WAVE Tn￿t Annual Report and Accounts to 318t October 2024 WAVE Trust Company Limlted by Guarantee 11111111 •AE2YSC4X* 2010512025 COMPANIES HOUSE Alo #171 Annual Report for the year ended 31 October 2024 Registered Chazlty Number: 1080189 & SC044168 Registered Company Number: 03863110 WAVE Trn81 Annual Report and Accounts to 318t October 2024 Contents page Report of the TTh￿teeS: Goals and Approach Key activities in 2022/23 Letter from our Chair Letter from our CEO Our People and ]nforn￿tion Governance and Finance Staiement of Trustees, Responsibilities 11 Structure, Governance and Management 12 Independent Auditor'8 Report 13 Statement of Financial Activities 17 Balance Sheet 18 Statement of Cash Flows 19 . Accounting policies 20 Note8 to the Financial Statements 22 WAVE Trust Annual Report and Accounts to 313t October 2024 Report of the Trustees Objectlves and Actlvltles The object8 for which the charity 18 established are for the advancement of public educalion, in particular by undertaking activitie8.inlended (l) to reduce all fornis of Inte￿ersonal violen￿. to redll￿ non-accidental h￿rn to children, (Ill) 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 rewAew in furlherance of its objectives to achieve its aim8 and for the public benefit are set out below. In Selecting and plaz￿1Thg these acti￿lIes. the In￿teeS have had regard to the Ch￿lty Conimi￿On' guidance on public benefit. Goals To alleviate Suffering and make.the world safer by reducing the root causes of violence, including child abuse, neglect and witnessuw domestic violence. To enable a 700/0 reduction in child maltreatment in the UK by the year 2030 (70/30 Objective). To increase the life potential of children. reduce health and income inequajity. and improve the economic capability of the United Kingdom by making prevent3ng Adver8e Childhood Experiences (ACE8) and other chlldhood di8advantage8 a piime objective of communitie8, elected bodie8 and policymaker8. To promote Trauma-infonned Care, across all seriice8 and communities, lo deliver effective care lo those whose lives have already been blighted by trauma. ILpproach to achlevlng our go418 Continuously iesearcbing to identify cunent global solutiong to stop root cau8e8 of child ma]Ireatment and other Adverse Childhood Experiences. Producing detailed reports, blueprints and action plans to create preventive solulions; working with policymakeL8, practitioners and others to put these solutions into practice. Delivering training programmes, workshops and consultancy to assist OTgani8ations and communities to prevent Adverse Childhood Experience8 and adopt trauma-informed practLCe. Designingi and prornotmg the implementation of, programme8 to validate the effectiveness of primary preventxon (i.e. preventing harni before it happens). Continuing to grow.our power base of volunteer Ambassadors.. MPS and politicians in the UK'S devolved Parjiaments as a key slep.to creatULg support for 70/80. WAVE Trust Annual Report and Accounts to 31st October Key actiWAties in 2023/24 2024 70/30 Objective In 2009, WAVE set the objeclive of achieving a 70 % reduction in child abuse, neglect and children witnessing domestic violence in the UK, by 2030 (70/30). We will not recount here the ups and downs, as first the UK Labour Government in 2010, then the Coalition Govenunent in 2014, gave the initiative and our work their support, only to lose subsequent General Elections such that we had to start again from scratch with the incoming admintstrations. tn 2022 a decision was taken to focus our efforts on Scotland in view of thal country's greater aCCeptall￿ of the principle of prioritising prevention in its public policy. At the time ol calling the UK General Election in Ju]y 2024, more than 900/0 of UK MPS had expressed their support for Ihe 70/30 objective including. at one point, every member of the Labour Shadow Cabinet except Keir Starner. In Scotland it is supported by 128 out of 129 MSPS. It has also received strong support from cros5-party Assembly Members in Wales, and Northern Ireland, and a number of local aulhoritie8 in both England and Scotland. While the level of support is very encouraging, it is meaningless if not converted into practical action. It is for this reason Ihat we encouraged the Cros8 Paty Group in the Scotti8h Parliament to Bet up the Commi88ion of Inquiry in 2022 with the goal of producing a r8a]istic action plan to deliver 70/30 in Scotland. PrOf￿a80T Sir Harry B￿n8, Scolland's Chief Medical Officer, is the Chair of the Commission. Transformlng Scotland In a Generatlon_ Dellnzlng Z0130 During 2023-24. this project has been the prime focus of WAVE'S work. The Cornmis8ion's objective for radical improvement extends to a reduction in all ACES (Adverse Childhood E￿periences), in view of the common root causes of m05t of Scotland's rn05t serious social ills. As reported last year, the ongoing analysis and s￿the815 of the rich material provided to us by the international expert8 and hosts of organisations who submitted evidence suggested such high potential for improved econornic and social benefits for Scotland that the Commi88ionexs renamed the projeel 'Transforming Scouand in a Generation,. During the year we began drafting content for the fmal report of the Commission. In addition to the huge task of synthesising the large volume of initial evidence received, we also conducted gignificant further research to validate, improve OT d￿prove various propositions which emerged. This process has given us increased confidence in the strong belief that if public agencies put Into practice what we have found. the impact on Scolland's economy