2025-08-31-accounts - Wallscourt Foundation

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Wallscourt Foundation (company limited by guarantee)

Trustees’ Report and Financial Statements

Year ended 31 August 2025

Charity Registration Number: 1050468 Company Registration Number: 02991142

Wallscourt Foundation

Trustees’ Report and Financial Statements

Year Ended 31 August 2025

Contents
Reference and administrative details of the charity, its trustees and advisers	1

Trustees’ Report	2
Independent auditor's report to the members ofWallscourt Foundation	7
Consolidated Statement of Financial Activities	11
Balance Sheet	12
ConsolidatedCashFlowStatement	13

Notes to the Financial Statements

Wallscourt Foundation

Reference and Administrative Details of the Foundation, its Trustees and Advisers Year ended 31 August 2025

Trustees	W J Marshall (Chair)
	C A Booy
	GECamm
	J S Laycock
	K J Morgan
	S G West
	MJ Hagen
	RJS Holmes
	SB Mills
	P Olomolaiye
Company Registered Number	02991142
Charity Registered Number	1050468
Registered Office	Finance Department
	University of the West of England
	Frenchay Campus
	Bristol
	BS16 1QY
Company Secretary	Neil Humphreys (appointed 09/06/2025)
	R H Broughton (resigned 09/06/2025)
Auditor	Forvis Mazars LLP
	Chartered Accountants
	Floor 8, Assembly Building C
	Cheese Lane
	Bristol
	BS2 0JJ
Bankers	NatWest plc
	72 Gloucester Road
	Bishopston
	Bristol
	BS7 8BF
	Handelsbanken plc
	2540 The Quadrant
	Aztec West
	Bristol
	BS324AQ

Wallscourt Foundation

Trustees’ Report Year Ended 31 August 2025 arenere vnnTU mE rn SUPE nS 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 2025. 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 conform to the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 (FRS 102) 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 trustees conducted a self-review of Board Governance using the Charity Governance Code.

Purposes and Activities

The purposes of the Foundation are to advance and further education and learning at, or in connection with, the University of the West of England.

These purposes are carried out by the provision of funds for a variety of activities to the University or by the 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 public good, the trustees have taken into consideration that the University is itself a charity whose activities give rise to public good, as detailed in the University’s annual 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 making 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 on its bursary programme to Students of the University of the West of England.

On 15 May 2025 The Foundation sold it’s one Investment Property. The Financial impact of this is described in the Financial Review below.

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 active 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 assist targeted students each year fora 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, 8 in October 2024 and 15 in October 2025. From the 9" June 2025 the Wallscourt Scholarship Scheme was increased to £300,000 to be paid over 10 years from 2025 onwards.

a

Wallscourt Foundation

Trustees’ Report (continued)

Year Ended 31 August 2025

In June 2023 the Foundation agreed to set up a new £2m research fund (with matched funding of £1m of University QR funding from Research England) to support the research in two interdisciplinary areas — Cyber research and Integrated Care to establish a strong platform for the longer-term growth of high-quality research at the University. £295k was paid or due to the fund in the year to 31 August 2025.

Financial Review

Results for the Year

The consolidated unrestricted income of the Group comprised rent receivable of £254k (2024 £439k), investment income of £1,148k (2024 £1,271k) giving a total unrestricted income of £1,402k (2024 £1,710k). In addition, there was the receipt of the restricted funds of £4k (2024 £4k), giving a total income of £1,406k (2024 £1,714k).

The consolidated unrestricted expenditure on charitable activities was £835k (2024 £772k) and the cost of raising funds was £41k (2024 £26k). There was £nil restricted expenditure on charitable activities (2024 £11k), giving a total expenditure of £876k (2024 £809k).

On the 15'® May 2025, the Foundation sold it's investment property for £2,850k. The valuation in the Financial Statements, carried out by Alder King, was £3,380k resulting in a £530k Loss on sale as shown in the Consolidated Statement of Financial Activities.

There was a £5k increase from the revaluation of the investment properties (2024 £238k decrease).

The resulting net income for the year was £5k (2024 net income £667k). This resulted in an unrestricted fund (consolidated) carried forward at the end of the year of £41.6m (2024 £41.6m) and a restricted fund of £124k (2024 £120k).

Funding Sources

The Foundation’s principal sources of funding are rental income from land and buildings leased to the University and other tenants, plus investment income arising from cash held on deposit.

