Wates Family ENTERPRISE TRUST WATES FAMILY ENTERPRISE TRUST LIMITED Report and Flnanclal Statements Year endèd 310ocombar 2023 Charlty no.. 1126007 Company no: 06648896 Oiieuors ofthe Company Mr A E P Wales (Chairman) MrA T Awales MrCWR Wates Sir James Wates MrJGMWates MrPCRWates MrTAdeBWates Trustees Mr A E P Wates (Chairman) MIATAWales MrCWRWates Sir James Wales MrJGMWates Mr M E Wales MrPCR Wates MrTAde8Wales Company Secretary Mib F Mdlldiri IliorTI 25- Apfll 20231 Mr T Sherwani Iresigned 25" April 20231 Company Number.. 06648896 Charity Number.. 1126007 Regislered Office Wales Huui Slalion Approach LEATHERHEAD Surrey KT22 7SW Auditors Crowe U.K. LLP Black Country House Rounds Green Road Oldbury. West Midlands B69 2DG eankers Cliaillles Al(J Founoaiion Bank Limiieo 25 King s Hill Avenue King's Hill, West Malling Kent ME19 4JQ Sollcltors Bates Wells 10 Queen Street Place London EC4R 1BE MembefshSps The Woles Family Enterprise Trust Limited is a subscribing member of the Association of Charitable Foundations. London Funders and the Enwronmental Funders Ne￿ork. Contact Informatlon E-mail.. Web.. director atesfoundation.or www.wfel.or .uk Message from Ine Chair 2023 was a year of consolidation for the Wates Fafflily Enterprise Trusl as we look the time to create clear, strategic programmes of funding with the aim of supporting more syslemalic change in certain areas. Tliv Trust lid5 lufig value(J Ihe relatlonshlp we hola ￿[n our suategic partners- we learn trom them. from their expertise and from their experience of the challenges. By ifivesting in a small number of strategic partners we hope lo support others in their development. experimentation and evaluation ol alternative approaches and solutions lo environmental and social issues. This year the Trust was invited to take a more critical role in ihe support of Inle ralED, a six yvèi yd(Li ieisliiv viuyrdllllliv fuiusvLI vri tvJ¢Jre551ng school exclusion In Ine UK an(J Increasing the qLJality of education offered through Altemative Provisions. Several ol our currently funded partners sil within this partnership and we look fo￿ard lo learning how a partnership ol seven specialist organisalions and Ihiee lunders can help to prompt. move and evidence a need lor change in provision to ensure all children and young people have access lo all education that is supportive and considerate of Ihem as indiwduals. This woik complements the funding we offer to others working witli Ihe soiii¥ oiiilJiLivi i Tl ie Diif¥iviiLg. Gei Fuiiiier ariij Ihrough the research funded al the Centre for Research into the Educatson of Marginalised Children and Young Adults. After three years ol supportlng grass roots, cornmunity organlsalions across Manchester, the Trust's funding, under our Iheme of Sustainability. is being iefined. Our focus In 2020, allowed U3 to explore how Involvement with green or nature-basè¢J ¢JLlivilie¥ Ldl l li InueiiL¥ li Idlvlllual agency around climate change. Taking a place-based approach in Manchester allowed us to explore and learn from the work managed by Hubbub and Sow the City and the evaluation conducted by Chrysalis. In 2022. the Trust made a furthei commitrnent lo understand how we could offer our funding in a more innovative and supportive way with both OLtr Direclor and lead Iruslee lor Suslainabililyjoining a handlvl of donors in a 12-18 monlh Philanthropy Lab expcriment hosted by the Environrnenlal Funders Network. This has helped cvlminate in refined programme of Nalure Based Nei hbourh(K)ds where the Trust wll work in collaboration with funders, organisalions, financial institulions, academia and the commercial sector to pul nature first in the places we live, work. study and play. This is a long-lerm commitment an(J we are extremely excited by the enthusiasm many have shared to work together. Our third Strategic funding focus sees Homes as a foundation to a decent life. As such. we have shifted our narralive away from talking about'Housing' lo one of recognising the value nd importance of'Homes'_ which have a value. complexity and influence far beyond the dimensions of four walls and 3 roof. With over five years. of funding and learning from our partners in this area, 2024 offers the Tru51 the opportunity to refine and articulate a clear focu5 for our investrnenl lo ensure everyone has access lo decent homes as a critical foundation lo Lastly, I know my fellow trustees are as delighted as l am to see such an increase in engagement from Wates employees. The Trust has a dual purpose of supporting the Wates family philanthropy but also the aclive citizenship of Wates Group employees. We are incredibly humbled by the level of Wales Group staff volunteering and supportive ol their local communities. This year the Trust awarded 259 grants lotalling £194,947 which is almost a 140% increase on the previous year. So much more has happened in the yeai. I hope this annual report gives an indication of the breadth and commitment the Trust offers through ifs funding support to trial rbew ideas. evidence those already working and support those trying to influence $￿stem1C change. Andy Wates. Chairman. Wates Family Enterprise Trust Introductlon The Trustees. Y4ho are olso the Directors of the incorpoiated company, have pleasure in presenting their Report together wth the financial statements of Wates Family Enterprise Trust Limited for the year ended 31st December 2023. Legal and aominisiraiive Information iorms part ol Ihis Report. I he h"nanclal statements comply with current statutory iequirements. the Trust Deed. applicable law and Charities Slatemeni of RecommendedPractice {FRS 102). Grant Maklng The Trust's grant making is allocated across four key legacy outcomes: Bulldlng Reslllence Using the Trusys knowledge and Insight to address xKial needs and Improve14ves En9a9lng the Dlsen9ag¢d Providing Influendng the System Shining a Ioght on pressing issues and convenino stakeholders to eate 501uUons Fosterlng Artlve Cltlzenshlp Providing optM)rtunitles for WatpE pmplnyppq tr) erwjage with and SUp[￿rt local communitÈs create sustainable d￿l¥Je withln Commun￿￿$ Three key strategic areas of Homes as 8 Foundalion for Life. Life Opportunllies for Young People and Sustainability - INature based Neighbourhoodsl guide Ihe majority of the Trust's funding. Each theme is developing into a specific programme and is led by a nominated Iruslee with the Director of the Trust. Wheiever p055ible, Ihe Iruslees seek to explore connection between the programmes and the Trust's funding. thereby increasing a more holistic approach and understanding of challenges faced. The fourth area ol funding, Fostering Active Cilizenship. has been designed lo support and encourage Wales Group employees in their fundraising and support ol charities local to them and in which they volunleer. Group and Employee awards sil under rhi5 are8 of funding. Outside the theme areas, funding available for each year is allocated on a proportlonal basis to.. Employee awards.. in support of initiatives ol employees of the Wates businesses acting in a private capacity. The latter includes.. personal fundraising for local charitable and community causes,. Give As You Earn donabons through payroll.. engagement with community organisations as volunteers, trustees, governors. sports coaches oi other roles.. participation of immediate family members in sport at national and international levels. Group awards. in support of bids originating from initiatives of the Wales Group and ils business units. Familyowards.