Charlty number- 1171136 THE WOOSNAM FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 RPG Crouth Chapman LLP Chartered Accountants & Registered Auditr 40 Gracechurch Street London EC3V OBT
THE WOOSNAM FOUNDATION CONTENTS Pag• Reference and Administrative Dètails of the Charity, its Trustees and Advisers Trustees. Report Indèpendent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 8-16
THE WOOSNAM FOUNDATION REFERENCE AND ADMINISTRAnvE DETAJLS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Tnjslees M. S. Feldman. Trustee l. Buni)an. Trustee Charity rggistered number 1171136 Accountants RPG Crouch Chapman LLP Chartered Accountants 40 Gracechurch Street London EC3V OBT Bank&rs C. Hoare & Co. 37 Fleet Street London EC4P 2AP Solicitors Layton5 Solicrtors LLP 3rd Floor. Pinners H1 10>108 Old Broad Street London EC2N IER Investment advisors Canaccord Genuty Weahh Management 41 Lolhbury London EC2R 7AE Page 1
THE WOOSNAM FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together wth the unaudited financial statements of the Charty for the year ended 31 DeceTnber 2022. Objectives and actlvltiès a. Policies and objectives The charrty's objectives are io furlher such exclusively chantable purposes calculated to promote the advancement of resèarch and education for public benefit. In setting obiectives and planning for actiwties. the Tnjstees have given due consideration to general guidance pub115hed by the Charty Commission relating to public benefit. including thè guidance 'Public benefit". running a chaTlty IPB21'. b. Activities undertsken to achieve objectives The charity achieves its objectives by making grants. Details of these can be found in note 7 to the accounts which contains a list of projects supported. c. Grant-making pollcles Grant applications are considered at trustee meefings. As well as assessing the merits of the applicants, proposals and the Gongruence with the charrt¥s aims and pnorities, appraisal crrten& include.- The anticipated outcome of the proj8Ct induding public benefit Financial viability Value for money Adequate provision for ongoing costs and maintenance. d. Main activities undertaken to lurther the Charity's purposes tor the publlc benefrt The irustees hold a diverse Investment portfolio which Is managed by Canaccord Genuity Wealth Management. Income and gains from these Investents 15 Used to fund the charitys grant making activities. Achlevements and perfomiance . Key perfomiaftce Èndicator5 The charity's kèy perfomance indicator is to mairitain rts level of nel assets. the trustees accept that this will not be possible each year due to fluctuations in Investment value5. b. Review of activities The chariiy received investment Income totauing £75.913 during the year. Grants of £18.500 were made as detailed in note 7 to the financial statements. c. Invesknent policy and perforniance Dunftg the year the portfolio reISed net gains of £278.853. The market value of the portfolio at the balance sheet date was £3.071.397 Financial review Page 2
THE WOOSNAM FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 . Going concern After making appropnale enquiries. the Tnjstees have a Teasonable expectstion that the Chanty h85 adequate resources to continue In operational existence for the foreseeable fu1u. For this reason. they continue to adopt the going concern basls In preparing the finan1¥1 ststements. Further details iegarding the adoption of the going concern Oasis can be found In the accounting policies. b. Reserves poll Total reserves increased by £249.739 to £3.390.583. It is the policy of the charity that reserves shoul¢ be held ai a level that allows the current level of grants awarded to increase In line wrth inffation. To this end the trustees Intend to increase the reserves of the charity each year, however this Is not always possible due to flLJdLJations In Investment values. . Material investments policy The trustees do not perrnrt investments in ¢ompanies engaged in manufacturing tobacco product5 or armaments. d. Prlncipal risks and uncertainties The charity has no operational risks. Its nsks are related to investment strategy and rt guards against thosè risks by delegating decisions to ils investment managers. The trustees are confident that they have a reasonable diversification of Investments as a resutt providing some protectson against nsk. e. Financial perforniance During the year, the chanty had total inccffie of £75.934 12022.. £66.4111 and total expendrture of £105,048 12022.. £267.3131. wrth net gains on Investments and investmÈnt property amoLtnling lo £278,853 12022". £382.021 losses). At the year end, the charity held funds of £3.390 583 12022.. £3.140 8441_ All amounts represent unreslricled. general funds. as the charity has no re5tncted or d¢signate¢ funcls. Structure, govemance and management Constitution The Woosnam Foundation is a registered charrty. number 1171136. and is constrtuted under a Trust deed. b. Methods of appointment or election of Trustees The management of the Chanty is the responsibilty of the Trustees who are elected and cckopted under the tems of the Trust deed. . Qryanisational structure and dectsion-making policies The tru51ees meet several timès each year. The primary areas of dis¢u$5ion are grant making and investment performance. d. Policies adopted for th& Induction and training of TNstees The induction process for new trustees covers govemance. Investrnent and grant making policies. Page 3
