Wallscourt Foundation (company limited by guarantee) Trustees. Report and Financial Ststements Year ended 31 August 2024 Charity Registration Number. 1050468 Company Registration Number. 02991142
Wallscourt Foundatlon TNstees' Report and Financial Statements Year Ended 31 August 2024 Contents Reference and administrative detsils of the charity, its tNstees and advisers Tnjstees, Report Independent auditorfs report to the members of Wallscourt Foundation Consolidated Ststement of Financial Activities 11 Balance Sheet 12 Consolidated Cash Flow Ststement 13 Notes to the Financial Ststements 14
Wallscourt Foundation Reference and Administratlve Detalls of the Foundation, its Trustees and Advlsers Year ended 31 August 2024 Tvustees W J Marshall (Chair) CABooy GECamm J S LayccKk S A Moore (to 12 Febwary 20241 KJ Morgan SGWest M J Hagen R J S Holmes S B Mills P Olomolaiye (from 16 October 2023} Company Reglstered Number 02991142 Charity Reglstered Number 1050468 Roglstered Office Finance Department UnNersty of the West of England Frenchay Campus Bristol BS16 1QY Company Secretary R H Broughton Audltor FoNis Mazars LLP Chartered Accountsnts 90 Victoria Street Bristol BS16DP Bankers Natwest plc 72 Gloucester Road Bishop5ton Bristol BS7 8BF Handelsbanken plc 2540The Quadrant Aztec West Bristol BS32 4AQ
Wallscourt Foundation Trustees. Report Year Ended 31 August 2024 The trustees, who are also the Foundation's directors for the purposes of company law, present their annual report and the audited financial statements for the year ended 31 August 2024. They confirm that the trustees, report and financial statements comply with Charities Act 2011, Companies Act 2006 and the Foundation's memorandum and articles of association. They also confom to the Statemenl of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 IFRS 1021 applicable in the United Kingdom and Republic of Ireland, which became effective in January 2015. The financial statements consolidate the results of the Foundation and its subsidiary which throughout are collectively referred to as the 'group'. During the year the tnjstees followed good practice and completed the Charity Govemance code assessment. Purposes and Activities The purposes of the Foundation are to advance and fvrther education and learning aL or in connection with, the University of the West of England. These purposes a carried out bythe provision of fvnd5 for a variety of activities to the University or bythe provision of physical resources for the use of the University. The Foundation may, from time to time, assist the University in other ways. The trustees confirm that they refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's activities and setting their grant making policy. In coming to the view that its transactions are for the wblic good, the trustees have taken into consideration that the University is itself a charity whose activities give rise to public good, as detsiled in the Universitvs annLsal report and financial statements. The University also supports the actions taken by the Office for Students (the principal regulator of universities) to ensure that it complies with and demonstrates its public benefit. Specifically. the Foundation and its subsidiary seek to manage and develop their land and buildings to maximise the benefit for the University while covering their own costs. They do this either by constructing buildings that can be leased to the University or by makin9 grants to the University for specific purposes. Achievements and Performance During the year, the Foundation continued to lease existing buildings to the University. The Foundation also continued to build otb its bursary programme to Sdents of the University of the West of England. The Foundation's subsidiary sold in September 2015 an area of surplus land immediately to the east of Coldharbour Lane close to the University's Frenchay Campus, colloquially known as the'LECHL'. The proceeds of this sale received from the developer. Taylor Wimpey UK Limited, over three years in instalments have been passed over to the Foundation by gift aid. These funds have allowed the Foundation to be tIVe in supporting the major redevelopment of the University's campuses including the Film and Media building and Design Studios building both at Bower Ashton and the Hillside gardens sports facility near the Frenchay campus. The Foundation had agreed to fund the Wallscourt Scholarship scheme to a5515t targeted students each year for a ten year period, at an estimated total cost of £185,000, with the aim of increasing participation from local disadvantaged students. The first cohort of 4 scholars joined the University in October 2016, 9 scholars in October 2017, 10 scholars in October 2018, 11 in October 2019, 10 in October 2020, 10 in October 2021, 10 in October 2022, 10 in October 2023 and 8 in October 2024.
