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The Wavertree Education Trust Limited
Annual report
for the year ended 31 December 2024
Registered number: 5370950
Registered Charity number: 1111771
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Annual report for the year ended 31 December 2024
Contents
Trustees, directors, officers and advisors 1
Trustees’ report for the year ended 31 December 2024 2-6
Independent auditors’ report to the members of The Wavertree Education Trust Limited 7-10
Statement of financial activities for the year ended 31 December 2024 (including income
and expenditure) 11
Balance sheet as at 31 December 2024 12
Notes to the financial statements for the year ended 31 December 2024 13-20
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The Wavertree Education Trust Limited
Trustees, directors, officers and advisers
Trustees and directors
Brian Chandler
Fiona Dowding
Richard Fuller
Jane Keir
William Sporborg
Nicholas Wingfield-Digby
Tessa Hetherington (Appointed 4* June 2024)
Registered office
The National Stud
Newmarket
Suffolk
CB8 OXE
Statutory auditors
Price Bailey LLP
Tennyson House
Cambridge Business Park
Cambridge
CB4 OWZ
Solicitors
Edmondson Hall
25 Exeter Road
Newmarket
Suffolk CB8 8AR
Bankers
Weatherbys Bank
Sanders Road,
Wellingborough
Northamptonshire
NN8 4BX
HSBC Bank PLC
54 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1L)
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The Wavertree Education Trust Limited
Trustees’ report for the year ended 31 December 2024
The Trustees, who are also directors of the Company for the purpose of the Companies Act, present their annual report
and the audited financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts
and comply with the Charity’s governing document, the Charities Act 2011 and 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 published in October 2019.
Status and administration
The Charity is a charitable company limited by guarantee, incorporated on 21 February 2005 (company registration number
5370950) as The Mill Reef Charitable Trust. On 18 May 2005 the charitable company changed its name to The Wavertree
Charitable Trust and registered with the Charity Commissioners as a charity on 21 October 2005 (charity registration
number 1111771). On 3 April 2019, the charitable company changed its name to The Wavertree Education Trust Limited.
This was to reflect, more accurately, the aims and objectives of the Charity. The Charity operates under Memorandum and
Articles of Association adopted initially on 15 February 2005, amended on 14 October 2008 and 18 May 2017. The
constitution provides for not less than three and no more than eight Trustees, and the nature of the Charity is one of grant
making. The current Trustees of the Charity have a great deal of experience in Charity Trusteeship and Administration.
The Charity is a standalone organisation which has no directly employed staff. The Charity’s principal funders to date have
been the Horserace Betting Levy Board (in accordance with the terms of the transfer of the National Stud from the public
sector to the Jockey Club on 17 April 2008) together with donations from a range of charities, individuals and bloodstock
related businesses.
The Trustees are committed to raising additional funds in furtherance of the Trust’s charitable objectives and in order to
ensure that the provision of education and training sustains beyond the guarantee period contained in the transfer terms.
The Trustees are also open to applications from sources other than National Stud Limited.
Objects
The primary objects of the Charity, as stated in its governing document, are:
(i) to advance the education and training of persons especially the young to prepare them for trades and occupations
in the equine industry and, in particular the breeding of horses, and thereby advance themin life;
(ii) to advance education through the provision of public access to the educational facilities offered by National Stud
Limited (or such other organisation providing similar educational facilities) including but not limited to a Visitors
Education Centre where the public can learn about horse husbandry and in particular, the breeding of horses and
to promote through education, humanity and morality among the public in the care and consideration of horses;
(iii) to promote and encourage research into the breeding, use and management of thoroughbred and non-
thoroughbred horses and facilitate the acquisition and distribution of such knowledge; and
(iv) such other charitable purposes beneficial to the community consistent with and complementary to the objects
above as the Trustees shall in their absolute discretion determine.
