Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation IA company Ilmlted by guarantee) Annual Report and Financial Statements 31 March 2023 Company registration numbgr: 06556368 Charity registration number.. 1124319 dOdd&co
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Contents Reference and Administrative Details Truste85' report Truste85' responsibilities in relation to the financi81 statements Independent examiner's report Statement of finanaal activities Balan sheet Notes to the financial statements 10
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Reference and Administrative Details Charlty name The Wordsworth Conf8r8nce Found8tion Charlty reglstratlon number 1124319 Company reglstration number 06556368 Principal office 2 The Grove North End DURHAM DH14LU Registered office Cornmarket PENRITH CA117HW Trustees Professor N H Roe Profe550r S C Gill Professor S Bainbridge Professor B Graver Dr E Hammond Dr T Owens Dr E M¢Alpine Dr P M O'Boyle Dr P Tovey Jones S8cretary Dr P M O'Boyle Accountant Dodd & Co Lirnited FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Page 1
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Trustees. Report for the Year Ended 31 March 2023 The financial statements have been prepared in accordance with the accounting ptslicies set tsut in notes tts the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement ol Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. l. Reference andAdministrative Detsil$ Details can be found on page 1. 2. Strncture, Governance andM3nagement 2.1 Structure.. The Foundation is a Cornp8ny Limited by Gu8r8ntee, govemed by a Memorandum and Articles adopted on 22 February 2008. The Articles provide for a Board of not less than five and not more than twelve Trustees. including up to two individuals co-opted by the Board by reason of their relevant expertise. 2.2 Governance.. At the twelfth AGM there were three trustees scheduled to stand down for re-election. Prof. Simon Bainbridge, Dr. Elsa Hammond, and Dr. Thomas Owens were duly rtrelected. 2.3 Management.. The Board nom)ally meets at least twice a year, and the quorum necessary for the transaction of the business of the Board is two. The positions of Summer Conference Director, Winter School Director and Treasurer are held by Trustees. In the event ol a Surnrner Conference or Winlerschool Director reaching the end of his or her term of Trusteeship the person would. at the discretion of the Board. continue to hold that post las an Appointee) until re-elected. Nicholas Roe continued as Acting Chair as the Board was unable to meet in August 2021. when the role was up for review. To facilitate planning for future activity during the pandemic, at Ihe Board rn8eting in October 2021 Nick volunteered to continue 8s Acting Ghair until the Board ¢8n rnget. All trustees gratefully accepted this offer. 2.4 Risks.. in accordance with Charity Commission Guidelines the Foundation has adopted written policies on Complaints. Conflict of Interest. Risk Management, Investment. Volunteer Management. Vulnerable Beneficiaries and Vetting Procedure. It has appropriate Insurance cover and a Reserve Fund. 3. Flnancial Review 3.1 The Foundation's bankers are the HSBC, Market Square, Penrith. 3.2 The Financial Policy of the Found8tion is to maintain a R85erv8 Fund (part cash, part investment), an Operating Fund, a Buisary Fund, and an Endowment Fund. 3.3 The purpose ol the Reserve Fund is lal to ensure that the Foundation would have the ability to continue its operations in the event that a cancelled or unprofitab18 conference w&re to exhaust the Op8rating Fund and Ibl to contribut8 interest and dividends to Bur58ry Income. The cash portion of th8 R8serv8 Fund laccumulat8d lif8 subscriptions) was deposited with the United Trust Bank in Jun8 2014. A further tranche of th8 Res8rv8 Fund is now invested in the Charities Investment Fund operated by CCLA Investment Management Litnited. The Reserve Fund stood at £11,424 on deposit with the United Trust Bank and £13,237 In the Charits"es Investment Fund, making a total of £24,661 on 31 March 2023. 3.4 The Op8rating Fund for any giv8n financial year is d8fined as th& total cash in th8 FoLJndation's thr88 HSBC account5 one devoted to the Sutntner Conference land General Administration, one to the Winter School, and the othei t(> the Bursary Fund- less Reserved sums (recent life subscriptions or funds reserved for bursariesl. It is intended that the Operating Fund should be in credit by between £7,000 and £10,000 at the end of each financial year. On 31 March 2023 the Operating Fund stood at £17,870. 3.5 Th8 Foundation's d8POSIt account Id85ignat8d th8 8ur58ry Fundl holds all donations, auction proc88ds, divid8nds from th8 Ch8ritl8s Investment Fund, and any surns from th8 Operating fund deem8d Surplus to iequirements. It may also hold life 5ubsciiption5 pending transfer to the Reserve Fund. On 31 March 2023 the Buisary Account stood at £17,225. This Included £10,000 ol uninvested funds from the Richard Gravil legacy t() provide support for walks leaders. A further £40,000 of this legacy is invested in the Charities Investment Fund. £5,000 of the £10,000 will be invested this year, leaving the balance in ready cash. Page 2