Wallscourt Foundation Trustees. Report (continued) Year Ended 31 Au9USt 2024 In June 2023 the Foundation agreed to set up a new £2m research fund Iwith matched funding of £1 m of University QR fijnding from Research England) to support the research in two interdisciplinary areas - Cyber research and Integrated Care to establish a strong platfomi for the longer-term growth of high-quality research at the University. £44,533 was paid to the fund in the year to 31 August 2024. Financial Review Results for the Year The consolidated unrestricted income of the Group comprised rent receivable of £439k 12023 £439kl, investment income of £1,271 k12023 £831 kl giving a total vnrestricted income of £1,710k12023 £1,270kl. In addition, there was the receipt of the restricted funds of £4k12023 £4k}, giving a totsl income of £1.714k12023 £1,274kl. The consolidated unrestricted expenditure on charitable activitie5 was £772k12023 £1,034kl and the cost of raising funds was £26k 12023 £45kl. There was £11 k restricted expenditure on charitable activities12023 £12k}, giving a total expenditure of £809k12023 £1,091 k). There was a £238k decrease from the revaluation of the investment properties {2023 £19k decrease). The resulting net income for the year was £667k 12023 net Inco £164k}. This resulted in an unrestricted fijnd (consolidated) carried foMard at the end of the year of £41.6m {2023 £40.9ml and a restricted fund of £120k12023 £127kl. Fundlng Sources The Foundation's principal sources of funding are rentsl income from land and buildings leased to the University and other tenants, plus investment income arising from cash held on deposit. Resen$ policy and going concern The purpose of the Reserves Policy is to ensure the stability of the ongoing operations of the Foundation and to support the strategy of implementir)g the programme of support to the University, which is expected to span a number of years. The Foundation is holding its reserves to enable it to respond to futu support requests from the University. The group's unrestricted reserves at 31 August 2024 arnounted to £41.6m 12023 £40.9m). The Foundation's undesignated free reserves at 31 August 2024 were £19.4m12023 £17.8ml further details are set t in note 19 of the accounts. The trustees expect that calls upon its existing reserves will increase in the future, with a consequent diminution in the balance of those reserve5 over the longer term.
Wallscourt Foundation Trustees. Report (continued) Year Ended 31 August 2024 The Reserves Policy is to split the unrestricted reserves between designated and undesignated free funds. Designated funds are funds that have been set aside by the Trustees for a specific purpose. These include a Grant Reserve of £2,089K lo meet the ongoing grant commitments of the years ahead and a Propety Reserve representing the net book value of the s(Ki31 investment properties and investment properties held by the charity, which would not be easily realisable if needed to meet future liabilitie& The remaining unrestricted reserves representing undesignated free reserves of £19.4m, are available for use at the discretion of the Trustees in pursuing the charity's general charitable objectives. In addition, there is a Restricted Reserve in respect of the John Hullah Tnjst of £120k. The trustees are of the opinion that in the light of the level of reserves above and the continuing stream of rental income, the group is a going concern. Investsnent Policy The Wallscourt Foundation is committed to maintaining sufficient fvnds in instant access or short notice period accounts to meet its ongoing expenditure needs. Any funds beyond this, will be invested in low risk deposit accounts or fixed term bonds, with notice periods not exceeding two years. In addition the Foundation has retained 435 Bristol Business Park, which is let on a commercial basis. The Trustees are satisfied with the investment returns in the current year and the policy will be reviewed annually. Future Developments The sale of the LECHL in September 2015 and its accumulated reserves provide substantial funds to enable the Foundation to assist the University at a.very exciting and crucial stage of its development. That plan has been infomied by UWE'S 2030 strategy which will shape the University over the next 10 years. The key fcKus in that strategywill be solving tUre challenges thr(xJ9h outstanding learning, research and a Cultu of enterprise, creating opportunities for people to thrive and flourish and creating an inspiring university as a global gateway to the future. It will also take into aCcnt the continued refvrbishment plans of the University and chan9es to the teaching and learning experience to create a student-centred approach that puts the University at the fOfront of current leaming practice. Structure, Governance and Management Govemitig D0cunnts Wallscourt Foundation is a company limited by guarantee, governed by its memorandum and articles of association dated November 1994 lamended March 2006) and registered with the Charity Commission since November 1995. If the charity is wound up, its members are liable to pay the sum £1 each. Method of Appointment or Election of Tmstees New trustees are appointed by the members of the Foundation in a general meeting or by the existing trustees. One third of them retire each year by rotation and are eligible to be re-elected. Induction and Tmining of Trustees New trustees are provided with appropriate induction and training. taking into account the nature of the Foundation and their previous experience in the charity sector.