and major social problems will be transfomational. By mid-2024, the main conclusions likely to emerge trom our extensive evidence gathering became clear. We decided to explore the implications of our findings with selected Local Authorities and NHS Boards. Contact began in July and August, with Dundee. North Lanarkshire and South Ayrshire Counci￿ and NHS Ayrshire and Arran, Lanarkshire and Tayside. We are very encouraged by the positive feedback received in these meetings, our ndings lending support to the already selected direction of travel of these councils, and also the strongly expressed desire by Audit Scotland for policy changes in local authorities and NHS Boards to increase commitment to prevention, especially primary preventio A fundamental question raised at each meeling was 'What could be the source of funding for the very Major incTease in investment in prevention, and especially early years, prevention, that our fmdmgs indicated were necessary to make the transforniation of outcomes a reality7 Our CEO'S background includes decades ofwork leading organisations across Europe to improve their effectiveness and restructure their spending priorities by idenlifying where cost is being spent productively and wheTe unproductively. We therefore developed a detailed plan for how funding Ca￿ be unlocked from within the e>isting budgets of Scottish WAVE Trust 14nnual Report and Accounts lo 31st October Councils and NHS Boards to enable Ihe desired switch to primary prevention. 2024 Trident WAVE Resilience The locus of the Ilident WAVE Resilience cfvvR) Project, which we run in parthership with the chazity Bradford Trident, 18 to develop and deliver a district-wide whole-system trauma- infornied approach to Adverse Childhood Experiences (ACES) with trackable and meaningful outcomes, in consultation with all relevant stakeholders, includmg people with lived experience of adverskty and trauma. During the year TWR made strong progress in spreading trauma-infornied Practices acr088 Bradford. Local recruitment issues, which slowed progress in previous years, were ironed out and significanlly increased levels 0£ training were delivered. In addition, together with our partner, a deeper level of training was developed and added to the previous offer. Perhaps the best 8UItimary 18. 8imply to reproduce the vmrds of our clienl CEO: :, Qn behajl of Bradford Trident and the Resilient Bradford team, I would like to fornially acknowledge the excellent workzng relationslup fornied between Wave Trusl and Bradford Trident dunng the three yeats of delivery ol the Bradford Council Adversity. Trauma and Resilience (A TR) workforce trainingprogramme. The professionalism, dedication to the Cause and wealth ol insight and knowledge provided by the Wave Trust team throughout the programme has been instrumental to its success. The course materials and research documents Pro￿.ded by Wave Trust are first Cla￿ and are rellected ￿ the Veryp0￿"tive feedback we continue to receive front course attendees.. Hampshtre Concordat Implementatlon Between 2021 and 2023 WAVE trained many hundreds of Btaff from 18 8tatutory agencxes and 4 local authorities in Hampshire. Portsmouth, Southampton and the Isle of Wight in trauma informed practice. These agencies then made a cornm£tment to prevent Adverse Childhood Experiences and embed Tl praclice across the region. In 2022-23 WAVE 8UPPOrted the agen￿e8 by creating an outline atrategy and 18 Beparata business action plang to achieve these objectives. We were disappointed nol to be Invited to suppott implementation of our Tecommendations, but we have been assured that both Portsmouth and Southampton Councils are following up our priority 'Gold' recommendations. Tiauma.Informed Practice Tralnlng During the year, a number of training sessions were delivered to organisations such as CTiSiS UK, East Midlands Probation. Guys and St Thomas's Hospital, Knowledge Exchange (police staff trom acros5 the UK), NHS Hampshire and the Isle of Wighl. Lullaby Trust. and the Society of Health Play Specialists. We consi8tenUy receive excellent feedback from the trainings we deliver. One example from CIiBl8 18 '1've attended (and delivered) many courses over 40 years. This one has really inspired me. Thankyou, Thrive During late 2023 this project was brought to a successful conclusion. We trained professionals working with recent Hong Xong migrants to support the mental health of recent Hong Kong niigrants. The sessions were praised for their culturally specific content. relevance, and interactive forn￿t. WAVE Trust Annual Report and Accounts to 31st October 2024 Letter from our Chair WAVE'S 2023-2024 work was largely focused on 2 keys areas: The 'Transforming Scotland in a Generation, project, and Trauma Training pro£es8ionals across the UK. The year,has been both challenging and highly rewarding. In 2011. two senior council managers in north London put together they felt might help kick off a useful discussion with colleagueg about the future of local goveniment. Vvhal would happen, they asked. 