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2021-03-31-accounts

CoC.

THE WULFRIS EDUCATIONAL FOUNDATION

REPORT OF THE TRUSTEES

AND

FINANCIAL STATEMENTS

For the Year Ended 31st March 2021

CHARITY NO: 1079137

THE WULFRIS EDUCATIONAL FOUNDATION

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CONTENTS

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|||||| |---|---|---|---|---| |Page| |Report|of the|trustees|2-4| |Report|of the|auditors|5-7| |Statement|of financial|activities|8| |Balance|sheet|9| |Notes|forming part of the|financial|statements|10-13| |Detailed|statement|of financial|activities|14|

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THE WULFRIS EDUCATIONAL FOUNDATION

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Report of the trustees for the year ended 31st March 2021

The trustees present their report and financial statements of the charity for the year ended 31st March 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 9 and 10 and comply with the charity’s trust deed and applicable law.

Reference and administrative details

Trustees RHarris -Chairman
A J Askham
Ms C Cunio
CouncillorDPaffey
MrsM EF Williams
MsL Forster
CharityNo 1079137
Clerkto the trustees DA
Hoare F.C.A.
Principal office AshtonHouse
12 The Precinct
Winchester Road
Chandlers Ford
Eastleigh SO53 2GB
Accountants SecretarialLawLtd
Ashton House
12 The Precinct
Winchester Road
Chandlers Ford
Eastleigh SO53 2GB
Auditors — Westlake Clark Audit LLP
7 Lynwood Court
Priestlands Place
Lymington S041 9GA
Bankers LloydsBankple
Above Bar Street
Southampton SO147DT
Solicitors - Abels
6 College Place
London Road
Southampton SO15 2XL
Investmentmanagers Rathbones
Fiennes House
32 Southgate Street
WinchesterSO239EH

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, THE WULFRIS EDUCATIONAL FOUNDATION Report of the trustees for the year ended 31st March 2021 (continued)

Objectives and activities The charity has its origin under the Will of Katherine Wulfris, dated 13th September 1665, devising to the Churchwardens of Holyrood (the Parish wherein she was born) the yearly rent of an orchard (now part of Brunswick Place, Southampton) amounting to 40 shillings per annum and all improvements arising therefrom “for the clothing and placing out of one poor maid of the same or any other parish within the town to some apprenticeship or service, at the appointment of the Churchwardens of Holyrood”.

The regulations under which the charity now operates are set out by a Scheme made by the Minister of Education under Section 18 of the Charities Act 1960 and dated 9th November 1961. The main activity of the charity is the provision of school uniforms, school clothing and equipment for children in need under the age of 25 resident within the City of Southampton.

The trustees give due regard to guidance published by the Charity Commission on public benefit. All the activities of the charity are for public benefit.

Structure, governance and management The Wulfris Educational Foundation is an unincorporated association registered with the Charity Commission. The trustees named on page 2 have served throughout the year or the period shown.

The appointment of trustees is governed by the regulations of the charity. Trustees are appointed with great care and have a wide variety of knowledge and experience. This knowledge and experience is fully comprehensive and meets the objectives and requirements of the charity. It is not anticipated that extra training will be necessary.

Meetings of the trustees are held regularly to approve grants.

Day to day management of the charity has been delegated by the trustees to the Clerk to the Trustees.

Achievements and performance During the year under review 167 (2020: 255) children were assisted, which matches in full the objectives of the charity.

Financial review

Grants totalling £12,207 were made from available income of £26,945, with the balance of £14,738 being carried forward to the next year.

As anticipated our net rental income for the year was reduced by £11,203 as a tenant disclaimed its Lease following the insolvency of the company, resulting in a loss of rent and incurring empty property costs, This loss was, however, offset by a reduction of applications for grants by £7,808, as a result of schools being closed for much of the year due to the covid.

A new tenant was not secured until July 2021 and the results for the current year will again be affected, especially as there is a steadily increasing demand of grants being received, now the schools have returned to normal working.

Plans for future periods

As the charity’s income is derived mainly from property and funds invested, supplemented by occasional grants from charitable trusts, and there are no fundraising activities the trustees are aware that income may fall, in which case grants would need to be reduced accordingly.

The charity would, however, continue to make grants for the benefit of the public.

Investment policy

The policy of the trustees is to invest to provide a balanced return from income and capital at medium risk.

Reserves policy

The trustees policy on reserves is that they regard the income fund balance of £103,310 as available for distribution in whole or in part and the capital fund balance of £747,372 as distributable only in exceptional circumstances.

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THE WULFRIS EDUCATIONAL FOUNDATION

Report of the trustees for the year ended 31st March 2021 (continued)

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Risk management

The trustees have examined the potential risks which the charity faces and confirm that measures to manage these risks have been put in place.

