Charity No.1082126 THE WAVENDON FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE WAVENDON FOUNDATION CONTENTS Page Reference and administrative details Truslees, report Independent examiners. report Slalemenl of flnanclal acllvllles Balance sheet Cash flow slatemenl Notes to the financial statements 9-15
THE WAVENDON FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2024 CHARITY REGISTRATION NUMBER 1082126 TRUSTEES Richard Mann {Chair) Laurence Holden (Treasurer) Marcus Blake Kenneth Chaproniere Alec Dankworth Kevin Whately OBE LIFE PRESIDENT Dame Cleo Laine DBE PRINCIPAL ADDRESS 83 Ducie Street Manchester M12JQ INDEPENDENT EXAMINER Hickeson Boyce 68a High Street Stony Stratford Milton Keynes MK11 IAQ BANKERS National Westminster Bank PIC Milton Keynes IA) Branch 501 Silbury Boulevard Saxon Gate East Milton Keynes MK9 3EFI MetroBank plc One Southampton Row London WC1 B SHA INVESTMENT ADVISORS PB Financial Planning Tennyson House Cambridge Business Park Cambridge CB4 OWZ Rathbones (incorporating Investec Wealth & Management) (UK) 30 Gresham Street London EC2V 7QP
THE WAVENDON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present Iheir report wilh the financial statements of the charity for the year ended 30 Seplember 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities= Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). STRUCTURE. GOVERNANCE AND MANAGEMENT Objects ol Ihe Foundation The Wavendon Foundation is consliluled under a Trust Deed dated 1 May 2000 las amended by a supplemental deed dated 3 August 20001 and is a registered charity - Registration No. 1082126. The principal object of the Charity is to raise funds to benefii persons engaged in the performing arts and in the education of the public through the performing arts, whelher as registered charities, corporate bodies or individuals. The principal fund-raising vehicle employed by Ihe Charity is return from investing. The Wavendon Foundation seeks lo have regard to public benefit by making financial awards wilhin the performing arts available to all. The Foundation carries out its activities with due regard for the Charity Commission guidance on public benefit. Organisational structure The trustees who have served during the year are set out under the section Yrustees" on page 2. The trustees met quarterly during 2023124. REVIEW OF ACHIEVEMENTS AND PERFORMANCE The sale of land gifted to the Foundalion by Sir John and Lady Dankworth enabled Ihe Trust to establish an inveslment portfolio which lunds the provision of financial awards and the running of the Foundation, in support of its charitable aims. Each quarter, Ihe trustees review the financial position of the Foundation and consider the relative merits of the applications for support. Awards are made within the funding available in line with the Foundation's investment policy. Whilsl il is rarely possible lo make awards to all applicants. the trustees endeavor lo maximise the number of awards made each quarter. In Ihe year, 41 financial awards were made. 17 were to organisations such as- Creative Pulse. Apollo Music Projects and The National Youth Jazz Orchestra. The remainder were to individuals with donations varying belween £1,000 and £2,000 lo supporl Iheir studies or specific projects they were engaged in. In total, the amounts donated were £35,026 10 individuals and £22,625 to organisalions12023 - £21,000 to individuals and £36,500 to organisations). RISK MANAGEMENT The Iruslees have identilied the risks to which the Charity is exposed and have implemented procedures to mitigate them. The principal risk to the Charity is considered to be volatility in the capital value of its investments and the returns therefrom. This is miligaled by diversifying the investment Portfolio in a professionally managed investment portfolio on a medium risk basis. The availability of funds for grant giving is assessed against projections of annual income from the fund to support preservation of the capital.
THE WAVENDON FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 FINANCIAL REVIEW The gross income ol Ihe Foundalion, including realised and unrealised investment gains for the year was £167,38612023 £107,355), resulting in a surplus for Ihe year before donations made of £136,506 12023 £78,487}. The nel gain on investments lor the year al the Balance Sheet dale was £110,221 (2023 £56.534). Finaiicial awards given as grants in Ihe year were £57,65112023 £57.5001 resulling in a nel surplus lor the year of £78,856 12023 £20,987}. When aggregaled with unreslricled reserves broughl forward of £2,270.002. unreslricled reserves carried forward are £2,348,858. Investment Performance Al Ihe Balance Sheet dale, the Foundation's investment portfolio reported a net return 016.730/0 over Ihe 12 months from 30 September 2023. The trustees have reviewed the perlormance and suilabilily ol the Foundation's porllolio with Ihe investment managers and are satisfied with both whilst keeping perlormance under active review. The latest available valuation ol Ihe portfolio as at 31 December 2024 shows a current markel value of £2,276,122, with a nel return of 0.980/0 delivered over the 12 months from 31 December 2023. FUTURE PLANS The Foundalion intends lo continue making available financial awards lo engage and educate in Ihe peilorming arls in accordance with ils charitable purposes. The Iruslees are responsible for keeping proper accounling records which disclose with reasonable accuracy al any limp the financial position ol Ihe charity and lo enable them lo ensure Ihal the linancial statements comply with Ihe Charilies Act 2011, the Charity (Accounls and Reports) Regulalion 2008 and the provisions of the trust deed. They are also responsible lor safeguarding tho assels ol the charity and honce lor taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Approved by order ol Ihe board ol Iruslees on 4 20 zs and signed on ils behalf by: Richard Mann- Trustee and Chair
