Charity Registration No. 1163956 2024 ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31ST OF MARCH 2024 Kentown izard FOUNDATION
The Kentown Wizard Foundation TABLE OF CONTENTS REFERENCE AND ADMINISTRATION DETAILS 03 REPORT OF I'HE TRLSTEES 04 REPORT OF THE INDEPENDENT,4UDITORS 10 ST£lTF.MF.NT OF FIN.4NC,IAL ,4CTIVITIF.S 13 BALANCE.SHTr:Tr'"r 14 CASII F'LOW ST.4TENIENT 15 NOTES TO THE FINANCI.4L ST,4TEMENTS 16 Page 2
The Kentown Wizard Foundation REFERENCE AND ADMINISTRATION DETAILS Founder K Townsley Trustee8 K Townsley D Bamber K Graham R G Ingle Cliic.r F.xt'c ulivc. orric'i'r R Hezel Rf'%i4iei'vd ()Ificc Metro House Unit 14-17 Meiropolitan Business Park Preston New Road Blackpool FY3 9LT MHA Richard House 9 Winckley Square Preston PR1 3HP Soliciloi. FMGS Law Limited 1 Niddle Sireet Lancaster LA1 11Z lilvesttneiit niaiiaget's Barclays Bank plc 4th Floor Bridgewater House Counterslip Finzels Reach Bristol BS16BX Castlefield Investment Partners LLP 111 Piccadilly Manchester M1 2HY Page 3
The Kentown Wizard Foundation REPORT OF THE TRUSTEES The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI"Accounting and Reponing by Chaiities- IFRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have beerb prepared in accordance with the accounting policies set out in notes to Ihe accounts and comply wilh the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland published in October 2019. Hi.%iory aiid Obj¢ctii'e8 The Kentown Wizard Foundation was established for general charitable purposes with a mission to have a positive and enduring impact on the lives of children with life-threatening conditions and serious disabilities. We achieve this by making grants lo UK-registered charities whose airns and values align with our own. We are committed to using our funds wiselyto achieve the best possible outcome for the children and families we support. We adopt 8 flexible yet focused approach lo funding to ensure we make grants where they 8re most needed and can have the greatesi impact. Our straiegy is ambitious and collaborative. We t8ke every opportunity to listen to the organisations we support, to measure results and learn from them. Our founder is Kenneth Townsley, a highly successful businessman and philanthropist. Ken's story is remarkable,. it is the story of a man from humble beginnings whose life-long love ol travel took him, over a forty-year period. from an apprentice at Blackpool Airport to the owner of Gold Medal Travel Group plc. Ken's inspirational story can be read in more detail on our website at Ac'hicTrctncnls in thc ycar This yearwe funded a wide range of organisations across the foundation's focus areas. We made eight new grants to UK-registered charities totalling É1.04m and continued our multi-year funding commitments. Further information on the individual grants approved follows (pages 5 to 71 with some additional highlights below. Page 4
The Kentown Wizard Foundation REPORT OF THE TRUSTEES CONTINUED Slick 'n Ste Stick'n, Step is a charity that enables, inspires and supports children with cerebral palsy. We awarded a three-year grant to establish a new early intervention piogramme that sees children as young as six months assessed by conductive education therapists. Conduciive educaiion is a specialised and innovative programme which looks after the whole person. creatirig activities aimed at improving rnotor skills as well as supporting social-emotional development. Evidence has shown that the earlier children can srart wilh this therapy the greater the outcome. Our grant to Medicinema is to facilitate the prompl creation of a'state-of-the-art, cinema facility at Alder Hey Children's Hospital. This facility is designed to accommodate beds. wheelchairs and rnedical equipment and will screen the latest films. Medicinema has been successfully translorrning the hospital experience lor children since 1999, across a number of different hospitals within the UK but hasn't yet reached the Northwest. The facilitywill improve emotion81, mental and physical health. reduce feelings of isolation and increase patient resilience. The buildingwork is scheduled to be completed by the end of 2024 and will be the first Medicinema in a solely paedi8iric hospital in the UK. We continued to support our local children's hospice by funding three ol their annual fundraising events. Brian House relies heavily on donations and fundraising efforts from within their local community. Reocl We provided a grant to React to allow them to purchase three static caravans to be used as holiday destinations for seriously ill children and theii families. Many React families live in disadvantaged circumstances and it is often rare that they have the opportunity or means with which to arrange a family holiday together. The caravans are fitted wilh all necessary amenities for families to create their own 'home from home,. This grant will replace the three oldest caravans and allow REACT to continue providing essential respite holidays. Page 5