1£ town hall funding llatlined. while demographic pressures continued to zise? The an8wer, they suggested, lay in what became known as the RazlloL￿. It indicated that councils would, by 2030, expend all their available resources on meeting the needs for adult social care and children's Services. There would simply be no ca3h left for libr￿leS, parks, leisure centres or bins. At the date when I write this letter, we continue to see ever growing demand for seriices exacerbated by a non-preventive approach to expenditure. Our advice to spend more on effective prevention 18 ignored. and growing numbers of local area8 are heading towards banlryuptcy as they buckle under the weight of increasing demand. tn January 2024, The Guardian wrote: "Barnet Council's 'Graph of Doom, now lookspmphetic" htt .'Ilwww the uardian.comlu - ews12024 . amét-èouncil .014100 .now.kx)ks- hetic Ever since our formation in 1998. we have had the pezpetual challenge of raising income for our core work. Most trusts simply wish to fund reactive work. and we no longer have the historic generous support from 80me foundations and benefactor8. Fortunately, our founding sponsor Iw continued to be steadfast in it5 SUPPOrt. Therefore, unlike many Smaller charities. WAVE has a 801id foundation from which to focus on what we consider to be our m¢x8t beneficial projecl yet. This project has the potential to reduce the overwhelming demand crippling so many councils. The project will firstly be delivered in Scotland. Th￿eafter. the potential for other areas of the UK to benefit is very real. The project - in effect our 70/30 Initiative which began in 2009 - is called 'Translorming Scodand in a Generation.. Under the direction 0£ a Conimi33ion of Inquiry, led by highly respected Scottish Experts and the voice of lived eXp￿ienCe, it 18 chaired by Sir Haryy'Buri￿, fornier Chief Medical Officer of Scotland. The other key area of work is the delivery of trauma infornied practice acTOSS the UK lo Local Authorities. NHS Trusts, criminal justice agencies (police, probation, prison8, Violence Reduction Networks, Police and Ciime commi￿Oner8) and the third sector. The ￿tUre is very exciting as we forge ahead with our preventive work. I would like to thank the Trustees and executive officers whose sacrifices have helped us on our journey. I look forward to an improved funding environrnent which supports work like ours, and to more organisations helping us move closer to OUT 70/30 Objective. Anthoulla Koutsoudi, LLB, Chair WAVE Tn￿t Annual Report and Accounts to 31st October 2024 Letter from our CEO This was a tough y8ar financially for WAVE. The decision of our tn￿tee8 that we should focus our efforts on primary prevention- preventing harni to children before it happens- and the'fact that potential nders continued to turn up their no*s at this long-tem strategic approach to transforxning life outcomes for children, families and all cilizens- meant we had to dig yet further into our reserves. We also had to lay off high quality Staff and consultancy support, with ren￿Ining Staff agreeing io work without pay. If it were nol for the strong support from our founding parthers, Cameron Consultant8, our ability to do this work to the high standard we set for ourselves would not have been possible. The external environment in which we aré working is that in Scotland. a5 elsewhere iii the UK, NHS services are overwhelmed with growing demand. staff shortages and ever longer waiting times, while local authorities are spending more than their income, Tunning down resenies, and in some cases facing the iisk ol bankruptcy. Demographic trends towards an older population, especially of over 60- year olds, means these trends are forecast to worsen.rather than reduce in years to come. y.et political pressures to deliver short-terni results rnean that, while focus on prevention is more important than ever, currently expendilure 18 3hifting the wrong way. towards greater spending on reactive senrAce8. The Transforni￿g Scotland in a Generation project offers a solution to this doomsday scenario. Our partner and rnajor tunder, Cameron Consultants. has transforrried the perforniance of multiple companies in 7 European countries, by re3tructiuing. their cost profiles so.that spending takei place where it generate8 the most productive outcomes. Together,'we can offer local area& a partnership in which we enable them the ability to do likewise, and thu8 to fund their own 8Witch to pximary prevention. and escape from the Barnet Graph of Doom. Happily, some in Scotland are already exploring this possibility vrith us. In the last 2 years, Audil Scotland has reviewed the State of Scotland'8 councils and NHS Boards. Regarding councils, they concluded that radical change is needed if councils are to maintain seThrice8 without unsustainable deticits. They recommend a focus on prevention- exactly what we offer. Regarding the NHS, they state it will not be able to meel demand without significant service transforniation and investment in primary prevention - exactly what we offer. TIu8, they say* is what can make the biggest dAfference to population health arid future NHS sustainability- exactly what we offer. Our hopes tor the next year are for 8ignificant progress with the Transforniing Scotland project. it8 outreach to other part8 of the UK- and a funder or moze who are willing to 8UPPOrt our dedication to prevent the worst of society's costly social. economic and health outcornes, and the suffering which comes with them. George Hosking OBE, CEO and Scotland Director WAVE Tn￿t ATmual Report and Accounts to 3 1st October Our People and Infoimation 2024 Patron3 Baroness Hilary Annstrong ' The Rt Hon Iain Duncan Smith MP lrt)rd Chris Fox Baroness Joan Walmsley Derrick Anderson CBE (from 27th March 2025) Bo£qrd 0fTn￿lee5 Peter Watt, (Chair) (resigned as Chair, 1st March 2024, as T￿￿tee 28th March 2024) Denick Anderson CBE (Acting Chair 1st March to 29th April 2024, resigned 27th March 2025) Nick Essex (resigned 30th December 2024) Anthoulla Koutsoudi (Chair since 29th April 2024) Colin Sarre Dr David Mead (appointed 3rd August 2024) Sergio Sekhon (appointed 3rd August 2024) Profe88or Sir Harry Burns (appointed 12th