The Wavertree Education Trust Limited Annual report for the year ended 31 December 2023 Re8iStered number. 5370950 Retstered Charlty number. 1111771 nual report for the yearended 31 Dthnber2023 Cortents Tw5tees, dlrectors. ofkersand a¢ Tw5tees' rerortfortheyearended 31 c*canter2023 2-G IndeFendertauditorf ￿p)rtt0￿ Membe￿of￿* Wastrtree EdUcationTrUtt￿rntsd 7-10 StstementoffinarKialactMkneSforthe￿rendQd3l tlecemLw2023 {[rK￿d￿% expendrtuTrl li BalarK2 sl*etasat31 December2023 Note5tothefiftarKk3lSratementsforthe￿aernled 31 Derynber2023 1>20 The Wavertree Education Trust Limited Truste￿. dlrettors. offi￿15 and athtsers Trustee5and dire¢tors Brian Chandler Fiona Dowding Richard Fuller Jane Keir William Sporborg NichoL3s Wingh'eld-Dith R•gi5tered office The National Stud Newmarket Suffolk C38 OXE Staiuiory auditors Price Bailey LLP Tennyson House Cambridge Buslnes5 Park Cambrldge C84 OW2 Solidtors Edmondson Hall 25 EX￿er Road NewrnarkÈt Suffolk CB8 8AR Banke Weatherbys Bank Sander5 Road. Wellingb)rough Northarnptonshlre NN8 4BX HSBC Bank PLC 54 Abbeygate Street Buryst EdnMJnds Suffolk IP33 lu The Wavertree Education Trust Limited Trustees. report forthe year ended 31 December 2023 ThÈ Trustees. who are also directors of the Company for the pUr￿}se of the COm￿nieS Att, present their annual report and the audited financial ststemerts for the year ended 31 De￿rnber 2023. The financial 5taternents have been prepared in accordance witti the accounting rA)licies set wt in nores to the accounts and comply with the Chartty's governing docurnenL the Charities Art 2011 and Accounting and Reporting by Charities". Statement of Recomrnendeé Pratt￿e applKabk to Char￿e$ preparing their.accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Status 3fid ¥dministratTron The Charity is a charitablÈ tomparylimited byguarantee. irtorporatedon 21 FebnJary2(K>5 Icornpany ￿giStratIon numbEr 53709501 a5 The Mill Reef ChaTttable Trust. On 18 May 2W5 the charitable company changed its name to The Wavertree Charitable Trust and registered with the Charrty Cornmissioners as a charty on 21 OrtDber 2005 Icharty registration nurnbei 11117711. On 3 Aprll 2019, the charitable company changed its namè to The Wavertree Education Trust Limr(ed. This was to reflect. mre accurate￿. the aims and objertNes of the Charity- The Charityoperates under Mèmorandurn and Article5 of Association adopted initialty on 15 February 2W5, amended on 14 ottober 2008 and 18 May 2017. The conskntution provides for rrfjt les5 than three and no rrn¥e than eightTrustee5. and the nature of the Charity is one of grant making. The £urrentTrustee5 of the Charity have a great deal of experience in CharityTru5teeship and Adrnini5trtstion. The Charity 15 a standalone organisat￿n whirh ha5 direthyempbyed staff. fft Chari￿5 prinopal fundeTS to datr have been the Horserace Betting Levy Board lin accordance wtth the terms of the transfer of the National Stud frorn the public sector to the Jockey Club on 17 April 20081 together vith th>nations from a rar￿e of charits"es. indwiduals and bloodstock lated ￿SIneSSes. The Trustees are committed to raisi￿ additM)nal funds in fvrtheTa￿e of the Tru5f5 cbaritsble objectNes and in order to ensure that the provision of education and training sustsin5 beyond theguarantee Feriod contained In thetrdn5fer terms. The TnJ$tees are also open to applications from sources otherthaD National Stud Limlted. Oblert5 The prfrnary oblects ofthe Charkty. a5 ststed in its 80￿MIngdocUmenL a￿. to advancethe education andtrainingof ￿r$On5 especialhftheyoungto Prepa￿theMfortrades and oc¢upatKJns in the e4uine Industry and. in particular the b￿edIng of hO￿e5, and thereby advance them in life- to adTrrdnce educatlon through the provisw)n of publK access to the educational13cilit￿5 offered by National Stud Llrnited lor such other organisation Providing similar educational facilities) including but not Ilmited to a W151tors Education Centre where the public can kam about horse husbandryand in part￿￿lar, the breeding of horses and to prornote through edUCat￿Tr. hurnanityand moralty among the publk in the care and consideration of hor5e5,' to prornote and encouragÈ research into tIE breedin& tsse and management of thJfoughtirÈd and non- thoroughbred ho￿e$ and facilftate the acquisition and distributh)n of such knowledge: ènd such other charltsble wrposes to the cornrnunity COllSiStent with and complementsry to the objects abDve as theTrustees shall