Charity No.1082126 THE WAVENDON FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
THE WAVENDON FOUNDATION CONTENTS Page Rerence and admFnistratlve detalls Trustees. report Independent examlner5' report Statement of financial activltles Balance ¥heet cash flow 8tstement Notes to th8 financlal statements 9-15
THE WAVENDON FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2025 CHARITY REGISTRATION NUMBER 1082128 TRUSTEES Richard Mann Ichairl Laurence Holden ITreasuTerl Marcus Blake Kenneth Chaproniere (to March 20251 e¢ Dankworth Kevin Whately OBE LIFE PRESIDENT Dame Cleo Laine DBE Ilo July 20251 PRINCIPALADDRESS 83 Ducie Street Manchester M1 2JQ INDEPENDENT EXAMINER Hickeson Boy¢& 68a High Street Stony Stratford Milton Keynes MK11 1AQ BANKERS National Westrnin5ter Bank PIC Milton Keynes IA) Branch 501 Silbury Boulevard Saxon Gate East Milton Keynes MK9 3ER MetroBank plc One Southampton Row London WC1B SHA INVESTMENT ADVISORS PB Financial Planning Tennyson House Carnbridge Business Park Cambridge C84 OVVZ Ralhbones (incorporating Investec Wealth & Managemenll IUKI 30 Gresham Street London EC2V 7QP
THE WAVENDON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees present their report wf(h the financial statements of the charity ft)r the year ended 30 September 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeciive 1 January 20191. STRUCTURE. GOVERNANCE AND MANAGEMENT Objects of the Foundation The Wavendon Foundation is constituted under a Trust Deed dated 1 May 2000 las amended by a supplementsl deed dated 3 August 20001 and is a registered charity, Reglstration No. 1082126. The principal object of the Charity is to raise nds to benefit persons engaged in the performing arts and in the education of the public through the performing arts, whether as registered charities, corporate bodies or individuals. The principal fund-raising vehicle employed by the Charity Is return from investing. The Wavendon Foundation seeks to have regard to public benefit by making financial awards wthin the performing arts available to all. The Foundation carries out its activib.es wth due regard for the Charity Commission guidance on public benefit. Organisational structure The trustees have seThed during the year are set out under the section 'Trustees" on page 2. The trustees met quarterly during 2024125. REVIEW OF ACHIEVEMENTS AND PERFORMANCE The sale of land gifted to the Foundation by Sir John and Lady Dankworth enabled the Trust to establish an investment portfolio which funds the provision of financial awards and the running of the Foundation, in support of ils charitable aims. Each quarter, the trusiees 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 ¥Mlh the Foundation's investment poli¢y. Whilst it Is rarely possible lo make awards to all applicants, the trustees endeavor lo maximise the number of awards made each quarter and sought lo respond lo the increased demand parti¢ularly from individual applications in the year. In 2024125 49 financial awards were made were to 8 organisation$ such as.. Cumbria Opera Group, Bold Tendencies and The National Youth Jazz Orthestra. The remainder were to individuals with donations varying bebKeen £250 and £2,000 to support their studies or specific projects they were engaged in. In total, the amounts donated were £59.200 to individuals and £13,000 lo organisations12024- £35,026 to individuals and £22.625 to organisationsl. RISK MANAGEMENT The trustees have identified the risk$ to which the Charity is exposed and have implemented procedures to mitigate them. The pnncipal risk to the Charity Is considered to be volatility in the Capit value of rts Investments and the returns therefrom. This is mitigatecl by diversifying the Investment pc)rtfolio In 3 profégÈion>lly man2g8d inveBtment portfolio on mediutn 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 {CONTINUEO) FOR THE YEAR ENDED 30 SEPTEMBER 2025 FINANCIAL REVIEW The gross income ofthe Found81ion, induding feali8ed and unrealised inv8strnenl gain8 for the year w88 £114.113 {2024 £187.3881, r8suRing in ¥ surplus for the year bafore donation¥ made of £81,981 12024 £136,SC61. Th• not gain on Invastments lor year at the Balance She•t do19 was £65.867 {2024 £110.221). Financial 8ward$ given as grants in tha yo81 wets £72,20012024 £57.6SI1 resuhing Fn a not 8ufF4u$ lor the year of£9,761 12024 £78.858). When aggregated with unresirfcted re$8rvgs brought forward of £2,348.858. unrestrictad re$&rves carried foN8rd are £2,358,619. Invo8im•nt PorformOAC At thè Balanca Sheet dats, the Foundatsofj's inva$tment ptsrtfolio réported a net retum of 4.6•A over the 12 months from 30 September 2024, The trustee$ have reviewod the perfomiance and suitabilty of thè Foundation's portfollo with the inv$tment managers. acknowledging the challengTrng investmgnt 8nv1ronmsnt during the year. and wlll ¢ontinua to keep inveslrnenl perf¢Trnan under ?¢tiv• r¢vl8w. The iat&sl availablo vauatson ot the portfdio as al 31 D&¢ember 2025 shows a current market value of £2,369,494, with net rglum of 8.5% delwered over the 12 months ftom 31 Dfiber 2024. FUTURE PLANS The Foundytion intends 1¢ continue making available financial award8 to SUPPDrt engagement and education in thè perfomin9 8rt8 In accordance with 11$ charitsbl¢ purFoses. The trustees are responsible for k&eping propel accounting records which disclose with reasonable accuracy at any time the fin8ncial position of the charity and to enable thèm to ensure Ihat the financial ststem8nts comply wtth the Charities Act 2011, th Charity (Accounts and Reports) Regulation 2008 and Ihe provisions of the trust deed. They arè also respDn8ibl& for sa19guardlng the assets of the ch¥rlty and hence for taking fea80nabl& *eps lor th& pr8venb.on and dètecliin of fraud and other irregularities. Approved by order of thè br)ard of tru$l883 on and si9n&J on its behall by.. •, 7bl- QOCA Richard Mxnn- Trusteo and Chaii "17lg 02
THE WAVENDON FOUNDATION INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE WAVENDON FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2025 I report to the charity trustees on my examination of the account$ of the charity for the year ended 30 S&ptember 2025 which are set out on pages 6 10 15. R•$ponslbllltl•s and basis of report As the charity's Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Act'i. I ret)ort in respect of my examination of the charity's accounts carried out under seCtn 145 of th8 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5llbl of the Act. Independent examinerfs statemont I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'Irue and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have com¢ across no other matter¥ in nnectIOn with the examination to which attention should be drawn in this report in order to enable a propgr understsnding of the accounts to be reached. N Boyce FCCA Hickeson Boyce 68a High Street Stony Stratford Milton Keynes MK11 1AQ Date.. IGI712G
THE WAVENDON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 unrestricted 2025 unr8Stricted 2024 Note INCOME FROM: Investment income Total 48,246 57,165 EXPENDITURE ON: Raising funds Charitable activities.. Grants Other 21.747 21,765 516 718 72.200 10.405 57.651 9.114 Totsl 104,352 88,530 NET IEXPENDITUREI BEFORE GAINS {56,1061 131,3651 Net Ilo$se811 gains on investsn&nt$ 65,867 110,221 NET (EXPENDITURE} I INCOME BEING NET MOVEMENT ON FUNDS 9.761 78.856 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 2,348,858 2.270,002 2,358,619 2.348,858 All income and expenditure has arisen from continuing activities. The Ststement of Financial Activities includes all gains ar>d losses re¢ognised in the year. The notes on pages 9 to 15 forFr part of tliese accounts.