-in 5UPPOrt of bids which are the initialive of the Wales Family. Gr•nts Awarded 2022-2023 ÉLW( Éw( EW( Iwr £XULVX) Giovplw￿d5 Faw*Aw•rd5 3QTr3Aw¥d•J •2mlAvM The Trust does not accept unsolicrted applications for grant funding. Achlevements & Performance Fundlng Summary In 2023, the Trust made 338 new award5 in the peflod lo the volue of £1,265.978 12022.. £919,368). A full list of awards. given and rescinde(J in the year. is lo be foun(J in the Notes lo the Accounts. The following piovides a brief look 81 some of Ihe new awards from the Trust's core slialegic progfammes in 2023. slarting wlh the initial awards made under the Thematic programmes. Life O ortunities for Youn Peo As part ol a stronger programmotic focus In LOYP. the Trust continued its support to.. The Dilference1£100.0001 lo supporl ils work around the prevenlion of school exclusions in the UK,. awarded two small grants lo Gel Further1£9,306. £24,036) io pilol a luloring programme lor English and Malhs GCSE lo support entry lo Level 3 apprenliceships fun al London South Bank University College: and lo Social Finance1 £120.0001 for their Maximising Access lo Education pilot working with A Cheshire MAT and Gloucester County Council lo prevent exclusions from schools. Togelher, with the lunder Portlcus, WFET commissioned the Centie of Research in Education lor Marginalised Children and Young Adults ICREMCYAI al Si Mary's University Twickenham to survey and map ihe ways schools. NGOS. policy adwsors and those working cross sectors lo prevent school exclusions leam and share inlormaiion and experience wilh each othef. WFET stepped up. with lellow funder Mission 44. to co-manage the remaining three years of a six year partnership programme as initiated by Porticus. The IntegralED Programme was created lo support those excluded from school and Ihose In 'alternative provision,. representing some ol Ihe most disadvantaged and vulnerable children and young people in the country. CkiOOL AtrID CLA: 2. Homes a5 a Foundation for Life In the year, the last five years of Twsl 'Housing' fundlng was reviewed and an Impact Report wi11 be published in 2024. We are proud lo reflect on the work the Trust has supported over Ilig yasl Ilve yedis aiid 11 lids been encouraging io see now so mucn ol ine research, and subseguent reports. have lealured in policy considerations and practical implemenlalion. Thls has been an invaluable period ol learning for Ihe Trust. enabling us lo refine our understanding ol some ol the key challenges those in society face In attempting to achieve an affordable, quality, secure home of their own. Over the coming years, the Wales Family Enterprise Trust vlll continue in its commitrnent to 'Homes as a foundation for life,, Ihrough supporting practical innovation and thought leadership and research. This will replace our collective Ihemalic lille ol'Housing'. The work emerging suggests that pool housing is not a root into poverty but. in reality, acts as a ceiling preventing people escaping poverty. We will look to those most vulnerable members of society. in particular families with children living without a home and those liwng with complex needs. Collaborating wilh the Trust's two other funding programmes - Life Opportunities for Young People and Sustainability.. Nature based Neighbourhoods - will bring a depth ol perspective and Strengih to working ¥Mlh new partners lo exploring multsdisciplinary solulions. Our homes may well be our foundation for a decent life. bul they ale rooted In the places and communities we live, work and resi In. Our homes and the promsion ol them cannot be seen in solalion. As part of this emerging focus the Trust awarded £40.000 lo More In Common lo survey and research public opinion on affordable housing and housebuilding. A Joint grant of £140,000 over 2 years was awarded. between Life Opportunities lor Young People and Homes, lo Shared Health. This grant will fund half of a 'Crib' in the Greater Manchester area. A Shared Health Crib is a sustainable model of care for families experiencing homelessness, that wraps around support in a practical and ongoing way. This gives the family the best stjpport possible to help them stabilise the children's wellbeing througlKput a stressful and difficult time. associated with Adverse Childhood Experiences that can lead to poorer outcomes throughout life. Experiencing homelessness as child has been shown to significantly decrease the life chances of children. seen most starkly through an increase in childhood mortality experienced by children iwi telT)PUf¢lry aciorntnodation ￿A), and then carried through all the way along Ihe Ilfe course. 3. Suslainabilit The Trust has articulated some key outcomes as il adopts a Nature Based Neighbourhoods approach under its Sustainability programmatic funding. Support the development of thought leadership in the development and scale of NBN. Support and engage with community-based projects to feed into the thought leadership and sector learning. 8ecome a knowledge hublreposilory for NBN and facilitate a collertive Ihoughl leadership. Convene a wide group of expertsladwsoTS- using the premise ol unusual collaborations lo bring a mulli-laceled NBN approach lo communities - lo build connectiwty in the rsrjrnarh *rrnsg thp rcbLintry Use advisors, experts. community-based knowledge, academics. and the collective leadership lo influence policy frarneworks and identify opportunities to contribute lo and support government ambitions around.. net zero neighbourhoodAiwng, regeneration. environmental and economic laiget5. Nature Based Neighbourhoods A5 part of the initial development of this programme. the Trust awarded £20,000 to Our Future. Grimsby." £20.000 to Sow the City. Manchester," £25.000 io Down to Earth. Derby, £30,000 to the Nalure Connectedness Reseaich Group. University of Deiby and advertised a new role in the Secretariat as Nalure based Neighboufhoods Projeth Lead for 2024. Group Awards 2023 The Trust contribules lo communrties in which the Group works. In 2023. it made 24 grants totalling £235,136. The awafds made in the year. mel only two of the Trust's three legacy outcomes ¥Mlh 47% of all grants meeting Engaged the Disengagod and 53% sitting under 8uilding Retilien¢e. Thi= not unsurprising given the ongoing impacl of covid and this dislributson is an illustratson of how much the I rust was asked lo respond lo community groups and charities supporting their communities in the face of so many social. health. isolation and basic poverty needs. Allocation of Group Grants by strategic objective, 2023 54.490 . ETh8a8e the (hsengayd Build Res41*￿¢ Influendn8 the system Summary focus of grants Thpmatir grant making romained the highest focus ol awards at S4%12022.. 48%) of total giwng. Thi5 was followed by Group Awards al 19% 12022.. 28%) and Employee led giving al 15% 12022.'17%1. Grants awarded by type, 2023 *tsEr Ern1￿) ISX Ilx £0 Famlly Award5 In 2023. the Wates Family members. who are the Tiustees, made 30 awards valued at £153,33012022." £62,5301 lo causes and initsatives in which they have a personal interest or in support of causes in Surrey. London and Ihe Soulh-East in particular. One specific award, sponsored by Tim Wales, was made to Police Cale UK lo undertake specific research with Surrey Police. 