Reserves 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 implementing 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 future support requests from the University.

The group's unrestricted reserves at 31 August 2025 amounted to £41.6m (2024 £41.6m). The Foundation’s undesignated free reserves at 31 August 2025 were £23.4m (2024 £19.4m) further details are set out in note 20 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 reserves over the longer term.

Wallscourt Foundation Trustees’ Report (continued)

Year Ended 31 August 2025

a

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 £1,981k to meet the ongoing grant commitments of the years ahead and a Property Reserve representing the net book value of the social investment properties and investment properties held by the charity, which would not be easily realisable if needed to meet future liabilities. The remaining unrestricted reserves representing undesignated free reserves of £23.4m, 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 Trust of £124k. 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.

Investment Policy

The Wallscourt Foundation is committed to maintaining sufficient funds 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.

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 within the parameters of the Foundation’s purpose. That plan has been informed by UWE's 2030 strategy which will shape the University over the next 10 years. The key focus in that strategy will be solving future challenges through outstanding learning, research and a culture 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 account the continued refurbishment plans of the University and changes to the teaching and learning experience to create a student-centred approach that puts the University at the forefront of current learning practice.

Structure, Governance and Management

Governing Documents

Wallscourt Foundation is a company limited by guarantee, governed by its memorandum and articles of association dated November 1994 (amended 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 Trustees

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 Training 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.

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Wallscourt Foundation

Trustees’ Report (continued)

Year Ended 31 August 2025

Organisational Structure and Decision Making

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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 performance 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 regularly with senior staff of the University to review the effectiveness of the assistance provided to the University.

Related Parties and Co-operation with Other Organisations

None of the trustees receive any remuneration, expenses or other benefits from their appointment. The Foundation’s only beneficiary is the University of the West of England and the Vice-Chancellor is one of the trustees. Due to the close working relationship between the Foundation and the University, his appointment is considered helpful 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 23 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 suitable trading or investment activities. The entity gift aids the majority of its profits to the charity.

Risk Management

The trustees have a risk management strategy that comprises;

e — reviewing the Foundation’s risk register at least once a year;
e — establishing, policies, systems and procedures to mitigate risks identified in the register; and e devising procedures designed to minimise the potential impact should those risks 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 is still classified as unlikely, is the loss on deposits/investments 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 of losses from bank defaults and the desire to obtain a reasonable rate of return on the charity's investments.

Grant Making Policy

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 charity's objects and thereby advances public benefit. The beneficiary of our grant programme is ultimately the University of the West of England and its students.

Pay Policy

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, running and operating the Foundation on a day to day basis. All directors give their time freely and no director received remuneration in the year. See notes 6 and 7 of the Notes to the Financial Statements.

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Wallscourt Foundation

Trustees’ Report (continued) Year Ended 31 August 2025 nnnnn ne OY ren

Statement of Trustees' Responsibilities in respect of the Financial Statements

The trustees, who are the directors of the Foundation for the purposes of company law, are responsible for preparing the trustees’ report and the financial statements 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;
° observe the methods and principles of the Statement of Recommended Practice ‘Accounting and Reporting by Charities’;
° make judgments 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 statements; and
° prepare the financial statements on the going concern 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 Information to the Auditor

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are aware:

e there is no relevant audit information of which the company’s auditor is unaware; and
e they have taken all the steps that they ought to have taken, as trustees, to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLP, is willing to continue in office. As they have been auditors for a number of years, the trustees have decided to review audit arrangements and seek proposals from a number of firms during the year ended 31 August 2026.

Approval

The trustees have prepared this report in accordance with the provisions applicable to companies subject to the small companies’ regime.

This report was approved and authorised for issue on i February 2026 and signed on its behalf by.

Vg Trustee

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Independent auditor's report to the members of Wallscourt Foundation

Opinion

We have audited the financial statements of Wallscourt Foundation (the ‘parent charity’) and its subsidiary undertaking (the group’) for the year ended 31 August 2025 which comprise Consolidated Statement of Financial Activities, Balance Sheet, 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 Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

e give a true and fair view of the state of the group and the parent charity's affairs as at 31 August 2025 and of the group's income and expenditure for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

SEE,eR

1 t

Independent auditor's report to the members of Wallscourt Foundation (continued)

misstatements, 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

e the information given in the trustees’ report which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
e the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which 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 include within the directors’ report included within 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:

e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
e the financial statements are not in agreement with the accounting records and returns; or e certain disclosures of trustees’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit; or
e the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Trustees’ Report and from the requirement to prepare a Strategic Report.

