Registered Number: 9916552 Charity Number: 1167369 

Wellington Management UK Foundation (A Company Limited by Guarantee) 

Trustee’s Report and Financial Statements 31 December 2022 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Reference and Administrative Details 

|Company Registered Number|9916552|
|---|---|
|Charity Registered Number|1167369|
|Registered Office|Cardinal Place|
||80 Victoria Street|
||London|
||SW1E 5JL|
|Trustees & Directors|Claire Baxter-Jones (Appointed on 01/08/2023)|
||Damian Bloom|
||Joanne Carey|
||John Dickson (Resigned 09/05/2022)|
||Tom Horsey|
||Anna Lunden|
||Gemma MacDonald (Appointed 09/05/2022)|
||Nicola Staunton (Resigned on 31/07/2023)|
||James Stoll (Chair)|
||Ali Towfighi (Appointed on 01/08/2023)|
||Richard van Lienden (Resigned 09/02/2023)|
|Company Secretary|Claire Baxter-Jones (Resigned on 17/08/2022)|
||Antony Christofi (Appointed on 17/08/2022)|
|Auditors|Crowe U.K. LLP|
||Aquis House|
||49-51 Blagrave Street|
||Reading|
||Berkshire|
||RG1 1PL|
|Bankers|Lloyds Bank|
||7 Carter Street|
||Uttoxeter|
||ST14 8HD|
||CitiBank|
||33 Canada Square|
||Canary Wharf|
||E14 5LB|



1 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Trustee’s Report 

The Trustees present their annual report together with the financial statements for the year ended 31 December 2022. The Trustees confirm that the Annual Report and financial statements of Wellington Management UK Foundation ("the Company") comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015). 

## Objectives and Activities 

The objects of the Company are to advance, promote or carry out such Charitable Purposes as the Trustees in their absolute discretion from time to time think fit. "Charitable Purposes" means purposes which are charitable under the laws of England and Wales. 

The Company is established to benefit the general public through the making of grants to a wide variety of organisations consistent with its objects. In shaping the objectives of the Company, the Trustees considered the Charity Commission’s guidance on public benefit and as a result the objects of the Company are broad in scope, but its policy and activities are focused on making grants to support programmes and organisations in local communities that improve the education and educational opportunities for economically disadvantaged youth. 

## Achievements and performance 

During the year the charity made donations to 25 (2021: 28) organisations. Organisations supported during the period were: (UK based unless stated) 

Action for Kids London Youth Rowing Action Tutoring London Thunder Basketball Club Debate Mate Nova New Opportunities Die Arche (Frankfurt) Primary Shakespeare Co Doorstep Library Network Protégé DNA ELATT ReachOut Fight for Peace Scene and Heard First Story Limited SEO London Future Frontiers Superar (Zurich) Jonk Entrepreueren (Luxembourg) The Amos Bursary Just Like Us The Children's Literacy Charity Leadership Through Sport & Business Westminster City School London Music Masters 

The supported organisations all met the objectives of the Company and the grant making policy (see below). They achieve this by engaging in a wide range of activities including Drama, Employability Skills, Literacy, Music, Sport, Tutoring, Life Skills and General Support. 

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Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Trustee’s Report 

## Financial Review 

The Company received £1,392,494 (2021: £1,100,976) of donations and grants in the period and made grants to organisations of £1,260,000 (2021: £1,000,000) during the current financial period. 

The Company has committed £862,000 and £782,000 to organisations in 2023 and 2024 respectively subject to satisfactory fulfilment of charitable activities, annual reviews of the projects concerned and subject to sufficient funds being received in donations to meet those commitments. 

## Fundraising 

The Company has no fundraising activities requiring disclosure under s162 of the Charities Act 2011. 

## Grant making policy 

Grants will be made to support programmes and organisations that improve education and educational opportunities for economically disadvantaged youth. Grants will be made to registered charities or other voluntary bodies. The Trustees consider that the Company should support charities where grants will have maximum impact. They will consider smaller grant-making charities which may be overlooked by the general public in their charitable giving, and grant-making to innovative projects. The Trustees will also look to fund overseas charities in Europe. Full details of the grant making policy can be found on the Company’s website at www.wellington.com/en-gb/community-engagement. 

## Investment policy 

Most of the Company's funds are to be spent in the short term so there are few funds for long term investment. Having considered the options available, the Trustees have decided that the Company's funds may be held in certificates of deposit, money market funds or cash on deposit, or other investments as approved from time to time. 