The Kentown Wizard Foundation REPORT OF THE TRUSTEES CONTINUED ..Ilake-A-Wish Foundalion L,'K This year we continued our commitment to Make-A-Wish UK to fund the backlog of Disneyland Paris wishes still on hold from the Covid-19 pandemic. The grant also funded Make-A-Wish Foundation's tirst"Group Wish" which saw 42 families from across the UK visit Disneyland Paris within the same weekend. This enébled families to enjoy a shared experience and gave eaeh ehild the opportunityto torm new friendships. The foundation supported Wheelpower as more than 100 children were welcomed b8ck io Stoke Mandeville Stadium for The National Junior Games. The grani made us the largest sponsor ol the event for the third consecutive year. The event enables young peoplè io come together 8nd share a memorable few days of sports. It offers individuals with 8 disability the chance to partlCiP8te in a variety ol wheelchair sports such as lennis. rugby. basketball and en¢our8ge$ them to a¢hieve their personal best and to make sport a part of their everyday life. Our plans in Malawi continued this yearworking alongside three UK registered charities: Feet First Worldwide, received a grant all¢)wingthem to undertake four clinical vi$it$ to Malawi. Over the next twelve months, theywill continue to improve the orthopaedic and trauma services across Afric8 Wlth 8 primary focus on the prevention and treatment of physi¢81 disability in Malawian children. Operation Smile. with whom we have continued to work closely. remain Committed to our goal of Cleft Free Malawi. Malawi Burns IUKI Trust. have been provided with a grant to cover the cost of Iraining and support for staff, thereby increasing the level of care Ihey can offer to child¥en suffe¥ing from burn injuries. We have continued to closely monitor the implementation of the Kentown Children's Palliative Care Programme. The pilot operates within Lancashire and South Cumbria and is fully funded by the grant we made last year. The highlight of the programrne is its integrated approach. This approach focuses on three key elements.. Nursing Care, Family Suppon and SeNice Coordination. To date, 179 families have been referred to Kentown Support with recent figures showingthat 92% of these families are being supported by more than one element of the programme. Page 6
The Kentown Wizard Foundation REPORT OF THE TRUSTEES CONTINUED With plans of expanding into a new region, we hope to see the programme continue to be successful and the concept expanded to drive improvement in children's palliative care nationally. The three-year programme is being evaluated independently by Edgehill University with the first feedback presentation scheduled for later this year.This is a collaborative programme between our foundation las fundersl. Together for Short Lives and Rainbow Trust Children's Charity. Plon.s for thefutuie The foundation is reviewing it$ $trategi¢ approach during 2024, and with a particular focus on the sustainability for our two key areas of Malawi and Kentown Support. Oli&T{)iii% Gi'dnls ()zipi ili* 11 (Ill We continue to support this charity Wlth both their virtual and residential camps which are not only available to children living with serious illness and (Jisability bul their family members too. Our ongoing support has enabled Over The Wall to focus on their new project. Ockbrook. This 1$ 8 new site. found by the Charity. with the go81 of running camps from their own facility. IVlii- Ai¢l- Whizz Kidz Under 1 Os provision and loan scheme has been a huge success over the past 12 monlhs. They have Increased the range of equipment offered to ¢hildren between 1 and 10 year$ old and loaned 8 number ol wheelchairs ant1 specialised equipment to children under 5, allowing them to learn basi¢ wheelchair $kill$ and receive the many benefits of independent mobility. Finailc'ial Rciicm, Duringthe period under review. the charity received ineome totalling £1.178.771 12023.. £834.5381. This income comprised dividends and interest in respect of the investment portfolio. Expenditure on charitable activities amounted to £1,135,66212023- £1,551,066) in addition to expenditure on raisingfunds of £354,33712023'. £332.8971. Net gain on investments over the year arnounted to £12,561.25612023'. loss of É3.337.5221. This represents a gain of 15.5%12023- loss of 3.9%) on Ihe value ol investments held at the beginning of the year. Page 7
