THE WULFRIS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FINANCIAL STATEMENTS For the Year Ended 31st March 2024 CHARITY NO: 1079137
THE WULFRIS EDUCATIONAL FOUIIDATION coNrKNTS Page Report of the trustees Report of the alldltors Statement of fInancial activities Balance sheet Notes forming part of the financial statements 10-13 Detailed statement of financlal actlvltles 14 Page.. I
THE WULFRIS EDUCATIONAL FOUNDATION ort of the trustees for the ear ellded 31st March 2024 The trustee8 present tlleir report and fll]an¢ial statements of the charity for the year ended 31st March 2024. The finallcial statements have been prepared in a¢¢ordan¢e with the &¢counting policies set out on page8 10 and I l and Comply with the charity's trust deed aud appli¢able law. Reference and administrative details Trustees R Harris . ChairnMn A J AsIdM Ms C Cunio Ms L Forster Mrs IC Vowles Councillor D Paffey (resigned 31.05.23) CounLillor A Winning (appointed 01.06.23) CbarityNo 1079137 Clerk to the trustees N J LapageA.C.A. Prillcip office Ashton House 12 The Precinct Winchester Road ChandleTS Ford Eastleigh SO53 2GB Accountallts Secretarial Law Ltd Ashton House 12 The Precinct Winchester Road Chandlers Ford Eastleigh S053 2GB Auditors SKS Westlake Clark Audit 7 Lynwood Court Priestlands Place Lymington S0419GA Banker5 Lloyds BaT]k plc Above Bar Street Southampton SOI 4 7DT Solicitors Abels 6 College Place tA)ndon Road s[thaMptOn SOI 5 2XL Investment managers Rathbones Fiennes House 32 Southgate Street Winchester S023 9EH Page: 2
THE WULFRIS EDUCATIONAL FOUNDATION ort of the trustees for the ear ended 31st March 2024 contlnued Ob'ectives and activities The c]wity has its origin under the Will of Katherine Wulfris, dated 13th September 1665. devising to the Churchwardens of Holyrood (tho Parish wherein she was born) the yearly rent of an DTcILard (now part of Brunswick Place, Southampton) ajnounting to 40 8hilling8 per annum and all improvement8 arising therefrom "for the clothing and placing out of one poor rnaid of the same or any other parish within the town to some apprenticeship or service, at tbe appointment of the Churchwardens of Holyrood" The regulations under which the charity now operates are set outby a Scheme nwle by the Mini8teT of Education under Section 18 of the Clwities Act 1960 and dated 9thNovember 1961. The Main activity of the chlty is the provi8ion of school unifornis, school clothing artd equipment for ohildren in need Uttr the age of 25 resident within the City of sOuthapi0n. The trustee8 give due regard to guidance publish¢d by the Charity Comtni88Lon on public b¢n¢fit, All the activities of the Cbarity are for public benefit. Structure overnallce and mana ement The Wulfris Educational Foundation is 8n unincorporated associatiort registered with the Charity Commission, Tbe trustees nameci on page 2 have served throughout the year or the period shown. The appoititrllent of tfttee9 is governed by the regulations of the charity. Trustee8 ar¢ appointed witkn great care and have & wide variety of knowledge and experience. This knowledge and experience 18 fully comprehettsive and meets the objfxtives and requirements of the cknty. It is not anticipated that extra tszining will be necessary. Meeting8 of the tThstee8 are held regularly to approve grants. Day to day management of the charity has been delegated by the trnstees to tbe Clerk to the Trustees. Achievements and erforLuance During the year under review 400 (2023.. 361) children were as8lSted, wbich matches in full the objectives of the charity. Since tkn Ye end there has been an increase in grant applications. Financial revie The Incon for the year from inVestellt property ainounted to £33,719 as Compared with £32,500 in 2023, an incre&se of £1,219. Grants total]ing £32,777 as cotnpared with £23,31 l ill 2023 were made from available income of £27,790, with the balance of (£4.987) being transferred froftn accutllulated fimds. PIAns for future eriodg As the charity's incollie is derived Mainly fronl property and fund8 invested, supplemented by OGGasional grants from ¢haTltable tNsts, and there are no fundraising activities the trustees are aware that income aY fall, in which case grants would to be reduced accordillgly. The charity wotsll however, continue to llke grants for the benefit of the pubiic. Investm¢nt olic The policy of the trustees is to invest to provide a balanced return from income and capital at medium risk. Reserves oli The trustoe's policy on reserves is tbat they regard the income fimd balance of £121,906 as available for distribution in whole or in part and the capxtal fund balance of £735,129 as distributable only in exceptional circumstances. Page: 3
