REGISTERED CHARITY NUMBER: 1150321
BATES WELLS FOUNDATION CIO
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR YEAR ENDED 31 MARCH 2025
BATES WELLS FOUNDATION CIO
CONTENTS
FOR YEAR ENDED 31 MARCH 2025
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Report of the Trustees | 2 - 13 |
| Independent Examiner’s Report | 14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16 |
| Notes to the Financial Statements | 17 - 20 |
BATES WELLS FOUNDATION CIO
REFERENCE AND ADMINISTRATIVE INFORMATION
FOR YEAR ENDED 31 MARCH 2025
Trustees: Trustees who served during the year and up to the date of this report were as follows:
Stephanie Clare Biden: Chair Martin Bunch ( resigned 31 March 2025 ) Peter Bennett: Treasurer ( resigned 15 May 2025 ) Andrew James Clifford OBE Lorna Marion Lloyd Chetal Nirav Patel Nicola Jane Dobson (appointed 27 September 2024) Hugo James Ricca (appointed 27 September 2024) Robert James Oakley (appointed 27 September 2024) Jacquelyn Emilia Van Jaarsveld: Treasurer (appointed 1 April 2025) Martina (Tina) Nicole Strack (appointed 1 April 2025) Ian Stanley Joseph (appointed 1 April 2025)
Principal address Bates Wells 10 Queen Street Place London EC4R 1BE
Accountants Accountability Europe Limited Omnibus Workspace 39-41 North Road London N7 9DP
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
The Trustees present their report and accounts for the year ended 31 March 2025.
The accounts have been prepared in accordance with the accounting policies set out in note to the financial statements and comply with the charity’s constitution, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102) and the Charities Act 2011.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Bates Wells Foundation CIO is registered as a Charitable Incorporated Organisation (CIO). It is governed by a constitution dated 2 January 2013 and updated on 4 May 2017 and 18 June 2019.
Recruitment and appointment of new trustees
The trustees have regard to the skills, knowledge and experience needed for the effective administration of the charity when selecting individuals for appointment as a charity trustee. Trustees have been selected and appointed to ensure that the board has relevant background and skills which are considered important to enable the charity to achieve its charitable objects.
Risk management
The trustees have a duty to annually identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTS AND ACTIVITIES
Objects and aims
The objects of the Bates Wells Foundation CIO are for the public benefit, to further such purposes as are charitable in English Law, as the charity and Trustees in their absolute discretion shall determine from time to time.
Public Benefit
The trustees have considered the Charity Commission’s guidance on public benefit pursuant to section 17 of the Charities Act 2011.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
SIGNIFICANT ACTIVITIES
Stephen Lloyd Awards
Bates Wells Foundation established the Stephen Lloyd Awards (SLA) in 2015 in memory of former Bates Wells managing partner, Stephen Lloyd. The Awards reflect Stephen's commitment to innovation in tackling social and environmental issues by encouraging and supporting the development of practical, sustainable ways of achieving social change. In its tenth year of operation, applications to the 2024 Stephen Lloyd Awards brought in 161 entries. Through a two-stage selection process, 111 members of our Awards network took part in the overall review process, resulting in ten projects being selected for the final assessment stage.
The ten finalists’ summary pitches are set out below:
1. Adoptionplus - Improving Relational Health for Adopted and Fostered Teenagers
Many adopted and fostered teenagers in the UK have experienced abuse and trauma. Whilst strong relational health with their caregivers is crucial to their mental wellbeing, no adolescent specific tools currently measure this. Believing that what gets measured gets prioritised, the team developed STEP, a relational app commissioned by 12 local authorities, and validated TAYC-R with Oxford University’s Rees Centre, the first tool capturing caregiver perspectives. They are looking forward to co-designing and validating the first relational health measure created for and with adopted and fostered teenagers.