in their absolute discret￿￿ LleteminÈ. The Wavertree Education Trust Limited Trustee5' rep¢y¢ forthe year ended 31 December 1023 The Tru5tee5 have considered the Charity cornm￿10￿,5 Guldance on Public Benefft and they consider that the Charity is fulftlling its obligations in this o5pett A¢hi¢¥ement aga11￿ oblectF¥es thrw¥theyear On 17 April 2008. the Jockey Club lin the fomi of National Stud LimttÈdl became ful￿ responsible for the operation of actwities formerly undert8ken bythe National Stud. Atthat p)int.the fvture rose ofThe WaVert￿e EducationTrust Limited was a150 C￿[rfled (through the medium of the Transfer A8reernentl in terrns of its ongoing relationship with National Stud Llmited. While NatioTral Stud bmited continuesto provtde Education and Training 5ErvicÈs las required under the Transfer AKreementl for the benefrt of the thoroughbred breeding industry. the Charity will support that process through the applicaiion of grant monies received fvom the Hor5eTace Betting Levy Board lfrom 20tFJ oTrwardsl and through consideration of 3pplitations from National Stud umited lor addit￿nal revenue andlorcapital grant support. Duringthe course of 2023. the Charity provlded revenue SUPfN)rt of £142.5W12022.. £130,(KK)I forNational Stud Limited's Education and Tralning pr￿r3￿Me. wholly in￿ord3r￿e with theCharit(scharr(able objertNÈs. in orderthatthe Diploma COU￿ could be sustained during that academic year. and financial sUPtK)rt towards the ongoing provision of educatlDn services to the wider Éèneral publK and associated educatvjnal material. Total grants during the year arnounted to £4S8.%￿l2022_. £471.3831. The TThJstees of the Charity a￿ satsfied thatthe outcorne5 either ach*ved or proierted as part of the above grant sit well with the Charftys first tsvo objectives. The irKomÈ receNed by the Charity in 2023 to £450.31012o22:£4￿).50$1. Review tsF arti¥ttks The staternentof financial actlvtries fOrthe￿ar isset c#rton page 11 of the finar*ial statement% IncomeBeneTrti The donation5 ￿teNed for the year were £420,CKK)12022= E489.3831 atKI comprlsed.. £]￿.(#)012022= £254,500) frorn charitable orgènisations, E40.IMM)12022= £40.(KI)I ftom noTr. Dur1ngtheyear£458.5￿l2O22- f471.383lwasexpendedfrom restricted ￿nd5.T￿Trustees, policyon ￿serveS s to expend Rs free resewves on its Charitab￿ objects. Guarantors The company, whlch has no share capital, is limited by guarantee. In theevent of the Company bein8 wound up.the lia￿.1￿¥ ol each 8uararttoi Is Ilmfted to £l.The 8uaranitsrs tsf the Company are setout below= Brran Chandler iona Dowding Richard Fuller Jane Kelr William 5porborg N￿hOlaS w1￿fIeld-D1gbY Governaf￿e ofthe Charlty The Board of Trustees admin￿terS the ¢Jwrity. Duiijw the year under review. the Trustee5 rnet formally OTr 2 occasKJns, t*xh via Teams and in per50n. Tvustees wlll ser¥e a maximum fr4e yeai temi of offi￿. at the end of whKh they must re518rk, but will be eligible for immediate leap￿IntMent The Tru5tee5 rr￿et each cakndar year. the nufflber of meetings beinB detemilned by the requirements of the buslness. In exercisingtheirpcwer5to rK)mlnate, appoinL reappoirt elecL appTL)ve and dismlssTnJstees. boththe Members and Trustees shall seek to ensure that the Board is representstive of tfv)se with an interest In the 5erviTr5 2nd facllitie5 ¢fftred by the Charity and a150 comprtses persons with a L￿d range of ski115 and who are Ilkety to contribute to the Chariws 5￿CesS. The Trustees who served duwingthe yearto 31 December 2023 are Ilsted on page L Rtsk management In the light of CorkKJrate G¢)vernarKe guldarKe contsined within the Charrtie5 Stateth￿nt of Recommended PractKè applicable to charities preparing tkEir accounts in accordance wtth the Flnancial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffectwe October 20191. the Trustees have conducted thelr own review of the rna￿r strategie, ￿l￿ne$S and operational risks to wh￿h the Charity 15 exp)5ed and systerns have been estrbllshed to rnitigate those risks. The Tnjsrees have arranged thlrd party indemnlty insur4rKe cover in the context of Mar￿ing and corrtaining The Wavertree Education Trust Limited Trustees" report forth• yearended 31 De￿mber 2023 Financial risk management The Ch3ritls Dperations expw itto a limited numberof ri5k5that includèthe effects of interest rate risk and Iv4uidity rtsk. Interest rate rlsk- All cash and shorttem) depo￿t5 are held in 5tedinE. The weighted avernge lrtteresi rate of short terrn