THE WULFRIS EDUCATIONAL FOUNDATION Re ort of the trustees for the ear ended 31st March 2024 continued Risk maua emellt The twstees have examined the potential risks wljioh the charity face8 and Gonfirni that rn¢asure8 to manage these risks have been put in pla¢e. Trnstees, res onsibilities The ttustees are responsÈble for preparing the Trustees, Annual Report and the funCial statements in accordance with Ipplicable law and United Kingdom Accounting Standards (Unit¢d Kingdom Generally Aoo¢pted Accoulltmg Practice), Law applicable to charities iti England and Wales requires the trnstees lo prepare fillancial statements for e&ch flnancial year which give a and fair view of the Charity's financial activities during the year and of the incoming resources and appliGation of resources of the cbarity for that period. In preparing those financial statement8 the ttvst¢e8 are required to.. a) select suitable accounting policieg and apply them consistendy. b) observe the methods alld principles in the Charities SORP; c) make judgements and estimates that are reasonable and pruden( d) state whetlLer applicable accounting standards have been followed, subject to ally departures disclosed and explained in the financial statements, e) prepare the finanGial statenlents on a going concern basi8 unles8 It is inappropriate to pre8Utne that the charity will continue in operdtion. The trn8t¢e8 are responsible for keeping accounting records which disclose with reasonable accuracy at any time the fwancial position of the charity alld en&ble them to ensure th&t the f]nancial statements comply with the Clwities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the tNst deed. They are also responsible for safeguarding the ass¢ts of the Charity and hence for taking reasonable Steps for the prevention and detection of fraud and otlw irregularities. Statemellt of the trustees The trn8t¢es Confm that so far as they are aware, there is no relevant audit inforrnation (inforntioll needed by the charity's auditors in cornection with preparing their report) of which the charity's auditors are unaware. The trustees al80 ¢onfmn that each trustee has taken all the 8teps that he ought to have taken as a trnstee in order to make hitnself ware of any relevant audit iJfornLation and to establish that the Charity's au(tstors are aware of that infonnation. Approved by the tstee5 on 1214 è¢'tember 2024 and signed on their behalf: R HARRIS Chairman Page: 4
THE WULFRIS EDUCAI'IONAL FOUNDATION Inde endent Auditor's Re ort to the Trustees of The Wulfris Educational Foundation Opinion We have audited the financial statements of The Wulfris Educational Foundation (the 'oharity') for the year ended 31st March 2024 which comprise the Statement of Financial Aotivities for the year ended 31st March 2024, the Balance Sheet as at 31st March 2024 and notes to the financial Statements, including a summary of signific&nt accounting policies. The fmanGial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financwl Repor¢ing Standard applicable in the UK and Republic of Irel(znd (United Kingdom GeneralLy Accepted Accounting Practioe). In our opinion the finaft¢ial 8tatetnents', give a tLue md fair view of the state of the charity's affairs as at 31st March 2024, and of its incoming resources and application of resources, for the year then ended. have been properly prepared in aocoTdan¢e with Utlited Lingdom Generally Accepted Accounting PractiGe' and hav¢ been prepared in accordance with the requiretnertts of the Chariti¢s Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK)) and appli¢able law. Our responsibilitie8 undcrthose standards are fjjrther de8¢ribed in the Au(tstor's responsibilities forthe audit of the fllwicial statements Seotion of our report. We are independent of the charity in accordance with the ethical requirements thilt are relevant to our audit of the fn¢la1 statsments 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 evidenGe we have obt&ined is sufficient and appropriate to provide a basis for our opitiion. Conclusions relatillg to going concern We have nothing to report itt respect of the following matters in relatioll to which the ISA8 (UK) require us to report to you where: the tLUStee8' use of the going concern basis of accounting in tbe preparation of the fmancial statement8 is not appropriate,. or the trustees have not disclosed in the