## Reserves 

There is no minimum level of reserves which Trustees seek to maintain. The Trustees deem this appropriate as the total value of grants is determined by the funding available. This policy is reviewed by the Trustees from time to time. Reserves as at 31 December 2022 were £164,390. 

## Going concern 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. 

## Risk management 

The Trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate these risks. 

## Plans for the future 

The Company plans to continue the grant-making policy referred to above, namely making grants to support programmes and organisations in local communities that improve the education and 

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Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Trustee’s Report 

educational opportunities for economically disadvantaged youth. The Company has consistent support from WMIL employees in terms of donations and also engagement via the Grant Recommendation Committee charity reviews and would like to build relationships with the charities it funds to have a meaningful impact within the sector. 

Structure, governance and management 

## Governing Document 

The Company is a grant making charitable Company limited by guarantee (number 9916552) governed by its Memorandum and Articles of Association dated 15 December 2015. It was registered with the Charity Commission on 26 May 2016, under number 1167369. 

## Organisational Structure 

The Company, and the appointment and retirement of Trustees, is governed by its Memorandum and Articles of Association. New Trustees are provided with guidance and training in relation to their legal obligations, the content of the Memorandum and Articles of Association, committee terms of reference, decision making processes and the objectives, policies and recent financial performance of the Company. 

The Trustees delegate day to day administrative duties, including finance, to employees of Wellington Management International Limited (“WMIL”). The Trustees have oversight of and are ultimately accountable for the Company's grant making function but have delegated responsibility for initial grant application review and recommendations to a Grant Recommendation Team and Committee respectively. These roles are largely fulfilled through time volunteered by WMIL employees, as well as employees of other European offices in the Wellington Management group. The Trustees are considered to be the Key Management Personnel of the Company. 

The Trustees who served during the period are: 

Damian Bloom Joanne Carey John Dickson (Resigned 09/05/2022) Tom Horsey Anna Lunden Gemma MacDonald (Appointed 09/05/2022) Nicola Staunton (Resigned 31/07/2023) James Stoll Richard van Lienden (Resigned 09/02/2023) 

The principal office of the Company is Cardinal Place, 80 Victoria Street, London SW1E 5JL. 

## Statement of Trustees Responsibilities 

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). 

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: 

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Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Trustee’s Report 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

This report has been prepared in accordance with the special exemptions provided by Section 415A of the Companies Act 2006 relating to small companies. 

**This** r r **epo** r r **t was** a a **pp** r r **oved** by the Trustees, on 22 September 2023 and signed on their behalf by: 


James Stoll Trustee 

5 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Audit Report 

## Independent Auditor’s Report to the Members of Wellington Management UK Foundation 

## Opinion 

We have audited the financial statements of Wellington Management UK Foundation (‘the charitable company’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve 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. 

## Other information 

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

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Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Audit Report 

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Opinions on other matters prescribed by the Companies Act 2006 

In our opinion based on the work undertaken in the course of our audit 

- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate and proper accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report. 

## Responsibilities of trustees 

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

7 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Audit Report 

## Auditor’s responsibilities for the audit of the financial statements 

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Atcs and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud 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 (UK) 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 financial statements. 

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

Extent to which the audit was considered capable of detecting irregularities, including fraud 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were Charity Commission regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- 

8 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Audit Report 

compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## Use of our report 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Reading 

Date: 22 September 2023 

9 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Statement of Financial Activities 

|Note<br>INCOME & ENDOWMENTS FROM:<br>Charitable Activities<br>3<br>TOTAL INCOME<br>EXPENDITURE ON:<br>Charitable Activities<br>4<br>TOTAL EXPENDITURE<br>4<br>NET INCOME / (EXPENDITURE)<br>NET MOVEMENT IN FUNDS<br>RECONCILIATION OF FUNDS:<br>Total Funds Brought Forward<br>Total Funds Carried Forward|Unrestricted<br>Funds<br>2022<br>£<br>1,392,494<br>1,392,494<br>1,333,056<br>1,333,056<br>59,438<br>59,438<br>104,952<br>164,390|Unrestricted<br>Funds<br>2021<br>£<br>1,100,976|
|---|---|---|
|||1,100,976<br>1,057,912|
|||1,057,912<br>43,064|
|||43,064|
|||61,888|
|||104,952|
||||



The notes on pages 13 to 18 form part of these financial statements. 

