Company No. 08804485 Registered Charlty No. 1163489 ISLE OF WIGHT FOUNDATION STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
ISLE OF WIGHT FOUNDATION CONTENTS Pagg Legal and administralive infom)alion Trustees, report Independent examine$ report statement of financial activibes Balance sheet Notes to Ihe accounts 10
ISLE OF WIGHT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Robert Gillespie (Island Roads Services) John Sunderland (Ringway Island Roads Lld) Amaud Jud8t (VINCI Highways UK Ltd) Victoria Martinez (Meridiam Infraslructure Managers S.a.r.l) Company Secretary Caron Atley Superrflsor Samantha O'Rourke Charity Number 1163489 Company Number 08804485 Charity Contact Address & Registered Offlce clo Fulcrum Group 105 Pi¢cadilly London W1J 7NJ 8ankers Santander UK plc 2 Triton Square Regent's Place London NW13AN Independent Examlner Moore (South) LLP 9 St Johns Place Newport Isle of Wight P030 1 LH Goveming Instrument Memorandum and Articles of Association dated 6 November 2013
ISLE OF wIGF FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT The Trustees, of the Isle of Wight Foundation (the 'Foundation') present their report and accounts for the year ended 31 December 2024 The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundalion's Memorandum and Articles of Association, the provisions available to small companies {Section 419 {2) of the Companies Act 2006) and the Statement of Recommended Practice: Accounting and Reporbng by Charities, {FRS 102) (applicable January 2019). Constltullon The Foundation was incorporated on the 16 December 2013. as a company limited by guarantee, and registered as a charity th the Charity Commission in England and Wales. The Foundation is governed by its Memorandum and also a set of bye-laws setting out how it is to be governed. In the event of an insolvent winding up, its member organisations are liable to contribute a sum not exceeding £10. Objectives of the charity The objectives of the charty are to: support social inclusion. support aCsS to employment" support activities and projects that will be supportive for achieving public benefft aims followed by the Foundation., support actwities and projects that will be supportive for achieving publTC benefit aims followed by the Foundation- (iv) support organisations that offer Iraining and guidance. helping individu81s with no qualifications into the working world. (v) promote solidarty within the community- {vi) help newly-founded or developing structures aimed at enabling those shut out of the job market to {re)adapt to the working world, while also receiving the training and socio-professional support they need., (vii) support initiatives aimed at improving acces5 to means of transport, thus helping people to access the job market. support iniliatives almed at promoting eitrzenship, collective responsibility and providing young people with the framework for living in society.,
ISLE OF WIGHT FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) TRUSTEES, REPORT {continued) Ob]ectlves of the charlty (contlnued) {ix) promote structures set up to help people in situations of exclusion to regain self-confidence and become reacquainted with normal life., (x) encourage organisations which facilitate aCsS to housing for the most underprivileged individuals so as lo enable them to return to a stable situation. and (xi) support other types of projects aiming at combating all fomis of exclusion. Trusteos Robert Gillespie John Sundedand Amaud Judet Emma Scott Victoria Martin8Z (Island Roads seICe$ Ltd) (Ringway Island Roads Ltd) (VINCI Highways UK Ltd) (Meridiam Infrastructure Managers S.a.r.l) resigned 24 January 2025 (Meridiam Infrastructure Managers S.a.r.l) appointed 2 Seplember 2025 The trustees are also the directors of the charitable cornpany for company law purposes. Structure. governance and management The Foundation is comprised of four members who represent related parties of the investors. sub- contractors and the project company of Island Roads Servlces Ltd. a 25-year PFI scheme responsible for the maintenance and operation of Ihe Isle of Wight road network. The members are VINCI Highways UK Ltd, Meridiam Infrastructure Managers S.a.r.l. Ringway Island Roads Ltd and Island Roads SeNices Ltd. A Trustee is appointed to the Foundation from each member organisation. At incorporation the Trustees approved a set of bye-laws which determine the objectives of the company and how it wll be operated and managed. As per the bye-laws. Robert Gillespie (an employee of Vinci Highways UK Ltd) was appointed as Chairman and Samantha O'Rourke (an employee of Ringway Island Roads Ltd) was appointed as Foundation Supervisor. During the year. the Foundation invites applicants for grant5 via advertisements in the local media. The Foundation Supervisor arranges an evaluation committee, including independent extemal specialists, to review all grant applications. All applications that meet the objectives of the Foundation are reviewed by the committee and recommendations made to the Trustees. The Trustees will meet to review the evaluation committee recommendations. Once approved. the Foundation sU[VIS0r wll advise the successful applicants, arrange partnerships agreements to be documented and signed, obtain authorisation from the Chaimian for payment and fofwaid the approved documents to Fulcrum Infrastructure Management Ltd. who will arrange payment to the successful applicanls. Trustees are appointed by the founding organisations of the Foundalion. Trustee training and induction is provided.
