Docusign Envek*pe ID.. BE929c4&s42F81-82F4-F487383Dl9C3 The Wordsworth Conference Foundation (A company limitèd by guarant¢•) Annual Report and Financial Statements 31 March 2024 Company registratlon numb•r. 06556368 Charity rnglstratlon number. 1124319 dOdd&co
Docusign Emielope ID.. BE929¢4&542F81-B2F4-F4873B301gC3 The Wordsworlh Conferenco Foundation Contents Reference and Administrative Details Trustees, report Trustees. responsibilities in relation to the financial statements Independent examinerfs report Ststement of financial a¢bMties Balan sheet Notes to the financial statements 10
Docusign Envelope ID.. BE929C4&s42F6I432F+F487383Dl9C3 The Wordsworth Conference Foundation Reference and Administrative Details Charlty namé The Wordsworlh Conferenc Foundalion Charty règistration number 1124319 Company registration number c556368 Prlnclpol offic 2 The Grov8 North End DURHAM DH14LU Registerod offlee Clint Mill Commarket PENRITH CA117HW Truslees Professor N H Roe Professor S Bainbrhe Professor B Graver Professor S Yoshikawa (Appointed 25 September 2024) Professor R Lan8d¢Jwn (Appointed 25 September 2024) (Resigned 31 January 2024) Professor S C Gill Dr E Hammond Dr E mcPine Dr P M O'Boyie Dr P Tohw Jones Dr F Mackenney {AKpointed 25 September 2024) {Aryointed 31 January 2024) (Appointed 31 January 2024) (Resigned 31 January 2024) Dr J R Phipps Dr P Whickman Dr T OVnS Secretsry Dr P M O'BOY Accountant Dodd & Co Limited FIFTEEN ROh111 Montgomery Way Rosehill Estste CARLISLE CA12RW Page 1
Docuslgn Envelope ID: BE92gc442F812FF48738JDl9C3 The Wordsworth Conference Foundation Trustees. Report for the Year Ended 31 March 2024 The financial statements have been prepared in accordance with the accounts.ng policies set out in notes to the accounts and comply with the ¢harity's goveming documert the Charilies Act 2011 and Accounting and Reporbng by Charitie5: Ststemerrt of Recommended PTacli¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. l. Referen¢e andAdministraliv• Details Details can be found on page 1. 2. Stru¢turn. Governance andManagenKnt 2.1 Struciure.. The Foundation is a Company Limited by Guarantee. govemed by 8 Memorandum and Articles adopted on 22 February 2008. The Artscles provide for a Board of not less than fve and not more than twelve Trustees, including up to individuals cTropled by the Board by Teason of their relevant exrtIse. 2.2 Govemance.. At the most recent AGM there were four trustees schedu18d to stsnd down for reryelection. Prof. Simon Bainbridge. Dr. Elsa Hammond. arKI Dr Paige To¥By Jones were duly re4le¢ted whilst Dr. Thomas ow@ns voluntarity stood down. 2.3 Managemént.. The Board nomialty me8ts at leasl a year. and the quorum neckssary for the transaction of the business of the Board is t4vo. The p0sonS of Summer Conference Direcior, Winter School Director and Treasurer are held by Trustees. In the evenl of a Summer conferen or Winter Sthool Director reathing the end of his or her term of Truste8ship person woutd. at ts disuetion of the Board, continue to hoby that post las an Appointee) until Ye-elected. 2.4 Risks.. in a¢¢ordan¢e with Chaiity Commission Guidelines the Foundation has adopted written polici85 on Complaints. Confiict of Interest. Risk Management. Investment, Volunteer Management. Vulnerable Beneficiaries and Vetting Procedure. It has appropriats Insurance Ver and a Reserve Fund. 3. FlnaneialRevie 3.1 Thè Foundation's bankers are the HSBC. Market Square, Penrith. 3.2 The Financial Policy of the Foundatb)n is to maintsin a Reserye Fund (part cash. part investsnent), an Operating Fund, a Bursary Fund, and an Endtr•fflient Fun(l. 3.3 The Pufpose of the Reserve Fund is (a) to ensure that the Foundation vmuld have the abilty to continue its operations in the event that a cancelled or unprofitable Conferen were to exhaust the Operating Fund and {b) to contribute interest and dividends to Bursary Income. The cash portion of the Reserve Fund {accumulated life subscriptions) was deposited with the United Trust Bank in June 2014. A further tranche of the Reserve Fund is now invested in the chariti.es Investment Fund operated by CCLA Investrnent Management Limited. The Reserye Fund Stood at £11,818 on deposit with the United Trust Bank and £14.435 in the Charities Investment Fund, making a total of £26.253 on 31 March 2024. 