Wallscourt Foundation Trustees. Report (continued) Year Ended 31 August 2024 Organisatlonal Structure and Decision Making The trustees meet at least three times a year and at other times if necessary. They have delegated the day-to-day running of the Foundation to the company secretary assisted by other staff from the University of the West of England acting under a service contract. The Foundation monitors the perfomiance of its activities by reports and presentations at trustees, meetings. The Audit Committee meets at least two times a year to review the annual accounts, monitor the risk register, have oversight of the financial systems and review the financial regulations. The directors of the Foundation and its subsidiary meet regulady with senior staff of the University to review the effectiveness of the asSlStance provided to the University. Related Partles ond Co-operatlon with Other Organisations None of the trustees receive any remuneration, expenses or other benefits from their appointment The Foundation's only beneficiary is the Universityof the West of England and the Vice-chancellor is one of the tfustees. Due to the close working relationship between the Foundation and the University, his appointment is considered help1 in order to ensure that the trustees are fully aware of the University's strategic plans and objectives. All transactions between the University and the Foundation are recorded in note 22 of the financial statements. The charity's wholly owned subsidiary, Bristol Polytechnic Enterprises (Developments) Limited was established to own the LECHL and undertake any other 5Ultable trading or investment activities. The entity gift aids the majority of its profits to the charity. Risk Monagement The trustees have a risk management strategy that comprlses., reviewing the Foundation's risk register at least once a year establishing, policies, systems and procedures to mitigate risks identified in the register,. and devising procedures designed to minimise the potential impact should those risk5 materialise. The trustees believe they have adequate procedures in place to mitigate the risks to which the Foundation is exposed. The main risk identified, which 15 Still classified as unlikely, is the loss on deposits/inve5tments due to bank defaults. However all investments are made in accordance with the investment policy which has a low risk approach. The Trustees aim to strike a balance between the risks of105ses from bank defaults and the desire to obtain a reasonable rate of retum on the charity's investments. Grant Moking Pol(cy The Foundation has established its grant making policy to achieve its objects for the public benefit. The grant making policy is reviewed annually to ensure it reflects the charitys objects and thereby advances public benefit. The beneficiary of our grant programme is ultimately the University of the West of England and ils sludents. Pay Pollcy The directors consider that the board of directors, who are the Foundation's trustees, and the company secretary comprise the key management personnel of the charity in charge of directing and controlling, runnin9 and operating the Foundation on a day to day basis. All directors give their time freely and r)0 director received remuneration in the year. See notes 6 and 7 of the accounts.
Wallscourt Foundation Trustees. Report (continued) Year Ended 31 August 2024 ststement of Trustees. Responsibilities in respert of the Financial Statements The trustees. who are the directors of the F¢JJndation for the purposes of company law, are responsible for preparing the trustees, report and the financial ststements in accordance with applicable law and United Kingdom accounting standards {United Kingdom Generally Accepted Accounting Practice). Company and charity law require the trustees to prepare financial statements for each financial year that give a true and fair view of the Foundation's state of affairs and of its incoming and outgoing resources, including the income and expenditure for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., obseNe the methods and principles of the Ststement of Recommended Practice 'Accounting and Reporting by Charities.; makejudgments and estimates that are reasonable and prudent state whether applicable United Kingdom accounting standards have been followed. subject to any material departures disclosed and explained in the financial ststements,. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Foundation will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time, the Foundation's financial position and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the Foundation's assets and hence for taking steps for the prevention and detection of fraud and other irregularities. Provision of Informatlon to the Audltor The trustees who held office at the date of approval of this trustees, report confim that, so far as they are aware.. there 15 no relevant audit information of which the companls auditor 15 unaware,. and they have tsken all the Steps that they ought to have taken, as trustee5, to make themselves aware of any relevant audit infomiation and to estsblish that the company's auditor is aware of that information. Audltor The auditor, Forvis Mazars LLP. is willing to continue in office and a resolution for its reappointment will be proposed at the forthcoming annual general meeting. Approval The trustees have prepared this report in accordance with the provisions applicable to companies wbject to the small companies, regime. This report was approved and authorised for issue on 10 February 2025 and signed on its behalf by. Marshall Trustee
Independent auditor's report to the members of Wallscourt Foundation Oplnlon We have audited the financial statemenls of Wallscourt Foundation (the 'parent charity'l and its subsidiary (the 'group'l for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Balance SheeL the Consolidated Cash Flow Statement and notes to the financial statements, 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 Stsndard applicable irn the UK and Republic of Ireland- (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the group's and of the parent charitls affairs as at 31 August 2024 and of the group's income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We a independent of the group 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng conorn In auditing the financial ststements, we have concluded that the tNstees' use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast signifKant doubt on the group'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 tnjstees with respect to going concern are described in the relevant sections of this report. Other Information The other information comprises the infomiation included in the Trustees Report other than the financial statements and our auditorfs report thereon. The trustees are responsible forthe other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent othenmise explicitly stated in our repoit we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audi( or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
Independent auditor's report to the members of Wallscourt Foundation (continued) misststements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial 5tstements are prepared is consistent with the financial ststements.. and the Director< Report included within the TnJstees' Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and tske advantage of the small companies. exemption in preparing the Trustees. Report and from the requirement to prepare a Strategic Report. Responslbllltles of Trustees As explained more fully in the trustees, responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the tnjstees detemiine is necessary to enable the preparation of financial ststements that are free from material misststemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the group or to cease operations. or have no realistic altemative but to do so. Audltor's responslbllltles for the audit of the financlal statements 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 auditorfs report that includes our opinion.
