Kentown Wizard FOUNDATION Annual Report and Financial Statements For che year ended 31 March 2021 Charity Registration No. 1163956
The Kentown Wizard Foundation Contents Reference and AdmiFTri5tr2tion Details Report of the Tru5tee5 Report of the Independen£ Auditors Statement of Financi21 Activities Balance Sheet Cash Flow Statetnenc Notes to the Financial St2tÈments Page 2
The Kentown Wizard Foundation Reference and Administration Details For the year ended 31 March 2021 Charity registration number 1163956 Founder Mr K Townsley Trustees Mr K Town51ey Mr D Bamber M5 K Gr2ham Mr R G Ingle Chief Executive Officer Ms M Ingr2m Registered office Merro House "MIted Unit 14.17 Metropolit2n Business Park Preston New Road Blackpt>ol FY3 9LT Auditor MHA Moore and Smalley Richard House 9 WincWey Square Prescon PRI 3HP Solicitor Fieldevk Marsh1 Glover Strtttt l Middle Street Lancaster LAI IJZ Ir]vestment managers Barclay5 Bank plc 4 Floor Bridgewatsr House CountÈrslip FinzÈls Reach Bristol BSI 6BX Casdefield Investment Parcners LLP I I l c(adi1 Manche5*r MI 2HY Page 3
The Kentown Wizard Foundation Report of the Trustees For the yeay ended 31 March 2021 The Trustees present their report and the audited financial statements of the charity for the yetr ended 31 March 2021. The Trustees have adopted the provisions of the Statement of Recommended Prnctite {SORPI "Accounting and Reponing by Charities" {FRS 102) in prewaring the annual report and fin2nCl sr2tements of the charicy. The financial scacements have been prepared in accordance wtth the accouncing policies set out in notes to the accoun(s nd comply with the chariW5 governing documenL the Ch2riues Aa 2011 and Accouncing and Reporting by Charities-. Staiemenr of Recommended Pracuce applicable to chariries preparing Iheir accotEnts in accordance with the Financi31 Reporting Standard applicable in the UK 2nd Republit of Ireland published in October 2019. Objectives. activittes and achievements The Kentown Wizard Found2tton wa5 e5tabli5hed for general charitable purposes and focuses on benefitting children and young 2du5cs vrich seriou5. life-limiring condirions and di5abilrties. Our mission 15 to have a positive impact on the lives of such children and we athieve this mission by makt'ng grants co UK reg"stered chariues whose aims and values are closely aligned ours. Our overriding objecttve is to give grants where they are Most needed and where they wll have the greatest impacL Our Founder is Ken Townsley. a hi8hty successful businessman 2nd philthrOp1SL Ken's story is remarkable.. it is the story of a man from humble begnning5 whose lrfe-long love of travel took him. over a forty-year period. from an pprentice a¢ Blackpool Airport to the owner of Gold Med3] Trnvel Group plc. Ken's inspir2ti0Tr81 story can be reLd in more detail on our website 2t Achievements in the year This year we have continued to build on existing relationships with our chirity partners to deliver projects in line with our objectives. In the year co 31 March 2021 we m2de I I granrs to I l organi$3tions aEvounung to £1.95rn. The year under reeW has been 2 year like no other. COVID 19 changed the world. possibly forever. and imp2tted on all our livÈg but nowhere was the impacE fek more severely than among the children we seek to help. Our foundauon exists solety to help t9 iTTkprove the lives of children and young adults wich serious, life-limiting conditions 2nd disabilitie5. Even before the pandemic. these children often feel i501ated and wlnerable because of their conditions but during 2020 it is hard to IMane the level of isoLition and vulnerability experienced by these children 2nd their families. Our response ¢0 the pandemic was to offer 5UPPOrt to our charity p3rtners to help them to continue their work despiLe the inevitable fall in income experienced across the whole 5e(cor as fundraising events were cancelled. We have been impressed by the way our chariry partners rose to the thallenge, adapted co the new normal and found innovatiye ways of continuing to offer mvch J)eeded 5UPPOrt and joy. One such chariry is Over The w1, one of our long terni p2rtner& who prior to the p2ndemit offered residential camp5 to Ihildren ling wth the challenges of serious illnÈss or di52biliry. As the pandernic struck all camps were cancelled and inscead the chariry developed an online presence EO reach oui to families. We were so impressed by their work rhat we awarded a grdnt of £800.000 to enable the charity w further develop a virtual outreach progrnmme which will exist alongside physical camps and which will provide ongoing support to children and rheir families. Immediately prior tts March 2020 we had a8reed to fijnd 100% of the Disneyland Paris wishes granted by Make A WÉsh UK to seriously ill children ling in the UK_ This 3mb¢uous four-yalr plan vtas derailed by COVID but in order to support the Iharicy and to ensure thac wishe5 could sull be granted. we lOWed Make A Wish Eo repurp05e our first-year grirlt of 1800,0(KJ. This repurposed gr2nt enxblÈd the to fu11 360 non-Disney wishes to bring happiness to children desptte the pandemic. Page 4