3.4 The Operats"ng Fund for any given financial year 15 defined as Ihe lotal cash in the Foundation's three HSBC accounts- one devoted to the Summer Conference {and general administration). one to the Winter School, and the other to the Bursary Fund - less Reserved sums (recent life subscriptions or funds reserved for bun6aries). It is intended that the Operating Fund should be in credrt by between £7,000 and £10.000 at the end of each financial year. On 31 March 2024 the Operating Fund stoLhJ at £14.535. 3.5 The Foundation's deposit accowrt (designated the Bursary Fundl holds all donations, auction protseds, dividends from the Charities Investrnent Fund, and any sums trom the operating fund deerned surplus to requirements. It may also hold life subscripb.ons pending transfer to the Reserve Fund. On 31 March 2024 the Bursary Account stood at £18.384. This induded £10,000 of uninvested funds from the Richard Gravil legacy to 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. 3.6 The Endovrnent Fund supports the award of Bursaries arKI presenty consists of a legacy of £43,IXKJ from the estste of th8 late Ena Wordsworth. The legacy is invested in the Charities Inveslment Fund operated by CCLA Investrnent Management Limited and the totsl units were valwj at £82.318 on 31 March 2024. Page 2
Doujsign Envelope ID: BE929C4>54254F81-B2F4-F487383DIgC3 The Wordsworth Conference Foundation Trustees, Report for the Year Ended 31 March 2024 3.7 Total income from the Charities Investment Fund (including part of the Reserve Fund) was £3,813 in 2023124. 3.8 On 31 March 2024. the Richard Gravil Fund stood at £52.812 which may te used for fv training and Conference attendan ofthe vmlks leaders. 4. Objectives •ndActfvitles." 4.1 The principal objectives of the Charity a= la) to advance the education of the pthlic in relation to the frfe work and Influen ofwilliam Wordsworth11770 - 1850) and his orde. {b} to advance public knowledge. benefft. and eryoyment of the Illerare and Culture of the Romantic Period {175(k1850). 4.21ts main activities are.. (a} to hold conferences. Ynter Schools and coutses either abne or with others: Ib} to make grants to enabte students to attend and so benefft from confenCes. 4.3 It is also empowered (a) to accept a transfer of any propety. assets. undertaking. functions. PonSibl11t12S and liabililies conducive to the realisation of the Objects- Ib) to 3pt any subscriplions, gifts. devises and bequests of. any real or personal estate whether subjèct to special trusts or not., (c) to establish subs¢ription arrangements and take other steps to proGuring funds for the Company., (d) to invest in such investments, securiknes or property as may be thought fit, and (e) to to Set aside funds for speGial purposes or against fuiure expenditure or liabilities. In setting the objectives of the charity. Ihe Trustees hav• paid due regard to the Charity Commission guidance on public benefiL 5. A¢hlevements and Perfomian¢¢ In 2023/24 5.1 The Wordsworth Conference Foundation ganISed a successful Summer confereft beeen 7-17 August 2023. There were tr1ve bursaries awarded to postgraduates and earfy career scholars. The Ena Wordsworth Burs8ry was awarded to Shellie Audsley, Momoko Nijibayashi. Zara Castagna. Keerthi Vasishta and Megan Zeitz. The Richard Wordsworth Bursary vms awarded to Kit Freeman. Shuyu Guo. Tara Lee, Sheng Yao and Gillian Xu. The William Knight Bursary was awarded to Ben Norbury and Inès Rosa. A Winter Conference was also held between 28 February and 2 March 2024. Fwe bursaries were awarded to Zara Castagna. Kat8 Nankervis, Joshua Wagner. James McGuire and Keerthi Vasishta. 5.2 We also fvnded the guides for the walks at both Conferen using Richard Gravil's legacy. The Summer Conference attendees generousty donated £961 towards the bursary fund through a book auction. 5.3 We also wovided outreach funding to enable 45 members of the local community to attend a lecture and musical evening at Grasmere Village Hall during the 2024 Winter Conference. 5.4 The Foundats"on paid a lol more for the hire of the youth hostel in 2023 and the advance depostt required for the 2024 conference also doubled. We paid for insurance cover again after the period during the pandemic when Ihis was not possible. These InCaSed costs have resulted in a loss on paper for the financial year. However our financial situation remains very strong and overall income has increased, espeually as we receive higher bank deposit interest and higher dividends from the tsvo legacies invested in the Chaiity Investment Fund CCLA. Page 3