fthanGial statements any identified material icertaIntIeS that may cast signtficant doubt about the clwity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the finaucial statements are authDri8ed for issue. Other information The tnT8tees are tYspon8tble for the other inf0mti0ll. The other in£omiation COmPTise5 the inforniation included in the Report of the Tnte¢s, other than the financial statements and our auditor's report thereoTh Our opinion on the financial Statements doe8 not cover the other inforniation and, except to the extsnt otherwise explicitly stated in our report, we do not express any fonn of assurance oonclusioll thereon. Itt connection with our audit of the financial statellLent8, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforn)ation 18 materially inconsistent with the financidl stPAtements or our knowledge obtained in the audit or otherwise appears to be m&terially misstated. If we identify 8UGh mat¢rial inconsistencies or appar¢nt tnaterial misstatements, we are required to det¢rniine whether there 18 a nmterial misstatement in tbe fwancial statements or a material misstatetnent of the other inforniation, If, ba8¢d on the workwe have perfornied, we conclude th&t there is & rnaterial misstatem¢nt of tbis other iJAformation, we are r¢qiured to report that fact. We have nothing to report in this regard, Page.. 5
THE WULFRIS EDUCATIONAL FOUNDATION Inde endent Auditor's Re ort to the Trllstees of The Wulfrls Educational Foundatioll Continued Matters on which we are required to report by exceptlon We bavo notlllng to report in rospe¢t of the following nmtters in relation to wbioh the CILarities (Accounts and Report8) Regulations 2008 r¢quire us to report to you if, in our opinion: the inforniation given in the fnciaL statements is in¢on8lStent in any material respect with the trustees, report. or sufficient accountillg records h&ve not been kept. or tbe financial statemellts are not in agreement with the acGounting records. or we have not received all the infonllatiott atth explanations we require for Dur 8udit, Responslblllties of trustees AS explained more fully in thetrustees, responsibilities Statement set out onpage 4, the trustee8 arc responsible for the preparation O'F financial statements which give & trlle and fair view, and for such ittternal ¢ontrol a8 the trustees determine is necessary to ¢nable the prepardtion of fanCIal statements that are free from material Llli88tateftnent, whether due to fr&ud or error. Ill preparing the fanGI[ statements, the trustees are responsible for assessing the cl]aTity's ability to continue a8 a going collce di8cIo8ing> as applicable, matters related to going concern and using the goitig concern basi8 of accounting unless the trustses either intend to liquidate the charity or to cease operations, or have no realxgtic alternative but to do so. AudAtor's responsibilities for the audlt of the fin&n¢ial 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 A¢t. Our objectives are to obtain rea80nable a88urance about whether the financial statements as a whole are free from material tnisgtatetnent, whether due to fraud or error, and to issue an auditor's report that includes our opityioll. Reasonabl¢ assurance is a higb level of assurance, but 18 not a guarantee that an audit conducted ill accordance with ISAS (l) will always det¢¢t a tnaterial tnisgtatement when it exi8t8. Misstatements can arise from fraud or eTror and are considered DterIal if, individually or in the aggregate. they could reasonably be expected to influen¢e the econolr decisions of usets taken on the basis of tbese f1claI Statements. Irregularitie8, including fraud, are in8tances of non-complian¢¢ with laws and Tegulations. We design procedures in line with our responsibllities, outlined above, to deteGt material misststements in respect of irregularities, including fraud. The extent to wbich our procedures ¢apable of detecting iegularitieS, including fraud is detailed below, Our approach to identifying and assessing the risks of material misstaternent in r¢sp¢ot of inrgularities, including fraud and non- compliance with laws and regulations, wa8 as follows.. the engagement partner ensured th&t the engagement team collectively had the appropriate competence, Gapabilittes and skills to idelltify or r¢oognise non-con]pliance with applicable laws and regulations. we iderttified the laws and regulation8 applicable to the ¢harity through dis¢ussions with the trnstees and from our understanding and experience of audit R8sue8 which are relevaat to charity,. we focused on spe¢ifi¢ laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity. we assessed the extent of compliallce with the laws and regulations througb nwking ellquiries of the management team and inspecting legal correspondence. and. identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throu£bout the audit. We assessed the susceptibility of tILe C1'1ty'8 fu1ClaI statements to nwterial mAs8tatemenL including obtaining art understanding of how fraud might occur, by: Page: 6