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 1, the trustees (who are also directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Independent auditor's report to the members of Wallscourt Foundation (continued)

Auditor's responsibilities for the audit of the financial 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

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 misstatements in respect of irregularities, including fraud.

Based on our understanding of the charity and its sector, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

e Inquiring of management and, where appropriate, those charged with governance, as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
e Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
e Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
e Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, the Charities Act 2011 and the Companies Act 2006.

In addition, we evaluated the trustees’ and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to management bias through judgements and assumptions in significant accounting estimates, income 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:
e Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;
e Gaining an understanding of the internal controls established to mitigate risks related to fraud;
e Discussing amongst the engagement team the risks of fraud; and
e Addressing the risks of fraud through management override of controls by performing journal 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 audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of the audit 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body for our audit work, for this report, or for the opinions we have formed.

Jonathan Marchant (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor

8th Floor, Assembly Building C

Cheese Lane

Bristol

BS2 OJJ

Date £of3/ 26.

Year Ended 31 August 2025

Wallscourt Foundation

Consolidated Statement of Financial Activities

[including a consolidated income and expenditure account]

		31 August	31 August	31 August	31 August
	Note	2025	2025	2025	2024
		£000	£000	£000	£000
		(12 months]	{12 months]	[12 months]	{12 months]
Income		Restricted	Unrestricted	Total	Total
Income from charitable activities
Rent receivable	8	-	254	254	439
Investment income	9	4	1,148	1,152	1,275
		4	1,402	1,406	1,714
Expenditure
Cost of raising funds
Investment properties		-	24	24	8
Trading			17	17	18
Expenditure on charitable activities
Charitable activities undertaken directly	10	-	532	532	701
Grant funding ofcharitable activities	10	-	303	303	82
		-	876	876	809
Net Income for the Year		4	526	530	905
Revaluation ofinvestment properties		-	5	5	(238)
Losson sale of Investment Property		-	(530)	(530)	-
Net Movement of Funds		4	1	5	667
Funds brought forward at 01 September 2024	19	120	41,613	41,733	41,066
FundsCarriedForwardat31August2025	19	124	41,614	41,738	41,733

The statement of financial activities shows all gains and losses recognised in the year.

All income derives from continuing activities.

Wallscourt Foundation

7 F

Balance Sheet

At 31 August 2025

Balance Sheet At 31 August 2025	Balance Sheet At 31 August 2025	Balance Sheet At 31 August 2025	Balance Sheet At 31 August 2025	Balance Sheet At 31 August 2025	Balance Sheet At 31 August 2025
eo ee
		Group		Foundation
	Note	2025	2024	2025	2024
		£000	£000	£000	£000
		[31 August]	(31 August]	[31August]	(31 August]
Fixed Assets
Investment property	12	141	3,516	-	3,380
Social investment property	13	16,137	16,604	16,137	16,604
Total fixedassets		16,278	20,120	16,137	19,984
Current Assets
Debtors	15	294	456	293	456
Investments	16	18,738	15,414	18,738	15,414
Cash and cash equivalents		6,661	5,989	5,791	5,118
Total current assets		25,693	21,859	24,822	20,988
Current Liabilities
Creditors: Amounts falling
due within oneyear	17	(233)	(246)	(232)	(239)
Net Current Assets	‘	25,460	21,613	24,590	20,749
Total Assets less
Current Liabilities		41,738	41,733	40,727	40,733
Net Assets		41,738	41,733	40,727	40,733
Funds of the Foundation
Restricted funds	19	124	120	124	120
Unrestricted funds	19	41,614	41,613	40,603	40,613
TotalFunds		41,738	41,733	40,727	40,733

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. The accounts are prepared in accordance with the special provisions of part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 to be circulated to members.