To learn more about Adoptionplus, please visit https://www.adoptionplus.co.uk
2. Beam Project
The organisation’s mission is to reduce the incidence of child sexual abuse through professional training led by those with lived experience. Having survived it themselves, they now empower others to prevent it. Their training equips frontline professionals like teachers, police and health staff to navigate disclosures with sensitivity, avoiding leading questions and addressing the barriers children face. Guided by the principle of ‘what would have helped us,’ their innovative approach uses disclosures as the key metric for impact.
To learn more about Beam Project, please visit https://www.beamproject.org/
3. Earthed
With 60% of Earth’s ecosystems degraded and wildlife populations down 69%, the world faces an urgent ecological crisis. To secure a livable future, 1 billion hectares must be restored by 2030. Earthed is removing barriers to mass mobilisation by equipping local communities with open-access education in nature skills, peer-led learning networks, and grants to launch and sustain restoration projects. Members can access the platform for free or choose to donate. Their vision is to make ecosystem restoration, urban regeneration, and agroecology as accessible and appealing as gardening. By preserving traditional ecological knowledge, democratising land stewardship, and partnering with cultural influencers, businesses, and universities, Earthed aims to mainstream restoration. By 2030, they plan to grow a community of 100,000 monthly contributors, generating transformative funding for grassroots nature initiatives and reshaping how people engage with the planet.
To learn more about Earthed, please visit https://www.earthed.co/
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
4. Food Behind Bars - Prison Food Education Programme
Prison food in the UK is often repetitive, unhealthy, and uninspiring, produced under immense pressure by under-resourced teams on just £2.70 per head. Food Behind Bars is the UK’s only charity dedicated to transforming prison food. They know better is possible and that improved nutrition can reduce violence by 37% and significantly boost wellbeing. To drive change, they are developing a Prison Food Education Programme to inspire and upskill catering teams. The programme will empower staff to create kitchens that are sources of pride and nourishment, pass on skills to prisoners, and build a lasting culture of good food in some of the country’s most overlooked spaces.
To learn more about Food Behind Bars please visit https://www.foodbehindbars.co.uk/
5. Gen
Loneliness is the social epidemic of our time. In February, Google Trends revealed a surge in searches like “how to make friends” and “where to meet people,” while nearly half of UK adults reported feeling lonely last year. Gen is tackling this crisis with a unique app that connects people through personalitybased matching and curated real-life meetups. Whether it’s quiet coffee chats for introverts or lively gatherings for extroverts, Gen creates spaces where friendships flourish. By promoting third spaces and partnering with local venues, workshops, and organisations, Gen also boosts community engagement and supports local businesses. With technology as the bridge, Gen turns the problem into the solution, making connection easy, joyful, and lasting.
To find out more about Gen, please visit https://genapp.co.uk
6. Getting Clean - Soap with Hope
Around 300,000 adults in the UK access drug and alcohol services each year, a number that continues to rise alongside addiction-related crime, death, and unemployment. Getting Clean is a Lived Experience Recovery Organisation (LERO) founded by recovering addicts and supported by the world’s first Professor of Addiction Recovery. Born from decades of lived experience, the organisation challenges stigma and proves that addicts can be among the most productive members of society. Getting Clean has pioneered a social enterprise model to provide skills and a safety net to fellow recovering addicts. It combines ethical product development with a peer-to-peer recovery model, offering skills, support, and purpose to those rebuilding their lives. From its roots as a volunteer group, it has grown into a bold startup aiming to disrupt the soap market while dismantling systemic barriers to recovery.
To learn more on Getting Clean, please visit https://www.gettingclean.co.uk
7. Khadys Dream – Before You Commit
When 37 out of 40 young people say they’d go to prison for £1,000, it’s clear that crime is dangerously misunderstood. Khadys Dream is an innovative ecosystem supporting young people at risk of offending. Its flagship programme, Before You Commit, uses lived experience and professional insight to expose the hidden consequences of crime, prison life, post-release challenges, mental health impacts, and lost opportunities. Through seven powerful modules, the programme dismantles the glorified image of crime and offers young people real alternatives, access to relatable role models, and a renewed sense of possibility. Khadys Dream is changing the narrative before it’s too late.