The Kentown Wizard Foundation Report of the Trustees For the year ended 31 March 2021 Towards rhe end of the year. Make A Wish came to us with 2 proposal to fvnd a unique project. With no prospect of being able to Send children to Disneyland Paris in the near fuujre. the proposal was to transform a hotel in Hampshire into an Enchanied Manor to provide a magical Disney experience for 150 families whose Disneyland Pari5 wishe5 were on hold. This event took place in Sepcember 2021 and was a huge success. We were proud to provide a grant of £446,000 to make it wssible. Dreams COMÈ True have impressed us during 2020. Therr Hidden Communities project {funded by our foundation) was brought to a h21[ by the paridemic but through decermination and innovation they nevertheless succeeded in u51ng our fund5 to grant 72 dreams. The Hidden Communiues projecc aims co deliver dreams to children and young peoplÈ with serious lrfe-limiting conditions liwng in some of the m05t deprived and hard-to-reach communities in tho UK_ Vve were so impressed by their perforniance that we made an addittonal grant of 1200.(MXJ co accelerate their progress out of the pandemic. Our foundation does not accept unsolicited applicacions for gr2nts and WÈ spend a great deal of time seeking out new potential partners. Before making grants to new charities we want to be confident thai Iheir values are alignÈd with ours and thai they will use our funds wisely. This year we made our first grant of £250.000 to Whizz Kidz, a tharity which provides specialist mobility equipment to disabled children. Our grant will providÈ sueh equipment co an estimated 40 children limng north of Birmingham. Other grants we made during the year 311 cenrred on support during the pandemic: I 100,000 to Rainbow Trust to a551St with the provision of frondine serwces 116,000 to Candlelighters to fund the rIeS irf frondinÈ stsff 115.000 to Stick n Step to assist with rÈsuming services in September 2020 £6.Ix)O to Blackpool Tiggers towards increased costs during the pandemic 15.IX)O to Play Inclusion Project towards increased costs £5,000 to Unique Kidz and Co tovRrds the increased costs of frontline seNce delivery £4,091 to Brian House to sp)tksor a virtual evenr In addition to the new grants avrdrded in the year we contynued to work closely with all the ch2riries with whom we haye multi year funding arrangements. Our ambitious plans in Malawi. underraken Tn partnership with OperatÈon Smile and Feet First Worldwide. were temporarily halred by the pandemic but borh these Ih2ritiÈs have continued to use our funds wisely to keep children healthy and well-nourished while they vn¥t for surgical procedures to resume and also to build for the future through education and rraining programmes. Prior to thÈ onset of COVID-19, our three-year granc to Children's Advents&re Farm was enabling the charity to incre3se capactry and provide essenti2J respite tts more children with 5eriou5 Illne55e5 and di5abilitie5. This progress was hindered by COVID.19. however the charity tontinued to rnake progre55 Wth delivering services and we were impressed with how charity openiions were adapted in light of COVID-19 re5trictioris. We are fortunate to have significant reserves. At the yearond our invesunenc portfolio stood a£ £83m. The Trustees itigate financi21 risk by engaging professional fund managers to manage our invesrmehrs on a distreuonary basis and at che dale of this reporr we remain in a 5crong position. The Trustees confirn) that they hzve complied wth the requirement in section 17 of the Charities Art 2011 to havo due regard to public benefit in decermining the activities underraken by the charity. Plans for future pÈrtod5 The Trustees intend to continue to activety seek oui chariue5 with whom they wish w collaborate and where possible ro fomi long term relauonships with Ihose chirities. Page 5
The Kentown Wizard Foundation Report of the Trustees For the year ended 31 March 2021 Financiaf reviÈw During Ihe period under review the chartw recerved income totalling £904.165 12020.. £1,142,766). This income comprised dividends and incerest in respect of the invesunent portfolio. Expenditure on charitable activttyes amounted to £1021.614 (2020-. £1.301.8031 in addition to expenditure on rdising funds of £337,65412020.. 1289,9341- The investment portfolio performed well during the year. Net gains on investhents 2motsntÈd to £18,576.765. This represents a gain of 28% on the value of investments held at the beginning of the year. We reCOlse that this last year has been 3 good one for 0bal stock market recurn5. Reserves Policy Our investment policy aims to rnaintain. over the long term. the real Ydlue of the 155_8m endowed by our Founder in 2015. As a minimum. the Trv5tee5 aim to make grants which equal our income for e&th year. However, the overriding aim of our foundation is to give grants where they are m05t neeijed and if we identify 2n 2re3 of great need where we can make a real difference. we will ercde our reserves in order to provide supporL At the year end the tharity was holding free reserves of £81 m. The Trustees acknowledge that year-end reserves were high compared co our policy. However. this is in large part due to the investment portfolio gains of I18.57&765 in this 12St year and the Trustees consider that such gains may prove to be temporary. Also, we have some ambitious projects which wll erode reserves. Investment Policy The Trustees have appointed Barclays Bank plc and Castlefield InvestmÈnt P3fLners LLP to manage EhÈ inve5tmen¢ p0f0110 on a discretionary basis. The inve5(menc objective is to nuintain the real Yalue of the investments over the long term. Fundrais5ng standards information The foundauon does not engage in fundrdising aCtitieS. Trustees of the charity The Trustees who have served during the year and since the yr end are as lisied on page 3. StructureD governance and management The Kentowll Wizard Foundauon was e5tabli5hed as a Charitsble InCorporad Organisation on 23 September 2015 2nd is governed by its Constitution_ If the CIO is wourTrd up. the members of the CIO have no liabilicy to contribute to i as5e¢5 arld no personat respon5ibili(y for settling its debts and liabilives. The charity's Constitution provÈde5 for a minimum of 3 Tnfrstees. There is no upper limit Trustee5 are 3ppointed by resolution and are not required to retire by rotttion. In selecting individua15, the Trusiees give due regard to the Skills, l<nowledse and experience needed for the effective administration of the charity. New Trustee5 are provided with background information including che hisiory of rhe charity, its objectives and 3ctivities, 2 copy of the Constitution, 2nd financial reports. They are also briefed on their obligatiOFbS under charity law. The TiustÈes give their titne freely and no Trustee receive5 any remuneration or other benefit. The TrusEee5 are responsible for the overall managetnent and strntwc direcuon of the charity 2nd meet on a quarterly basis. A Chief Executive is appointed by the True$ to tnanage the day to day operations of Ihe tharicy. Key managemenc personnel are paid on meriL having due regard to their Profession sk¢lls. compe£encie5 and experience. The Trustees confirm that appropriate controls are in p12ce to MIgte and manage the major risks faced by the chariry. Page 6