THE WULFRIS EDUCATIONAL FOUNDATION Illde endent Auditor's Re ort to the Trustees of The Wulfris Educational Foundation Continued Audit prr)cedures undertaken in response to the PDtential risks relating to inrgularities (which include fraud and non-compliarnce with laws and regulations) which Comprised inquiries of management and the Board of Trnstees as Éci whether the entity conLplie8 with such laws and regulations" enquiries with the same concerning any acal or potential litigation or claith8' inspection of relevant legal correspondence; review meeting minutes,. testing the approprialeness of journal entries; and dle perfomiance of analytical Teview to identify unexpected movements in account balances which may be indicative of fraud, documentation and revicw of the intemal controls over funds re¢eiv¢d and ¢xpendillLr¢ paid out., sampliog and testlllg both illCOttLe and expendiLure transaction8 for accuracy and completene85' review and audit based allaly8is of the underlying accounting records. oheclcing and sampling a¢¢ounting data back to original source doGun]ent8, No instances of mAterial llon-¢omplian¢e were identified. However, the lilcelibood of detecting irregularities, includillg frau(L is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, tin]ing and extent of the audit procedures perfornied. ]egUlaritIeS that result from fraud might be inherently more difficult to detect all irregularities that result from TOr. As explained above, there is an unavoidllble ri8k that material misstatements may not be d¢t¢¢ted, even though tho audit has been planned and perfornied in aGGord8nGe with ISA8 (UK), A further des¢ription of our responsibilities 18 located on the Financial Reporting Council's website at: http8.'//www.fro,org.uldauditorsre8ponsibilitie8. This desGription fom18 part of our auditor's Teport. Use of our report This report 18 llde solely to the oharity's trustees, as a body, in accordance with Part 4 of tbe Charities (AGGount8 and Reports) R¢gulatiotL8 2008. Our audit work Iw been undertaken so that we might state to the charity's trustees those fftatt¢rs we are required to stats to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not ac¢ept or assume re8pon8ibility to anyone other than the charity and the charity's trustees as a body, for our audit worL for this report, or for the opinions we have forn]ed. Mogallarden Pillay Chelvanaigum For alld behalf of SKS Westlake Clark Audlt Chartered Accountants and Statutory Auditors 7 Lynwood Court Priestlands Place Lymingtoll S0419GA Date: Iio Westlake Clark is eligible to act as an auditor in terns of section 1212 of the Companies Act 2006. Page: 7
THE WULFRIS EDUCATIONAL FOUNDATION Statement of Financial Activities for the ear ended 31st March 2024 2024 Unrestricted fi unds Income 2023 Total Fund8 Note Capital Total Incojne and Endowments from: Investments Grants receivable 43,109 43,109 42,540 Total fftcome Expellditure on: Raising fla8 Charitable aotivitie8 2.838) ( 2,414) { 45 682) 5,252) ( 3,440) Total expenditure 2.838) ( 48,096 50 934) ( 38 611} Revaluation loss on investment property Net gaiJJl(loss) Oll investments 9,375} 24 884 { 27 067} 24,884 Net movement in fullds 22,046 4,987) 17,059 7.513} Reconclllal'ion of fun(ts Total funds brought forward 713,083 126,893 839.976 847,489 Total funds earrled forward 735,129 121,906 857,035 839.976 All activities are classed as continuing. Page.. 8
THE WULFRIS EDUCATIONAL FOUNDATION Balance Sheet as at 31st March 2024 2024 2023 Notes Fixed assets Investrnent property Investments 406,250 361,503 406,250 333,281 767,753 739531 Current assets Debtor8 Cash at bank 3,947 107,331 2,570 115338 111,278 117,908 Curr¢nt liabilities: Creditors Net current Assets 89,282 100,445 io Total net assets 857,035 839,976 Funds Unrestricted ¢apital Unrestiicted income li 11 735,129 121,906 713,083 126,893 857,035 839,976 Thes¢ finanoial statements were approved by the trusteeg and authorised for issue. Approved by ihe trustees Dn 12tk knmber 2024 and signed on their behalf: R HARRIS Chairman Page.. 9