To learn more about Khadys Dream, please visit https://khadysdream.com/
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
8. Local Energy Systems (now rebranded as feasibly)
With the urgent need to transition to net zero, community energy projects hold immense potential to eliminate fuel poverty and accelerate climate action. Yet, many communities face barriers, limited technical skills, funding gaps, and lack of access to networks. To address this, Local Energy Systems (now rebranded as feasibly ) is developing tools that empower anyone to participate in the energy transition. Their flagship innovation is a pioneering machine learning approach that uses AI to accelerate the growth of community renewable energy, with the potential to eliminate fuel poverty. By placing communities at the heart of the net-zero journey, they aim to ensure that the benefits of renewable energy, economic, environmental, and social, are shared equitably. Through accessible technology and inclusive design, they are turning climate ambition into local action.
To learn more about Local Energy Systems, please visit https://www.feasibly.co.uk/
9. Recondition
With 1.7 billion disabled consumers worldwide, the fashion industry continues to overlook a vast and vibrant community. Recondition is changing that by designing stylish, functional clothing with disabled bodies in mind. Using a user-centred approach, they co-create meaningful products with their community giving equal weight to fashion and function. Beyond clothing, Recondition hosts community driven events that amplify disabled voices, foster connection, and promote accessibility. Now, they aim to expand this impact by acquiring an innovative retail and community space to host more workshops and events. Their mission is to break the stigma around adaptive fashion and build a world where everyone can express themselves freely and beautifully.
To learn more about Recondition please visit https://reconditionmcr.com/
10. Teenage Helpline
Teenage Helpline is a UK charity founded by Joshua Towers at just 14, inspired by his own struggles. Recognising that adult run support services can feel intimidating or out of touch, Teenage Helpline offers peer led support from mentors aged 16 to 25, creating a safe space where young people can talk to someone who truly understands. Mentors are friendly listeners, not counsellors, but are trained to discuss the real issues young people face, from mental health and relationships to school, work, and beyond. By connecting young people with relatable peers, Teenage Helpline is reshaping support and making it easier to ask for help when it’s needed most.
To learn more about Teenage Helpline please visit https://teenagehelpline.org.uk/
The above ten Finalists each received up to £2,500 to develop their work towards their presentation pitch at a final awards event, including pro bono support from community experts from the charity and social enterprise sector. The final judging event took place at an in-person event on 10 July 2024, attended by the Awards’ partners and supporters. The evening involved short presentations from each of the finalists, as well as networking opportunities. Guests attending the event decided the final winners through a live voting system. Four winners were announced; Khadys Dream and Getting Clean who each received a cash award of £25,000, whilst Beam Project and Energy Local Systems each received £12,500 to further develop their ideas. They were also eligible to receive technical and moral support to aid the development of their projects through connections made from the Award’s community of partners and supporters.
We would like to thank all our funders and pro bono supporters, current and former, for their invaluable support which is vital to the Stephen Lloyd Awards. Our partners include a number of organisations and individuals and we would like to thank them all immensely for their commitment and dedication. The full list of partners can be found on the Stephen Lloyd Awards website at www.stephenlloydawards.org/partners.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
ACHIEVEMENT AND PERFORMANCE
From Vision to Impact: Reports from Stephen Lloyd Award Winners
Khadys Dream
Photo: Khadys Dream BYC (Before You Commit) programme participants and their qualification certificates.
Winning the Stephen Lloyd Awards enabled Khadys Dream to continue to empower young people across the UK. The recognition amplified awareness of their work and opened doors to new partnerships, volunteers, and the pro bono support received has strengthened their capacity to deliver impact.
Over the past year, Khadys Dream has been extending its reach from Camden to Haringey, Islington, Brent, and more recently Hounslow. Its programmes have engaged over 1,200 young people through over 45 workshops, and they achieved an 85% non-reoffending rate for young people who completed their flagship Before You Commit (BYC) programme. The BYC programme now offers AQA qualifications, with 150+ certificates awarded to 38 participants, creating pathways into law and youth work.