The notes on pages 14 to 24 form part of these accounts. The financial statements were approved by the board of trustees on the “4 February 2026 and were signed on its behalf by:

WJ Shall Trustee

Company Registration Number: 02991142

Wallscourt Foundation

‘

Consolidated Cash Flow Statement

for the 12 months ended 31 August 2025

			31 August		31 August
	Note		2025		2024
			£000		£000
			[12 months]		[12 months]
Net cash inflow/(outflow) from operating activities	24		226		522
Cashflowsfrom investing activities
Interest received	9	920		951
Increase in Current Asset Investments	16	(3,324)		(40)
Net receipts from sale ofassets		2,850		-
Net cash inflow from investing activities			446		911
Increase in cash and cash equivalents			672		1,433
Cash or cash equivalents brought forward			5,989		4,556
Cashorcashequivalentscarriedforward			6,661		5,989

Wallscourt Foundation

Notes to the Financial Statements

Year Ended 31 August 2025

1 °

iey

1 General Information The company was formed on the 16th November 1994, is limited by guarantee (No 02991142) and is a registered charity (No 1050468). The company is registered in England and Wales. The charity's registered office is c/o Finance Dept, University of the West of England, Frenchay Campus, Bristol, BS16 1QY.

2 Accounting Policies

The principal accounting policies adopted, judgments and key sources of estimation in the accounts are as follows. a_ Basis of Accounting The financial statements have been prepared in accordance with e the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) which became effective in January 2015
e the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS 102
e the Companies Act 2006.
The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. In preparing the financial statements, it has not been necessary to make significant judgments and estimates.
b_ Preparation of the Accounts on a going concern basis After reviewing the company's forecasts and projections, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. It therefore continues to adopt the going concern basis in preparing the financial statements (Trustees report page 3&4).
c Group Accounts The statement of financial activities (SOFA) and balance sheet consolidate the results of the Foundation and its subsidiary. The results of the subsidiary are consolidated on a line by line basis and no separate SOFA has been prepared for the Foundation alone as permitted by section 408 of the Companies Act 2006.
d_ Fund Accounting Unrestricted funds are funds which are expendable at the trustees' discretion in furtherance of the Foundation's objects. Restricted funds represent income received where the donor or the nature of the appeal generating the income has imposed restrictions as to how the monies shall be used.
e Income All income is included in the SOFA and can be quantified with reasonable accuracy. The primary income of the Foundation's subsidiary company (UK registered) is the receipt of interest receivable.

j Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.

g_ Taxation As a registered charity, the Foundation is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

Wallscourt Foundation

Notes to the Financial Statements (continued)

Year Ended 31 August 2025

2 Principal Accounting Policies (continued)

h_ Fixed Asset/Social Investment asset Policy Fixed assets/Social investment assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates to write off the cost of the asset over their estimated useful lives:Buildings Estimated life 50 years Sports Facilities Estimated life 25 years

Furniture & fittings Estimated life 1 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 depreciated in the first year of the lease.

i Debtors Debts are recognised at their original value less any provision for impairment in their value.

ji Creditors

Creditors are shown at their original value.

k Expenditure All expenditure is accounted for on an accruals basis. Overhead and other support costs not directly attributable to a particular functional activity are apportioned on the basis of management estimates.

Expenditure by the Foundation's subsidiary, which is consistent with the Foundation's charitable objects, is recorded under ‘charitable activities’.

|! Grants Payable Grants payable are recorded in the SOFA when it is believed that there is a constructive obligation under FRS102. As explained in the SORP, a constructive obligation, in this context, arises when the trustees have communicated their funding decision to the University.

m_ Investment Property

Investment property is land and buildings held for rental income or capital appreciation. They are initially measured at cost and subsequently at fair value with movements recognised in the SOFA. Properties are not depreciated but revalued or reviewed annually.

n_ Financial Instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

o Investments (Current Assets)

Investments consist of: e short term deposits with a maturity of more than 3 months but less than one year from the date of acquisition; and e deposits with a withdrawal notice period of more than 3 months but less than one year.

All investments are held at approved banks within the United Kingdom.

Wallscourt Foundation

Notes to the Financial Statements (continued)

Year Ended 31 August 2025

aenne

2. Principal Accounting Policies (continued)

p Cashand cash equivalents Cash includes cash at bank and deposits repayable on demand. Deposits are repayable on demand if they are in practise available within 24 hours without penalty.

Cash equivalents consist of:

e short term deposits with a maturity of up to 3 months from the date of acquisition; and e deposits with a withdrawal notice period of up to 3 months.

All cash at bank and cash equivalents are held at approved banks within the United Kingdom.

q_ Leases Operating lease rentals are charged to the SOFA on a straight line basis over the period of the lease.

Significant Judgements and estimates

Due to the nature and location of a number of the Foundation's Investment Properties, the Trustees have used a discounted rental valuation approach to ascertain a fair value.