THE WULFRIS LDUCATIONAL FOUNDATION Notes formin art of the financial statemellts for the ear ended 31st Mareh 2024 Summary of sigllificant accounting policie8 (Yd) General Imformatlon and bas18 of preparation Tbe Wulfris Educational Foundation 18 an utiincorporated charity ill England. The addre88 of the registered office is given in the ¢harity infornlatioll on page 2 of these financial statsments. The nature of the charity'8 operatiolls and nCipal activities are giv¢n on page 3. Tbe charÉty constitutes & public benefit entity as defllLed by FRS 102. The financial statsments have been prepared in accordance with Accounting and Reporting by CIMrities'. Statement of Recommended Practice applicable to Gharities preparing their aocoullts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2019) - (Charities SORP (FRS 102)), the FitWA¢ial Reportillg SLandard applicable in the UK alld Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are prepared Dn a going concern basis under the historical ¢08t convention, modAfied to irtclude eettaiti items at fair value. The finallcial statenlents are presented in gterling which is the fimctional currency of the clwity and rounded to the ttearest £1. The significant accounting policies applied in the preparation of these financial statements are 8et out below. These policies have been con8lStently applied to all years presented unless othenvise stated. (b) Income recognition All incorning resources are included in the Statement of Financial Activities (SOFA) when the Ch'Ity is legally entitled to the incotlle after any performallce Gollditions 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 charitywill have beell notified of the amount8 and tbe Settlement date in writing. If there are conditions attached to the donalion and this requiTe8 a level of perfornMnce before entitlement can be obtained then income is defeed until those conditions are fully n]et or the fillfilment of those conditions is within the Gontrol of the Gharity it is probable that they will be fulfilled. InVestent income is earned through holding assets for investment puryTroses such as shares and property. It includes dividends, interest and renL Interest inGome is recogniscd u8ing the effective interest method and dividetld alld rent income is reGognised as the Gharity's tight to reccive payment is established. (c) Resources expended Expelldiknre, in¢luding grants, is included on accruals basis. Raising fulld8 conlprise those costs directly attributable to mjnaging tbe investment portfolio and include8 irrecoverable VAT. GovernanGe CQLnprises Costs for the running of the charity itself as an organisation and illcludes irrecoverable VAT. (d) Fixed asset investment property The investment propety 2, 4 and 6 London Roal Southan)pton was passed to the Charity under the tenns of thc Will of I(atherine Wulfris in 1665 and a8 a result no original Cost was recordcd. The tSt888 have collsidered & professioual valuation of the Property and are of the opinion that the costs would be prohibitiv8 when set again51 any perceived benefit. It is stated at the trustees, estimate of fair value. (e) Fixed asset investments Investments are included at Closing n]id-mark¢t value at the balan¢e sheet date. Any gain or1085 on revaluation is taken to the Statement o£Finaucial Activities. (0 Investments All inve8trnents are held primarAly for an investment retunL (g) Funds structure Th¢ capital fund represents the accumulated value of the inveslJnents at cost plus their revaluation to nket value and gains and Ios8es on disposal less investhient tnanagement fee8. The inco¢ fund represent8 the accunLulat¢d income from investments leys grnnts m&de governance c08ts. Unrestri¢t¢d fLmds are available for use at the discretion of the truste¢8 in fiwtherance of the general objectives of the Charity and which have not been de8ignated for ot] purp08es. Page: 10