depostts held at the year*nd is 2.2%12022= 2.1%). Li4uidrty risk- The Tnjstees rnonitor the level ol cash and liquid resources on a regular ba515 to ensure that the Charity has suificient liquid lunds to enable itto continue as a going concern. Thi5 15 achieved by review of current imiestrnentsatTrustee meetlng Fund raising standards Infomiatlon ICA 162AI The Wavertree EducaiK)n Trusr Limited raises some fvnds from the public. The TTUSt underrake5 fund raising through It5 Trustees and other intemal ￿0￿rt@S and does CornM￿K)n professkjnal fiJnd-rai5ers or any commercial partitipator for these purFQSes. The Trust ￿ not 5ubjett to an undertakin8 to be Lxjund by any Voluntary S[￿Me or stsndard for regulation in respect of fundraising actr¥ities. Fundraising actNities are reported at all Trustee rneetings. The Trust has received nocomplaints 3tK)ut actNit¢esforthe purtrf)se of fundraisirNg. The Trust hasadopted prirKiples of GDPR legislatio to safeguard data from dorK)r5. TRUSTEES. RESPONSI8ILmES STATEMENT TheTrustees are ￿sPortsIble for preparingtheTnJsiees' Rewrt and the finarKiol #atements in accordance with applicable law and regulations. Company law iequires the Trustees to prepare hnancial statements for each hnan¢ial year. Under that law the Trustees have elected to prepare the financlal ststernents in *cordance with Unlted Kingdom Generally AC￿pted Accounting PractKe ILlntted Kin8dom Accourtling Standards and appltcable lawl. Under company law the Trustees must not approve the financial State￿Trts unle55 thty are satisfied that they give a and fair view of the state of 3ffair5 of the charitable company and of the profft or loss of the charitable cornpany for that ￿riod. In preparing these financial 5tstements, the Trustees are required to= setettsuitable accounting policies and then appty t￿M consistent￿. ob5erye the methods and principks in the Charitie5 SORP 2019 IFRS1021.- makeludgments and accounting estimate5 that are reasofiab￿ and prudent- state whwhef applicabk UK Accounting Standards have been folk)wed. subject to any materfal departures di5c105ed and Explained in the financial 5taternents.' epare the financ*1 stste￿￿nts on the eoing corKem basis unless inappropriats to p￿SuMe that the charitable compary wlll coThtiThJe in business. TheTrusteesare responsib* for keeplng adequateaccounting records thataresuffKienttO 5howand explain thetharitable cornpany'5transaciion5 and diKl¢)se wfth reasorsable accuRcyatanytime the financrdl posttion of the charitable company and enable them to er￿Ure that the financial statements cornply with the Companies Act 2CQ6. They are also resp)nsible for safeguarding the assets of the Charitab￿ company and hen￿ for tsking ￿aSonab￿ steps for the prevention and detettion of fraud and other Irregularft￿s. The Wavertree Education Trust Limited Trurtees report forth¢ y¢¥ended 31 De￿fflbef 2023 DISCLOSURE OF INFORMATION TO AUDITORS Each of the ￿rSOnS who areTrustees atthe time whEll thisTrustees' Repjrt is approved has confirrned that- so far as that Trustee is aware. there relevant audit information of whKh ￿ Company's auditors are unawa￿, and the T￿stee hastsken allthett@psthatoughtto have been takenasaTrustee In orderts beaware of any relevant audit inforrnation and to establish thatthe Cornpany's auditors a￿ aware of that inlormatiDn. Auditors The auditors. Price Bailey iLP will be proF￿Sed for rtrappointmenr In acmrdarKe with sectk*n 485 of the Companies Att 2006. In preparinKth6 repo¢ theTNstees ha¥etsken advantr8Eof the srnall cornpanie5' exemptN)ns provided bysectlon 415A of the Compan￿5 Acl 2CK6. By ordtrof the Board Date 31sfr d-N IrfLy The Wavertree Education Trust Limited Independent Audf(ors' Report to the Mernl*rsof The Wavertree Education Trust Limited O￿nIon We ha¥e audited the financ￿1 sratements of The Wavertree Education Trust Umrf(ed Ithe'charitable cornp3n¢l forthe year ended 31 December 2023 which comprise the Statementol Financial ActNities. the Balance Sheet, the Statementof Cash Flows and notes tothe finantial statements. I[￿￿dIng signfficantaccounting wlKses. The financlal repvrting f￿meworkthat ha5 been applied in their preparat￿n is applKable law and United Kingdorn Accounting Standard5, including Financial Reportingstsndard 102. The Financial Reporting stsn(knrd applicable in the UK and Republic of Ireland Iunlted Kingdom Generalty AC￿pted Accounting Practice). In ouropinion the financial statements: give a true and falrvlew