Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation Annual Report and Financial Statements For The Year Ended 5 April 2025
Charity registration number: 1170494
Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Financial Statements
Year Ended 5 April 2025
Contents
| Page | |
|---|---|
| Charity Reference and Administrative Details | 1 |
| Trustees’ Annual Report | 2 - 4 |
| Independent Auditor’s Report | 5 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Statement of Cash Flows | 10 |
| Notes to the Financial Statements | 11 - 15 |
Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Charity Reference and Administrative Details
Year Ended 5 April 2025
| Charity registration number | 1170494 |
|---|---|
| Trustees | Charlotte Rose Scott (Chair) |
| Lucy Ansbro | |
| Roger Phillip Glossop | |
| Nigel Lilley | |
| Davina Walter | |
| Piers John Wenger | |
| Jane Wymark | |
| Registered office | Plumpton House |
| Bents Drive | |
| Sheffield | |
| S11 9RN | |
| Auditor | Cooper Parry Group Limited |
| St James Building | |
| 79 Oxford Street | |
| Manchester | |
| M1 6HT | |
| Bankers | The Cooperative Bank |
| PO Box 250 | |
| Delf House | |
| Southway | |
| Skelmersdale | |
| WN8 6WT | |
| Investment Manager | CCLA |
| One Angel Lane | |
| London | |
| EC4R 3AB |
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Trustees’ Annual Report
Year Ended 5 April 2025
The Trustees present their report and the audited financial statements of the Charity for the year ended 5 April 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) “The Financial Reporting Standard applicable in the UK and Republic of Ireland” in preparing the annual report and financial statements of the Charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Charities Act 2011 and 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 (FRS102).
Trustees of the Charity
The trustees who served during the year and since the year end are as follows:
Charlotte Rose Scott (Chair) Lucy Ansbro Roger Phillip Glossop Nigel Lilley Davina Walter Piers John Wenger Jane Wymark
Objectives and activities
The Victoria Wood Foundation was established after the death of Victoria Wood in April 2016, through a very generous bequest included in her will. The Victoria Wood Foundation seeks to support aspects of the arts that Victoria was interested in, concentrating on parts of the country where she spent most of her life, in London and in the North of England. The Trustees meet twice a year to review and approve grant applications that they deem worthy of support in line with the charity’s objectives.
Public benefit statement
In meeting the objectives and formulating future plans the Trustees have considered the Charity Commission’s guidance on public benefit under section 17 of the Charities Act 2011.
Achievements and performance
Most of the trustees knew Victoria well and are running the Foundation in accordance with what she would have wished. The Victoria Wood Foundation gives to a wide variety of arts organisations, including theatre, music and dance organisations.
During the year April 2024 to March 2025 the trustees awarded £273,646 in grants. The Foundation’s sole source of income is derived from its investment portfolio managed by CCLA. During the year the Foundation received £104,479 in income and supplemented total spent on grants from capital. The trustees try to limit the amount of each grant to a maximum of £5,000 The trustees are keen to focus on small charities where £5,000 can have a major impact. However, the trustees have given larger grants when there has been a particular need.
The trustees are mindful of remembering Victoria Wood and her legacy. They supported the first Victoria Wood Playwriting Award in partnership with Birmingham Rep; the prize-giving ceremony took place in May. The Trustees have given the prize money towards The Victoria Wood Comedy Award at the Edinburgh Fringe Festival. The Festival in 2025 was the last of these awards. They have also contributed towards the Victoria Wood Tree Nursery in Kendal, which is due to open in the new year.
The trustees continue to support a wide variety of charities, including singing in prisons, dance and theatre for children with disabilities, a choir for the homeless, music in schools, youth theatres, a charity promoting children’s books.
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Trustees’ Annual Report
Year Ended 5 April 2025
The Victoria Wood Foundation has a presence on social media where it is easy to read about the charities that the trustees have supported over the past few years.
Where possible, the trustees and the administrator try to see and support much of the work that the grants have funded and it is wonderful to see the impact of Victoria’s generosity in so many areas of the arts.