The grant helped them acquire professional equipment such as MacBook Pro, tablets, and Ray-Ban smart glasses, improving workshop delivery and feedback collection. They also invested in social media marketing, boosting engagement and awareness through platforms like TikTok, Instagram and YouTube, and developed a series of videos on grooming and exploitation, set for release in 2026. The funds also enabled them to launch the BYC Part 1, a short film tackling criminal exploitation which premiered at a private screening, and is now available on YouTube. They were featured on Channel 5 News, podcasts, and were invited to Parliament, where Khadys Dream contributed to policy discussions on youth crime strategy.
Throughout the summer of 2025, Khadys Dream increased their outreach by attending community events and meeting young people in the areas in which they reside. Outreach efforts led to partnership collaborations with Arsenal Academy, culminating in the ‘NO MORE RED’ Award from Arsenal FC and Adidas. Khadys Dream were fortunate enough to benefit from access to pro bono support from larger organisations such as Google and Moonbug Entertainment, and have engaged in conversations on systemic inequality during Black History Month at Bates Wells offices.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
Getting Clean
Photo: Getting Clean team workshop participants and winning the Charity of the Year award at Pride in Diversity Awards
Following their success in winning the Stephen Lloyd Awards, Getting Clean have continued supporting individuals in recovery, promoting community engagement, particularly through skill development, community involvement, and building a supportive environment for individuals in recovery. This last year has been notable for the successful delivery of several community-based projects, participation in recoveryfocused workshops, and a strong focus on maintaining well-being and reintegration into work. They have delivered a series of workshops aimed at fostering inclusion in the recovery process, promoting shared learning and collective action for positive change. Dame Carol Black, a leading advocate for addiction recovery, visited their premises to raise awareness of their work, following which they were invited to present at the Lived Experience Recovery Organisation (LERO) Forum, to showcase their innovative projects and peer led approach. This engagement positioned them as a leading voice in the recovery sector and allowed them to exchange learning with other organisations across the UK. This helped build mutual support networks and encourage community integration.
Getting Clean have also celebrated notable achievements, such as winning the Compassionate City Award for Community Project of the Year, and receiving Charity of the Year award at the Pride in Diversity Awards, recognising the breadth of their impact on recovery, inclusion, and local communities. The awards brought greater visibility to their work, strengthening their credibility with partners, and motivated their members by demonstrating that their contributions were recognised at a regional level.
The Stephen Lloyd Awards grant was allocated to supporting two key roles: a Production Lead and a Recovery Lead. These positions have been instrumental in driving forward their soap production, delivering workshops, and providing day-to-day peer support for individual members. Their contributions have helped maintain momentum in both the enterprise’s activities and recovery support, whilst ensuring a supportive and structured environment for participants.
Getting Clean have also benefitted from pro bono support, which has significantly strengthened their operational infrastructure. Legal advice and support around contracts, governance, and strategic development has been pivotal in helping them scale their social enterprise activities effectively. This support has allowed them to move forward with greater confidence for future expansion. Members often express how much the opportunities for skill development and community involvement have changed their lives. One volunteer shared: "Getting Clean has given me the chance to be part of something bigger than myself. It has not only helped me stay clean but also made me feel part of something positive. I'm more confident now and have gained skills I never thought I could learn."
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
Beam Project
Photo: Founder Siobhan Ballan speaking at a TEDx event, sharing her personal journey and offering practical insights.
Winning the Stephen Lloyd Awards provided Beam Project with the recognition and encouragement to expand their training programmes for frontline professionals such as teachers, police, and healthcare staff. Whilst their journey has had a slow start, they remain committed to their mission to reduce the incidence of child sexual abuse through targeted professional training, policy advocacy, and awareness campaigns.
They have been in discussions with a funder to develop an online training package, starting with a prototype for a virtual training option in 2026. They are enthusiastic about exploring the potential of AI, and are generating some creative ideas for implementing it. There have been early conversations with Alder Hey Hospital about the possibility of delivering training, which could be a significant step forward for Beam Project. Beam Project have also applied to roll out their training in Essex through their Community Safety and Development Fund, and they are currently awaiting a response.