February 2025) Managemenl George Hoslang, OBE, CEO and kotland Director Anlhoulla Koutsoudi, Director of External Relations/Company Secretary Aidan Phillips, Project Manager, Trauma-infornied Cornmunitie8 Isobel Dawson, Consultant Project Manager, Police and Criminal Justice Registered office 60 Park Lane, Croydon. SU￿eY CRO IJE. Tel: 020-8688-3773 Scotland office Windyhill Fann. Windyhill Road. Newmilns. East Ayrshiie, KA16 9LR. Tel: 01560 322805 trust.or ce wave Registered charlty nurnber 1080189 (England) Registered Scottish charity SC044168 Registered company nUnth￿ 3863110 Independenl Auditor Blue Spire Limited, Cawley Priory. South Pallant, Chiche8ler, West Sus8ex, P019 ISY Bankers Barclays Bank PLC, l North End. Croydon CR9 ISX WAVE Trust Annual Report and Accounts to 3 Ist October 2024 GOVERNANCE AND FINANCE Governance As noted last year, our forneT Chair. De￿iCk Anderson CBE, returned to that role in March 2024, following the departure of Peter Watt. Unfortunately for us, His Majesty The King also recognised Derriclc's wisdom and experience, and appoinled him to be hig representative as Lord Lieutenant of The West Midlands. Denick remained as a Trustee but stood down as Chair, and was replaced by Anthoulla Koutsoudi LLB, our in-house lawyer and Company Secretary. After the financial year end. in March 2025. Derrick found the duties of Lord Lieutenant too demanding to remain as a Tn￿tee. and was elevated to become one of our PatroTh8. Two new trustees weie appointed in August 2024, Di David Mead. an experienced doctor and psychiatrist with a partic￿￿ interest in prevention, and Sergio Sekhon. who has been helping WAVE as a volunleer £or a number of year8. Nick E98ex stood down a8 a tn￿tee in December 2024, after more than 10 years with us. lo concentrate on his business role. We cannot express thanks enough for his stalwart support as a Trustee, as our Finance Director and as an active fundraiser and financial donor (including jurnping out of an aeroplane to raise money for WAVE). during his long 8eTWAce with us. When Sir Hazry Burns joined us as a Tni'stee in October 2023. il was on the understanding thal he would only remain a trustee if our funding bid to Robertson Trust was successful. Vllhen the bid ' wa3 tuxned down in February 2024, we therefoTe removed Harry from our lig1 of Trustees. However, he continued to give Support, attending many trustee meeting8 as a guest, and in February 2025 was re-appoinled as a trnstee. WAVE fundralslng In last year's annual report we de8cribed the huge amount of management time devoted in 2023 to two potential funding bids each worth £250,000. Work on these bicts continued until January 2024. To our greal d￿appoIntMent both bids were unsuccessful. In September 2023, we appointed an external fundrai8ing agency. Eternal Sparks, to Support us in making fimdraising applications. They approached their task with considerable creativity and energy. generating many funding applications as well a8 pursuing alteniative methods such as crowdfund1￿ and CO￿Orate partnerships. Vlhen not one single application had succeeded by June 2024. we terminated the contract. To their credit, Eternal Sparks insisted on conlinuing their efforts unpaid for the following six months - again without any success. In January 2025 we asked them to stop trying. Eternal Sparks have had considerable success in fundraising for other organisations. Their experience mirrored what WAVE has experienced foi some year8: that funders wish lo invest in short tenn reactive services which produce quick results and are not Int￿ested in longer tenn strategic pievention. despite its greater potential for sustained change. As a result of the cosi pregsures resulling from this inability to raise funds from conventional funders, the decision was made to reduce our operating costs. Through a combination of redundancy and key st&ff worlang without salary, we reduced our ongoing overheads, while Cameron Consultants. which founded and funded WAVE 29 years ago, stepped into the breach. Since late 2023, it has been Unde￿inning WAVE'S ongoing prevenlive work with guaranteed ongoing funding. In our last annual report, we noted our successful shift from relying on applications to gra￿t- making trusts to raising funds by bidding for paid projects to deliver consultancy and training. This switch brought us large projects with Brad£ord Council, Devon and Cornwall Police. Hampshire Police and Crime Commissioner, and the Inndon Borough of Tower WAVE Trust Annual Report and Accounts to 3181 October Hamlets, as well as smaller projects with organisations such as Leicestershire Violence Reduction NelNiork. East Midlands Probation Service and Lancashire Constabulary. However, pursuing these came at the expense of diverting time from our core commitment to primary prevention- preventing harni to children before it takes place. The Trustees took a decision to sauifice the more lucrative reactive f¢)cus to pursue our dream- a world without child abuse, in which Y0130 18 the first step. 2024 On a SORP basis. at £4S7.290, WAVE'S incoming resources were 190/0 lower than in the premous year; while at £496,5 13 expenditure was 170/9 lower. The su4)lus of Expenditure over income was £38,806, almost identical to last year. In both of the last two years our expenditure on Charitable activities has been significantly higher than in any of the preirAOU8 four years. This reflects the strategic policy decision in both years to invest considerable time and resources in the prevention of ACES Transfozrning Scotland project. even though this project was unfunded until Cameron Consultant8 Stepped into