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The Wavertree Education Trust Limited
Trustees report for the year ended 31 December 2024
The Trustees have considered the Charity Commission’s Guidance on Public Benefit and they consider that the Charity is
fulfilling its obligations in this respect
Achievement against objectives during the year
On 17 April 2008, the Jockey Club (in the form of National Stud Limited) became fully responsible for the operation of
activities formerly undertaken by the National Stud. At that point, the future role of The Wavertree Education Trust Limited
was also clarified (through the medium of the Transfer Agreement) in terms of its ongoing relationship with National Stud
Limited. While National Stud Limited continues to provide Education and Training services (as required under the Transfer
Agreement) for the benefit of the thoroughbred breeding industry, the Charity will support that process through the
application of grant monies received from the Horserace Betting Levy Board (from 2009 onwards) and through
consideration of applications from National Stud Limited for additional revenue and/or capital grant support.
During the course of 2024, the Charity provided revenue support of £223,000 (2023: £142,500) for National Stud Limited’s
Education and Training programme, wholly in accordance with the Charity’s charitable objectives, in order that the Diploma
course could be sustained during that academic year, and financial support towards the ongoing provision of education
services to the wider general public and associated educational material. Total grants during the year amounted to
£426,728 (2023: £458,500).
The Trustees of the Charity are satisfied that the outcomes either achieved or projected as part of the above grant sit well
with the Charity’s first two objectives.
The income received by the Charity in 2024 amounted to £461,825 (2023: £425,310).
Review of activities
The statement of financial activities for the year is set out on page 11 of the financial statements.
Income generation
The Charity’s donations received for the year were £452,456 (2023: £420,000) and comprised: £197,456 (2023: £190,000)
from charitable organisations, £65,000 (2023: £40,000) from non-charitable organisations and £190,000 (2023: £190,000)
from the Horserace Betting Levy Board.
Investment powers, policy and performance
Investments are governed by the Trustees of the Charity. The Charity currently holds only cash and short-term investments
of no more than two years. The Trustees consider the rate of return received on these balances in the year to be acceptable
given the level of funds held. In the light of recent developments in the financial markets, with rising interest rates, the
Trustees continue to monitor the Charity’s investment arrangements with a view to obtaining a reasonable return on its
investments whilst limiting its exposure to any one financial institution.
Asset cover for funds
Note 9 to the financial statements sets out the level of cover for unrestricted funds. Note 12 sets out an analysis of the
assets attributable to the unrestricted funds.
Reserves
The Charity holds reserves in order to ensure that commitments agreed as part of the terms of the transfer of the National
Stud from the public sector to the Jockey Club are met. When the Charity was in its embryonic state in 2005, donations
were sought to support the maintenance and development of the National Stud’s education and training programmes and
facilities: a number of donations were either promised and/or received, including the anonymous donation of £1,000,000.
Just over £400,000 of this latter donation was utilised in the development of the Joan Westbrook Lecture Theatre. It is the
wish of the donor that the balance of the monies should be deployed on other capital projects at the Stud.
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The Wavertree Education Trust Limited
Trustees report for the year ended 31 December 2024
The Trustees also wish to ensure that the provision of education and training services to the thoroughbred breeding
industry will sustain over the longer term, and that there are sufficient resources to administer the Charity, which will
require careful management and allocation of existing resources over the next three years. The Trustees aim to maintain
at least 12 months expenditure in unrestricted reserves. As at 31 December 2024 this amounts to £6,351 and the actual
amount in unrestricted funds at that date were £35,412 which is above the reserves policy limit set.
The targets for reserves are reviewed annually as part of the process of Business Plan review.
With regard to the current position on reserves, restricted funds earned during the year amount to £444,825 (2023:
£445,000). During the year £426,728 (2023: £458,500) was expended from restricted funds. The Trustees’ policy on reserves
is to expend its free reserves on its charitable objects.
Guarantors
The company, which has no share capital, is limited by guarantee. In the event of the Company being wound up, the liability
of each guarantor is limited to £1. The guarantors of the Company are set out below:
Brian Chandler
Fiona Dowding
Richard Fuller
Jane Keir
William Sporborg
Nicholas Wingfield-Digby
Tessa Hetherington
Governance of the Charity
The Board of Trustees administers the Charity. During the year under review, the Trustees met formally on 2 occasions.
Trustees will serve a maximum five year term of office, at the end of which they must resign, but will be eligible for
immediate reappointment. The Trustees meet each calendar year, the number of meetings being determined by the
requirements of the business.