Docusign Envelope ID.. BE929C4>542&4F81_B2FF487383D19C3 The Wordsworth Conference Foundation Trustees. Report for the Year Ended 31 March 2024 6. Publlc Benefft Public benefft is integral lo th8 Charrty's oty"ectives in the following respects: (a) The ConfenceS that would have been operated by the Foundation are designed to appeal to a wider public than other academic Conferen5, and local attendance on an occasional, non-residential basis, without payment of the registration fee. is encouraged" (b) The residential cost of both conference5 is minimised, $0 as to make them accessible to students and to pensioner5, promding some residential pla at less than cosL In the interest of economy. part of each conference's transport requirements are promded by economical hire of a minibus from North Cumbria Community Transport {vth Trustees as registwed drivers). (c) The charty awarded the bursaries ITresFtive of partiopants. e. geographical location. sexual orientstion, age. or economic circumstan. Both the bursary scheme. and when the conferences are able to run, arrangements for local admission are designed to enable people to benefit from the work of the Charity WFthout regard to economic rcumStanCes. {d} The purpose of the bursary scheme is to enable people th ffimrted resources, not necessarity in full-time fomial education. and without regard to background or origin, to attend the conference at less than half the real Cost. (e) All donations are applied. without deduction. to the bonefft of members of the public. No Trustse is remunerated. only the unpakl Conference Directors attend conferences vthoUt payment of fees. Administration ofthe events is outsourced at an agreed rate. and there is no pa stai7. 7. The BursaryFund Brought foThyatil. 1 April 2023 £7,225 Income including donations £961 Investment Income including Interost £4,130 Funds transfered £2,432 Disbursed £1,500 Carried Fofward. 31 March 2024 £8.384 8. Alembers & Fiiends 8.1 The Wordsworth conferen Foundation has a democralic structure. Its Trustees may b& norninated by Members as well as by the Board. and are ele(tsJ by its Members. Their consecutive periods of Servi are limited to temis of three years. Those who support the objects of the Charity can become either a Member or a Friend, on payment of the same life subscripb'on. 8.2 Becoming a Memter is a al step, which involves signir¥J the Memorandum arKI Articles of the Company. being elected to membership by the Boar(I, and adopting 8 £10 shafe of the company's limited liabilty to the public. Members are entitled to attend and vote at annual general meetings, which take place during each summer conference. and to vote in the election of Trustees. Friends of the Foundation do not have voting Tights (though they May be elected as Trustees and thereby COrne Members) nor do they incur any obligations, but may attend the AGM as observers. Both Members and Friends receive the annual report and financial ststement and the agenda and minutes of the annual general meeting. 8.3 Both Member5 and Friends pay a lifetine subscription of £304 and are entitled to tho same 10% discount on conference fees (i.e. the registration fee) at the Summer Conference and Winter School for fifteen years (anyone attending both events each year would reup their subscripb.on in seven years at CUTrent rates). Members and Friends are entitled to re1ve advance notice of forthcoming ¢onferences. at their email or postsl address (email being prefefred) and advanwl regislralion. 8.4 There are currèntty 20 Life Member5 and 19 Lifv Friends. Page 4
