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← Wave Trust

2023-10-31-accounts

2023

WAVE Trust Annual Report and Accounts to 31st October

WAVE Trust

Company Limited by Guarantee

Annual Report

for the year ended 31 October 2023

Registered Charity Number: 1080189 & SC044168

Registered Company Number: 03863110

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WAVE Trust Annual Report and Accounts to 31st October 2023

Contents page
Report of the Trustees: Goals and Approach 3
Key activities in 2022/23 4
Letter from our Chairman 6
Letter from our CEO 7
Our People and Information 8
Governance and Finance 9
Statement of Trustees’ Responsibilities 12
Structure, Governance and Management 13
Independent Auditor’s Report 14
Statement of Financial Activities
 18
Balance Sheet 19
Statement of Cash Flows
 20
Accounting policies
 21
Notes to the Financial Statements 23

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WAVE Trust Annual Report and Accounts to 31st October 2023

Report of the Trustees

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.

Goals

Approach to achieving our goals

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WAVE Trust Annual Report and Accounts to 31st October 2023

Key activities in 2022/23

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2023

WAVE Trust Annual Report and Accounts to 31st October

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WAVE Trust Annual Report and Accounts to 31st October 2023

Letter from our Chairman

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Derrick Anderson, CBE, Chairman

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WAVE Trust Annual Report and Accounts to 31st October 2023

Letter from our CEO

For 28 years, WAVE has pursued the goal of preventing child maltreatment and violence in society, by identifying and tackling their root causes. Since discovering in 2007 that the root causes of most Adverse Childhood Experiences (ACEs) are the same as those of child maltreatment, we have also pursued reducing ACEs by tackling their root causes. We brought the Family Nurse Partnership to the UK in 2006 and Roots of Empathy to the UK in 2008 – those prevention projects have now benefitted over 90,000 UK families and children. We have since found an even more powerful preventive programme than either of those – the Spanish Parent-Child Psychological Support Programme[TM] (PCPS[TM] ), and brought that to the UK, though sadly the local authority which successfully implemented it in one part of their area pulled the plug on the project for reasons which – as Chair of the implementation group on that project for two years – I still struggle to get my head around, and had nothing to do with the power of the programme to transform babies’ lives, as the feedback from parents and from the staff who led delivery of the programme attests.

We have made the case for prevention, and especially prevention in the early years, in more than 12 impactful reports since 2005 including: Violence and what to do about it; Early Intervention - Good Parents, Great Kids, Better Citizens (except Graham Allen’s section); Working together to reduce serious youth violence; International experience of early intervention for children, young people and their families; Early Intervention - the next steps (the early years' sections); Making sense of early intervention; Conception to age 2 - the age of opportunity; Putting the baby in the bathwater; A preventive and integrated approach to early child development (a) What's Missing; (b) Next Steps; Building Great Britons; Parenthood and Relationships Education Toolkit (Raising the best generation of Scottish parents); Age 2 to 18 - systems to protect children from severe disadvantage.

We know that many of these reports have had significant impact. Local authorities have told us they use Conception to age 2 - the age of opportunity as their early years’ bible; Putting the baby in the bathwater led directly to the insertion of commitments to prevention in the 2014 Scottish Children and Young People’s Act; Age 2 to 18 - systems to protect children from severe disadvantage led to us educating senior civil servants in Scotland, Wales and Northern Ireland in deeper understanding of ACEs and the value of trauma-informed care, and subsequently training many thousands of professional staff in all UK countries in how to implement trauma-informed care.

Our most exciting project of all is the current work with the Commission of Inquiry in Scotland, to produce an action plan to deliver 70/30. The members of the Commission, who include several eminent Scots, including former Chief Medical Officer Sir Harry Burns, as well as Professor Mark Bellis, who conducted the original Welsh and English ACE studies, are so impressed by the potential of the project, that they have renamed it Transforming Scotland in a generation. It could also be a blueprint for transforming any developed nation.

