Charity No.1082126 THE WAVENDON FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
THE WAVENDON FOUNDATION CONTENTS R•f•rgn¢• and adMIntratIV• d•tall* Trustees. report Independent examln•rs' roport Statgm•nt ol Ilnan¢lal actlvltk• Balance •lw•t C•¥h flow it#t•m•nt Not•1 to th• flnan¢l•l •tatwnents 9-16
THE WAVENDON FOUNDATION REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 30 SEPTEMBER 2020 CHARITY REGISTRATION NUMBER 1082126 TRUSTEES Rtchard Plaf7n {Chr) Kenneth Chaproniere Gordon Sifver (rsUrer- to 3 December 2020) Laurence Holden (Treasurer- from 13 January 20211 Ajec Danknvorth Kevin Whate UFE PRESIDENT Dam? Cl80 Laine DBE PRINCIPAL ADDRESS 83 Ducie Street Mancha$ter M12JQ INDEPENDENT EXAMINER Price Bailay LLP Tennyson House Cambridge Business Park Cambridge C64 OW BANKERS National Westminster Bank Pk Milton Keyne5 IX) Branch 501 Silbury Boulevard Saxon Gate East Millon Keynes MK9 3ER MetroBank plc One SoLthampkni Row London WC1B SHA INVESTMENT ADVISORS PB Financral Planning Tennyson House Cambridge Business Park Cambridge CB4 OVVZ Investgc Vlealth & Management 30 Gresham Street London EC2V 7QP
THE WAVENDON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020 The Iruslees present their report with the fmancial statements of the chaiity for the year ended 30 September 2020. Th& trustee8 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chaiities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLtblic of Ireland IFRS 102) {effeclive 1 January 2019). 8TRUCTURE, GOVERNANCE AND MANAGEMEMT Oblocts ofth• Foundatlon Th8 Wavendon Foundation 1$ constiluted under a Twst Deed dated 1 May 2000 (as by a supplèmenlal deed dated 3 August 20001 and is a registered charity - Reglstration No. 1082126. The principal object of the Chaiity is lo raise funds lo benefit persons engaged in the performing art5. and the eth¢ation of the public through the pgrfomlng arts. whether a$ registered charities, corporate bOdS or indivKluals. The principal fund-raising vehIe employed by the Chartyls relum from inv85ting. The Wavendon Foundation seeks to have regard to public benefit by maknllg donations wlhin the performing arts available to all. The Charity carrles out its activities wlh due regard for the Charity Commission guldance on public benefit. Oryanlsalional structur• The trustees vtho have served during the year are set out under the sectlon Yntstses.. The trustees mèt quarterty during 2019120, except the schedulgd meetlng fwwil 2(Y20 had to be cancelled due to Covid. REVIEW OF ACHIEVEMENTS AND PERFORMANCE Following the sale of the land wthich had been gffted to the Vthendon Foundation by Sir John and Lady Dankworth. the Trust received the final tranche of the sale pite as Wevm)u8 agreed with the pw¢ha8er8. M081 of th18 wa8 adikd to the funds already invested with Investec. The Irustewd continued to meet quarterly, apart from thg ¢an¢ell8d ApTll 2020 meeting, to conduct the normal bu5ine$8 of tha Trust. This is principalty to review the financial posilton of the Foundation and to consider the relatlve merits of the funding applications and whether they coukj be granted thIn funding avaijable in ne with the Foundation's investment pol¢y. In the year, a total of 18 donalons aeed. rrN)sty for the amtyjnl requested. Thirtèen were lo organisations such as.. The Nalonal Youth Jazz Orchest. Music for Youth, CHUMS and the WCO. The remainder were lo individuals with donatlons varying befven £1.000 and £2.000 to support their StlieS or specific projec1$ they were engaged in. In total, the amounts donated were £8.500 to Indidual5 and £31,370 to organisation$ {.2019- £18,765 to individuals and £25.035 lo organisations). In making thglr decisions the trustees, first ¢onsideration5 education (primathy youth education) and the rdief of hardship within the general area of the perfomiing arts a$ laid (lown in the Trust's c+Jjedives. RISK MANAGEMENT The tru$lea$ have identmled the ri$k¥ lowhich the Charity is exposed and have implemented procedures to mitsgate those risks. The principal risk to the Chanty Is consK4er8d to b8 a dramatic downturn in capital valua of its investments. Thi$ is miligaled by diversfying the investment poth)lio In a professionalty Maged inveslmgnt pothllo on a medium rl$k basis. Wllh the investment of the final receipt of fund¥ from the land salg Into the Investec portfollo. the availability ot funds for grant giving is assessed against proledons of annual income from the fund to support preservation of the capital.