that gap. This has had an inevitably negative effect on our Teserve8. Reserves Pomcy The charity's historic Re8erve8 Policy 18 to hold unre8tricted reserves at 6 month8 of planned expendIt￿e. At the financial year end, our total rÉserye8 were £101,640. Unrestricted reserves were £82.614. Technically this then represented 24 months of planned expenditure at the much reduced rate of expenditure in 2024-25. In practice expenditure has been significantly higher in the first five months of 2024-25. due to investment in developing a new approach to genérating income. Cameron Consultant8 have funded th￿ higher level of expenditure. IA>oking ahead There are two specific objectives on which we are focused in 2024-25. The Transforming Scotland in a Generation project will reach a critical phase. a8 jts final conclusxon8 axe agreed. While there is stAII much detailed work to do on the many 'support' cornponents which underpin the proposed plan of action, the main thrust of our conclusions is already known. More uncertain at this time is how we can best cornmunicate those conclusions in a way that they are seen by other8 to be a8 compelling a8 we believe them to be. The biggest challenge 18 the powerful preference of politicians to see results within a ¥5 year electoral cycle rathei than to do what is righi for the country in the long rurL We hope to adthess this by getting cross-paxty backing for our proposals. The second priority, on which we worlang hard, is to change the funding model of WAVE such that we can return lo a healthy. financial state rather than rely on staff foregoing their right to salaries. A great deal of work is going into developing an alternative approach to the endless serie8 of failed fimding bids tor Money to 8UPPOrt prevention. We could say a lot moré about thé ideas we are pursuing, but prefer lo vrnit and see whether the alternative we aTe developing bears fruit in the next 6-12 months. In the meanlime we thank Cameron Consultants for their invaluable support during this critical period in our 29-year history. 10 WAVE Trnst Amiual Repott and Accounts to 3 1st October 2024 Statement of Trustees, Responsibilities The trustees (who are also.directors of WAVE Trust for the purposes of company law) are responsible lor preparlng the Trustees, Annual Report and the financial stalements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the truslees rnust not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affair3 of the charitable company and of the, incoming resources and application of re80urce8, including the income and expenditure. of.the charitable company for that period. In preparing these financial stalements, the.trustees are required to: select suitable accounting policies and then apply them con8iStently: observe the methods and principles iri the Charities SORP 2019 (FRS 102): make judgements and estimates that are reasonable aiid prudent; state whether applicable UK Accounting Standards have been followed: prepare the financial statements on the going concern basis unles8 it is inappropriate to piesume that the ch￿Ilable company will continue in operation. The trustees are Tesponsible for keeping adequate accounting records that disclose viith reasonable accuracy at any time the financial p05ltion of the charitable company and enable them to ensure that the financial staternent8 comply with the Companie8.Acl 2006. They are ajso responsible for safeguarding the assets of the charitable company and hence for taking rea80nable Steps for the prevention and detection of traud and other ]￿egUlaTi11e8. In so lar as the tru8tee8 are aware.. there is no relevanl audit inforniation of which the ciiarilable conipany'8 auditor is unaware; the trustee3 have taken all ateps that they ought to have taken to make thernselveB aware of any relevant audit inforniation and to establish that the auditor 18 aware of that information. The trustees are responsible for the maintenance and integrity of the coryorate and financial inforniation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statement5 may differ from legislation in other jurisdictions. 11 WAVE Trust Annual Report and Accounts to 3 1st October 2024 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 IS July 2013). WAVE Trust registered as a charity with the Charity Comrnission 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 e>isting Trustees when a skills or knowledge gap is identified. New Irustees are provided Trrith background to the charity and its activities together with guidance on their responsibilities and any fi￿er training considered beneficial to their duties. The charity 18 controlled by the Trustee8 who provide overall stewardship and guidance on governance Matters a￿d future activities, while day to day management is delegated to the management team. Human resources decisions, Such a8 organisation structure and pay of key personnel are deterniined by the senior management team, and endorsed or amended by the Tni8tees. The Trustees and management have assessed the major iisks to which the charity is exposed, in particular those relating to the specific operational areas of the clwity and its finances. The Trustee8 believe that by monitoring reserve leve18, by ensuring contro19 exist 'over key financial systems and by examining the operational and business risks faced by the charity, they have established effective'systems to miligate those riBk3. Major zisks are reviewed at quarterly meetings of Trustees and management. This repozt has been prepared having taken advantage ol the small companies, exemption in the Companies Act 2006. Approved by the Board of Tn￿tee8 