It is very challenging that this work is having to be funded by digging into our reserves. We do wish funders would show greater appetite for supporting prevention. So much money is spent on picking up the pieces after children’s lives have gone wrong. The Christie Commission in Scotland in 2011 said that 40% of all this spending could be avoided by intervening earlier. We are taken by the words of the 19[th] century campaigner against slavery in the United States, Frederick Douglass, who said: ‘ It is easier to build strong children than to repair broken men’ .

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George Hosking OBE, CEO and Scotland Director

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WAVE Trust Annual Report and Accounts to 31st October 2023

Our People and Information

Patrons

Baroness Hilary Armstrong The Rt Hon Iain Duncan Smith MP Lord Chris Fox Baroness Joan Walmsley

Board of Trustees

Peter Watt, (Chair) (resigned 28[th] March 2024) Derrick Anderson CBE Professor Sir Harry Burns (appointed 24[th] October 2023, resigned 14[th] February 2024) Dr Caroline Clark (resigned 25[th] August 2023) Sue Clifford, MBE (resigned 11[th] August 2023) Nick Essex Jay Haston (resigned 17[th] October 2023) Anthoulla Koutsoudi (appointed 24[th] October 2023) Colin Sarre

Management

George Hosking, OBE, CEO and Scotland Director Anthoulla Koutsoudi, Director of External Relations/Company Secretary Aidan Phillips, Project Manager, Trauma-informed Communities Isobel Dawson, Consultant Project Manager, Police and Criminal Justice

Registered office 60 Park Lane, Croydon, Surrey CR0 1JE. Tel: 020-8688-3773

Scotland office Windyhill Farm, Windyhill Road, Newmilns, East Ayrshire, KA16 9LR. Tel: 01560 322805

Website www.wavetrust.org Email office@wavetrust.org

Registered charity number 1080189 (England) Registered Scottish charity SCO44168 Registered company number 3863110

Independent Auditor Blue Spire Limited, Cawley Priory, South Pallant, Chichester, West Sussex, PO19 1SY

Bankers

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

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WAVE Trust Annual Report and Accounts to 31st October 2023

GOVERNANCE AND FINANCE

Governance

Peter Watt’s period as Chair of WAVE, which began in December 2021, saw WAVE achieve many successes, including re-inventing ourselves as a training and consultancy organisation when traditional sources of funding dried up, and overseeing the selection and appointment of a new CEO as our founder, George Hosking, sought to reduce his high level of work without withdrawing from the charity.

We introduced the new CEO in June 2022, Geoffrey Dennis. Geoffrey’s background involved senior roles in large third sector organisations, including as CEO of CARE International UK, Royal National Children’s Foundation and SPANA, and International Director for the British Red Cross, among other positions.

In February 2023, it was decided by the trustees not to continue Geoffrey’s contract, with him leaving post that month. George Hosking returned to his former role.

We also added, as a trustee, Jay Haston, as a voice of lived experience. Jay is Chair of our sister organisation Hearts of ACE, and a passionate campaigner for ensuring the next generation of children do not go through the experiences he and others experienced in their childhoods.

During the year two Trustees – Caroline Clark and Sue Clifford – had to step down on medical grounds. Jay Haston reluctantly stepped down to support an ongoing police investigation into matters affecting him and others, where he had been a victim.

Peter Watt stepped down after the financial year end, in March 2024, following a policy proposal which he put to the Trustee Board, and which was not supported by the other Trustees.

Derrick Anderson CBE, our previous Chair, who had resigned as Chair in 2021 (while remaining as a trustee) to devote more of his time to economic and social development work in Mozambique, returned to his previous role on Peter’s departure, as an interim arrangement.

WAVE fundraising

In our last annual report, we noted our successful shift from relying on applications to grantmaking trusts to raising funds by bidding for paid projects to deliver consultancy and training. This switch has brought us, in the last two years, significant sized projects with Bradford Council, Devon and Cornwall Police, Hampshire Police and Crime Commissioner, and the London Borough of Tower Hamlets.

  1. During his tenure as the charity’s CEO, Geoffrey Dennis focused on targeting the fundraising wings of corporate bodies (e.g. Barclay’s, Société Générale, Lloyd’s) and charitable foundations. He was unfortunately not successful in these endeavours.