THE WAVENDON FOUNDATION INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE WAVENDON FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2024 which are set oul on pages 6 to 15. Responsibilities and basis of rnport As the chariry's trusiees you are responsible for Ihe preparaiion of Ihe accounts in accor¢Jan wilh the requlremenis ol the Charf(ies Act 2011 I'the Act,). I report in respect of my examination of the charity's accounts carried OLrt under section 145 of the Act and in carrying out my examination I have followed all Ihe applicable Dlrecilons glven by Ihe Ghariry Gomtnission under seclion 145151{bl of the Act. Independenl examiner's statement I have completed my examination. I confirm that no material matters have come to my attenlion in connection wilh the examination giving me cause to believe that in any material respect: accounling records were nol kept in respect of Ihe charity as requireLI by section 130 01 the Act; or the accounts do nol accord wilh those records" or the accounts do not comply wilh the appliCae requirements concerning the form and content of accounls set out in the Charities (Accounts and F4eports) negulations 2008 other than any requirement that the accounts give a 'true and fair view, which is noi a matter considered as part of an indeperKleni examination. I have no concerns and have come across no other matters in connection with ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. N Boyce FCCA Hickeson Boyce 68a High Slreet Slony Strattord Milton Keynes MK11 1AQ Date: 175t [£S
THE WAVENDON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 unrestricied 2024 unrestricted 2023 Note INCOME FROM: Investment income 57.165 50.821 50,821 Tolal 57,165 EXPENDITURE ON: Raising funds Charitable activities- Grants Other 21,765 21.548 516 718 57.651 9,114 57.500 7.320 Tolal 88,530 86,368 NET (EXPENDrruRE) BEFORE GAINS (31,365) (35,547) Net Ilossesl I gains on investments 110.221 56,534 NET (EXPENDrruRE) I INCOME BEING NET MOVEMENT ON FUNDS 78,856 20,987 RECONCILIATION OF FUNDS Total funds brought forward 2,270,002 2,249,015 TOTAL FUNDS CARRIED FORWARD 2,348,858 2,270,002 All income and expenditure has arisen from continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 15 form part of these accounts.
THE WAVENDON FOUNDATION CHARITY REGISTRATION NUMBER: 1082126 BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note FIXED ASSETS Inveslments Fixed investments 10 2,338,989 2,261,866 2 338 989 2 261866 CURRENT ASSETS Debtors Prepayments and accrued income Cash al bank 246 11.697 734 9,218 11,943 9,952 CREDITORS Amounts falling due within one year 12 12,0741 11.8161 NET CURRENT ASSETS 9,869 8,136 TOTAL ASSETS LESS CURRENT LIABILITIES 2,348,858 2,270,002 NET ASSETS 2,348,858 2,270,002 FUNDS Unrestricted funds 2,348,858 2,270,002 TOTAL FUNDS 2,348,858 2,270,002 The financial slalemenls were approved by the Board ol Truslees on Zaxfand signed on ils behalf by.. Laurence J Trustee and Iden B.Mus, MSC, CPFA on.Treagurer The notes on pages 9 10 15 lorm parl ol these accounts.
THE WAVENDON FOUNDATION CASHFLOW STATEMENT AS AT 30 SEPTEMBER 2024 Notes 2024 2023 Cash Flows from Operating Activities Net cash provided by operating activities 14 (87.784) (87,340) Cash Flows from Investing Activilies Dividends and interest from investments Bank inlerest Proceeds on sale on investments Purchase of investments 57,118 47 242,449 (176,695) 50,800 21 607,107 1685,876) Net Cash Flows from Invesling Aclivities 122.919 127,948) Change in cash and cash equivalents in the year 35,135 1115,288) Cash and Cash equivalents brought fotward 26.318 141,606 Cash and cash equivalents carried forward 15 61,453 26,318 Analysis of changes in nel debt: At start of the year Cashflows Other non-cash At end of the year changes Cash 9,218 17,100 2,479 32.656 11,697 49,756 Cash within the investment portfolio 26,318 35.135 61,453
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 1. ACCOUNTING POLICIES The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the linancial stalements are as follows- a. Basis of preparalion The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charilies Act 2011. The financial stalements have been prepared under the historical cost convenlion in pound sterling which is the functional currency of the Charity. The financial statements have been prepared to give a'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than Ihe Accounting and Reporting by Charities- Statement of Flecommended Practice effective Irom 1 April 2005 which has since been withdrawn. b. Going concern The trustees consider that there are no material uncertainties alx)ut the charity's ability lo continue as a going COnrn. As such, they continue to adopt the going concern basis of accounts in preparing the financial statements. c. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, which is normally upon notification of the interest paid or payable by the bank. Dividends and income from Government Securities are recognised when it is received. d. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accoLJnted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannol be directly attributed to particular headings. they have been allocated to activities on a basis consistent with Ihe use of resources.