Founder Siobhan Ballan, was honoured to be invited to speak at TEDxNHS event, sharing her personal journey and practical insights on early intervention. This positioned her as a thought leader in safeguarding and survivor advocacy, with opportunities to generate new connections.
Although progress has been gradual, Beam Project have maintained regular engagement with their board to explore innovative strategies for driving future sales. As an emerging startup, their outreach capacity has been limited and constrained, especially after the death of their main facilitator. Moreover, the sensitive nature of their work has led some service providers to be hesitant to engage or proceed more cautiously due to perceived risks.
Unlike other providers supported by the Home Office or larger grant funding, Beam Project are unfortunately not yet in a position to subsidise their training costs, and are navigating a challenging landscape. However, the Stephen Lloyd Award funds have been invaluable, helping to cover a part-time salary for their founder and purchasing essential tools like Canva Pro and OpenAI, which support their content creation and operations.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
Local Energy Systems (now known as feasibly)
This past year marked a significant milestone for Local Energy Systems as they received their first grant award from the Stephen Lloyd Awards. This funding was instrumental in driving their ambitious plans, particularly in launching the AI tools they have spent developing over the past two years. These tools are designed to accelerate growth in community energy, and with this support they have been poised to bring them into action and make a tangible impact.
Local Energy Systems were accepted onto Geovation, an accelerator program run by Ordnance Survey and HM Land Registry. This program provides founder coaching, business development workshops, access to proprietary geospatial data from OS and HMLR, and a 12-month residency at the Geovation Hub in Central London. They completed the Geovation programme, presenting to an audience from Ordnance Survey and HM Land Registry. They rebranded with a new name that better reflects their specialism - feasibly . They are grateful for the support of the Awards, which has increased their visibility and opened doors to further opportunities.
Additionally, a long-standing goal of Local Energy Systems has been to join Community Energy England, the leading organisation in their sector that fosters communication and collaboration. They were finally able to secure their membership through the Stephen Lloyd Awards funds. This was significant in granting them direct access to Community Energy England’s network, resulting in a surge of customer enquiries and preorders. They recorded a podcast episode with Adopter (Using AI to Accelerate Decentralised Energy) sharing insights on the benefits of decentralised energy. Furthermore, their work on the Community Energy Fund project wrapped up for a Council in a fuel-poor area of the North East, paving the way for a solar array that could cut the energy bills of nearly 400 local residents by 20%. They also recruited a Full Stack Developer Intern, part-funded by Durham University and part-funded by the Stephen Lloyd Awards grant, offering the opportunity to help a student gain professional experience. This added capacity in their team has enabled them to bring some of the work in-house which they had originally planned to outsource, further strengthening their position.
Finally, they attended the Community Energy England Summer Conference in Bristol, the largest annual gathering of community energy practitioners in the UK. They gained valuable industry insights, forged new connections with potential collaborators, and identified emerging opportunities that will inform and strengthen their future projects.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
A DECADE OF IMPACT: CELEBRATING 10 YEARS OF CHANGE
We were excited to release our new Stephen Lloyd Awards Impact Report. It showcases a decade of empowering social and environmental change and celebrates the remarkable achievements of our awardees. The report is also a testament to the power of community engagement to provide recognition to individuals and organisations making a real difference. The tangible changes are achieved thanks to the dedication and support of our Awards partners and their belief in the innovative minds of inspiring founders, as well as the perseverance of our awardees in pursuing their innovations.
An Impact Snapshot summary was presented to Awards Evening guests as an infographic handout, illustrating the impact of the Awards over a decade. Two MSc students on the Philanthropy, Grant-making and Social Investment pathway at Bayes Business school (Melissa Williams and Jacquelyn Van Jaarsveld) were recruited to conduct the research and dataset analysis. It offers an overview of the key statistics, themes and patterns emerging from the interviews conducted with a cohort of finalists and winners. The Impact Snapshot can be viewed here.
Key highlights
Empowering Change-Makers : the Awards have supported 23 winners and 87 finalists, distributing over £673,500 in funding. This financial support has been crucial in empowering a vibrant community of earlystage founders.
