Registered Number: 09916552 Charity Number: 1167369 Wellington Management UK Foundation (A Company Limited by Guarantee) Trustee's Report and Financial Statements 31 December 2024
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Trustees, Report Company Registered Number 09916552 Charity Registered Number 1167369 Registered Office Cardinal Place 80 Victoria Street London SWIE 5JL Trustees & Directors Damian Bloom Joanne Carey Antony Christofi Anna Hoddinott Tom Horsey Anna Lunden Gemma MacDonald Supriya Menon James Stoll (Chair) Ali Towf ighi Raivinder Virdee (Resigned on 16/10/2024) (Appointed on 01/11/2024) (Appointed on 24/09/2024) (Appointed on 01/11/2024) (Appointed on 01/11/2024) Company Secretary Antony Christofi Olivia Phillips (Resigned 01/11/2024) (Appointed on 01/11/2024) Independent Examiners Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RGI IAZ Bankers Lloyds Bank 7 Carter Street Uttoxeter ST14 8HD CitiBank 33 Canada Square Canary Wharf E14 5LB
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Trustees, Report The Trustees present their annual report together with the financial statements for the year ended 31 December 2024. 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 I January 2015) as amended by Update Bulletin l (effective l January 2019). 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 objective5 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 23 (2023.. 25) organisations. Organisations supported during the period were: (UK based unless stated) Action for Kids Debate Mate Die Arche (Frankfurt) Doorstep Library Network ELATT Fight for Peace First story Limited Future Frontiers Jonk Entrepreueren (Luxembourg) Just Like Us Leadership Through Sport & Business London Youth Rowing London Thunder Basketball Club Nova New Opportunities Protégé DNA Reachout Scene and Heard Superar (Zurich) The Amos Bursary The Children's Literacy Charity The Primary Shakespeare Company Trustees of Redstart Educate Westminster City School
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Trustees, Report 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. Financial Review The Company received £999.869 (2023.. £841.074) of donations and grants in the period and made grants to organisations of £960,000 (2023.. £910,000) during the current financial period. The Company has committed £677,000 and £240,000 to organisations in 2025 and 2026 respectively subject to satisfactory f ulfilment 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 opportunitiesfor economically disadvantaged youth. Grants will be madeto 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 ofthe 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. Reser4es There is no minimum level of reserves which Trustees seek to maintain. The Trustees deem this appropriate as the total value ofgrants is determined by the funding available. This policy is reviewed by the Trustees from time to time. Reserves as at 31 December 2024 were £61.797. 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. Forthis 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, system5 or procedures have been established to mitigate these risks.
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Trustees, Report 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 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 ofother European offices in the Wellington Managementgroup. 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 Antony Christofi Anna Hoddinott Tom Horsey Anna Lunden Gemma MacDonald Supriya Menon James Stoll (Chair) Ali Towf ighi Rajvinder Virdee (Resigned on 16/10/2024) (Appolnted on 01/11/2024) (Appointed on 24/09/2024) (Appointed on 01/11/2024) (Appointed on 01/11/2024) Appointment of New Trustees The Wellington Management UK Foundation follows a structured and transparent process for vetting and onboarding new Trustees. Candidates are identified based on alignment with the Foundation's mission and values. and their ability to contribute meaningfully to our governance and oversight responsibilities. Professional qualifications. relevant skill. knowledge, experience, and demonstrated stewardship are considered during the selection process to ensure the Board maintains a balanced and
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Trustees, Report capable composition. All prospective TrLJStees are reviewed by the Board and must declare any conflicts of interest in accordance with our policy and section 185 of the Companies Act 2006. Upon appointment, Trustees receive onboarding materials-includingthe Foundation's Charterand key policies-and are provided with training to ensure they understand their fiduciary duties and the regulatory framework in which the Foundation operates. Trustee appointments and resignations are reported to Companies House and the Charity Commission, as required. In line with Charity Commission guidance (CC3), the Foundation ensures that all Trustees are eligible. properly appointed under the governing document, and equipped with the information necessary to fulfil their responsibilities. Trustees are expected to familiarise themselves with the governing document and refer to it regularly as part of their ongoing stewardship. This process reflects our commitment to strong governance, accountability, and risk-aware oversight. The principal office of the Company is Cardinal Place, 80 Victoria Street, London SWIE 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.. 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 safeguardin£ 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 rep rt was appr byth ustees, on 25 September 2025 and signed on their behalf by: James Stoll Trustee
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 statement of Financial Activities (Incorporating a Profit and Loss account) Unrestricted Funds 2024 Unrestricted Funds 2023 Note INCOME& ENDOWMENTS FROM: Charitable Activities 999.869 841,074 TOTAL INCOME 999.869 841,074 EXPENDITUREON: Charitable Activities 1.022.007 921,529 TOTAL EXPENDITURE 1.022.007 921.529 NET INCOME / (EXPENDITURE) (22.138) (80.455) NET MOVEMENT IN FUNDS 22,138 80.455 RECONCILIATION OF FUNDS: Total Funds Brought Forward 83.935 164.390 Total Funds Carried For¥vard 61.797 83,935 The notes on pages 10 to 15 form part of these financial statements.
