2021-04-05-accounts - The Robin And Samantha Wemyss Foundation

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Independent examiner's report on the accounts

Section A Independent Examiner’s Report

The Robin and Samantha Wemyss Foundation	The Robin and Samantha Wemyss Foundation	The Robin and Samantha Wemyss Foundation

5 April 2021	Charity no (if any)	1169934

1-17

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 05/04/2021.

Responsibilities and As the charity trustees, you are responsible for the preparation of the basis of report accounts in accordance with the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect,:

the accounting records were not kept in accordance with section 130 of the Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Signed: Name: Relevant professional qualification(s) or body (if any): Address:	Date:
		27/01/2022

	Natalie Markham

	Fellow of the Institute of Chartered Accountants of England and Wales
	44 Devereux Road
	London
	SW11 6JS

October 2018

IER

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here details of any items that the examiner wishes to disclose .

N/A

October 2018

IER

Trustees' Annual Report for the period

Period start date Period end date Day Month Year Day Month Year From 6h April 2020 To 5th April 2021

Section A Reference and administration details

Charity name

The Robin and Samantha Wemyss Foundation

Other names charity is known by

The Wemyss Foundation

Registered charity number (if any) 1169934

Charity's principal address 10 Patten Road

London

Postcode SW18 3RH

Names of the charity trustees who manage the charity

1 2 3 4	Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee(if any)
	Andrew Wemyss	Trustee
	Angela Angus	Trustee
	Samantha Wemyss	Trustee
	Angela Angus	Trustee

Names of the trustees for the charity, if any, (for example, any custodian trustees)

Name	Dates acted if not for wholeyear
Angela Angus
Robin Wemyss
Samantha Wemyss Andrew Wemyss

Section B Structure, governance and management

Description of the charity’s trusts

CIO - Foundation Type of governing document (eg. trust deed, constitution) Charitable Incorporated Organisation How the charity is constituted (eg. trust, association, company)

Elected by founders Trustee selection methods (eg. appointed by, elected by)

Section C Objectives and activities

The Wemyss Foundation exists to advance such charitable purposes ( according to the law of England and Wales) as the trustees see fit from time to time in particular but not limited to advancing the education of Summary of the objects of the young people for the public benefit by making grants and awards to charity set out in its students in full time education. governing document The Wemyss Foundation continues to support students financially and is embarking on another round of application and interview for next co-hort of students. The Trustees operate within the guidance issued by the Charity Commission on Public Benefit. Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)

Additional details of objectives and activities (Optional information)

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Grant Making Policy

1 ) Introduction

1.1 The Wemyss Foundation is a Charitable Incorporated Organisation established in 2016 to assist young people by making grants and awards to students in education.
1.2 The objective of the Foundation is to remove financial barriers for children from low income backgrounds and offer to them the opportunity to achieve their potential via post secondary education.
1.3 We require a degree of time commitment from grant recipients and as a result will fund only full time education

1.4 The grant acts as not only a ‘hand up’ but also in recognition of the students’ commitment thus far.

1.5 The fund is solely discretionary and the trustees will make the final decision on awarding a grant to a student.

2) Financial Eligibility

You may choose to include further statements, where relevant, about:

policy on grantmaking;
policy programme related investment;
contribution made by volunteers.
1.1 In order to be eligible for a grant, you need to be ( or if you are a student still living at home, your parent/carer need to be in receipt of one of the following
Income support
Income based job seekers allowance
Income related employment and support allowance
Universal credit
The guaranteed element of state pension credit

OR be Eligible for Free School Meals.

OR be in receipt of school bursary.

3) What we Fund

3.1 To help with the costs of a first degree that has a strong likelihood of leading to work.

3.2 Our grants will primarily fund tuition fees, however we will consider applications for help with university accommodation fees and course related items, such as laptops, books.

3.3 Grants will be made directly to an institution NOT the individual.

4) Duration of funding

4.1 Our wish is to support applicants through the duration of their course – 3 to 4 years. However this is dependent on the students’ academic performance and commitment .

4.2 Grants will be made on a yearly basis with an end of year review (see 5 reference to tutors and attendance reports) . Further funding will be granted upon the satisfactory completion of the 1[st] year and so forth. We reserve the right to cancel funding should students not meet the expected

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course requirements.

Monitoring progress.

5.1 The foundation expects students to commit to their education . Communication with tutors and regular reports on attendance are compulsory.

5.2 The trustees would like to remain in contact with student , offering advice and support during their studies .
When to apply
6.1 Applications will generally be made in the first term of Y13, although efforts will be made to identify potential candidates from Y12.

7. Nomination process

7.1 The trustees anticipate full involvement by the 6[th] Form or School Head who will invite those students satisfying the below criteria. We believe teachers will be in the best position to identify candidates who demonstrate the values we are seeking. We are also aware that the process must be robust and transparent to all and therefore have specific criteria.