In exercising their powers to nominate, appoint, reappoint, elect, re-elect, approve and dismiss Trustees, both the Members
and Trustees shall seek to ensure that the Board is representative of those with an interest in the services and facilities
offered by the Charity and also comprises persons with a broad range of skills and who are likely to contribute to the
Charity’s success.
The Trustees who served during the year to 31 December 2024 are listed on page 1.
Risk management
In the light of Corporate Governance guidance contained within the 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 (FRS 102) (effective October 2019), the Trustees have conducted their own review of the major
strategic, business and operational risks to which the Charity is exposed and systems have been established to mitigate
those risks. The Trustees have arranged third party indemnity insurance cover in the context of managing and containing
risk.
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The Wavertree Education Trust Limited
Trustees report for the year ended 31 December 2024
Financial risk management
The Charity’s operations expose it to a limited number of risks that include the effects of interest rate risk and liquidity risk.
(i) Interest rate risk- All cash and short term deposits are held in sterling. The weighted average interest rate of short
term deposits held at the year-end is 4.0% (2023: 2.2%).
(ii) Liquidity risk- The Trustees monitor the level of cash and liquid resources on a regular basis to ensure that the
Charity has sufficient liquid funds to enable it to continue as a going concern. This is achieved by review of current
investments at Trustee meetings.
Fund raising standards information (CA 162A)
The Wavertree Education Trust Limited raises some funds from the public. The Trust undertakes fund raising through its
Trustees and other internal resources and does not commission professional fund-raisers or any commercial participator
for these purposes. The Trust is not subject to an undertaking to be bound by any voluntary scheme or standard for
regulation in respect of fundraising activities. Fundraising activities are reported at all Trustee meetings. The Trust has
received no complaints about activities for the purpose of fundraising. The Trust has adopted principles of GDPR legislation
to safeguard data from donors.
TRUSTEES’ RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve
the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable
company and of the profit or loss of the charitable company for that period. In preparing these financial statements, the
Trustees are required to:
e select suitable accounting policies and then apply them consistently;
e observe the methods and principles in the Charities SORP 2019 (FRS102);
e make judgments and accounting estimates that are reasonable and prudent;
e state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable
company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company
and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible
for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
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e —_ the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant
William H Sporborg
William Sporborg (Jun 3, 2025, 11:40am)
03 Jun 2025
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The Wavertree Education Trust Limited
Independent Auditors' Report to the Members of
The Wavertree Education Trust Limited for the year ended 31 December 2024
Opinion
We have audited the financial statements of The Wavertree Education Trust Limited (the ‘charitable company’) for the
year ended 31 December 2024 which comprise the Statement of Financial Activities (incorporating income and
expenditure account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable
law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting
Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
° give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024, and of its
incoming resources and application of resources, including its income and expenditure, for the year then ended;
° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
° have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the charitable company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant
sections of this report.
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The Wavertree Education Trust Limited
Independent Auditors' Report to the Members of
The Wavertree Education Trust Limited
Other information
The other information comprises the information included in the Trustees’ annual report, other than the financial
statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the
annual report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required
to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
° the information given in the Trustees’ report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
° the Trustees’ report been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion:
° adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or
° the financial statements are not in agreement with the accounting records and returns; or
° certain disclosures of directors’ remuneration specified by law are not made; or
° we have not received all the information and explanations we require for our audit ; or
° the Trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies exemptions in preparing the Trustees’ report and from the
requirement to prepare a strategic report.
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The Wavertree Education Trust Limited
Independent Auditors' Report to the Members of
The Wavertree Education Trust Limited
Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement set out on page 5, the Trustees (who are also the
directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees
determine is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including
fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Charity and how it operates and
considered the risk of the Charity not complying with the applicable laws and regulations including fraud in particular
those that could have a material impact on the financial statements. This included those regulations directly related to
the financial statements.
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the
audit. We carried out specific procedures to address the risks identified. These included the following:
- Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing
the financial statement disclosures to underlying supporting documentation, enquiries of Trustees management
of the Charity.
- Management override: To address the risk of management override of controls, we carried out testing of
journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify
potential areas of management override risk.