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Balance Sheet 2024 2023 Note CURRENT ASSETS Debtors Cash at Bank and In Hand TOTAL CURRENT ASSETS 5.200 61.797 66.997 5,940 83,935 89.875 CREDITORS: Amounts Falling Due Within One Year {5.200) (5.940) Net Cu rrent Assets / (Liabilities) TOTAL ASSETS LESS CURRENT LIABILITIES 61.797 61.797 83.935 83,935 CREDITORS: Amounts Falling Due After One Year TOTAL NET ASSETS OR LIABILITIES 61.797 83,935 FUNDS OF THE CHARITY: Unrestricted Funds TOTAL FUNDS 61.797 61.797 83,935 83,935 The Trustee5 consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which company with Section 386 of the Act. and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2024 and of its deficit for the period then ended in accordance with the requirements of Sections 394 and 395 of the Act. and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the Company. The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 10 to 15 form part of these financlal statements. The financial statements were approved and authorised for issue by the Trustees on 25 September 2025 and signed on their behalf by: James Trustee Registered Number.. 09916552 toll
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Cash Flow Statement 2024 2023 Note Cash Flows from Operating Activities.. Net Income / (Expenditure) forthe Reporting Period (22.138) (80.455) (Increase) / Decrease in Debtors 740 20.156 Increase / (Decrease) In Creditors (740) (7.920) Net Cash Provided by Operating Activities <22.138) (68,219) Cash Flows from Investing Actlvltles: Net Cash Provlded by Investing Activitles Cash Flows from Financing Activities: Net Cash Provided from Financing Activities Change in Cash and Cash Equivilents in the Reporting Period (22.138) (68,219) Cash and Cash Equivilents at the Beginning of the Reporting Period 83.935 152,154 Cash and Cash Equivilents at the End ofthe Reporting Period 61.797 83,935
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Notes to the Financial Statements 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 ofthe registered office Cardinal Place, 80 Victoria Street. London. SWIE 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. 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 l January 2019) - (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 ofthe 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 ofthe 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. 10
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 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 ofthegift to the Company which is the amount the Company would have been willing to pay to obtain servicers or facilities ofequivalent 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 ofthe 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 ye2r 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. 11
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 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 IiqLJid investments that mature in no morethan 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 financlal 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. CHARITABLE ACTIVITIES 2024 2023 Donations Grant Received 181.674 818.195 999,869 35,989 805,085 841,074 The grant received amounting to £818.195 (2023.. £805.085) was from the US Wellington Management Foundation EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Grants to Charitable Organisation5 (note 5) Support Costs (note 6) 960,000 62.007 1.022.007 910,000 11.529 921.529
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Notes to the Financial Statements GRANTS PAYABLE 2024 2023 Action for Kids Action Tutoring Debate Mate Die Arche (Frankfurt) Doorstep Library Network ELATT Fight for Peace First Story Limited Future Frontiers Jonk Entrepreueren (Luxembourg) Just Like Us Leadership Through Sport & Business London Music Masters London Youth Rowing London Thunder Basketball Club Nova New Opportunities Protégé DNA Reachout Scene and Heard Superar (Zurich) The Amos Bursary The Children's Literacy Charity The Primary Shakespeare Company Trustees of Redstart Educate Westminster City School 40.000 40,000 40.000 35.000 40.000 40,000 35.000 30.000 40.000 35,000 24,000 35.000 35.000 40.000 35,000 40.000 40,000 40,000 35,000 35.000 40,000 40,000 35,000 40,000 24,000 37,000 910,000 40.000 40.000 40.000 40.000 40.000 40.000 40,000 30,000 40,000 40,000 40.000 40.000 40,000 40,000 50,000 40.000 40.000 40.000 40,000 40,000 40,000 80.000 960,000 SUPPORT COSTS 2024 2023 Events Governance.. Audit Independent Examination Other 57,645 7.019 (1.732) 5,940 302 11,529 4.210 152 62.007 INDEPENDENT EXAMINER'S FEES The independent examination fee for the year was £6,240 (2023.. £5,940), inclusive of VAT. This fee was paid directly by Wellington Management International Limited, a related party. The VAT element of the fee was recovered by the related party and was not borne by the Foundation. The net amount of £5.200 has been recogni5ed in the Statement of Financial Activities. 13
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Notes to the Financial Statements TRUSTEE REMUNERATION Duringthe current and preceding period, no Trustees received any remuneration. benefits in kind and / or reimbursement of expenses. DEBTORS 2024 2023 Accrued Income 5.200 5.200 5,940 5,940 10. CREDITORS 2024 2023 Accruals 5,200 5.200 5.940 5.940 11. FINANCIAL INSTRUMENTS 2024 2023 Financial assets at amortised cost Accrued Income Cash and cash equivalents 5.200 61.797 66.997 5,940 83.935 89.875 Liabilities at amortised cost Accruals 5.200 5,200 5,940 5.940 14
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Notes to the Financial Statements 12. 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 2024 WMIL paid expenses relating to the company that totalled £73.484 (2023.. £19,147) for fundraising and governance costs. At year end the amount owing from WMIL was £5,200 (2023.. £5,940). The VAT element of the above was recovered by WMIL and therefore is not borne by the Foundation. The net cost of £62,595 has been included in the Statement of Financial Activities. 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. 15
Wellington Management UK Foundation Trustee's Report and Financial Statements 31 December 2024 Independent Examiners, Report INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF WELLINGTON MANAGEMENT UK FOUNDATION I report to the charity trustees on my examination of the accounts of the company forthe year ended 31 December 2024. which are set out on pages 7 to 15. This report is made solely to the charitable company'5 trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the charitable company's trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company. the charitable company's members as a body and the charitable company's trustees as a body for my independent examiner's work, for this report. or for the opinions I have formed. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report In respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) ofthe 2011 Act. Independent examiner's statement Since the Company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn In this report in order to enable a proper understanding of the accounts to be reached. 16
Wellington Management UK Foundation
Trustee's Report and Financial Statements 31 December 2024 Independent Examiners' Report
Janette Joyce CROWE U.K. LLP Chartered Accountants R+ Building 2 Blagrave Street Reading Berkshire RGl lAZ
Date: 25 September 2025
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