The Kentown Wizard Foundation REPORT OF THE TRUSTEES CONTINUED Rese]ves Policy Our investmeni policy aims to maintain, over the long term, the real value ol the £55.8m endowed by our Founder in 2015. As a minimum. the Trustees aim to make grants which equal our income for each year. However, the overriding aim of our foundation is to give grants where they are most needed and if we identify an area of need where we can make a real difference. we will use our ieseNes in order to piovide that support. At the ye8r end the charity w8s holding free reseNes of £88.9m. Iiive%tmeiit% Policy The Trustees have appointed Barclays Bank plc and Casiiefield Investment P8nners LLP to manage the investment porttolio on a discretionary basis. The investment objective is to mainlain the real value of the invesiments Over the long term and io provide a return on investments in line with suitable benchmark performances. The foundation does nol engage in fundraising activities. The Trustees who have served during the year and since the year end are as listed on page three. Siriii'iiir('. 1)7.1"r11<1l11'<. lind tnlii)¢l%q'm<"i)I The Kentown Wizard Foundalion was established as 8 Charitable Incorpor81ed Organi$8tion on 23 September 2015 and is governed by its Constitution. If the CIO is wound up, the members of the CIO have no liability to contribute to its 8Sse15 and no per$on81 responsibility for settling its debt5 and The charity's Constitution provides for a minimum ofthree Trustees. There is no upper limit. Trustees are appointed by resolution and are not required to retire by rotation. In selecting individuals, the Trustees give due reEard to Ihe skills, knowledge and experience needed for the effective administration of the charity. New Trustees are provided with background information including the history of the charity. its objectives and activities, a copy of the Constitution, and financial reports. They are also briefed on their obligations under charity law. The Trustees give their time freely and no Trustee receives any remuneration or other benefit. The Trustees are responsible for the overall management and stiategic direction of the charity and meet on a quarterly basis. A Chief Executive is appointed by the Trustees to manage the day-to-day operations of the charity. Key management personnel are paid on merit, having due regard to their professional skills. competencies and experience. The Trustees confirm that appropriate controls are in place to mitigate and manage the major risks faced by the charity. Page 8
Docusign Envelope ID: 97444A32-C741-4558-9962-124C2112F5F7
January 28, 2025
The Kentown Wizard Foundation REPORT OF THE INDEPENDENT AUDITORS Opinion We have audited the financial statements of The Keniown Wizard Foundation Ithe'charity'l for the year ended 31 March 2024 which comprise the Statement ol Financial Activities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountingstandards Iunited Kingdom Generally Accepted Accounting Practice) irbcluding FRS102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" In our opinion the financial statements- give a true and fairview of the state of the charity's affairs as at 31 March 2024, and of its incoming resources and application ol resources. for the year then ended. have been properly prepared in accordance with United Kingdom Genefally Accepted Accounting Practice. and have been prep8red in accordance with the requirements of the Charities Act 2011. We conducted our 8udit in accordance with Intern8tional Stand8rds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standord$ ore further described in the Auditor's responsibilities for the audit of the financial siatements section of our report. We are independent ol the