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6 June 2025
The Wavertree Education Trust Limited
Statement of financial activities for the year ended 31 December 2024 (including income and expenditure)
Notes Unrestricted Restricted Total 2024 Total 2023 funds funds £ c £ £ Income Donations and gifts in kind 2 17,000 435,456 452,456 420,000 Investment income 3 - 9,369 9,369 5,310 Total income 17,000 444,825 461,825 425,310 Expenditure on: Charitable activities 4 36,350 396,728 433,078 466,729 Total expenditure 36,350 396,728 433,078 466,729 Net income/(expenditure) for the year (19,350) 48,097 28,747 (41,419) Reconciliation of funds Total funds brought forward 8 54,762 256,527 311,289 352,708 Total funds carried forward 8 35,412 304,624 340,036 311,289
All income and expenditure derive from continuing activities.
There is no difference between the results as shown above and their historical cost equivalents.
The notes on pages 13-20 form part of these financial statements
11
William H Sporborg
William Sporborg (Jun 3, 2025, 11:40am)
03 Jun 2025
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The Wavertree Education Trust Limited
Notes to the financial statements
for the year ended 31 December 2024
1 Principal accounting policies
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in
accordance with 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
issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS
102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
General information
The address of the registered office is The National Stud, Newmarket, Suffolk, CB8 OXE.
Basis of accounting
The Wavertree Education Trust Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities
are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The Charity has adapted the Companies Act formats to reflect the special nature of the Charity’s activities. The financial
statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Charity will continue in
operational existence for the foreseeable future.
The Trustees have prepared cash flow forecasts for a period of 12 months from the year end which demonstrate that the
cash reserves will continue to meet liabilities as they fall due.
The Trustees continue to adopt the going concern basis in preparing these financial statements.
Income
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s)
of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the Charity has
entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income
will be received and the amount can be measured reliably and is not deferred.
The Charity has not received or been notified of any intended legacy to the Charity.
Income received in advance of a performance or provision of other specified service is deferred until the criteria for income
recognition are met.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related
to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third
parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. All
expenditure is categorised as expenditure on charitable activities and includes grants made, governance costs and support
costs. Governance costs include those incurred in the governance of the Charity and its assets and are primarily associated
with constitutional and statutory requirements.
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The Wavertree Education Trust Limited
Notes to the financial statements
for the year ended 31 December 2024
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued
as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive
the grants.
Where grants are conditional relating to performance, the grant is only accrued when any unfulfilled conditions are outside
the control of the Charity.
Irrecoverable VAT
Any irrecoverable VAT is charged to the statement of financial activities or capitalised as part of the cost of the related
asset, where appropriate.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the
general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are restricted to specific expenditure - see Note 8.
Debtors
Prepayments are valued at the amount prepaid net of any trade discounts due.
Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
Short term investments
Short term investments includes cash deposits, fixed term long term deposits and short term highly liquid investment
accounts with a maturity of between three and twelve months from the date of acquisition or opening of the deposit or
similar account.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months
or less from the date of acquisition or opening of the deposit or similar account.
Creditors
Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in
the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial Instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic
financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the amounts reported for income and expenses during the year and the amounts reported for assets and liabilities
at the balance sheet date. However, the nature of estimation means that the actual outcomes could differ from those
estimates. There were no key sources of estimation uncertainty that have a significant risk of causing material adjustment
to the carrying amounts of assets and liabilities at the balance sheet date.
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## The Wavertree Education Trust Limited
Notes to the financial statements for the year ended 31 December 2024
2 Donations and gifts in kind
Donations:
Charitable organisations Others
2024 2023 £ £ 197,456 190,000 255,000 230,000 452,456 420,000
Donations from charitable organisations were made by: Thoroughbred Breeders Association £27,456 (2023: £126,000), Alborada Charitable Trust £10,000 (2023: £10,000), EB Moller Charitable Trust £25,000 (2023: Enil), the John Pearce Foundation £44,000 (2023: £33,000), Gerald Leigh Charitable Trust £24,000 (2023: £21,000), Sir Peter O’Sullevan Charitable Trust £50,000 (2023: Enil), Harris Family Trust £5,000 (2023: £nil) and the Simon Gibson Charitable Trust £12,000 (2023: fnil).
