Independent examiner's report on the accounts
| Section A | Independent Examiner’s Report | Independent Examiner’s Report | |
|---|---|---|---|
| Report to the trustees | Charity Name Wemyss Foundation |
||
| On accounts for the year | 5thApril 2024 Charity no |
1169934 | |
| ended | |||
| Set out on pages | 1 -17 | ||
| I report to the trustees on my examination of the accounts of the above | |||
| charity (“the Trust”) for the year ended05/04/2024. | |||
| Responsibilities and | As the charity's trustees, you are responsible for the preparation of the | ||
| basis of report | 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 | have followed all the applicable Directions given by the Charity Commission | ||
| under section 145(5)(b) of the Act. |
Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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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: | Date: | 22/01/2025 | |
|---|---|---|---|
| Name: | Natalie Markham | ||
| Relevant professional qualification(s) or body (if any): |
Chartered Accountant ICAEW | ||
| Address: | 44 Devereux Road | ||
| London | |||
| SW11 6JS |
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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 .
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Trustees' Annual Report for the period
From
Period start date Period end date Day Month Year Day Month Year 6[h] April 2023 To 5th April 2024
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
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Dates acted if not for whole Name of person (or body) entitled
Trustee name Office (if any)
year to appoint trustee (if any)
1 Andrew Wemyss Trustee
2 Angela Angus Trustee
3 Samantha Wemyss Trustee
4 Corinne Gleisner Trustee Appointed 11/12/23
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Names of the trustees for the charity, if any, (for example, any custodian trustees)
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Name Dates acted if not for whole year
Corinne Gleisner Appointed 11/12/23
Robin Wemyss
Samantha Wemyss
Andrew Wemyss
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Section B Structure, governance and management
Description of the charity’s trusts
Type of governing document
CIO - Foundation
- (eg. trust deed, constitution)
How the charity is constituted
Charitable Incorporated Organisation
- (eg. trust, association, company)
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
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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.
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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.
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1.3 We require a degree of time commitment from grant recipients and as a result will fund only full time education
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1.4 The grant acts as not only a ‘hand up’ but also in recognition of the students’ commitment thus far.
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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:
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policy on grantmaking;
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policy programme related investment;
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contribution made by volunteers.
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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
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Income support
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Income based job seekers allowance
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Income related employment and support allowance
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Universal credit
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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
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3.1 To help with the costs of a first degree that has a strong likelihood of leading to work.
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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.
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 course requirements.
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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.
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.
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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Goods or services already purchased or for debts
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Council tax or other taxes
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Post Graduate Studies
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Studies at private institutions
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Students in independent education
Section D Achievements and performance
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Section D Achievements and performance
Summary of the main In May 2023, Five more grants were awarded for 2022-23 intake, . achievements of the charity These students are studying at Leicester, Royal Holloway, Oxford , during the year Sussex and Anglia Ruskin, studying Geography, Business, Games design, engineering and Medicine . We again decided to tailor the support according to need, with more students requesting help with accommodation as opposed to tuition fees. With the appointment of a new trustee , Corinne Gleisner, we made a contact with a new school – Ashcroft Academy who provided us with an exceptional list of candidates, many of whom plan to study medicine. This led to a threefold increase in students for interview and as a result the trustees agreed that schools be put on notice that we would likely be offering reduced amounts compared to previous years. Application process began in February 2024 for the next round of students, all from local schools with interviews scheduled for May 2024. We continue to be impressed by not only the candidates but also by the support they receive from dedicated teachers who demonstrate such passion for their students’ educational advancement. 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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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 NONE in deficit ~~a~~ 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. ~~L~~ 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 7[th] January 2024 ~~ —~~ TAR 8 March 2012
Charity reg. No. 1169934
The Wemyss Foundation
Annual Accounts for the year ended 5th April 2024
Section A Statement of financial activities
| Income Expense Total £ £ £ Charitable activites General donations 11,644 (57,165) (45,521) Investments Donations for operational expenses Total Charitable Activites 11,644 (57,165) (45,521) Net incoming/(outgoing) resources before transfers Gross transfers between funds Net incoming/(outgoing) resources before other recognised gains/(losses) (45,521) Other recognised gains/(losses) 4,021 Gains and losses on disposal or revaluation of investment assets 4,318 (37,183) 234,656 197,473 Total funds carried forward Unrestricted Net movement in funds Total funds brought forward |
Income Expense Total £ £ £ - (33,341) (33,341) - - - (33,341) (33,341) (33,341) - (33,341) 1,207 2,964 (29,169) 263,826 234,656 Total last year |
|---|---|
Section B Balance sheet
| 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 £ - 61,489 101,446 34,538 197,473 - 197,473 197,473 - - 197,473 197,473 - 197,473 |
Restricted income funds £ - - - - - - - - - - - - |
Total this year Total last year £ £ - - - 61,489 57,171 101,446 157,409 34,538 20,076 197,473 234,656 - - 197,473 234,656 197,473 234,656 - - - - 197,473 234,656 197,473 234,656 - - - - - 197,473 234,656 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 2024 (2023: nil). |
| 2.4 PAID EMPLOYEES | |
| Staff Costs | The charity has no employees. |
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Section C Notes to the accounts (cont)
Note 3 Donations
Donations to Charities
Analysis Grants to institutions Grants to individuals Support costs Total
- -
- -
Total - - -
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3.2 Scholarships awarded
| TOTAL DONATIONS PAID Total donations to institutions in reporting period Other unanalysed grants Student Grant Scholarship awards Donations Purpose Student Loan Company repayment Tuition Fees |
Total amount of donations made £ 28,305 28,860 - - - - - - - - 57,165 57,165 |
|---|---|
Note 4 Tangible fixed assets The charity has no tangible fixed assets (2023:nil)
Note 5 Intangible assets The charity has no intangible assets (2023:nil).
Section C Notes to the accounts (cont)
Note 6 Stocks
6.1 No stock was held in the year (2023:nil) Note 7 Debtors and prepayments
7.1 There were no debtors as at 5 April 2024 (2023: nil).
Note 8 Creditors and accruals
8.1 There were no creditors as at 5 April 2024 (2023: nil).
Section C Notes to the accounts (cont)
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 |
2024 2023 £ £ 61,489 57,171 - 135,984 177,485 - 197,473 234,656 |
|---|---|
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, 69% are held in cash (2023:76%) and 31% 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 £4,138 (2023:gain of £2,964 )being recognised in the SOFA.
The value of the investments in funds represents 31.0% (2023: 24.0%) 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.
974
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Section C Notes to the accounts (cont)
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Note 11 Charity funds
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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 - unrestricted funds
Fund balances Fund balances carried
Type PE, EE R or UR * Purpose and Restrictions brought forward Income Expenditure Transfers Gains and losses forward
Fund names £ £ £ £ £ £
General funds Unrestricted For use as directed by the Trustees. 234,656 15,664 - 57,165 4,318 197,473
Other funds N/a N/a - - - - - -
Total Funds 234,656 15,664 - 57,165 - 4,318 197,473
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 - unrestricted funds
Fund balances Fund balances carried
Type PE, EE R or UR * Purpose and Restrictions brought forward Income Expenditure Transfers Gains and losses forward
Fund names £ £ £ £ £ £
General funds Unrestricted For use as directed by the Trustees. 263,826 1,207 - 33,341 2,964 234,656
Other funds N/a N/a - - - - - -
Total Funds 263,826 1,207 - 33,341 - 2,964 234,656
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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 2024 (2023: 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 2024 donations of £11,644 were made (2023: £nil). There were no other All donations are made free of conditions to the charity for the furtherance of its charitable purposes.