Docusign EnveloFe ID: BE929C4&S42FB1_B2F&F487383ol9C3 The Wordsworth Conference Foundation Trustees. Report for the Year Ended 31 March 2024 Smo11 company provl8lon8 This report has been prepared in accordan with the small ctjrnpan rJiMe under the Companies Act 2008. Approved by the Board on 17 December 2024 and signed on its behalfby: SJn¢dw. Dr P M O'Boyle Secretary Page 5
Docusign Envelope ID.. BE929c4M42&4F8142F4F487383Dl3 The W0rdsvrth Conference Foundation Trustees. Responslbllltles In relation to the Financial Statements The trustees {who are abo directors of The Wordsworth Conferenc2 Foundation for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the finanrial statements in accordance with applicable law and the Finanual Reporting Standard 102 - 'Tr Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. Company law r8quir8s the trustees to prepare finanal statements for each financial year which give a tru8 and fair view of the stste of affairs of the charitable cornpany and of the incoming resources and application of r•sour¢e$, induding income and expenditure. of the charitable company for that period. In preparing thèse financial statements, the trustees ar8 required to: seled suitable accounting policies and Ihen apply them cons¢stenlly: observè the methods and principles in the Charities SORP; make judgements and estimates that we reasonable and prudert stste whether applicable UK accounting standards have been folowed. subj.ect to any material departures disclosed and explained in the fin8ncial statements., and prepare the financial slatements on the going concem basis unle55 it is inappropriate to presume that the charitable company will continue in business. The trustses are responsible for keepTNJ proper aGGounting records that disclose with reasonable accuracy at any time the financial position of the Charitsble company and enable them to ensure that the financial statements ¢omply wtih the Companies Act 2006. They are also responsible for safeguardin9 the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
Independent Examlnerfs Report to the Trustee8 of The Wordsworth Conference Foundatlon I report on the accounts of the company for the year ended 31 Marth 2024. which are set oui on pages 8 to 22. Respecllvg rw4ponsibilitles of trustees and examlmr The trustees (who are also the directors of the company for the purposes of company law) arè responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under sects.on 14412) of the ChaTitie5 Act 2011 as amended by the Charities Act 2022 (the Act) and that an independent examination is needed. Having Satisfied myself that the Charity is not subjed to audit undei Part 16 of the Companies Act 2006 and is eligible for independent examination. it is my responsibility to.. examine the accounts under sedion 145 of the Act" follow the proceduTrs latd down in the General Direthns given ty the Charity Commission und8r section 145 (51 (b) ofthe Art and state whèther particular matters have ccffle to my attention. Ba•1• of Indendent examiners report My examination was carried out in accordance with the General Directions gtven by the Charity Commission. An examinab'on includes a review of the accounting records kept by the Gharity and a Comparison of the accounts presentéd with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees conceming any such matters. The proc4dures undertaken do not provide all the evidence that would be qUired in an audit and consequenUy no opinion is given as to whether the accounts present a 'tnJe and fair view, aNI the report is limited to those matters set out in the statement below. Independent examiners statement In connection with my examination, no matter has come to my attenn. {1) whith gives me reasonable cause to bekeve that in any material resp the requirements: to keep accounting records in accordance wtth section 386 ofthe Companies Act 2(th" and to prepare accounts whith accord wlth the accounting records. comply viiih the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Ststement of RecCfftyed PractTrce: A¢¢ountirKJ and Reporting by Chares have not been met or {2) to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. FIFTEEN Ro$ehill Montgomery Way Rosehill Estate CARLISLE CA12RW Faye Amistrong FCA Dodd & Co Limited Chartered Accountants 17 De¢emb8r 2Q24 Page 7