THE WOOSNAM FOUNDATION TRUSTEES. REPORT ICONTlf4UEDI FOR THE YEAR ENDED 31 DECEM8ER 2023 Structurn. gtsvernance and m•n•g•m•nt l¢ontinu•dl •. R•lat•d p•rty relationhip Related party rdationships exist rough Layton5 LLP 118umianl and Micfel Associates Limited IM S Feldmanl. l Bumian and M S Feldman are trustees of tre cnarity. Plans for futurg periods The trustees Irrtend to lauft¢h a number of new grantmaking Initiatives dunng the year. Slatemont of Trtee8. r•sponsibility•s The Trustees are responsible for preparing the Trustee5' Reoor ar.# the finanaal statèmènts In accordance wth applicable law and United knngttom Aceountrng SAnaards (United Kingdom Generally AccepteLI Accounting Practicel. The law applicatyle io cantie8 in England & Wale5 requires the Trustees to prepare finanoal Statements for each finantr¥l vthich give a true and fair ¥1 of the state of affairs of the Charity and of its incoming resources and application of resources. Induding rts Income and Èxpenditure, for thai period. In preparing he$e finanrial 5taternents, Ihe Trustees are required to.. select suitabk accounting polioes ara then 3pply them con51Stently, observe tbe metnods ano princioles of tr)e ChanJes SORP IFRS 1021" make judgm.enis and accounting estimates that are reasonatle and Drudent. slate Wheer apDlicable LIK Accouniing Standards IFRS 102, ha¥e been follotd subjeci to any material departures disdosed and explained In the fj.na*ual staternerts prepare the financial ststemeryts on the gOg concem basi$ unless rt Is Inappropriate to pSUrne that the Cttanty wll continue In business. The Trustees are responyible for Keeping atte0ate ar£Duniing recoros are sufficient to show and explain Ihe Charity's tran5actsons ar.d d15close reasonable accuracy at any time the finanual position of the Charity and enable them to ensure that the financial sta•emer+ts ¢omply wth the Charitie5 Act 2011. the Charty IAccounts and Reports) Regul3boriS 20C8 and tne provisions 01 'the Trust deed. They are also sponsIble for 53feguaréing the assets of the haty and nence for taking reasonable Steps for the r)revention and detection of fraud and other irregulanJe5. Approved by order of the members of the boaTd of Trustees on 2 Aprfl 2024 an(J signe# on their behalf by.. l Bumian Page 4
THE WOOSNAM FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER Z023 Independent Examinees Report to thè Tru%t@@s of The Woo$nam Foundation {Yhe Ch•rity'l I report to the charty Trustees on my examination of the accounts of the Charty for the year èndèd 31 December 2023. Rèsponsibilities and Basis of Report As the Trustees of the Chanty you are resporisible for the preparation of the account5 in accordance wf(h the requirements of the Charities Act 2011 Ilhe 2011 Act'i. I report in respect of my examination of the Chantls accounts carried out under section 145 of the 2011 Act and In ¢arrying out my exarnination I have followed the applicable Di¢bOnS given by the Charity Commission under section 14515llbl of the 2011 Act. Indgpendent Examinerfs Statement Your attention is drawn to the fact that the Chanty has prepared the accounts In accordan wrth Accounting and Reporting by Charities". Statement of Recommended Practice applicable io charities preparing their accounts In a¢¢ordance wth the Financial Reporting Szandard applicable In the UK and Republic of Ireland IFRS 1021 in preference to the Accounling and Reporting by Chanties. Statement of Recommended Practice Issued on 1 April 2005 which Is referred to In the extant regulations but has been wilh(Jrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting practi effective for reporting periods beginning on or after 1 January 2015. I have completed my exarnination. I confirm that no matters have come to my attention in connection with the examination giving rne cause to believe that in any material respect". accounting records were not kept in Tespect of the Charty as required by secb'on 130 of the 2011 Act", or the accounts do noi accord wrth those recards.. or the accounts do not cornply the applicable requirements ¢onceming