of state of the chatitable comparfs affalr5 as at 31 December 2023. and of tt& incomin8 resourw and application of resources. includlng its Incor￿ and eXpe￿Ilture. forthe yeart￿n ended.. have been property prepared in accordance with United Kingdom Gèneralty AC￿pted Accwffling Prartice- and have been prepa￿d in aCcOrda￿e with the fequiremÈnts ofthe Companies Art 20(￿. Basisforoplnh)n We conducted our audit in accordance with Internathjnal Standards on Audfting IUKI IISAS IUKII and appllcable law. Our responsibllities under those stsndards are further desCri￿d in the Auditorfs resFKJnsi&ilf(iesforthe audSt of the financral ststernents5ection of our ￿￿KIrt. We are Independentof charitable comparry In accordar*e with the ethical requirements that are relevant to our audrt of the fir￿ntIal statements in the UL includingthe FRCS Ethical Standard. and we have futh.lled our other ethical reskwmsibilities in accordance withthese ￿quirements. We believe that the audit eviden￿ we have obtsir￿d is yJfficieTht and appropriate to provide a basislor our opinion. Condu$lons relatsng to so1￿ (Oft￿rn In audtting the financlal statements. we have cor￿Uded thattheTru5tee< use of the golng conttm basisof accounting in the preparation of thefinartial staten*rts is appropriatè. 8ased on the work we have perforn)ed, we have not identrf*d any materlal Un￿rtaInlIeS relatingto events or conditions that. indNidually or co11ectfve￿, rnaycast SI￿￿ant doubton the charitable company's abilttyto continue asa going COr￿ern lol a petiod tsf at kast twefve rnonth5 frorn whenthe fina￿lJI ststements a￿ authorlsed for ￿5Ve. Our responslbilities and the respor&lbillties of theTrustee5 With respectto going cortem a￿ described in the ￿leVant seetrons of thls reporL The Wavertree Education Trust Limited Independent Audltor5' Rewt to the Members of The WaVert￿e Educatlon Trust Limrted Other Information The other Infomiation cornpri5esthe information included in the Trystee5' annual re￿r¢ otherthan the fi.nancial statements and our èuditorfs reportthereon. TheTrustee5 are responsible for the other inforrnation contained within the annual report. ouropln￿n on the financial Statements does not cover the ot￿r information and. ￿ept to the extent otherwise expllcltty ststed in our repJr¢ we (kj Njt express any fomol a$sUrar￿ conclu550n the￿on. Our ￿spOnsIbIlitY is to read the other irrforrnatitin and. in doing 50. consider whether the other Information is mèterially inconsistent wlth the financyal ststernents orour knOw￿dge obtained in the course of the aud(( or otherwise appears to be rDaterial￿ msstated. If we Identify such mèterial incons￿lenC•es or apparent material rnisststements, we ère required to deterrnine whetherthis gtves rise to a material misstatement in the financial statements themselves. If. based on the work we have pertom)ed. we corKlude that there s a materfal rnisstaternent of thi%other Information. WE are required to rep)rt that fact. We have nothbn8 to reF￿rt in this reEard. Oplnlons on other mott¢ry wesuM*d lry the Comp•ntes*£t2(1)6 In ouroF4nk>n. based on the workunderraken in the mur5e of the audbt= the infomiation gwen IntheTrustee5' reportforthefinancial year for wh￿h the finarKwl 5tstements are Prepar￿ is conslstent wrth the financial swements."aTr the Trustee< report been prepared in accorda￿ wtth applKable legal JEquI￿rnents. M•tt•ts on whlth we￿e requlr•J to report by excepd We have rnthin8 to report in ￿SpeCt ofthe following mattefs In ￿lation to which the Companies Act 2￿6 ￿qUi￿5 us to reportto you rf, in ouroplnion: adequate accounting recowts have nott*en kept or retUTns adequate fof our audit have not been TeceNed frorn brarKhes rntvi%tted ity us: or financial sratementsare Tr)t In a8re*mentwrth theaccounting rtcords and returns.. or certaln dlscl¢)sures of dlrectorf ￿M￿neratIon specif￿d by law a￿ not made.. or we h￿e not rÈcei%td all the infonmaip)n and eXpkTrat￿n$￿E require for ouraudit . or The Wavertree Education Trust Limited IndepÈndent Audltors. Repcrft to the MernbErs ol The Wavertree EducatlonTrust Limrted theTrustees wefe not entttled to prepare the financial statements In accordantr wtth the small companie5 regime and tske advants8e of the small compan￿5 exemptx)ns in Prepari￿ the Tru5tee< re￿rt and fromthe requirernentto prepare a strategic report. Respon5ibilttie5 01 Tru#ttS A5 expL4ined more lu1￿ in t￿TrUstee$. reS￿nSibilitieS statement set out on page 5. the Trustees Iwho are also