Investment policy
The Trustees’ investment policy aims to provide sufficient income and capital for the current purpose of the Foundation and to enhance income and capital growth over the longer term, thereby enabling the Foundation to meet its current future objectives. The Foundation’s assets arise from Victoria Wood’s generous bequest which consists of an investment portfolio and payments received in settlement of Victoria Wood’s will.
Investment performance
The invested funds generated dividends and interest totalling £104,479 (2024: £106,509). At the year end the market value of the funds invested had decreased by £293,643 (2024: £324,051 increase) to a year end value of £3,425,022 (2024: £3,898,665).
In 2022 the trustees appointed CCLA as its investment manager. CCLA solely manages investments on behalf of charities and the public sector and the Charity’s investment portfolio is invested into CCLA’s COIF Charities Investment Fund, which has a long-term objective to achieve an annual total return of inflation plus 5% and to provide, as part of this return, a reliable income stream that maintains its real value over time. CCLA is an acknowledged leader in the responsible stewardship of its investments. The COIF Charities Investment Fund has in place ethical restrictions around weapons, tobacco producers, oil sands extraction, energy coal and pornography and Environmental, Social and Governance (ESG) considerations are embedded into the equity research process at every stage. As part of its investment process CCLA engages directly with every company it owns at least once a year and has in place long term change programmes in areas such as modern slavery, mental health and climate change.
Risk
The trustees can tolerate volatility of the capital value of the investment portfolio, as the Charity is able to meet its short-term grant-making commitments through either income or liquid capital assets. The financial risks to the Charity are assessed as low since it holds investments which produce income while most of the expenditure is on grants and these can be relatively easily and quickly adjusted if, at any time, there is a reduction in income or available capital.
Financial review (including reserves policy)
The majority of funding for the year came from drawing down capital as the income from the fund was only £104,479 whereas the total spend on grants was £273,646. Overall the net decrease in funds amounted to £499,909 (2024: £146,974 increase). The total funds at the year-end were £3,480,148 (2024: £3,980,057).
During the year the total investment income was £104,479 compared to £106,509 in 2024. Grants totalled £273,646 (2024: £245,684) and expenditure, including grants, totalled £311,762 (2024: £284,586). Further details of expenditure in the year can be found in note 4 of the financial statements.
In accordance with Charity Commission guidelines, the Charity is required to ensure the sustainability of the organisation and maintain operating reserves sufficient to offset the impact of unforeseen events and operating cash flows. Currently the Charity does not have any restricted reserves and the Charity’s policy is to pay out from the income generated by the investment portfolio. However, in recent times, the trustees have more recently delved into capital in order to help arts organisations at a time of need. Free reserves at 5 April 2025 were therefore £3,480,148 (2024: £3,980,057).
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Trustees’ Annual Report
Year Ended 5 April 2025
Going concern
The Charity retains an investment portfolio which is invested to facilitate the management of the ongoing and expected future issues the charity may face, combined with the fact that the Foundation makes no commitments on how the income is spent so the trustees can easily mitigate the financial burden. As such, the Charity remains a going concern and the financial statements have been prepared on this basis.
Structure, governance and management
The Victoria Wood Foundation was registered as a charity on 30 November 2016, under registered number 1170494. It is governed by a Will, approved on 20 April 2016 and amended by deed dated 22 January 2018. It is an unincorporated charity.
The Charity is governed by a Board of Trustees which acts in an honorary capacity. The Trustees shall conduct the affairs of the Charity in such manner as they may consider appropriate and may make such arrangements in relation to the administration of the Charity as they consider advisable.
The Trustees meet twice a year to go through applications and to receive financial updates. Most of the Trustees knew Victoria in her lifetime and share her commitment to the arts. Collectively the Trustees have extensive experience of the charity sector, investments as well as a wide variety of experience in the arts industry.
Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
On behalf of the Board of Trustees
Charlotte Rose Scott Chair of Trustees
19 December 2025
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Independent Auditor’s Report to the Trustees of The Victoria Wood Foundation
Year Ended 5 April 2025
Opinion
We have audited the financial statements of The Victoria Wood Foundation (the “Charity”) for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the Charity’s affairs as at 5 April 2025 and of its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, including the trustees report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Independent Auditor’s Report to the Trustees of The Victoria Wood Foundation
Year Ended 5 April 2025
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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adequate and proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Identifying and assessing potential risks related to irregularities
We gained an understanding of the legal and regulatory framework applicable to the Charity, and considered the risk of acts by the Charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Charities Act 2011, the Charities (Accounts and Reports) regulations 2008, the provisions of the trust deed and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matter relating to irregularities, including fraud. As in all our audit, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by trustees that represented a risk of material misstatement due to fraud.