'Under5tandin the im ct of olice as first fes ntjers to mental health crisis cases.. A case stud in Surre 2023. brings together the Wates Family Enterprise Tiust. Police Care UK and Surrey Police with local semces and researchers to ascertain what the most pressing iSSLses ale that Surrey faces and what this might mean for the nation. By establishing a collective conversalion to identify pressure points. unpack perceptions land misperceptions) and acknowledge some immediate opportunities for change. this report brings tn thp nAfinnAI 8 I￿31 Fhxample of why policing montal health crisèg nèèds to land can) change. Employee Awards The Trust makes awards in support of philanthropic initiatives of employees of the Wates. businesses. The latter includes.. pe¥sonal fund¥aising for local cttarilable and cofflmunity caLJses- Give as You Earn IGAYE) donations through payroll". engagement with community organisations. participation in sport at national and international level& 2023 saw 259 grants tolalling £194.947 awarded foi Trust's support lo the personal causes of Wales employees. This is a si9nificant increase on Ihe 96 grants totalling £82,324 awarded in 2022 and is a reflection of the concerted, largeled promotion ol the awaid opportunity'es with Wales Group employees. £25.60212022". £3.0001 went lo support Wales employees working on behalf of their local comfflunities and charities as Iruslees. governors or in other volunteer rules bULI? fuiiLjrds￿rS. ¥yurls LU(ILli¥s ui yeiieiol helper5. The Trust ran ils campaign 'Lei's get Giving.. 100 for 500, for a fourth year, specifically io enable Wates employees to ensure the small local causes they support could receive fLJnding. 107 awards of £500 were distrlbuled during December 2023. all of which had been chosen and assessed by Wales employees. The Trust rnade a grant lo match the GlveAs You Earn {GA YEJdonations made by Wales Group employees, which lolalled £18.497 in 2023. This was consistent ¥Mlh the prewous year. Finally. we make mention of the Trust's support lo individual Wales employees who fundraise for a wide range ol charities by undertaking maralhons. parachute jumps, wing-walking, Dragon Boat racing, long distance bike rides. hikes. baking, sleeping rough ovefnighl and growing beards and mouslaches or, even. in shaving them off. The list of organisalions in receipt ol these awards is included al the end of the notes lo the accounts. Its length and variety are resounding testaments to the interests and passions ol the Wales employee Sponsors. Siiucture. Govemance & Managemenl Wales Family Enterprise Trust Limiled is an incorporated charity. registered with the Charity Commission No. 1126007 on 23 September 2008 and al Companies House No. 06648896 on 16 July 2008. The Trust is a granl-making charity run by Iru51ees. is independent ol the Wales Group ol companies. and 15 incorporaled in England and Wales. The funding made available for Ihe charity is agreed on an annual basis by the Family members who ale shareholders ol the Wales Group. The Trust has eight trustees. Seven of these are also the Directors of Wales Family Enterprise Trust Limited. The Annual General Meeting IAGMI of the company is held in JunelJuly each year. Directors retire and are elected at the AGM under the terms of the companqs Articles of Association. Mr Andy Wates is Chairman of the Board of Directors and of the Trustees. The Trust shares a Secrelafiat that operales as Wales Family Charities, with the Wates Foundation, an unincorporaled registered chaiity no 247941. The day-twlay adminislralion of the Trust's grants and the processing and handling of applicalions is carried out by the Secretariat. Costs are apportioned on an agreed percentage basis between the two charities These include rent for office space located wthin premises occupied by a company owned by the Trustees. as well as charges for use of the companys IT, HR and other adminislralive systems. During the year. rent was charged proportionally between the Trust and Foundation at 100% of the passing rate. The agreed basis of the cost allocation was a split of 80% to the Trust and 20% to the Foundation throughout the entire yeai_ One new role of Adminislralor was split equally between both organisations. This reflects the best wev4 of the diwsion of the time spent by the Secretariat between Ihe two organisalions. For all legal and operational purposes, the Trust and the Foundalion are totally separate and independent enlilies. The Trustees agreed. in March 2019. to formally adopl the ChaTity Governance Code. The Trustees are satisfied that the Tfusl complies with the vasl majority of the Code's provisions, ¥Mlh the following exceptions.. Trustees fixed terms of office. because of the precise nature of the link between ownership of the Wales Group. the financing ol the Tiust and Trusteeship of the Trust. the Trustees have resolved that Trustee temis of office should remain unlimited. Appointment of independent Trustees from outside the Familylin the interests of diversity and transparency).. for the same feason. The Trustees have resolved rTrot to make any immediate appointments of new. non-Family Trustees bul to keep the matter under regular review. The Trustees also believe that involvement ol many employees ol the Wates Gioup and of external experts in the Trust's deliberations, offered the opportunity lo ensure a wide variety of viewpoints and experience were represented in the grant making. Trustees In the year were: Andy IAEPW Wales Ichairman of Tiuslees & Gfanls Panel Committeel Andrew IATAW) Wales Michael Wales Charles Wales Paul Wates James Wales Tim Wales Jonathan Wales A Grants Panel Meeling. which is held approximately tw'ce a year, Is requested by the Trustees lo assess applications under Ihe Group Grants and Thinking Differently funding streams. Group Grants are made lo support small o¥ganisations. with an income ol under £1million, operational in Ihe wcinity ol Wales Group 5 aclivity. Thinking Differently Is a fund which offers £80,000 over Iwu yvdl s lu Iwu viydiiisdliuiib dlui iu willi slyiilnLdiii d¢J¢JlLlviial asseis Iruiii ilie Group Iri itie form ol resource, staff expertise, volunteering and strategic support. The lund 15 aimed al supporting charities or social enterp¥ises at rhe poinl of strategic change. This is a pilot fund, in ils third year. with live live grants. A re￿eW will lake place in 2024. Term5 of Reference for the Grants Panel Meeting define its current membership al the year-end as.. Andy Wales. Chairman of the Grants Committee-, Andrew Wates and the Director of Wates Family Charities and Trust Secretary. Su Pickerill. Group Community Investmenl Monagemenl Andrew Riggs. Head of Government Sectoi. Wales Group Ben Williams, Living Space Nationél Strategic. Wales Group Deep Mahinda. Key Account Director. Wates Group Holly Gardiner, Senior Land and Planning Manager. Wales Group Rachel Schofield. Proposals Manager. SES North. Wates Group Lisa Cunningham, Pre-construction Direclor. Wates G¥oup Eeva Paasiaro, Regional Developmeni Director. Woles Residential. Wates Group Felicity Mallam. Director, Wales Family EnleTprise Trust Other than the TrusteeslDirectois. INho all give their lime freely both for meetings and for visits, the Trust has no dependence on volunleers. donated facilities, donated serwces, or other donalion5 in kind or other intangibles. As a commitment to transparency. the Trust publishes all its grant award data to the 360 Giving website. where il can be seen and analysed by other funders and charities seeking funding. It alsojoined Grant Advisoi UK. an online platfomi that all￿ grant seekers to share their feedback on funders an0￿ymouS1y. Recruitment & Training of Trustees and Staff Under Article 212Xbl ol the Articles ol Association of The Wates Family Enterprise Trust Limited membership of the Association. and eligibility for election as Directors and Trustees. is limited to members of the Wates Family. who ale descendants of Sir Ronald Wates and who are sh6reholders in the Wales Group. The Trustees have identified training and development as a key area within the Trust's strategic planning lo ensure that members ofthe Wates Family associated with