10 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Balance Sheet 

|Note<br>CURRENT ASSETS<br>Debtors<br>8<br>Cash at Bank and In Hand<br>TOTAL CURRENT ASSETS<br>CREDITORS: Amounts Falling Due Within One Year<br>9<br>Net Current Assets / (Liabilities)<br>TOTAL ASSETS LESS CURRENT LIABILITIES<br>CREDITORS: Amounts Falling Due After One Year<br>TOTAL NET ASSETS OR LIABILITIES<br>FUNDS OF THE CHARITY:<br>Unrestricted Funds<br>TOTAL FUNDS|2022<br>£<br>26,096<br>152,154<br>178,250<br>(13,860)<br>164,390<br>164,390<br>-<br>164,390<br>164,390<br>164,390|2021<br>£<br>12,600<br>104,952|
|---|---|---|
|||117,552<br>(12,600)<br>104,952|
|||104,952<br>-|
|||104,952|
|||104,952|
|||104,952|
||||



The notes on pages 13 to 18 form part of these financial statements. 

The financial statements were approved and authorised for issue by the Trustees on 22 September 2023 and signed on their behalf, by: 


James Stoll Trustee Registered Number: 9916552 

11 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Cash Flow Statement 

|Note<br>Cash Flows from Operating Activities:<br>Net Income / (Expenditure) for the Reporting Period<br>(Increase) / Decrease in Debtors<br>Increase / (Decrease) In Creditors<br>Net Cash Provided by Operating Activities<br>Cash Flows from Investing Activities:<br>Net Cash Provided by Investing Activities<br>Cash Flows from Financing Activities:<br>Net Cash Provided from Financing Activities<br>Change in Cash and Cash Equivilents in the Reporting<br>Period<br>Cash and Cash Equivilents at the Beginning of the<br>Reporting Period<br>Cash and Cash Equivilents at the End of the Reporting<br>Period|2022<br>2021<br>£<br>£<br>59,438<br>43,064<br>(13,496)<br>(3,910)<br>1,260<br>3,910<br>47,202<br>43,064<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>47,202<br>43,064<br>104,952<br>61,888<br>152,154<br>104,952|
|---|---|



12 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Notes to the Financial Statements 

## 1. COMPANY INFORMATION 

The principal activity of the charity is to make grants to local organisations that improve the education and educational opportunities for economically disadvantaged youth. The incorporated charity (registered number 9916552 and charity number 1167369) is domiciled in the UK. The address of the registered office Cardinal Place, 80 Victoria Street, London, SW1E 5JL. 

Wellington Management UK Foundation is a private company limited by guarantee with no share capital. Each member’s liability would be limited to an amount not exceeding £1 in the event of the charity winding up. 

## 2. ACCOUNTING POLICIES 

## 2.1 Basis of Preparation of the Financial Statements 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

The presentation and functional currency of the accounts is in pound sterling. 

Wellington Management UK Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## 2.2 Going Concern 

In order to assess the appropriateness of the going concern assumption basis, the Trustees have considered the Company’s financial position, reserves and forecasts for the foreseeable future. They have considered the assumptions underlying those forecasts and the impact of the potential risks affecting them. 

Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 

## 2.3 Fund Accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. 

13 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Notes to the Financial Statements 

## 2.4 Incoming Resources 

All income is recognised once the Company has entitlement to the income, it is probably that the income will be received, and the amount of income receivable can be measured reliably. 

Donated services or facilities are recognised when the Company has control over the item, any conditions associated with the donated item has been met, the receipt of economic benefit from the use of the Company of the item is probably and that economic benefit can be measured reliably. Donated services and donated facilities are recognised on the basis of the value of the gift to the Company which is the amount the Company would have been willing to pay to obtain servicers or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

In accordance with the Charites SORP (FRS 102), the Charity has assessed the value of services received from volunteers from WMIL. This is not deemed to be material to these financial statements and is therefore not recognised as a donated service. 

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

## 2.5 Resources Expended 

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources. 

Fundraising expenses are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Company and include project management carried out at Wellington Management UK Foundation (“the headquarters”). Direct costs are those costs incurred that are directly related to the objects of the Company. Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements. 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. 

## 2.6 Debtors and Creditors 

Debtors are recognised at the settlement amount due after any discount offered. 

Creditors are recognised where there is a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are usually recognised at their settlement amount after allowing for any discounts due. 