Values :

A commitment to education
Evidence of personal merit
A desire to benefit the community.

Specific criteria

Attainment of minimum B Grade in 4 AS Levels or equivalent in end of Y12 exams. We are aware that schools may operate different programmes and indeed may have lower levels of achievement based on their co-hort statistics. In these circumstances, we will be look at top 20% of students in each institution.
Have a financial barrier to pursuing further education –e.g. Receipt of Free School Meals or those mentioned in 2)
Preference will be giving to those students going on to Russell Group universities.

7.2 .The schools’ Recognised referrer ( 6[th] Form teacher/head) will provide written reference detailing students educational history and aspirations. The student will provide evidence of financial need as detailed in 2) in addition to a personal statement.

7.3 Trustees will review the applications, ask further questions where necessary and meet with the candidates selected by them.

8 What we do not fund

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Goods or services already purchased or for debts
• Council tax or other taxes • Post Graduate Studies • Studies at private institutions • Students in independent education

Section D Achievements and performance

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Section D Achievements and performance

Our first cohort of students are due to complete their degrees at the Summary of the main end of this academic year,(2021) however have had to contend with achievements of the charity online learning due to Covid. during the year The Trustees agreed that due to the uncertain situation, we would withhold payment to the Student Loan Company (that we have historically made up front on a termly basis), in the hope that the students would receive some recompense for missed learning. In January 2021 we advised all existing students of this change but emphasised that they we are still committed to making the grant awards. Given that the awards are made directly to SLC, we did not perceive there to be any disadvantage to the students, but did ask that they contact us with any concerns to the contrary. In May 2020, Four more students were awarded grants for 2020-21 intake, with one receiving full grant of £9,250 per year. These students are studying ate Oxford, Exeter, Bristol & Warwick Interviews process began in April 2021 for the next round of students, all from local schools, The Trustees also made a grant to a local primary school for the purchase of additional laptops to help with at home learning during the pandemic. We continue to maintain contact with all our students and are in no doubt that lessening the burden of debt will have improved their experience and prospects. Below is a comment from one of our first students: “The Wemyss Foundation gave me so much more than financial support. In covering my tuition fees, lending me a laptop in first year until I was able to purchase my own, and keeping in constant communication with myself and my tutors they gave me the confidence, support and peace of mind to fully apply myself to my degree — a small luxury which many young people from working class backgrounds do not have. I would not be where I am now ( a first class graduate working at M&C Saatchi) without their faith in me, their kind words and above all their financial investment.” We continue to have strong links with our existing schools who provide us with such impressive candidates

Section E Financial review

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There are no operational expenses in running the Charity however we Brief statement of the agree to a liquidity floor of £100k . charity’s policy on reserves

Details of any funds materially in deficit

NONE

Further financial review details (Optional information)

You may choose to include additional information, where relevant about:

the charity’s principal sources of funds (including any fundraising);
how expenditure has supported the key objectives of the charity;
investment policy and objectives including any ethical investment policy adopted.

Section F Other optional information

Section G Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Samantha Wemyss Position (eg Secretary, Chair, Trustee etc) Date 20th January 2022

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Charity reg. No. 1169934

The Wemyss Foundation

Annual Accounts for the year ended 5th April 2021

Section A Statement of financial activities

Section A Statement of financial activities
*Charitable activites* General donations Investments Donations for operational expenses *Total Charitable Activites* *Net incoming/(outgoing) resources before transfers* Gross transfers between funds *Net incoming/(outgoing) resources before other recognised gains/(losses)* Other recognised gains/(losses) Gains and losses on disposal or revaluation of investment assets *Total funds carried forward* *Net movement in funds* *Total funds brought forward*	Income Expense Total £ £ £ - (8,625) (8,625) 1,306 (178) 1,127 - - - 1,306 (8,803) (7,498) (7,498) - (7,498) - 7,740 242 242 Unrestricted	Income Expense Total £ £ £ - (34,500) (34,500) 925 (531) 394 - - - Total last year
		925 (35,031) (34,106)

			(34,106)
			-
			(34,106)
			- (4,071)
			(38,178)

			(38,178)

Section B Balance sheet

Unrestricted funds £	Restricted income funds £	Total this year Total last year £ £	Total this year Total last year £ £
-	-	-	-
	-	-
53,394	-	53,394	45,213
248,596		248,596	256,536
301,990	-	301,990	301,748

-	-	-	-

301,990	-	301,990	301,748

301,990	-	301,990	301,748

-	-	-	-
-	-	-	-

301,990	-	301,990	301,748

301,990		301,990	301,748
-		-	-
	-	-	-
		-	-

301,990	-	301,990	301,748

		Date of approval

Section C Notes to the accounts

Note 1 Basis of preparation

1.1 Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with: the Statement of Recommended Practice: 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)(2019) and with the Charities Act 2011.