The Wordsworth Conference Fovndatlon Statement of Financial Actlvllles Ilncluding Income and Expenditure Account and Statement of Total Recognised Galns and Losses) for the Year Ended 31 March 2024 Unr•stri¢t•d Restricted Endowment Tolal Funds Totsl Fund8 Funds FurKIs Funds 2024 2023 Income and endowments from: Donations and aCleS Income from investrnents Incorne from charitable activities Totsl inGome and endovrnents 672 4.032 51,988 56,692 711 61.407 62.118 3.813 4,524 61.407 66,892 3.813 Expendlture on: Charitabk activities Totsl expenditure 67,256 67.256 (2.102) (2,102) 3,813 3,813 68,967 68,987 57,884 57,884 Net expendiiure before transfers (5.138) (2,075) (1.192) Transfers Transfers between fvnds 2.197 (2,115) (82) Net expenditure before other recognised gains andlosses (2.941) {82) (2,075> {1,192) Other recognlsed gaSnslloss Gainslllosses) on investrnent assets 1.198 3.840 6.833 11.871 17.024) Net movements in funds (1.743) 4,788 6,751 9.796 18,216) Reconciliation of funds Total fijnds brought loard Total fvnds rrIed foThvard 42,531 40.788 $6,408 61.196 75.403 82,154 174,342 184.138 182,558 174,342 All of the Chartty's activitses derive frLYn continuing opèrations during the above peri¢)ds. The notss on pages 10 to 22 f(xrn integral part of these financial statemts. Page 8
DocLtslgn Envelope ID: BE929C4&542HF81-B2F4-F487383D19C3 Th• Wordsworth Conference Foundation Company registration number: 06556368 Balance Sheet as at 31 March 2024 2024 2023 Fix•d assots Tangib assets Investrnents 550 131,143 131.693 10 143,014 143.481 Current assets Deblors Cash at bank and in hand 11 4.950 37,877 42,827 2.750 42,249 44.999 Creditors: Amounts falling due within one year 12 (2,170) (2,350) Net eurrent a$$ots 40.657 42,649 Net a88ets 184.138 174,342 The funds of tho charlty: EndoTMnent funds 82.154 75,403 Rostrfcted funds 61.196 56,408 Unrestricted fund$ Unrestricted income funds 40.788 42,531 Total charity funds For the financial year ended 31 March 2024, the charity vla$ entttled to exemption from audit under section 477 of the Companies Act 2006. 184,138 174,342 The members have not required the charity to obtain an audit of its accounts for the year in question in accordan with section 476 of Ihe Act The directors acknowledge their responsibilities for Complying with the requirements of the Act with respect to accounts'ng records and the preparats.on of arunts. These accounts have been prepared in aco)rdance with the provisions applicabk lo companies subject to the small companies regime. Approved by the Boa on 17 Dember 2024 and signed on its behalf by: Skjtmdbr. DBBICFF021V54B3.':" "'""" DrPMO'Bo Trustee The n¢)tes on pages 10 to 22 form an integral part of these financial ststements. Page 9
Docusign Envelope ID: BE929C4&542&4F81.82F&F487383D19C3 The Wordsworth Conference Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Accountlng pollcles Summary of slgnmcant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial sLqtements afe set out below. These policies have been consistently applied to all the years presented, unless otheThvise stated. Stslement of ¢omplian¢g The finanual statements have been prepared in ac¢ordan¢e wilh Accounting and Reporting by Charities." Statement of Recommended Practice applicable to Chari.es preparing their accounts in accordance wth the Finaneial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effecttve 1 January 20191- {Charrties SORP (FRS 102)). the Financial ReporbrvJ Stsndatd appliGqble in the UK and Republic of Ireland (FRS 102> and the Companies Ad 2006. Ba61s of preparatlon The charitable company meets the definib'on of a public benefit entity under FRS 102. Assets 8nd liabiliti'es are initially recogni$ed at historical or transaction value unless otheThvise stated in the relevant 8ccounting policy notes. Goln9 ¢on¢em These financial statements have been prepared on a going concem basis. Tre Iruslees assess whether the use of going concem is appropriate i.e. whether there a any material unCertaintS related to events or conditions that may cast signiflcant doubt on the ability of the Charity to ntinue as a going concem. The Irustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Fund accounting policy Unrestricted income funds are general fdS that are available use at the trustees. discretion in furtherancè ofthe objectives ofthe charity. Réstricted incom8 funds are those donated for use in a partrcular area or for specific purposes. the use of which is restricted to that aroa or purFose. Further details of each furKI are disclosed in rte 15. Page 10