Independent auditor's report to the members of Wallscourt Foundation (continued) Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS IUKI 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 economic decisions of users taken on the basis of the financial ststements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement5 in respect of irregularilies. including fraud. Based on our understanding of the group and the parent charity and its activities, we considered that non- compliance with the following laws and regulations might have a material effect on the financial statements: Companies Act 2006, Charities Act 2011, the Charities Ststement of Recommended Practice. UK tax legislation, anti- money laundering regulation. To help us identify instances of non-complian with these law5 and regulations, and in identifying and assessing the ri5k5 of material mi55tatement in sPeCt to non-compliance, our procedu$ included, but were not limited to.. Inquiring of management and, where appropriate, those charged with govemance, as to whether the group is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations,. Inspecting correspondence, if any, with relevant licensing or gUlatOry authorities,. Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-corrpliance throughout our audiL' and Considering the risk of acts by the group which were contrary to applicable laws and regulations, including fraud. We also considered those laws and gUlationS that have a direct effect on the preparation of the financial statements, such as tax legislation, Charities Act 2011, the Charities Statement of Recommended Practice, the Companies Act 2(X)6. In addition, we evaluated the trustees, and management's inntiveS and opportunitie5 for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bia5 through judgement5 and assumptions in significant accounting estimates. in particular in relation to Investment and Social Investment Property carrying values, revenue recognition {which we pinpointed to the cut off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud., Gaining an understanding of the internal controls established to mitigate risks related to fraud,. Discussing amongst the engagement team the risks of fraud- and Addressing the risks of fraud through management override of controls by performing joumal entry testing.
Independent auditor's report to the members of Wallscourt Foundation (continued) There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audiL there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of intemal controls. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at vMw.I'i'c. itoi'&r25wL[es. This description forms part of our auditorfs report. Use of the audlt report This report is made solely to the charity's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fvllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity members as a body for our audit work for this reporL or for the opinions we have formed. TrJc Jonathan Marchant Senior Statutory Auditor for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 90 Victoria Street Bristol BSI 6DP 13[i/z> . 10
Wallscourt Foundatlon Consolldated Statement of Financlal Actlvltles Year Ended 31 August 2024 line.ludlnA a consolidated Income Ind expendlture account! 31 August 2024 £LX)O 31 August 2024 £000 31 August 2024 31 August 2023 Note £CKJO 112 rn0Thth51 112 monthsl Ill month51 R*strirted Total 112 monthsl Total Income Income from charltable activltles Rent recelvable 439 439 439 Investment Income 1,271 1,275 835 1,710 1.714 1,274 Empendlture Cost of raising funds Investment properties Tradin8 Expendlture on tharltable activlties CharStable activities undertaken directly Grant fundin8 of charltsble actlvltles 15 30 18 18 io 701 71 696 350 io li 82 li 798 1,091 Net Income for the Year 171 912 905 183 Rewdluatlon of Investment properties 12381 12381 1191 Net Movement of Fund5 171 674 667 164 Funds brought forward at 01 September 2023 18 127 40,939 41,066 40,902 Funds Carrled Forward at 31 August 2024 18 120 41,613 41.733 41,066 The statement of ffinanclal actlvlties shows all gains and losses recognlsed In the year, All Income derlves from contlnulng actlvltles. li