Other donations included £190,000 (2023: £190,000) Horserace Betting Levy Board, £30,000 (2023: £30,000) Tattersalls, £10,000 (2023: £10,000) from Watership Down Stud and £25,000 (2023: £nil) from Juddmonte.
In 2024 the £12,000 donation from the Simon Gibson Charitable Trust and the £5,000 from Harris Family Trust were unrestricted. All other donations were restricted. All income in 2023 was restricted.
3 Investment income
All of the Charity’s investment income arises from interest from short term investments.
4 Charitable activities
2024 2023 £ £
Grants
Audit services
Trustee Indemnity Insurance Support/Administration costs
426,728 458,500
6,500 6,692 (240) 1,500 90 37
433,078 466,729
Expenditure on charitable activities was £433,078 (2023: £466,729) of which £36,350 was unrestricted (2023: £8,229) and £396,728 was restricted (2023: £458,500).
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The Wavertree Education Trust Limited
Notes to the financial statements for the year ended 31 December 2024
5 Employee information
The Charity has had no employees during the year. The Charity considers its key management personnel to comprise the Trustees. Operational duties are fulfilled through Trustee participation.
During the year, no Trustee received nor waived any remuneration (2023: nil). No expenses were reimbursed to the Trustees in the year (2023: nil).
6 Taxation
The Charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.
The Charity is not registered for VAT and, accordingly, all expenditure is recorded inclusive of any VAT incurred.
7 Creditors: amounts falling due within one year
Accruals
2024 2023 £ £ 8,000 46,600
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The Wavertree Education Trust Limited
Notes to the financial statements for the year ended 31 December 2024
8 Analysis of charitable funds — Current year 31 December Income Expenditure 31 December 2023 P 2024 £ £ £ £
Analysis of unrestricted fund movements Unrestricted funds
54,762 17,000
(36,350) 35,412
Analysis of restricted fund movements
Anonymous Donation (2012)
(i) 57,457 1,966 - 59,423
Anonymous Donation (2013) (i) 64,295 2,025 - 66,320 Gerald Leigh Charitable Trust (ii) 58,189 2,179 - 60,368 Gerald leigh CT (2020 travel) (ii) 515 16 - 531 EB Moller Charitable Trust (iii) 3,060 96 ° 3,156 Anonymous Donation (2005) (iv) 38,083 1,201 ° 39,284 Racing Foundation (vi) 2,142 67 ° 2,209 Gerald Leigh Charitable Trust (vii) 2,080 24,223 (19,000) 7,303 Childwick Trust (viii) 30,706 22 (30,000) 728 . 27,456 (13,728) 13,728 Thoroughbred Breeders Association (i) Alborada Charitable Trust (i) ° 10,000 (10,000) . John Pearce Foundation (i) ° 44,000 (44,000) . Tattersalls (i) ° 30,000 (30,000) . Watership Down Stud (i) ° 10,000 (10,000) . Juddmonte (i) - 25,000 (25,000) - - 25,000 (25,000) - EB Moller (i ° 190,000 (190,000) . Horserace Betting Levy Board (i) ° 51,574 . 51,574
Sir Peter O’Sullevan Charitable Trust (ix)
Total restricted funds
256,527
444,825
(396,728) 304,624
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The Wavertree Education Trust Limited
Notes to the financial statements for the year ended 31 December 2024
Analysis of charitable funds — Prior year
Analysis of unrestricted fund movements
Unrestricted funds
31 December Income Expenditure 31 Peceme 2022 £ £ £ £ 62,991 - (8,229) 54,762
Analysis of restricted fund movements
Anonymous Donation (2012) (i) 56,354 1,103 - 57,457 Anonymous Donation (2013) (i) 81,996 1,236 (18,937) 64,295 Gerald Leigh Charitable Trust (ii) 68,188 1,501 (11,500) 58,189 Gerald leigh CT (2020 travel) (ii) 505 10 ° 515 EB Moller Charitable Trust (iii) 3,001 59 ° 3,060 Anonymous Donation (2005) (iv) 37,353 730 . 38,083 Anonymous Donation (2020) (v) 10,103 . (10,103) . Racing Foundation (vi) 2,101 at ° 2,142 Gerald Leigh Charitable Trust (vii) ° 5,040 (2,960) 2,080 Childwick Trust (viii) 30,116 990 . 30,706 . 126,000 (126,000) . Thoroughbred Breeders Association ° 10,000 (20,000) . Alborada Charitable Trust ° 33,000 (33,000) . John Pearce Foundation Tattersalls ° 30,000 (30,000) . Watership Down Stud - 10,000 (10,000) - ° 190,000 (190,000) . Horserace Betting Levy Board Gerald Leigh Charitable Trust ° 16,000 (16,000) .
