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2023-04-30-accounts

Wasps Legends Charitable Foundation (a company limited by guarantee)

Annual report and financial statements

For the year ended 30 April 2023 Company registration number: 08019543 Charity registration number: 1147255

Wasps Legends Charitable Foundation

Contents

Page
Reference and administrative details 1
Trustees’ report 2-3
Independent examiner’s report 4
Statement of financial activities 5
Statement of financial position 6-7
Notes to the financial statements 8-14

Wasps Legends Charitable Foundation

Reference and administrative details

For the year ended 30 April 2023

Trustees A C Foster
C J K Braithwaite
J E K Stanley
M A Rogers
P R Scrivener
S N'Jie
Company secretary SGH Company Secretaries Limited
Company registered number 08019543
Charity registered number 1147255
Registered office First floor
85 Great Portland Street
London
England
W1W 7LT
Independent examiner Buzzacott LLP
130 Wood Street
London
EC2V 6DL

1

Wasps Legends Charitable Foundation

Trustees’ report (continued)

For the year ended 30 April 2023

The trustees (who are also directors of the charity for the purposes of the Companies Act), present their report with the financial statements of the charity for the year ended 30 April 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is constituted under a Memorandum of Association dated 04 April 2012 and amended by special resolution dated 18 January 2024. It is a registered charity with its charity number being 1147255.

The charity is limited by guarantee and does not have share capital. Each member has pledged to contribute £10 in the event of the charity being wound up.

Appointment of trustees

The trustees have complete control of the charity in relation to the application of funds. Trustees are appointed in accordance with the charity’s governing document.

Trustees

The following persons served as trustees during the year:

C J K Braithwaite S N'Jie M A Rogers N I Suma (resigned 11 August 2023) J E K Stanley A C Foster O Prevot (appointed 13 March 2023 and resigned 14 September 2023)

OBJECTIVES AND ACTIVITIES

Policies and objectives

The charity was established to raise funds for general charitable purposes by means of using the contacts of the Wasps rugby family and in particular through the match playing and general activities of former London Wasps players of named public recognition.

Public benefit

The trustees have given due consideration to the Charity Commission published guidance on the public benefit requirement. The charity constitutes a public benefit entity as defined by FRS 102.

ACHIEVEMENTS AND PERFORMANCE

In pursuit of the aims and objectives above, the principal achievements of the charity in 2023 were:

Income from donations of £20,046 (2022: £10,275). Grants were paid totalling £96,937 (2022: £59,571). Details of recipient organisations granted to along with grant amounts are presented in note 8.

2

Wasps Legends Charitable Foundation

Trustees’ report (continued)

For the year ended 30 April 2023

FINANCIAL REVIEW

Result for the year

The results for the year are shown in the statement of financial activities on page 6. The result for the year was a deficit of £58,813 (2022: £32,246 (surplus)).

Reserves policy

The level of reserves is monitored and reviewed by the Trustees at least annually. The Trustees believe the charity should target to hold unrestricted financial reserves equivalent to a year's core costs. The Trustees believe the reserves at the end of the year adequately meet this target.

Small company provisions

This report has been prepared in accordance with the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) the Charities act 2011 and Companies Act 2006.

Statement of trustees’ responsibilities

The trustees (who are also directors of Wasps Legends Charitable Foundation for the purposes of company law) are responsible for preparing the trustees' Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the trustees and signed on their behalf by:

C J K Braitwaite Chair

Date:

3

Independent examiner’s report to the trustees of Wasps Legends Charitable Foundation

For the year ended 30 April 2023

Independent examiner's report to the trustees of Wasps Legends Charitable Foundation (‘the trust’)

I report to the trustees on my examination of the financial statements of the charity for the year ended 30 April 2023.

Responsibilities of basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘The 2006 Act’).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s financial statements as carried out under section 145 of the Charities Act 2011 (‘The 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

The Charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of institute of the Chartered accountants in England and Wales (ICAEW).