Wa115COUrt Foundation Balance Sheet At 31 August 2024 Group Foundation Note 2024 £000 2023 2024 2023 £LX)O £0 £000 131 Aueustl 131 Augustl 131 Auwstl 131Augu5tl Flxed Assets Investment propertv Soclal investment Propertv 12 3,516 16,604 3,754 17,220 3,380 16.604 13 17,220 Totvlfix¢duss¢ts 20.120 20.974 19.984 20,860 Currènt Assets Oebtors Short term deposits Cash at bank 15 456 19,896 1,507 21,859 438 18,991 939 20.368 456 19.119 IA13 20,988 438 18,252 836 19,526 Tot4l¢¥rr¢Atoss¢ts Current Llablllties Crediiors.. Amounts fallin8 due within one year 16 1246) 12761 {239) 12751 Net Current Assets 21.613 20,092 20,749 19,251 Total Assets less Current Llabllltles 41,733 41,066 40,733 40,111 NetAwts 41.733 41,066 40,733 40,111 Funds of the Foundatlon Restricted funds Unrestricted fund5 T¢)tsl Funds 18 120 127 40,939 41,066 120 40.613 40,733 127 18 41,613 41.733 39,984 40,111 The trustees have prepared group accounts In accordance with seciion 398 of the Companles Act 2006 and section 138 of the Charitles Act 2011. The accounts are prepared in accordance wlth the speclal provisions of part IS of the Companies Act relatlng to small companies and constitute the annual accounts required by the Companles Act 2(M)6 to be circulated to members. The notes on pages 14 to 23 form part of these accounts. The financial statements were approved by the board of trustees on the 10 February 2025 and were signed on Its behalf by: Trustee Company Reglstratlon Nurnber: 02991142 12
Wallscourt Foundatlon Consolldated Cash Flow Statement lorthe 12 monthsended 31Au8vrt 2024 31August 2024 31 Au8u5t Note 2023 £oJo 112 monthsl 112 monthsl Net cash inflowlloufflowl from operatlng artlvitle5 23 522 6,208 Investing L7cllvilles Return5 on Investments and servidng of finance Interest recelved 951 512 Net cash Infiow from investlng attivltles 951 512 Irease In cash and ¢ash equfv•l¢nts 1073 6,720 Cash or cash equfvalents brou8ht forward 19.930 13,210 Cash or osh equlvalents urrled forw•rd 21,403 19,930 13
Wallscourt Foundatlon Notes to the Financial Statements Year Ended 31 August 2024 l General Information The company was formed on the 16th November 1994, is limited by guarantee INO 029911421 and is a Yegistered charity (No 10504681. The company Is registered In England and Wales. The charity'5 registered office 15 Flnance Dept, Unlverslty of the West of England, Frenchay Campus, Bristol, BS16 IQY. 2 Accountlng Pollcles The principal accountlng pollcles adopted. judgments and key 50UTces of estimation In the accounts are as follows. The financial statements have been prepared In accoidance wlth the Flnanclal Reportlng Standard applicable In the United Kin8dom and Republlc of Ireland IFRS 1021 which became effective in January 2015 the Statement of Recommended Practice ISORPI applicable to charities preparlng thelr accounts in accordance with FRS 102 the Companies Act 2006. The Foundallon meets the deflnltlon of a public benefit entity under FRS 102. Assets and Ilabllltles are Inltlally recognised at historical cost or transaction value unless otherwlse stated in the relevant accountin8 policy notes. In preparing the financial statements, il has not been necessary to make significant judgments and eslimates. b Preporntlon oAth¢A¢¢ounts on u golny concem bts$l$ After revlewln8 the company's forecasts and projection5, the trustees have a reasonable expectation that the Foundation has adequate fesour¢es to continue in operatlonal existence for the foreseeable future. It therefore ontlnues to adopt the going concern basi5 in preparing the financial statements (Trustees report pa8e 3 &41. 6roupAcwunts The statement of financial activities150FAI and balan sheet consolldate the results of the Foundètlon and its subsldlary. The results of the subsldlary are consolidated on a line by line basls and no separate SOFA has been prepared for the Foundation alone 3$ permltted by sectlon 408 of the Companies Act 2006. d FundAccountlng Unrestrlcted funds are funds whlch are expendable at the trustees, discretion In furtherance of the Foundation's oblects. Restricted funds represent income received where the donor or the nature of the appeal generating the income has Imposed restrictlons as to how the monies shall be used. All income Is Included In the SOFA and can be quantlfied with reasonable accuraLy. The prlmary income of the Foundation's subsidiary company IUK regisieredl Is the recelpt of Interest receivable. f Interest re¢elvable Interest on funds held on deposit is included when re¢elvable and the amount can be measured reliably Eiy the company,. thls Is normalty upon notification of the interest pald or payable by the bank. q faxotla As a registered charity, the Foundalion is exempt from taxatlon on Its Income and gains falling wlthin Section 505 of the Taxes Act 1988 or Sectlon 256 of the Taxatlon of Chargeable Gains Act 1992 to the extent that they are applled lo Sts charltable objectives. No tax char8e has arlsen In the year. 14