Thoroughbred Breeders Association
John Pearce Foundation
Tattersalls
Total restricted funds
289,717 425,310 (458,500) 256,527
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The Wavertree Education Trust Limited
Notes to the financial statements for the year ended 31 December 2024
Restricted funds are:
(i) £139,471 (2023: £121,752) anonymous donation for the furtherance of education at the National Stud. (ii) £60,899 (2023: £58,704) from the Gerald Leigh Charitable Trust for support of students on the National Stud Diploma course. (iii) £3,156 (2023: £3,060) balance of EB Moller Charitable Trust donation for extension to kitchen and dining room at Westbrook House.
(iv) £39,284 (2023: £38,083) the balance remaining from an anonymous donation for capital projects in respect of education and training on the National Stud. (v) £nil (2023: £nil) anonymous donation for support of students on the National Stud Diploma course. (vi) £2,209 (2023: £2,142) from Racing Foundation for equipment to enable the National Stud Evening Lecture programme to be extended to online.
(vii) £7,303 (2023: £2,080) from the Gerald Leigh Charitable Trust to support accessibility to education for students on the Level 2 course.
(viii) £728 (2023: £30,706) from the Childwick Trust to support accessibility to education for overseas students.
(ix) £51,574 (2023: Enil) from the Sir Peter O’Sullevan Trust for the refurbishment of Student Accommodation at The National Stud.
9 Unrestricted Funds The Trustees aim to maintain at least twelve months’ operational expenditure in unrestricted reserves. As at 31 December 2024, this amounts to £6,350 and the actual amount in unrestricted funds at that date were £35,412 which is above the reserves policy limit set.
10 Short term investments Short term investments primarily comprise of fixed rate deposits with banks. At 31 December 2024, the Charity had short term investments of £184,969 (2023: £177,779)
11 Debtors
Other debtors
2024 2023 £ £ 18,728 64,000
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The Wavertree Education Trust Limited
Notes to the financial statements for the year ended 31 December 2024
12 Analysis of net assets between funds — Current year
2024
Unrestricted funds Restricted funds Total £ £ £ Short term investments - 184,969 184,969 Cash at bank and in hand 35,412 108,927 144,339 Other net current assets/(Liabilities) - 10,728 10,728 35,412 304,624 340,036
Analysis of net assets between funds — Prior year
2023 Unrestricted funds Restricted funds Total £ £ £ Short term investments - 177,779 177,779 Cash at bank and in hand 54,762 61,348 116,110 Other net current assets - 17,400 17,400 54,762 256,527 311,289
13 Capital
The Charity is a company limited by guarantee. Each member has undertaken to contribute £1 to the assets of the company to meet its liabilities if called on to do so. The total amount guaranteed by members at 31 December 2024 is £7 (2023: £6).
14 Related parties
During the year, the National Stud Limited undertakes all of the administration of the Charity. The National Stud is considered to be a related party to Wavertree Education Trust, due to the close relationship with The Jockey Club and by virtue of the fact that a Trustee of Wavertree Education Trust is also a steward of The Jockey Club
Where specific incremental external costs are incurred by the National Stud Limited in connection with the Charity, these are recharged at cost. In addition, the Charity paid the following amounts to National Stud Limited: Horserace Betting Levy Board grant £190,000 (2023: £190,000): grant to support education and public access £223,000 (2023 £142,500): Thoroughbred Breeders Association grant to support E2SE course operated by National Stud Limited £27,456 (2023: £126,000): There are no other related party transactions. The balance at the year-end was f£nil (2023: £nil)
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