Ill 131Auquitl Ac£ruals Dtferred Ineome VAT 47 237 52 47 52 244 30 326 237 28 312 30 326 312 Deferred Income ielate$ solely to rènt rÈcefv8ble or Other Income recel%d In advgKe of the b31arKe Sheet daiÈ. Group FowKkntlon oo 244 12441 237 217 8alarKe ai i September 2021 Amount released In ihe year Amount deferred In the year alanceasat 31 A$t 2022 244 12441 237 137 17 Q•dlt4rs.' Afmunts F•llln8 DueAft•r Offl•Y•ar There are M cr¢dlttxsfallln8dueofter more than oneyeai. 20
Wallscourt Foundation Notès to the Flnanclal Ststements Iconunuedl Year Ended 31 AvEv5t 2022 18 Rasevves Balan¢e 01.Sèp20 balanre 31-Au8-21 Income Empendlturt Rtvaluatlon Trnnsfe £O¢KJ Unrestrlrted funds General fund5 Ifoundatbn Subsldlary lund5 Desl8D•tedlund5 Operating resern Soclal Investment Property reserye InvEstment Property rese 8ulldSnB de¥elopmenr reserve Tot•1 urwe5tr1¢ted lunds £0 769 82 8.475 1,192 11.3991 1,786 12491 9,631 1.021 3,210 19,672 3,740 119 36.408 18311 15871 2,379 19,085 3,620 11191 851 11,4031 35,736 REstrlcted lurtds John HullahTru5t fund 139 140 140 Totsi fesirt¢tedlund5 139 Total tund$ 36.547 852 11.4031 35,876 Bal¢¢ 014ep21 £o(KJ Bal¢4 31-Aui-22 £000 InmE Exp¢thdltur¢ R¢vily•tl¢h Trnrthri £000 Unrestrlrted fwd: General lunds Ifoundallonl Subsldlary funds De$l8Mi•d hjndi Grant reserve 9,631 1.021 12,1271 181 3,199 11,511 7,173 6,205 1379 19,085 3.620 11,9051 11,2491 474 17,836 3,773 soc1 InvÈstmÈnt PropÈrtyieseNe In¥tstrnent Property reseNe 153 Totthl ur•irt•dfllnth 35,736 7,013 12,1351 153 40,767 Re5trltted funds John Hlah Trvsi fund Total restrlttEd lunds 140 140 135 135 Totsl funds 35,876 7.014 12.1411 153 40,902 The Giantdvnatd lund fepre5ents4mounts set ade to meet future known Brant commttments. The two Pf4)perty desl8nated funds rpresÈntthe h)¥esiment In Soclal In¥esimenL ènd Investment Propertles. The Bulklln8development reserve represents **oynts set &sldeto¢¢mplete Qn 8oln8 W0Wrty de¥elopment. In 2017 fund5 weretransferred from thejohn Hullah TrusL a dDrmant tharity, into è restritted reserve. The fund5 are hekl ascash ènd are to be used for the provI5knn of bvrsarles and other support for Ihe Studentsof the Faculty olArt, Creative Indu5tflE5and Education. 21
Wa115COUrt Foundatlon Notes to the Flnanclal Statements Iconttnuedl Veir Ended 31 AuAUSt X$22 19 Analy45 of6ro¥p NetA55ets BElween Funds undelatsd P¥opBrtv £'TrJo Opera0 Restrlcted Totsl 31.OB.2021 soc1 Investment woperty Irwestment Propertv Cash at bank 19,085 3,620 19,085 3,620 13,174 10,655 2,379 140 Other Neicurrent Assets Total 10.652 22,705 2,379 140 35,876 Unde4•1 see Propertv Gr•rt ft•strl¢t¢il Ttyil 31.08.2022 Soclal In¥e5tment propert¥ In¥e5tment Property Cash 8t b8n Oiher Net CutyeniAssets 17,836 3,773 17,836 3,771 13,210 6,083 12,É41 474 135 Total 11.684 21.609 474 135 1012 2021 £0 Flnanclèlassets measured at amorttsed cost FlnarKlal Ilabi1rt5 measured at amortlsed co 19.605 13121 13.497 13161 21 FIMrK141 (M}IMents 2022 1021 OperaisnB lease5 Due.. Wllhln one yeai Betweèn ané fve years After flve years 39 3,184 3,378 22
Wallscoun Foundatlon Notes to the Flnanclal StèmentS Icontlnuedl Year Ended 3LAuiurt 2022 12 Related P•rti¥ Professor S Gwesi, atrueeof the Foundaikin, is the Wice-chancelbr of the Uni¥ers4ty of the West of En8larxl. The Foundion'stran5ac110115 and balantes with the University are shown bek)w. Group Fou¢thllon 2022 2021 2021 EthD £Dou EWO 112 MClhI] Tr•nH¢¥oni thth•UnlV1r41ty Rent recefvable Operailng lease renrals Grants payable Mana8eMent strCeS 439 1351 17781 439 439 439 17581 17781 1331 14107 17581 14071 13871 13B71 2022 2021 2022 2021 £0 IJLAuiitstl 131A¥WAtI ljl AU11 DEbtor 130 130 130 130 ral5 1401 85 23 Recon¢lll•iiothotlLtysVSurplwf¢rth¢y•ar to N¢¢ Op¢r•Uni C•sh Flows 2021 2021 EfMJO £otK IJIAytl Ntl it)come lor the year Less Inierost 4,873 15SII 1541 $87 Add Depreci•tlon IlncreasellDe(rea5e In debiors IDe£reasel ITh crE(Mars fBlllnBduewhhln one year Ilet Operatlni C•5h Flrrws 1,249 16,0721 15701 1411 24 Posl BDl•nce Sheet Event In September 2022 thE FJndè1Ian's subsldlaryeompany Brlstol PoWchnlt Enterprises IDÈv?lopmen151 Llmittd tomwty rttefved £6,097m of over•8e Income In respect of its Obra8e Deed overthe It sold East ofcoldharbour Lane. Brlstol to T4Y1 Wlmpeyln 2015. 23