THE WAVENDON FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 FINANCIAL REVIEW The flnal third Iranchg from the land sale was rgcaived on 8 Novembw 2019 in the sum of £714,018. Due to the Covid retaled downturn in the value of the investment portlolio at the Balance Sheet date, the gross Income of the Foundation, including Tealised and unreiSed investment gains for the year was negatlve al £135,876 (2019 positive al £148,699), resulting In a deficit for the year bgfore donatlons made of £160.60012019'. surplus £124,539). The nel108S on Investments for the year al the Balance Sheet date was £162,801 (2019 gain on inve51menls £127.681). Donation$ given In year were £39.870 (2018: £43,800) reButting n a net for the year of £200,47012018.' 8urplus £80,739). en aggregated wth unreslri(a&J re$8ryes broLwJM foThvard of £2215.712, wre$trth(I reserves cardod forward are £2,015,242. Invostment Perfornia¥ Following professional advi, surplus fvnds from the sale of land have been invested wlth fund manageTS Investec in a varied portfolio base which is rgviewed by Iru$lee$ al their meetings throughout the year. On 5 December 2019 tha third and linal Investment Iran¢he was of£675,000 from the proceed8 ofthe final tratrhe ofthe land sale. The impart of the COVID-19 pandemic on thefinanclai markets caused a srgnifi¢anl flyctuallon in the v81ue oflhe charity's Investments, whlch al the Balance Sheet reporting dale showed a negative net portfolio return of 6.48% over the 12 months ffom September 2019. Since then. the latest available valuation al 31 December 2021 shows the position has recovo18d with the current m*ket value at £2.328.371. a recovery of 11.83% 8inco 31 December 2020. In response lo the volatillty and uncertainty in incom& generated by the investments, the trusleos are maintaining close communicalton with the investment managers to monitor movements in and thus levely ot income arising, and to determin8 the value of grants that the FOUr#tiOn is able to make. FUTURE PLAMS The Chafity intends to ConnUe making avalable donations to engage educate in the perfomiing arts as describfjd above. The Iru$tee8 aTe responsible for keeping proper accowting rttords vthi¢h thsdose with reasonable accwaBy al any time the financial posilion of charity and lo enable them to ensure that the financial statements comply with tho Chari119S Act 2011, the Charty IA¢¢ounts and Reports) Regllalion 2008 and the prt)vi$ions of the trust deed. They are also responsible for safeguarding the as$48 of the charity and hence for taknng reasonable Steps for the provention and detection of fraud and other irregularities. Approved by order of the board of trLL8tee8 on 11 Awil 2022 and slgned on its behdf ty: Richard Mann- Tru$l8e and Chair
THEWAVENDON FOUNDATION INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE WAVENDON FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2020 I report lo the charity tru8tee8 on my examAllon of the acCnts of the for the year ended 30 September 2019 which are set out on pages 6 to 16. R•spon•lbllltl•s and buls of roport As the charity's trustees you are responsible for the weparathjn of the acccwts in aance wllh the requlrements of the Charitse$ Act 2011 Cthe Acty. I report in respect of my examination of the charity'5 accounts carr1 out under sect40n 145 of the Act and In carrying out my examinalicn I have followed all the applicable Directions gNen by the Charity Commission under section 145{5){b) of the Act. Ind•p•ndènt mIn•3 stat•mtht I have completed my examination. l ¢onfim that rKJ matwial matters have come to my altentlon in nneC110n wsth tho examination giving ma cause to belleve that In any rnateriai respect accounting records wgre not kopt in rasw of the dwrity as requlred by se¢tlon 130 olthe Act,. or the accounts do not accord wlh those records" or the accounts do not Comp wth the applicat4e requwements concerr4ng the fom) and content of accounts Set out in the Charities (Accourts and Reports) Re9[allonS 2008 other than any requirement that the accounts give 'Irue and fair view. which is not a matter considered a$ part of an independenl examinallon. I have no concerns and have come acros$ no othar matters in (ne(thn with th8 8xamination to vthi¢h attentlon Should bo drawn In thi$ report in orderto enable a proper understandlro of the accounts to be reached. Helena Wilkinson BSG FGA Dctr For and on behalf ot. Pr1¢8 Ball•y LLP Tannyson House Cambridge Busine88 Pwk Cambridge CB4 OWZ Dale.. 26 May 2022
THE WAVENDON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020 unr8strfcted 2020 unres¢rlcted 2019 Note INCOME FROM: Investment income Total 26.926 21,018 EXPENDITURE ON: Ralslng funds Charitable aclivilieB- Donations Other 19.811 19.761 39,870 4.913 43.8(10 4,399 718 Total 64.594 67.960 NET (EXPENDrruREI BEFORE GAINS 137,699) (46,942) Net {lo$ses) I galns on inveslments (162,801) 127,681 NET (EXPENDITURE) I INCOME BEING NET MOVEMENT ON FUNDS {200.470 80,739 RECONCILIATION OF FUNDS Total funds brought forward 2215.712 2.134.973 TOTAL FUNDS CARRIED FORWARD 1015,242 2,216,712 All income and expèndrture has arisen from continung acbvitses. The Statement of Financial Activities indudes all gains and reccgnised In the y&v. The notes to the accounts are shown on pages 9 to 18.