charity in a¢¢ordanee with the ethical requirements that are relevAnl to our audit of the financial st8tements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethic81 responsibilities in ac¢ordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriaie to provide 8 ba818 for our opinion. C()iicluiii)11s ri.latiii% to %oiiig cni)cerii In auditing the financial statements, we have concluded th8t the trustees, use of the going concern basis ol accounting in the preparation of the financial statements is appropriate. Based on ihe work we have performed, we have noi identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for 8 perio¢J of at least e1Ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Oilic r iTifI)fT(1[In The trustees are responsible for the other information. The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. Ovr opinion on the financial statements does not cover the other information and, excepi to the extent otheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 10
The Kentown Wizard Foundation REPORT OF THE INDEPENDENT AUDITORS CONTINUED In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement ol this other information, we are required to report that fact. We have nothingto report in this regard. Maiierq un whieli h'e are reqiiired in rep(>n hv eYrepiiTri) We have nothingto report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the Trustees. Annual Report is inconsistent in any m8terial r8spect with the financial statements. or suff icient accounting records have not been kept- or the financial slatements are not in agreement wilh the accounting record5 and returns.. or we have not received all the information and explanations we require for our audit. Rc'%pc'c'tc.d ri'4p(111sibililic'.% <)I' Irii%li'e As explained more fully in ihe Trustees. Responsibilities Staiemeni. the Trustee8 are responsible for the preparation of financial statements which give a true and fair view. and for such internal control as the irustees determine is necessary to enable ihe preparation ol lin8ncial statement8 Ih8t 8re fr8e from material mi5Statement, whether due to fraud or error. In preparing the financial statements, Ihe irustees 8re responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees eilher intend io liquidate the charity or to cease operations. or have no realistic alternative but to do so. ,4iiditi)1-'s rcsponsibililic 5 for ilic aiidit c)r ihi. fiTl<lllC'ial %liilcinc lil We have been appointed as auditor under section 144 01 the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as 8 whole are free from material misstatement, whether due to liaud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these tinancial statements. Page11
Docusign Envelope ID: 97444A32-C741-4558-9962-124C2112F5F7
The Kentown Wizard Foundation STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Income funds CapiiaLfunds Totallunds 2024 TotBLfund8 2023 Note INCOME AND ENOOWMENTS FROM: Inv8stfflent8 1.178.771 1.178,771 834,538 Toi81 Income and endowmenis 1.178.771 1.178.771 834,538 EXPENDITURE ON: Raising funds Chgritgble activities 354,337 354,337 1,135.622 332.897 1.551.066 1.135.622 Total expenditure 1.135,822 354.337 1.489.959 1.883.963 Ntrt outgoing resources btsloro gains 8nd translers Net gainslllossesl on investments 43.149 1354.3371 11,049,42SI 12 12.561,256 12.561,256 13,337,522) Nèt Incom¥ll•xp8ndlturel 43.149 12.206,919 12,250.068 14,386,947) Tr8n8ter8 between funds 143,1491 43,149 Other recognise¢J gainslllossesl: Foreign exeh8n88 gain8 5.079 5.079 6,178 Net movement In funds 12.255.147 12.255.147 14.380,7691 RECONCILIATION OF FUNDS Total fund5 brought torwbrd 76,637,427 76,637,427 B1,018,196 Total funds earrigd forwbrd 16 88.892.574 88.892.574 76,637.427 All income and expenditure derive from continuingactivities. The notes on pages 16 to 24 form part of these financial slatements. Page 13
Docusign Envelope ID: 97444A32-C741-4558-9962-124C2112F5F7
January 28, 2025