Wallscourt Foundation

Year Ended 31 August 2025

Notes to the Financial Statements (continued)

3 Legal Status of the Foundation

The Foundation is a company limited by guarantee. In the event of it being wound up, the liability in respect of the guarantee is limited to £1 per member.

4 Financial Performance of the Foundation

The consolidated statement of financial activities includes the results of the Foundation's wholly owned subsidiary, Bristol Polytechnic Enterprises (Developments) Limited. The summary position of the Foundation alone is:

==> picture [441 x 200] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Summary|profit|and|loss|account|2025|2024| |£000|£000| |[12|months]|[12|months]| |Income|1,371|1,672| |1,371|1,672| |Expenditure|on|charitable|activities|(858)|(790)| |Net Expenditure|513|882| |Revaluation|of investment|property|-|(260)| |Loss|on|sale|of|Investment|Property|(530)| |Net movement offunds|:|(17)|622| |Total|funds|brought|forward|40,733|40,111| |Gift|aid|from|subsidiary|11|-| |Total funds|carried forward|40,727|40,733|

----- End of picture text -----

5 Bristol Polytechnic Enterprises (Developments) Limited

The Foundation has a wholly owned subsidiary incorporated in the UK, Bristol Polytechnic Enterprises

(Developments) Limited (BPED), whose principal activity is the development of land for the benefit of

the University of the West of England. This activity is consistent with the Foundation's charitable objectives and the relevant costs are therefore included within ‘charitable activities’.

BPED is limited by share capital and is registered in England (No 02388291). Its registered office is c/o Finance

Department, University of the West of England, Frenchay Campus, Bristol, BS16 1QY.

BPED's summary financial position is shown below

==> picture [442 x 149] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Summary|profit|and|loss|account|2025|2024| |£000|£000| |[12|months]|(12|months]| |Interest|receivable|35|42| |Net|income|35|42| |Other|expenditure|(18)|(19)| |Revaluation|of investment|property|5|22| |Profit/(loss) for the period|22|45|

----- End of picture text -----

Wallscourt Foundation

Notes to the Financial Statements (continued)

Year Ended 31 August 2025

fc

5 Bristol Polytechnic Enterprises (Developments) Limited (continued)

Summary balance sheet	2025	2024
	£000	£000
	[31 August]	(31 August]
Investment Property	141	136
Current Assets	871	871
Current Liabilities	(1)	(7)
Total net assets	1,011	1,000
Aggregatesharecapitalandreserves	1,011	1,000

6 Trustees’ Remuneration

No remuneration or expenses have been paid to the Foundation's trustees or the directors of its subsidiary in the year under review or the previous year.

7 Staff

The Foundation has no employees, its administration being carried out by staff from the University of the West of England under a service contract.

8	Incoming Resources from Charitable Activities	2025	2024
		£000	£000
		(12 months]	(12 months]
	Rent receivable from land and buildings let to University ofthe West of England	254	439
9	Investment Income	2025	2024
		£000	£000
		[12 months]	(12 months]
	Bank interest receivable on deposits	920	951
	Rent receivable from land and buildings	232	324
		1,152	1,275

Wallscourt Foundation

Year Ended 31 August 2025

Notes to the Financial Statements (continued)

Analysis of Expenditure on Charitable Activities	2025	2024
	£000	£000
	[12 months]	[12 months]
Charitable Activities Undertaken Directly
Costs relating to land and buildings leased to the University ofthe West of England
Operating lease rentals	15	38
Depreciation	467	616
	482	654
Support and governance costs	50	47
	532	701
Grant Funding ofCharitable Activities
Grants to the University ofthe West of England to further its support of
Memorial bursary & other support	-	11
Wallscourt scholarships	14	13
Anchor Society Refund ofgrant paid	(12)	-
Wallscourt Research fund	295	56
	297	80
Support and governance costs	6	2
	303	82

This note provides an analysis of the consolidated expenditure of the group as shown in the consolidated statement of financial activities on page 11. The costs have been apportioned between the charitable and the grant funding activities on the basis of an estimate of the time and resources spent.

	activities on the basis of anan estimate of thethe time and resources spent.
		2025	2024
11	Analysis ofSupport and Governance Costs	£000	£000
	Management charge (see note 7)	35	33
	Governance costs	7	8
	Audit fees	14	8
		56	49
	Apportioned
	Charitable activities undertaken directly	50	47
	Grant funding on charitable activities	6	2
		56	49

The above apportionment has been made using estimates of the time spent on each activity.