THE WAVENDON FOUNDATION CHARITY REGISTRATION NUMBER: 1082126 BALANCE SHEEr AS AT 30 SEPTEMBER 2020 2020 2019 FIXED ASSETS Tangible assets 10 InvgStment8 Flxed inv8stmenl$ 11 1.988,971 1,468,868 1988 971 CURRENT ASSETS Debtors Propayments and accn*d Income Cash al bank 12 12 715.020 1,054 26.626 39.929 27.680 755,555 CREDITORS Amounts falling due within one year 13 {1.409) (8,711} NET CURRENT ASSETS 26,271 746,844 TOTAL ASSETS LESS CURRENT LIABILITIES 2,015,242 2,215,712 NEf ASSETS 2,015,242 2,215,712 FUNDS Unreslrlcted funds 2.015.242 2.215,712 TOTAL FUNDS 2,015.242 2.215.712 The finanGkl1 statements were approved by the Board ofTrustees on 11 Awil 2022 and signed on Its bohall by: Lsuren Trustee J Holden B.Mus. MSC, CPFA nd Hon.Treasurer Th8 notes on Pa 9 to 16 forni part ofthese accounts.
THE WAVENDON FOUNDATION CASHFLOW STATEMENT AS AT 30 SEPTEMBER 2020 2020 2019 Cash Flows from Opèrntlng A¢llvltt Net cash provided by operallng acMI8s 15 642,676 655.296 Cash Flo from InvestAng Actlvlti•# Dividends and interest from investments Bank inler8st Proceeds on sale oftangle fred assets Proceeds on Bale on investrnents Purchase of investments 26.885 20,909 109 913.393 (1,584.969) 184,626 (836.75n Nèt Ca$h Flo from Inv$Ing Activlt18S 1644,6511 631.143 Changg In cash and cash oqulvalents In the yoar (1.975} 24.183 Cash and Cagh equlvalonts brought fomrd Ca•h and cash •qulvalènts carrfod for*Yrd 86,350 82.167 16 84.376 86,350 Anaty$l• of changgs In nel dèbt: At start ofthe year Cash11 Other nor changes At end ofthe yoar Cash 39.929 (13,303) 26,626 Cash wilhln the Investment portfollo 46,421 11,328 57,749 86,350 (1,975} 84,375
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 1. ACCOUNTING POUCIES The principal accounting pollctes odopt8d. Igents and key sources of esllmation uncertainty in the preparatn of the financial stslements are a$ follows.. a. Bas1$ of prnparation The ffinancial statements of the Charity, which is a pubfic benefit entity under FRS 102. have been prepafed in accordancg wth the Charibes SORP (FRS 1021 Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tiv8 1 January 20191,, Flnanclal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and th& Charilles Act 2011. financial sL*ements have been prepared under the hk%tOriI cost wnvention In pound sbding which is Ihe functional currency of the Charity. The financial statements have baan prepared io give a and la and have departed from the Charities (Accounts and Reports) RegulatnS 2008 only to the extent required to prowd8 a Iru8 and fair vievl. Th18 departure has involved fo1knvDg Accounting and Reporting by Charities preparing Ihelr accounts In accordance with the Financlal Reporting StaThJard applcable in the UK and Republ of Ireland (FRS 1021 issued on 16 July 2014 ralhei than the Accounting and Repoffang by Charillos: Statem8ntof Recommended PraGti¢e effective from 1 April 2005 1¢h has since been vAlhdrawn. b. Golng concern The Irustses consider that there are no material uncertaintms about Ihe charity'5 abilty to conlirbue as a going concern. As such, they continue to adopt the going cc¢M ba$ts of xcounts in preparing the financial Statemènts. Attention Is drawn in the Trust. rowl to the impact ofthe COVID-19 pandemlc on the finandal Maets and the nSequent signfficanl Ilwtuation in the value of the Charity's in$(Monts. Slncethe Balance Sheel reporting date, the latest availabl¢ valualion al 31 December 2021 8w$ tho posibon has recovered wth the current market value now 11.83%% above the posthon at 31 December 2020. ThE trustee5 consider that these flu¢lualions have no immediale impact on the viabilty of the charity. In response to the potentlal volatility In income generated by the investmènts during this period of economic ulertainty, th8 trustees are maintaining close communication Vlith the wivestment managers to monitor any forncasted do¢rea$e in the lev81 of taig•tod income. and will (y)ntin to aupport a 18vel of grant awardirvj that * In