  2. While the early part of 2022-23 brought a number of successful, paid projects, and repeat projects with existing partners, in the second half of the year we devoted huge amounts of management time to two potential funding bids, each worth about £250,000 had we been successful.

  3. The first of these was an application to the London Violence Reduction Unit for the project described in the section ‘Miscellaneous training and consultancy’ above, which we helped (pro bono) to design. This was to embed Prevention of Adverse Childhood Experiences, and Trauma-informed Practice, across London. Initially advised in the first half of 2023 that this project would need to be completed by March 2024, and thus the project award would take place in the summer, in fact the process dragged out until it was finally awarded in February 2024, after a very much greater investment of our time than we had ever envisaged.

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WAVE Trust Annual Report and Accounts to 31st October 2023

  1. We were not successful, scoring 73% vs the winning bidder’s 79% against the VRU criteria. Sadly, the only area where the winning bidder outscored us was where the judging panel expressed concerns that we had referred to “needs for additional funding”. These funds were not for delivery of this project, but suggested as potential future development of the initial project, and reflected our vision that this project could, with that further investment at a later date, lead to significant improvements in a wide range of social issues such as homelessness, addiction and violence across London.

  2. The second application was to Robertson Trust in Scotland, to fund the work of the Commission of Inquiry into delivery of 70/30, or what by then was called the Transforming Scotland in a generation project. Here we had high hopes of a good fit with Robertson Trust’s strategic project to reduce poverty and trauma in Scotland by 2030. The Transforming Scotland in a generation project also has the goal of a major reduction in trauma in Scotland by 2030, and given the complex but intertwined nature of poverty and trauma, and the potentially significant economic payoffs of the ‘Transforming’ project, we thought there was an excellent – indeed almost unique – fit between our project and the goals of Robertson Trust. Encouragingly, the middle management of Robertson whom we initially met thought the same. To our dismay, their awards panel did not agree, being unwilling to fund the work which would develop the summary report and action plan from the wealth of evidence at our disposal (a huge undertaking), but expressing a possible interest in supporting direct delivery work when that stage is reached.

  3. In addition to these two very time-consuming applications, several other funding applications were made, and were not successful. In an organisation then packed full of experts on how to prevent and alleviate trauma, child maltreatment and violence, we have recently found ourselves spending too much of our time fundraising, rather than doing what the charity was set up to do. We suspect this is a story of many UK charities.

Financial Review

On a SORP basis, at £563,949, WAVE’s incoming resources were 3% higher than in the previous year; at £596,943 expenditure was 13% higher. The surplus of Expenditure over income, worsened by a fall in the value of our Johnson & Johnson shares, was £38,550, rather more than last year’s surplus.

Reserves Policy

The charity’s historic Reserves Policy is to hold unrestricted reserves at 6 months of planned expenditure. At the financial year end, our total funds were £140,446. Unrestricted reserves were £121,375. This represented 8 months of planned expenditure at the running rate in the final months of 2022-23. However, management and trustees judged it prudent, in view of the very negative fundraising experiences in late 2022-23, to take action to cut expenditure. This was done in part by downsizing staffing levels and in part by some management volunteering to forego salary payments. These measures leave us with nearly 20 months of reserves.

Looking ahead

As we described last year, we have taken two crucial steps on the journey to our overarching medium-term goal, the reduction of child maltreatment by 70% by the year 2030. One was the strong build-up of cross-party political support in all four jurisdictions of the UK, the goal being backed by the Conservative Party in Scotland and Wales, The Labour Party in Scotland (and almost every UK Shadow Cabinet Minister), the Alliance Party in Northern Ireland, the Welsh Nationalist Party in Wales, the SNP/Green Government in Scotland, and the Liberal Democrat Party across the UK.

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WAVE Trust Annual Report and Accounts to 31st October

The second major step was the Scottish Cross Party Group for the Prevention and Healing of Adverse Childhood Experiences setting up the Commission of Inquiry into how to deliver 70/30 in Scotland. This work is our supreme priority, and we are working hard on this, unfunded and with limited resources, in 2024. This is slowing the pace of the work, but we are not allowing it to affect the quality or to dim the excitement and enthusiasm which we and the Commissioners feel about the incredible potential of the project.