ISLE OF WIGHT FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) TRUSTEES, REPORT Icontlnued) Flnanclal revlew The Foundation has operated with the donations reiVed from the founding entities and has made grant payments totslling £85,414 (2023- £86,128) to the local community. After meeting governance and independent examinalion cosls, the surplus of £908 (2023.. £9.569 deficit) was funded from general reserves. Funding comes from the member organisation donations in line with an agreement. Publlc benefft In setting our objectives and planning our annual activilias thé Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. Re$erve$ pollcy The Foundation is supported by its founding members and has minimal administrative costs. and currendy no financial Commitments. The Trustees therefore have no immediate need to build up any reserves and can budgel to maximise the use of funds for the Isle of Wight communty. Rlsk management The Trustees have evaluated and considered ihe impact of identifiable risks thal the Foundation face and have policies in place to mitigate these. Trustees, responsibilities The Truslees, who are also the directors of the Isle of Wight Foundalion for the pupose of company law, are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdome Generally Accepted Accounting Practice). Company law requires the trustees to prepar8 financial statements for each finanoial year which give a Iwe and fair view of Ihe state of affairs of the foundation and of the incoming resouces and application of resouces, including the income and expenditure, of the charitable company foi that year. In preparlng these financial statements, the trusteès are required to: select suitable aeLounting policies and them apply Ihem consistently., observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., state whether applicable UK AOUntIng Stsndards have been follow8d, subject to any material departures disdosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the foundation will continue In operation.
ISLE OF WIGHT FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 {¢ontlnued) TRUSTEES. REPORT {¢ontlnued) The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundalion and enable them to ensure that the financial statements comply wtth the Companies Act 2006. They are also responsible for safeguarding the assets of the foundation and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf: Robert Gillespie, Trustee t)ated 25 September 2025
ISLE OF WIGHT FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ISLE OF WIGHT FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the charty trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 8 to 16. This report is made solely to the charitvs Trustees. as a body. in accordan with Chapter 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not aept or assume responsibillty to anyone other than the charity and the charitys Trustees as 8 body, for my examination, for this report, or for th8 opinions I have fomied. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirement of the Companies Act 2006 ('the 2006 Act,) Having satisfied myself that the accounts of the company are not required to te audited under Part 16 of Ihe 2006 Act and are eligible for independent examination. I report in respect of my examination of your companys accounts as carried out under sedion 145 of the Charities Act 2011 {'the 2011 Act,). In c8rrying out my examinatton I have followed the Oireclions given by the Charities Commission under section 145(5){b) of the 2011 Act. Independent examinerfs statement I have completed my examination. confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or the accounts do not accord wh those re¢ords', or the accounts do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Xrue and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance Ihe methods and principles of the Statement of Recommended practi for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
ISLE OF WIGHT FOUNDATION INDEPENDENT EXAMINER'S REPORT (contlnued) TO THE TRUSTEES OF THE ISLE OF WIGHT FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 I have no concems and have corne 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. Mcr)f LLP Dated.. 25 September 2025 Vicky Drayton BA ACA For and on behalf of Moore Isouth) LLP Chartered Accountants 9 St Johns Place Newport Isle of Wlght P030 1 LH
ISLE OF WIGHT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES IINCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Total Unrestricted Funds 2024 Total Unreslrlcted Funds 2023 Notes INCOME AND ENDOWMENTS FROM: Grants and donations 103,873 93,500 TOTAL INCOME 103,873 93,500 EXPENDITURE ON: Charitatle activities {102,965) (103,069) TOTAL EXPENDITURE {102,965) (103,069) NET IEXPENDITUREYINCOME AND MOVEMENT IN FUNI)S 908 (9.569) FUND RECONCILIATION Total funds brought forward (506) 9,063 Total (defictll l fvnds carried forward 402 (506) The results for the year derive from continuing activiknes, and there are no gains or losses other than those Sho4 above. No comparative SOFA has been presented as, like this year. there were no restricted, designated or endowment funds. The notes on pages 10 to 16 form an integral part of these accounts.