Ine with the level of inve$lmenl incomo receNable. IoM• All income 58 recognised in Slatement of Flnancial Acbvihes once the charity has enliil8ment to the funds. it is probable that the income wtll be re¢gwgd, and the amount can be measured reliably. Interest on funds held ¢)n deposit 19 inclwJ8d vthen receivable aThl the amunl can be moasured rellably by tha charity. which is noTmalty upon nolifi¢ation of the interest paid or payable by the bank. Dividends and income from Govgmmenl Securitie8 are recognTrsed when li 15 reCed. d. Expndltuvtr Liabili are recognised as expenditure as soon as thara 1$ a legal or constructive obligation committing the charity to that expenditure. il is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measu1 relbly. Expenditure 15 accounted for on an acctuals basis and
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMEMfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 has been classified under headingsthat aggregate all cost related to the category. ere costs cannot be directly attributed to particular headings. Ihey hav8 been alloc8laJ to aGtivities on a basis consistent the use of resources. Support costs are thosé costs Irrred directty in supwt of expenditure on the objects of the charty and governance costs are those Incurred in conn8ction administration of the charity arKf compllano with onslitutional and statutory requirements. Taxatlon Tha Trust is a ragi8ter&Y charty and Is exempl from corrmte taxes. lo the extent of operating wlhin Its charitable objeclves. Irrecoverabte VAT is charged against the expenditure heading for which itwas incurred. f. Fund accountlng Unrestrictsd funds can be used In acojrdance *ith the charitable obiectsves at the discretion of Ihg trustees, Tanglblo fixed a#s•ts and dgprwclatlon Tangible fixed assets other than freehdd land are stated at cost dèpreriation. Dopreclalion Is provided at rates ¢akulated to vrrite off the cost less eIMated mklual vae of each asset over ils eXd usèful life, as follows.. Freahokl land Fixturos, fiitikvjs & equipment not depated 25% per annum cosL h. Investmants Investments are a fomi of basic financial instrunwnt and are inilially recogniaed at their transaction value and subsequenlty measured at their fair value as at the balance sheet date using the bid price. The slalement of financlal activities includes the gains and losses arislng on revaluation and disposals throughout the year as disclosed In note 11. The Trust does not acquire put option8, derivatpies or other oJmpl8x finarKkl Instruments. The main fonn of financial risk faced ty the charity i8 that of volatility in ewity market8 and investment markets due to wlder economic conditions, the atlilude of investors to investsnent risk. aThJ chang88 in sentiment conceming equities and within partscular sectors or sub sectOTS. i. Debtorn Sundry debtors are recognisad at the setllement amount due. Prepayments ¥6 valued at the amount repald net of any trade discounts due. Cash at bank and In hand Cash at bank and In hand irlUdeS cash and short tenn highty Ik4ukl irwestments wlh a short maturlty of three months or less from the dale of acquisthon or opening of the deposii or similar account. -i(
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 Credllorn CreditOTS are recogni8ed whero lh& eharity has a pr8sent obllgdon resumtng from a past avant that wlll probabty resutt In the transferoffun¢Js to a third party 8nd thè amount dua to sèttlèthè obliqatlon ean b& m&asurèd ore8limaled rellably. Credltors aro nonna1 reo)gnised al their #etllement an)Unt aftor •ltswiNJ for 411 tradè di#counts due. l. Flnanclal Instrumonts The charity only ha8 nandg18ss8ts and finarrAal liabilties of a klnd that qualify a8 bas finarKaal In8lruments. Baslc Ilnanclal Instwments are initialty recognFsèd at transadon valu8 and subsequently measur6d atlh•lr Mttlèmènl valu9. Flxed assels a recorded at deprerAated historKal cost #NI al other assèts and li8bllilièÈ #ffj rè¢tsrded