If we can deliver a credible action plan and gain political follow through, at both local and national level, in Scotland, which is our principal goal for the next two years, we truly believe we can pioneer a breakthrough in policies which will not only reduce social problems such as addiction, anti-social behaviour, criminality, educational failure, homelessness, mental health problems, and all forms of violence including domestic violence, but also improve the nation’s long-term financial strength and stability. As the Christie Commission pointed out in 2011:

‘It is estimated that as much as 40 per cent of all spending on public services is accounted for by interventions that could have been avoided by prioritising a preventative approach.’

In the meantime, we will continue to support those who have already suffered childhood (and later) trauma and harm, through the continuing provision of our high quality, CPDaccredited trauma-informed consultancy and training, though at a much-reduced level previous years.

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WAVE Trust Annual Report and Accounts to 31st October 2023

Statement of Trustees’ Responsibilities

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

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they 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:

The 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. 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:

The 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.

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WAVE Trust Annual Report and Accounts to 31st October 2023

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 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

Nick Essex, Director

06 June 2024 Date

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WAVE Trust Annual Report and Accounts to 31st October 2023

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 2023 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:

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:

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

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WAVE Trust Annual Report and Accounts to 31st October 2023

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:

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.

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:

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WAVE Trust Annual Report and Accounts to 31st October

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

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 is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-ofthe-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

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WAVE Trust Annual Report and Accounts to 31st October

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.

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Blue Spire Limited Statutory Auditor

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

12 July 2024 Date

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

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WAVE Trust Annual Report and Accounts to 31st October 2023

Statement of Financial Activities (including income and expenditure account)

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Charitable activities
2
Other trading activities
3
Investments
4
Total
EXPENDITURE ON:
Raising funds
5
Charitable activities
6
Total
Net gains/(losses) on investments
Net Income/(expenditure)
Transfers between funds
15
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
15
Total funds carried forward
15		 Unrestricted
Funds
£
364,763
186,817
11,000
1,369
563,949
127,390
452,346
579,736
(5,556)
(21,343)
-
(21,343)
142,718
121,375		 Restricted
Funds
£
-
-
-
-
-
-
17,207
17,207
-
(17,207)
-
(17,207)
36,278
19,071		 2023
Total
Funds
£
364,763
186,817
11,000
1,369
563,949
127,390
469,553
596,943
(5,556)
(38,550)
-
(38,550)
178,996
140,446		 2022
Total
Funds
£
253,510
283,504
10,046
487
547,547
108,909
421,350
530,259
6,221
23,509
-
23,509
155,487
178,996

The charity has no recognised gains or losses other than those dealt with in the Statement of Financial Activities.

Activities. None of the charity's activities were acquired or discontinued during the above financial years.

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WAVE Trust Annual Report and Accounts to 31st October 2023

Balance Sheet as at 31 October 2022

Note
FIXED ASSETS
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
13
Net current assets/(liabilities)
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Restricted funds
15
Fair value reserve
15
General funds
15
Unrestricted funds
Total charity funds		 2023
£
£
24,452
9,082
138,488
147,570
31,576
115,994
140,446
19,071
11,363
110,012
121,375
140,446		 2022
£
£
30,008
62,723
152,160
214,883
65,895
148,988
178,996
36,278
16,919
125,799
142,718
178,996		 2022
£
£
30,008
62,723
152,160
214,883
65,895
148,988
178,996
36,278
16,919
125,799
142,718
178,996
147,570
31,576		 214,883
65,895
178,996
36,278
16,919
125,799
142,718
178,996

For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime under the Companies Act 2006.

The accompanying notes form part of these financial statements.

Approved by the trustees and signed on their behalf.