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe:

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

the financial statements do not accord with those records; or

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Buzzacott LLP

Chartered Accountants 130 Wood Street London EC2V 6DL

Date: 29 February 2024

4

Wasps Legends Charitable Foundation

Statement of financial activities

For the year ended 30 April 2023

Note
Income & endowments from:
Donations & legacies
3
Charitable activities
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net (loss)/ income and net movement in funds
Reconciliation of funds:
Total funds at 30 Aprill 2022
Total funds at 30 April 2023		 Unrestricted
funds
2023
£
22,687
405,801
428,488
(300,594)
(186,707)
(487,301)
(58,813)
154,995
96,182		 Unrestricted
funds
2022
£
11,143
214,637
225,780
(102,773)
(90,761)
(193,534)
32,246
122,749
154,995

The Statement of financial activities includes all gains and losses recognised in the year.

All of the charity’s activities derived from continuing operations during the year.

The notes on pages 8 to 13 form part of these financial statements.

5

Wasps Legends Charitable Foundation – Registered company number: 08019543

Statement of financial position

For the year ended 30 April 2023

Note
Fixed assets:
Tangible assets
11
Current assets
Debtors: amounts falling due within one
year
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Total net assets
Trust funds
Unrestricted fund
General fund
Total funds		 2023
£
72,758
169,161		 2023
£
569
569
95,613
96,182
96,182
96,182
96,182		 2022
2022
£
£
619
619
20,475
133,902
154,377
(1)
154,376
154,995
154,995
154,995
154,995
154,995
241,919
(146,306)		 154,377
(1)
96,182 154,995

The trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“the Act”) and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at 30 April 2023 and of its income and expenditure for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charity.

6

Wasps Legends Charitable Foundation

Statement of financial position (continued)

For the year ended 30 April 2023

The financial statements have been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with FRS 102.

The financial statements were approved by the trustees and signed on their behalf by:

………………………....

C J K Braithwaite

Chair

Date:

The notes on pages 8 to 13 form part of these financial statements.

7

Wasps Legends Charitable Foundation

Notes to the financial statements

For the year ended 30 April 2023

1. General information

The Wasps Legends Charitable Foundation is a private company limited by guarantee and is incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. Its registered office and principal place of business is First Floor, 85 Great Portland Street, London, W1W 7LT. The company registration number is 08019543 and the charity number is 1147255.

2. Principal accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the financial reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)”, ‘The financial reporting standard applicable in the UK and Republic of Ireland (‘FRS’ 102)’ and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in GBP (£).

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

2.2 Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, the charity will continue to adopt the going concern basis in preparing the financial statements.

2.3 Cash flow statement

The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to produce such a statement under Accounting and Reporting by charities Statement of Recommended Practice (Charities SORP (FRS 102)).

2.4 Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Where income relates to future periods, this income will be deferred.

2.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party or it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is stated exclusive of VAT. Expenditure is included in the accounts on an accruals basis and includes attributable VAT, which cannot be recovered.

8

Wasps Legends Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2023

Expenditure is allocated to the particular activity on a direct basis or by allocation based on the level of direct expenditure relating to that activity.

Expenditure comprises the following:

2.6 Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Computer equipment

2.7 Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.10 Taxation

The charity is exempt from corporation tax on its charitable activities.

9

Wasps Legends Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2023

2.11 Foreign currencies translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

2.12 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.

2.13 Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

2.14 Change in accounting policy

There is a change in the accounting policy during the year with respect to categorizing the income and expenditure relating to raising funds and charitable activities. The previous year numbers have been amended to disclose the correct comparatives. This had no impact to the previous year’s surplus.

3. Donations

Donations
Gift aid
4.
Income from Charitable activities
Fund raising
Event Income
Members subscriptions		 Unrestricted
2023
£
20,046
2,641
22,687
Unrestricted
2023
£
230,273
164,024
11,504
405,801		 Unrestricted
2022
£
10,275
868
11,143
Unrestricted
2022
£
97,684
106,194
10,759
214,637

10

Wasps Legends Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2023

5. Raising funds

Allocated staff costs (note 9)
Auction/ Raffle Prizes
Event costs
Other costs
6.
Expenditure on Charitable activities
Allocated staff costs (note 9)
Grants paid
IT and software costs
Insurance
Legal fees
Postage & stationery
Professional fees
Subscriptions
Depreciation
Rent & Rates
Telephone
Bank charges
Marketing
Sundry expenses
Governance costs (note 7)
Total
7.
Governance costs
Accountancy fees
Independent examination
Total		 Unrestricted
2023
£
31,806
18,362
237,914
12,512
300,594
Unrestricted
2023
£
21,205
96,937
14,439
2,385
975
100
28,955
211
190
2,129
464
16
4,548
10,953
3,200
186,707
2023
£
2,950
250
3,200		 Unrestricted
2022
£
24,081
4,594
74,098
-
102,773
Unrestricted
2022
£
16,054
59,571
7,838
2,320
780
18
-
439
207
1,629
394
335
1,176
-
-
90,761
2022
£
-
-
-