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Trustees. Report for the Year Ended 31 March 2023 3.6 The Endowment Fund supports the award of Bursaries and presently consists ol a legacy of £43,000 from the estate of the late Ena Wordsworth. The legacy is invested in the Charities Investment Fund operated by CCLA Investment Management Limited and the total units were valued at £75,485 on 31 March 2023. 3.7 Total income from the Charities Investment Fund (including part of the Reserve Fund) was £3,813 in 2022123. 3.8 In Novernber 2020, when the Stock ex¢h8nge had settled, £40,000 of the funds from Richard Gravil's bequest of £50,000 were invested in th8 Chariti85 Investment Fund op8rat8d by CCLA Investment Management Limited, though designated as restricted funds, so that the balance in the main HS8C account was then 27,707 on 31 March 2023. On 31 March 2023, the Richard Gravil Fund stood at £49,183 which rnay be used for the training and conference attendance of the walks leaders. 4. Objectives and Activities.. 4.1 The principal objectives of the Charity are.. lal to advall the education of the public in relation to the life work and influence of William Wordsworth11770- 18501 and his circle. Ibl to advance public knowledge, benefit, and enjoyment of the literature and culture of the Rornantic Period 11750-18501. 4.2 Ils main activities are.. lal to hold conferences, winter schools and courses either alone or with others., Ibl to mak8 grants to 8n8ble students to att8nd and 50 b8n8fit frorn such conf8r8nces. 4.3 It is also empowered lal to accept a transfer of any property, 8SS8ts, undertaking, functions, r8sponsibiliti&s and liabiliti&s conduciv8 to the realisation of the Objects., Ibl to accept any subscription5, gifts, d8vis85 and bequ8sts of, any real or personal 8St8te wheth8r subj8Ct to special ttU5ts or not., Icl lo establish subscriptitsn arrangements and take other steps to procuring funds lor the Ctsmpany," Idl to invest In such investments, securities or property a5 tnay be thought fit, and lel to to set aside funds for special purposes or against future expenditure or liabilities. In setting the objectives ol the charity, the Trustees have paid due regard to the Charity Commission guidan on public benefit. 5. Achievements ondPerf0rn7anGe in 2022/23 5.1 Following the pandemic. the Wordsworth Conference Foundation resumed its in person activilies with the Surnrner Conference in August 2022. The conference was well attended with 35 presentstions. The keynote speakers were Simon Bainbridge. Drummond Bone. Jamie Castell, Will Christie. Jeffrey Cox, Stephen Gill, Norbert Lennartz. Yimon Lo. Jake Phipps. and S8eko Yoshik8w8. There were 11 bursary awards.. Shanti Daffern. Kit Freernan, Diptishr8e Gupt8, Alex Hobday, B&n Norbury, Inès Ros8, Elena Rotzokou, K8erthi Vashista, Adarn Walker, and Sheng Yao. 5.2 On 24 Maich 2023 we held a non-residential 'Early Spring Symposiutn, at the Wordsworth Trust Education Centre, Town End, Grasmere. There were 18 speakers". Gillian Beattie-smith, Richard Cappuccio, Zara Castagna, Jeff Cowton, Richard Cronin, Felix Duperrier, Tim Fullord, Bruce Graver, Carmen Faye Mathes, Jake Phipps, Cecilia Powell, James Quinnell, Inés Rosa, Christopher Rovee, Keerthi Vasishta, Sheng Yao, John Williams, Saeko Yoshikawa. There were 4 bursaries. These were awarded to Zara Castagna, Inés Rosa, Keerthi Vashista and Sheng Yao. 5.3 Plans are underway for a non-residential Wordsworth Winter Conference, 28 February-4 March 2024, and for the 2024 Wordsworth Summer Conference. Page 3
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Trustees. Report for the Year Ended 31 March 2023 6. Publi¢ Benefit Public benefit is integral to the charity's objectives in the following respects.. lal The conferences that would have been operated by the Foundation are designed to appeal to a wider public than other academic conferences. and local attendance on an occasional, non-residential basis, without payment of the registration fee, is encouraged., Ibl The residential cost (>f both conferences is minimised, so as to make them accessible to students and t() pensioners, providing some residential platss at less than cost. In the interest ol economy, part of each conferen'S transport requirements are provided by economical hire ol a minibus from North Cumbria Community Transport (with Trustees as registered driversl. Icl The eharity awarded the bursaries Itrespective of participants, race, geographical location, sexual orientation, age, Or economic circumstance. Both the bursary scheme, and when the conferences are able to run, arrangements lor local admission are designed to enable people to benefit from the work ol the Charity without regard to economic circumstances. Idl The purpose of the bursary scheme is to enable people with limited resourees, not necessarily in full-time formal educalitsn, and without regard to background or origin, to attend the conference at less than half the real cost. 181 Al donations 8r8 applied, without deduction, to th8 benefit of members of the public. No Tru5t8e is iemunerated, only the unpaid Conference Directors attend conferences without payrnent of fees. Administration of the events is outsourced at an agreed rate, and there is no paid staff. 