2022-04-05-accounts - The Robin And Samantha Wemyss Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

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 2022	Charity no (if any)	1169934

1-18

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 05/04/2022.

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:
		18/01/2023

	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 6[h] April 2021 To 5th April 2022

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 whole year
Angela Angus
Robin Wemyss
Samantha Wemyss Andrew Wemyss

Section B Structure, governance and management

Description of the charity’s trusts

Type of governing document (eg. trust deed, constitution)

CIO - Foundation

Charitable Incorporated Organisation How the charity is constituted

(eg. trust, association, company)

Trustee selection methods

Elected by founders

(eg. appointed by, elected by)

Section C Objectives and activities

March 2012

TAR

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)

March 2012

TAR

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

March 2012

TAR

course requirements.

5. 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 .

6. 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.

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.

March 2012

TAR

8 What we do not fund

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

March 2012

TAR

Section D Achievements and performance

Summary of the main In May 2021, Five more grants were awarded for 2021-22 intake, . achievements of the charity These students are studying ate QMUL, UCL, Oxford & Durham. during the year One student is studying medicine and will be supported for the 5 year duration of his course. We again decided to tailor the support according to need, with some students requesting help with accommodation as opposed to tuition fees. Interviews process began in April 2022 for the next round of students, all from local schools, With the onset of the war in Ukraine in February 2021 and the resulting humanitarian crisis, the Trustees agreed to ringfence £25,000 for related charitable works and subsequently donated £12,500 to the DEC appeal . We also made connections with the White Eagle Polish club who launched a huge effort to send clothes, food, medicines to the Ukrainian front line. The WF agreed to fund up to 5 transport lorries . 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. Testimonials 2020 Graduate “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.”

Section E Financial review

March 2012

TAR

Brief statement of the charity’s policy on reserves

There are no operational expenses in running the Charity however we agree to a liquidity floor of £100k .

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 18[th] January 2022

March 2012

TAR

Charity reg. No. 1169934

The Wemyss Foundation

Annual Accounts for the year ended 5th April 2022

Section A Statement of financial activities

Section A Statement of financial activities
Income Expense Total £ £ £ *Charitable activites* General donations - (39,205) (39,205) Investments 313 (265) 48 Donations for operational expenses - - - *Total Charitable Activites* 313 (39,470) (39,157) *Net incoming/(outgoing) resources before transfers* (39,157) Gross transfers between funds - *Net incoming/(outgoing) resources before other recognised gains/(losses)* (39,157) Other recognised gains/(losses) Gains and losses on disposal or revaluation of investment assets 974 (38,183) 302,008 263,825 *Total funds carried forward* Unrestricted *Net movement in funds* *Total funds brought forward*	Income Expense Total £ £ £ - (8,625) (8,625) 1,306 (160) 1,145 - - - Total last year
	1,306 (8,785) (7,480) (7,480) - (7,480) - 7,740 260 301,748 302,008
		(7,480) -
		(7,480) - 7,740
		260 301,748
		302,008

Section B Balance sheet

Unrestricted funds £	Restricted income funds £	Total this year Total last year £ £	Total this year Total last year £ £
-	-	-	-
	-	-
54,207	-	54,207	53,413
201,202		201,202	200,974
8,417		8,417	47,621
263,825	-	263,825	302,008

-	-	-	-

263,825	-	263,825	302,008

263,825	-	263,825	302,008

-	-	-	-
-	-	-	-

263,825	-	263,825	302,008

263,825		263,825	302,008
-		-	-
	-	-
		-	-

263,825	-	263,825	302,008
		C

Date

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) issued on 16 July 2014 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)
Note 2 Accounting policies
2.12 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 performance	This is only included in the SoFA once the related goods or services have been delivered.
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.
2.2 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	Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or
	amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
2.3 DETAILS OF CERTAIN ITEMS OF EXPENDITURE
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).
2.4 PAID EMPLOYEES
Staff Costs	The charity has no employees.