the director5 of the charitable company forthe purposes of company lawl are resFrf)D5ible forthe preparat*)n of ihe financial statements and for being Satisfied that they gNe a true and fair view, and for such internal control asthe Trustees determine is necessaryto enable the p￿parats?n of finanual 5tatementsthat arefree trotn rnaterial misststemenL whether due to fraud or error. In preparing t1￿ linanckil statements. the Trustees are reSkKJnsible forasse55ingthe chartrxble compan(5 abilttyto continue as a going concern. distlosin& a5 app1Kab￿. rnattets ￿lated to going corKern and using the going con￿Tn basls f accounting unless the Trustees er(her intend to liquidate ihe charitable company or to cease operation5. or h8¥e no realistic a￿rnat￿e butto cb so. Jjdltorfs reSpo￿￿bIlItIeSfOT the thefibMrKlal slatsmEnts Our objectNes are to obtain reasonable assurarKe aboutW￿th@r the financial staterDents as a whole are free trom rnaterial rDisstatemerrt. whether due to fraud oretror, and to issue an auditorf5 report that tncludes our opinion. Reasonable assurance ￿ a hlgh level of è$5urancÈ. but is rnt a guardnteethat an audit conducted in a¢cordarKe with ISAS IUKI WTII 3￿y$ detect a materral misstatemÈntwhen Tr exists. Msstatements can arise frDmfraud or error and are onsldered rnaterial rf. indfvidually or in the aggregate. they could reasonabty be ex￿cted tt¥ influence the econom decisions of user5 taken on the basts of theSefina￿ial 5tstements. Irrègularitiès, includingfraud. are i￿tan￿5 tsf nonr Statutory Auditor) For aftd on behalfof Price Ba¢ley LLP Cthartered Accountsnts StatutoryAuditors Tennyson House Carnbridge Business Park Carnbridge C84 OWZ Date.. 7 August 2024 io The Wavertree Education Trust Limited Staternert of fin¥n¢i4 arti4lltiÈsfor the yearended 31 Detsmber 2023 linduding Income and exptnthturel Unrestslthd fvrLd5 Restrlcled rK Totsl 2023 Total 2022 Notes Incorne Donations ènd gtfts In knnd 420.000 489,383 Investment incorne 5.310 5.310 L122 Total In¢) 425.310 425,310 490,505 Expendi￿re thi: Charttable actNit￿s 8.229 458￿1X) 466.729 478.065 Total expenditure 458.5(K) 466,729 478.065 Net In¢omellexpendfturel fortheyear {33.1901 141N191 ,440 Reconciliation of funds Totsl fvnds broughtf0v￿rd ZB9,717 352,70B 340,268 Totsl fund5 carried forw•rd 54.762 256.5Z7 311.289 352,708 All Income and expendfture derive Irom tontirwji￿actfvit*5. The￿ is no dfffe￿n￿ between the resu￿$ as shown at*)w& and their hiS￿rtaI cost equwalents. The note5 on pages I>ZOfomi part ofthese financial 5ratements The Wavertree Education Trust Limited Balance sheet as at 31 Decem￿1 2023 Reeistered Nts. 5370950 Restated 2023 2022 Notes Current 155ets Shortterm investments 177.rn 174,194 io Cash and cash equlvaknts 116,110 894,768 Debtors li 25.000 357 1,093,962 Cre&rtors-. amountsfalling due within one year 146,6001 1741,2541 Net current assets 311289 352,708 Net assets 311289 352,708 Funds: Unrestrkled fuThls 54.762 62.991 Restrided lunds 256.527 289.717 Totsl fund balances 311,Z89 352.708 The Financial statèments have been prepared in￿£ordarKe wrthtt* pro¥tsk)n53pplicableto small comp3Neswithin Part 15 of the Companles Act 2( The financial statements were appro¥ed bythe board ofTrustee5 ￿ 4 June 2024and s￿r*￿ on thelr behaff I Chairman: Wllllam Sporbjrg Date 31s1 ao4. The notes on page5 1>201om) part ofthese finar*o1 thtemer 12 The Wavertree Education Trust Limited Notes to the finanual statements for the year ended 31 Decernbor 2023 prtndpal acrountknK polloes Charty constitutes a wblic benefrt entity as defined ￿ FRS 102. The financial siatements have ￿en p￿pared In ccordance with Accounting and Reporting by Charrties.. Sraternent ot Recommended Prattice applicable to chèritiÈs p￿paringtheir accounts in xcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 155ued in October 2019. the Financial RepK)rting Stsndard applicable in the u￿￿ted Kingdom and ftepublic of Ireland IFRS 1021. the Charit￿5 Act 2011, the CompaniesAct and UK Generaltykcepted A£counting PractKe. GEneral inl¢wmatlon The addre5s0fthe rtystered office isTr National Stud. Newmarket Suffoll CB8 OXE. Basls of accountl The Wèvertree Education Trust limited rneets the defin￿lIOn of a public bEneAt entty uNler FR5102. Assets and liabl1￿e$ are initially reco8nisedat historical costortran5aCtionvalue unle5s0theww￿e srated inthe ￿le1rd￿ta¢cOuntlngPol1CY notes. The Charty ha5 adapted the CoMpan￿S Act formats to ￿lett the special nature of the