2021-10-31-accounts

WAVE Trust Limited by Guarantee

Annual Report

for the year ended 31 October 2021

Registered Charity Number 1080189 & SC044168 Registered Company Number 03863110

WAVE Trust Annual Report and Accounts to 31st October 2021

Contents	page
The First 25 years	2
Goals, Approach and Key Findings	4
Letter from our Chairman	5
Letter from our CEO	6
Our People and Information	7
Report of the Trustees	8
Governance	14
Statement of Trustees’ Responsibilities	15
Structure, Governance and Management	15
Independent Auditor’s Report	17
Statement of Financial Activities	20
Balance Sheet	21
Statement of Cash Flows	22
Accounting policies	23
Notes to the Financial Statements	25

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WAVE Trust Annual Report and Accounts to 31st October 2021

THE FIRST 25 YEARS

During 2021, WAVE celebrated its 25-year anniversary. The rewarding, challenging first quarter century has been momentous in its impact. It is worth looking back to see how far we have come, using this as inspiration to achieve even more going forward.

Achievements are far too many to list here, but we list below some that please us most.

• Bringing Family Nurse Partnership (FNP) and Roots of Empathy programmes to the UK from USA and Canada. These have benefitted over 80,000 UK families and children. This is testament to George Hosking’s indefatigable efforts, e.g. in spending a week in Denver with the founder of FNP, and getting the founders of both programmes to the UK to meet government ministers and civil servants.

• Being instrumental in changing the definition of ‘Early Intervention’ in UK policy making from children aged 8 to children under 3 – e.g. Iain Duncan Smith quote ‘WAVE Trust is a small charity with the impact of a big one. I recently had cause to be present when they made a detailed presentation on early intervention and cannot recall seeing a more impressive and convincing presentation of the facts. What I learned from WAVE that day, informed and greatly influenced the Centre for Social Justice's approach to policy on children and families, as published in our report Breakthrough Britain.’

• Winning Conservative and Lib Dem support before 2010, leading to the Coalition Government expanding the universal health visitor workforce.

• Creating the Early Years Champions group of practitioners and academics who worked with WAVE to develop a plan to reduce child maltreatment via primary prevention. This led to WAVE writing, jointly with the Dept for Education, its impactful prevention report, Conception to age 2 – the age of opportunity , called ‘The Early Years Bible’ by many UK local authorities. This report has influenced health professionals globally, and been translated into other languages. UNICEF has commended the report to health ministries in Europe and Asia.

• Creating ‘The Baby-In-The Bathwater Coalition’ of 100 early years experts and charities in Scotland who worked together to influence Scottish Government policy. This Coalition succeeded in adding prevention of child maltreatment as a key component of the Children and Young People’s Act 2014. This would not have happened but for the work of the Coalition.

• Turning violent young gang members into peaceful, pro-social citizens, using WAVE’s unique, ground-breaking ‘An End to Violence’ programme. This, and all WAVE’s successful work in prisons and after release, recognises and heals childhood trauma , which we know is the prime root cause of violent behaviour

• Acting as advisers to 10 Downing Street, the Cabinet Office, the Home Office, the Departments of Education and Health, the Scottish and Welsh governments, and agencies of the Northern Ireland Government.

• Advising and changing the policies and priorities of a number of UK local authorities – see video by the former CEO of Croydon Council on the impact of our work: https://www.youtube.com/watch?v=NWwIrvMF9RE

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WAVE Trust Annual Report and Accounts to 31st October 2021

• Helping to create priority attention for ACEs (Adverse Childhood Experiences) by governments and agencies in Scotland and Northern Ireland, and building recognition in London, through our 5-Nations Adverse Childhood Experiences (ACE) workshops for civil servants/NHS in Scotland, Wales, N Ireland and England.

• Strongly influencing the content of key policy reports such as the UK Parliament report ‘The Critical 1,001 Days Manifesto’ (2013), the London Assembly Report ‘Healthy First Steps’ (2018) and the DUP report in Northern Ireland ‘Hope for Every Child’ (2018), with WAVE’s role acknowledged in all of these.

• Winning the support of over 500 UK MPs (over 80% of the UK Parliament), 99% of Scottish MSPs, and a majority of Welsh, London and Northern Ireland Assembly Members, for our 70/30 campaign. Support for 70/30 has also been expressed in the manifestos of the Liberal Democrat, Welsh Nationalist, Welsh Conservative and Scottish Labour parties. This is a platform for major change in outcomes for children for generations to come.

• Writing the 2015 ‘Building Great Britons’ blueprint for a national early years’ strategy, influencing the conclusions of a number of subsequent, high profile, Parliamentary Inquiries and helping to shape the recent 'Early Years Review' by Andrea Leadsom, which is now Government policy (we are advisers to Andrea).

• Triggering, through our 2018 report ‘Age 2 to 18 – systems to protect children from severe disadvantage’ (a year before it was published, but knowing its conclusions) the setting up of trauma-informed communities across the UK, and training statutory agencies in how to implement trauma-informed practice. An early step, in 2017, was being asked by the National Police Chiefs Council to deliver the first UK-wide trauma-informed policing workshop to senior officers from England, Scotland, Northern Ireland and Wales.

• Delivering trauma training to thousands of employees in addiction and domestic violence services, communities, education, GPs, health services, hospitals, housing, local authorities, police, prisons, probation, social services, schools, third sector, universities, youth offending, across the UK, with a cascade effect benefitting many times that number of service users.

• Helping significant numbers of serious violent offenders to renounce violence completely in their lives, through direct counselling, one-to-one and in groups. =

• See youtube video https://www.youtube.com/watch?v 0e6dbj5OMro (Results validated by the Metropolitan Police)

• Being invited by the World Health Organisation and the City of Oslo to be one of three organisations to launch, jointly, a pan-European initiative to spread trauma-informed practice through cities across Europe. This later became the WHO project ‘TIPACE’ – Trauma-informed Prevention of Adverse Childhood Experiences’, with WAVE on the steering group of the initiative.