the form and content of accounts set out in the Charfties (Accounts and Reports) Regulations 2008 other than any requirement th* the accounts give a Irue and fail wew which is not a matter considered as part of an independent examination. I have no concems and have come acros5 no other matters in connection wrth the examination to which attention should be drawn in this Teport in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Chatys Trustees. as a body. in accordance wrth Part 4 of the Chanties (Accounts and Reports) Regulations 2008. My work ha5 been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them In an Independent Examiner's Report and for no other purpose. To the fullest extent pemif.ed by law. I do not accept or assume responsibility to anyone other than the Chanty and the Charity's Trustees as a body. for rny work or for this report. Signed.. Dated.. 2 April 2024 Jefftey Nettlelon FCA RPG Crouch Chapman LLP Chartered Accounlanls 40 Gracechurch Street London EC3V OBT Page 5
THE WOOSNAM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEM8ER 2023 Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Investments 21 21 75,913 75,913 66,411 Total income 75.934 75.934 66,411 ExpendÉtur• on: Raising funds Charitable activities". Grants Support costs 36.S02 36.S02 36, 860 28,SOO 50.046 780, 700 49, 753 Totsl expendlture 115,048 115,048 267,313 Net expenditure b&fore net gainslllossesl on investments 139,1141 278,853 139,1141 278.853 (200.9021 1362.021) Net gainsJllossesl on invesrmenls Net movement in funds 239.739 239.739 (562.9231 Reconciliation of funds". Total funds brought lorwarf Net movement in funds 3.140,844 239,739 3.140,844 239,739 3, 703, 767 (562,923) Total funds carried forward 3.3BO.$83 3.380,583 3, 140.844 The Statement of Financial Ath'mties indudes all gains and losses recognised in the year. The noie5 on pages 8 to 16 form part of these financial statements. Page 6
THE WOOSP4AM FOUNDATION BALANCE SHEET AS AT 31 DECEIABER 2023 2023 2022 Fixed assets Inveslments Investment property 13 3.071,397 403.000 2,917,867 403.000 12 3.474,397 3,320,867 Currqnt a$s•t8 Debters Cash at bank anu in hand 14 140 53, 722 42.103 42.103 53,862 Creditors.. amounts falling due wrthin one year t5 {135,9171 (128.8851 N•t current liabilil•s 193.8141 (75,Q23J Total asset& 18M curr•nt liabiliJ•s 3.380,SB3 3,245.844 Creditor5". amounts falling due after more than one year 16 (105.000) Total nét assgts 3,380,583 3. 140.844 Charity fvnds Unrestricted funds 3.380,583 3, 740.844 Total fundx 3.380.583 3. 140.844 The finanoal statements We approved an*J authonsed for iswe by the Trustees on 02 April 2024 and 119ned on their behal4 by . S. Fddman 1. 8urnian The notes on pages 8 10 16 form part of these statement& Page 7
THE WOOSNAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 34 DECEMBER 2023 Gpnoral informaiion The Woosn8m Foundation 18 8 registered cnanty. nurnbef 1171136. and Is constiluled under a Trust deed. Accounting policie5 2.1 Basis of preparation of financial ststements The financial staiements have been prepared In accordance with the Charities SORP IFRS 1021- Accounting and Reporting by CharTfies" Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Chanties Act 2011. The financial staternenls have been piepaied to give a 'true and fairf view and have departed from the Chari(ies (Accounts and ReFX)rtsl Regulatyons 20D8 only lo the extent reouired lo provide 8 'lruè and lairt view. This departure has Involved followsng thè Charrties SORP IFRS 1021 published In October 2019 rather than the Accounting and Reporting by Chanties. Ststement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Woosnam Foundation meets the definrt•)n of a public benefit entty under FRS 102. Assets and liabilities are inrtially recognised at histoncaj wst or transaction value unles5 otherwise staled in the relevant accounting policy. The accounts have been prepared In Sterling and all amounts are rounded lo the nearest £. 2.2 Going concem Based on their assessment of the twelve months from the dale on whith the balance sheet was signed. the Trustee5 are of the opinion that the charity Is a going Conrn as the charity holds significant cash reseNes and the accounts have therefore been prepared on the going ¢oncern basis. 2.3 Income All income is r8cognised once the Chanty has entrtlemeni to the income. r( is probable that the income wll be received and the amouni of Ineome receivable can be measured reliably. 