Docusign Envelope ID: BE929C4>542NF81-B2F4F487383D19C3 The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 continued Income and endowments Donations are recognised when the Charity has been notified in wriling of both the amount and settlement date. In the event that a donation subj.ect to conditions that require a level of perfonnanca by the Charity before the Charty is entitled to the funds. the income is defeed and not recognised until either those conditions are fully met, or the fulfilment of those condrbons is wholly wthin the control of the Chat5ty and it is probable that these conditions be fulfilled in the port1 period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administorlexecutor for the estate has communicated in writing both the amount and setuement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subjectto the value of the gift being reli2bty measured with a degree of reasonable accuracy and the title to the asset having been transferred to Ihe Charity. Income from Government and other grants. wh•ther 'caiital' grnnts or 'revenue' grants. is recognised vthen the charity has entitlement to the funds. any perfornian conditions attached to the grants have been mel it 1$ probab18 that the income will be received and the amount can be measured reliably and is not deferred. Investment income is recogntsed on a receivable basis. Inme from charitsble activities indudes income recognised as eamed {as the related goods or seNi¢es arè provided) under ¢ontracL Income from life membership subsciptior6 are credtted to InMe on fvll receipt Expenditure Liabilrf(iès are recognised as soon as the is a legal or constructive obligation committing the charity to the expanditu. All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its aclivities and services for its beneficiaries. It includes both costs that can be allocated directly to such activitiés and those costs of an indirect nature neary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. for example. allocating property costs by lloor areas, or p81 capita. stsff costs by the time spent and ot[ costs by their usage. Taxation The Charity is considered to pass tests set out in Paragraph 1 Schedule 6 of the Finance Acl 2010 and therefore it meets the definition of a charÈtsble company for UK corporation tax purpose5. Accordingly. the Charity is potentially exempt from tsxation in respecl of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that wch income or gains are applied exdusively to charitable purposes. Flx•d assets IrKlividual fixed assets Costing £100 or more are intbalty recorded at cost. Dèpreclatlon DepreatIOn is prowded on tsngbl8 fued assets so as to write off Ihe Cost or valuation, less any estimated residual value. over their expected Usef ecorthiic life as foknF: Plant and machinery 15% reduring balan basis Page11
Docusign EnveloFe ID.. BE929C4&542F81-B2F¥F487383DI3 The Wordsworth Conference Foundation Notss to thg Financial Slatements for the Year Ended 31 March 2024 .. continued Invulrnents Fixed asset investsnents are induded at marf(et value at the balance sheet date. Realised gains and losses on investments are calculated as the difference bebveen sales proceeds and their market value at the start of the year. or their subsequent cost, and are charged or credtted to the stslement of the financial activities in the period of disposal. unall$ed gains and losses represent the movement in market vak*s during the year and are dited or Charged to the statement of finanaal activibes based on the market value at the year end. Trade D•btorn Trade debtors are arnounts due from custrMnef5 for merchandise sokl