The Kentown Wizard Foundation CASH FLOW STATEMENT Note 2024 2023 CASH FLOW FROM OPERATING ACTIVITIES Net cash used In operating aciiviiies 14,169.9091 12.548.873 Cash flows Ifom investing activities: Payments to acquire tangible fixed assets Payments to acquire investments Receipts from sales of invesiments Interest received Dividends received 11.3801 115.089,2541 17,811,177 352,879 481.659 122.883.0891 24.839.780 645.921 532.850 Net cash provided by investing activities 3,135.462 3.555.081 Net Increase In cash and cash equivalents 11.034,4471 1,006,208 Cagh l e8sh equlvalents at 1 Aprll 2023 2.845,571 1.839,3e3 C8¥h I cash equlv8lent$ 8131 M8r¢h 2024 1,811.124 2,845,571 NOTESTO THE CASH FLOWSTATEMENT A- R6conclllatlon ol nei Incomo io nei cash Ilow Irom oparatlng octlvltlos 2024 2023 Net incomellexpenditurel for the period Dividènds recéived Interest receivable Depreciation and impairment ol tangible fixed assets IGainsl/losses on investrnents IlncreasellLlecrease in debtors Incre85e/ldecre8sel in creditors 12.255,147 1532.8501 1645,9211 751 112.$61,2561 1133,0121 12.552.7681 14,380,768 1481,659 13$2,8791 597 3,337,521 131,667 1840.0181 Nel cash used in operating activities 14.169.9091 12.548.873) B- AnaLy8is ot cash and cash equivalent8 2024 2023 Cash at bank and in hand Cash deposits held within the investment portfolio 1,093,281 717,843 2,195,530 650,041 1.811.124 2,845.571 The notes on pages 16 to 24 form part ol these financial statements. Page 15
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES General information and basis of preparation The Kentown Wizard Foundation is a Charilable Incorwrated Organisation in Engianij. The addres8 of the registered ollice is given in the charity information on page 3 of these financial statements. The nature ol the charity's operations and principalaclivities are detsiled in the Trustees. report on page 4. The charity constitutes a public benefit entityas defined by FRS 102. The financial statements have been prepared in accordance Wilh Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 Issued In October 2019. the Financial Reporting standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Practice. The financial statéments have been prepared to give a'true 8nd f8ir' view 8nd h8vè dep8rted from the Charitles IA¢count$ and Reports) Regulations 2008 only to the extent required to provide a'true and fair view, Thi8 (Jep8rture h85 involved following the Accounting and Reporting by Ch8ritie$.' Statement of Recommended Practice 8pplicable to ch8rities preparingtheir account¥ in accordance with the Financi81 Reporting Standard applic8ble in the UK and Republic of Ireland IFRS 1021 issued in October 2019 r8th8r than th8 Accounting 8nd Reporting by Ch8rities'. Statement of Aecommenoed Pr8Ctice effective from 1 April 2005 which h8s since been withdrawn. The financial statements are prepare¢J on a going concem basis under the historical cost convention, modified to includ8 certain items at tairvalue. The linancial statements are presented in sierlingwhich is the functional currency of the charityand roun¢Jed to the nearest £. The significant accounting policies applied in the preparation of Ihese finoncial statements are sat out below. Thase policles have bean ¢onsisieniiy applied to alLy6ars pr8s&nt8d unless otharwise stat8d. Fundg Unre$tri¢ted funds are available for use at the discretion of theTwste8$ in furtherance otthe genergl objective8 of the charity and which have not been de$i8n8ted lor other purposes. Income recognition All incoming resources are included in the Slalement of Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met. the amount can be measure(J reliably and it is probable that the income will be received. For ¢Jonations to be recognised the charitywill have been notified of the amounts and the settlernent ¢Jate in writing. If there are conditions attached to the donation and this requires a level of perlormance tiefore entitlement can be obtained then income is deferred uniil those conditions are lully met or the fullilment ol those condirions is Within the control of Ihe charity and li is probable that Iheywill be fulfilled. Investment income is earned through holding assets for invesrment purposes such as shares and property. It includes dividends. interest and rent. Where it is not practicable to identity investment management costs incurred within a scheme with reasonable accuracy the investmeni income is ieported net of these cosis. It is included when the amount ean be measured reliably. Interest income is recognised usingthe effective intei6st method and dividend and lent income is iecognised as the chèiity's rightto receive payment is estsblished. Page 16