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WAVE Trust Annual Report and Accounts to 31st October 2021

Goals

• To alleviate suffering and make the world safer by reducing the root causes of violence, including child abuse, neglect and witnessing domestic violence.

• To enable a 70% reduction in child maltreatment in the UK by the year 2030 (70/30).

• To increase the life potential of children, reduce health and income inequality and improve the economic capability of the United Kingdom by making preventing Adverse Childhood Experiences (ACEs) and other childhood disadvantage a prime objective of communities, elected bodies and policy-makers.

• To promote Trauma-informed Care (TiC), across all services and communities, to deliver effective care to those whose lives have already been blighted by trauma.

Approach to achieving our goals

• Continuously researching to identify current global solutions to stop root causes of child maltreatment and other Adverse Childhood Experiences.

• Producing detailed reports, blueprints and action plans to create preventive solutions; working with policy-makers, practitioners and others to put these solutions into practice.

• Delivering training programmes, workshops and consultancy to assist organisations and communities to prevent Adverse Childhood Experiences, and adopt trauma-informed practice.

• Designing, and promoting the implementation of, pilot programmes to validate the effectiveness of primary prevention (i.e. preventing harm before it happens).

• Continuing to grow our power base of volunteer Ambassadors and MPs, as a key step to creating support for 70/30, and extending this support to MSPs in the Scottish Parliament, AMs in the Welsh and London Assemblies, and MLAs in Northern Ireland.

Key findings

Child abuse, neglect and children witnessing domestic violence are significant root causes of later violent behaviour. The 10 family ACEs most commonly used in research studies have been demonstrated to create at least 80 forms of poor life outcomes in: physical and mental health; educational performance; and such severe disadvantage as homelessness, unemployment, addiction and criminality. They also contribute significantly to persistent poverty, and health and income inequality. While many people experience the support in childhood that fosters the resilience to overcome these disadvantages, many others suffer emotionally and physically for the rest of their lives.

• While the human brain changes throughout life, the crucial period in the formation of personality is from conception to age 3, with particular emphasis on the period up to age 2 – the prime formative period of the ‘emotional’ part of the brain.

• Children’s behaviour as early as age 3 is predictive of future aggression.

• A key marker for later life dysfunction is Disorganised Attachment in early life; this can be prevented with informed, appropriate parental support. The programme PCPS, described later in this report, delivers this and in studies in Ireland and Spain radically reduced levels of Disorganised Attachment in children.

• As well as risking becoming violent, victims of childhood maltreatment often suffer depression; in turn, this can cause them to neglect their own children.

• Poor mental wellbeing in today’s children – which can later cause an ACE for their own children – can be halved by the consistent presence of a supportive adult.

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WAVE Trust Annual Report and Accounts to 31st October 2021

Letter from our Chairman

During 2021 WAVE celebrated 25 years of active service. The many achievements during this period show a great pioneering spirit in bringing learning and expertise from around the world to the UK, thus embedding in the thinking of many of our national institutions the value of early years’ interventions. Much of WAVE’s thinking, from its research in its early days, is now well embedded in practice at both national and local government level. There is also very strong evidence of support from across the political spectrum, manifesting itself in our ability to influence key political policies and priorities, from invitations to contribute to government thinking (e.g. in the Leadsom Review) through to such ambitious campaigns as 70/30.

In more recent years we have broken fresh ground in introducing trauma training to thousands of employees across a broad spectrum of services and organisations in the UK and further afield. Such has been the growth and credibility of the trust that we have been able to partner with international organisations, like for example, the World Health Organisation, to promote good practice and encourage a better understanding of the challenges facing those who suffer trauma. All this success has been achieved in challenging times and none more so than in 2020 and 2021.

In delivering the impressive results detailed in this report, management has displayed creativity in adapting to training delivery online, creativity in income generation and creativity in the management of the organisation, where we have been frugal in expenditure and have constantly reviewed where to invest time and energy. During the year there has been more consultancy activity, more trauma training and continued charitable donations from our trustees and allies. My thanks and appreciation go out to all colleagues who have played their part in sustaining the organisation in its positive direction of travel.

What next? Over the next year we aim to consolidate our work in trauma training; redouble our efforts in fundraising and sponsorship; develop a clear succession strategy for the future replacement of key personnel; and create a stronger financial position as we work towards the goals laid out in this report. Crucially, also, we will move our 70/30 initiative to a decisive next stage, in Scotland. None of the achievements laid out in this report would have been possible without the sustained effort of George Hosking and his team of committed staff who have on many, many occasions gone well beyond the call of duty in striving to deliver an increasingly substantial work portfolio within considerable financial stresses. The board of trustees and all partners associated with our work thank the team for their sterling efforts.

As chair I would also like to show my appreciation and thanks to the unwavering support of all our trustees, and in addition thanks to people like Alex Williamson and Jay Haston for their superb work in driving the 70/30 campaign and bringing new MPs and supporters to a better understanding of what to do to create a better world.

Derrick Anderson, CBE, Chairman

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WAVE Trust Annual Report and Accounts to 31st October 2021

Letter from our CEO

This report opens by summarising many of our most significant achievements in the 25 years from our formation in 1996 (becoming a registered charity in 1999) until 2021. In one sense, it is a story of failure. The trigger for our formation was an NSPCC statement that in 1995, levels of child abuse were no lower than they’d been in 1945.

A 2017 Lancet article studied trends in depth. It quoted the findings of a previous study which concluded that it found no consistent evidence for increasing or decreasing trends in child maltreatment in England and Wales from 1979 to 2008. In summing up, the Lancet study stated: ‘We also found evidence across different sources that child maltreatment has increased since 2000.’

The factors which resist significant reduction of child maltreatment are, I assert, after 26 years of devotion to the topic (writing in mid-2022), much more due to a lack of political will than any absence of knowledge on how to achieve this goal. One MP advisor to Theresa May, when she was Prime Minister, summed it up to me thus: ‘ George, you will never succeed, because we MPs are elected for 5 years, and have to demonstrate results after 4, so that we will be re-elected. We will never invest the money needed for such a long-term project as reducing child abuse and neglect by 70%. ’

Yet the right policies, policies we can identify, could produce results in terms of school readiness, and many other significant measures, within 5 years. They would save the nation tens of £ billions in annual costs. Further, as a nation, we invest longterm in nuclear power, HS2 or national defence. The sadly neglected but visionary Parliamentary Report Building Great Britons sets out the reasons why investment in our future generations is at least as important as Defence of the Realm. What a pity neither Tim Loughton nor Jonathan Ashworth is Chancellor of the Exchequer. They get it.