Strong Support Network : beyond financial support, the Awards offers grantees access to a network of over 100 experts providing pro bono support, strategic advice, and mentorship.
Project Credibility and Visibility : awardees are empowered to build their confidence, sharpen their skills, and broaden their networks. This often paves the way to secure additional funding and seize new opportunities.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
Ten Year Film
To mark the Awards’ tenth year, a short 5-minute film was produced looking back on the journeys of Award winners over a decade, and the transformative impact of the relationships formed from the wider Awards supporting network. The film features Award winners Go-Forward Youth, Street Storage and Real Ice. Special thanks to Media Trust for producing the film, Kevin Amponsah and Philip Kirkpatrick for their contributions to the film, and to Bates Wells for financing the film. The film can be viewed here.
LOOKING FORWARD, AND BEYOND
The Awards have made great strides over a decade. Findings from the recent impact research indicate that the Awards are a source of hope and support for leaders at the forefront of social and environmental change. The Awards have championed visionary leaders, supported by the generosity of a community of individuals and organisations, without whom the Awards would otherwise have not been possible.
The recent appointment of new trustees marks an exciting step forward, bringing fresh perspectives and renewed energy to shape the future of the Stephen Lloyd Awards and Bates Wells Foundation. The Awards will continue to leverage social media presence to build awareness, to amplify winners’ stories and journeys, to inspire a wider audience.
Looking ahead, the Awards will return in 2026, continuing to celebrate bold, transformative ideas and empower changemakers to push boundaries and create lasting impact.
Awards Alumni Programme
We have endeavored to provide continued support to winners beyond the initial recognition. To achieve this more strategically and embolden leaders to drive forward positive change, an Alumni programme is currently in development. Working alongside the winners over the last ten years, the aim is to foster a supportive and engaging community by providing various forms of assistance to enhance growth opportunities.
The Alumni programme includes three key elements:
1. Online Collaboration Community – an opportunity for alumni to exchange ideas, share practical advice, collaborate on projects and offer mutual support and encouragement. This space will cultivate a thriving community of changemakers, enabling them to build stronger relationships and amplify their impact over time.
2. Alumni Newsletter – these will be published twice annually to maintain engagement and provide updates on recent developments, reflections, and opportunities within the alumni community.
3. Annual Alumni Event – this gathering will bring alumni together for an interactive, in person experience to foster collaboration, learning, and inspiration. The event will feature panel discussions, hands-on workshops, and networking opportunities to spark new ideas and partnerships. Sessions will cover topics requested by the alumni, equipping them with new insights and the encouragement to strengthen connections and amplify the collective impact of our alumni community.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
BATES WELLS FOUNDATION’S CHARITABLE ACTIVITIES
The charity has distributed a sum of £104,471 across a broad spectrum of organisations through its activities. This includes donations made to charities, social enterprises and community interest companies, as well as contributions made through Bates Wells Foundation’s matched employee fundraising initiatives. Employee fundraising initiatives include fundraising events from which funds were donated to charities such as London Legal Support Trust, Switchboard, Save the Children Charity, Bow Foodbank, Shelter and Pecan (including Southwark Foodbank), Wood Could Should CIC and Samaritans.
FINANCIAL REVIEW
Results for year ended 31 March 2025 are given in the Statement of Financial Activities. The assets and liabilities are given in the Balance Sheet. The financial statements should be read in conjunction with the related notes. The Trustees regard the financial position of the charity at the yearend to be satisfactory and they are content that the current unrestricted reserves position leaves it with a sound base from which future activity can be built.
In summary, total income amounted to £113,252 (2024: £107,406) and total expenditure amounted to £125,086 (2024: £112,230) resulting in deficit of £11,834 (2023: deficit of £4,824). Full details of income and expenditure are set out in notes to the financial statements.
Reserves policy
The Charity is currently dependent on donation income to maintain its core activities. Earned income would not allow the Charity to continue operating. Following risk analysis, the trustees consider that there is a low to moderate risk of a need for reserves for the Charity as well as the potential of other operational risks, based on challenges in the wider policy context.