The Kentown Wizard Foundation Report of the Trurté¢$ For the year ended 31 March 2021 Tru5tee5' responsibilities The Trustees are re5ponsiEle for preptring the Tru5tee5' Annual Report and the financial st2¢ements in occordance with applicable law and UniTed Kingdom Accounting Stsndards (United Kingdom Generdlly Accepted Accounting h7Ctice}- The law aPiable to clmrrties in Eng13nd & Wales requires the TwsLees to prepare finanaal statements for each fin2ncrdl ye2r which g'vo 2 true 3nd fair view of the #tstÈ of of tho chjrity 2nd of thé incoming resourcos and aple2t10ft of resources of the charlry for that F)ertod lft preFaring these frn2ncial sutement& the Trustses are requrred to." select Sultae accounting polities and then aptAy them con5istrntlr, observe the method5 and principlés in the Ch2riues SORP 2019 {FRS 102)-, make judgeme¥b£s and estimate5 th&t are re35onable and pruden state whether applioble accounrlng stan(tsrd5 Irave been followerl subject to any matrrial departures disclosed 2nd explasned in the financial ststements.. prepare the fin2ncial ststements on the going concern basi5 unless Èt is inapproprrate to wesume that the ch2rity 11 continue in operatio The Trustees are reswnssble for keeping proper accovnting records tt disclose with reasorrte actuncy at any tlme the financial posmon of the tharity and enaE4e them to ensure that the financial MatÈmÈnrs CoMY with the Charites Act 2011. the Charities (Accounts and RÈpor(s) Regula(ton5 2008 and the provisions of the trust deed. They are 31so resPonsit for 5afÈguarding the as$ets of the charity and hence for raking reasonable sreps for the prevenrion and deteuion of fraud and other trrwlarityes. The Trustee$ 2rE re5poTisible for the maintenance and integrtty of the thariry and firuntial infornTatitsn included on the chariWs website. Lw"shuon in the United Kingdom governing the preprattoll and ditsemTnation of financial itstements nmy differ from legislation in other jurisdiction5. This reporc was approved by the Trustees on ..... Mr R G Ingle, Trnrtee Page 7
Report of the Independent Auditors to the Trustees of ThÈ Kentown Wizard Foundation Opinion We have audited the fin2ncial tt2tements of The Kentown Wrd Foundation (the 'ch2rityl for the year ended 31 March 2021 which comprise the Statement of Financial Acc1(1e5. the Balance Sheeo the Cash Flow Statetnenc and notes to the linincial statements, includirkg Significant accounting policies. The financial reporring framework that ha5 been applied in their prÈparation is applicabSe law and Un¥ced Kingdom Accounring Standard5. including Financi31 Reporting Standard 102 The Financial RePoFing Stondard opplicabk in the UK fjnd Repubfjc of Irelond (United Kingdom Generally Accepted Accounting Pnctice In our opinion the financial statements- ve 2 true and f2ir view of the state of the charirfs 2ff2irs as at 31 Marth 2021. and of its incorning resources 2nd applic3uon of resource& lor the year then ende4. have been properly prepared in accordance United Kingdom Generally Attepted Accounting Praccice- and have been prewdred in accordance wrth the requirements of the Charities ALt 2011. Basi5 for opinion We condurted our audiE in accordance with International Standards on Avdiiing (UK) IISAS IUKII and applicable law. Our responsibilities under those 5tandard5 are fvrther described in the Auditor'5 responsibilitye5 for the audic of the financial statements section of our repon. We are tndependent ol the chariry in accordance with the ethical requirements that are relevant to our audit of the financial sratrments in the UK. including the FRC'S Ethical Standard. and we h2ve fulfilled our other ethical responsibilives in accordance th these requiretnents. We believe (hat the audit evidence we have obtained is sufficient and appropriace to provide & basis for our opinion. Con¢lusion5 relating to going concern In auditing the financial statemenrs we have toncluded that the trustees use of the going concern basis of accounting in the preparation of the financial Staments is appropriate. Based ON the work we have performed. we have not identtfied any maceri31 uncertaintie5 relating to events or conditions thac, indrvidually or collectively. may cast 5igntficant (k)ubc on the charity's abilicy to continue as a going concern for a period of at least twelve months frotn when che financial 512tements are authorised lor issue. Our responsibilities and the responsibilities of the trnstees with respett w going concern are described in che relevant sections of this reporL Other information The other information comprises the inforniation included in the trustees annual reporo other than the financial st2temellts and our auditor'5 report thereon_ The trustees are responsible for the other information contained within nual report. Our opinion on the financi31 statement5 does not cover the other informarion and. except to the extent otherwise explicicly Stated in our reporL we do Troc express any forrn of a55urance conclusion thereon. Our responsibility is co read the other information and, in doing $0, consider whether thè othèr infomiation is materially inconsistent with the financi21 statements or our knowledge obtained in rhe course of the audit or othewse ippears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are rÈquired to dÈEÈrmine whether this kTves rise to 2 maieri21 mtSSE2tement in the financial stsrements themselves. If, based on che work we have performed, we conclude that there is a fflateri31 misstatemeni of this other infomiauon. we are required to report that fatt. We have nothing to report in this regard. Page 8