Nick Essex, Director 06 June 2024 Date:

Company Number 3863110

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WAVE Trust Annual Report and Accounts to 31st October

2023

Statement of Cash Flows

2023
£
£
Net cash flow from operating activities (see below)
(15,041)
Cash flow from investing activities
Interest received
1,369
Net cash flow from investing activities
1,369
Net increase/(decrease) in cash and cash equivalents
(13,672)
Cash and cash equivalents at 1 November 2022
152,160
Cash and cash equivalents at 31 October 2023
138,488
Cash and cash equivalents consist of:
Cash at bank and in hand
138,488
Cash and cash equivalents at 31 October 2023
138,488
Reconciliation of net income to net cash flow from operating activities
2023
£
£
Net income for the year
(38,550)
Adjusted for:
Interest and dividends
(1,369)
(Gains)/losses on investments
5,556
Decrease/(increase) in debtors
53,641
Increase/(decrease) in creditors
(34,319)
23,509
(15,041)		 2022
£
£
13,656
487
487
14,143
138,017
152,160
152,160
152,160
2022
£
£
23,509
(487)
(6,221)
(47,711)
44,566
(9,853)
13,656		 2022
£
£
13,656
487
487
14,143
138,017
152,160
152,160
152,160
2022
£
£
23,509
(487)
(6,221)
(47,711)
44,566
(9,853)
13,656
13,656

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WAVE Trust Annual Report and Accounts to 31st October 2023

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.

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.

21

WAVE Trust Annual Report and Accounts to 31st October

2023

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.

22

WAVE Trust Annual Report and Accounts to 31st October 2023

Notes to the Financial Statements

1. Donations and legacies

1. Donations and legacies
Donations
Donated services*
Grants receivable		 Unrestricted
Funds
£
21,137
328,626
15,000
364,763		 Restricted
Funds
£
-
-
-
-		 2023
Total
Funds
£
21,137
328,626
15,000
364,763		 Unrestricted
Funds
£
7,899
245,611
-
253,510		 Restricted
Funds
£
-
-
-
-		 2022
Total
Funds
£
7,899
245,611
-
253,510

*Donated services represents the value of services provided to the charity in excess of the amounts paid.

2. Charitable activities

Funded charitable activities Unrestricted
Funds
£
186,817
186,817		 Restricted
Funds
£
-
-		 2023
Total
Funds
£
186,817
186,817		 Unrestricted
Funds
£
275,472
275,472		 Restricted
Funds
£
8,032
8,032		 2022
Total
Funds
£
283,504
283,504

3. Other trading activities

Income from conferences and events Unrestricted
Funds
£
11,000
11,000		 Restricted
Funds
£
-
-		 2023
Total
Funds
£
11,000
11,000		 Unrestricted
Funds
£
10,046
10,046		 Restricted
Funds
£
-
-		 2022
Total
Funds
£
10,046
10,046

4. Income from investments

Bank interest
Dividend income		 Unrestricted
Funds
£
540

829

1,369
 Restricted
Funds
£
-

-

-
 2023
Total
Funds
£
540
829
1,369		 Unrestricted
Funds
£
129
358

487
 Restricted
Funds
£
-

-

-
 2022
Total
Funds
£
129
358
487

23

2023

WAVE Trust Annual Report and Accounts to 31st October

5. Raising funds

5. Raising funds
Donated services - staff costs
Salaries and wages
Other costs of raising funds		 Unrestricted
Funds
£
80,131
31,431
15,828
127,390		 Restricted
Funds
£
-
-
-
-		 2023
Total
Funds
£
80,131
31,431
15,828
127,390		 Unrestricted
Funds
£
60,776
31,564
16,569
108,909		 Restricted
Funds
£
-
-
-
-		 2022
Total
Funds
£
60,776
31,564
16,569
108,909

6. Charitable Activities

Donated services - staff costs
Salaries and wages
Other costs of charitable activities
Governance costs (see note 7)		 Unrestricted
Funds
£
244,559
127,692
71,380
8,715
452,346		 Restricted
Funds
£
-
7,489
9,718
-
17,207		 2023
Total
Funds
£
244,559
135,181
81,098
8,715
469,553		 Unrestricted
Funds
£
184,091
129,984
83,551
5,286
402,912		 Restricted
Funds
£
-
18,313
125
-
18,438		 2022
Total
Funds
£
184,091
148,297
83,676
5,286
421,350