The trustees have determined that the Charity should maintain sufficient free reserves to enable it to meet its obligations in the event that reasonably foreseeable risks become a reality. The trustees’ policy for this is that the Charity should retain financial reserves to cover the following expenditure:
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The costs of completing the current annual cycle of the Stephen Lloyd Awards, consisting of any awards to shortlisted organisations still outstanding, one winner’s award and the net costs of the SLA evening event, plus
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12 months of the administrative costs of running the Foundation (excluding the costs of the awards evening for the subsequent year), and
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The monies in the annual budget for matched funding for the fundraising efforts of Bates Wells staff.
However, the above total reserve can be reduced (at the discretion of the trustees) by any amounts applied for but not yet received under Gift Aid, for donations received and included in the current accounting year.
The status of reserves, and the level of reserves, will be monitored throughout the year as part of the Charity’s budgetary process.
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BATES WELLS FOUNDATION CIO
TRUSTEES’ ANNUAL REPORT
FOR YEAR ENDED 31 MARCH 2025
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires that the trustees 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 incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgments and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on …………………………………
and signed on its behalf by:
Stephanie Biden, Chair: ...............................................................................
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BATES WELLS FOUNDATION CIO
INDEPENDENT EXAMINER’S REPORT FOR THE TRUSTEES
FOR YEAR ENDED 31 MARCH 2025
I report to the trustees on my examination of the accounts of Bates Wells Foundation CIO for the year ended 31 March 2025.
Responsibilities and basis of report
The trustees of the charitable incorporated organisation (CIO) are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). The trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
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.
Aamer Shehzad FCA
Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP
Date:
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BATES WELLS FOUNDATION CIO STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
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2025 2024
Notes Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Income from:
Donations 2 97,090 16,162 113,252 89,898 17,508 107,406
Total income 97,090 16,162 113,252 89,898 17,508 107,406
Expenditure on:
Charitable activities 3 24,596 100,490 125,086 13,607 98,623 112,230
Total expenditure 24,596 100,490 125,086 13,607 98,623 112,230
Net income/ (expenditure)
for the year 7 72,494 (84,328) (11,834) 76,291 (81,115) (4,824)
Net income 72,494 (84,328) (11,834) 76,291 (81,115) (4,824)
Transfer between funds (79,033) 79,033 - (15,000) 15,000 -
Net movement in funds (6,539) (5,295) (11,834) 61,291 (66,115) (4,824)
Reconciliation of funds:
Total funds brought forward 66,124 19,972 86,096 4,833 86,087 90,920
Total funds carried forward 59,585 14,677 74,262 66,124 19,972 86,096
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BATES WELLS FOUNDATION CIO BALANCE SHEET AS AT 31 MARCH 2025
| Notes CURRENT ASSETS Cash at bank LIABILITIES Amounts falling due within one year 6 NET ASSETS FUNDS Restricted 7,8 Unrestricted: General 7,8 Total funds |
2025 £ 76,512 (2,250) 74,262 14,677 59,585 74,262 |
2024 £ 87,896 (1,800) 86,096 19,972 66,124 86,096 |
|---|---|---|
and signed on their behalf by:
Stephanie Biden, Chair
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BATES WELLS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025
1. Accounting policies
Charity information
Bates Wells Foundation CIO is a charity registered in England and Wales. The registered office is Bates Wells, 10 Queen Street Place, London, EC4R 1BE .
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The charity is exempted from preparing cash flow statement due to adoption of the exemption available to the charities with income less than £500,000.
Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy or note.
Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of undertaken to further the purposes of the charity and their associated support costs.
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BATES WELLS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025
1. Accounting policies (continued)
Allocation of support costs
Expenditures are allocated to the raising funds and charitable activities where the cost relate directly to that activities. However, the cost of overall direction and administration of activities, comprising the overhead costs of the central function, is apportioned on the basis of the activities total direct costs.
In addition, Bates Wells provides staff and office facilities as in-kind services for both Bates Wells Foundation and the Stephen Lloyd Awards.