and Signed on theiT behalf Anthoulla Koutsoudi, Chair of Trustees Date 12 WAVE Trust Annual Report and Accounts to 31st October 2024 Independent AudltOT9s Report to the Trustees and Members of WAVE Trnst Oplnlon We have audited the t]nancial 8tatements of WAVE Tn￿t (the 'charitable company,) for the year ended 31 October 2024 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 tramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The nnancial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the fjnancial statements: gLve a true and fair view of the state of the charitable company's affairs a8 at 31 October 2024, and of its incoming Te8ource8 and appli¢alion 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 Companieg Act 2006, the Charities and Tnistee Investment (Scotland) Act 200S and regulation 8 of the Charities Accounts (Scotland) Regulation8 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISA8 (UK)) and applicable law. Our responsibilities under those Standards are further described in the AuditQT'8 respon8ibiliti88 for the audit of the financial 8tatement8 seclion of our report. We are independent of the Chazitable company in accordance with the ethical requirement8 Ihat 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 accoTdance with these requirements. We believe that the audit evidence we have obtained is suth'cient and appropriate to provide a ba618 for our opinion. Conclu8lons zelatlng to goitig ￿ncern We have nothing to report in respect of the followrAng 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 fu￿nCi&l 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'8 ability to Continue to adopt the going concern basis of accounting for a period of at least ttvelve months Irom the date when the fknancial 8tatements are authorised for issue. Other Infom￿lI•ll The trustees are responsible for the other inforniation. The other infom￿110￿ comprises the infonnation included in the Report of the Tn￿tee5, other than the financial statements and our auditor'8 report thereon. Our opinion on the financial statements does not cover the other inforniation 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 80, consider whether the other infornotion 18 materially incon818tent 13 WAVE Trust Annual Report and Accounts to 31 st October 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 2024 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 whlch we are requtred 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 statement5 are not in agreement with the accounting records and returns. or we have nol received all Ihe 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. Responslbllllles of trnstees 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 misstaternent, 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. Audllor's Tesponslbllllles for the audit of the financlal statemenls We have been appoknted as auditor under section 145 of the Charities Act 201 l and under section 44(1)(c) of the Charities Trustee Investmenl (Scotland) Act 2005 and report in accordance with regulations made under those Acls. 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 accoTdance with ISAS (UK) will always detect a material misslatement 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 infiuence the economic decisions of users taken based on these financial statements. Irregularities, including fraud, are instances of non-cornpliance with laws and regulations. We design Procedures in line with our responsibilities, outlined above, to detect material 14 WAVE Trn8t Annual Report and Accounts to 31st October mi&statements in respect of ]negu￿￿tleS, including traud. The extent to which our procedures are capable 0£ 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 in8tance8 01 non-cornplianee WAth laws and. regulations; Reviewing minutes of meetings of those charged with governance: Performing audit work over the risk of management ovezride of controls, including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significanl transactions outside the norrnal course of business and reviewing accounting estimates for bia8; Re￿ewIng financial statement di8cIo8ure8 and testing lo supporting documentation to asse88 compliance with applicable laws and regulatlons. 2024 Our approach to identitying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to idenlify or recognise non-compliance with applicable laws and regulations., we assessed the extent of compliance vrAth the law8 and regulations identified above through making enquiries of management,. identified laws and Tegulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; we assessed the susceptibility of the Trust's financial statemenls to material mi8Statement. including obtaining an understanding of how traud might occur. by: making enquiries of management as to where they considered there wa8 8U8ceptibJlity lo fraud, their knowledge of actual, Suspected and alleged fraud; and considering the internal contro]s in place lo mitigate risks of fraud and non-compliance with laws and regulations. to address the risk of fraud through management bias and ovenide of controls, we: performed analytical procedures to identify any unusual or unexpected relation8hip8; le8ted Journal enlTie3 to xdentify unusual tsansactions: and investigated the rationale behind SI￿uf1CanI or unusual transactions. In response to the risk of itTegularities and non-compliance with laws and regulations. we designed procedures which included. but were not limited to: agreeing fmancial statement disdosures to undeilying supporting documentation., reading the minutes of meetings of those charged with governance: enquiring of management a8 to actual and potenlial litigat£on and claims; and ieviewing CO￿espOndence with Companies House, HMRC, the ch￿lty Commission of England and Wales and Ihe Scottish Charity Regulator. Because of the inherent lirnitalions of an audit, there is a risk that we not detect all irregularities, including those leading to a material misstatement in the linancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed trom the events and transactions reflected in the financial statements, as we will be less likely to become aW￿e of instances of non-compliance. The risk is also greater regarding irregularities OCCU￿]ng due to fraud rather than error, as fraud invohres intentional concealment. forgeryg collusion, omission or misrepresentation. A further description of our responsibilitie8 18 available on the FRC'S website at: ht audit-assuran /audit r-s-r nsibilities-f the-fildescri tion-of-the-auditOTO/oE20 0 %99s-re ilities-f i. This description foms part of our auditor's report. ons 15 WAVE Trusl Annual Report and Accounts to 31st October 2024 Use of onr report Tlus report is made solely to the Ch￿itable company's Trustees, aB a body, in accordance with Part 4 of the ch￿ltieS (Account5 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 Ihose matters we are required to state to them in an auditor's report a￿d for no other pu￿09e. To the fullest exteni permitted by law, we do not accept or assume responsibility to anyone other than the Ch￿itable company and the charitable company's trustees as a body. for OUT audit work. for this report, or for the opinions we have formed. Cawley Priory South Pallant Chichester West Sussex P019 ISY Blue Spire Limited Statutory Auditor Date Blue Spire Limited is eligible to'a'ct as an auditor in tern￿ of section 1212 of the Cornpanies Act 2006. 16 WAVE Trust Annual Report and Accounts to 31st October 2024 Statemenl of Flnancial ActAvltles (Includlng Income and expenditure accounl) ZO24 2023 Tolal ilnYestslct•d Re8trl¢t•d TrknndB Note INCOMEAND ENDOWMEPM FROM: Donatiow andlegacie• hthtable activitie? Other Irathng artlvltles Invgstmej 416.482 38.800 4,450 S61 418,452 3B,800 4,4SO 561 364,783 188,817 l L,000 1.369 457.263 4S7,263 683,949 1181oing hmds ChaJit4ble actsvitie$ 42,819 432,261 42.yl 431.008 127,390 469.3S3 18,744 Total 474.780 18,744 493,524 896,943 Net gain•lOos8e•) on itiv•8tm•ni# 417 417 {S,BB8) Net In¢om•l(•xp•ndlture) {17.100) (18,744) (36.844) {38.$60) T¥44sfer¥ between fvud 15 (1,SSS) I.BSS Net mOTement In fund• (18.855} (17.189) (38,844) (38,580) RECONCIU&TION OF fiiiiD8 Total fpAd• brnght loYw•Yd Is 131,37J 19,071 140,448 178,996 Total futtds cathod fonwaxd Is 102,720 1,882 104,603 140.446 The charity h•s no recowi8ed gal￿ other th040 dealtwith in Ihe Stthfeme￿ oEFitianeial Aetsyitiei. Non? ol thè eh•rlty% acifvltiosw•r• aequlrèdor dtscontlnuod durfng the •boY• fth&Thclo1 yew. 17 WAVE Trust Annual Report and Accounts to 3 1st October 2024 Balance Sheet as at 31 October 2024 2024 2023 Not• FfxED ASSETS InveslmetLts 24,869 24,4S2 CURRENT Assrrs D¢biorJ CaBh ai bank and in hand Total current a5$•ts L2 37.438 9.082 138 488 147.S70 I25,3S3 CURRENT LIABILITIES rediioT8.' aIThounl8 t￿11￿9 due wilhln one year 13 4S,620 31,876 N•t ¢urr•nt asbeto1lli•bilitlei) 79,733 118,994 Nel 455ets/(liabilitie•l 104.602 140.446 THE FUNDS OF THE CHARTrY Restrlcted funds Is 1,882 19,071 Fair voluo r•$¢rv¢ Ganaral funds UThr••tricled fund• 15 15 Ll,780 90,940 102.720 11.363 110,012 121,378 Total charity funds 104,602 140,446 For the yeai ending 3 1 0￿0b•r 2024 th• COMp￿Y w4$ •ntAU¢d to •X•rnPilon Irom Audll und•r Mctiott 477 of lh• Compan1?1 kn 2008 r•lailng 10 tsm￿ eompanl••. Diroeiors, r•¥poniibUIII*$'. The mèmbers have noi required the eomp•ny to obllln an audit of kls aeeounti for Ihe y•ar in question in aeeord•ne• with sectioTh 476.. The dirèeiors acknowledge their responsthillties for Complying with th¥ requir•m&ni$ of the Act with respect to •ecounling records •nd th• preparation of accow)1$. Th? fkrt•nci•l 8l•lemenls hav• been pr•p•r•d irt •ccord4nc8 wilh lh• pYovi8ioM appllcable lo compaTUeJ iubj•¢i to ih• cornpanial rogirne the Comp4nx•$ A¢t 200fj. Th• accornpanying notès fonn part of Ihese Gma￿la1 olalernents. Approv•d by Ih¢ Iru$t••• and slgned on Ih•ir b¢h￿l. ADtknoulla K0￿(￿0udl. Dire¢tox ompany Nuxnbèr 3863110 Dale l M 18 WAVE Trust Annual Report and Accounts to 31st October 2024 Statement of Cash nows 2024 2023 Note N•¢ c•¥h Ilow f¥om •p•ntlng 4¢tlTltle• {￿*b•I•v) (31.131) (18,041) CaBh nowfrom Inve811Thg •¢Uvltle¥ tnteTest received Net ¢46h Ilow from knejtlng aettrAtle8 561 861 1.369 Net ￿treaS*1(a•cr•am) in Eash and ¢a$h eqth•lents (50.670) (13,672) Ca•h •Ad ¢a•h equavAl•ttt• at l Novemhey ZOiJ 138,488 162,180 Ca*h •nd ea8h qttlval•Ats at 31 Octob&Y 2024 87,918 138,488 C4•h •nd eqth•leThts ¢•a•l•t of: Cash at bank and in haThd Cuh and (ash ¢q￿lY4]eAts ￿ 31 Oqtober 2024 138 488 138,488 87.918 R•¢onvUlalAoThol net Aneome to n•t ¢a•h now fY•m•poTatlng a¢tlvltl••' 2024 2023 Net incomè for th• year (35,844) (38.380) Adju8t•d for.,. InteT•8t and divid•nd (G4kn5)nog4ei on in￿lm¥n Deer•w/(iner•a8•) in debtors lncrea80/(d¢c￿￿￿) in ￿¢￿110¥• {881) (4171 (28,353) 14.044 (1,369) 8.888 $3.64L (18.287) . 