14 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Notes to the Financial Statements 

## 2.7 Cash and Cash Equivalents 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value 

## 2.8 Financial Instruments 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## 3. CHARITABLE ACTIVITIES 

|Donations|2022<br>£<br>201,917|2021<br>£<br>158,839|
|---|---|---|
|Grant Received|1,190,577|942,137|
||1,392,494|1,100,976|
||||



The grant received amounting to £1,190,577 (2021: £942,137) was from the US Wellington Management Foundation 

## 4. EXPENDITURE ON CHARITABLE ACTIVITIES 

|Grants to Charitable Organisations (note 5)<br>Support Costs (note 6)|2022<br>£<br>1,260,000<br>73,056<br>1,333,056|2021<br>£<br>1,000,000<br>57,912<br>1,057,912|
|---|---|---|



15 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Notes to the Financial Statements 

## 5. GRANTS PAYABLE 

|Action for Kids<br>Action Tutoring<br>Debate Mate<br>Die Arche (Frankfurt)<br>Doorstep Library Network<br>ELATT<br>Fight for Peace<br>First Story Limited<br>Future Frontiers<br>Jonk Entrepreueren (Luxembourg)<br>Just Like Us<br>Kiln Theatre<br>Leadership Through Sport & Business<br>London Music Masters<br>London Youth Rowing<br>London Thunder Basketball Club<br>Nova New Opportunities<br>Primary Shakespeare Co<br>Protégé DNA<br>ReachOut<br>Real Action<br>Resurgo Trust<br>Scene and Heard<br>SEO London<br>Street League<br>Superar (Zurich)<br>The Amos Bursary<br>The Children's Literacy Charity<br>Westminster City School|2022<br>£<br>50,000<br>50,000<br>50,000<br>50,000<br>50,000<br>50,000<br>65,000<br>50,000<br>50,000<br>25,000<br>50,000<br>-<br>50,000<br>60,000<br>50,000<br>50,000<br>50,000<br>60,000<br>50,000<br>50,000<br>-<br>-<br>50,000<br>25,000<br>-<br>60,000<br>65,000<br>50,000<br>50,000<br>1,260,000|2021<br>£<br>37,000<br>51,000<br>46,000<br>51,000<br>11,000<br>46,000<br>41,000<br>20,000<br>46,000<br>31,000<br>46,000<br>11,000<br>46,000<br>51,000<br>46,000<br>20,000<br>20,000<br>51,000<br>51,000<br>46,000<br>11,000<br>36,000<br>46,000<br>-<br>11,000<br>51,000<br>20,000<br>46,000<br>11,000|
|---|---|---|
|||1,000,000|
||||
|SUPPORT COSTS|||
|Events<br>Governance:<br>Audit (Including VAT)|2022<br>£<br>58,745<br>13,860|2021<br>£<br>41,598<br>12,600|
|Other|451|3,714|
||73,056|57,912|
||||



6. SUPPORT COSTS 

16 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Notes to the Financial Statements 

## 7. TRUSTEE REMUNERATION 

During the current and preceding period, no Trustees received any remuneration, benefits in kind and / or reimbursement of expenses. 

There were no remunerated key management personnel in either year. 

## 8. DEBTORS 

|Accrued Income<br>9.<br>CREDITORS<br>Accounts Payable<br>Accruals<br>10.<br>FINANCIAL INSTRUMENTS<br>Financial assets at amortised cost<br>Accrued Income<br>Cash and cash equivalents<br>Liabilities at amortised cost<br>Accounts Payables<br>Accruals|2022<br>£<br>26,096<br>26,096|2021<br>£<br>12,600|
|---|---|---|
|||12,600|
||||
||||
||2022<br>£<br>-<br>13,860<br>13,860|2021<br>£<br>-<br>12,600|
|||12,600|
||||
||||
||2022<br>£<br>26,096<br>152,154<br>178,250<br>-<br>13,860<br>13,860|2021<br>£<br>12,600<br>104,952|
|||117,552|
|||-<br>12,600|
|||12,600|
||||



17 



Wellington Management UK Foundation Trustee’s Report and Financial Statements 31 December 2022 Notes to the Financial Statements 

## 11. RELATED PARTY TRANSACTIONS 

Wellington Management International Ltd (“WMIL”) provides principal support to the company both through its contributions to funding support costs as well as employees forming a pool of volunteers. During 2021 WMIL paid expenses relating to the company that totalled £71,392 (2021: £57,912) for fundraising and governance costs. At year end the amount owing from WMIL was £13,860 (2021: £12,600). 

The Trustees delegate day-to-day administrative duties, including finances, to the employees of WMIL who volunteer their time. Services volunteered by WMIL employees relate to finance support and grant recommendations. Whilst these services are substantial, the associated value to the company is hard to reliably quantify and is not considered material in the context of the financial statements as a whole and has therefore been excluded. 

18