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Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements the trustees are required to:

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The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities,

Statement of the trustees

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The trustees confirm that so far as they are aware, there is no relevant audit information (information needed by the charity’s auditors in connection with preparing their report) of which the charity’s auditors are unaware.

The trustees also confirm that each trustee has taken all the steps that he ought to have taken as a trustee in order to make himself aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

202)

Approved by the trustees on IAL Deconvlr and signed on their behalf:

on R HARRIS Chairman

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THE WULFRIS EDUCATIONAL FOUNDATION

Independent Auditor’s Report to the Trustees of The Wulfris Educational Foundation

Opinion

We have audited the financial statements of The Wulfris Educational Foundation (the ‘charity’) for the year ended 31st March 2021 which comprise the Statement of Financial Activities for the year ended 31st March 2021, the Balance Sheet as at 31st March 2021 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ofIreland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 ofthe 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

We have nothing to report in respect ofthe following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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THE WULFRIS EDUCATIONAL FOUNDATION Independent Auditor’s Report to the Trustees of The Wulfris Educational Foundation (Continued)

Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of financial statements which 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.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether. the financial statements, as.a whole.arefree 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) wil! 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 these financial statements.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

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THE WULFRIS EDUCATIONAL FOUNDATION

Independent Auditor’s Report to the Trustees of The Wulfris Educational Foundation (Continued)

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) which comprised inquiries of management and the Board of Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud; documentation and review of the internal controls over funds received and expenditure paid out; sampling and testing both income and expenditure transactions for accuracy and completeness; review and audit based analysis of the underlying accounting records; checking and sampling accounting data back to original source documents.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is located on the Financial Reporting Council's website at: https://www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wastidec Aart

Westlake Clark Audit LLP

Chartered Accountants and Statutory Auditors 7 Lynwood Court Priestlands Place Lymington SO41 9GA

Date: ax jf

Westlake Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. enneee eee SSS Dh Page: 7

THE WULFRIS EDUCATIONAL FOUNDATION

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Statement of Financial Activities for the year ended 31st March 2021

2021 2020
Unrestricted Funds Total
Note Capital Income Total Funds
Income and Endowments from: £ £ £ £
2 Investments - 42,398 42,398 49,360
Total income - 42,398 42,398 49,360
Expenditure on:
3 Raising funds ( 2,823) ¢ 6,266) ( 9,089) 3,315)
4 Charitable activities - (21,394) (21,394) (__ 28,587)
Total expenditure
_		 (2,823) (27,660) ( 30,483) ( 31,902)
7 Netgains/(losses) on investments 62,313 - 62,313 (___65,750)
Netmovement in funds 59,490 14,738 74,228 ( 48,292)
Reconciliation offands
Total funds brought forward 687,882 88,572 716,454 824,746
11 Totalfundscarriedforward 747,372 103,310 850,682 776,454

All activities are classed as continuing.

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THE WULFRIS EDUCATIONAL FOUNDATION

Balance Sheet as at 31st March 2021

2021 2020
Notes ;
Fixed assets £ £ £
6
7		 Investment property
Investments		 415,625
360,861		 415,625
298,422
776,486 714,047
Current assets
8 Debtors 2,092 20,166
Cashatbank : 89,236 56,750
91,328 76,916
Current liabilities:
9 Creditors 17,132 14,509
Netcurrentassets 74,196 62,407
10 Total net assets 850,682 776,454
Funds
il Unrestricted capital 747,372 687,882
1] Unrestrictedincome 103,310 88,572
850,682 776,454

These financial statements were approved by the trustees and authorised for issue.

Approved by the trustees onIh dxerbsi21 and signed on their behalf:

R HARRIS Chairman

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THE WULFRIS EDUCATIONAL FOUNDATION Notes forming part of the financial statements for the year ended 31st March 2021

I. Summary of significant accounting policies

(b) Income recognition All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing, If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the contro! of the charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

(c) Resources expended Expenditure, including grants, is included on an accruals basis. Raising funds comprise those costs directly attributable to managing the investment portfolio and includes irrecoverable VAT. Governance comprises costs for the running of the charity itself as an organisation and includes irrecoverable VAT.