Charit￿5 activities. The financial statements are presented in steding which is the functional ojrrency of the Charity and founded to the nearest £. rJolTr& ￿n￿rn The linancial statements have been prepared on a going concern basis whlch asSurr￿S that the tharity will continue In operational Èxistence for the foreseeable fvtu￿. The Trustees have prepared cash fiow forecasts for a period of IZ fi￿nthS from the year end whKh dernonsrrate that the cash reserves will continue to rneÈt liabilities astheyfall dve. The Tmsteescontinue to adopttt* goi￿ concern basi5 in weparingthese financial 5taternents. In¢ome Income is recogTrlsed when the Cbarrty has ent￿em￿rtto the fvn(ts. anv r*rfom)ance conditions attached to the itemlsl of Income have been met. rt is probab￿ that the income ￿11 ￿ receNed and the arrw)urrtcan be measured reliab￿. Ineomefrom government and otherKraTrt5, whether'capital. 8rantsor'revenue' grants. ￿ rerognised wheThthe Charity has efttitlement to thefund5. any perfofrnarKe conditions attached tot￿ grants have been ry￿t, it i% probablethatthe Income will be receNed and the amount can be rnea5Y￿d reliably and is not tleferred. The Charity has not receNed or been notrfied of any intended legaLyto the Ch3rlty- Income received in advance of a performance or provision of othersrecthed seNice is deferred until the crltertaforincorne recognf(ion a￿ meL ExpendI￿re All expenditure is accountedfrjron anaccTuals ba515 and has dassTf*d under ￿adIng$that a8gre8ète allcosts related trj the category. Expendttuie is ¥eCogn￿ed where there 15 a legal or constructr¥e otsligatK)n to make payrnents to third parties. ￿ Is probable that the 5ett*ment will be required and the amount of the obligation can be rneasU￿d reliably. All expenditure ls£ate8orised as exFenditure on Iharitable actplities and indudes graThts made, governance costs and 5upry)rt Costs. Goverllance costs Include those incurred in ihego¥emarKe of the Charity and its a55ets and are prlmarily assockited with Constitut￿nal and strtutory requirernents. The Wavertree Education Trust Limited Notes to thefinandal statements for the year ended 31 December 2021 Grants payable tothird partie5 are within the charitable objectwes. Where urKonditK)nal grants are offered. this is accrued as soon as the recipient 15 not￿ tsf the grant, as thi5 gNe5 rise to a reasonable expectation that the Tecipient will receive the grants. Where grants a￿ conditional relatingto perfomonce. the grant is ontyaccrued when anyvnfulftlled conditions are outside the cO￿r01 of the Charlty. Irre¢o¥er*e VAT The Charity 15 not registered for VAT. Ary VAT charged Is rep)rted as a costagainsithe actmtyfor whlch expendrcure was incu¥red. Fund at¢ountlng General fvnds are unrestricted funds whth a￿ available for use at the discretbn of the Trustees in hjrtherance of the general objective5 of the Charity and wh￿h have not been desw*ted forother purw)- Resrrtted fijnds are restricted to Sk￿1￿¢ expenditure- see Note 8. Debto P￿payments a￿ valued at the arrnunt prepa¥1 r*t of anytrade discounts due. Accrued irKorne and tdx recoverable s induded atthe best estimate of the arnounts r￿Nable atthe balante sheet date. s￿)rt terni Investments include5 cash deposlts and highty liquid Investment accounts w4th a maturty of three month5 or Ion8er from the date of acquisition o¥ owning of the depJ5it0r simitsraccount. Cash Ht ¢ash equlvalents Cash and cash equNalents includes cash and shortterm hEhl¥ liquid inve$r￿ts with a short maturrty of three months or le55 frorn the date of aCquIsbt￿n oropeThing of the de￿￿￿[t or5imilaraccounL Creditors Creditor5 are rEcoRnised where the Charity ha5 a present obligath?Tr resumingfrom a past eventthat wlll probably result In the transfer Df fund5 to a third party and the amount due to settle the obligatM)n can be ￿*aSUred or estlm3ted rellablv. Credltors are normally ￿¢0￿n￿e4 at their Settlew￿rtt amount afteralbMngfoT anytrade d￿￿fitS due. Hnarthl Instrurnents The Charity only has financial assets and ftThaTrcial liabilities of a klnd that qualify as basic financtal instruments. Basic financh31 instruments are inf(ialty reco%nised at transartion value and subsequentty measured at thelrsettlement value. Srgnificart accountirygfvdgements estim*sand assUMpd￿ The preparatKJn of the financkil statery￿nts requires management to make jut*ements. estimates and assurnptions that affert the arnounts rÈported for income and expenses during the year and the