7. Governance costs

Donated services - staff costs
Salaries and wages
Other costs of governance		 Unrestricted
Funds
£
3,936
2,279
2,500
8,715		 Restricted
Funds
£
-
-
-
-		 2023
Total
Funds
£
3,936
2,279
2,500
8,715		 Unrestricted
Funds
£
744
2,292
2,250
5,286		 Restricted
Funds
£
-
-
-
-		 2022
Total
Funds
£
744
2,292
2,250
5,286

8. Auditors' remuneration

Auditors' remuneration - Audit
Auditors' remuneration - Non audit		 Unrestricted
Funds
£
2,500

3,300

5,800
 Restricted
Funds
£
-

-

-
 2023
Total
Funds
£
2,500
3,300
5,800		 Unrestricted
Funds
£
2,250

2,400

4,650
 Restricted
Funds
£
-

-

-
 2022
Total
Funds
£
2,250
2,400
4,650

24

WAVE Trust Annual Report and Accounts to 31st October 2023

9. Wages and salary cost

Gross wages
Severence package
Employer's national insurance costs (net of employer's allowance)
Employer's pension contributions
The average number of employees, calculated on an average headcount basis, was:		 2023
Total
Funds
£
146,667
11,538
10,163
523
168,891
2023
5		 2022
Total
Funds
£
165,078
-
16,940
868
182,886
2022
5

There are no employees who received total employee benefits (excluding employer pension costs) of more than £60,000 in the current or comparative year.

During the year under review the charity's three (2022:three) members of key management personnel received remuneration benefits totalling £118,923 (2022: £126,004) consisting of salaries, severence, employer's national insurance and employer's pension contributions.

Defined contribution pension schemes

The charity contributes to a defined contribution pension scheme on behalf of its employees. The total shown in the note above was the total amount payable in the year under review.

10. Related party transactions

There were no reimbursements of expenses to trustees in the year under review (2022: none) and no remuneration was paid to trustees in this or the preceding year.

11. Investments - listed investments

11. Investments - listed investments
Market value brought forward
Unrealised gains/(losses)

The Trust holds 200 Johnson & Johnson common stock.		 2023
Total
Funds
£
30,008
(5,556)
24,452		 2022
Total
Funds
£
23,787
6,221
30,008

12. Debtors

Trade debtors

Accrued income

Rent deposits		 2023
Total
Funds
£
7,080
-

2,002
9,082		 2022
Total
Funds
£
60,721
-
2,002
62,723

25

WAVE Trust Annual Report and Accounts to 31st October 2023

13. Creditors: Amounts falling due within one year

year
Trade creditors
Social security and other taxes
Deferred income (see below)
Other creditors		 2023
Total
Funds
£
923
3,953
14,056
12,644
31,576		 2022
Total
Funds
£
1,680
11,124
33,867
19,224
65,895

13a. Analysis of movement in deferred income

Thrive
Bradford Trident
Leicester, Leicestershire and Rutland
Devon & Cornwall Police
Camden PC
Bromley School		 Brought
forward
£
-
-
8,700
11,637
8,530
5,000
33,867		 Released
in year
£
-
-
(5,658)
(11,637)
(8,530)
(5,000)
(30,825)		 Deferred
in year
£
8,620
2,394
-
-
-
-
11,014		 Carried
forward
£
8,620
2,394
3,042
-
-
-
14,056

The above deferred income arises from the conditions of and the income recognition point not being met at the balance sheet date.

14. Analysis of net assets between funds

Investments
Current assets
Current liabilities		 Unrestricted
Funds
£
24,452
128,499
(31,576)
121,375		 Restricted
Funds
£
-
19,071
-
19,071		 2023
Total
Funds
£
24,452
147,570
(31,576)
140,446		 Unrestricted
Funds
£
30,008
178,605
(65,895)
142,718		 Restricted
Funds
£
-
36,278
-
36,278		 2022
Total
Funds
£
30,008
214,883
(65,895)
178,996