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support costs are those costs incurred directly in support of expenditure on the objects of the charity and governance costs are those incurred in conneclion with administration of Ihe charity and compliance with constitutional and statutory requirements. e. Taxalion The Trust is a registered charty and is exempt from corporate taxes to the extent of operating within its charitable objectives. Irrecoverable VAT is charged againsl the expenditure heading for which il was incurred. Fund accounling Unrestricted lunds can be used in accordance with the charitable objectives at the discretion of the trustees. g. Investmenls Investments are a form of basic financial instrument and are initially recognised al their transaclion value and subsequenlly measured at their fair value as at the balance sheet date using the bid price. The statement of financial activities includes the net gains and losses arising on revalualion and disposals throughout the year as disclosed in note 10. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form ol financial risk faced by tt)e charity is that of volatility in equity markets and investment markels due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equilies and within particular sectors or sub sectors. h. Debtors Sundry debtors are recognised at the settlement amount due. Prepayments are valued at the amount repaid net of any trade discounts due. i. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three monlhs or less from the dale of acquisition or opening of the deposit or similar account. Creditors Credilors are recognised where Ihe charity has a presenl obligalion resulting Irom a pasl event Ihal will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are nomially recognised at their settlement amount after allowing for all trade discounts due.
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 k. Financial instruments The charily only has financial assets and financial liabilities of a kind thai qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value. Fixed assets are recorded at depreciated historicJ cost and all other assets and liabilities are recorded al cost which is their fair value with the exception of investments which are recorded at their fair value based on markel rate as shown in note 10. l. Accounling estimales There are no significanl accounting estimates at the year end date (2023 none). 2. INVESTMENT INCOME 2024 2023 Bank account interest Interest on investments Dividend 47 594 56.524 21 487 50,313 57,165 50,821 RAISING FUNDS 2024 2023 Inveslment manager fees 21.765 21,548 21,765 21,548 4. TRUSTEES. REMUNERATION AND BENEFITS No remuneration or other benefits were paid to trustees for the year ended 30 September 2024 nor for the year ended 30 September 2023. No expenses were paid for the year ended 30 September 2024 nor for the year ended 30 September 2023.
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Direct costs Support cosls Total 2024 2024 2024 (note 71 Engaging and educating in performing arts 57,651 9,114 66,765 Granls to individuals Grants to institutions 35,026 22,625 24 57,651 41 One grant included in the tables above of £1.000 was made to an institution in Scotland, and one of £500 to an institution in Northern Ireland. The remainder were made to individuals and institutions in England. 6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Direct costs Support cosls Total 2023 2023 2023 (note 81 Engaging and educating in performing arts 57,500 7,320 64,820 No. Grants to individuals Grants to institutions 21,000 36,500 14 23 57,500 37 Four grants included in the tables above, totalling £5.5CQ, were made to institutions in Scotland, and one of £500 to an institution in Northern Ireland. The remainder were made to individuals and institutions in England. 12-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 7. SUPPORT COSTS- CURRENT YEAR Governance 2024 Other 2024 Total 2024 Independent examination fees Rent Adminislrative assistant Office expenses Website costs Bank charges Insurance 1 ,586 1,586 4,143 440 2,198 4.143 440 2.198 747 747 Total 1,586 7.528 9,114 8. SUPPORT COSTS- PRIOR YEAR Governance 2023 Other 2023 Total 2023 Independent examination fees Rent Administrative assistant Office expenses Website costs Bank charges Insurance Total 1,559 1,559 3,128 445 1,416 3.128 445 1,416 772 772 1,559 5,761 7,320 9. STAFF COSTS No wages or salaries were paid in 2024 or 2023. 13-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. INVESTMENTS 2024 2023 Investments at market value comprise: At 1 October 2023 Additions Disposal proceeds {Lossl I gain on investments Cash movemenl 2,261,866 176,695 (242,449) 41.771 101,106 2,237,580 685,876 (607,107} {4,966} 149,517) At 30 September 2024 2,338,989 2,261,866 Cost of investments 2,259,003 2,227,425 Inveslmenls are allotted to each range as follows: Fixed inlerest Equities Other Cash 543,753 1,119,061 626,419 49,756 561,570 1.116,081 567,115 17,100 2,338,989 2,261,866 DEBTORS 2024 2023 Prepayments Other debtors 246 734 246 734 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Olher creditors Accruals 2,074 1,815 2.074 1,815 -14-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. RELATED PARTY DISCLOSURES There were no related party transactions in the year ended 30 September 2024, nor in the year ended 30 September 2023. 14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income Adjusled for: Loss l {gain) on investments Ilncreasel l Decrease in debtors (Decrease} I Increase in creditors Dividends and interest from investments Bank interest 78,856 20,987 {110.221} 488 258 (57,118) {471 {56,5341 {972) {50,800) 121) Net cash provided by operating activities 187,7841 {87,340) 15. ANALYSIS OF CASH AND CASH EQUlVALETrs 2024 2023 Cash at bank Cash in investment porttolio (note 10) 11.697 49.756 9,218 17,100 Total 61,453 26,318 15-