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ICONTINUEDI Expendiiure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related 10 the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlementwill be required and the amount of the obligstion ean be measured reliably. It IS C8tegorised under the following headings= Costs of raising ftjnds includès investmènt managèmènt costs in¢urrÈd,' and Expenditure on ehÈrit8ble activitiès includes grènts ÈW8rded and Associated costs Of runningthe charity. Irrecoverable VAT 18 charged 83 an expense 88ainst the 8ctivityforwhich expenditure arose. Grants P8y8ble to third perties 8r8 Wlthin Ihe ch8ritable objective8. Where unconditional 8r8ntS 8re offered. this is accrued as soon 8S the recipient is notitied otthe grant. as this gives rise to 8 reason8ble expectation that the recipient will receive the grants. Where grants are conditional relatingto performance then the grant is only accrued when any unfullilled conditions are outside OY the control of the charity. Support costs allocation Support costs are those that assist the work olthe charity but do not directly represent charitable activities and include office costs. governance cosis, administrative payroll costs. They are Incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be direciiy attributed to particular headings they hav8 begn allocated to cost of raising funds and expenditure on charitablè 8¢tivities on 8 bBsl$ conslsteni with use ol the resources. The analysis of these co8t8 is includeil in note 5. Tangible fixed 8$$ei8 Tangible fixed 855ets are 8t8ted at cost lor deemed cosii orv8lu8tion less 8ccumulatet1 depreci8tion and accumulated impairmenl losses.cost in¢luie$ co$t$ iJire¢tly8ttribut8tile lo m8king the 8$set capable of operatin8 as intended. Depreciation is provided on alltangible fixed assets, at rates calculated to write off the c05t, les5 estimated residual value, of each asset on a systematic basis over its expected useful lile as follows: Fixtures and fittings 33.3396 straight line. Investment propertles Investment properties for which fairvalue can be measured reliablywithoui undue cost or effort are measured at fair value at each reportingdate with changes in lair value cOgniSed in'net gainslllossesl on investments. in the SOFA. Investments Investments are recognised Initially at fairvalue which is norwnallylhe tran58Ction price excluding transaction osts.Subsequently, they are measured 8tfair value with ch8nge$ recognised in'net gainslllossesl o investfflents, in the SOFA if the shares are publiclytradeij oitheir fairvalue can otherwise be m8asured reliably. Other investments are measured at cost less impairment. Page 17
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ICONTINUEDI Debtors and creditors receivablelpayable Wiihin oneyear Debtors and creditors with no stated interest rate and receivable or payable Wiihin one year are recorded at transaction price. Any losses arisingfrom impairment are recognised in expenditure. Forelgn currency Foreign CLJrreney transactions are initially iecognised by applyingto the foreign Currency 8mount the spot exch8ngÈ rste b8twéèn the functional curiencyand the forèign curfèncy atthè datè of thè transaction. Monetary assets snd liabilities denominated in È foreign currency 8t the balance sheet date are trbnslated using the cLo$in8 rate. Employee benefits When employees have render8d seiCe tothe charity. 5hort-lerm employee benefits to which the employe88 are entitled are recognised at the unOiscounte¢J amount expected to be paid in exchange forthat service. Pension Costs The charity operates a delined contribution pension scheme lor employees. The ass8is of the scheme are held separately from those ol the charity. The annual contributions payable are charged to the SOFA. Tax The charity Is Bn exempt charitywithin the meaning ol schedule 3 01 the Charities Act 2011 and Is considerad to POSS the tesis sei out in Paragraph 1 S¢hedule 6 Finan¢e Aci 2010 and thgrgforg it meets the definition ol g Charitatsle ¢ompgny for UK ¢orporoiion lax purposgs. Goln8 ¢on¢ern The financial st8temont$ have been prepared on a goin¥concern b8818 as the Trustee8 believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure lor 12 months from 8Uthorisin8the5e lin8nci815tatements. The bu(Jgeted income and expenditure is sullicient wilh the level of reserves low the ¢h8rityto be 8ble to continue 8$ 8 going ¢on¢ern. judgement8 and key sources of estimation uncertainty There have been no significant judgements (apart from those involving estimates) made in the proce55 of preparingthe financial statements. There have been no key assumptions made concerningthe future and other key sources of estimation uncertainty atthe reporting dale that have a significant risk of causinga maierialadjustmentto the carrying amounts of assets and liabilities within the nexr financialyear. Page 18