Nonetheless, we have remained determined in our commitment to achieve our goal of preventing child maltreatment before it happens, and in our 70/30 Initiative we have planned a route to get us there. It is marvellous that in mid-2022 it is backed by over 80% of the UK Parliament, and 99% of the Scottish Parliament.

Thus, we are now moving to the next phase of our project, with the powerful team which is the Scottish Commission of Inquiry into the delivery of 70/30, and which has Scottish Government backing. The next two years will be a critical time in our venture – not in terms of whether we succeed, because our commitment to end child abuse, neglect and domestic violence is timeless – but in terms of whether it can be reduced by 70% by 2030. We say yes – and invite anyone reading this to support us.

Finally, on a personal note, at age 77 in mid-2021, I told the Trustees of WAVE that while I wish to remain active in WAVE until 70/30 is achieved (if I live to be 87), I no longer wish to work 60-hour weeks. It was agreed I’d step down as CEO in mid-2022, with the goal of working three days a week. My replacement is already in place, and I wish him every success. I will remain as Scotland, Operations and Research Director.

George Hosking, OBE, Chief Executive Officer 1996-2022

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WAVE Trust Annual Report and Accounts to 31st October 2021

Our People and Information

Patrons

Baroness Hilary Armstrong The Rt Hon Iain Duncan Smith MP Lord Chris Fox General the Lord Ramsbotham GCB CBE Baroness Joan Walmsley

Board of Trustees

Derrick Anderson, CBE, Chair until December 2021 Dr Caroline Clark Sue Clifford, MBE Nick Essex Colin Sarre Peter Watt (appointed June 2021, Chair since December 2021)

Management

George Hosking, OBE, CEO and Research Director Anthoulla Koutsoudi, Director of External Relations/Company Secretary Aidan Phillips, Project Manager, Trauma-informed Communities

Registered office (since Feb 2021) Scotland office The WAVE Centre Windyhill Farm 61 Ballards Way Newmilns South Croydon, East Ayrshire CR2 7JP KA16 9LR 020-8688-3773 Tel: [phone] Website www.wavetrust.org Email [e-mail]

Registered charity number 1080189 (England)

Registered Scottish charity

SCO44168

Registered company number 3863110

Independent Auditor Geoffrey Frost BSc (Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex, PO19 1SY

Bankers

Barclays Bank PLC 1 North End Croydon Surrey, CR9 1SX

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WAVE Trust Annual Report and Accounts to 31st October 2021

Report of the Trustees

The Trustees have pleasure in presenting their annual report, incorporating the directors’ report, for the purposes of the Charities Act 2011 and Sections 415 to 419 of the Companies Act 2006, together with the accounts for the year ended 31 October 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’, (FRS 102), in preparing the annual report and financial statements of the charity.

Objectives and Activities

The objects for which the charity is established are for the advancement of public education, in particular by undertaking activities intended (I) to reduce all forms of interpersonal violence, (II) to reduce non-accidental harm to children, (III) to promote the social and emotional development of children and the doing of such things as are incidental or conducive to the attainment of those objectives.

The main activities undertaken by the charity in the year under review in furtherance of its objectives to achieve its aims and for the public benefit are set out below. In selecting and planning these activities, the trustees have had regard to the Charity Commission’s guidance on public benefit.

Highlights of 2021

In 2021 we consolidated the new approach to self-funding, described last year. The year started well, followed by a mid-year dip as projects dried up at the same time as we made a number of important investments in our future. We then had a particularly strong showing in new training and consultancy projects in the final months of our year. This has continued into 2022. As in 2020, we had added modestly to our reserves during the year.

Through all of this we have maintained our two main priorities of 1) seeking to improve outcomes for children at risk, promoting and supporting prevention of harm before it happens, and 2) reduction of disadvantage after harm has taken place.

Prevention of harm before it happens

• We continued to work with Camden Council to embed the brilliant universal ‘PCPS’ programme, described by their Head of Early Years as a programme which ‘helps parents to become the best parents they possibly can be’

• In studies in Ireland and Spain, this programme has seen levels of insecure and disorganised attachment drop by half. This has huge positive implications for future life outcomes of children

• Grew, still further, our impact on policies towards children, including through manifestos and policy documents in the UK, Scotland, Wales and N Ireland

• Strengthened still further support for our 70/30 ‘prevention of harm to children’ project, with 77% support in the UK Parliament (and, in 2022, 99% in Scotland).

Reduction of harm after it has taken place

• Delivered trauma training to multiple agencies, in multiple areas, training thousands of staff to engage with service users in a trauma-informed manner

• Provided consultancy support to help build multi-agency adoption of coordinated trauma-informed approaches in selected areas

• Continued our partnership with the World Health Organisation to develop trauma-informed practice and communities across Europe

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WAVE Trust Annual Report and Accounts to 31st October 2021

PREVENTION OF HARM BEFORE IT HAPPENS

Since late 2019 we have been working closely with the London Borough of Camden to support them to strengthen their already very good early years’ prevention work. This has entailed introducing two new programmes, which support improved attunement between parents and babies in the first 18 months of the babies’ lives. This in turn leads to much higher levels of secure attachment – associated with good relationship skills though life, successful engagement in school and learning, and the development of prosocial citizens who contribute to the wealth and well-being of the nation. It also leads to much lower levels of insecure or disorganised attachment, which are associated with poor relationship skills through life, disruptive behaviour in pre-school and school, and higher than average levels of mental illness, educational under-performance, aggression, violence, anti-social behaviour and entry into the criminal justice system.

The two programmes they introduced, on our recommendation, were Brazelton, a universal programme to teach new mothers how to recognise and respond to the communications of their babies in the first few weeks after birth, and PCPS.