THE WAVENDON FOUNDATION CHARITY REGISTRATION NUMBER: 1082126 BALANCE SHEET AS AT 30 SEPTEMBER 2026 2025 2024 Note FIXED ASSETS Invostments Fixed investments 10 2.349,822 2,338,989 2 338 989 CURRENT ASSETS Debtors Prepayments and accruad in¢¢m• Cash at bank 268 10,128 246 11,697 10.396 11,943 CREDrroRS Amounts fglling due wf(hin on* year NET CURRENT ASSETS 12 11,5991 12,0741 8,797 9,869 TOTAL ASSETS LESS CURRENT LIA81LITIES 2,3S8,619 2.348.858 NEfASSETS 2 358 619 2,348,858 FUNDS UnrestTiCtsgd funds 2,3S8,619 2,348.8S8 TOTAL FUNDS 2,358,019 2,348,858 Tha financial Statements were fjpproved by the Board of Trustaes on and sign&d tsn its behall by.. urence J Holden 8.Mus. MSC, CPFA Trustee and Hon.Treasurer 719":J The nolas on pag•s 9 to 15 foim part of thesè a¢count8.
THE WAVENDON FOUNDATION CASHFLOW STATEMENT AS AT 30 SEPTEMBER 2025 Notss 2025 2024 Cash Flows from Operating Activiti? Net cash provided by operating activities 14 1104,8491 187,7841 Cash Flows from Investing Activities Dividends and Interest from investments Bank interest Proceeds on sale on investments Purchase of investments 48,213 33 783,450 {570,8581 57,118 47 242,449 {176.6951 Net Cash Flo% from Investing Activitiès 260,838 122,919 Change in cash and cash equival8nts in the y•ar 155,989 35,135 Cash and Cash equivalents brought forK4rd 61,453 26,318 Cash and cash èqulv¥lents carried forward 15 217,442 61,453 Analysis of chang•s in net debt= At start of the year Cashflows Other non-cash At end ol the year changes Cash Cash within the investment portfolio 11,697 49,75S 11,5691 157,558 10,128 207.314 61,453 155,989 217,442
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1. ACCOUNTING POUCIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. a. Basis of pmparntion The financial statemen15 of the Charity, which 15 a public benefit entity under FRS 102, have been prepared in accordance wf(h the Ch3Tities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,. Financial Reporting Standard 102 The Financial Repong Standard applicabse in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention in pound sterfing wh&ch is the functional currency of the Charity. b. Going concern The trustees consider that there are no material uncertainties about the charity's abilty to continue as a going eoncern. As such, they continue to adopt the going concem basis of accounts In preparing the financial statements. c. Income l income is re¢ognised in the Statement of Financial Activities once the charity has entitlement to the funds, il is probable that the income wll be received, and the amount can be measured reliably. Interest on funds held on deposlt 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 Governrnent 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 Its that expenditure, it is probable that a transfer of economi¢ benefits will be required In settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all Gosts related to the category. Where costs cannot be directly attributed to particular heading3. they have been allocated lo activities on a basis consistent with the use of resources.
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Support Costs are those costs incurred directly in support of expenditure on the objects of the charity and governance costs are those incurred in connection with administration of th¢ charity and compliance urilh constitutional and statutory requirements. e. Taxation The Trust is 3 registered charity and is exempt from corporate taxes lo the extent of operating wrthin ils Charitable objectives. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Fund accounting Unrestricted funds can be used in accordance wth the charitable objectives at the discretion of the trustees. Investments Investments are a fomi of basic financial instrument and are inffially recognised at their transaction value and subsequently measured at their fair value a5 at the balance sheet date using the bid price. The statement of financial activib'es includes the net gains and losses arising on revaluation and disposals throughout the year as disclosed in note 11. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of finaneial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or SLib sector5. h. Debtors Sundry debtors are recognised al the setdement amount due. Prepayments are valued al 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 months Dr less from the date of acquisition or opening of the Lleposit or similar account. j. cditorS CdItorS are re¢ognise¢Y where the charity has a present obligation resulting frorn a past event that 11 probab result in the transfer of fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are nom1811y recognised at their setuement amount after allovAng for all trade discounts due.