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 2. INCOME FROM INVESTMENTS Unrestiicted Incom8 funds C8Pltal funds 2024 2023 Totalfund$ Total funds Dividends Interest receivable 532.850 532,850 645.921 481,659 352.879 645.921 1.178.771 1.178.771 834.538 3. INVESTMENT MANAGEMENTCOSTS Unre8tri¢ted Inc0ffl8 funds C8pit8ltunds 2024 Total funds 2023 Toialfund$ Investment managerlees 354.337 354,337 332,897 354.337 354,337 332,897 4. ANALYSISOF EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Ineoma funds C8PItBI funds 2024 Toiglfunds 2023 Total lund$ Grant8 awarded (note 61 Support costs Inote 51 Governance c08ts Inote 51 945.084 184.838 5.700 94S,084 184,838 5,700 1.396,648 149,110 5,308 1,135,622 1,135,622 1,551,068 5. ALLOCATION OF GOVERNANCE AND SUPPORTCOSTS Basis of allocation Support Costs Governan¢g Costs 2024 Total Funds 2023 Total Fund$ Rent Telephon8 Printing, stationery & poslage Legal and professional Wage5 and salaries Insurance Travel expenses Computer expenses PR and social media Audit Depreciatiori Sundry expenses Svppon Support Support Support Support Suppon Support Support Suppon Goveinènce Suppon Support 7.752 432 26 30.274 133.877 1.949 1.560 2.650 5.312 7.752 432 26 30,274 133.877 1,949 1.560 2.850 5.312 5.700 751 255 7,188 436 49 6,340 118.289 1,990 3,964 2,670 7,475 5.308 598 5.700 751 255 184,838 5.700 190.538 154,418 Page 19
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 6. ANALYSISOF GRANTS 2024 2023 Balance payable brought lo3d New gianis awarded in ihe year Grants wrilten b8ck in the year Net grant cost in the year 6.470.640 7,094,199 I.036.0 191,8161 1.540,648 1144.0001 945.084 7,415,724 13.512.436) 1.396.648 8,490,847 12.020,2071 Grants P8id in the y88r B8lan¢8 pwyoble ¢8rrlgd forward 3,903,288 6,470,640 During the year grants were made to 812023= 81 charitable organisations as detailed below. 2024 2023 Stick'n, Step Medicinema Malawi Burns IiIKI Trust M8ke-A-Wish Foundatlon UK React Feet First Worldwide Wheelpower Brian House Children's Ho8Pl¢e Whlzz-kidz Dreams Come True SELFA Operation Smi16 244,000 200,000 180,000 161,200 105,000 75.200 41,500 30,000 20,000 872,000 39,498 30,000 345,000 200,000 26.000 8,152 1,036,900 1,540,648 7. NET INCOMEI IEXPENDITUREI FOR THE PERIOD Net income for the period is stated arter Ichargingi / crediting= 2024 2023 Depreciation ol tangible fixed assets Profit I Ilossl on fair value movement of investments 17511 12,561,256 15971 13.337,5221 8. AUDITOR'S REMUNERATION The auditor's remuneration constituted an audit fee 01 £5,34012023- £5.0821 ansj fees in respect of taxation and IT services provided ol £36012023.. £2261 lor ihe year to 31 March 2024 Page 20
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 9. TRUSTEES'AND KEY MANAGEMENTPERSONNELREMUNERATION AND EXPENSES The Trustees neither received nor waived any remuneration duringthe perio¢J. The total amount of employee benefits received by key management personnel is E92,88612023.. E81,7191. The ch8rify considers its key management personnel comprise the Chief Executive Officer and Chief Financial Officer. The Trustees did noi have any expenses reimbursed during the period. 10. STAFFCOSTSAND EMPLOYEE BENEFITS 2024 Nurnber 2023 Number The average monthly number of employees duringthe period was as follows= Av8rage monthly number of employees The tot818t8ff c08ts and employee benefits were 85 follows.. 2024 2023 W8ges 8nd $818ries Social security Pension contributions Other stofl ¢ost$ 123,425 6,915 3.307 230 109,312 5,698 3.279 133,877 118.289 No employees received total employee benelits (excluding employer pension costs) of more than É60,000. 11. TANGIBLE FIXED AssErs Fixtures & fitting5 Tot81 Cost.. Brought forward gt 1 April 2023 Additions Dispo$818 3,758 2,758 Carried lorward at 31 March 2024 3,758 3,758 Depreciation: Brought torward at 1 April 2023 Charge for the year Elimintated on di$po$8L 2,316 751 2.316 751 Carried lorward at 31 March 2024 3.067 3,067 Net book value.. At 31 March 2024 691 691 At 31 Maroh 2023 1.442 1,442 Page 21