PCPS (Parent-Child Psychological Support)

PCPS is a universal programme delivered to mother, (ideally father), and baby between first contact 6 weeks after birth and when the baby is 18 months of age. During this time the mother visits a Health Centre, Children’s Centre or Family Hub when the baby is 6 weeks, and then, together with the baby, at 3,6 9, 12, 15 and 18 months of age.

At each visit, child and mother are seen by three professionals (e.g. nurse, health visitor, psychologist, speech and language therapist) who assess the child’s physical, social and emotional development, the infant-caregiver interaction, and the mother’s wellbeing and any need for support. The key element is a video film taken during most visits which captures the mother and child interacting at play. This is then coded to provide specific guidelines to the parent for good quality attunement with their infant. This information is part of a multidimensional assessment that allows very personalised support during each visit, always reflecting her strengths and what she does well, guiding her towards interaction beneficial both to their relationship and the child’s development.

In studies in Ireland and Spain, where the programme has been delivered for over 20 years, children show much better physical, social and emotional development, parents experience less stress and the child’s relationship capability at age 15 months shows improvement over the norm. Insecure and disorganised attachment have been half the levels found in most populations. If we can replicate these results in the UK the impact would be stunning, potentially saving thousands of children from lives of disadvantage.

During the year we worked with Camden to support the successful introduction of PCPS in one locality. At the time of writing this report, in July 2022, it is running well, and extension to further localities in Camden are planned for autumn 2022 and early 2023.

Educating and supporting policy makers

During our 25-year history, WAVE has created an in-depth, research-based understanding of the root causes of violence, child abuse, dysfunctional lives and health and income inequality. We constantly explore global best practice in addressing these.

As our commitment is to produce significant reductions in these blights on society, it follows that we need to help policy makers to understand the causes and the most

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effective solutions. Hence, educating and supporting policy makers, at both national and local level, has always been an important part of our work.

Since the loss of our philanthropic supporters, who funded this type of work, we have not found it possible to replace these with grant making funders, and this mission has either been funded from our reserves (2018-19), or from surpluses produced from our training and consultancy (2019-21). It has also been strongly sustained by our dedicated volunteer supporters and pro bono input from Cameron Consultants.

Andrea Leadsom Early Years’ Review

In July 2020, the Prime Minister asked Andrea Leadsom to carry out a review into how to improve outcomes for disadvantaged babies and children. Andrea set up an expert advisory group, including our CEO George Hosking, to work with her on this project.

George took part in numerous meetings with Andrea Leadsom’s Early Years Review team, as part of its Expert Advisory Group. His input included pressing for an increase in health visitor numbers, wider adoption of some existing UK early years’ programmes, and making the case for pilots of PCPS in a few test areas around the country.

During 2021 Andrea’s Early Years Healthy Development Review was published. Her stated aim was to get agreement to the principles of the report, and so lacked the detail we hoped to see on prevention of abuse and neglect, and on the critical value of attunement.

The report received cross-departmental support, and its recommendations became official Government policy. The number of civil servants working on the project was increased from 7 to 25, showing serious government commitment.

We also supported Andrea by collecting evidence for her to use in her request for Treasury funding to implement the Review’s recommendations. She told us our input had made a significant difference. The Treasury then voted £500 million to support the project.

The 70/30 ACE Prevention Initiative

The number of MPs expressing support for our 70/30 ACE prevention initiative – to reduce the key ACEs of child abuse, neglect and children witnessing domestic violence by 70% by 2030 – grew from 398 in September 2020 to 500, or 77% of the UK Parliament, in late 2021. (In mid-2022 it is over 80%.)

In Scotland we lost 37 MSP supporters in the May 2021 elections there, but had replaced most of those by the year end, building support with newly elected MSPs. In the Welsh elections we also lost Assembly Member (AM) supporters in their election, replacing most of these with newly elected AMs. In Northern Ireland, support rose from 26 Assembly Members in September 2020 to 63 by late 2021, despite election losses.

Building political support in this way means nothing, unless the expressed cross-party support numbers are converted into effective policies for prevention, which are then put in place, and funded. The support of MPs, MSPs, AMs etc. is a critical but preliminary stage of a conscious strategy to prepare for the next phase of our Prevention Initiative – winning cross-party support for implementing the specific policies which will deliver significant reductions in these crucial root causes of so many of the blights on society.

In Scotland we reached this stage in 2022, as noted below.

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Building cross-party support is not just about the percentage of each party’s elected members supporting 70/30. Five political parties have also formally adopted 70/30 as an official party policy in at least one part of the UK – Conservatives and Plaid Cymru in Wales, Liberal Democrats nationally, the Labour Party in Scotland and The Alliance Party in Northern Ireland. Further, the UK Labour party and the DUP in Northern Ireland have officially committed to ACE prevention. In April 2022 the Scottish SNP-Green Coalition Government gave its formal, written backing to the 70/30 initiative.

During 2021, two Scottish Councils, West Dunbartonshire and Edinburgh City, passed motions asking their council officers to work in partnership with us to deliver 70/30.

All Party Parliamentary Group (APPG) for the Prevention of Adverse Childhood Experiences (now renamed the APPG for the Prevention of Child Trauma) Childhood trauma, through experiences such as abuse and neglect, is the prime cause of mental health problems in children and adults in the UK. In March we held an APPG on Mental Health, when the focus of discussion was the lack of attention to the role of trauma in the Government’s White Paper on Mental Health.

This led to a consensus to press the Government to amend their thinking on Mental Health to include adequate attention to the role of trauma, especially early years trauma. A letter was sent to the Department of Health and Social Care, signed by WAVE and representatives of the APPG on Adult Social Care, the Association of Clinical Psychologists UK, British Association for Counselling & Psychotherapy, East London NHS Foundation Trust, Mental Health Foundation, National Youth Advocacy Service, Tavistock and Portman NHS Foundation Trust, UK Council for Psychotherapy, a Violence Reduction Network, and a Professor of Mental Health Public Policy. It was also signed by MPs from the Conservative, Labour, Liberal Democrat and Scottish Nationalist parties.