or services perfom)ed in the ordinary ourse of business. Trade debtors are recognised initialty at the transaction PrifAg. They are subsequently measured at amortised Gost using the effectiv• interest method. less prowsion for impairment. A provision for the impairment of trade debtors is eslablished when there is objective evidénce that the Charity will not be able to colloct all amounts due accolding to the original teThs of the receivables. Cash and Ca•h Equivalonts Cash and cash equlvants comprise cash M hand and call deposits. and other short-term highly liquid investments thal are readity convertibl8 to a known amount of cash and are subject to an insignificant risk of change in value. Liabilities Trade creditors are obligations to pay for goods or seIS that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as Ujfrent liabile$ rf the Charity does not have an unconditional right. at the end of the reporting period, to defer setdement of the uedf(or for at least kknlve months after the reporting date. If there is an unconditional right to defer setuement for at least tsvelve months after the Teports"ng date. they are pented as non<uNont liabilities. Trade credttors are recognised initially at the transaction pri(x and subsequently measured at amortbsed cost using the offective interest method. Page 12
Docuslgn Envelope D: BE929¢4&542FBI-B2F4-F487383Dl9C3 The Wordsworth Conference Foundatlon Notes to the Financial Statements for the Year Ended 31 March 2024 . continued Financlal Instruments Financial assets and finanual liabilthe5 are recognised when the charity becomes a paty to the contractual provisions of the instrument Financial liabilities and equtty instruments are dassified according to t substance of the contractual arrangements entered into. An equity instrument is ary contract that evKIen$ a residual interest in the assets of the Charity after dedUCtg all of its liabiliiies. All financial assets and liabilities are in-th.ally measured * transaction price (including transaction costs}, except for those financial assets classified as at fair value through profft or loss, which are initially measured at fair value {which is nomalfy the transaction price exduding transath.on costs), unless the arrangement onsitutes a finanang transaction. If an aTrangement constrlutes a financing transaclion, the financial asset or financial liability is measured at the present value ot the future payments di5Unted at a market rate of interest for a similar debt instrument Financial essets and liabilities are orY offset in the statement of financial position when, and only when tkere exists a legally enforceable nght to set off the recognised amounts and the Charity intends either to settle on a net basis. or to reath'se ts asset and setd8 the liats'lity simuttaneously. Financial assets are derecognised when and only vthen a) the contractual rights to the cash flows from the financial asset expire or arè settied, b) the Charity transfers lo another party substants'alty all of the risks and rewards of ¢Jwnership of the finan(yal asse( or ¢) the Charity. despite having retained some, but not all. Significant risks and rewards of ownership, has transferred contrcA of the asset to another party. Finanrial liabilities are derecTrJnised only when the oblyation specified in the contr8¢t is discharged, ancelled or expires. Cr•dltor6 and provlslon8 Creditors and provisions are recc3nised where the chanty has a present obligation results.ro from past events Ihat will probabaly result in the transfer of fvnds to a third party and the amount due to settle the obligab.on can be measured or estimated reliabty. Credliors and provisions are noTmalty recDgnised at their settlement amount after allowing for any trade discounts d. Flnancial Instruments The foundation only has finanual assets and liabiltknes of a kind that qualify as basic financi81 instwments. Basic financial instruments are inib.ally recognised at transaction value and subsequently measured at their setuement value. Donations and legacie5 Unrestrictod Restrfcted Endowmont Total Funds Totsl Fund8 Funds Funds Funds 2024 2023 Donations and legacies Bursary donations All of the income from donations and kgacies in 2023 rdated to restricted funds. 961 672 Page13