12 Investment property

Wallscourt Foundation

The Foundation sold it's one investment property on 15 May 2025, thus no valuation is required at 31st August 2025 in these financial statements.

Bristol Polytechnic Enterprises (Developments) Limited

The subsidiary's investment land was valued by Alder King at 31st August 2025, this valuation is reflected below.

Wallscourt Foundation

Notes to the Financial Statements (continued)

Year Ended 31 August 2025

a

12 Investment Property (continued)	Group		Foundation
	2025	2024	2025	2024
	£000	£000	£000	£000
	[31August]	(31 August]	[31August]	[31 August]
Historical Cost
As at 31 August	90	4,860	-	4,770
	90	4,860	-	4,770
Valuation
Balance at 01 September	3,516	3,754	3,380	3,640
Sale of Investment property	(3,380)	-	(3,380)	-
Revaluation of property	5	(238)	-	(260)
Balance at 31 August	141	3,516	-	3,380
13 Social Investment Property	Group		Foundation
	2025	2024	2025	2024
	£000	£000	£000	£000
	[31August]	(31 August]	[31 August]	(31 August]
Cost
As at 01 Septemberand 31 August	20,919	20,919	20,919	20,919
Depreciation
’ As at 01 September	4,315	3,699	4,315	3,699
Charge forthe period	467	616	467	616
As at 31 August	4,782	4,315	4,782	4,315
Net Book Value
Asat31August	16,137	16,604	16,137	16,604

14 ~Property under construction There are no properties under construction

Wallscourt Foundation

Year Ended 31 August 2025

Notes to the Financial Statements (continued)

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||||||||| |---|---|---|---|---|---|---|---| |15|Debtors|Group|Foundation| |2025|2024|2025|2024| |£000|£000|£000|£000| |[31|August]|(31|August]|(31 August]|(31|August]| |Prepayments|and|accrued|income|218|278|217|278| |Debtors|76|178|76|178| |294|456|293|456| |There|are|no|long|term|debtors| |16|Investments| |Short term|deposits|18,738|15,414|||18,738|15,414|

----- End of picture text -----

Investments consist of:

e short term deposits with a maturity of more than 3 months but less than one year from the date of acquisition; and
e deposits with a withdrawal notice period of more than 3 months but less than one year.

All investments are held at approved banks within the United Kingdom.

17 Creditors: Amounts Falling Due Within One Year

==> picture [453 x 128] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Creditors:|Amounts|Falling|Due|Within|One|Year|:| |Group|Foundation| |2025|2024|2025|2024| |£000|£000|£000|£000| |(31|August]|(31|August]|[31|August]|(31|August]| |Other|creditors|7|6|-|.| |Accruals|138|22|137|21| |Deferred|income|82|189|82|189| |VAT|13|29|13|29| |233|246|232|239|

----- End of picture text -----

Deferred income relates solely to rent receivable or other income received in advance of the balance sheet date.

==> picture [434 x 69] intentionally omitted <==

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||||||||| |---|---|---|---|---|---|---|---| |Group|Foundation| |£000|£000| |Balance|at|01|September|2024|189|189| |Amount|released|in|the|year|(189)|(189)| |Amount|deferred|in|the|year|82|82| |Balance|as|at|31|August|2025|82|82|

----- End of picture text -----

18 Creditors: Amounts Falling Due After One Year

There are no creditors falling due after more than one year.

Year Ended 31 August 2025

Wallscourt Foundation

Notes to the Financial Statements (continued)