7. The BUary Fund Brought forward, 1 April 2022 £12,431 Income including donations £672 Investment Income including Interest £3,895 Funds translered £4,272 Disburs8d £5,500 Carried Forward, 31 March 2023 £7,226 8. Members & Frlends 8.1 The Wordsworth Conference Foundation has a demtscratic structure. Its Trustees may be nominated by Members as well as by the Board, and are elected by its Members. Their consecutive periods ol service are limited to two terms of three years. Those who support the objects of the Charity can become either a Member or a Friend, on payment ol the same life subscription. 8.2 Becoming a Member is a legal step, which involves signing the Memorandum and Articles of the Company, being elected to membership by the Board, and adopting a £10 share ol the company's limited liability to the public. Members are entitled to attend and vtste at annual general meetings, which take plats during each summer conference, and to vote in the election of Trustees. Friends of the Foundation do not have voting rights Ilhough they may be elected as Trustees and thereby become Members) nor do they incur any obligations. but may attend the AGM as observers. Both Members and Friends receive the annual report and financial statement and the agenda and minutes of the annual general meeting. 8.3 Both Members and Friends pay a lifetime subscription of £304 and are entitled to the same 10°A discount on conlerenTr fees li.e. the registration feel al the Summer Conference and Winter School lor fifteen years lanyone attending both events each year would recoup their subscription in seven years al current rates). Members and Friends are enlilled to receive advance notice ol forthcoming conferences, at their email or postal address lemail being preferred) and adVand registration. 8.4 There are currently 22 Life Members and 19 Life Friends. Page 4
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Trustees. Report for the Year Ended 31 March 2023 Small company provSs5ons This report has been prepared in accordan with the small companies regirne under the Companies Act 2006. Approved by the B(>ard on 20 December 2023 and signed on its behalf by.. Dr P M O'Boyle Secretary Page 5
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Trustees. Responsibilities in relation to the Financial Statements The trustees (who are also directors of The Wordsworth Conference Foundation for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland.. C()mpany law requires the trustees to prepare financial statements for each financial year which give a true and fair view ol the state ol affairs of the charitable company and of the incoming resources and application ol resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently-, observ8 th8 rn8thods and principles in th& Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going eoneern basis unless it is Inappropriate to presume that the charitable ctsmpany will continue in business. The truste&s are responsible for k&eping proper accounting records that disclose with re8son8ble accvr8Cy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hents lor taking reasonable steps for the prevention and detection ol fraud and other irregularities. Page 6
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A Independent Examiner's Report to the Trustees of The Wordsworth Conference Foundation I report on the accounts of the company for the year ended 31 March 2023, whid) are set out on pages 8 to 22. Respe¢tive responsibilities of trustees and examiner The trustees (who are also the directors ol the company for the purposes of company lawl are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied rny581f that the charity is not subject to audit under Part 16 of th8 Companies Act 2006 and is eligible for independent examination, it is my responsibility to.. exarnine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the General Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act., and state whether particular matters have come to my attention. Basis of indèpèndènt axamin•rfs rèport My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations frorn you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence thal would be required in an audit and consequently no opinion is given as to whether the accounts present 8 Irue and fair vievl and the report is limited to those matters set out in the statement below. Independent examinerfs ststement In connection with my examination, no matter has come to my attention.. 111 which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006,. and to prepare account5 which accord with the accounting records, comply with the accounting requirements of section 396 ()f the Companies Act 2006 and with the methods and principles ol the Statement ol Recommended Practice.. Accounting and Reporting by Charities hav8 not been rn8t', or 121 to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW Faye Armstrong FCA Dodd & Co Limited Chartered Accountants 20 Decernber 2023 Page 7
