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 S￿dents 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 aCc￿nt 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 fO￿front of current leaming
practice.
Structure, Governance and Management
Govemitig D0cun￿nts
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
help￿1 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 in￿ntiveS 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'&r25w￿L[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
I￿rease 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 prO￿ded
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
Netmovement0l￿d5
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 Off1￿15 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 m￿th$1
Bank Interest re￿1vable 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
Depr￿latIon
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.
BrtstolPOlytechnlcEnter￿seS {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
£L￿o
£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
EL￿0
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 Reco￿5118t7￿Th 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