Wallscourt Foundatlon Notes to the Financial Statements Icontlnuedl Year Ended 31 August 2024 2 Princlpal Accountlng Pollcie5 Icontlnuedl h FixedAsset/SoclullnvestmentossetPollcv Fixed assetslsocial investment assets are stated at cost less accumulated depreciation. Depreclatlon Is prOded at the following annual raies to write off ihe cost of the asset over their estimated useful Irves:. Buildings Estimated life 50 years Sports Facilities Estimated life 25 yeais Furniture & fittlnes Estimated life I to 5 years Where equipment and fittings are provided as part of the building, which is let with annual break clauses in the lease. then that cost is fully depreoated in the first year of the lease. l Debtors Debts are recognised at their original value less any provision for impairment in their value. J Cr¢dl¢ors Creditors are shown at theif origlnal value. Expendlture All expendlture Is accounted for on an accruals basis. Overhead and other support costs noi direct attrlbutable to a particular funrtional activity are apportloned on the basis of mana8ement estimates. Expendlture by the Foundation's subsidiary, which 15 consistent wlth the Foundation'5 charitable objects, is recorded under'charitable activitles,. l Gronts Poyt7ble Grants payable are recorded In the SOFA when It Is believed that there 15 a constructlve obllgatlon under FR5102. As explained In the SORP, a constructive obligation, in this ¢ontext, arlses when the trustees have communicated their funding decision to the Unlversltv. m InvestrnentProperty Investment property is land ènd buildings held for rental income or capital appreclation. They are initially measured at cost and subsequently at fair value with movements recognised in the SOFA. Properties aye not depreciated but revalued or reviewed annually. Flnonclullnstruments The company only ha5 financial assets and flnancial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loan5 which are Subsequently measured at amort15ed cost uslng the eflectlve Interest method. 0 Short Term Oeposlts ond Cush ot 8Gn* The heading'cash at bank, (cash and cash equlvalentsl includes deposit5 repayable wlthSn 24 hours Witho penalty, all other deposits being included within the heading'5hoit term deposlts,. All cash at bank and short term deposit5 are held at approved bank5 Within the United Kingdom. p Leuses Operatin8 lease rentals are charged to the SOFA on a slraight line basi5 over the period of the lease. Slgnlflcant Judgements and ¢stlmat¢s Due to the nature and locatlon of a number of the Foundation's Investment Properties, the Trustees have Used a dlscounted rental valuatlon approach to ascertain a fair value. 15
Wallscourt Foundation Notes to the Flnanclal Statements ItontSnuedl Year Ended 31 August 2024 3 Legal Status of the Foundatlon The Foundation is a company limited by guarantee. In the event of It being wound up, the liability in respect of the guarantee is Ilmlted to £1 per member. 4 Flnancial Pèrformance of the Foundatlon The consolidated statement of financial activities includes the results of the Foundation's wholly owned subsidiary, Biistol Polytechnic Enterprises IDevelopment51 timited. The summary position of the Foundation alone is.. Summary profft and loss account 2024 £0 2023 £ix)o 112 month$l 112 manth51 Income 1,672 1.672 1,256 1.256 Expenditure on charitable activities NetExpenditvre 17901 882 11.0611 195 Revaluatlon of Investment property Netmovement0ld5 1260} 622 iioi 185 Total funds brou8ht forward Gift ald from subsidiary Totolfvnttscorrtedfvrwurd 40,111 33,729 6197 40,733 40,111 5 Brlstol Potytechnlc Enterprlses (Developments) Llmitsd The Foundatlon has a wholly owned subsldlary Incorporated in the UK, Bristol Polytechnlc Enterprlses IDevelopmentsI Llmlted IBPEDI, whose prlnclpal activity is the development of land for the beneflt of the Univeislty of the West of England. Thls actlvity Is consistent with the Foundation's charltable oblectSves and the relevant costs are therefore included within'charltable actlvltles,. BPED is limited by share capltal and Is reglstered In England (No 023882911. Its reÉislered Off115 clo Flnance Department, University of the West of En8land, Frenthay Campus, Brlstol, BS16 IQY. BPED'S summary financial position is shown below Summary Pfofttand loss account 2024 2023 £ofy) £0 112 months1 112 rnonthsl Interest receivable 18 14¢tlneome 42 18 Other expendlture Revaluatlon of investment property 119) 22 1301 Profit/{lossJfvrtheperlod 1211 16