Debtors
Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand represents cash held in the charity's bank accounts.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
| 2. Income Unrestricted £ |
2. Income Unrestricted £ |
Restricted £ |
2025 £ |
2024 £ |
|---|---|---|---|---|
| Donations | 97,090 | 16,162 | 113,252 | 107,406 |
| 97,090 | 16,162 | 113,252 | 107,406 |
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BATES WELLS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025
3. ANALYSIS OF EXPENDITURE
| Donations and grants paid Direct charitable costs Professional Fees Independent examination Accountancy and bookkeeping Marketing Cost Event Cost Other costs Support costs allocation |
Charitable Activities £ 104,471 1,748 - - - - - 106,219 18,866 125,085 |
Support costs £ - - 515 720 3,690 6,210 6,468 1,263 18,866 (18,866) - |
2025 Total £ 104,471 1,748 515 720 3,690 6,210 6,468 1,263 125,085 - 125,085 |
2024 Total £ 102,829 1,777 491 720 3,210 2,922 - 281 112,230 - 112,230 |
|---|---|---|---|---|
Of the total expenditure, £24,596 was unrestricted (2024: £13,607) and £100,490 was restricted (2024: £98,623).
During the year the Bates Wells Foundation CIO granted a total award of £104,471 (2024: £102,829) to charities, social enterprises and individuals. Details of the awards can be found in the Trustees report.
ANALYSIS OF EXPENDITURE - PRIOR YEAR
| Donations and grants paid Direct charitable costs Professional Fees Independent examination Accountancy and bookkeeping Marketing costs Other costs Support costs allocation 4. NET INCOME/ (EXPENDITURE) FOR THE YEAR This is stated after charging: Independent examination fee (excluding VAT) |
Charitable Activities £ 102,829 1,777 - - - - - 104,606 7,624 112,230 |
Support costs £ - - 491 720 3,210 2,922 281 7,624 (7,624) - |
2024 Total £ 102,829 1,777 491 720 3,210 2,922 281 112,230 - 112,230 2025 Total £ 600 |
2024 Total £ 600 |
|---|---|---|---|---|
5. TRUSTEES' REMUNERATION, BENEFITS AND EXPENSES
There were no trustees' remuneration or other benefits paid during the year (2024: £nil). There were no trustees' expenses paid during the year (2024: £nil).
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BATES WELLS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current assets Net current assets 8. MOVEMENT IN FUNDS (CURRENT YEAR) At the start of the year £ Restricted Fund 19,972 Unrestricted funds: General fund 66,124 Total funds 86,096 MOVEMENT IN FUNDS (PRIOR YEAR) At the start of the year £ Restricted Fund 86,087 Unrestricted funds: General fund 4,833 Total funds 90,920 ANALYSIS OF NET ASSETS BETWEEN FUNDS (PRIOR YEAR) |
Income £ 16,162 97,090 113,252 Income £ 17,508 89,898 107,406 |
General unrestricted £ 59,585 59,585 General unrestricted £ 66,124 66,124 Expenditure £ (100,490) (24,596) (125,086) Expenditure £ (98,623) (13,607) (112,230) |
2025 Total £ 2,250 2,250 Restricted £ 14,677 14,677 Restricted £ 19,972 19,972 Transfers £ 79,033 (79,033) - Transfers £ 15,000 (15,000) - |
2024 Total £ 1,800 1,800 Total funds £ 74,262 74,262 At the end of the year £ 86,096 86,096 At the end of the year £ 14,677 59,585 74,262 At the end of the year £ 19,972 66,124 86,096 |
|---|---|---|---|---|
9. RELATED PARTY TRANSACTIONS
Bates Wells Braithwaite London LLP (‘Bates Wells’) was instrumental in creating the Bates Wells Foundation CIO to enable Bates Wells to fund charitable activities via regular donations from Bates Wells to the Foundation. Bates Wells donated £95,658 in the year to March 2025 (2024: £71,490). Total amount of donations received from Trustees was £5,000 (2024: £5,000).
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