(e) Fixed asset investments Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

(g) Funds structare The capital fund represents the accumulated value of the investments at cost plus their revaluation to market value and gains and losses on disposal less investment management fees. The income fund represents the accumulated income from investments less grants made and governance costs. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes,

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ETHE WULFRIS E ELDUCATIONALALIYINALSFOUNDATIONFOUNDATION

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Notes forming part of the financial statements for the year ended 31st March 2021

  1. Summary of significant accounting policies (continued) (h) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

  2. (i) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(j)
Financial instruments
Thetrustonlyhasfinancialassetsandfinancial liabilities ofakindthatqualifyas basicfinancialinstruments. Basic
financial instruments are initially recognised at transaction value and subsequently measured at their settlement
valuewiththeexceptionofbankloans whicharesubsequentlymeasuredatthecarrying valueplusaccruedinterest
less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest
method.
2. Investment income
Rentsreceivable
Dividends—equities
Interest—fixed interestsecurities		 2021
£
29,104
10,260
3,034		 2020
£
34,500
12,628
2,232
3. Expenditure on raisingfunds 42,398 49,360
Stock market investments:
Investmentmanagementfees
Property costs:		 2,823 2,895
Rates
Insurance
Occupancy
Professional fees
VATpaid		 3,956
1,158
693
350
109		 -
-
-
350
70
9,089 3,315
4. Expenditureon charitable activities
Grants paid and authorised:
Grants under£1,000benefitting 167(2020: 255)children:
Governanceandsupportcosts		 12,207
9,187		 20,015
8,572
21,394 28,587
There isonlyonecharitableactivity,beingthepaymentsofgrants fortheprovisionofschool clothingandequipmentfor
children inneed.		 There isonlyonecharitableactivity,beingthepaymentsofgrants fortheprovisionofschool clothingandequipmentfor
children inneed.		 There isonlyonecharitableactivity,beingthepaymentsofgrants fortheprovisionofschool clothingandequipmentfor
children inneed.
Governance and support costs
Auditfee
Accountancy&administration
Trusteesindemnity insurance
Postage
VATpaid		 1,262
6,183
263
59
1,420		 1,265
5,670
246
74
1,317
9,187 8,572

TT

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THE WULFRIS EDUCATIONAL FOUNDATION SEES EVUCALIVINAL FOUNDALION

Notes forming part of the financial statements for the year ended 31st March 2021

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||||||| |---|---|---|---|---|---| |5.|Trustees|remuneration| |The trustees received no remuneration|(2020; £Nil) and were not reimbursed for any expenses|in the year|(2020:| |ENil).| |6.|Investment property|2021|2020| |Investment property:|2,|4 & 6 London Road,|Southampton|£|£| |Valuation|at|Ist April 2020|415,625|415,625| |Valuation|at 31st March 2021|415,625|415,625|

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The investment property has been valued by the trustees at open market value for existing use.

  1. Fixed asset investments — listed investments

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|||||| |---|---|---|---|---| |Market value at|ist April 2020|298,422|302,860| |Acquisitions|at cost and cost adjustment|126|82,254| |Proceeds from disposals|-|(|20,942)| |Gains/(losses)|in the year|62,313|(|65,750)| |Market value at 3 [st March 2021|360,861|298,422| |Investments|at market|value|comprised:-| |UK equities|307,547|251,362| |Overseas|securities|fixed interest|53,314|47,060| |Historical cost at|31st March 2021|360,861|260,524|

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All investments are carried at their market value. Investments in equities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

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||||| |---|---|---|---| |8.|Debtors| |Other|debtors| |Prepayments|-|18,831| |and accrued income|2,092|1,335| |9.|2,092|20,166| |Creditors|——| |Other creditors|30|30| |Grants approved but not paid|3,103|3,187| |Accruals and deferred|income|13,999|11,292| |17,132|14,509|

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THE WULFRIS EDUCATIONAL FOUNDATION

Notes forming part of the financial statements for the year ended 31st March 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |10.|Analysis|of total|net|assets|by|fund|Unrestricted|Unrestricted| |capital|income|Total| |£|£|£| |Fixed|assets|-|investment property|415,625|-|415,625| |-|investments|360,861|-|360,861| |Net|current|assets|(|29,114)|103,310|74,196| |747,372|103,310|850,682|;| |Unrestricted|Unrestricted| |capital|income|Total| |11.|Outline summary|of fund|movements|£|£|£| |Fund balances|brought|forward|687,882|88,572|776,454| |Incoming|resources|-|42,398|42,398| |Outgoing resources|(|2,823)|(|27,660)|¢|30,483)| |Gairis and|losses|62,313|-|62,313| |Fund balances|carried|forward|:|747,372|103,310|850,682|

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The capital fund represents the accumulated value of the investments at cost plus their revaluation to market value and gains and losses on disposal less investment management fees. The capital fund is only distributable in exceptional circumstances.

The income fund represents the accumulated income from investments less grants made and governance costs. The income fund is available for distribution in whole or in part.

12. Related parties

There were no related party transactions in the year. Controlling entity

The charity is controlled by the trustees.

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