The Wemyss Foundation constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

The accounts have been prepared on a Going Concern basis.

1.3 Change of accounting policy

The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2. The adoption of SORP FRS102 has not resulted in any change to the accounting policies adopted by the charity due to the nature of it's operations.

1.4 Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).

1.5 Material prior year errors

No material prior year error have been identified in the reporting period (3.47 FRS 102 SORP).

Section C Notes to the accounts (cont)	Section C Notes to the accounts (cont)
Note 2 Accounting policies
2.2 INCOME
Recognition of income	Income is included in the Statement of Financial Activities (SoFA) when:
	• the charity becomes entitled to the resources;
	· it is more likely than not that the trustees will receive the resources; and
	• the monetary value can be measured with sufficient reliability.
Offsetting	There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or
	FRS 102.
Tax reclaims on donations and gifts	Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate.
Contractual income and	This is only included in the SoFA once the related goods or services have been delivered.
performance related grants
Gifts in kind	Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
2.3 EXPENDITURE AND LIABILITIES
Liability recognition	Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Provisions for liabilities	A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date
Basic financial instruments	The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
2.4 ASSETS
Stocks	No stocks are held.
	Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade
Debtors	discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be
	received.

Note 3 Details of certain items of expenditure

3.1 Fees for examination of the accounts

No fees were paid for the Independent examination of the accounts, tax advisory or other accountancy or audit services for the year ended 5 April 2021 (2020: nil).

Note 4 Paid employees 11.1 Staff Costs

The charity has no employees.

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Section C Notes to the accounts (cont)
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Note 5 Donations Donations to Charities
~~Analysis~~	~~Grants to institutions~~	~~Grants to individuals~~	~~Support costs~~	~~Total~~
St Georges School	2000	0	0	2,000
			-	-
			-	-
			-	-

~~*Total~~ 5.2 Scholarships awarded*	~~2,000~~	~~-~~	~~-~~	~~2,000~~


Donations		Pur	pose	Total amount of donations made £
Student Loan Company repayment		Tuition Fees		6,625
				-
				-
				-
				-
				-
				-
				-
				-
				-
TOTAL DONATIONS PAID Total donations to institutions in reporting period Other unanalysed grants				6,625
				-
				6,625

Note 6 Tangible fixed assets The charity has no tangible fixed assets (2020:nil)

Note 7 Intangible assets The charity has no intangible assets (2020:nil).

Section C Notes to the accounts (cont)

Note 8 Stocks

8.1 No stock was held in the year (2020:nil) Note 9 Debtors and prepayments

9.1 There were no debtors as at 5 April 2021 (2020: nil).

Note 10 Creditors and accruals

10.1 There were no creditors as at 5 April 2021 (2020: nil).

Section C Notes to the accounts (cont)

Note 13 Charity funds

13.1 Details of material funds held and movements during the CURRENT reporting period

13.1 Details of material funds held and movements during the CURRENT reporting period	13.1 Details of material funds held and movements during the CURRENT reporting period	13.1 Details of material funds held and movements during the CURRENT reporting period
_ Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, o_ Fund names Type PE, EE R or UR Purpose and Restrictions			*f the charity; and U - unrestricted funds*
Fund names			Fund balances brought forward £	Income £	Expenditure £	Transfers £	Gains and losses £	Fund balances carried forward £
General funds	Unrestricted	For use as directed bythe Trustees.	301,748	1,306	- 8,803		7,740	301,990
*Other funds*	N/a	N/a	-	-	-	-	-	-
Total Funds			301,748	1,306	- 8,803	-	7,740	301,990

_ Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, o_ Fund names Type PE, EE R or UR Purpose and Restrictions 13.2 Details of material funds held and movements during the PREVIOUS reporting period			*f the charity; and U - unrestricted funds*
Fund names			Fund balances brought forward £	Income £	Expenditure £	Transfers £	Gains and losses £	Fund balances carried forward £
General funds	Unrestricted	For use as directed bythe Trustees.	339,926	925	- 35,031	-	- 4,071	301,748
*Other funds*	N/a	N/a	-	-	-	-	-	-
Total Funds			339,926	925	- 35,031	-	- 4,071	301,748

Section C Notes to the accounts (cont)

Note 14 Transactions with trustees and related parties

14.1 Trustee remuneration and benefits

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.

14.2 Trustees' expenses

No trustee expenses have been incurred in the year ended 5 April 2020 (2019: nil).

14.3 Transaction(s) with related parties

The charity is wholly funded by donations from R Wemyss who is a trustee, during the year ended 5 April 2021 no donations were made (2020: £150,000). There were no other related party transactions.

All donations are made free of conditions to the charity for the furtherance of its charitable purposes.