23.509 19 WAVE Trust Annual Report and Accounts to 31st October 2024 Jlccountlng Policles Genezal infonnation, scope attd h•sl$ of thè fmanelal ststements WAVE Trust is an incorporaied chaTiry. limited by guarant98. inwpoTated iti England with the ¢omp4ny nu)nber 3863110. fn the event 0£ the chaxity being wound up. the liability in re8pect o( tha guarantee is limiled lo £1 pèr member of ihe ¢hazlty. Thè addres8 of th• règisteied ottice is given in the cknity I￿ornia￿On page of these 5tatsrn8nts. The nature OI the Ch￿Ity'S op8xatioJ8 and prinapal aeilvities are olltlined in the trnstees, report. Th¢ rharity con8dtute8 a publie benefit entity a# dellned by FXS 102. The fiXAtie￿ stalements have been prepared in acCOrd￿￿e wilh Accounting and Rèpomittg by Ch•rities'. Siatement 0£ RèconuTh8nded Pr￿1&¢0 applicable to chariti•s prop￿)ng their accounti in accordance wlth the Financial Reporting StaThdaTd applicthle In thts UK and Republlc of treland issued in October 2019. the ￿ancIal Reporting Stattslard applicable in the Urriied Kingdorn and Repvblic of Irè13nd IFES 1021, the Clwities Aet 201 I, the Comp4nAe8 Ath 2006 and UK GeTherailyAreeptedAccotsnting Ptacliee. Th• financial 8tatem•nts ar• pr•p4r•d on a golng conc•zn b48t¥ undor ¢h• higtoyical co81 conventlon, mgdifjed to I[￿)￿de ceTl•in i1om# •¢ fair vaJu•. The flnanclal 6ta¢ements aT¢ presented in 8tgrling which ts th• fvnctional CUTrgney of th? ehazlty 4TLd roundgd to thé n•ar•sl £. The signilicant aecowiting poli¢leB applied in the PTepaTalion of these finanrial atat?mènl¥ aye #et out bolow. Th￿9 policie# havè ￿0n ean8l•t•Thtly appIi•d tts all y•ar• pr•*nted unl•M oth•ThA80 gt•t•d. All ltteorniThq resour￿$ are Included In thè Statement olFin•Thcial ActiVRt5e9 (SOFA) when the Charity ig legauy ontltled to the Income after any peTtormance eondltion8 have been met. the can be measured reJi•bly •nd It 18probable that the income will be rece&ve For donalions to be reco￿lsed Ihe Charity wi]I have been notified of the arnounts and the ¥etUemenl dale inwritlng. Ilthere are conditiom ailached to the ¢lonation and thi5 requi>•B a lèvèl of perfonnance befor& •ntitl•rnent can b& obtatned Ihgn income is dofeTred unlil tho ¢onth'tions are fi￿y met or the hlllthent otthofje condition8 i8 within thè ¢ontroR ol the Charity and il i# probable that they wi]1 ba fulfilled. Donated faciJitieB and domated prolessional $￿TICe8 are iecogDi8ed in income at their fair value when their economic benefit is piobable. il can be rnea¥ured reliably and the tharity has conlzol over the itèm. Fair value is delermined on thÈ buis of the value of the gi(1 to the eharity. Fox oxample the amount th• eharity would b• wllllng tts pay In th• ap#n marl¢•t for •uch (4clllti•i and A*r￿￿*. A eon•8pokndinq amount is r¢¢ognisad in expendlluye. Income from governrnent and other gran1¥ re¢Yigmi8ed at fair valu• when the ChaTity has entitlernent after any perfornwice conditio h4ve boen met, it is probable that thè income will be zec•1v￿ and the amount can bè mèasured r•]2ably. I( entitlement is not mèt th•n th•#a •Jnount¥ are d•1•￿d. Invo8tm•nt income 18 oaned thzough holding 45s9ts lor invèstsllw￿ puryo508 su¢h as sharès and cagh d•ptisit¥. It in¢Jude8 dividèndx and interest. Where il 1$ not practicablè to identity invtstment m8mag&ment Costs incurred wlthth a scheme rèasonabl• aeeuraey the investment incorn? is reported net of thèse eosts. It ts ineluded when the amount ean be measured iejiably. Interest ineom• is recognised U8lThq th• •ttt¢tlv• Ini•r•8t method davld•nd incom• l• r•¢owii•d 88 Ih? Charity's rlght to r¢¢oiv• payment i• eJl•bliJh•d. Resources expettded All expenditure is accounltd lox on an accrualv b￿1£ and been cl4985fied undèr he&dlnys that aggregate all related to the category. Expènditure h# re¢ogN¥gd wh•r• thor• i• 4 legal or conBtrnctsv• obligation lo make paymonl8 to third P￿19•. it 1$ probable th•t tha Beitlement will be r¢quired and thè •mount of tho obllgthtlon eanhe maasured rellably. li ig cat&gori#ed und¢r the tollowing hgadinp: Expenditure on raising fund8: wltich indude$ ¢osts inCU￿•d to ￿n￿ate inwme to support th• eh&ity's aclivitie$ • E￿Pendi1llre on eharitablt aclivltl•8; whieh inelud•8 dlr•ct cosls incurr•d kn th• furlh•rance of th• chaxitys obj•el¥ Expenditure guocated to gmrnJJTh eosts eompri8e¥ the costs ol produetion ol sta￿l0ry accounts and the accountants, report, t¢)g8th•t with any costs a8soeiafed with Ixustegs, meetirys, leg&i advice foi trusleeg and costs associated with constitutional and statutory requirernents. Employee benefltJ When employees have rendered service to the Chazity. short-t•nn émployee benefit8 to which the ¢mployee$ ue enliued are recopis at the widiseounted amount expected to be paidin exchange foi that smice. 20 WAVE Trust Annual Report and Accounts to 3 1st October 2024 VAT The Charity rewtered forVATwith effect from l Febnwy 2021. Taxaflo The elwlty is considèrèd io pass the tests 4et out ID sections 468 ¢0 493 CO￿0T￿liC*n Tox Acl 301Q {￿A 20101. 4J such no in¢ott* ts payable on the chazitys aetivities. nx*d a•i•t IAv••lm•nti Inve5tmenl$ are re¢ogtii5ed iwtiajjy at fair y￿lle whith is norrnally the transaction price exduding tran50ction eost& Subsequently. they are measwed al fair value wlth change8 recogni8ed in knei gaim51(lossès) on iThv•stments' in the SOFA if the shares ère publtcly Izaded or their laSx value can ofhènYi8e be meaouréd reliably. DehtoH 4ttd credltOT¥ re¢•lTablo / payable wllhln on• y*aY Debtors and creditor8 with no stated interest Tate and receivable or payable ￿thIll One year are recorded at Iransaction prieè. Any los¥es arising trom Impainnent arè Teeognisedin expendlture. C•sh ￿ cash aqulvaleDI• ash and cash equivalents comprise cash on hand and cau deposits. and other 8hort-tenA higlty liquid inve8tmentg.that aro rè4dlly ¢onvortib!• to a know4 amoTtht oleA•h and ar• qubj•ct to an inqigJi&caTht zisk olchange in value. fund •¢¢ollntlAg Unreytrieted funds art available IOT use at the disczetion ol the Tru8toe8 in fuztheT4nCg of the general objectinB of the Charity and whl