2.4 Expenditure Expenditure is ognIsed once there Is a legal or constructive obligation to transfer economic benefit to a third paty. il Is protyable that a transfer of economic benefits will be required in settlement and the arnount of the obligation can be measured rel."ably. Expenditure Is cla55ified by activity. The costs of e8ch activity are made up of the iotal of airect costs and shared costs. Including support costs involved In undertaking each activty. Direct ¢osts artnbutable to 3 single activity are allocated directly lo that activrty. Shared costs which contnbute io More Ihan one activty and support costs which are not attributable to a single aCtvty are apportioned between those activities on a bas15 consislenl with the use of resource5. Central staff costs are allocated on the basis of timè spent. and depreciation charges allocated on the portion of the asset's use. Expendrture on raising funds indudes all expendrture Incurred by Ihe Chanty to raise funds for Its chantsble purposes and Includes costs of all fundraising activitses events and non-charitsble trading. Expenditure on charitable a¢tivrf(ie5 Is Incurred on directly undertaking the activities which further the Chartys objectives. as well as any associated 5UPPOrt costs. Page 8
THE WOOSNAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.4 Expenditurg Icontinu8dl Grants payable are charged ln the year when the offer is made except in those cases where the offer is condrtional. such gwnts being recognised a5 expendrture when the conditions attaching are fuilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expendtture. All expendrture is inclusive of irTecoverable VAT. 2.5 Interest receivable Interest on funds held on dep05rt is Induded when receivable and the amount can be measured reliably by the Charity. this Is nomially upon notification of the interest paid or payable by the In5titLrtion wrtm whom the funds are deposiw. 2.6 Investments Fixed asset Investments are a forTn of financial Instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date. unless the valuè cannot be measured reliabty In which case tt Is measured at cost less Impairment. Investment gains and losses. whether realised or naliSett. are Combined and presented as "GainsllLossesl on Investments. In the Statement of Financial Actrwties. 2.7 Debtors Trade and other debtors are recognised at the settlement arnount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand Includes cash and short-lerm highty liquid investrnents with a short maturty of three months or less from the date ol acqu15rtion or opening of the deposrt or similar account. 2.9 Liabllitie$ and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a resutt of a past event. it Is probable that 8 transfer of economic benefrt will be required in settlement, and the amount of the settlement can be estimated reliabty. Liabilrties are recognised at the amount thai the Charity 8ntlClP8ies il wll pay io sethe the debt or the amount It has received as advance<1 payments lor the goods or *rvsces Il must provide. Provisions arè measured at the best e5brn3le of the amounts required lo settle th8 obligation. Where the effect of the time value of money 15 material. the provision Is based gn the present value of those amounts. discounted at the pre-tsx ¢iscouni rate that reflects the nsks specific to the liabilrty. The unwinding of the discount Is recognised in the Statement of Financial Activrties as a finance wst. 2.10 Financial instruments The Charity only has financial assets and financ&al liabileS of a kind that qualfy as basic financial instruments. Basic financial Instruments are inrtially recogni5ed at transaction value and subsequently measured at their settlement v8lue with the exception of bank loans which are subsequently measured at amortised cost using the effective Intsresi method. Page 9
THE WOOSNAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.11 Fund accounting General funds are unrestricted fvnds which are available for use at the discretion of the Trustees In furtherance of the general objectrves of the Charty and which have nol been designated for Other purposes. Investment Ineome, gains and losses are allocated to the appropnate fund. 2.12 Cash flow exemption The a¢Gounts do not Contain a cash flow ststernenl because the charity. as a smail reporting entity. 15 exempt from the requirement to produce such a stalernent. Crltical accoLtntlng estimates and areas of Judgment Estimates and judgments are conlinually evalued and are based on historical experience and other factors. Including expectations of fvrtLtre events th are believed to be reasonable under the circumstances. CTilical accourrting estimates and assumptions". The Chanty makes estimates and assumption5 concerning the future. The re5utting accounting estimates and assumptions will by definttion seldom equal the related adual results However. the Trustees are of the opinion that there are no eslimaies and assumptions thai have a signtficanl risk of causing a material adjustment to the carrying amounts of assets and Ilab1rtle$ wrthin the next finanoal year. Income from donations and legacies UnStrICted funds 2023 Total funds 2023 Total funds 2022 Legacies 21 21 Investment income Unrestricted funds 2023 Total funds 2023 Investment incoffle - local investrnenl propertses Income from local listed Investments Investment income - lo1 cash 19.500 19,500 55.122 1.291 55.122 1.291 75913 75,913 Page 10