ISLE OF WIGHT FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Current Assets Cash in bank and in hand 5.630 2,813 Credltors: amounts falllng due wlthln one year Accruals (5,228) (3,319) Net current (liabilities) l assets 402 (506) Total Net (Liabilities) l Assets 402 (506) Charity Funds Unrestricted income {defiGit) I funds 402 (506) For the year ending 31 December 2024 the company was entitled to an exemption from audlt und8r s8Ction 477 of th8 Companies Act 2006 relating to small companies. The members have not required the o)mpany to obtain an audit in accordan wth section 476 of the Compantes Act 2006. The directors ackn¢)wledge their responsibilities for complwng wth the requlrements of the Act with respect to accounting records and for the preparation of accounts. These accounts have tRen prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by the Board of Trustees and signed on its behalf by: Robert Gillespie (Chair of Trustees) Dated: 25 September 2025 Company registrallon numbor: 08804485 The notes on pages 10 to 16 fom an integral part of these accounts.
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. GENERAL INFORMATION AND BASIS OF ACCOUNTING a) Accounting policies The Isle of Wtght Foundation is a company limited by guarantee, registered in England and Wales. In the event of the Foundation being wound up, the liability in respect of the guarantee is limiled to £10 per member of the charity. The address of the registered office is gwen on page 1 of these financial statements. The objects of the Foundation are disclosed in the Trustees, Report on pages 2 to 4. The Foundation constitutes a public benefit entty as defined by FRS 102. The financial statements have been prepared in accordance with the Financial Reporting Standards applicable In the UK and Republic of Ireland (FRS 102) {effeclive January 2019), the Charities Act 2011, Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going conrn basis under the historical cost convention. The financial stalements are prepared in sterling lch is the functional currency of the charity and rounded to the nearest £1. The signrficant accounting policies applied in the preparation of these financial statements are set out below. These policies hav8 been consistently appli8d to all years presented unless otherwise stated. bl Fund accounting Unrestricted income (or general ) funds are available for use at the discretlon of the Trustees in the furtheran of the objectives of the Foundation. l incoming funds and resouces expended are refiected in the statement of financial activities, with no netting off. c} Incomè recognition policies All incoming reSoUrS are included in the statement of financial activities when Ihe charity is legally entitled to the income and the amount can be quantified with reasonably accuracy. The followng specific policies are applied to particular categories of incorne- Voluntary income is received by way of donalions, legacies and glfts and is included in full in the statement of financial activities when the ¢harty has control over the income. any conditions placed are met, the reIpt is probable. and that it can measured reliably. Grants, where entitlement is not conditional on the delivery of a specific perfomance by the charity, are recognised when the charity becomes uncondttionally entitled to the grant and as the charty earns the right to income through delivery of service. 10
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEM8ER 2024 1. GENERAL INFORMATION AND BASIS OF ACCOUNTING Icontlnued) c) Income recognltlon pollcles Icontlnued) Donated services and facililies (gifts in kind) are included at the value to the charity only where this can be quantified. Investment income Is included when received dl Resources expended Expenditure is recognised when there is a legal or constructive obligation to Iransfer an economic benefrt on a third paty, it is probably that a transfer of economic benefts will be required in settlement and the amount of the obligation can be measured reliably. All costs are shown in full and no netting off with income occurs. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates. Costs of generating frjnds comprise the costs aSsoated with attracting donations and other voluntary income. Charitable expenditure comprises those costs incurred by the charity in Ihe delivery of its activities and seIS for its benefi¢iaries. It includes both costs that can be allocated dire¢t5y to such activities and those of an indirect nature necessary to support them. Governance costs include those costs associated wtth meeting the constilutional and statutory requirements of the charity and include independent examination fees and cosls linked to Ihe stralegic management of the entity. All costs are allocated betrfftn the expenditure categories of the statement of finanical actNities on a basis designed to reflect the use of the resouce. Costs relating to a parlicular activity are allocated dire¢lty. others are apportioned on an appropriate basis. Salaries are allocated by reviewing time spenl by each employee on the activities and attributing cost accordingly. e) Allocatlon of support costs and governance Support costs are those functions that assist the work of the charity, but do not directly undertake charitable activities. Costs are attribuled to charitable actNities on the basis that this is the main activity, and there are minimal costs attributable to fundraising. Governance includes independent examination and any costs in connection with running the Trustees, and this is also allocated to the main actNity as shown in note 5. f) Grants payable These are included in the accounts where a commitment has been made and there are no conditions to be met relating to the grant which remain in control of the charity. gl Debtors Trade arKI other debtors are recognised at the settlement amount due. 11
