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2023-04-05-accounts

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees
On accounts for the year
ended
Set out on pages
Responsibilities and
basis of report		 Charity Name
The Wemyss Foundation		 Charity Name
The Wemyss Foundation		 Charity Name
The Wemyss Foundation
5 April 2023 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 5 April 2023.
As the charity's trustees, you are responsible for the preparation of the
accounts in accordance with the requirements of 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 [The charity’s gross income exceeded £250,000 and I am qualified to examiner's statement undertake the examination by being a qualified member of [insert name of applicable listed body]]. Delete [ ] if not applicable.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

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: Date: 4 February 2024 Name: Natalie Markham Relevant professional Chartered Accountant ICAEW qualification(s) or body

1

Oct 2018

IER

(if any):

Address: 44 Devereux Road London SW11 6JS

Section B Disclosure

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

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

2

Oct 2018

IER

Trustees' Annual Report for the period

Period start date Period end date Day Month Year Day Month Year From 6[h] April 2022 To 5th April 2023

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 6/4/22 – 4/1/23

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

Name Dates acted if not for wholeyear
Angela Angus 6/4/22 - 4/1/23
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

Trustee selection methods

Elected by founders

(eg. appointed by, elected by)

Section C Objectives and activities

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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.

1.4 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:

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

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.

  1. 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 .

  1. 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.

  1. 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

� A desire to benefit the community.

Specific criteria

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 UCAS application with reference and 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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Section D Achievements and performance

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Section D Achievements and performance

Summary of the main In May 2022, Five more grants were awarded for 2022-223intake, . achievements of the charity These students are studying ate QMUL, East Anglia, Swansea and during the year Birmingham, studying Law, Bio Chemistry and Engineering. For the first time, we have awarded a grant to a candidate who took BTEC rather than A Levels. We again decided to tailor the support according to need, with some students requesting help with accommodation as opposed to tuition fees. Application process began in February 2023 for the next round of students, all from local schools with interviews scheduled for May 2023. We continued to make donations in relation to the Ukranian crisis which was agreed upon in the previous year. One student graduated this year from Exeter and we are pleased to report that she has been accepted to study an MA in International Conflict resolution at Durham. We met virtually to discuss her experiences at Exeter and whilst she unfortunately struggled with discrimination at times, she countered that by establishing discussion forums with the local community – “ Controversial Conversations & Coffee”. She was also awarded the Goldsmiths Award to recognise her contribution within the Faculty of Humanities , Art & Social Sciences. We are incredibly proud of her achievements and as a Foundation are privileged to have been able to provide full tuition support through her studies. We maintain contact with all our students and are in no doubt that lessening the burden of debt will have improved their experience and prospects.

Section E Financial review

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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:

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 4 February 2024

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Charity reg. No. 1169934

The Wemyss Foundation

Annual Accounts for the year ended 5th April 2023

Section A Statement of financial activities

Section A Statement of financial activities
Income
Expense
Total
£
£
£
Charitable activites
General donations
-
(33,341)
(33,341)
Investments
1,693
(208)
1,485
Donations for operational expenses
-
-
-
Total Charitable Activites
1,693
(33,549)
(31,856)
Net incoming/(outgoing) resources before transfers
(31,856)
Gross transfers between funds
-
Net incoming/(outgoing) resources before other recognised gains/(losses)
(31,856)
Other recognised gains/(losses)
Gains and losses on disposal or
revaluation of investment assets
2,687
(29,169)
263,825
234,656
Total funds carried forward
Unrestricted
Net movement in funds
Total funds brought forward		 Income
Expense
Total
£
£
£
-
(39,205)
(39,205)
313
(265)
48
-
-
-
Total last year
313
(39,470)
(39,157)
(39,157)
-
(39,157)
974
(38,183)
302,008
263,825
(39,157)
-
(39,157)
974
(38,183)
302,008
263,825
The Wemyss Foundation
Annual Accounts for the year ended 5th April 2023		 The Wemyss Foundation
Annual Accounts for the year ended 5th April 2023		 Charity reg. No. 1169934
Section B Balance sheet
Current assets
Stock and work in progress
Debtors (Note 7)
(Short term) investments
95 day liquidity account
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one year
(Note 8)
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after one year
(Note 8)
Provisions for liabilities and charges
Net assets
Funds of the Charity
Unrestricted funds
Restricted income funds (Note 11)
Endowment funds(Note 11)
Total funds
Signed by one or two trustees on behalf of all the
trustees		 Unrestricted
funds
£		 Restricted
income funds
£		 Total this year
£		 Total last year
£
- - - -
- -
57,171 - 57,171 54,207
157,409 157,409 201,202
20,076 20,076 8,417
234,656 - 234,656 263,825

-		 - - -
234,656 - 234,656 263,825
234,656 - 234,656 263,825

-		 - - -
- - - -
234,656 - 234,656 263,825
234,656 234,656 263,825
- - -
- -
- -
234,656 - 234,656 263,825
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.
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 2023 (2022: nil)
2.3 DETAILS OF CERTAIN ITEMS OF EXPENDITURE
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
646
5,000
-
-
5,646
Total amount of donations made
£
6,555
21,140
-
-
-
-
-
-
-
-
27,695
5,646
33,341
Analysis Grants to institutions Grants to individuals Support costs Total
Flight to Ukraine 646 0 646
Ukraine transport - White Eagle Club 5000 - 5,000
- -
- -
Total
3.2 Scholarships awarded		 5,000 646 - 5,646
Donations Pur pose Total amount of donations made
£
Student Loan Company repayment Tuition Fees 6,555
Student Grant Scholarship awards 21,140
-
-
-
-
-
-
-
-
TOTAL DONATIONS PAID
Total donations to institutions in reporting period
Other unanalysed grants		 27,695
5,646
33,341

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 (2022:nil) Note 7 Debtors and prepayments

7.1 There were no debtors as at 5 April 2023 (2022: nil).

Note 8 Creditors and accruals

8.1 There were no creditors as at 5 April 2023 (2022: 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
£
57,171 54,207
-
177,485 209,619
-
234,656 263,825

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, 76% are held in cash (2022:79%) and 24% in funds with less than 3 months maturity, these funds were held at market value as at the period end, with the total gains of £ of £2,964 (2022:gain of £974 )being recognised in the SOFA.

The value of the investments in funds represents 24.0% (2022: 21.0%) 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) Note 11 Charity funds

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

11.1 Details of material funds held and movements during the CURRENT reporting period 11.1 Details of material funds held and movements during the CURRENT reporting period 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. 263,825 1,693 - 33,549 2,687 234,656
Otherfunds N/a N/a - - - - - -
Total Funds 263,825
 1,693 - 33,549 - 2,687 234,656
11.2 Details of material funds held and movements during the PREVIOUS 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

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 2023 (2022: 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 2023 no donations were made (2022: £nil). There were no other All donations are made free of conditions to the charity for the furtherance of its charitable purposes.