Report of the Independent Auditors to the Members of The Kentown Wizard Foundation Matters on whith we are required to report by exception In the ligh£ of our knowledge and underst2nding of the chariry 2nd its environment obtsined in the course of the 2udi¢ we have not identified material missr2tements tn the tru$'S reporL We have nothing w repor( in respecc of the following Matr5 in relation to which the Charities Act 201 I requires us to report to you rf, in our opinion= the information &veN in the financi statements is incorhsistent in any materiat 2spect the trustees, reporu or the charity has not kepr adequate accovnung records- or the Chari5 financiat statemenrs are not in agreement wth the accounting records and returns.. or we have not received all the informacion and explanauons we require for our audit Responsibilities of trustees As explained more fully in the trvstees. responsibilities sratefflent set out on page 7. the Trustee5 are responsible for the PTÈpar?tion of the financial statements and for being satisfied th2t they give 2 true 2nd frdir view, 2nd lor such intern21 control 2S the Trustees determine is neS58ry to enable the preparation of financial statements that are free from material misstaternent, whether due to fnud or error. In preparing the financi21 statements. the Tntttees are responsible for assessing the charity's ability to continue as a going concern. disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either tntend to liquidate the charity or w cease operatsons or have no realrstic alcernarive but to do so. AuditoWs responsibilittes for the audit of the fin2ntial ststÈmÈnts We have been appointed auditor under section 144 of the Chariues Act 201 l and report in accordance with regulations made under section 154 of that ACL Our objectives are to obt2in re2son2ble assurance about whether the fin2ncial st2tements as a whole are free from material misstatemen4 whether due 10 fraud or ermr. and to issue an auditor's report that includes our opinion. RtasonablÈ assurantÈ is a high level of assurance. buc 15 not a guarantee thac an audit conduc¢ed in accordance with ISAS IUKI will always deiecc a matÈri21 misstatÈmÈnt when it Èxists. Misstatements can arise from frnud or error and are considered macÈri21 rf, individually or in the aggregat& they could reasonably be expecTrd to influÈn¢È the economic decisions of users taken on Ihe basis of Ihese financial So£emen. Irregulariiie& including frnud. are instances of non-compliance with laws and regulations. We desTgn procedure5 in line with our responsibi5ities, oudined above. to dececc material mis5tatetnents in respec¢ of irregulariries, incluijing frnud. The extent to which our procedures are capable of detecting irregu12rities. including fraud is detailed below.. Enquie5 with management about any known or suspected instanies of non-compliance with laws and regulations and fraud., Challenging assumptions and judgements made by management in their significant accountyng estimates. Auditing the risk of managemeni override of conrrols, including throuth testing journal entries and other adjustments for xppropriatenÈ*s- xnd Reviewing board minuces and resolurions Because of the inherent limiouons of an audiL rhere is a risk that we will not detrct 311 iTrÈgul2ritiÈ& including those leading ¢0 a macerial mi5St3tement in the financial stacements or non<ompliance wich regulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the events and trnnsactyons reflected in the financial statements, as we will be less likely 10 become aware of insr2nces of non-compliance. The risk 15 31so £reater rerdIng IrrelaritieS occurring due to frnvd rather th3n error, a5 fraud inyolyes intentional concealmen( forgery? collusion, omission or misrepresentstion. Page 9
Report of the Independent Auditors to the Members of The Kentown Wizard Foundation A futther de5criprion of our responsibilities for the audit of thÈ financial sutemenrs is located on the Financial Reporting Council's website aL www.frc.org.uklauditorsrespon5ibilitie5. This description fortll5 pan of our Luditor's reporL We communicate wth those charged governance regardin& among ocher maccer5, che planned scope and timing of the audit and significanc audit findings, including any signtficant deficiencie5 in inrnal control that we identfy during our 2udiL Use of our report This report is made solely to the charity's Trustees. as a body. in accordance with Part 4 01 the Chirities (Accounts and Report5) Regulation5 2008. Our audit work ha5 been undertaken so that we might State to the charity'5 Tru5cees those macrers we are required to state co them in an auditor'5 report 2nd for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility 10 anyone other than the charity and the chariW5 trustees as 2 body and for our audit worl for this repor¢ or for the opinions we have formed. IA M(Do od rtjl MHA Moore and Smalley Statutory Auditor Richard House Winckley Square Preston PRI 3HP MHA Moore and Sm211ey is ellb]e to act as an auditor in terms of section 1212 of the Companies Att 2006. Page 10
The Kentown Wizard Foundation Statement of Financtal ActÉvities For the year ended 31 March 2021 Unrestricted Income Capital funds Total funds 2021 Totul funds 2020 Note funds Income and endowments fron Invesrments 904,165 904.165 1.142,766 Total income and endowments 904.165 904,165 1,142.766 Expenditure on= Raising ndS Chirirable 2CtiYities 337.654 {4.2541 337,654 2,021.614 289.934 1.301.803 2.025.868 TotAI ÈxpÈnditure 2.025.868 333.4(M) 2.359.268 1.591. 737 Net outgoing resourre5 before gains and transfers (1.121.703) 1333,400) 18.576,765 11.455,103) 18,576.765 (448.9711 (101.9021 Net gair*{lo$Ses) on investynents Net incomel(expenditure) {1,121.7031 18.243.365 17.121.662 (550,873) Trdnsfers between funds 947.544 1947.5441 Other recognised gainsl{105ses): Foreign exchange gains 45 45 2,997 Net movement in funds {174.159) 17.295.866 17,121,707 {547.876) Reconciliation of fund5 Total funds bmught forward 174.159 63.759.164 63.933.323 64.481. 199 Total funds carried fonyard 81.055.030 81.055,030 63,933.323 All income and expenditure derive from continuing activities. The noÈe5 on pages 15 to 28 fomi par[ of these fitrancial 5t2tements. Page I I