the work of the charity and th0 Staff ol the Secretariat have th& rolovant skills. competences. knovhedge and LInde￿tanding that they need to deliver the Trust's mission effectively. sustaining and improwng the overall performance of the Trust and ils grant making. Trustees gain experience taking part in the grant a55essmenl process and related wsils, and in a programme of visits to relevant organisalions and inslilutions. Where relevant. Trustees also undertake formal training conducted by bodies such as the Association ol Charitable Foundations. All the staff membe15 of the Secretarial have an annual performance and development review IPDRI. as part ol which. training needs awe identified, and plans pul in place for the year ahead by agreement with the Chairinan of Tiuslees. Progress against objectives lor the year, and the agreed developmenl plans, is Ihen reviewed in the mid-year. A register of training undertaken is maintained by Ihe Secretarial and reviewed annually by the Trustees. Object of the Trust The Wales Family Enlerplise Trust Limited supports the philanthropic aims ol the Wates Family owners of the Wales Group and its associated enterprises. Under the Trust Deed, the charitable purposes or activilie5 lor which Ihe Trust Fund may be used. together wlh the income that derives from it. are those that the Twsiees may direct for the public benefit al their discretion. Oblectlves and aCtI￿tIeS for the publlc benefit The general chaTilable purposes. aims and policies ol The Trust, Including considerotion of grant- making, policies and perfoimance relating lo social finance. ieserves. staff remuneratson and risk management are reviewed regularly by the Truslees. When reviewing the Trust's aims and objectives. devising the new programmes and setting their grant making policy for the year, the Trustees confirm that they have referred lo the 18lesl Information contained in the Charity Commission's general guidance on public benefit and complied with their duty under Section 4 of the Charities Acls 2006 and 2011. The pu¥pose ofwates Family Enterprise Trust Limiled 15 to pro)ride 8 means for the Wates Family lo be engaged stewards of the Family business, blending wealth crealion ¥Mlh social responsibility. The Trust provides funding for specific stralegic issues which address social, environmental and human inequality alongside supporting communities where Wales employees work and live. Since launching the Trust in 2008. the Trust has invested £18.45M in charitable actimlies. Current Strategy 2021-2025 The main goals ol the current slraiegy are.. To continue Ihe Family vision to be a 'force for good. To grow Family (especially the younger generation's) engagement in philanthropy To build greater Family involvement and leadership for key inilialives To look over time to create a clearer legacy lor future generations 10 As part of the longer-lemi plan, the Trustees set a medium-temi ambition to build over811 funding from £1.25m in 2017 iowards £2m over lime as the Wales Group glows in size and profilabilily. (The'rule of thumb. remains that the Tiust should receive up to 5% ofthe Group's pie-tax profits). The key elements of the slralegy remain to-. Look to focus new funds behind a few more f(Kused themes. initially three Airn to commit funding for organisalions and programmes over 3+ years Ensure clear Family leadership of the thematic programffles Retain a level of funds lor Family personal interests but reduced in scale Ensure future funding gro￿ for Employee's indiwdual philanthropic efforts Continue to support Wates Group's engagement in local comfflunities More clearly focus the Trust's support of other projects put forward by the Wales Group behind established beneficiary-locused programmes, R&D le.g. the ground-breaking Sustainability Knowledge Transfer Partnership) and innovation. Three strategic funding priorities exist through,. Life Opportunities for Young People, Homes as a Foundation lor Life and Sustainability. Relationships with grantees are seen as partnerships. with a longer commitment to funding and a collaboration rooted in discussion, sharing and learning together. Rather than perceiving our 5UPPOrt os merely a grant, the Trust considers how 11 can best invesl in an orgainsalion. ils people and support Ihe overall ambition. 2023 was the third year of ihe slrategy. Life Opportunities lor Young People (champion Andy Wales) ènd Homes a5 a Foundation lor Life (champion Tim Watesl continued lo build on work commenced in 2018. In addition. the Su51ainabilily Iheme Ichampion Jonny Watesl continued its strategic funding to Hubbub as part ol the wider Manchester City response lo climate change. The actual grant ollocalion in 2023 lor ihe themes. was £682.56512022.' £441,990). Further detail of the individual grants made. and ￿ganIsatIOnS supported is given below. R¢l#LeLI Pdi ly TidllSOLIIuiis 11 is the Trustees, policy to encourage aclive involvement in the voluntary seclor by their peers and the Wales Family generally. Where a Tfuslee has an interest in any capacity with an external body applying lor funds from the Trust. then Ihal Iruslee rs excluded from the decision-making process. This and other potential conflicts of interest are covered by a forrnally adopted policy, which extends lo members ol the Secretariat and other persons allending meetings at which granl-making decisions ale taken. Such potential conflicts will be noted in the minutes of the relevant meelings. The Trust maintains an annually updated register of the business intere5t5 of members ol the Wales Family and staff that lake an active part in the Trusl's philanthropic activities. A list of awards where related party interests occur is in the Notes lo the Accounts. Evaluatlon of Governance The Trustees recognise that there is a potential for additional conflicts of interest in their re5ponsibililies as trustees of the Trust and owneis of the Wales Group of b(Jsinesses with which the Trust has a close working relationship. Diligent cafe is taken to ensure the separateness and independence of both organisations from each other. A Memorandum of Understanding was agfeed and adopted in 2021. between the Wates Family Enterprise Trust. the Wales Foundation and the Wales Group. recognising the independence of each orgonisalion and the areas where they collaborate. The Trustees regularly review a register of gifts and hospitality offered and received by Trustees and the Secretariat to ensure compliance with the Tiust's poliry in this matter. Flnancial review Financial Slalemenls and Notes on actiwties for the year fomi part of this Annual Report. Full accounts have been lodged wlh the Charity Commission and Companies House. The Trust's income arises from a formal agreement with the Wates Group in accordance with the wishes of the Wate= Family owner- and -horcholders of the Wotes bu3inesses. In 2023. income nel of inveslrnent interest and loan repayments was £1,500.00012022'. £1.500,0001. Expenditure for the year was £1,552.497 (2022.. £1,165.277) on charitsble activib"es. support costs and governance. Support costs including salaries was £284,26212022.. £239.0121 and included communications and marketing expenses of £19.55012022'. £12.0701. Governance costs were £8,75812022.. £8.1981. Al the end of ils full year ol operations. the Tiusi Fund had an end of year surplus of £774.387 12022.. £815.5021 when accounting for scheduled commitments out lo 2023. Provision has been made in the budgel for mults-yeor awaids in Ivlure years. Actual expenditure in 2023 and 2022 was contained within bUdgetr￿ and the overall iurplus increased by 31" December 2023. On this basis the Trustees confirm