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The Wordsworth Conference Foundation
Statement of Financial Activities (including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for the Year Ended 31 March 2023
| Unrestricted | Unrestricted | Restricted | Endowment Total Funds Total Funds | Endowment Total Funds Total Funds | Endowment Total Funds Total Funds | Endowment Total Funds Total Funds | Endowment Total Funds Total Funds | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||||||||
| Note | £ | £ | £ | £ | £ | |||||||
| Income and endowments from: | ||||||||||||
| Donations and legacies | 2 | - | 672 | - | 672 | - | ||||||
| Income from investments | 3 | 219 | - | 3,813 | 4,032 | 3,843 | ||||||
| Income from charitable activities | 4 | 51,988 | - | - | 51,988 | 300 | ||||||
| Total income and endowments | 52,207 | 672 | 3,813 | 56,692 | 4,143 | |||||||
| Expenditure on: | ||||||||||||
| Charitable activities | 51,187 | 2,884 | 3,813 | 57,884 | 4,796 | |||||||
| Total expenditure | 51,187 | 2,884 | 3,813 | 57,884 | 4,796 | |||||||
| Net expenditure before (losses)/gains on investment assets |
(1,020) | (2,212) | - | (1,192) | (653) | |||||||
| Other recognised gains/losses (Losses)/gains on investment assets |
(709) | (2,272) | (4,043) | (7,024) | 12,694 | |||||||
| Net expenditure before transfers | (1,729) | (4,484) | (4,043) | (8,216) | 12,041 | |||||||
| Transfers | ||||||||||||
| Transfers between funds | (1,633) | 1,715 | (82) | - | - | |||||||
| Net movements in funds | (1,322) | (2,769) | (4,125) | (8,216) | 12,041 | |||||||
| Reconciliation of funds | ||||||||||||
| Total funds brought forward | 43,853 | 59,177 | 79,528 | 182,558 | 170,517 | |||||||
| Total funds carried forward | 42,531 | 56,408 | 75,403 | 174,342 | 182,558 |
All of the Charity's activities derive from continuing operations during the above periods.
The notes on pages 10 to 22 form an integral part of these financial statements.
Page 8
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Company registration number: 06556368 Balance Sheet as at 31 March 2023 2023 2022 Note Flxed assets Tangible assets Investments 550 131.143 131.693 664 138.167 138.831 10 Current assets Debtors Cash at bank and in hand 2,750 42,249 44,999 3,100 41,347 44,447 Creditors.. Amounts falling due within ona yaar 12 12,3501 17201 Net current assets 42,649 43,727 Nèt ass•ts 174,342 182,558 The funds of the charity: Endowment funds 75,403 79,528 Rastrietad funds 56,408 59,177 Unrestricted funds Uniestricted income funds 42,531 43,853 Total charity funds 174,342 182,558 For the financial year ended 31 March 2023, the charity was entitled to exemption from audit under seclion 477 of the Companies Act 200fj. The tnembers have not required the charity to obtain an audit of its accounts for the year in question in accordanc8 with 58Ction 476 of the Act. The directors acknowledge their responsibilities lor complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have b88n pr8P8red in accordance wth th8 provisions applicabl8 to compani8S 5ubj8Ct to th Small cornpanies regime. Approved by the Board on 20 December 2023 and signed on its behalf by.. Dr P M O'Boyle Trustee The notes on pages 10 to 22 form an integral part ol these finanaal statements. Page 9
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 Accounting policies Summary of slgnlficant accountlng pollcles and key accountlng estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Statement of compliance 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 applicabl8 in the UK and Republic of Ireland IFRS 1021 leffectiv8 1 J8nu8ry 20191- ICharit18s SORP IFRS 10211, th8 Financial R8porting Standard applicab18 in th8 UK and R8public of Ir81and IFRS 1021 and th8 Cornpanies Act 2006. Basis of preparation The charitable company m88ts th8 definition of a public b8nefit 8ntity under FRS 102. Assets and liabiliti8S a initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes. Going coneem These financial statements have been prepared on a going concem basis. The trustees assess whether the use of going conrn is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability ol the Charity to continue as a going concem. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Fund accounting policy Unrestrirted income funds are gener81 fvnds that are av8ilable for use 8t the trustees, discretion in furtherance of the objectives of the charity. Restricted income funds are those donated lor use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Further details of each fund are disclosed in note 15. Page 10