Reserves	Balance	Balance						Balance
	01-Sep-23		Income	Expenditure	Revaluation	LossonSale	Transfers	31-Aug-24
Unrestricted funds	£000		£000	£000	£000	£000	£000	£000
General funds (foundation)		16,863	1,668	(779)	-		652	18,404
Subsidiary funds		955	42	(19)	-		22	1,000
Designated funds
Grant reserve		2,147	-	-	-		(58)	2,089
Social Investment Property reserve		17,220	-	-	-		(616)	16,604
Investment Property reserve		3,754	-	-	(238)			3,516
Total unrestricted funds		40,939	1,710	(798)	(238)	-	-	41,613
Restricted funds
John Hullah Trustfund		127	4	(11)	-		-	120
Total restricted funds		127	4	(11)	-	-	-	120
Total funds		41,066	1,714	(809)	(238)	-	-	41,733
		Balance						Balance
	01-Sep-24		Income	Expenditure	Revaluation	LossonSale	Transfers	31-Aug-25
Unrestricted funds		£000	£000	£000	£000	£000	£000	£000
General funds (foundation)		18,404	1,367	(563)		(530)	3,666	22,344
Subsidiary funds		1,000	35	(18)			(6)	1,011
Designated funds
Grant reserve		2,089	-	(295)	-		187	1,981
Social Investment Property reserve		16,604	-	-	-		(467)	16,137
Investment Property reserve		3,516	-	-	5		(3,380)	141
Total unrestricted funds		41,613	1,402	(876)	5	(530)	-	41,614
Restricted funds
John Hullah Trust fund		120	4	=	-		-	124
Total restricted funds		120	4	-	-	-	-	124
Total funds	=	41,733	1,406	(876)	5	(530)	-	41,738

The Grant designated fund represents amounts set aside to meet future known grant commitments.

The two Property designated funds represent the investment in Social Investment and Investment Properties.

In 2017 funds were transferred from the John Hullah Trust, a dormant charity, into a restricted reserve. The funds are held as cash and are to be used for the provision of bursaries and other support for the students of the College of Arts, Technology and Environment.

a w

Wallscourt Foundation

Year Ended 31 August 2025

Notes to the Financial Statements (continued)

20 Analysis of Group Net Assets Between Funds

		Undesignated	Undesignated
			Reserve	Property	Grant	Restricted	Total
	31.08.2024		£'000	£'000	£'000	£'000	£'000
	Social Investment property		-	16,604	-	-	16,604
	Investment Property		-	3,516	-	i	3,516
	Investments		15,414	-	-	-	15,414
	Cash and cash equivalents		3,780	-	2,089	120	5,989
	Other Net Current Assets		210	-	-	-	210
	Total		19,404	20,120	2,089	120	41,733
		Undesignated
			Reserve	Property	Grant	Restricted	Total
	31.08.2025		£'000	£'000	£'000	£'000	£'000
	Social Investment property		-	16,137	-	-	16,137
	Investment Property		v8	141	-	-	141
	Investments		18,738				18,738
	Cash and cash equivalents		4,556	-	1,981	124	6,661
	Other Net Current Assets		61	-	-	-	61
	Total		23,355	16,278	1,981	124	41,738
21	Financial Instruments
						2025	2024
						£000	£000
	Financial assets measured		at amortised cost			25,693	21,859
	Financial liabilities measured at amortised cost					(233)	(246)
22	Other Financial Commitments					2025	2024
						£000	£000
	Operating leases
	Due: Within one year					15	15
	Between one and five	years				59	59
	After five years					1,639	1,658
						1,713	1,732

Wallscourt Foundation

Year Ended 31 August 2025

Notes to the Financial Statements (continued)

23 Related Parties

Professor Sir S G West, a trustee of the Foundation, is the Vice-Chancellor, President and Chief Executive Officer of the University of the West of England. The Foundation's transactions and balances with the University are shown below.

24

==> picture [420 x 367] intentionally omitted <==

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|Foundation| |2025|2024|2025|2024| |£000|£000|£000|£000| |[12|months]|{12|months]|[12|months]|[12|months]| |Transactions|with|the|University| |Rent|receivable|254|439|254|439| |Operating|lease|rentals|(15)|(38)|(15)|(38)| |Grants|payable|(297)|(69)|(297)|(69)| |Management|services|(35)|(33)|(35)|(33)| |(93)|299|(93)|299| |2025|2024|2025|2024| |£000|£000|£000|£000| |[31 August]|(31|August]|[31|August]|(31|August]| |Balances|at|31|August| |Debtor|76|82|76|82| |Accruals|(122)|(12)|(122)|(12)| |(46)|70|(46)|70| |Reconciliation|of|Surplus/(Loss)|for|the year to|Net|Operating|Cash|Flows|2025|2024| |£000|£000| |[31|August]|(31|August]| |Net|income|for|the|year|530|905| |Less|interest|received|(920)|(951)| |Add|Depreciation|467|616| |Decrease/(increase)|in|debtors|162|(18)| |(Decrease)|in|creditors|falling|due|within|one|year|(13)|(30)| |Net|Operating Cash|Flows|226|522|

----- End of picture text -----

25 Post Balance Sheet Event

There were no post balance sheet events that required disclosure in these financial statements