We followed this up by meeting the civil servants charged with drafting the Mental Health Act, and provided them with the strong range of research evidence that shows the roots of mental health issues lie to a very large extent in childhood trauma.

We also held successful APPG meetings on how Family Hubs can support prevention of trauma, where local authorities were well represented, and on the Government’s Early Years Review, at which Andrea Leadsom MP presented and fielded questions, with over 100 people attending.

A major initiative during the year, of which we are justifiably delighted, was the creation of an Early Day Motion (EDM) in Parliament. This stated:

‘ That this House notes the work of WAVE Trust and its 70/30 campaign to reduce levels of child abuse, neglect and domestic abuse by 70% by 2030; further notes that over two-thirds of this House have endorsed this campaign, including a majority from all parties; recognises the role that Adverse Childhood Experiences (ACEs) play in the entrenchment of intergenerational health and income inequalities and the loss of over £20 billion per year to the UK economy; welcomes the publication of the Early Years Review; and calls on the Government to adopt a comprehensive early years’ strategy to prevent harm to children before it happens, ensuring all parents are supported to give children the best possible start in life.’

This became the highest supported EDM in the 2021-22 Parliament, out of many hundreds of EDMs put forward by MPs, outstripping even EDMs which Shadow Ministers were allowed to support such as the ‘Campaign to secure the future of the Covid Memorial Wall’.

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Cross Party Group (CPG) for the Prevention and Healing of Adverse Childhood Experiences

In January 2021 the CPG discussed Primary Prevention of ACEs, speakers including the Scottish Children’s Minister, Maree Todd, and our CEO George, who presented the PCPS programme. The MSP Convenor of the CPG said she was so impressed with the value of PCPS that she would recommend it to Nicola Sturgeon.

The CPG was reconstituted after the 2021 Scottish elections and has set up a Commission of Inquiry into the delivery of 70/30. We will write more on this in the 2022 Annual Report.

Right from the Start

The charity Right from the Start has worked with WAVE for 20 years. Our philosophies are compatible and their teaching books for parents of very young children have been of very high quality. In 2021 the charity decided to wind-up, due to ill-health. Their founder, Sarah Woodhouse, expressed a wish to transfer their excellent books for parents, and intellectual property, to WAVE, which was then carried out.

PROMOTING TRAUMA-INFORMED PRACTICE IN THE UK

During the year we continued promoting and supporting the adoption of trauma-informed practice by organisations across the UK. Trauma is widespread in the UK, with at least 50% of the UK population having suffered one or more major traumae such as abuse, neglect or other Adverse Childhood Experiences (ACEs) in childhood, and 15% having suffered at least 4 different types. Trauma is the internal memory of a damaging event, or series of events, which have never been fully processed and which have lasting adverse effects.

A trauma-informed approach Realises the widespread impact of trauma and understands the potential paths for recovery; Recognises the signs and symptoms of trauma in clients, families, staff and others; Responds by fully integrating knowledge about trauma into policies, procedures and practices; and seeks actively to avoid Re-traumatisation .

Consultancy support to local areas

The project to create the London Borough of Camden as a trauma-informed community continued in 2021, though it has been a lower priority than originally intended because of the distraction and deflection of Camden resources to deal with Covid.

The local authority areas of Leicester City, Leicestershire and Rutland retained our CEO, George Hosking, as the expert adviser on trauma-informed practice for the Strategic Partnership Board of these three areas. This work has included providing input on a vision, strategy and potential action plan for each of the numerous agencies in the region, and taking part in the Steering Group for this project.

Trauma Training

We have been delivering CPD-certified trauma training during the year to multi-agency staff in health (GPs, health visitors, hospital staff, mental health therapists, nurses, public health, safeguarding, etc.), and to diverse agencies including addiction, domestic violence and homelessness support workers, adult and children’s social care, criminal justice, housing, local authority staff, police, probation, schools, social workers, universities, youth offending and third sector groups in Camden, Croydon, Derbyshire, Ealing, Hampshire, the Isle of

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Wight, Islington, Leicestershire, Newham, Nottinghamshire, Reading, Portsmouth, Southampton, Sutton and Tower Hamlets.

Quality evaluations of our delivery have remained high.

Association of Directors of Public Health (ADPH)

This project followed a 2020 project which involved us conducting research and producing four briefings on what good UK trauma-informed practice looks like in Education, Health, Housing and Police. The new project added to the previous report, integrating new in-depth case studies. All of this has been published to Directors of Public Health around the UK in a jointly badged WAVE Trust and ADPH report.

Promoting trauma-informed practice across Europe

We continue to be part of the Steering Group of the World Health Organisation’s ACE prevention and Trauma-informed Cities and Communities Network. This has now been renamed ‘TIPACE’, standing for Trauma-Informed Prevention of Adverse Childhood Experiences. During the year we took part in the WHO European Healthy Cities Conference, both as observers, and presenting the case for wider engagement with the TIPACE sub-group.

Unfortunately, during the year, the WHO resource which was pushing this project was withdrawn to focus on Covid, and the former Oslo City Director who was also a driving force behind the project, became seriously ill. Without partners to work with, the project has fallen into temporary abeyance.

Reduction of harm after it has taken place

Part of WAVE’s work over the last 25 years has been to provide emotional, practical and therapeutic support to individuals who have lived experience of abuse, neglect or other forms of Adverse Childhood Experiences. In 2021 WAVE set up a Council of Lived Experience, within a WAVE agreed constitution. The Council chose a name for itself – ‘Hearts of ACE’.

A decision was also made that a member of the Council would become part of our Board, taking part in all Trustee meetings, and ensuring that the lived experience voice is heard in all our policy and priority decisions. That contribution has been positive and significant.

During the year the lived experience members decided to offer peer support to other victims of past ACEs. This began, with an emphasis on making clear this was not a therapeutic service.

The group set up a closed Facebook group, created some great videos, and a set up new sub site for the Council on the WAVE Trust website.