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued Incom• and •ndowmènts Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject lo conditions that require a level ol performance by the Charity before the Charity is entitled to the funds, the incorne is deferred and not recognised until either those conditions are fully met. or the fuifilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are re¢ogni5ed on 8 case by case basis following the grant of probate when the dtninistor18xecutorfor th8 est8te has cornmunicat8d in writing both the amount and s8ttl8fT18nt date. In th event that the gift is in the form of an asset oth&r than cash or 8 financi8185set traded on a recognis8d stock exchange, r8cognition is subj8ct to the value of th8 gift being r8liably m88sured with a degre8 of reason8b18 accuraey and the title to the asset having been transferred to the Chaiity. Incorn8 from Gov8rnment and oth&r grants, wh8th8r'capital' grants or'rev8nu&' grants, is recognis8d when the charity has entitl8ment to the funds, any perforrn8nc8 conditions att8¢h8d to the grants hav8 been met, it is probable that the income will be r8ceived and the arnoLJnt can be Tn88sur8d reliably and is not d8f8rr8d. Investment income is rewgnised on a receivable basis. Income from charitable activities includes income recognised as earned las the related goods or services are provided) under contract. Incorne from life membership subsciptions are credited to income on full receipt. Expenditure Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggr8g8te all costs r81ated to the cat8gory. Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support thern. Support costs Support costs inolude ¢entr81 functions and have been 811ocated to 8otivity cost Categories on 8 basis consistent with th8 use of resource5, for 8x8mple, allocating property costs by floor area5, or per capita, staff costs by the time sp8nt and oth8r costs by their usage. Taxation The Charity 15 considered to pa55 the t85ts set out in Paragraph 1 Sch8dule 6 of th8 Fin8nc8 Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt Irtsm taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 01 the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exdusively to charitable purposes. Flxed assets Individual fixed assets costing £100 or more are initially recorded at cost. Depreclatlon Depreciation is provided on tangible fixed assets so as lo write off the cosl or valuation, less any estimated residual value, over their expected useful economic life as follows.. Plant and machinery 15°/0 reducing balance basis Page11
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued Inv8stm•nts Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proTreds and their market value at the start of the year. or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal. Unre81ised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activitles based on the market value at the y8ar 8nd. Trade Debtors Trade debtors are amounts due from custorners for rnerchandise sold or service5 perfoed in the ordinary course of business. Tr8de debtors ar8 recognis8d initially 8t the tr8n58ction price. Th8y are SLJbsequently measured at amortised cost U51ng the effective interest method, less provision for ltnpaient. A provision lor the Impaiment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original tems of the receivables. Cash and Cash Equival•nts Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk ol change in value. Liabilities Trade creditors are obligations to pay lor goods or services that have been acquired in the ordinary course of business from suppliers. Awounts payable are classified as current liabilities if the Charity does not have an uncondition81 right, at the end of the reporting period, to defer settlement of the Creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlernent for at least twelve months after the reporting date, they are presented 85 non-current li8bilitlgS. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Page 12
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued Flnanclal Instrumonts Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions ol the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements ented into. An equity instrurnent is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities. All financial assets and liabilities are initially measured at transaction price (including transaction costsl. exoept for those financial assets cl8ssified as at fair v81ue through profit or105s. which are initially measured 8t fair value (which is normally th8 transaction pric8 8xcluding transaction costs), unl8SS th8 arrangement constitutes a financing transaction. If an 8rrangerngnt constitutes 8 financing tr8ns8Ction, the financi81 asset or financial liability is measur8d at th8 