that the Trust has adequate resources lo make it a going concern for the future. Rg¢•rves and Investmentpolicy Ai 3151 December 2023, the Trust'5 lotsl feserves were £774.387. The pollcy of limiting levels of lorw8rd commitments for new awards remains at 30% of the cuNent year's grant budget. There are cash reserves of £300,000 that wll meeL if necessary. scheduled payments on extant awards and will make funds available for support and governance costs. No reserve funds are re5tricled and not available lof the general purposes ol ihe Trusl at the end of the reporting period. The Trustees have agreed lo hold these funds in short-term notice bank accounts. in order lo ensure Ihe lunds are readily available and lo avoid any of the risk ol volatility that other types of investment holding mighl bring. Soc/81 Inveslmenl Pollcy The Trustees have determined that promding granl support lo social enterprises and social businesses is an irnportanl element in developing the capacity and sustainability ol the charity, comrnunity and enterprise sectors. The Trustees believe thal soci31 investment has a role lo play in this development by promding funding ihal mighl not be available from traditional sources to address social issues in line ￿th the Trust's cha¥ilable objeclives. 11 is not, hovlever. parl of the current policy lo use Ihe Trusl's funds or reserves lor further loans or equity investment in Social enterprises based on the need lor funds lo be readily available (see Reserves Policy above). Sust8/ntgblllty PolityandFunder Commilmenf to combat Cllmate Change As a Trust, we are committed lo better understanding how our operalions. granl-making. and our knowledge can develop to ensure risks lo climate change are mitigated. As part oflhis we joined olhei funders in early 2020, in their pledge lo make a covnfflitmenl lo climate change. We recognise we can play a part in addressing the causes of climate change. supporting adaptation5 lo its effecls and reporting on our progress. sjllundercommittfflentclimalechan e.of The trustees approved a Sustainability Policy in 2020 which sets out the Trust's commitment lo address the effects of climate change through its operations and grant making. This is in addib'on lo the Trust's commTrlmenl of a third of its slralegic, themalic funding to sustainability. 12 Diverslty. Equ8lltyand Inclu&on As parl of its general Governance management. The Trusl undertook an audit of its tK)licies. procedures and granl making ￿th regard to Diversity. Equality and Inclusion. This will now form the basis for work lo be undertaken. The Truslees recognise that the Trust's Board membership is limited in its diversity as this is made up of family members are typically also shareholders ol the Wates Group. With this in fflind. the Trust will endeavour to find ways lo ensure other voices. perspectives and experiences are fed into and becorne part of the Trust's operational and decision-making fabric. Remuneration Policy The review ol slalf remuneratlon 15 conducted in December each year to sel rates for the coming yPAr whirh Hrp imr)Ipmentpd from 1st April onwards. This is done as a joint exercise with the Wales Foundation with which the Trust divides the cost of the Secretarial. The review takes into accoLJnt the rate of inflation and benchmarks pay scales against rates of remuneration set by a small group ofolher similar grant-making Irusls and loundations and ACF'S annual benchmarking report. Decisions arising from the rewew are agreed by Ihe Chairman ofthe Trusl and Foundation and conveyed lo staff in writing. Details ol the remuneration received by the Trust's highest paid member of staff are in the Notes lo the Accounls. The stated amounls lake account ol diwsion belween Ihe Trust and the Wates Foundation in accordance with the agreed schedule. In accordance with FRS 102 SORP. the Trustees have reviewed the Trust's liability for untaken paid leave. They have concluded that this does not consts.lule a malerial component of total expenditure and is not further recognised in the accounts. Rlsk management The Trustees undertake a full risk audit every two years with an assurance audit in the intervening years. An assurance audit was conducted in February 2024. The Trustees have considered the major iisks and uncertainties lo which the charity Is presently exposed and the systems and procedures to manage those risks. The Truslees identity risk lo reputation and uncertainty ol income as the two key issues facing the Tiusl In the short lo middle term. Rlsk."Severely reduced Income Keymitigating controls alreatyin pl¢9￿." Scheduled payTnents covered by Trustees, policy on increased reserves Limit on the scale of future yeafs. grant commilmenis Terms & Conditions limit liability on payments over more than one year Engagement with Wates Group Board allows mitigation policy in adequate time frame Risk. Repulatlon". Polenlial and actual conflicts of interests Support to illegal oi controversial causes Charges ol discrimination. unfairness and breach of trust Keymitigating controls alreadyinplace." Formal Conflict ol Interests policy Meeting declarabons by attendees Media defensive statement policy Statemenl ol themes and guidelines 13 Review ofstrètegy carried out in 2018 with wide consultstion amongst Trustees and other interested parties External, independent rewew of Trust governance and ethics in QI 2018 Due diligence by Wates Family Charib'es Secretariat Formal policies covering complaints. confidentiality and equal opportunities S8fegu8rdlng Pollcy Although the Trust does not work directly with children and vulnerable young adults, it recognises Ihal il has a responsibility lo bolh the staff it employ5 and those 1nlended lo be the beneficiaries ol the grants it makes. A renewed Safeguarding policy sets out the commitment to ensure all Secretariat staff receive external safeguarding training every three years. The Trust's account5 for 2023 were filed followng the Annual General Meeting ol the Trustee Board on 25th June 2024. A slalemenl has been included selling out the Trustees, responsibility in respect of the accounts and the Annual Report_ In the case of each person who was a Iruslee at the tsme this report was approved.. so lar as each Iruslee was aware there was no relevant available information ol which the Trust's auditors were unaware. and that each Irustee had taken all sleps that the trustee ought to have taken. as a Iruslee, lo make himself aware ol any relevant audit inlormalion and lo establish that the Trust's auditors were aware ol Ihol information. A resolutbon was passed ai the AGM on 25th June 2024 to appoint Crowe UK LLP as auditors for 2025. 14 Trustees. responslbllities in relation to the financlal statements The Trustees Iwho are also Directors of Wates Family Efiterprise Trust Limited for the purtx)ses of Company lawl are responsible for pieparing the Trustees, Report and financial statements In accordance with applicable law and regulations. Company law requires the trustees to prepare financial slalement5 for each financial year in ccordance wilh United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the trustees fflLJSt not approve the financial statements unless they are satisfied Ihal they give a true and lair view of the slate ol affairs of the charitable company. including the incoming resources and the application of resources, including income and expenditure. of the charitable company for that period. In preparing these financial statements. the Iruslees are required to.. Select suitable accounting policies and Ihen apply them consislenlly. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. Prepare the financial slalemenls on the going concern basis unless it 15 inappropriate to presume that the charity will conlinue in operation. The Trustees are responsible lor keeping adequale accounting records that are sufficient to show and explain the charitable companrfs transactions and disclose wilh reasonable accuracy al any time the financial position of the charitable company and which enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection ol fraud and other irregulaiilies. This report has been prepared in accordance wlh the special provisions of Part 15 01 the Companies Act 2006 Telating to small enlilies. Approved by the Board on 25th June 2024 and signed on its behalf.. 6L-f. AEP Wales CHAIRMAN ol TRUSTEES 15 Independent Audltor's Report to the Members of Wates Family Enterprise Trust Limited Oplnlon We have audited the financial statements of Wates Family Enlerpiise Trust Limited I'the charitable company'l for the year ended 31 December 2023 which comprise the slalemenl of financial activities. the balance sheet, the siatement ol cashflows and notes lo the financial statements, including significant accounting policies. The financial feporting 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 Iunited Kingdom Generalty Accepted Accounting Praclicel. In our opinion Ihe financial statements.. give a true and lair VI￿ ol the stole ofthe charitsble company's affairs as at 31 Decernber 2023 and of its incorne and expenditure. for the year ihen Ènded." h8ve been pfoperty wepared in accordance with Uniied Kingdom Generally Accepted Accountlng Practice. and hove been prepared In accordance with the iequirements of the Companies Act 2006. 88515 for oplnlon We conducted our audit in accordance wlh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards ale further described in the Audilor's responsibilities lor the avdil of the financial statements section of our report. We are ndependent ol the charitable company In accoidance with the ethical requirements thai are relevanl lo our audit ol the financial statements in the UK, including the FRC'S Eihical Standard. and we have fulfilled our olher ethical responsibilits.es in accordance with these requirements. We believe (hal the audit evtdence we have obtained is sufficient and appropriate lo proMde a basis lor our opinion. Concluslons rel8tlng lo golng concern In auditing the financial stalements. we have concluded ihai the Iruslee's use of the golng concern basis of accounting in the preparation of the financial statements is appfopriale. Based on the work we have performed, we have not Identified any material uncertainties relating to events or conditions that. indiwdually or collectively. may cast signilicani doubl on the charitable companrfs ability lo continue as a going concern lor a period of al least twelve months from when the financial statements are authorised for issue. Our responsibililies and the responsibilities of ihe Irustees with respect to going concern are described in the relevant sections of Ihis report. Other Informatlon The trustees are respon%ble for the other information contained within the annual report. The other Information comprises the inlormolion included in the annual report. other than the financial statements and our auditor's ieport thereon. Our opinion on the financial statements does not cover the other information and. except lo the ertent otherwse explicitly slated in our report. we do nor express any lorm ol assurance conclusion thereon. Our responsibility is lo read the other informalion and. in doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the audit or otherwise appears to be malerially misslaled. If we identify such material inconsistencies or apparent molerial misstatements, we are required lo delerm1ne whether this gives rise to a malerial mssslatement in the financial statements themselves. If, based on the work we have performed, we conclude that Ihere is a malerial misstatement of this other information, we are required lo report that facL We have rbothing to report in this regard. Oplnlons on oth•r m8tt•rs pr￿Cl￿b4￿ by th• Cornpanlos Act 2006 In our opinion based on the work undertaken in the course of our audit the information gwen in the trusiees. report. which includes the directors. report prepafed for the purposés of company law. for the financial yeaf which the financial statements are prepared is consistent with thè financial statements.. and the diroctors, rgr>nrt inr.Iiirtpd within thp trLJ£tpx' rpr￿rt h8vo b@Étn prÉtparÈd in accordance with 8pplicable legal requirements. Matters on whlch we are required to leport by eXCep￿On In light of the knowledge and vnderslanding of the charilable company and their environment obtained in the course ol the audit, we have not identified material misstalements in the directors. report included wlhin the irustees. report. We have nothing lo report In respect ol the following matters in relatlon lo which the Companies Act 2006 requires us lo report lo you if. in our opinion.. adequate and proper accountlng records hève not been kept.. or the financial statements are not in agreemerbt wilh the accounting records an(J returns." or certain disclosures ol trusiees, remuneration soecified bv law are noi made." or we have not recewed all the inlormobon and explanations we require for our audil", or the trustees were not entitled lo prepare the financial 51aternents In accordance with the sm811 companies regirne and take advantage ol the small comoanies. exernplions in preparSng the trustèes. dirÈciors' report and liorn the requirement io prepare 8 strategic report. R8sponslbllltle$ of trustees As explained more fully in the liuslees, responsibilities stolement set out on page 15. the Iruslees (who are also the direclois ol the charitable company for the purposes of company lawl are responsible lor the preparation of the financial slalements end for being satisfied th81 they give a true and lair view. and for such internal control as the irustees determine is necessary to enable the preparation of financial statemenls Ihal are free from material misslalemenl. whether due to fraud or error. In preparing the financlal slalements. the Irustees are responsible for assessing the charitable company's abilily lo continue as a going concern. disclosing, as applicable. mallers related lo going concern and using the going concern basis of Occounling unless the trustees either Intend to liquidaie the charitable company or lo cease operaiions. or have no realistic alternative bul lo do so. Audltor's responslbllllles for the audrt of the finonclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from maleri31 misslalemeni. whether due to fraud or error, and to issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a gLJarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misslalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, indiwdually or in the aggregate. they could ieasonably be expected lo influence the economic decisions ol users taken on the basis of these financial statements. Details of the extent lo which the audit was considered capable of delecling ifregularities, including fraud and non with Ihp Finxnrial Pppnrtinfj Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charitses Act 2011. The trust constilules a public benefit entity a5 defined by FRS 102. General informatlon The Charity Is an incoiporated private company limited by guarantee wilhoul share Capital in England and Wales (company registration number". 066488961 and a charity registered in England and Wales (charity number.. 