Wallscourt Foundatlon Notes to the Financial Statements Icontlnuedl Ye8r Ended 31 Au8USt 2024 5 Brlstol Polytechnlc Enterprlses (Developments) Llmlted Itontlnued) Summary balancesheet 2024 2023 £000 131 Auiustl £000 131 Au8ustl Invesiment Property Current Assets Current Liabilitie5 Totsl net assets 136 871 171 114 955 A88regate share capltal and reserves 955 6 Trustses, Remuneratlon No remuneratSon or expenses have been paid to the Foundatlon's trustees or the directois of Its subsldlary In the year under review or the previous year. 7Stsff The Foundatlon has no employees, Its administration being Carrled out by staff from the Universlty of the West of England under a servlce contract. 8 Incomln8 Resources from Charltable A¢tlvltle$ 2024 2023 £000 112 mohth$l £0 112 month$1 Rent re¢elvable from land and buildings let to Universlty of the West of England 439 439 g lrtvestment Income 2024 £000 112 month$1 2023 112 mth$1 Bank Interest re1vable on deposlts Rent recelvable from land and bulldin8S 951 512 324 323 1,275 835 17
Wallscourt Foundation Notes to the Finan¢ial Statements Icontlnuedl Year Ended 31 August 2024 10 Analysls of Empenditure on Charitable Adlvltles 2024 2023 £000 112 monthsl 112 monthsl ChurltubltArtl¥itles Underttsken Dlrertly Costs relating to land and buildings leased to the University of the West of En8land Operating lease rentals DeprlatIon 18 616 35 616 651 45 696 654 Support and governance costs 47 701 6rontF¢rndingoAChoritobkA¢tivltl¢s Grants to the Llniversity of the West of En8land to further its support of Memorial bursary & other support Wallscourt scholarships Wallscourt Professor & Fellowships Wallscourt Research fund li 22 13 15 311 56 80 348 Support and governance costs 82 350 This note provides an anatysis of the ¢onsolidated expendlture of the 8roup as shown in the ¢onsolldated statement of financial a¢tivitles on page 11. The costs have been apportioned between the charitable and the 8rant fundin6 activities on the basis of an estimate of the tlme and resources spent. 2024 2023 11 Analysls of Support and Governance Costs Mana8ement charse (see note 71 Governance costs Audit fees £)0 £000 33 49 47 Apportloned Charitable actlvitles undertaken dlrectlv Grant funding on charitable activitie5 47 45 49 47 The above appoitionment ha5 been made usin8 estimates of the tlme spent on each artiwty. IZ lrtvestment property Basis of valuatlon WollscourtFoundotlon The Foundation has one investment property. The Property, Bullding 435 on the Bristol Business Park 15 let commercially and ha5 been Independentty valued by Alder Kln8 at 3tst Au8U5t 2024, thls valuatlon Ss reflected below. BrtstolPOlytechnlcEnterseS {Developmentslllmlt¢ The subsidiary's Investment land was valued by Aldef Kln8 at 31st August 2024 thls valuatlon is reflected below. 18
Wallscourt Foundation Notes to the Hnanclal Statements Itontlnuedl Year Ended 31 August 2024 12 Investment Property Group 2024 Foundatlon 2024 2023 £000 2023 £Lo £CMJO 131 Au8u5tl 131 Au6ustl PIAugustl 131 Au¥tI HlstorlcalC05t As at 31 August 4,860 4,860 4,860 4,860 4,770 4,770 4,770 4,770 V#luotlon Balance at 01 September 3,754 3,773 3,640 3,650 Revaluatlon of propertv Balance at 31 August 12381 3,516 1191 3,754 12601 3,380 iioi 13 So¢lal Investment Property Group 2024 Foundatlon 2023 2024 £)0 2023 £wo 131 Aulustl £(#Jo £000 111 Auwstl 131 Augu5tl 131Au8U5tI Cost A5 at 01 September and 31 August 20,919 20,919 20,919 20,919 Depreclatlon As at 01 September Charge for the period As at 31 Au8USt 3,699 616 4,315 3,083 616 3,699 3,699 616 4,315 3,083 616 3,699 Net Book Value As at 31 Au8USt 16.604 17,220 16,604 17,220 14 Property under constructlon There are no propertles under constructlon 19