Docusign EnbtkJFe ID.. BE929C4&542F8l-82F4-F487383DIge3 The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 . continued Income from investments unrestrIct Rostrf¢ted Endowmènt Total Fund8 Totsl Funds Funds Funts Funds 2024 2023 Interest on cash deposits Income from other investments 711 711 3,813 4.524 219 3.813 4,032 3.813 3,813 711 Of the investment income in 2023. £219 related to unwtricied funds and £3.813 related to endowment funds. Income from tli1able acllvities Unrnstrl¢tsd Restfietsd Endowment Total Funds Total Fund8 Funds Funds Fund$ 2024 2023 Summer Conferen Winter Symposium 53.705 7.702 61.407 53,705 7.702 61.407 50,038 1,950 51,988 All of the income from tharitsble aclivities in 2023 lated to unrestricted funds. Page 14
Docusign Etwelope ID.. BE929C4&542W81WF&F487383019C3 The Wordsworth Conference Foundation Notes to the Financial Statsrnents for the Year Ended 31 March 2024 . continued Exponditure Conferen & events Totsl 2024 Total 2023 Dlrect costs Administrators Fee Awomm¢xlats'on Conference transport and excursions Board meeting costs Bank charges Depreriation of plant and machinery 4,250 46.738 2,712 450 197 114 54,461 59.080 995 450 211 83 65,319 59,080 450 211 83 65,319 Support Costs Insuran Computer software and maintenance costs Printing, postsge and stationery Charitable donations Accountancy fees Independent examinels fee 1.226 317 SC 250 1.500 850 3,423 216 216 750 850 3,648 750 850 3,648 68.967 68,967 57,884 Of the expenditure in 2023. £57.687 related to unrestricted fun(ts and £197 related to restncted funds. Governance costs 2024 2023 Cost of tfustee meetings Accountancy fees IrKlependent examinerfs fee 450 1,500 850 2,800 750 850 2.050 Page 15
Docusign Envelope ID.. BE929C4>s42F8l-B2F4F48?383D19C3 The Wordsworth Conferenc• Foundatlon Notes to the Financial Statements for the Year Ended 31 March 2024 . continued Truste•s' remunerallon and oxponses No remuneration was paid to any trustee. Professor N H Roe received a £1.490 i*scount ft>r accomodation and registration fee as director of the summer conference 2023. Dr P M O'Boyle's registration fees of £305 for the summer 2023 conference were waived in recognition of their role as treasurer. Dr E MG41pine received a £190 disownt on confen accomodation fees in recogn0 of their role as a cturer. Net expèndituro Net expendrture is stated after tharging: 2024 2023 Depreciation of tangible fixed assets 83 114 Page 16
DoCusn Envekpe ID: BE929C4>542NF81-B2FF487383D19C3 The Wordsworth Conference Foundation Notes to the Financial Ststernents for the Year Ended 31 March 2024 continued Tanglble fixed assets Plant and machinery Includlng motor vehlcles Cost As at 1 April 2023 and 31 Marth 2024 3,568 Depreciation As at 1 April 2023 Charge for the year As at 31 March 2024 3,018 83 3,101 Not book value As at 31 March 2024 As 8t 31 March 2023 467 550 10 Investments held as red assets Llst•d Investments Market valuè As at 1 April 2023 Revaluation As at 31 March 2024 131,143 11,871 143.014 Net book value As at 31 March 2024 As at 31 March 2023 143.014 131,143 All investrnent assets vRre held in the UIQ Llgted inv95bnents Investm¢nts having a net book value of £143.014 (2023 - £131.143) are listed on a recognised Stock exchange and had a market value of £143.014 at the end of the year {2023- £131.143). Page 17
Docusign Envelope ID: BE929C4>542F81-B2F*F487383D19C3 The Wordsworth Conference Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 .. confrnued 11 Debtors 2024 2023 Prepayments and accrued inccffie 4.950 2.750 12 Credltors: Amounts falling due within one year 2024 2023 Accruals and deferred income 2,170 2,350 13 Members. liablllty The tharity is a private company limited by guarantee and cnnsequenlly does nol have share capital. Each of the members is liable to contribute an amount not exceediNJ £10 towards the assets of the charity in the event of liquidats-on. 14 Related parties Controlling entity The ¢harity is controlled by the trustees who are all directors of the ojmpany. P•Je 18
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