1126007). The Charity s registered office is '. Wales House. Station Approach, Lealherhead. Surrey. KT22 7SW. Preparation of accounts on a going concern basls After the inclusion ol grant commitments there is a surplus of £774,387 on unreslricled funds as a131 December 2023. The Trustees have considered the ability ol the Trust lo meet I￿ giant commitments and its ongoing overhead costs in ihe light ol ènlicipated lulure awards from The Wales Group and believe that il is appropriale to adopt the going concern basis of accounting. Slqnlficant ludgements and estlmatlon uncertalnty The preparation ol financial statements in compliance with FRS 102 required the use of certain critical accounting estimates. 11 also requires management lo exercise judgement in applying the Charity's accounting policies. There are no significant areas where ludgemenl was needed other than on those already included in the accounting policies. Funds structure Unrestricled income lunds comprise those funds which the trustees are free lo use lor any purpose in furtherance ol the charitable objects. Unreslricled funds include designated funds where the trustees, at their discretion. have created a fund for a specific purpose. Income recognition Voluntary income compfises donations from The Wates Group. Donations are credited lo the Statement ol Financial Activities when the criteria for income recognition of certainly, measurement and enlillement are mel. 23 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Expenditure recognfrtlon Single or mulli-yeaT grants are accounted for when eithei the recipient has a reasonable expectation that they will receive a granl and ihe Ifustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that théy will receive a gfanl and any condition attaching to the grant is outside of the control of the Trust. Expenditure includÉhs any VAT which cannot be r•cov•rod. and is roportod as part of the expenditure to which it relates. Allocatlon of support and governance costs Support costs are allocated lo either charitable actiwties. when applied in order lo meet ils charitable objectives or lo governance costs when costs are incurred in relation lo the conslilulional and statutory requirements of the Trusl. Governance costs comprise all costs involving the public accountability of Ihe charity and its cofflpliance with regulation and good practice. These costs include costs relaled to stalutory audit and profession81 fees. Charllable actithties These comprise gloss grants payable, plus an apportionment o15UPPOrt and governance costs for the year. 1.10 Flnanclal Instruments Basic financial instrumenls transactions that result in the recognition of financial as5els and liabilitie5 like trade and olhef accounts receivable and payable are accounted for on the followinq basis.. Cash and cash equivalents Cash and cash equivalents includes cash in hand. dep05ils held at banks, other short- term highly liquid inveslments with original mèlurilies of three months or less and bank overdrarts. Bank overdrafts. when applicable. are shown within current liabilities. Debiofs and creditors Debtors and creditors are measured al Ihe transaction price less any provision for Impairment. Any losses arising from impairment are recognized as expenditure. Operating leases Costs in respect of operating leases ale charged in ihe slatemenl of financial activities on a slraighl line basis over the term of the lease. 1.12 Employee benefits Pensions The charity operates a defined contribution pension scheme. The payments are charged to the slalemenl of financial activities in the year they become payable. 24 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Total 2023 Tolal 2022 GRANTS AND DONATIONS Donations 1,500.000 1.500,000 1.500,000 1.500,000 ANAI YSIS OF CHARITABLE ACTIVITIES Support Costs Governance Costs Total 2023 Total 2022 Grants Grants to institutions.. Group projects Themed Projects Family projects Community projects GAYE Matched funding - Individual Matched funding - team 100 lor 500 Sports sponsorship Repaid grants 235.136 682.565 153.330 25,602 18.497 52.797 153.263 34.428 5.749 4,153 1,627 4,722 1.061 177 128 289,560 840,550 188,819 31,528 22,778 329.911 560,837 79.343 3.807 22,871 48.064 41.989 53.500 7,295 16,5001 10.792 9,428 12.013 1.638 333 290 370 50 59,189 51,707 65,883 8.983 16,5001 45,120 5S,533 63.445 5,710 11.3001 1.259.478 284.261 8.758 1.552,497 1,165,277 Inole 61 Inole 3b} Inote 3cl ANALYSIS OF CHARITABLE ACTIVITIES- 2022 Support Costs Govemance Costs Total 2022 Tolel 2021 Grants Grants to insiitulions= Group projects Themed Projects Family projecls Community projects GAYE Matched funding - Individual 260,000 441,990 62,529 3,000 18.024 67.593 114.906 16,256 780 4.686 2.318 3.941 558 27 329,911 560,837 79.343 3.807 22,871 199,716 245.870 55,214 31,890 25,985 35.559 35,794 9,244 11.378 12.999 1,170 317 390 446 40 45,120 55,533 63,445 5.710 11,3001 Matched funding - team 100 for 500 Sports sponsorship Repaid grants 43,765 50.000 4.500 11.3001 36.785 68,730 116,6001 918.067 239.012 8,198 1.165.277 683,384 25 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 3b. SUPPORT COSTS 2023 2022 Salaries Rent Tiavelling expenses Subscriptions MArkpling And communications Office expenses INole 3d) 191,137 16.000 5,962 871 19.550 50,741 175,616 16,000 1,601 638 12,070 33.087 284.261 239,012 GOVERNANCE COSTS 2023 2022 Professional fees Audit lees 48 8,710 48 8.150 8.758 8,198 Governance costs Include auditor's remuneratson of £8,71012022'. £8.1501. 3d. STAFF COSTS AND NUMBERS 2023 2022 Staff costs were as follo Salaries and wages Social securily c0515 Pension costs Staff benefits 157,232 18,070 13.227 2,608 142.711 17.961 12,553 2.391 191,137 175.616 The Wales Family Enterprise Trust Limited shares a Secretariat with the Wates Foundation. The above staff costs represent the Trust'5 80% allocation of the total Secretariat cost. The charity's share of remuneration costs including employment benefits, paid lo key management personnel ol the charity during the year was £112,50712022.. £97.6731. £Nil remuneration or expense5 have been paid lo the Truslees12022.. £nill. In the period, one employee received remuneration above £60,000 12022.. 11 in the bracket 01 £90,000 to £l00.000. 2023 Number 2022 Number Staff numbers Administration staff - Headcount WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 DECEMBER 2023 CREDITORS.. amounts falling due within one year 2023 2022 Accruals Scheduled grant payments 71,918 255,644 67.492 369,798 327,562 437,290 CREDITORS: amounts falling after moTe than one year 2023 2022 Scheduled grani paymenls GRANT COMMITMENTS 2023 2022 Grant commitments at1 January 2023 Grants aY4arded 369,798 57,572 1.265,978 919,367 Grants rescinded 16.5001 11,3001 Grant commitments charged to the SOFA In the period (note 31 1.259.478 918,067 Grants paid in year 11.373.633) 1605.8411 Total grant commitments 255,644 369,798 Grant commitments at 310ecember 2023 Due within one year Due after more than oneyear 255.644 369,798 255.644 369,798 RELATED PARTY TRANSACTIONS During the year grants were made to organisalions with a relationship lo our trustees as follows.- £10,00012022.. £10.0001 lo Forum for the Fulure of which Jonalhan Wales is a Iruslee. £15.00012022". nil) to Emanuel School of which Chorles Wales is a governor. £23.00012022'. nil) to IFB Research of which James Wates is a Irustee_ 27 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 FUNDS At 1 January 2023 At 31 December 2023 (Lossl for the period Transfer Unrestricted general fiinrlq 515.502 141.1151 474.387 Designated funds 300.000 300.000 Al 31 December 2023 815.502 141.1151 774,387 Designated funds of £300,000 have been set aside by the trustees as reserves in order lo respond lo scheduled grant payments and lo cover support and governance costs. PRIOR YEAR FUNDS At 1 January 2022 At 31 December 2023 Sufplus for the perlod Transfer Unrestricted general funds Designated funds 328.496 337.006 1150.0001 515.502 150.000 150,000 300,000 Al 31 Oecember 2021 478.496 337.006 815.502 TAXATION The Trust is exempt from corporation lax under currenl lax legislation as all ils income is applied for charitable purposes. 