al cost vthich is their fair value with gxcgpb'on of investments whkh are recorded at thelr falr value based on market rate a$ shown In note 11. m. Accounllng eltimatss There are no 8ignffjtsftt acewntlng asllmates at the yearend dale (2019 none). I INVESTMENT INCOME 2020 2019 Bank account inleTest Interest on inveslments Dividend 40 109 172 20,737 26,799 26,925 21,018 RAISING FUNDS 2020 2019 Totsl costs in Tekion lo land Sale Inv95tment manager fees 830 18.981 6,574 13.187 19.811 19,761 TRUSTEES. REMUNERATION AMD BENEFITS No remuneratlon or other benefts ¥• to trustees for the year ended 30 September 2020 nfor the yoar ended 30 September2019. No expenses wer8 patd for the year ended 30 September 2020 nor forts year erKled 30 September 2019. -li-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 5. ANALYSIS OF EXPENDITURE ON CHARrrABLE ACTMTIES Dlrnct costs Support colts Total 2020 2020 2020 (note 7) Engaging and educatiw kn w[ming arts 39.870 4,913 44,783 Grants to individuaL8 Grants lo inslilulions 8,500 31,370 13 39.870 18 Further details of grants madg to institUn$ are iluded within Trustees. RekX)rt on page 3. 6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACnVJTIES Dlr•¢t Support cmts Total 2019 2019 2019 {note 81 Engaglny and educallng in perfomivw arts 43.800 4.339 55.201 Grants to indwlduats Grants to in¥liluiion$ 18.765 25.035 12 13 43,800 25
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 7. SUPPORT COSTS- CURRENT YEAR Total 2020 2020 2020 Independènt examlnallon fees Rent Administrattve assistant Office expenses Website costs Bank charge8 Insurance 1.038 1,038 2,034 777 378 25 661 2,034 777 378 25 Total 1,038 3.875 4.913 8. SUPPORT COSTS- PRIOR YEAR Total 2019 2019 2D19 Independent examinatton fees Rent Admin¢strallve assistant Office expenses Website costs Bank charges Insuranc8 Total 1.380 1.380 28 1.725 150 360 1,725 150 756 3,019 756 4,399 9. STAFF COSTS No wages or $alarie5 were pad In 2020 or 2019. -13-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 10. TANGIBLE FIXED ASSETS Flxturgs and FSttlng8 Totals COST At 30 September 2020 and 2019 DISPOSALS 963 963 At 30 Septembar 2020 (963) DEPRECIATION At 30 September 2020 and 2019 (963) (983) DISPOSALS At 30 September 2020 963 NET BOOKVALUE 11. INVESTMENTS 2020 2019 Investments at market value comprise.. At 1 October 2019 Additions Dlsposal proceeds {Loss) I gain on investments Cash movement 1.468.868 1,584,969 1913,393) 1162,801) 11,328 653,380 836.757 1184,626) 127,681 35,676 At 30 September 2020 1.986.971 1,468.868 Cost of investment$ 2.082.287 1,350.054 Investments are allotted to each range as foll(V. Flxèd inteiost Equiti$s other Cash 384,179 1.114,408 432,635 57,749 205.190 960,774 256.483 46,421 1,988.971 1,468,868 -14-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 12. DEBTORS 2020 2019 Land sale proceeds Prepayments Other debtors 715,020 606 1,054 1.054 715.626 13. CREDITORS: AMOUNTS FALLING DUE TArrHIN ONE YEAR 2020 2019 Trade creditors Olher Creditors Accruals 1.506 6,185 1.020 1.364 1.409 8,711 14. RELATED PARTY DISCLOSURE8 In the year ended 30 September 2020 a granl of £2,000 (2019.. £2,000) vras made lo the National Youth J8ZZ Orchestra Limited, a company connected by of the Trustee$, Mr Gordon Sifver. There were no other relatod paty transadlons in elther 2020 ¢x 2019. 15. RECONCIUATION OF NET MOVEMENT IN FUNDS TO NEf CASH FLOVI FROIJ OPERATING ACTIVITIES 2020 2019 Net Income Adjusted for: Loss I Igainl on investsnents Decrease in debtors (Decrease) I Increase in creditors Dividonds and interest from investrnents Bank inloresl Profil on dssposal of land (200.470) 80.739 162,801 714,572 17,302) (26,885) {40) (127,6811 715,445 7.811 120,909) 1109) Nel cash provlded by operallng actpiibes 642.676 655.296 -1
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 16. ANALYSIS OF CASH AND CA8H EQUIVALE18 2020 2019 Cash al bank Cash in investment portlolro (note 11) 26.626 57.749 39.929 46,421 Totsl 84,375 86,350 -1