Section C Notes to the accounts	(cont)	(cont)
Note 3 Donations Donations to Charities				Total 12,500 2,400 - - 14,900 Total amount of donations made £ 12,805 11,500 - - - - - - - - 24,305 - 24,305
Analysis	Grants to institutions	Grants to individuals	Support costs	Total
Ukraine DEC		0	0	12,500
Ukraine transport - White Eagle Club			-	2,400
			-	-
			-	-

*Total* 3.2 Scholarships awarded	-	-	-	14,900


Donations		Pur	pose	Total amount of donations made £
Student Loan Companyrepayment		Tuition Fees		12,805
Student Grant		Scholarshipawards		11,500
				-
				-
				-
				-
				-
				-
				-
				-
TOTAL DONATIONS PAID Total donations to institutions in reporting period Other unanalysed grants				24,305
				-
				24,305

Note 4 Tangible fixed assets The charity has no tangible fixed assets (2021:nil)

Note 5 Intangible assets The charity has no intangible assets (2021:nil).

Section C Notes to the accounts (cont)

Note 6 Stocks

6.1 No stock was held in the year (2021:nil) Note 7 Debtors and prepayments

7.1 There were no debtors as at 5 April 2022 (2021: nil).

Note 8 Creditors and accruals

8.1 There were no creditors as at 5 April 2022 (2021: nil).

Section C Notes to the accounts (cont)

Note 9 Cash at bank and in hand

Note 9 Cash at bank and in hand
Other Total Short term cash investments (less than 3 months maturity date) Short term deposits Cash at bank and on hand	2022 £	2021 £
	54,207	53,413
		-
	209,618	248,595
		-
	263,825	302,008

Note 10 Fair value of assets and liabilities

Market Risk

The charity only holds cash and cash equivalents in a major UK high street bank current account, with an A1 Moody's credit rating (ringfenced) and it is not therefore considered to have a high exposure to market risk. The short term cash investments are also held with a large investment house, 79% are held in cash (2021:82%)

and 15% in funds with less than 3 months maturity, these funds were held at market value as at the period end, with the unrealised gain of £1,146 (2021:gain of £5,874 )being recognised in the SOFA. A gain of £172 (2020:gain of £341) was realised on the disposal of various short term investments.

The value of the investments in funds represents 21.0% (2021: 18.0%) of total assets and total exposure to market risk not considered material. The charity does not have any material financial commitments, no commitments are entered into unless sufficient cash has been raised to cover them. Therefore exposure to liquidity risk is minimal. Reserves of at least £100,000 are held in line with the Charity's reserves policy.

Credit Risk

The charity does not have any debtors and only holds cash and cash investments with major high street banks and financial institutions therefore it is not considered to have any material credit risk arising from a counterparty failing to meet its contractual obligations.

Section C Notes to the accounts (cont)	Section C Notes to the accounts (cont)	Section C Notes to the accounts (cont)
Note 11 Charity funds
11.1 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, of the charity; and U -_ Fund names Type PE, EE R or UR Purpose and Restrictions			*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.	302,008	313	- 39,470		974	263,825
*Otherfunds*	N/a	N/a	-	-	-	-	-	-
Total Funds			302,008	313	- 39,470	-	974	263,825

_ Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, of the charity; and U -_ Fund names Type PE, EE R or UR Purpose and Restrictions 11.2 Details of material funds held and movements during the PREVIOUS reporting period			*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	1,324	- 8,803		7,740	302,008
*Otherfunds*	N/a	N/a	-	-	-	-	-	-
Total Funds			301,748	1,324	- 8,803	-	7,740	302,008

Section C Notes to the accounts (cont)

Note 12 Transactions with trustees and related parties

12.1 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.

12.2 Trustees' expenses

No trustee expenses have been incurred in the year ended 5 April 2022 (2021: nil).

12.3 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 2022 no donations were made (2021: £nil). There were no other related All donations are made free of conditions to the charity for the furtherance of its charitable purposes.