During 2022, it was agreed to separate the Council, which remains part of WAVE’s structures, and the peer support group Hearts of ACE, which continues as an organisation independent of WAVE, but supported by us. This allows Hearts of ACE a greater sense of ownership of their decisions and more freedom in terms of initiatives they may take, without constraining them by a need to run policy decisions past us or to adhere to WAVE’s tight governance structures.

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WAVE Trust Annual Report and Accounts to 31st October 2021

GOVERNANCE AND FINANCE

Governance

During the year we appointed Peter Watt and Isobel Dawson as new trustees and welcomed a representative of the newly established Council of Lived Experience as part of our Board. Isobel Dawson resigned her position, when she entered a contract to provide services to the charity as an associate consultant.

WAVE fundraising

We have successfully completed our shift from relying on applications to grant-making trusts, to bidding for paid projects to deliver consultancy and training. This has led to two years in succession with small surpluses, albeit with a downsized operation.

The challenge from a strategic point of view is that the training and consultancy projects, while addressing trauma, are largely focused on alleviating the damage after the event. Where we really believe society, and governments national and local, (and funders), should be focusing their resources is in preventing harm before it happens. When we do make applications for funding to support this strategically valuable work, too often the response is that funders wish to fund direct delivery of services – i.e. alleviating the problems after they have happened. We are fortunate that we receive a significant amount of pro bono support, especially from Cameron Consultants, which allows this strategic work to continue.

Financial Review

On a SORP basis, at £394,099, WAVE’s incoming resources were 1% lower than in the previous year; at £387,242 expenditure was also 1% lower. The surplus of Income over Expenditure was £9,458, almost identical to the figure last year. Performance in the early years of 2021-22 has been significantly stronger.

Reserves Policy

The charity’s Reserves Policy is to hold unrestricted reserves at 6 months of planned expenditure. At the financial year end, our total reserves were £155,487. Unrestricted reserves were £108,803. This represented 29 weeks of planned unrestricted expenditure.

Looking ahead

Our overarching goal, in the medium term, is the reduction of child maltreatment by (at least) 70% by the year 2030. In Scotland, we have reached the next step in our plan to achieve this: 99% MSP support, and Government endorsement of the Initiative and the Goal.

The next step has been launched – a Parliamentary-backed Commission of Inquiry into the delivery of 70/30 in Scotland, the Commission Members being highly respected Scots such as the former Chief Medical Officer, the former CEO of the largest children’s charity in Scotland, the CEO of the largest looked-after children’s charity, the former Chair of the Care Inspectorate, and the former senior civil servant who was Director of Children and Families in the Scottish Government. There are also representatives of Directors of Public Health, lived experience and leading academics. We will write more about this in next year’s Annual Report.

With a following wind, we may reach the same stage in England during 2023. Much may depend on the new Government which is appointed after the Conservative Party

14

WAVE Trust Annual Report and Accounts to 31st October 2021

Leadership Election. We hope our consistent cross-party support carries us over the line. Further progress with the PCPS project in Camden will add further to the evidence that our goal can be achieved.

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of WAVE Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charities SORP 2019 (FRS 102);

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

• There is no relevant audit information of which the charitable company’s auditor is unaware; and

• The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Structure, Governance and Management

WAVE Trust is a charity limited by guarantee (registered company number: 03863110), incorporated on 21 October 1999 under a memorandum and articles of association (as amended by special resolutions with the latest dated 15 July 2013). WAVE Trust registered as a charity with the Charity Commission for England and Wales (registered

15

WAVE Trust Annual Report and Accounts to 31st October 2021

charity number: 1083059) on 31 March 2000 and with the Scottish Charity Regulator (OSCR) (registered charity number: SC044168) on 24 July 2013.

New trustees are appointed to the Board by the existing Trustees when a skills or knowledge gap is identified. New trustees are provided with background to the charity and its activities together with guidance on their responsibilities and any further training considered beneficial to their duties.

The charity is controlled by the Trustees who provide overall stewardship and guidance on governance matters and future activities, while day to day management is delegated to the management team.

Human resources decisions, such as organisation structure and pay of key personnel are determined by the senior management team, and endorsed or amended by the Trustees. The Trustees and management have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances. The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. Major risks are reviewed at quarterly meetings of Trustees and management.

This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.

Approved by the Board of Trustees and signed on their behalf

Caroline Clark Vice-Chair of Trustees

Date 25[th] July 2022

16

WAVE Trust Annual Report and Accounts to 31st October 2021

Independent Auditor’s Report to the Trustees and Members of WAVE Trust

Opinion

We have audited the financial statements of WAVE Trust (the ‘charitable company’) for the year ended 31 October 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 October 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 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 charitable company 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 of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’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 financial statements are authorised for issue.

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 or 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

17

WAVE Trust Annual Report and Accounts to 31st October 2021

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.

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 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Report of the Trustees; or

• the charitable company has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company 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 charitable company’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 charitable company 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 under section 44(1)(c) of the Charities Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts.

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 based on these financial statements.

18

WAVE Trust Annual Report and Accounts to 31st October 2021

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:

• Enquiry of management, those charged with governance around actual and potential litigation and claims;

• Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;

• Reviewing minutes of meetings of those charged with governance;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 our report

This report is made solely to the charitable company’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’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 charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Blue Spire Limited Statutory Auditor 26 July 2022

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

19

WAVE Trust Annual Report and Accounts to 31st October 2021

Statement of Financial Activities (including income and expenditure account)

20

WAVE Trust Annual Report and Accounts to 31st October 2021

Balance Sheet as at 31 October 2021

Caroline Clark Date 25[th] July 2022 Vice Chair

21

WAVE Trust Annual Report and Accounts to 31st Ortober 2021 Statement of Cash Flows Z02J 2Q20 Noie Net ¢ah IlowfY•m operating activlties{oee belwwl 18.818 113.923) C&Bh fl0wfrominveBtingacti￿ti•8 Interest received Net catsh Ilowfttsm 5thvestkny 373 440 373 440 Nèt increaso/(dècreaBel in cash and cashequivalènt 15.891 113.483) rAoh and ¢afjh equlvalent$ ai i N4)Vtmbe¥ ZVZ 123.OZ8 13$.809 Cash a]kd equival•]Ltsat31 Octobèr2021 138.017 122.026 ¢ash and cash equivalentscor¢SiSt of= CaBhat bankandin￿Thd C&Bh equivale]Lts &131 Octvber2021 138.017 138.017 122.026 122.028 Reconciliativn of net tonet cashflww fromopeTrtiJLg activitie 2021 2020 Ntincorn8 forth8 y 9.458 9.681 Adju5t8dlor". Interest and dI￿de1￿￿ IGaw)A¢¥BeB inveBtm¢Mt De¢r¢49È1linc￿aS￿) ￿ dÈbtws Incr8asé1{dcras81 in cr&thtorg 1373) 11.524 3.390 6.160 123.$04) 1$.618 13.923 22