The Kentown Wizard Foundation Balance Sheet A5 at 31 March 2021 Unrestrif ted Income Capital funds Totsl funds Totul fvnds 2020 Note fvnd5 2021 Fixed assets Tangible assets InvesttneTrts 592 592 12 1.883.691 81.142,068 83,025,759 65,019.682 1.884.283 81.142.068 83.026.351 65.019.682 Current assets Debtors 91.465 2.369.048 91.465 2.369.048 77,527 2.468.380 Cash at battk and in hand 1.460.513 2.460.513 2.545,907 Creditors: amounts fallinz due within one year 11.964.617) 187.038) P.OS1.65S) [1.576.151) Net current assetslulabilities) 495.896 187.038) 40B.85B 969.756 Total assÈts less current liabilitie5 2.380.179 81.055.030 83,435.209 65,989,438 Creditor5: amounts falling due after more than one year Q.380.179) (2.380,1791 {2.056.115) Net assets B I.OSS.030 81,055.030 63.933.323 Charity funds Unrestrsctrd capital funds Unre5tricod $nCne funds 81.055.030 81.055.030 63.759.164 174.159 Total charlty funds 81.055.030 81.055.030 63.933.323 An analysis of Tret assets as at 31 March 2020 15 provided in note 17 to the accounts. The fingntlal sfHrerneThts were apprtsvd authorised for i55ue by the ard on .. Signed on behalf of the kn2rd of Trustees Mr R G In8le, Trustee The note on p3ges 15 to 28 form part ol these firan£BI strterr*nts. Page 12
The Kentown Wizard Foundation Cash Row Statemert For the year ended 31 March 2021 2Q20 C5h flow from opernting ¢tt¥vtles {l.S77.847) {2.482.932) Cash flows from Inyestlng actlvltles: Paymwts to acquire tangible fixd assets Net rncelpts from sale of tangible fixed as PaYMets to acquire invesm)e Rec*pts from sales c4 investmer Intrre5t reC¥&j (5921 4.254 (855&412} 10.127503 468.952 435213 1.666.804 (12.860.990) 13.498.486 431.933 585.833 125.000 Dividends re£Ved 1476.918 3.447.066 Net increase in cash and cash equivalents 899.071 9fA,134 Cash •>d cash 4ulv•lents at l April 2020 3.475.238 2.511.104 Cash and cash equivalents at 3 1 M•r<h 2021 4.374.309 3.475.238 The notes on page5 15 to 28 fom part of ttse financial sfatements. Page 13
The Kentown Wizard Foundation Notes to the Consolidated Cash Flow StAtement For the year ended 31 Marth 2021 Reconciliation of net income to net cash flow from operating activities 2011 2020 Nec iTrcotnellexpenditurel for the period 17,121,707 (547.876) DNidends received 1435.2131 (585.833) (125,000) (431.933) 39 Ren(5 received frorn invesknent properties Interest reCvable 1468,9521 0epreci200n and impairnient of tangible fixed assets {Gainslllosse5 on disposal of rangible fixed assets {Gain%}IlossÈs on investments Ilncreaselldecro2se in debwr5 Increisel{decrease) in creditors 14.2541 {18.576.7651 (13.9381 799,568 333.196 101.902 8.683 (1,236,110} Net cash used in operating activities {1,577,8471 (2.482,9321 Analysis of tash and cash equrvalents 2021 2020 Cash at bank and in hand 2,369,048 2,005.261 2.468,380 1,006,858 Cash dep05kts held Vlithin the inve5rment porthAio Net cash used in opernting activities 4,374.309 3.475.238 Page 14
The Kentown Wizard Foundation Notes to the Financial Statements For the year ended 31 March 2021 Summary of significant accounting policies General information and b2sis of prÈparation The Kentown Wizard Foundarton is a Charirxble Incorpor2ted Org2nisation in England. The address of the registered office is given in the tharity informauon on wage 3 of these financial 5ratements. The nature of the charity's operation5 and pritscipal activities are det3iled in the Trijstees. report on page 4. The charity consiitutes a public benef eniiry as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporring by Charities= Statement of Recommended Practice applicable to charities preparing their 2ccounts in 2ccordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) issued in 0¢ber 2019. the Financial Reporung Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, the Charities Acr 2011 and UK Generally Accepted Practice. The firiancial %tstsmenr5 have been prep3red to ve a 'true and fw"r' eW 2nd have departed from the Charities {Accounts and Reports) Regu12ti0ns 2(M)S onty to the extent required to PrOde 3 'true 3nd f2Tr view,. This deparrure has involved lollowing the Accounting and Reporung by Charities". staent of Recommended Prartice 2pplic2blÈ to charities preparing their account5 in accordanie the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued in Ociober 2019 rather than the Accounting and Reporllng by Charitye5= Staretnent of Recommended Pracrice effective from l April 2005 which has since bee withdrnwn. The financi21 statements 2re prewed on 2 going concem b3sis under the historical cost convention, modified to include cerE2in items at f)ir valuÈ. The finantial SfaLemenrs are presented in steAing which is the functional currency of the ehariry rounded to the nearest £. The si8nificdTrt accounting polic¢es applsed in Ihe preparation of these financi statements are set out below. These policies have been consistentty 2pplied to all years presented unless otherwise stated. Funds Unrestricted funds are available for use at the discretion of the Trustees in fitrtherance of the general objectives of rhe charity and which have noc been designated for other purposes. Income recognition All incoming resources are inclvded in the Sutemenc of linanCI ACtieS {SoFAI when the charity is legally entitled to the inctsme 2fter any performance conditions h2ve been meL the amount can be measured reliably and it is probable that che income wll be received. For donations to be recognised the charity will have been notified of che amounts and che settlemenE date in writing. If there are condicions attached to the donauon and this require5 a lèvel of performJntÈ boforÈ entitlement can be obtained then income is deferred until those conditions are fvlly rnet or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Investment income is e2med through holding 2ssers for invesunent purposes such as shares and property. It include5 diwdend5. interesi 2nd renL Where it is not prdcucable co identrfy inve5¢ment magement cost5 incurred within 2 scheme with reasonable accuracy the investment income is reported net of these costs. Ic 15 included when che amount can be measured reliably. Inrerest income is recognised using the effeciive interest method and dividend 2nd rent income is recognised as the charity's right to rece¢ve payment is established. Page 15