THE WULFRIS EDUCATIONAL FOUNDATION Notes formin art of the fmancial statements for the ear ended 31st March 2024 Summary of significant accoulltillg policies (continued) (h) Debtors Trade and other debtors are re¢ogni8od at the gettlement anwunt due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. (l) Credltors and proTrlslon$ Creditor8 and provisions ar¢ recogni8ed where the cbarity has a present obligation resulting frotn a past event that will probably result in tbe tISfer of fLmd8 to a third paty and the amount due to settle the obligation call be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowillg for any trade di8coiints due. (i) Fillanclal lllstruments The trust only bas financial assets and fAthcial liabÉlitie8 of a kind that qualify as ba81¢ financial in8twment8. Bagic fiwdnoial instmments are initially Tecognised at transaotion value and 5ubsequeDtly measured at their settlement value with the exception of bank loan8 whiGh are sub8equently mea8ured at the Carrying value plus accrned interest less repayments. The fmancing charge to expenditure is at a C0ft8tanÉ rate calculated using the effective interest method. O() Judgements In applying accounting policies 3nd Iiey sourcey of estimation uncertainty E8tirnates and judgeLnents are continually evaluated and are based on historical experience and other factors, including expeGtation8 of tUre events that are believed to be re&sonablc ullder the cirGum8tances. Although these e8timates are management's bestknowledge of the amount, eveTht8 or action5, actual amounts ultimately may differ from those gstimatgs, 2024 2023 Investment income Rellts re¢exvable Dividends- equities Interest- fixed interest securities 33,719 8.220 1.170 32,500 10,009 31 42,540 Expenditure on raisillg funds Stock market Investments: Inv88tm8nt Inanage¢llt fees Property costs: In8urance ProfessioJMI fees VAT paid 2,838 2,728 1,514 750 150 158) 725 145 Expenditure on charitable activities Grants paRd and authorised: Grants under £1,000 benefitting 400 (2023: 361) children.. Governance and support Costs 32,777 12,905 23,311 11.860 There is only one clLaTitable activity, being the payments of grants for tILe provision of school clothing and equipment for childrell in need. Governance and support COSt8 Audit fee Accountancy & administration Tmstees indemnity insurance Postagelmileage VAT paid 1,326 9,274 296 33 1,285 8,306 296 119 12,905 Page- I I
THE WULFRIS EDUCATIONAL FOUNDATION Notss formin art of the fillancial statements for the ear ended 31st March 2024 Trustees remuneration The trustees received no remuneration {2023'. £Nil} and were not reimbursed for any expen8es itt the year (2023.. £Nil). Mr N J Lap&ge was paid £750 (2023: £300) for bookkeeping and administration serrices. Investment property Investment property.. 2, 4 & 6 London Road, Southampton Valuation at 1st April 2023 Revaluation IDSS 2024 2023 406,250 415,625 9,375) Valuation at 318t March 2024 406,250 406 250 The investment proporty has been valued by the trustees at fair value for existing use. Fixed asset i]Jvestments - Ilsted illvestm¢nts Market value at 1st April 2023 Acqui8Ltions at cost and ¢DSt adjustment Proceeds from disposals Gains/(losses) in the y¢ar 333,281 61,506 58,168) 24,884 366,355 16,881 22,888) 27 067) 361,503 333 281 Investtnents at market value comprised..- UK equities Overseas equities 341,321 304,494 Markel value at 318t March 2024 361,503 333 281 All inve8trnettts are carried at their market value. Tnvestments in equities are all traded in quoted public n]arket8, primarily the Lolldon Stock Exchange. Holdings in common illve8tment fiu]ds, unit trnsts and open-ended investment companies are at tbe bid price. Asset sales and purchases ar¢ recognised at the date of trade at C05t (that is their transaction value). Debtors Prepayments and aGcMed income 3,947 2,570 Credltors Other ¢reditor8 Grants approv¢d but not paid A¢crua18 and deferred tnGome 30 2,711 14,722 6,214 17,463 Page: 12
THE WULFRIS EDUCATIONAL FOUNDATION Notes formin art of the financlAI statements for the ear ended 31st March 2024 10 Analysis of totPdl net assets by fund Unrestrieted capital Unrestrleted income Total Fixed assets- investment property investnLents Net cwr¢nt a58et5 406,250 361,503 32,624) 406,250 361,503 121,906 735 129 121906 857 035 Outllne summary of fund movemellts Unrestrlcted Unrestrieted capltal intome Total Fund balances brought forward Incomillg regources Outgoing re80uroe8 Gain8 and losses 713,083 126,893 43,109 48,096) ( 839,976 43,109 50,934) 2,838) ( Fund balances carried forward 735,129 121,906 857,035 The oapital fLthd represents the accurllulated value of the investtnents at cost plus their revaluvAtion to market value and gains and losses on disposal less investment management fees. The capital fund 18 only distributable in exGeptiollal oiroumsttmces. The income find represents th¢ accumulated income from investments les8 grant8 made and governance costs. The in¢ome fi]nd is available ftjr distribution in whole or in part. 12 Related parties There were no related paty transactions in the year. 13 Ultimat¢ controlling party The Gbarity is controlled by the tru8tee8. Page: 13