WAVE Trust Annual Report and Accounts to 31st October 2021

Accounting policies

General information, scope and basis of the financial statements

WAVE Trust is an incorporated charity, limited by guarantee, incorporated in England with the company number 3863110. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities are outlined in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming resources

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 control of the Charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares and cash deposits. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

● Expenditure on raising funds; which includes costs incurred to generate income to support the charity's activities

● Expenditure on charitable activities; which includes direct costs incurred in the furtherance of the charity's objects

Expenditure allocated to governance costs comprises the costs of production of statutory accounts and the accountants’ report, together with any costs associated with trustees’ meetings, legal advice for trustees and costs associated with constitutional and statutory requirements.

Employee benefits

When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

23

WAVE Trust Annual Report and Accounts to 31st October 2021

VAT

The Charity registered for VAT with effect from 1 February 2021.

Taxation

The charity is considered to pass the tests set out in sections 466 to 493 Corporation Tax Act 2010 (CTA 2010), as such no income tax is payable on the charity's activities.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund accounting

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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

24

WAVE Trust Annual Report and Accounts to 31st Ortober 2021 Notes to the financial statements 21 Total 2020 Ttstai F￿nd U)￿è￿trIctèd Rèthlttt 35.5S7 182.771 35.S5Z 44.779 217.66Z 44.T79 217.667 tsiant5 iecejwable El8 328 234 628 'Don&ledserncei rtrpresenlsthev￿lle of ierncesprovided lothe Chanty￿ezcesSOff the arnOun￿ p￿d. zi Tot 2fj20 T￿141 Re¥trirtgd Fund¥ DI￿￿1r1d￿￿ Re¥trlth Fund• rund¥ 3. OthÈttTradkny aetivltlèy 2020 Dntèstrlctèd Tujth Rèstrtth Tuhdy Total Unr•strlctèd R*8￿￿et•￿ 4. Incorn• fromlTLT•Stm•nts 2•21 Total 2020 Tlltai F￿ndS ur￿•￿trICI•d Yunds R•strlct•d Funds Unr•strlct•d R•stySct•d T￿nd8 B4nkmteiesr Divjdend ￿c￿l[ 68 3Q5 3Z3 22B 228 305 3Z3 440 440 5. Ratslngfllnds 21 Total dy 2020 Total UnThstrlct•d R•￿tr￿l•d UnThstrSct•d R•￿t￿Cl•d d? 47.938 23.240 17.938 23.240 3$.938 36,938 Salaries andwaoos OthÈtcoÈtsolraw IJ)￿£ 79 948 S3302 25

WAVE Trust Annual Report and Accounts to 31st Ortober 2021 . Ch•rttabl• Ictivlttè 2021 T¢JtAI Z020 Ttstal Fmnds UJLt¢sttl¢t Ro¥t￿¢t¢d FuJLds FuJLds Donaled5etVifPS-5t4ttrDs15 5•lanes andwages Other costs ofchant4ble &ctiFitses 134.114 106.4LB SB.212 4,499 303 243 134.114 108.861 sg.È20 4,499 301294 2.443 1,608 32.263 27,672 41,264 267 513 60.892 8.681 93,155 36,883 41,264 337 086 2021 Total FvDdg 2020 Total R¢8￿￿•d Funds RgJtsl¢¢d Donatedsernces-stlttcosts S4lanes al￿WageS Othèt Costs otgw¢rnatt¢¢ 719 1.$30 2.2SO 4.499 7L9 1.530 2,250 4.499 23.812 23,812 41,364 41,264 . EudltoKs' r•mu]L•ratlorL tts21 T¢JtAI 2020 Ttstal Fmhds Dllt¢sttl¢ted rMThd# R¥t￿¢t¢d Ful￿$ lInt$t￿ wages EmPbY￿,$￿dtIo￿Ai￿Ur￿￿CO costs I￿￿¢t￿￿pI￿r's aUowan¢el Empl¢yw'$pwi¢nMntyibuuons 124.7S3 8,067 803 118,788 8.971 2021 2020 Th¢ A￿ragOn￿¥￿)rorMnvl0Y¢5. ¢a1¢U]atod¢n￿a￿rdgQhaaMI1iltbaSi$. w Thero aTnoempby¢w wh¢ r•¢wI￿dt0IAl•mplOY￿bontfilS 9Mp]¢y￿pW￿)n¢wt$) ofmorg than£fjO.O DDrJng the yearDThder reYiewth• charity'stwo {2020..two) m•nthers 0lkeymanagen￿Thtp0r￿oThThe1reC1VodT8rnu￿eratIorLb￿neffits tota]kng £72.423 12020." £80.721) consiry otsal￿1eS. eztyloyerfs national U￿rance andeznployer'i pens￿￿ contt]buttons. Del￿¢4 ¢0Dtributs￿ptn¢ll$the￿e$ Thé chanty (￿ntr￿llE&s io a d￿d eontnblltytin p•non schwLW on b•haltotits ￿P1•yes. Tr total th¢wn ￿ th not• abov• WJE tho total aznountpayable mtheyearunderrewew. 26