11

Wasps Legends Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2023

8. Grants

Grants committed but not yet paid at beginning of year
Grants paid during the year
Grants committed but not yet paid at the end of the year		 2023
£
-
96,937
-
96,937		 2022
£
-
59,571
-
59,571

The following institutions were awarded grants during the year. They are considered to be material in the context of the charity's expenditures for the year ended 30 April 2023. Grants were also made to individuals (disclosed below).

The Change Foundation
School of Hard Knocks
Cardiff Blues Foundation
Individuals		 2023
£
-
25,000
25,000
46,937
96,937		 2022
£
25,000
-
-
34,571
59,571

9. Staff costs

Staff costs
Salaries & wages
National insurance
Pension
Payroll expenses
Staff expenses
Travel & entertainment
Total		 Raising
funds
(note 5)
2023
£
17,571
9,177
118
487
2,350
1,585
518
31,806		 Charitable
activities
(note 6)
2023
£
11,714
6,118
79
325
1,567
1,057
345
21,205		 Total
Unrestricted
funds
2023
£
29,285
15,295
197
812
3,917
2,642
863
53,011		 Total
Unrestricted
funds
2022
£
5,937
24,061
-
1,777
6,463
580
1,317
40,135

The average monthly number of employees during the year was 1 (2022: 1).

No employees received emoluments in excess of £60,000.

12

Wasps Legends Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2023

10. Trustees’ remuneration

No trustees received any emoluments for their services as trustees during the year (2022: none).

11. Tangible Assets

Cost
At 1 May 2022
Additions
At 30 April 2023
Depreciation
At 1 May 2022
Charge for the year
At 30 April 2023
Net book value
At 30 April 2023
At 30 April 2022
12.
Debtors: amounts falling due within one year
Trade debtors
Prepayments
Other debtors
13.
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income
Other creditors		 Total
2023
£
6,426
64,382
1,950
72,758
Total
2023
£
-
144,070
2,236
146,306		 Computer
equipment
£
1,837
140
1,977
1,218
190
1,408
569
619
Total
2022
£
17,975
2,500
-
20,475
Total
2022
£
1
-
-
1

13

Wasps Legends Charitable Foundation

Notes to the financial statements (continued)

For the year ended 30 April 2023

14. Prior year adjustment

During the year, the charity was made aware that costs were not recorded correctly using the accruals concept in prior years due to complete accounting records not being maintained. The company has since adopted the correct accruals method of accounting. This has caused a timing difference in the current year.

The effects of the error have been adjusted for in the current year. It was deemed to be impractical to retrospectively restate the prior year due to complete records not being available.

15. Related party transactions

There were no related party transactions for the year ended 30 April 2023.

14

Wasps Legends Charitable Foundation - 2023 Final Accounts Final ALJdil Report 2024-02-29 c￿al￿d.. 20244)2-29 By.. Kai Witsey IWitseyK@buzzacott.co.ukl Slalus.. Signe(I Transaction ID.. CBJCHBCAABAAOxRC93RHus7-￿uWuXQjbD0mTXR1Y "Wasps Legends Charitable Foundation - 2023 Final Accounts" History Docum8nt created by Kai Wilsey IWilseyK@buzzacott.co.ukl 2024-02-29- 2.'43.'27 PM GMT Document emailed to chris@waspslegends.co.uk for signature 2024-02-29- 2..44..38 PM GMT Email viewed by chris@waspslegends.co.uk 2024-02-29- 4."38."21 PM GMT Signer thris@waspslegends.¢o.uk entered name at signing as Chris Braithwaile 2024-02-29- 4.'40.'19 PM GMT Document e-signed by Chris Brailhwaile lchris@waspslegends.co.ukl Signature Date.. 2024-02-29- 4..40..21 PM GMT- Time Sou￿.. server Agreement completed. 2024-02-29- 4.'40."21 PM GMT Adobe Acrobat Sign