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 12. FIXED ASSET INVESTMENTS 8arclay5 2024 Castlefi81d 2024 Total 2024 TotaL 2023 Brought torw8rd at 1 April 2023 Additions to investments at cost Disposals at carryingvalue Net gainlllossl on revaluation 76.224.281 22.551.222 124.622.0231 12.449.341 4,011,119 331,867 1217.7571 111,915 80,235,400 22,883,089 124.839.7801 12,561,256 86,294,84S 15,089,254 117.811.1771 13,337,522) Market value as at 31 March 2024 86,602.821 4,237,144 90,839,965 80,235,400 Historical cost as at 31 March 2024 57.618.614 3.984.479 61.603.093 61.014.123 Invèsiments ai mgrkei value comprisèd: UK listed investments Non-UK listed investments 28.795.338 57.807.483 3.757.085 480.059 32,552.423 58,287,542 30.164,399 50,071.001 86.602.821 622.950 4,237,144 94,893 90,839,965 717,843 80,235,400 650,041 Cash deposits Market Value 88 8t 31 March 2024 87.225.771 4.332.037 91,557,808 80.885.441 Invastm8nts at fair value eomprise.. Equliies Securities Cash within investment porttolio 61.650.339 24,952,482 622,950 3.172.476 1.064.668 94.893 64,822.815 26,017,150 717,843 58.131,954 22,103,446 650.041 87,225.771 4,332,037 91.557.808 80,885,441 13. DEBTORS 2024 2023 Prepayments and accrued income 251,688 118,676 251,688 118.678 14. CREDITORS- AMOUNTS FALLING DUEWITHIN ONEYEAR 2024 2023 Accruals for grants payable Accruals and deferred Income 2,124,500 107,606 3.777,500 93,022 2,232,106 3.870,522 Page22
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 15. CREDITORS- AMOUNTS FALLING DUE AER MORETHAN ONEYEAR 2024 2023 Accruals for grants payable 1.778.788 2,693,140 1.778.788 2.693.140 16. FUND RECONCILIATION. YEAR ENDED31 MARCH 2024 Funds brousht Fow8rd at l April 2023 Fund5 carried Gain8111088e$l forward ai and transfers 31 March 2024 Income Expenditure Unre8trlcled income tund8 Gener81 unrestri¢ted Toiol unréstrlcted Ineomè fund$ 1,178.771 1,178.771 11.135.622> 11,13S,6221 143,1491 143.1491 Unr&strl¢tgd ¢gpltoLlund$ Investments 76.637.427 13S4.3371 12.609.484 88.892,574 Tolal unre8trlcted capltal fund8 76.637.427 1354,3371 12,609,484 88,892,574 Toi81 funds 76,637.427 1.178.771 11,489,9S91 12,566,335 88,892,574 Unrestricted income fun¢Js Unrestricted funds comprise income generated by the investments held. the only stipulation being that it is spent in line with the objects of the charity. The in¢ome generated by investments 18 primarily spont on 8rant8 8W8rded. However it also covers the general administration and running costs of the charity. Unrestricled capital funds Assets were gilteo to the charity in the accounting period to 31 March 2017 t*y ils Founder. These were an nvestment property with a value of £2,000,000, an investment portfolio with a value of £42,804,612 and cash at bank of £11,035,191. The Trustees are permiried to use the original capital to fund grants awarded. During the year ended 31 March 2020 the investment propertywas sold. Page23
The Kentown Wizard Foundation NOTES TO THE FINANCIAL STATEMENTS 16. FUND RECONCILIATION-YEAR ENDED31 MARCH 2023 Funds brought lorward at Ineome Expenditure Gains I Ilossesl and transfers Funds carri8d forward at l April 2022 31 March 2023 Unrestrlcied Income funds General unrestricted Total unrestricted income funds 834.538 834.538 11.551.066> 11.551.066> 716.528 716,528 Unre8trict8d capit8Llund Investments 81.018.196 1332.8971 14,047.8721 76.637.427 Total tsnre$irlct•d c8pllal fund$ 81,018,196 1332.8971 14,047,872) 76,637,427 Total funds 81.018.196 834.538 11.883.963) 13.331.344) 76.637.427 17. ANALYSISOF NET ASSETS BETWEEN FUNDS-YEARENDED 31 MARCH 2023 Unrestrlcted Income funds Capit8Lfund$ Totsl funds 2023 Fixe(J assets Cash 8n(J ¢urr8ni inve8tmenis Current assets Current liabilities Non current liabilities 4,157.188 2.195,530 118,676 13,778,2541 12.693,1401 76,729.695 80,886,883 2,195.530 118,676 13,870,522) 12,693,140) 192,2681 76,637,427 76,637,427 18. RELATED PARTYTRANSACTIONS Deborah Bamtier. the wile of David Bamber la trustee). is an employee ol the charity. Duringthe period Deborah received remuneration linclusive of employers NIC and pension coniribuiionsl totalling £13,809. David Bamber was not involved in trustee discussions regarding Deborah's contiact ot employment or salary Ènd approv81 of the employment was also obtained from the Charity Commission. Page24