The Kentown Wizard Foundation Notes to the Financial Statements For the year ended 31 March 2021 Surnmary of significant accounting polictes {continued) Expenditure recognition All expenditure is accounted for on an accruaL% basis 2nd has been cla55ified under he2dings that aggregare all costs related to the category. Expenditure 15 reiogni5ed where there is a legal or ton5tructive obligation to make payments to third par¢ie& li is probable that the setdemenc will be required and the amoun£ of the obligation can be measured reliably. It is categorised under the following headin85". Costs of rnising funds includes investment management costs incurred.. 2nd Expenditure chari(able activities includes grants awarded and a55ociated costs of runnsng the ch2rrity. Irrecoverable VAT is charged as dn expense ag2insc the activity for which expenditure arose. Grants payable to third parties are within the charitable (Jbjecuves. Where uncondition21 grants are offered. this is atcrued as soon as the recipient is notified of the grano as this &VeS rise to a reasonable expectstion that the recipient will receive che granrs. Where grants are condryonal relating to perform2nce then the grnnt is only accrued when any unfvlfilled condiiions are ourstde irf the control of che charity. Support costs allocation Suppon costs are those that 2SSiSt the work of the charicy but do not directly represeni charitable activities and intlude office costs, governance costs. adminiscratyve payroll costs. They are incurred direc¢ly in 5UPPOrt of expenditure on the objects of the charity. Where sUPPOrt costs cannot be direccly attributed to parcicular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a b2SIS con515tent wrch vse of the resources. The an3lysi5 of these costs is Éncluded in note 5. Tangible fixed assets Tangible fixed assets are stated at cost (or deemed cost} or valuation less accumuL4Eed depreciation and 2ccumul2ted impairment losses. Cott includÈs costs directly attributable to making the asset capable of operaring as intended. Depreciation is provided on all rangible fixed assers. at rate5 calcuted to write off the COSL less estimaced residual value, of each assec on 2 Systematic basis over its experted useful life as follows.. Fixtvres and fittings 33.33% srnght line Investment properties InvesEment propercies for whÈch fair value can be me2sured reliably withouc undue £05t or effort are measured a¢ fair vue at eath rÈporring dao changes in tsr value recognised in 'net pinslllossesl on investments, in the SOFA. InvÈstments InvestmeT)ts are recognised tnitially at fair value which is nornially the tranuction price excluding tt7n5action COS¢5. Subsequentty. they are me2sured 2t fair value with changes recognised in 'net pinslllosses investments, in che SOFA rf the shares are publicty traded or thÈir fair Trr41uÈ can otheise be tneasured reliably. Other investmenL5 are measured at cost less impairmenL Debtors 2nd creditors reteivablelpayable within one year Debtors and creditors with no staEed interes[ race and receivable or payable wlthin one year are recorded at crnn52Ction price. Any losses arising from imprMent are recognised in expenditure. Page 16
The Kentown Wizard Foundation Notes to the FRnancial Statements For the year ended 31 March 2021 Summary of significant accounting policies (continued) Foreign <urrency Foreign currency rransactFons 2re inirialty recognised by apptying to the foreign currency amounc the spot exchange rate between the funtrional currency and che foreign currency at the date of the transaction. Monetary assets and liabilitie5 denominated in a foreign currency a£ the ance sheet date are translated using the closing rate. Employee benefits When employees have rendered serwce to the charity. short-terni employee benefits to whTch the employees 3re entitled are recognised at the undi5counred amount expetted to be paid in Èxchange for that Service. Pension Costs The chariry operates a deftned contriburion pension scheffle for employees. The assets of the scheme are held separately from those of the chartty. The annual contributions parable are charged to the SOF The charity is an exempt charity the meaning of schedule 3 of the Ch2rities Act 2011 and is considered to pass the tests sec out in Paragraph I Schedule 6 Finance Att 2010 and therefore it meets the definition of a charitable coMnY for UK corporation tax purposes. Going concern The financial statements have been prepared on a going concern b2sis as the TruttÈÈs believe that no material uncertxinties exist The Trustees have considered the level of funds held and the expected level of income and expendiiure for 12 months from authorising these financial socements. The budgeted income and expenditure is sufficient with the level of reserve5 for the chariry to be 2ble to continue 35 a going concern. Judgements and key sourtes of estimation uncertainty There have been no signtficant judgements (apart from those tnvolving estimitesl made in the process of preparing the financial staiemen¥& There have been no key 3ssumpuons made concerning the future and other key sources of e5tsmacion uncertainty at Ihe reporung date that have 3 significant risk of causing i miterial adjustmen¢ to the carrying amounts of assets and liabilities within the next financi year.