26

WAVE Trust Annual Report and Accounts to 31st October 2023

15. Analysis of net movement in funds

Total funds
brought
forward
£
Restricted funds
70/30 Fund
31,167
British Humane Association
-
Tom ap Rhys Pryce Foundation
5,111
Leicester, Leicestershire and Rutland
-
36,278
Unrestricted funds
Fair value reserve
16,919
General fund
125,799
Total unrestricted funds
142,718
Total funds
178,996
Comparative - 2022
Total funds
brought
forward
£
Restricted funds
70/30 Fund
31,167
British Humane Association
5,670
Tom ap Rhys Pryce Foundation
9,847
Leicester, Leicestershire and Rutland
-
46,684
Unrestricted funds
Fair value reserve
10,698
General fund
98,105
Total unrestricted funds
108,803
Total funds
155,487
70/30 Fund

British Humane Association


Tom ap Rhys Pryce Foundation


Leicester, Leicestershire and Rutland		 Total
Total
Transfers
Total funds
incoming
resources
between
Gains/(losses)
carried
resources
expended
funds
on investments
forward
£
£
£
£
£
-
(14,023)
-
-
17,144
-
-
-
-
-
-
(3,184)
-
-
1,927
-
-
-
-
-
-
(17,207)
-
-
19,071
-
-
-
(5,556)
11,363
563,949
(579,736)
-
-
110,012
563,949
(579,736)
-
(5,556)
121,375
563,949
(596,943)
-
(5,556)
140,446
Total
Total
Transfers
Total funds
incoming
resources
between
Gains/(losses)
carried
resources
expended
funds
on investments
forward
£
£
£
£
£
-
-
-
-
31,167
-
(5,670)
-
-
-
-
(4,736)
-
-
5,111
8,032
(8,032)
-
-
-
8,032
(18,438)
-
-
36,278
-
-
-
6,221
16,919
539,515
(511,821)
-
-
125,799
539,515
(511,821)
-
6,221
142,718
547,547
(530,259)
-
6,221
178,996
Project to reduce child maltreatment in the UK by 70% by 2030.
A project to support London schools to embed trauma-informed practice.
A project to support London schools to embed trauma-informed practice.
A project as strategic advisers to the Police and Crime Commissioner for
Leicestershire on trauma-informed practice.		 Total funds
carried
forward
£
17,144
-
1,927
-
19,071
11,363
110,012
121,375
140,446
Total funds
carried
forward
£
31,167
-
5,111
-
36,278
16,919
125,799
142,718
178,996

Description of designated funds

Fair value reserve

[Reserve fund representing the excess of asset value over its cost. ]

27

WAVE Trust Annual Report and Accounts to 31st October 2023

16. Fair value reserve

Fair value reserve brought forward
Amount transferred to fair value reserve in year
Fair value reserve carried forward
17. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
Financial liabilities
Measured at amortised cost:
Trade creditors
Other creditors		 2023
Total
Funds
£
19,520
(5,556)
13,964
2023
Total
Funds
£
24,452
24,452
923
12,644
13,567		 2022
Total
Funds
£
13,299
6,221
19,520
2022
Total
Funds
£
30,008
30,008
1,680
19,224
20,904
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2023 2022
Total Total
Funds Funds
£ £
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Dividend income
 829
 358
829
 358
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
 (5,556)
 6,221
(5,556)
 6,221
Fixed asset investments are held at fair value with valuations obtained using closing mid-market price.

28

WAVE Trust Annual Report and Accounts to 31st October 2023

18. Comparative Statement of Financial Activities (including income and expenditure account)

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Charitable activities
2
Other trading activities
3
Investments
4
Other income - CJRS claims
Total
EXPENDITURE ON:
Raising funds
5
Charitable activities
6
Total
Net gains/(losses) on investments
Net Income/(expenditure)
Transfers between funds
15
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
15
Total funds carried forward
15		 Unrestricted
Funds

£
253,510
275,472
10,046
487
-		 Restricted
Funds
£
-
8,032
-
-
-		 2022
Total
Funds
£
253,510
283,504
10,046
487
-
539,515 8,032 547,547
108,909
402,912		 -
18,438		 108,909
421,350
511,821 18,438 530,259
6,221 - 6,221
33,915
-		 (10,406)
-		 23,509
-
33,915
108,803		 (10,406)
46,684		 23,509
155,487
142,718 36,278 178,996

29