amounts reported for assets and Irabilit*s at the balan￿ Sheet date. However, the nature of estimatK¥n means that the aCUJal rjutcornes could differ from those estim*es. The￿ tmere ￿ key souros of estimation uncertsintythat have a signlficant riskof causing rnaterral adjustment to the carrying arwunts of assets aThJ Ivdbilibes at the balarKe Sheet date. 14 The Wavertree Education Trust Limited Note5to the finantial statements forthe year ended 31 Oecember 2023 Donatl¢)ns •nd8ifts In klnd 2022 Donations= Charitsble Organi￿tiOnS 190.O(A) 254,5 Othets 230.OCK> 234.883 420￿ 489,383 (kn￿at￿n$ from chartsbk organI5a￿0n5 We￿ rNde bf. Th)rou8htrd Breeders Association £126,(XK) 12022.. £135,cixJI, borada charitab￿TrUSt £iO,tJX)12022=£10.LKI)I. EB WIIErCharitableTru5t£nil12022'. £25.tXJOI.theJohn Pearce Foundation £33,OJO12022: EXI,CWI, Gerald Le￿h(harrtab*Trust£2l.c•XI{2O22=£1I￿£￿J1,(hI1dw1tkTruSr£TrI1(2o22.. £30,CIKJI,J H Raus5nB Trust£nll12022:£10.(thll andtt* Simon Glbson Chailtab￿TrU$t£nl112Q22.' £3.(ml. otherdonatN)ns*duded£l￿.1j))(2O2Z. £19¢￿3> HorSe￿Bet￿n8ievyPA)ard.É>J.{￿jpo22.. £39j￿ITatter5OlL1,£lO.(Mj0 12021. £I0,C￿l from Watership Down Stud. In 2022 the £3.(￿ (kJn3hon from the ￿n￿n Gitwn Charitab￿TAfft and £IO,CWfromJ H RaUs1￿TrLst We￿ unrestrirted. All other(bnationswere restr￿. ￿J1 in 2023wa5 restrtted. l of the Charrfs investn*nt Income arisesfrom irrteTestfrom shortterm Irwestr*nt% cash and cash equNalents. CharStable a(IlvFtle5 2022 Grants 458,500 471,383 Jdtt servi￿$ 692 5.120 Trustee Indemnity Insurance OrtIAdministwat￿￿ costs 37 62 478.065 Expenditure on charttable actfvlties was £466,72912022'. £478.0651 of whkh E8,229 was unre51rkted12022.. £6.6821 and £458.500 wa5 restTicted12022: £471.3831. The Wavertree Education Trust Limited Notes iL)th*flnanclal ￿ateMeftts forthe ye•r ended 31 December 2023 Employee Iftfornu￿n The Charty has had empbyee5 during the yr. Tr (harity a)rwders it5 key rnana£e￿nt person[￿ to comprlse the Trustees. Operath?nal dut1esareftdlilledthro￿lhTnJStee P3rtKI￿I￿￿n. During the year, no Trustee receNed wawed any rernuneratsn 12022.. nil). No expense5 were ￿6Mbur5ed to the Trustees in the year12022- nill. Taxation The Chartyisa registefed charity. and assuch Isent￿e￿ tocenain taxexemptionstsn IrK(￿ and profits Irorn investments. and surpluses on anYtradI￿ aLtrttE5cary*don fjnfvfthera￿eOfthe primèryobiectNES, rfthese profits and Xjfplusesare applled Sole￿fOrCh3rf(ab￿ Wrk￿5. The Charity 15 not rwrtered for VATand. accordingly. all expenditure is ￿rded Ir(lU￿Ve of anyVATlncurred. Crethtows: *nountslalllry due ¥Jlthkn one year 2022 Accruals 741.254 Due to a c￿n￿e in bankers and delays with the bank mandate. the Charity Ifid not pay fund5 due to the National Stud throu8h 2022. The amount repKJrted in creditor5 thatwas due to the Nat￿n31 Stud as at 31 December 2022 was £731.254. Thlswas paid in lull in January 2023. 16 The Wavertree Education Trust Limited Notesto the I￿nCIal statements lor the year ended 31 De￿rntser 20za Analysis of charltaAe fvnds- Currert ￿ZT 31 December 2022 Irestatedl 31 De￿rnber Z023 Income Exk*nditure Analysis of u￿esti1£tedlUnd mo¥en*n Unrestritted funds 62.991 18.2291 54.762 Anatyslsol restrlcted fund moven*rts AnDnyrnous Donation120121 56.354 1.103 57.457 Anonymous Dork4tion120131 81996 1,236 118.9371 64395 fjerald L*gh Charitable Trust 1,501 111,5001 58.189 Gerald leTrgh cr12020 travell 51S EB Molter Charftable Trust 3.￿1 Anonymous DoTration120051 INI 37.353 38,081 onymous Donation120201 Ivl 10.103 110,1031 41 1142 RaciNx Found3tlon 2,101 Gerald Lei8h Charrtable Trust 12,9601 90.71 ChrfLlwlckTrust 30.116 Thcrfoughbred Breeders AsxKiation 126,IXKI {12fi(1)01 bordda Charttable Trust lo.0￿) lio,(￿) John Pearce F(wndatK 33.(YY) I33.￿)) Tattersalls I30.￿) Watershlp Down StLrd lo.￿0 iio.co)I Hor5erace B&Yng Board 1g).&xJ I￿0.[￿))] Gerald Lelgh Charitable Twst 16.CKX) 116.(1)01 Tot￿ restricted fund5 289.717 425.310 1458.SC¥JI 256.527 17 The Wavertree Education Trust Limited Notesto th¢financlal statements for the year ended 31 December 2023 Anatysis of charitablt funds- Prioryear 31 Oe¢ember 2012 Ire5tatedl 31 D￿mber 2021 Income Ireststedl Expenditure Irestatedl Anatysls of unrestrfrted fvttd movemer Unrestricted funds 56.673 13.OCI) 16.6821 62.991 Analyslsol re5trkted furKI movements Anonyrnou5 Donation120121 Anonyrnou5 Donation120131 56.136 218 56,354 It) 106.678 318 81,996 Gerald Leigh CharitsbleTrust 67.924 11.764 111sTrJi 68.188 505 Gerald lelgh CT12020tra¥ell Thoroughbred Breeders Assotiation 135,CK 1135,CWI Raclng FoundatloTr 3.IX)I E8 Moller Chartsble Tnjst 2.989 EB Mollercharitable Trust 25.C 12S.L￿)I borada Charftable Trust io,Tr iio.o(K)I John Pearce Foundation 130.IXM)I 30,116 30.1 ChildwKkTrust Iviiil 39 10.103 Anonymous Donatlon120201 io. Tattersalls Watershlp Down Stud io.