The Kentown Wizard Foundation Notes to the Financial Statements For the year ended 31 March 2021 Intome from investments Unrestricted Income Capital funds Totsl funds funds 2021 Dividend5 435.213 435.213 46B,952 InreSt re(eiYable 468.952 904. 165 904.165 Unrestricted Ineomé fvnds Copitol fvnds 2020 Dtle1 585.833 431.933 125.000 585.833 431.933 125.OQQ Inieresr recefvobk Rental income 1.142.766 1. 142. 766 Investment management costs Unrestricted Income Capital funds Total funds funds 2021 Inyestment manager fees 337,654 337.654 337.654 337,654 Unrestrlrted Income fvnds Ctyitol fvnds 2020 Investment monager fees 289.934 289,934 289.934 289.934 Page 18
The Kentown Wizard Foundation Notes to the Financial Statements For the year endÈd 31 March 2021 Analysis of Èxpenditure on charitable activities Unrestrlcted Income Capital fijnds Total funds funds 2021 Grants awdrded (no 6) SupporE t05rs In0 51 Goyemance costs (note 5) .951,091 71.309 3.468 .951,091 67,055 3,468 {4.254) 2,025.868 (4.254) 1011.614 Unrertrirted Income fvnds Copitol fvnd$ 2020 Grants (arded It>ote 6) SuW)n costs (note 5) Goveinonce costs (note 5) 852.150 108.717 7.740 852.150 441,913 7,740 133.196 968.607 333.196 1.301,803 Alloeation of governance and support costs Basis of Support Governance costs costs Total costs allocation 2021 Rent Support Support Support Support Support Suppor( Support Support Support Governance 6,022 351 184 6,022 351 Telephone Printing. ststionery & postage Legal and professitsnal Wtge5 and larieS InsurnncÈ 184 78 78 48,264 1,398 55 48.264 1.398 55 Travel expenses Computer expenses PR 2nd social tlledia 695 695 14.118 3,468 (4.254) 144 Audit 3,468 LossÈ5 on Sale of investment property Sundry expenses Support Supp¢Jrt 14,2541 144 67.055 3.468 70,523 Page 19
The Kentown Wizard Foundation Notes to the Financial Statements For the year ended 31 March 1021 Allocatton of govÈrnznce and support tosts (continued) Busis of ollo¢otion Governance rott71 costs Support corts ¢osts 2020 Rent StJPPOrt Support SuPrt Support sUp}n Support Support Support SuPKxJJt Grtvemonce 6.108 544 6.108 544 TeleOne Printoig. stutnery & Posiage Legol ond ProfessKJnol Woges ond subries Insuronce 679 679 26,395 54.118 1.368 5.047 848 26.395 54.118 1.368 5.047 848 Te1 expenses Computer expee$ PR and social medMI 13.571 13.571 7.740 333.196 39 Audit 7.740 Jsses on SO of investhiert ProPty DePrecKrtK)n SuWMJrt suort 333.196 39 441.9 13 7.740 449.653 Analysis of grants 2021 2020 BaFance payable brought foNnrd 3.529.686 4,788,569 New grants awarded in the ye2r 1.951.091 852.150 Net grdnt cost in the year 1.951,091 852,150 5,480.777 5.640.719 Grants paid in the year (2,111.0331 Balance payable carried forward 4,349,585 3.529,086 During the year grants were made to 11 (2020: 31 charitable org2nisations as deIed on pa8e 21. Page 20
The Kentown Wizard Foundation Notes to the Financial Ststements For the year ended 31 March 2021 Analysis of grdnts (continued) 2021 Blackpool Tiggers Brian House Children's Hospice CandlÈlightÈrs Dreams Come True 6,000 4,091 16,000 200.000 550,000 800,000 5,000 100,000 15,000 250,000 5,000 Make-A.Wish Foundaoon UK Over the Wall Play lftclusion Pr¢iett Rainbow Trust Childr'S Chariry Stick n STrp Whizz-Kidz Unique Kidz and Co 1.951,091 2020 Make A Wtsh 800,000 29,517 22,633 Brn House KKIS Cancer Charty 852, 150 Net income for the period Net income lor the period is stated after chargingl(cred'ion 2021 2L120 Depreciation of tsngible fixed assers (Profit) I loss on s21e of t2ngible fixed assets (Profit) I Ios5 on fair value rnovemenc of investments Net gains on foreign exchange 39 (4,254) (18,576.765) {45) 333.196 101.902 (2,997) Page21
The Kentown Wizard Foundation Notes to the Financi21 StatèmÈnts For the year ended 31 March 2021 Auditorfs remunerntion The 2uditor's remuneration constitwed 2n audit fÈe of 14.200 12020.. £4.5601 for the year to 31 March 2021 (inclusive of VAT). 2 fee in respeu of the stacutory 3ccounrs prep of £nil12020= £1,920) for the year to 31 M2rch 2021 linclusive of VAT) 3rkd fees in respecc of raxauon seNces provrded of 128812020.. £niQ for the year to 31 March 2021 linclusivÈ of VAT)- Trustees and key management personnel remuneratson and expen5e5 The Trustees neither received nor waived any remunerafion during the period. The total amount of employee bÈnefits received by key mawb2gement personnel is £52.41012020.. £45.4851. The charity considers its key management personnel comprisÈ the Chiel Executive Officer. The TrustÈÈs did not haye any expenses reimbursed during the period. Staff costs and employee benefits The iverage monthty number of employees during thÈ pÈriod wa5 as follows: 2021 2020 Number Number Avernge monthly number of employee5 The total staff costs and employee benefits were as follows: 2021 2020 Wages and salines Social securi 54.637 (7,859) 1,486 48.343 4.324 1,451 Pension contributions 48.264 54.118 No employees received total etnployee benefits {excluding employer pension costs) of more than £60,000. Page 21
The Kentovrfn Wizard Foundation Notes to the Financial Statements For the year ended 31 March 2021 Tangible fixÈd assÈts Fixtures & fittings Total Cost Brought forwor<l ot l Apra 2020 AddivoD5 1,597 592 1.597 592 Disposals Carried forward at 31 March 202 5 2.189 2.189 Depreciation: Broughi forword ut l Atyi 2020 Charge for the year 1.597 1.597 Carried forw2rd at 31 March 2021 1.597 1.597 Net book valu At 31 March 1021 592 592 At 31 Morth 2020 Page 23