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Independent Auditor’s Report to the Trustees of The Victoria Wood Foundation
Year Ended 5 April 2025
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Charityʼs trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charityʼs trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Cooper Parry Group Limited
19 December 2025
Statutory Auditor
St James Building 79 Oxford Street Manchester M1 6HT
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Statement of Financial Activities (Including Income and Expenditure Account)
Year Ended 5 April 2025
| Note Income from: Donations and legacies 2 Investment income 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net (outgoings) / income Other recognised gains and losses (Losses)/Gains on valuation of fixed asset investments 7 Net movement in funds 10 Reconciliation of funds: Total funds brought forward Total funds carried forward 10 |
2025 £ 1,017 104,479 105,496 311,762 311,762 (206,266) - (293,643) (499,909) 3,980,057 3,480,148 |
2024 £ 1,000 106,509 |
|---|---|---|
| 107,509 284,586 |
||
| 284,586 (177,077) - 324,051 |
||
| 146,974 | ||
| 3,833,083 | ||
| 3,980,057 |
All income and expenditure is derived from continuing activities and relates to unrestricted funds.
The notes on pages 11 to 15 form part of these financial statements.
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Balance Sheet
Year Ended 5 April 2025
| Year Ended 5 April 2025 | |||
|---|---|---|---|
| 2025 | 2024 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 7 | 3,425,022 | 3,898,665 |
| Current assets | |||
| Debtors | 8 | 25,994 | 26,608 |
| Cash at bank and in hand | 46,791 | 71,920 | |
| 72,785 | 98,528 | ||
| Creditors: amounts falling due within one year | 9 | (17,659) | (17,136) |
| Net current assets | 55,126 | 81,392 | |
| Total net assets | 3,480,148 | 3,980,057 | |
| Charity funds | |||
| Unrestricted funds | 10 | 3,480,148 | 3,980,057 |
| Total charity funds | 10 | 3,480,148 | 3,980,057 |
The notes on pages 11 to 15 form part of these financial statements.
The financial statements were approved and authorised for issue by the Board on 19 December 2025.
Signed on behalf of the Board of Trustees
Charlotte Rose Scott (Chair of Trustees)
Charity registration number: 1170494
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Statement of Cash Flows
Year Ended 5 April 2025
| Note Cash flows from operating activities: Net cash provided by operating activities 11 Cash flows from investing activities: Investment income received Purchase of investments Proceeds from sale of investments Net cash provided by operating activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 6 April 2024 Cash and cash equivalents at 5 April 2025 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 5 April 2025 |
2025 £ 104,479 - 180,000 |
2025 £ (309,608) 284,479 (25,129) 71,920 46,791 46,791 46,791 |
2024 £ 106,509 - 215,000 |
2024 £ (284,851) 321,509 |
|---|---|---|---|---|
| 36,658 35,262 |
||||
| 71,920 | ||||
| 71,920 71,920 |
All cash flows relate to unrestricted funds.
The notes on pages 11 to 15 form part of these financial statements.
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Notes to the Financial Statements
Year Ended 5 April 2025
1 Summary of significant accounting policies
(a) General information and basis of preparation
The Victoria Wood Foundation is an unincorporated charity, registered in England & Wales under registration number 1170494. The address of the registered office is given in the Charity information on page 1 of this Annual Report. The nature of the Charity’s operations and principal activities are helping to support the arts in and around London, and in the North of England.
The Charity constitutes a public benefit entity as defined by FRS 102. 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) and the Charities Act 2011.
The financial statements are prepared on a going concern basis under the historical cost convention with the exception of the managed fund investment which is quoted at market value. The financial statements are presented in sterling which is the functional currency of the Charity. Amounts are rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is entitled to the income, after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the Charity will have received the funds. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. No income was deferred as at the year end.