Wallscourt Foundation Notes to the Flnanclal Statements {tontlnuedl Year Ended 31 August 2024 15 Debtors Group 2024 £ofy) Foundatlon 2023 2024 Éth)0 2023 £000 £Tr)o 111 Au¢ustl 131 Augusil 131 Auwstj 131 Augustl Prepayments and accrued Sntome Debtors 278 215 278 215 223 178 223 178 456 438 456 438 There are no long term debtors 16 Credltors., Amounts Fallln8 Due Wlthln One Year Group 2024 Foundatlon 2024 £000 2023 £OCrf) 2023 £ocx) 131 AUS 131Augustl 131 AuÉu$tl 1gIAugu$tl Other creditors Accruals Deferred income VAT 22 io 237 29 21 189 189 237 29 275 29 246 29 239 Deferred income relates solely to rent recelvable or other income recelved In advance of the balance sheet date. Group £wo FoundatSon £(0 Balance at 01 September 2023 Amount released In the year Amount deferred in the year Balance as at 31 Au8USt 2024 237 12371 189 237 12371 189 189 189 17 Credltors; Amounts Fallln8 Due After One Year There are no creditor5 fallin8 due after more than one year. 20
Wallscourt Foundation Notes to the Flnanclal Statements Icontlnuedl Year Ended 31 Au£u$t 2024 18 Reserves Balance 01-Se*22 £OtY) 11,511 7,173 Balance Income Expenditure Revaluatlon £0 £000 11,0491 1301 Transfers £000 5,149 16,2061 31-Au8-23 £0 16,863 955 Unrestrlrted funds General fvnds Ifoundatlonl SubsldSaiy funds Deslgnated funds Grant reserve Soclal Investment Property reserve Investment Property reserve EL0 1,252 18 474 17,836 3,773 1,673 16161 2,147 17,220 3,754 1191 Totsl unrestrlcted funds 40,767 1,270 11,0791 40,939 Restrlcted funds John Hullah Trust fvnd Total restrlcted funds 135 1121 1121 127 135 127 Total fvnds 40,902 1,274 11,0911 1191 41.066 Balance 01-Sep23 B8lan¢e 31-Au8-24 Income Expendlture Revaluatlon Transfers Unrestrl¢ted funds General funds Ifoundatlonl Subsidiary funds Deslgnated funds Grant reserve Soclal Investment Property reserve Investment Property reserve £000 16,863 955 1,668 42 17791 1191 652 22 18,404 1,000 2,147 17,220 3,754 1581 16161 2,089 16,604 3,516 12381 Totsl unrestrlcted funds 40,939 1,710 17981 12381 41.613 Restrlcted funds John Hullah Trust fund Totsl restrlcted funds 127 127 Iiii 120 120 Total fvnds 41,066 1,714 18091 12381 41,733 The Grant designated fund represents amounts set aslde to meet future known grant commitments. The two Property designated funds represent the Investment in Soual Investment and Investment Properties. In 2017 funds were transferred from thejohn Hullah Trust, a dormanl charity, into a restrlcted reserve. The funds are held as cash and are to be used for the provision of bursarles and other support for the students of the College of Arts, Technology and Environment. 21
Wallscourt Foundation Notes to the Flnanclal Statements (contlnuedl Year Ended 31 August 2024 19 Analysls of Group Net Assets Between Fund5 Undeslgnated Reserve Property Grant £'ooo RestrScted Totsl 31.08.2023 So¢lal Investment property Investment Propertv Cash at bank 17,220 3,754 17,220 3,754 19,930 162 17,656 162 2,147 127 other Net Current Assets Total 17,818 20,974 2,147 127 41,066 Undesl8nated Reserve £'ofy) Property Grant £'(Th)o Re5trlcted Totsl £'o 31.08.2024 Soclal Investment propertv Investment Propert¥ Cash at bank Other Net Current Assets 16,604 3.516 16,604 3,516 21,403 210 19,194 210 2,089 120 Total 19,404 20.120 2.089 120 41,733 20 FJnan¢lal Instruments 2024 2023 Financial assets measured at amortlsed cost nanclal Ilabllltles measured at amortised cost 21,859 12461 20,368 12761 21 Othef Flnanclal C¢)mmltments 2024 2023 £0 £wo Operatln8 leases Due., Wlthln one year Between one and five years After Ive years Is 39 59 1,658 1,732 59 1,673 1,771 22
Wallscourt Foundatlon Notes to the Flnanclal Ststements {contlnuedl YÈ•r Ended 31 August 2024 22 Related Partles Professor S G West, a trustee of the Foundatlon, is the Vice-chancellor of the Unlversity of the West of England. The Foundation's transactions and balantes wlth the Unlversity are shown below. Group 2024 Foundatlon 2024 2023 2023 £000 £wo £0 112 month51 112 month51 111 mODihsl 112 mcathsl Transactlon5 wlth the Unlver51ty Rent receiwable Operating lease renta15 Grants payable Management services 439 138} 169} 1331 299 439 1351 13361 1331 35 439 1381 {691 1331 439 1351 13361 1331 35 2024 2023 2024 2023 £wo Eooo É(K)O £000 t3IAu8ustl 131 Auiustl t31Augu#l 131 Awstl Balar*S at 31August Debtor Accruals 82 {121 70 82 112) 130 130 130 23 Reco5118t7Th of Surplus/{Lossl for the year to Net Operatlng Cash Flows 2024 2023 £oLM) 131Augustl Net income for the year Less interest re¢elved 905 1951) 616 {181 1301 522 183 15121 616 S,957 1361 6,208 Add Depreclatlon Ilncreasel/de¢rease In debtor5 IDe¢reaselln creditors falling due withln one year Net OperatSn8 Cash Flows 24 Post 8alan¢e Sheet Event There were no post balance Sheet events that requlred disclosure In these flnanclal statements 23