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[I￿n 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 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