The Kentown Wizard Foundation Notes to the Financial Statements For the year ended 31 March 2021 Fixed asset investmerbts Barc12yS 2021 Castlefield Total Total 2021 2021 2020 Brought forward at l April 2020 AddiDons (o invesThents at cost Disposals at carrying walue Net g2inlOoss) on revalu3tson 60.959.019 6.786.931 {8.544.6191 17.637.813 3.053.805 64.012,824 64. 752.222 1.771.481 8.558,412 12.860,990 {1.582.8B4) (10,127,503) {13.498.486) 938.952 18.576.765 {101.9021 Mart value as at 31 March 2021 76.839.144 4.181.3S4 81.020.498 64.012.824 Historic21 cost as at 31 March 2021 52.946.436 3,629.790 56.576.226 56.085.427 Investments at market value comprised.. UK listed irnvestments Non-UK Ii5Led investments 17.370.316 49.468,828 3,762.733 418,621 31.133.049 49.887.449 24.987.746 39.Q25.078 76.839.144 4.181.354 81.020.498 64,012.824 CapiTal cash deposits 1.920.579 84,682 2,005.261 1.006.858 Market value as at 31 Marrh 2021 78,759,723 4.266.036 83.025,759 65,019.682 Investmenrs ar fair value compris EquitiÉs Securities sh wthin Snve5tmer>t pordolio 57.416.591 3,618.454 562.900 84.682 61.035.045 19.985.453 2.005.261 44.771.912 19.240.912 1,006.858 19.422.553 1.920.579 78.759.723 4.266.036 83,025,759 65,019,682 All investments are carried at their market valuo Invesunenc in equrties and fixed interest sÈ¢uritie5 are all craded in quoted public markets. pritn2rily the London Stock Exchange. Holdings in cotnmon investmeni funds, unit trusts and open ended inve5trnent companies are at the bid price. Assei sales and purchases are Fecognised 2t the d2te of trade at cost (that is their EransaCt[on value). Page 24
The Kentown Wizard Foundation Notes to the Financial Statements For the year ended 31 March 2021 Debtors 2021 2020 Prepayments and accrued income 91,465 77,527 91.465 77,527 Creditors: amounts falling due within one year 2021 2020 Accruals for grants pay2ble Accruals 2nd deferred tnci)mÈ 1,969,406 82,149 1.473.571 102.580 2,051.655 1.576.151 Creditors: amounts falling due after more than one year 2021 2020 Accruals for grant5 payable 2.380.179 2.056. 115 2.380. 179 2,056. 115 Page 15
The Kentown Wizard Foundation Notes to the Financial Statements For the year ended 31 March 2021 Fund Teconciltation Year ended 3 I March 2021 Funds Funds carried brought forward ot I April 2020 Gains I forw2rd at {losses) and transfers 31 March Income Expenditure 2021 Unrestricted income funds General unre5rrric 174.159 904.165 (2,025.8681 947,544 Total unrestricted intome 174.159 904.165 {2.02S,868) 947,544 funds Unrestricted capital funds Investrnents 63. 759.164 {333,4001 17.629.266 81.055.030 Total unrestricted c2Pitai funds 63. 759. 164 {333.400) 17.629.266 81,055,030 Total funds 63.933.323 904.165 (1359.268) 18.576,810 81,055,030 Unrestrieted income funds Unresiricted funds comprise income generated by the inve5tsnents held, the On stipulation being that it is spent in line with the objects of the charity. The inco¥ne generaced by invescments is primarily spenc on grants awarded. However li also covers the general administration and running costs of the charity. Unrestricted caprtal funds Assets were fLed to the charity in the accoununE period to 31 March 2017 by its Founder. These were an investment property with a v21ue of £2.000,000, 2n investment porrfolio with a v21ue of 141,804.61 l and cash 2t bank of I11.035,191_ Thè Trusrees are pem)icced to use the orignal capital to fund grants awarded. During the previous year the investment property was sold. Page 26
The Kentown Wizard Foundation Notes to the Financial Ststements For the year ended 31 March 2021 Fund recon<ilÈation (continued) Year ended 31 March 2020 Funds brought fonrd ot I April 2019 Gt71ns l Funds corried (losses) ond forpoAord ot 31 tronsfv March 2020 Income Expenditure Unrertrirted income fvnds GeJTrerol utlrestrrted 1.142.766 {968.6071 174.159 Total unrestrirted income .142.766 (968.607) 174. 159 fvnds Unrestrrcted copitol fvnds Investments 64.481. 199 1623.1301 (98.905) 63.759.164 Totol unrertrirted ¢opit¢rl fvnds 64.4BI.199 (623. 130) 8.905) 63.759,164 Total fvnds 64.481.199 .142.766 (1.591.731) (98.9O5J 63.933.323 Analysis of net a55ets between funds Year ended 3 1 March 2020 Unrestricted Income Capital funds Total funds funds 2020 FL¥ed ossets 1.192.501 2.468.380 77.527 {1.508. 1341 {2,056,115) 63.827.181 65.019.082 2.468.380 77.527 (1.576.151) (2.056,115) Cash ond current tiwesDnents Current osset5 Curret)t knbfjtes (68.017) Non current 174. 159 63.759.164 63.933.323 Page 27
The Kentown Wizard Foundation Notes to the FÉnanci21 Statements For the year ended 31 March 2021 Related party trnnsactions Debor2h Bamber. the wife of Dawd Bamber (a trustee). is an employee of the chamty. During the period Deborah received remunerdtion {inclustve of employers NIC and pension contributions) tot211ing £8.857. David Bamber was not involved trustee (Siscussions regarding Deborah's contract of employment or salary and approwdl of the employment also obrained from the Chariry Commission. Page 28