WAVE Trust Annual Report and Accounts to 31st Ortober 2021 10. Re2afed p•rrytransacllons Theye were 110 of thèy•ar Und•rKèV￿W 12020". no￿) and no rÉrnun•ratiollw￿ pa￿t￿tni￿1￿ill us oKtliepiecedlligyeax. 11. Investmellts- ]istedjnvestme￿t5 2021 Total 2020 Total Matkèl ￿lUèb￿allYhIf0rNard Unre4bBettg￿O0￿FeSI 20,848 2.601 23.787 TheTtu8tholdu2￿(20I9." 2001 John8on &JOh￿ncon￿￿Dn 8toc 12. D•bto zozo Tot•1 Al￿ed￿cOn Renl dtspog)Lq 24.&84 2.(M)2 26.B36 13. tozi Tot tD20 Tot Trade ￿etht￿r 3.892 6.464 2.890 SoaB] Bea]ntyandotheiiaze 4.S34 8.9SO OtheTCtgthloT0 Tr34. Jnalpli Olrnw￿￿eLtsnder¢1zed kncome RI•￿•d DètxMd Caxdèd TKaJMing andYJ8itorprope 2.890 2.890 2.980 3.9$0 3.980 8.950 12.8901 Theaboye defeEredinco]tLe ￿]Bes￿O￿thecoll￿Lo￿SQfuse 8etbythetsndei. 14. KnaLy%ts olnet asset betwee￿ tr2nds 2020 Re5tnd¢d Tot Tot 23.787 106.S45 23.787 l53.029 21.186 148.562 Cwtenl a8iets Cuttenl knb￿rne 46.684 46.fj84 27

WAVE Trust Annual Report and Accounts to 31st Ortober 2021 Total Tot Tr•n3fers bEtweell lunds Tol•lhnds brought orwazd zesouires Oiin?11105ses1 QTLillveitments lozw•rd zesources expended Restricledfyncls 70/80Fuiid ADPH Camden H8lthVwtsng City ofknndon COJTa lund BntsBh HwnaneABB0￿atsjn Tomap RhygPryc¢ Foundaiion Ice8tei. ￿Icesterllh￿e andRutla]ul 6.JOD io.000 3.Z68 16501 8.670 9.84T 4.051 Llnrestricledfunds Fa￿V￿￿ere￿er Ceneialfund Totalunre8ttILYed￿llndongchoo]81o eMbedtr&Un￿-Uyf0￿lledPIaetice Tom ap Rhys Pryc9 Foundabon A piow to Bllppon Irt>Rdongchoo]sl0 eMbedtt&Un￿-ll￿Onlltdpiaetice Lgic$51gr. L￿Ce￿9[Shlre RuttaDd Apmjed as Btraleg]c adviser￿0 thep01￿ and Ciuneco]nM￿0neI￿0t Lic*st•ithKeontraMnU-￿rOUn$apractie￿. 28

WAVE Trust Annual Report and Accounts to 31st Ortober 2021 DeS￿IPlI0￿ oldesiqnaledlund Fa￿Vaille re8epJe Reger¥eknndrepiegenLngtheexcesg of ag8etvaiue oveiitg co￿. 2021 Tolal 2020 Total Funds Fastv4luÈ rÈgé¥vèbioughl forw￿d Amouni tran8frr¢d 10 kii Val￿ reoerre inyear FaJrvaiu¢ reÈeNe camedttsrnard 8,097 2.601 10.898 7.7E6 8.097 Tr¢ c4rryingainou1119 gltlie chaiity'9fuunc1￿ ￿￿trUment&ar¥ a8lollow$. 2021 Tol•l 21J20 Tot rkn•ll¢l•l4ss•ts meaS￿ed￿lf1l[V1kne net illcornel(ex￿￿￿1IUzej". FJxeda5set rnvernentB 23.787 23.787 21.IB6 nhatt¢ialliabilit meas￿&1 at amon]gedc(&". Trade ￿e￿t￿r5 Other credrt018 I.£S4 3.892 10.473 l2,E45 The ￿come. ¢xpeThèe. net gaJJ)b attdnet Iob&¢b atiyJbutabl to tht eharity'&fjnantta] lolloWB." 2021 Toi FwLd5 2020 Total FoJLd5 Incorne a￿de￿e￿¥e FuuiKial a89¢ts meagur¢dai faJrvaiu• Ibjough net incoMe/ixpen4j￿r*) dend￿Con 305 Nei gaiJJsandlossesfin¢ludthgchéngeslnlètrvalueJ ag8etBn1tsa￿Teda1 I￿ValUe thToughnet ￿￿0￿￿}(81p8n￿)illr@l UnTpébBedgats)5iIIoBBOts1 on ￿VestMents 2.601 nxedaBBPt InVe￿ment￿￿￿hejdalfaj[Vd1Ue71lthyalUatto￿Bobtè1￿ed￿￿g do0￿ ttlld-rnarkelpnce 29

WAVE Trust Annual Report and Accounts to 31st Ortober 2021 18. Cornp4r•tlve 5taternent olFia•nclal&civlties linclll&inqJllcomt•nd exp¢ndLtoze ac¢oDnl> 202• Toiaj IIthM51tl¢t•d Rstthtd Tot4J Fund Note INCOMEAPID ENDOWMENTS FROM." Donatsonsand iegaaeg Chaniable a￿L￿tle￿ Other tradimgac1i￿kn 28B.518 31.417 88.09T 826.610 31.477 21.484 440 S34.199 440 8S8 0th8r ￿e0n￿. CJRS claMn$ T¢iial 899.728 846,678 Rai52n¥ Chanlable athivitie8 E8.208 267.518 3.202 837.086 81.074 314.721 69.573 $20.816 ¢9.678 390.889 4B6.795 Elel gain81008seg) on)nveBtslleiilg 11.0401 9.681 TrauJlxsknelwoenfllnds 15 EletrnOTernent infllnd* RECONCILLiTLONOF FDIIDS Tot•lfllnds brollgFLttsnY•rd 15 73.705 62.643 136.348 246.510 Total knd5 c￿led lozwud Th&Cl￿rity hasno recwu8&dgain8oriosg8gothèrlhanlhos& dÈall vnthiTh thè 8taténwnt0lF￿n8￿oI]￿E1￿8. None ofthe chantyg ac&vltleBFr￿e &cquitedor d￿COntinUed￿unll￿1he above finan(￿1YeaTr. 30