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (conunued) FOR THE YEAR ENDED 31 DECEMBER 2024 1. GENERAL INFORMATION AND BASIS OF ACCOUNTING (continued) h) Creditors and provisions Creditors and provisions are recognised wherè the charty has a present obligation resulting from a past event that wll probabty result in the transfer of funds to a third party. and the amounl can be measured reliably. l} Flnanclal assets and Ilabllltles The Isle of Wight Foundation only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsquently measured at their settlement value. j) Taxation No corporation tax has been provided in these accounts because the incom8 of the charty is vithin the exemption granted by Section 505 of the Income and Corporation Taxes Act 1988 to the extent that these funds are applied to charitable objects. k) Judgement and key sources of uncertainty There are no major judgements or assumptions relaling to estimates Ihat are required to be disclosed in the preparation of these finanal slatements. l) Going concern The financial ststements have been prepared on a going concern basis as the Trustees believe that no mateTial UnrtaInlieS exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient wlh the level of reserves for the Foundation to be able to continue as a going concern. 12
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 2. GRANTS AND DONATIONS 2024 Total 2023 Total Island Roads Services Ltd 67,500 22,500 13,873 60,000 20,000 13.500 Ringway Island Roads Ltd Gifts in Kind 103,873 93,500 3. DIRECT CHARITABLE EXPENDITURE 2024 Total 2023 Totsl Grant fundlng of actlvltles Total grants paid to organisations Support costs (see note 5) 85,414 17,551 86,128 16,941 102.965 103.069 Of the lotal paid lo organisations Total number Highest value Average value 16,000 10,677 16,000 9,570 There were no grants made to individuals in th8 year (2023 - Non8). 13
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2024 4. SUMMARY OF GRANTS PAID Grants were paid to the followng charities in the year to 31 December 2024.. 2024 Totsl YESI Creatlve Beats - new community interest company aimed at developing communty drumminglmovemenl groups for aduK8 4,200 project within the renovated San¢Jc)wn Town Hall, open for all young pIple 14,000 The 4Ps Vectis Radio Trainlng School a radio training schcol designed to provide individuals wth the skills need1 lo produce their own radh? show, boosting communication skills 6.600 Asplre Communlty Mlnlbus - a replacement community minibus lo transport Islanders to a number of projects and events 16.000 Alzheimer Café IW Art and WocKlwork studio al the Parkland Centre. Cowes 16.000 Care In thè Gardon - funding for Work Buddy Schema. to help furKI a Co-ordinator lo source paid employment and work experience pkcemenls for clients of Woolon-based CITG 16.000 People Matter IW potting equipment for the gardening area in the Leaming Disability Support Centre and to purchase a smart screen 3.690 st Cathgrlne's Speech & Language School - to fund an additM)nal Job Coach to WO students with addilKJnal vulneraimlilies alongsiye their Speeth. Language and Communication Needs. 8.924 Total grants for 2024 85,414 14
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS {continued) FOR THE YEAR ENDED 31 DECEMBER 2024 4. SUMMARY OF GRANTS PAID (contlnued) Grants were pald to the following charities In the year to 31 December 2023.. 2023 Total Voctls Radlo.. running the 4PS trainwig progiamme for young people 3,(KlO Abllty Dogs 4 Young People.. training eerbtre CCTV seeurity system and IT upgrade 3.174 MNDA Isle of Wlght.. social inclusion for people with Motor Neurone Disease and their families 5,000 West Wlght Men In Sheds.. carpentry equipment UFgrade 8,035 Isle of Wight Youth Trust.. The Travelling Safe Space for young peoplo to attend se8s)n$ 8,752 Wessex Cancer Tru$t-. patient transport for Isle of Wight resldenls lo Southampton General and Queens Alexandra hosprtals 13.167 OSEL Enterprlsos l The Way Forward Programmg - replacement minibus 14,0 Care In the Garden.. delivery van for splinter wood products 15.000 The Phoenlx Project: new conservatory 16.000 Total grants for 2023 86,128 15
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 5. SUPPORT AND GOVERNANCE COSTS 2024 Total 2023 Total Administration time (gifted in kind) Independent examination and accounting fees- governance Adv8rtising costs Bank charges Other costs 13,873 1,800 1.634 13,500 1.764 1.555 240 117 17.551 16.941 The administration and accounting work of the Foundation has been provided by the founding Partners through Ringway Island Roads and the Fulcrum Group. There were no staff members employed by the Foundation eaming over £60.000 in the current or prior financial year. 6. TRUSTEES EXPENSES AND RELATEO PARTY TRANSACTIONS During the year Trustees expenses reimbursed were £nil (2023.- £nil). No payments have been made on behalf of the Trustees (2023: £nil). There were no ielaled party transactions in the year. 7. MOVEMENT OF FUNDS 2024 Unre8trict od Total 2023 Unrestrfcte d Total Balance at 1 January 2024 Income (506} 103.873 (102.965) 9,063 93.500 {103,069) Expenditure Balan at 31 Dember 2024 402 (506) . CONTROLUNG PARTY The Foundation is under Ihe control of the Trustees. 16