present value of the futur8 payrnents discounted at a market rat8 of interest f(>1 a similar debt instrument. Financial assets and liabilities are only offset in the statement ol financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the contractual rights to the cash flows frorn the financial asset expire or are settled, bl the Charity transfers to another party substantially all ol the risks and wards of ownership of the financial asset, or cl the Charity, despite having retained sorne. but not all, significant risks and rewards of ownership, has transferred ntrol of the asset to another party. Fin8n¢i81 liabilities are derewgnised only when the obligation specified in the contract is discharged, cancelled or expires. Creditors and provisions Creditois and provisions are recognised where the charity has a present obligation resulting frotn past events thal will probabaly 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Flnanclal Instruments The foundation only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. Donations and legacies unstrICted Restri¢ted Endowment Totsl Funds Total Funds Funds Fund5 Funds 2023 2022 Donations and legacies Bursary donations 672 672 Page 13
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued Income from Investments un$t¢ted Restricted Endowment Total Funds Totsl Funds Funds Funds Funds 2023 2022 Interest on cash deposits IncoTne frorn other investments 219 219 3,813 4.032 105 3,738 3.843 3,813 3,813 219 Of the investment income in 2022, £103 related to unrestricted funds, £2 related lo restricted funds and £3,738 related to endowment funds. Income from charitable activities Unrestricted Restricted Endowment Total Fund$ Total Funds Funds Funds Funds 2023 2022 Subscriptions Summer Conference Winter Symp05iurn 300 50,038 1,950 51.988 50,038 1.950 51,988 300 All of the income from charitable activities in 2022 related to unrestricted funds. Page 14
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued Expendlture Conference & events Total 2023 Total 2022 Dirnct costs Administrator5 Fee Accommodation Conference transport and excursions Board meeting costs Bank charges Depreciation of plant and machinery 4,250 46,738 2,712 450 197 114 54,461 4,250 46,738 2,712 450 197 114 54,461 2,711 900 73 93 3,777 Support costs Computer software and maintenance costs Piinting, postage and Stationery Charitable donations Accountancy lees Independent examiner's lee 317 506 250 1,500 850 3,423 317 506 250 1,500 850 3,423 299 720 1,019 57,884 57,884 4,796 01 the expenditure in 2022, £4,723 related to unrestricted funds and £73 related to restricted funds. Governance costs 2023 2022 Cost of trustee meetings Accountancy lees Independent examiner's lees 450 1,500 850 2,800 900 720 1,220 Page 15
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued Trustees, remuneratlon and expenses No r8mun8ration was paid to any tru5t88. Prof8ssor N H R08 r8ceived 8 £1,629 discount for accotnod8tion and registration fee a5 director of the surnrner conference 2022. Dr P M O'Boyle's registration fees of £279 lor the summer 2022 conference were waived in recognition ol his role as treasurer. Professor S Bainbridge ceiVed a £150 bursary from the Richard Gravil fund for acting as walks leader during the summer conference 2022. as well as a discount on conference registration lees of £270. Net expenditure Net expenditure is stated after eharging.. 2023 2022 Depreciation of tangible fixed assets 114 93 Page 16
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued Tanglble fixed assets Plant and machinery including rnotor vehicles Cost A5 at 1 April 2022 and 31 March 2023 3.568 Depreciation A5 at 1 April 2022 Charge for the year As at 31 March 2023 2,904 114 3,018 Net book value A5 at 31 March 2023 550 As at 31 March 2022 664 10 Investment5 held as fixed assets Listed inv•stm8nts Market value A5 at 1 April 2022 Rev8lu8tion As at 31 March 2023 138,167 17,0241 131,143 Net book value As at 31 March 2023 131.143 138.167 As at 31 March 2022 All investrnent assets were held in the UK. Listed investments Investments having a net book value of £131,143 12022 £138.1671 are listed on a recognised stock exchange and had a Market value of £131,143 at the end of the year12022- £138,167). Page 17
Docusign Envelope ID. 1A3EBEA6-9FDE48D74EDO-A94B10DEgA2A The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 . continued 11 Debtors 2023 2022 Prepayments 8nd awrued income 2,750 3,100 12 Credltors: Amounts falllng due wlthln one year 2023 2022 Auruals and deferred income 2,350 720 13 Members, Ilablllty The charity is 8 private ¢OrnP8ny limited by guarantee and Consequently does not have share ¢apit81. Each of th8 members is liable to contribLJt8 an arnoLJnt not exceeding £10 towards th8 a558t5 of the charity in th event of liquidation. 14 Related partiès Controlling entity The charity is controlled by the trustees who 8re all directors of the wmpany. Page 18
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