28 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 10. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net movement In funds 141.1151 337,006 Adjustments for.. lincreaseyDecrease in debtors IncreasellDecreasel in creditors Interest from investments 367,319 1109,7291 111.3821 1750,0001 316,140 12,2831 Nel cash lused In) operallng actlvltles 205.093 199,13 11. ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash in hand 719,268 502.792 Tolal cash and cash equlvalents 719,268 502,792 29 WATES FAIAILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued} FOR THE YEAR ENDED 31 DECEMBER 2023 12. NEW AWARDS 2023 Group Awards Abb s Heroes Be Free Youn Cafers Ben Kinsella Trust 8obb Colleran Co enha en Youth Pro Cvv¢i Ill 6.000 s,000 5,000 6.000 5.000 2,500 6,000 6.500 6.136 4.990 5.960 5,000 2,500 5,000 5,000 6,500 3,4 54 6,136 4,960 6,500 5,000 6,000 ect D HU8 67 CIC Doorwa hlin All Cancers have a heart First Da s Childrens Charil Harin Shed Refu ee Women's Connect Rubies Sandwell Parents for Disabled Children Sandwell Visuall lrn aired Sunderland Communil Sou Siindprland MINfJ Tamworth have a Heart The Box Youth Communi The Link Charitable Trust Wormwood Scrubs Pon Centre Yellow Submarine Holida Kitchen Pro ect Total Grou Grants 22 Total Award Amount £115 136 GroupAwards- Thinking Dlfferently Down lo Earth Derb Moxie Foundation £80 000 £40.000 Total Grou Grants Total Award Amount £120 000 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 310ECEMBER 2023 12. NEW AWARDS 2023 (continued) FamllyAw8rds Bab 8asics Band of Builders Biscard du 8ois Cancer United Canccr Vaccin¢ In￿tItUte 250 2.000 3,480 3.000 Police Care re ortde Carl Linlord Create Streets CRUK DEC Earth EFN Emanuel School Forum for the Fulure Francisco Architecls Fulurein Girls Out Loud GOSH Gen 5 IFB IFB Research IN2drama Institute ol En ineerin Juvenile Diabetes Research Kim Hoar• Momorial ner Foundalion No Goin Back No Goin Back Police Care UK Police Care UK Molhwood Restore Cornmunil erkind The Bobb Colleran Trust 500 5,000 250 10,000 5,000 15.000 10.000 500 2,500 250 250 5,000 18,000 5,000 10,000 250 uake eal 1,000 10.000 10,000 24,000 600 750 3,000 2,500 Total Famil Awards 30 Total Award Amount £153 330 31 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 12. NEW AWARDS 2023 Icontlnued) ThemedAw8rds The Difference Social Finance Get Furthe SIMa 's Universi LOYP Shared Health Foundation Look Ahead Housin More In Common Housin Environmental Fundefs Network Our Future Suslainabilil Sow the Cil Sustainabili Green Inlraslructure Sustainabilil Universit ol Derb Suslainabilit Nature Based Nei hbourhoods Tot81 Themed Awards 10 LOYP LOYP LOYP £100.000 £120.000 £33,342 £10,000 £1fj0,000 £130,000 £40.000 £31.540 £20,000 £20,000 £6,000 £30.000 £1.683 £682 565 LOYP & Housin Svstainabili Sustainabilit Total Award Amount Employee FundAwards CommunllyAwaftls Academ kick5 Chi shead FC Cleve RC Minis Crosslields Junior Football Dance Action Zone Easin wold Cricket Club Firsl Bwich n Grou Leeds Underdo Llanlwil Ma or Junior Mossle Ma em Softball Needh8m Market Youth North Shield Juniors Pro Soccer Youth Rainhill For RCHC Hocke Sale Harriers SIMa 's & All Saints PTA Teddin ton Theatre Club The Roundhe ians Um5lon Town JFC 1.493 1,495 750 750 200 1.500 1.500 750 750 750 750 750 1,500 1.452 1,500 1,000 1,500 5,000 776 1.436 Total Communi Awards 20 Total Award Amount £25.602 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 12. NEW AWARDS 2023 {contlnuedl Match Fundlng Individual Match Fundln 115 Total Award Amount £48 064 ream Match Fundlng Barnsel Hos ice Barnsle 81ind & Partiall Si Brain Tumour Charil s Trust Garden House Hos ice James Bul er Memorial Jason Roberts Foundation Kin swood Trust Ma ie Keswick Jencks Neuroendocrine Pa rus Pa rus Save the Children Surfers A ainsl Sewa The Aho Centre UK Black Prbde YWCA Total Team Match 1,908 1,908 1,060 520 9,500 2,797 1,754 1.500 2,000 3,682 6,021 2,024 100 1,165 1,600 768 3,682 £41989 hled 17 Total Award Amount 100 for 500 Total Award5 107 Total Award Amount £53 500 Give As You E¢gm All Matched contrlbutlons for 2023 £18 497 Sports Sponsorshlp AIIS ortss onsorshl Award amount WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 12. NEW AWARDS 2023 {conUnued) Total WFEfAwards Award T Giou Awards rnij Awards- Thinkin Famil Awards Themed Awards Communil Awards Match Fundin individual Match Fundin - team ortss onsorshi 100 for 500 Give as ou earn Total Awards 2023 No of Awards 22 Awaid Amount £115.136 120.000 £153.330 £682.565 £25,602 £48,064 £41.989 £7,295 £53,500 niffprpnll 30 20 20 115 17 107 [,] £18,497 £1265 978 338 WATES FAMILY ENTERPRISE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 12. NEW AWARDS 2023 Icontinuedl 100 for 500 126th Bristol Scout Grou 13th Wimbledon Scout Giou 1st Cholse Scout Grou 1st Wickham Scout Grou ?4th Wallase 8rownies 3rd Wedneslield Scout Grou 6 Harrow Scouts Abbott Lod Albanian FC Am thill Communit Ru And 8iddle Youth S ort Foundation Basin stoke and Mid Hants Athletscs Club Belt Ennis Foundalion Bexle 8eavers 8irmin ham Rover5 Basketball team 8isho s Wallham Cricket Club Bisho thor e While Rose FC Blackrod Cricket Club Brewood Junior Football Club- U10 Colts hler Beller Orrell BBO Carries ol Ho Calhpclral Arrhprq Prn grt Centre lor Enwronmental Inilialives Cil ol Newcastle G mna51ics Academ Colchesler Canoe Club Do s First Dover Ran ers FC Dudle Kidne Patients Association D lexia Research Trusl Hol Trini CE School Hub for Gfub Ima o Dei Prison Minist Intensi Cheer and Dance cn Prima School PTA ton Foodbank Kesleven Ru Leckham ton Rovers Football Club Little Fishes Preschool Luc Gloves School ol Boxin MRFC Mindworks UK Mitchells Miracles New Ash Green & Hartle North Shields Juniors AFC ORCA Swim Cltlb Oitershaw Parent leachei aSSOCialion Pe ers Pei Rescue Pelerborou h Cit Ro¥Mn PFCC Food 8ank in Pre-school Positivè Bones cc Club Proud 2B Parents Reuben's Relreat Riverside Juniors Whites FC Roundhe ians RFC Show lane foundation She shed Crickei Club SKLPCC Cricket Club - Juniors So hie's Le ac Sl Ma and All Sainls CE Prima School PTA Slaffordshiie Re imenl Association Siamlord Biid e Junior Football Club Stamford Ru b Football Club Siokenchurch Do Rescue Swin s & Smiles Teddin ton Theatre Club The Albri hlon Trust The Children's Worksho The Cra Gardener The Friends of Eastwick Schools The Greville Prima School Forest School The Ja Trust The Millie Wri ht Childrens Chari The Monda Giou Emil Harris Foundation Enli Morris Dancers som Wells Cornmunil Association Fairfield Church FC Aztec U13 Braves Feniscowles Cricket Club Fletchermoss Ran ers FC Flilwick Scout Grou Friends of Belmont, Guisborou Friends of Lud ershall Friends of R hall Academ Friends of Sl. Clements's Friends of St. Dunslan's School Friends ol Thornden School FOTS Friends ol Victoria Park 35 Get Rid of and Donate GROAD ham street an els Gold Geese Green Tree House Greener Padbu Grou Guardian An els Animal Su H¢Jsbur Scuui Giou Herts Phoenix Athletic Club TIBS Girls U15 Football Team Tomorrow's women Wirral Trini Tots West Lod e Prim School West Midlands Anti-slave Nelwork Wimbledon Gre ound Welfare ein FC Youth Ink ort Mlnor Awards 8enefjclary organls8tlons ofmatch Funding not othenwse Ils¢ed 8bove. 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