THE WOOSNAM FOUNDATION NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income (continued) Unrestricted funds 2022 Total fvnds 2022 Inveslment income- local investment properbes Income from local listed Investments Investment income- local cash 19.5GQ 19,&)0 46,726 185 46. 726 185 66,411 66,417 Investment management costs Unrestricted funds 2023 Total funds 2023 Investment management fees 36.502 36,502 UnrBstricted fvnds 2022 Total funds 2022 Investment management fees 36, 860 36,860 Analysis of grants Grants to Institutions 2023 Total funds 2023 Grants, The advancement of research and education 28.500 28.500 Grants to Institutions 2022 Total fvnds 2022 Grants. The advancement of researth and educab.on 780, 700 180. TC Page11
TME WOOSPIAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of grnnts Icontinuedl The Chanty has made the followng m*enal grants lo Instrtutsons during the year. 2023 2022 Name of institution The Francis Crick Institute National History Museum CST Chai Cancer Care 120,000 50,000 10.000 10,000 Total grants £6,000 and above 4 grants of less than £5,00012022- 20,000 170,000 8,500 10, 700 Grants awarded 28,500 780, 700 Analysis of èxpènditure on charitable activities Summary by fund type Unrestricted fund$ 2023 Total 2023 The advancement of research and educalion 78.546 78,546 Unreslncled funds 2022 Total 2022 The advancement of research and educats'on 230.453 230,453 Anaty5is of expenditurn by activities Grant funding of acti¥iti8s 2023 Support ¢osts 2023 Totsl funds 2023 The advancement of research and education 28.500 50.046 78,546 Page 12
THE WOOSNAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendlture by activities Icontinuedl Gt3nl funding ol activities 2022 Support Costs 2022 Total funds 2022 The advancement of research and education 180, 700 49. 753 230,453 Analysis of support costs Total funds 2023 Total funds 2022 Accountancy fees Legal and professional fees Bank charges 10,S60 39,096 390 10,080 39,280 393 50.046 49, 753 10. Indepèndent examinerfs remuneration 2023 2022 Fees payable to the Chanvs independent examiner for the independent examination of the Chantys annual accounts 10,560 10,080 Trustees, remuneration and expèn$gs During the year, no Trustees receed any remuneration or other beneffts (2022- £NIL). During the year ended 31 December 2023. no Trustee expenses have been incurred (2022- £NILI. Page13
THE WOOSNAPA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Invèstment property Freehold investment property Valuation At 1 January 2023 403.000 At 31 December 2023 403.000 The investment propety valuation was obtained from an online portal. The trustees did not obtain a valuation from an independent valuer as they were of th& tspinion that the costs of doing so could not be justrfied. 13. Fixed asset investments Listod investments Cost or valuation Al 1 January 2023 Add(tions Disposals Revaluations 2,917,867 737,548 1829.2551 245,237 At 31 December 2023 3,071,397 Net book value Al 31 December 2023 3,071,397 At 31 Dernher 2022 2,917, 867 14. Debtors 2023 2022 Due wtthin one year Prepay7nents and accrued inwrne 140 140 Page 14
THE WOOSNAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Credltors: Amounts falling due within one year 2023 2022 Accruals and deferred income Grants accrued - instr(utional 19,917 116,000 23,885 105,000 135,917 128,885 16. Creditors: Amounts lalling due after MOthan one year 2023 2022 Accrued grants payable to instltutions 105, 000 17. Financial instruments 2023 2022 Financial assets Financial assets measured at fair value through income and expenditu 3,071,397 2,917,867 Financial assets measured at fair value through income and expendrture comprise the ¢haritYs investment portfdio 18. Summary of funds Summary of funds- currgntyear Balance at 31 December 2023 Balancè at 1 January 2023 Gainsl IL03sesl Income Expenditure General funds 3.140,844 7S.934 {11 5.0481 278.853 3,380,583 Summary of funds- prior year Balance al 37 Decemb&r 2022 Balance at 1 January 2022 Gain (Lossesj Income E¥penditu General funds 3. TQ3. 767 66.417 (267.373) 1352.021) 3. 140.844 Page 15
THE WOOSNAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Related party transactlons Fees af £20.796 12022 £21.3301 were paid to Laytons LLP for work done by Mr. l. Buman. Fees of £18,30012022 £17.9501 We pad to Micfel Associates Limited for work done by Mr. M. S. Feldman. Page 16