Receipt of legacy income is recognised when it is probable that it will be received. Receipt is normally probable when there has been grant of probate; the executors have established that there are sufficient assets in the estate, after settling any liabilities, to pay the legacy; and any conditions attached to the legacy are either within the control of the Charity or have been met.
Interest on cash held within managed funds is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by our investment managers.
Interest income is recognised using the effective interest method on a receivable basis.
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Notes to the Financial Statements
Year Ended 5 April 2025
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Support costs
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the Charity.
The analysis of these costs is included in note 4.
(f) Investments
Investments are basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
(g) Liabilities
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
(h) Going concern
The financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The trustees have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern.
(i) Taxation
The Charity is exempt from tax on income by way of the statutory exemptions contained within sections 521 to 536 of the Income Tax Act 2007 to the extent that the income is applied to charitable purposes.
The Charity is exempt from tax on capital gains falling within section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that the gains are applied for charitable purposes.
(j) Critical accounting estimates and areas of judgement
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Notes to the Financial Statements
Year Ended 5 April 2025
(j) Critical accounting estimates and areas of judgement (continued)
recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
It is considered that the financial statements contain no critical judgements and key sources of estimation uncertainty.
2 Income from donations and legacies
| Donations 3 Income from investments Investment income Other interest received 4 Analysis of expenditure on charitable activities Charitable costs Charitable grants Support costs Travel & subsistence Postage and stationery Governance costs Auditors remuneration (see note 5 below) Legal fees Consultancy fees Website and computer costs Investment management fees* Bank charges |
2025 £ 1,017 1,017 2025 £ 104,306 173 104,479 2025 £ 273,646 - - 12,672 - 20,991 4,417 - 36 311,762 |
2024 £ 1,000 1,000 2024 £ 106,457 52 |
|||
|---|---|---|---|---|---|
| 106,509 | |||||
| 2024 £ 245,684 222 18 11,220 - 20,884 6,522 - 36 284,586 |
|||||
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Notes to the Financial Statements
Year Ended 5 April 2025
5 Net income for the year
Net income is stated after charging:
| Fee payable to the trust’s auditor: - audit of the financial statements - non audit fees |
2025 £ 10,560 2,112 12,672 |
2024 £ 9,600 1,620 |
|---|---|---|
| 11,220 |
6 Trustees' and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the year.
The trustees have not had any expenses reimbursed during the current or prior year.
7 Investments
| Managed Funds Brought forward Additions Disposals Change in fair value Fair value as at 5 April 2025 |
2025 £ 3,898,665 - (180,000) (293,643) 3,425,022 |
2024 £ 3,789,614 - (215,000) 324,051 |
|---|---|---|
| 3,898,665 |
Investments by type
| COIF Charities Investment Fund | 2025 Market value % of portfolio £ % 3,425,022 100 3,425,022 100 |
2024 Market value % of portfolio £ % 3,898,665 100 |
|---|---|---|
| 3,898,665 100 |
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Docusign Envelope ID: D6894760-CB2E-44EB-8A39-B023018EDC48
The Victoria Wood Foundation
Notes to the Financial Statements
Year Ended 5 April 2025
- 8 Debtors
| Accrued income Prepayments |
2025 £ 25,985 9 25,994 |
2024 £ 26,601 7 |
|---|---|---|
| 26,608 |
- 9 Creditors: amounts falling due within one year
| Accruals and deferred income | 2025 £ 17,659 17,659 |
2024 £ 17,136 |
|---|---|---|
| 17,136 |
10 Fund reconciliation
| Unrestricted | Brought forward Income Expenditure Fair value movement Closing balance £ £ £ £ £ 3,980,057 105,496 (311,762) (293,643) 3,480,148 |
|---|---|
| 3,980,057 105,496 (311,762) (293,643) 3,480,148 |
11 Reconciliation of net income to net cash flow from operating activities
| Net expenditure for year Adjustments for: Investment income Decrease/ (increase) in debtors (Decrease)/ increase in creditors Net cash flow from operating activities |
2025 £ (206,266) (104,479) 614 523 (309,608) |
2024 £ (177,077) (106,509) 1,147 (2,412) |
|---|---|---|
| (284,851) |
12 Related party transactions
There have been no related party transactions during the year which require disclosure.
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