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 k. Financial instruments The charity only has financial a55ets and ffinancial liabilities of a kind that qualify as basic firancial instnjments. Basic financial in5tiuments are initialty recognised at transaction value and subsequently measured at their settlement value. Fixed assets are recorded at depreciated historical cost and all other assets an(J liabilities are re¢orded at cost which Is their fair value wrth the exception of investments which are recorded at their fair value based on market rate as shown in note 11. l. Accounting estimates There are no significant accounting estimates at the year end date12024 none). INVESTMENT INCOME 202S 2024 Bank account interest Interest on investments Dividend 33 888 47,325 47 594 56,524 48,246 57,165 RAISING FUNDS 202S 2024 Investment manager fees 21,747 21.765 21,747 21.765 TRUSTEES. REMUNERATION AND BENEFITS No remuneration or other benefits were paid lo trustees for the year ended 30 September 2025 nor for the year ended 30 September 2024. No expenses were paid for the year ended 30 September 2025 nor for the year ended 30 September 2024.
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES- CURRENT YEAR Dkrect Costs Support costs Total 2025 2025 2025 (note 71 Engaging and educating in performing arts 72,200 10,405 82,605 No. Grants to individuals Grants to institutions 59,200 13,000 39 72,200 47 Three grants included in the tsbles above totalling £4,500 were rnade to individuals or institutions in Scotland, totalling £1,250 to individuals and institutions in Wales, and one of £1,000 to an institution in Northern Ireland. The remainder were made to individuals and institub.ons In England. 6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIE& PRIOR YEAR Dlrect costs Support costs Totsl 2024 2024 2024 (note 71 Engaging and educatirrfJ in pèrforming arts 57.651 9,114 66,765 No. Grants to individuals Grants to insliluts.ons 35,026 22,825 24 17 57,651 41 One grant included in the tabl6$ above of £1,000 was made to an institution in Scolland, and one of £500 to an institution in Northem Ireland. The remainder were made lo individuals and institutions in England. -12-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 7. SUPPORT COSTS- CURRENT YEAR Governance 2025 Othar 2025 Total 2025 Independent examinaknon fees Rent Administrative assistant Office expenses Website costs Bank charges Insurance 1,586 1.586 4.104 641 3,814 4,104 641 3,814 260 260 Total 1.588 8,819 10.405 SUPPORT COSTS- PRIOR YEAR Governance 2024 Oth•r 2024 Totsl 2024 Independent examination fees Rent Administrative assistant Office expenses Website costs Bank charges Insurance Total 1,586 1.586 4,143 440 2,198 4.143 440 2,198 747 747 1,586 7,528 9.114 9. STAFF COSTS No wages or salaries were paid in 2025 or 2024. 13-
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 10. INVESTMENTS 2025 2024 Investments at market value comprise". At 1 October 2024 Additions Disposal proceeds ILos51 I gain on investments Cash movement 2,338,989 570,858 1783,4501 115,6331 239,058 2,261.866 176,695 1242,4491 41,771 101,106 At 30 September 2025 2.349.822 2,338,989 Cost of investments 2,142,970 2,259,003 Investments are allotted to each range as follows.. Fixed interest Equities Other Cash 538.378 1.004.959 599. 171 207,314 543,753 1.119,061 628,419 49,756 2.349,822 2,338,989 11. DEBTORS 2025 2024 Prepayments other debtors 268 246 268 246 12. CREDITORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade creditors Other creditors Accruals f.599 2,074 1,599 2,074
THE WAVENDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 13. RELATED PARTY DISCLOSURES There were no related party transactions in the year ended 30 September 2025, nor in the year ended 30 September 2024. 14. RECONCIUATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net Income Adjusted for. Loss I Igainl on investments Ilncreasel l Decrease in debtors (Decrease) I Increase In creditors Dividends and interest from investments Bank interest 9,761 78,856 185,8671 1221 14751 148,2131 1331 1110,2211 488 258 157,1181 {471 Net cash provided by operating activities 1104,8491 187,7841 15. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash al bank Cash In investment portfolio (note 101 Total 10,128 207,314 11,697 49,756 217,442 61,453 15-