( iio.(thi Anonymou5 DOnat￿nI2(X)Sj 37208 145 37J53 orserace Betting Levy Board 194A83 1194.8831 Totsl restrkted fund5 283.595 477.505 1471,3831 289.717 analysis ol restrlcted funds foi 2022 has restated to ￿flett C￿nge$ to the ?Ilotation of funds Usedto support the eduCat￿n program at the National Stud. Specrficalty. the donation receNed from the ChildwickTru5t is ￿$tritted to SupP)￿n8 atcessto educatlon forover5eas students forwhKh the￿ were no payrT*nts made to the National Stud In 2022. 18 The Wavertree Education Trust Limited Notes to ihe finantlal statements for the year ended 31 Detember20Z3 Restricted funds ère.. £121,75212022'. £138.3501 aMnyTrK)us th*natknn for the furtlEranEe of education atthe NaiK)nal Stud. £58.70412022.. £68,693) from the Gerald Le¥h charitab￿ Trust for supkKJrt of sbjdents on the NatSonal Stud Diploma course. £3.06012022: E3.0011 balance of EB Moller CharstaNe Trnst donat￿Tr for extensfjon to kitchen and dlnlng room at Westbrook House. £38.08312022- £37,353) the balan￿ rernainl￿ from an anonymous thnation for capltsl projects in respect of edUca￿on and traini￿ on the National stud. £nil12022.. £10,103) anonymous donation for 5UPPOrt of swdents on the National Stud DipkJma CDurse. £2.142 12022.. f2,1011 from Raclng FountktK>n for equiprnent to enab￿ the National Stud Evening Leetu prograrnrne to ￿ extended to online. £2,08012022.. £nlll from the Gewahl Leigh Ctrofttsb￿Tnjstto yjpport accessiblltyto educatx)n for students 01) the Level 2 ccur5e. (will £30,71%12022-. QO.1161 frorn the ChildwKkTruXto supp)rt acce5sibillty to education for overseas sbJdent5. Unrestricted Funds The Trustees aim to rnaintain at 1eosttWe￿ OFeTrtKJnal expendiwre In unrethtted ￿serVeS. As at 31 December 2023, thls amounts to £8.229 and the actual arN)unr in unrestrkted fvnds at that date We￿ £54.762 which is above the reserves policy Ilmlt set. 10 S￿rtteN￿ Inlvt￿nts Shortterrn in¥estft*nts prtMar1￿ cornprise offixed de￿sIts with banks. At 31 December 2023. the Charty had short term invest￿￿￿t5 of £177,77912022.. £174.1941. A reststement of 2022 baknces has been made to ￿l￿tste E53.329 from 51K)rt temi investsnents to cosh at banL see te 15 forfurtherdetal li Debtws 2023 2022 Otherdebtors 19 The Wavertree Education Trust Limited Noi¢$ totheflrtanclal statements forthe yeorended 31 December 2023 Iz Analysis of net assets between fvnts-cwrert year 2023 Unrestrfcted fvnds Restricted funds Totsl Sh)rt temi investments 177,779 177.779 Cash at bank and In hand 54.762 61.348 116.110 Other net curTent a55ets 17.4C#) 17,4(Kl 54.762 256.527 311,289 An￿V515 of net a55ets be￿¢¢ThfUl)ds-Pf1orYÈ* 2022 Unrestrthd lund5 Total Re5trtcted fvnds Irestatedl Shortterm Inve5trnents 174.194 174,194 CJsh at bank and In hand 61991 831.777 894,768 Other r*t current assets 1716,2541 1716.254 62.991 289.717 352.708 13 Capltsl Charity 15 8 company limited by 8uarantee. Exh ￿£mter hès undertaken to corrtribute £1 to the assets of the Com￿ny to rneet its liabAftks rfcalkd on to do so. Thetotal amount guatanteed memiv5 at 31 D￿rn￿r 2023 15 £612022.. £61. Related parti•$ Ourfngthe year. the National knid Llmited undertakes all of ￿ adrnini5trdtK)n of the Charity. whe￿ specttic incrementsl extemal costs are incurred by the National Stud ￿rnIted in conneaion with the Chanty. these are retharged at cost. In a￿d￿l￿n, the Charfty paid the following aftyjunts to National Stud Limited.- Mor5ern￿ 8etting Levy Board Krant E190.r 12022= £194,883).. grant to SUPPOrt edUCat￿n and wblic acce55 £142.5(X) 12022 £130,CA)Ol= ThorOUghb￿d Breeder5 Assoclation grantlo 5UPPOrt E2SEctyJr5eoperated b¥Nat￿Tra15tu￿ tsmited £126.(KKI12022:El35.(KX)I:The￿ a￿ oo other related partytransactwJn5. Following a revlewof the sl#)rt term in¥estrnents held by the Charity. the Trustees identTfiedthatE53.329 wa5 cla551fied as short temi investments in the prior year rather than cash at bank. The comparatfve balance sheet has therefore been restated to reflett thls presentational adjustment The impact tsf re$r3ten￿￿t wasio irKrease cash at bank by £53.329 and reduce shorttem InvestmÈnts by £53.329. 20